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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>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 4pt solid; font-size: 1pt; border-bottom: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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>&#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: 18pt"><b>UNITED
STATES</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: 18pt"><b>SECURITIES
AND EXCHANGE COMMISSION</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: 12pt"><b>WASHINGTON,
D.C. 20549</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: 18pt"><b>FORM
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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"><span id="xdx_907_edei--DocumentRegistrationStatement_c20230101__20231231_zgXX1tLnxM84"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000015" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric></span>
<b>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</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>OR</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"><span id="xdx_90F_edei--DocumentAnnualReport_c20230101__20231231_zP4lg50y5Do6"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000016" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric></span>
<b>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</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>For
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</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"><span id="xdx_904_edei--DocumentTransitionReport_c20230101__20231231_zoog2a7pKB94"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000020" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric></span>
<b>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</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>OR</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"><span id="xdx_909_edei--DocumentShellCompanyReport_c20230101__20231231_zFhmZIN3wKAb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000021" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric></span>
<b>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</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">Date
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_908_edei--EntityRegistrantName_c20230101__20231231_zGoiYF3Nc3Ba"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000023" name="dei:EntityRegistrantName">FORAFRIC
GLOBAL PLC</ix:nonNumeric></span></b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_901_edei--EntityIncorporationStateCountryCode_c20230101__20231231_zrvkVpWF3kh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:edgarprovcountryen" id="Fact000024" name="dei:EntityIncorporationStateCountryCode">Gibraltar</ix:nonNumeric></span></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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90D_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z7XZ8fmbEkHl"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000025" name="dei:ContactPersonnelName">Mustapha
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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>(Address
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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>Address
of Company Contact Person)</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>Securities
registered or to be registered pursuant to Section 12(b) of the Act:</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: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of Each Class</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: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
    Symbol</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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: 38%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of Each Exchange on Which Registered</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_907_edei--Security12bTitle_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesParValue0.001Member_zhQqmLP7bcGb"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_OrdinarySharesParValue0.001Member" id="Fact000038" name="dei:Security12bTitle">Ordinary
    Shares, par value $0.001</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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"><b><span id="xdx_904_edei--TradingSymbol_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--OrdinarySharesParValue0.001Member_zDVQjsD99ym8"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_OrdinarySharesParValue0.001Member" id="Fact000039" name="dei:TradingSymbol">AFRI</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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"><b>The
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_904_edei--Security12bTitle_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--WarrantsEachWarrantExercisableForOneOrdinaryShareAtExercisePriceOf11.50PerShareMember_z85EbmkBhj04"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_WarrantsEachWarrantExercisableForOneOrdinaryShareAtExercisePriceOf11.50PerShareMember" id="Fact000041" name="dei:Security12bTitle">Warrants,
    each warrant exercisable for one Ordinary Share at an exercise price of $11.50 per share</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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"><b><span id="xdx_90B_edei--TradingSymbol_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--WarrantsEachWarrantExercisableForOneOrdinaryShareAtExercisePriceOf11.50PerShareMember_zKjffGwSJQ25"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_WarrantsEachWarrantExercisableForOneOrdinaryShareAtExercisePriceOf11.50PerShareMember" id="Fact000042" name="dei:TradingSymbol">AFRIW</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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"><b>The
    <span id="xdx_904_edei--SecurityExchangeName_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--WarrantsEachWarrantExercisableForOneOrdinaryShareAtExercisePriceOf11.50PerShareMember_zqm5ZGQkWMHa"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_WarrantsEachWarrantExercisableForOneOrdinaryShareAtExercisePriceOf11.50PerShareMember" format="ixt-sec:exchnameen" id="Fact000043" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric></span> Stock Market LLC</b></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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered pursuant to Section 12(g) of the Act:</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>None</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>(Title
of Class)</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>Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:</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>None</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>(Title
of Class)</b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of December 31, 2023:
<span id="xdx_906_edei--EntityCommonStockSharesOutstanding_iI_pid_c20231231_zgYm1FzBsAu5"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000044" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">26,879,202</ix:nonFraction></span> 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">&#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">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes &#9744; <span id="xdx_90A_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_zgp3DuE2WG4j"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000045" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span> &#9746;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes &#9744; <span id="xdx_902_edei--EntityVoluntaryFilers_c20230101__20231231_zyRouWz6ymX3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000046" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span> &#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">Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. <span id="xdx_909_edei--EntityCurrentReportingStatus_c20230101__20231231_zkjcjponsFmh"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000047" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9746; No &#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">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). <span id="xdx_903_edei--EntityInteractiveDataCurrent_c20230101__20231231_zJVc3JAaArMd"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000048" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9746; No &#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">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of &#8220;large accelerated filer,&#8221; accelerated filer,&#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="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer </span> &#9744;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 30%">Accelerated
    filer <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_edei--EntityFilerCategory_c20230101__20231231_zHHU1wz1VsRf"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000049" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span> </span></td>
    <td style="width: 20%">&#9746;</td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company </span> </td>
    <td><span id="xdx_90C_edei--EntityEmergingGrowthCompany_c20230101__20231231_zcTMKfXEWPCg"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000050" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></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">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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<sup>+ </sup>provided
pursuant to Section 13(a) of the Exchange Act. <span id="xdx_90B_edei--EntityExTransitionPeriod_c20230101__20231231_znwes5msBnY4"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000051" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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>+
</sup>The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. <span id="xdx_903_edei--IcfrAuditorAttestationFlag_c20230101__20231231_zt9SwEXasjZ4"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000052" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_905_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_zjGtwMikes2i" title="Document fin stmt error correction flag"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000054" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#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">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--DocumentAccountingStandard_c20230101__20231231_znhCQy9G9tg8"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000055" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric></span> &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
    Financial Reporting Standards as issued by the International Accounting Standards Board &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    &#9744;</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">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow. &#9744; Item 17 &#9744; Item 18</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes &#9744; No <span id="xdx_906_edei--EntityShellCompany_dbF_c20230101__20231231_z9kB7WYImVH"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000056" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></span></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>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 colspan="2" 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="#na_001">INTRODUCTION</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">ii</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; 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; 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: bottom; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#na_002">PART I</a></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: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    1.</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"><a href="#na_003">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: 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">ITEM
    2.</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"><a href="#na_004">OFFER STATISTICS AND EXPECTED TIMETABLE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    3.</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"><a href="#na_005">KEY INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</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">ITEM
    4.</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"><a href="#na_006">INFORMATION ON THE COMPANY</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">17</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4A.</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"><a href="#na_007">UNRESOLVED STAFF COMMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">31</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">ITEM
    5.</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"><a href="#na_008">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">31</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">ITEM
    6.</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"><a href="#a_001">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</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">43</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">ITEM
    7.</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"><a href="#a_002">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></p></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">ITEM
    8.</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"><a href="#a_003">FINANCIAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</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">ITEM
    9.</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"><a href="#a_004">THE OFFER AND LISTING</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">58</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">ITEM
    10.</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"><a href="#a_005">ADDITIONAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</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">ITEM
    11.</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"><a href="#a_006">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</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">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; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    12.</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"><a href="#a_007">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: 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: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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="#a_008">PART II</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    13.</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"><a href="#a_009">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</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">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">ITEM
    14.</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"><a href="#a_010">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</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">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; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    15.</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"><a href="#a_011">CONTROLS AND PROCEDURES</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">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; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16</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"><a href="#a_012">[RESERVED]</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">78</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">ITEM
    16A.</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"><a href="#a_013">AUDIT COMMITTEE FINANCIAL EXPERT</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">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; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16B.</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"><a href="#a_014">CODE OF ETHICS</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">78</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">ITEM
    16C.</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"><a href="#a_015">PRINCIPAL ACCOUNTANT FEES AND SERVICES</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">79</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">ITEM
    16D.</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"><a href="#a_016">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</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">79</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">ITEM
    16E.</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"><a href="#a_017">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</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">79</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">ITEM
    16F.</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"><a href="#a_018">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</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">79</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">ITEM
    16G.</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"><a href="#a_019">CORPORATE GOVERNANCE</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">80</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">ITEM
    16H.</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"><a href="#a_020">MINE SAFETY DISCLOSURE</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">81</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">ITEM
    16I.</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"><a href="#a_021">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</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">81</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">ITEM
    16J</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"><a href="#a_022">INSIDER TRADING POLICIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">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">ITEM
    16K</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"><a href="#a_023">CYBERSECURITY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">81</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">&#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: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; 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="#a_024">PART III</a></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: bottom; text-align: center">82</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">ITEM
    17.</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"><a href="#a_025">FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">82</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">ITEM
    18.</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"><a href="#a_026">FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">82</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">ITEM
    19.</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"><a href="#a_027">EXHIBITS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">82</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="#a_028">SIGNATURES</a></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"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">84</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>


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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="na_001"></span>INTRODUCTION</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the context otherwise requires, in this annual report on Form 20-F references to:</span></p>

<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">&#8220;<b>ASC</b>&#8221;
means the Accounting Standards Codification.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Board</b>&#8221;
means the board of directors 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">&#8220;<b>Business
Combination</b>&#8221; means the transactions consummated on June 9, 2022 pursuant to the Business Combination Agreement, in accordance
with which Globis combined with Forafric Agro Holdings Limited, a Gibraltar private company limited by 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">&#8220;<b>Business
Combination Agreement</b>&#8221; means the Business Combination Agreement, entered into as of December 19, 2021, as amended on April
20, 2022, by and among Globis, FAHL, Seller and Globis Nevada, as amended and supplemented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>&#8220;Closing</b>&#8221;
means the closing of the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Closing
Date</b>&#8221; means June 9, 2022, the date on which the closing of the Business Combination occurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Code</b>&#8221;
means the Internal Revenue Code of 1986, as amended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>&#8220;Common
Stock</b>&#8221; means the common stock of Globis, par value $0.0001 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">&#8220;<b>Companies
Act</b>&#8221; means the Companies Act 2014 of the Laws of Gibraltar, as amended or re-enacted from time to time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Company</b>&#8221;
means (i) Forafric Agro Holdings Limited, a Gibraltar private company limited by shares prior to the Closing and (ii) Forafric Global
PLC, a Gibraltar public company limited by shares, by way of continuation following the name-change of Forafric Global Limited, a Gibraltar
public company limited by shares, as the successor of Globis Nevada following the Redomiciliation and the re-registration of Forafric
Global Limited as a Gibraltar public company limited by 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">&#8220;<b>Contribution
Agreement</b>&#8221; means the contribution and subscription agreement entered into, between an agent acting for and on behalf of the
holders of Common Stock (and of Merger Sub, by virtue of the Merger) on the one hand and the Company on the other, subject to and immediately
following the Merger becoming effective, pursuant to which the said agent transferred to the Company all of the common stock of Merger
Sub in consideration for which the Company allotted and issued Ordinary Shares, in each case on the terms and subject to the conditions
set out in the said contribution and subscription agreement.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>FAHL
Bonds</b>&#8221; means the convertible bonds in an amount of $12 million issued by FAHL to third-party holders, pursuant to which the
outstanding principal of the convertible bonds and accrued interest, concurrently with the consummation of the PIPE Investment and the
Business Combination, converted to Ordinary Shares of the Company at the rate of $9.45 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>FAHL
Bond Holders</b>&#8221; means the holders who have been issued the FAHL Bonds.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>FAHL
Related Party Loans</b>&#8221; means the loans issued by certain parties affiliated with the Seller in an aggregate amount of approximately
$15.1 million which was repaid at the Closing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>DGCL</b>&#8221;
means the Delaware General Corporation Law, as amended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Equity
Incentive Plan</b>&#8221; means the Forafric 2022 Long Term Employee Share Incentive Plan, effective as of the Closing Date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Exchange</b>&#8221;
means the exchange, on a one-for-one basis, of the common stock, par value $0.0001 per share, of Merger Sub for 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">&#8220;<b>Exchange
Act</b>&#8221; means the Securities Exchange Act of 1934, as amended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>FAHL</b>&#8221;
means Forafric Agro Holdings Limited, a Gibraltar private company limited by shares with incorporation number 114436 and registered office
at 57/63 Line Wall Road, Gibraltar, that has become a fully owned subsidiary 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">&#8220;<b>FAHL
2022 Plan</b>&#8221; means the Forafric 2022 Long Term Employee Share Incentive Plan adopted on June 9, 2022 and as amended on November
21, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>GAAP</b>&#8221;
means U.S. generally accepted accounting principles.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Globis</b>&#8221;
means Globis Acquisition Corp. (which, prior to the Merger, is a corporation incorporated under the laws of the State of Delaware).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Globis
Board</b>&#8221; means the board of directors of Globis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Globis
Nevada</b>&#8221; means Globis NV Merger Corp., a Nevada corporation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Investment
Company Act</b>&#8221; means the Investment Company Act of 1940, as amended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>IPO</b>&#8221;
means Globis&#8217; initial public offering completed on December 15, 2020 of its Units, Public Shares and Public Warrants pursuant to
the IPO registration statement on Form S-1 declared effective by the SEC on December 8, 2020 (SEC File Nos. 333-250939).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>IPO
registration statement</b>&#8221; means the registration statement filed for Globis&#8217; IPO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>JOBS
Act</b>&#8221; means the Jumpstart Our Business Startups Act of 2012, as amended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Lock-up
Agreement</b>&#8221; means each of the Lock-Up Agreements to be entered into between the Company and certain equityholders of the Company
upon the consummation of the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Memorandum
and Articles of Association</b>&#8221; means the proposed Memorandum and Articles of Association of the Company became effective following
the Redomiciliation and as a consequence of the re-registration of Forafric Global Limited as a Gibraltar public company limited by 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">&#8220;<b>Merger</b>&#8221;
means the merger of Globis with and into Merger Sub, a wholly-owned subsidiary of the Company, with Merger Sub surviving the merger.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>Merger
Agreement</b>&#8221; means the Agreement and Plan of Merger by and between Globis and Merger Sub, dated June 9, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Merger
Sub</b>&#8221; means Globis NV Merger 2 Corp., a Nevada corporation (which, prior to the Merger, a wholly-owned subsidiary of Forafric
Global PLC).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Nasdaq</b>&#8221;
means The Nasdaq Stock Market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>&#8220;Ordinary
Shares</b>&#8221; means the Ordinary Shares of the Company, nominal value $0.001 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">&#8220;<b>PFIC</b>&#8221;
means passive foreign investment company under the Code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>PIPE
Investment</b>&#8221; means the private placement pursuant to which PIPE Investors made private investment in the aggregate amount up
to $20,000,000 in the form of Ordinary Shares on the terms and conditions set forth in the Subscription Agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>PIPE
Investors</b>&#8221; means the investors that have signed Subscription Agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Preferred
Shares</b>&#8221; means the preferred shares of USD 0.001 (one thousandth United States Dollars) each, authorized for future issuance
by 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">&#8220;<b>Private
Placement</b>&#8221; means the private placement by Globis of (i) 4,188,889 Private Warrants to the Sponsors and (ii) 100,833 Private
Placement Units to the Sponsors simultaneously with the closing of the IPO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Private
Warrants</b>&#8221; means Globis&#8217; 4,289,722 warrants, including 100,833 warrants included in the Private Placement Units, sold
to the Sponsors simultaneously with the closing of the IPO in Private Placements. Each Private Warrant is exercisable for one share of
common stock of Globis at a price of $11.50 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">&#8220;<b>Private
Placement Units</b>&#8221; means Globis&#8217; 100,833 Units sold to the Sponsors simultaneously with the closing of the IPO in a private
placement at a price of $10.00 per Unit. Each Private Placement Unit is identical to the Public Units sold in the IPO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Public
Shares</b>&#8221; means 11,500,000 shares of Globis&#8217; Common Stock sold in the IPO (whether they were purchased in the IPO or thereafter
in the open market).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Public
Stockholder</b>&#8221; means a holder of Public 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">&#8220;<b>Public
Units</b>&#8221; means a unit sold in the IPO (including pursuant to the overallotment option) consisting of one Public Share and one
Public Warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Public
Warrant Holder</b>&#8221; means a holder of Public 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">&#8220;<b>Public
Warrants</b>&#8221; means Globis&#8217; warrants sold in the IPO (whether they were purchased in the IPO or thereafter in the open market).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Redomiciliation</b>&#8221;
means the continuation of Globis Nevada by way of redomiciliation to Gibraltar as Gibraltar private company limited by shares and known
as Forafric Global Limited and following an alteration to its authorized and issued share capital, the re-registration of Forafric Global
Limited into a Gibraltar public company limited by shares, with the common stock of Globis Nevada becoming ordinary shares of the Gibraltar
private company limited by shares under the applicable provisions of Nevada law, the Companies Act and the Re-domiciliation Regulations;
the term includes all matters and necessary or ancillary changes in order to effect such Redomiciliation, including the change of registered
office of Globis Nevada as a consequence of the redomiciliation to Gibraltar and the eventual adoption of the Memorandum and Articles
of Association consistent with the Companies Act upon re-registration of Forafric Global Limited as a Gibraltar public company limited
by 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>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>Re-domiciliation
Regulations</b>&#8221; means the Companies (Re-domiciliation) Regulations of 1996 of the Laws of Gibraltar, as amended or re-enacted
from time to time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Related
Agreements</b>&#8221; means certain additional agreements that were entered into in connection with the Business Combination Agreement
as further described herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Registration
Rights Agreement</b>&#8221; means the Registration Rights Agreement, dated as of December 10, 2020, by and between Globis and the Sponsors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Rule
144</b>&#8221; means Rule 144 under the Securities Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">&#8220;<b>Sarbanes-Oxley
Act</b>&#8221; means the Sarbanes-Oxley Act of 2002, as amended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>SEC</b>&#8221;
means the U.S. Securities and Exchange Commission.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Securities
Act</b>&#8221; means the Securities Act of 1933, as amended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Seller</b>&#8221;
means Lighthouse Capital Limited, a Gibraltar private company limited by shares, as the sole shareholder of the Company immediately prior
to the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Warrant
Agreement</b>&#8221; means the warrant agreement made as of December 10, 2020, by and between Globis, and VStock Transfer, LLC (as warrant
agent), which agreement was assigned and novated by Globis to the Company upon the 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">&#8220;<b>Sponsors</b>&#8221;
means, collectively, Globis SPAC LLC, a Delaware limited liability company, and Up and Up Capital, LLC, a Delaware limited liability
company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Sponsor
Letter Agreement</b>&#8221; means the Letter Agreement, dated as of December 15, 2020, entered into by Globis and the Sponsor Parties
concurrently with the IPO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Sponsor
Parties</b>&#8221; means the Sponsor and Globis&#8217; independent directors.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;<b>Transfer
Agent</b>&#8221; means VStock Transfer, LLC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Treasury
Regulations</b>&#8221; means the Code, its legislative history, and final, temporary and proposed treasury regulations promulgated thereunder
as then amended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Trust
Account</b>&#8221; means the trust account of Globis, which holds the net proceeds from the IPO and certain of the proceeds from the
sale of the Private Placements, together with interest earned thereon, less amounts released to pay taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Unit</b>&#8221;
means either a Public Unit or a Private Placement 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">&#8220;<b>Warrants</b>&#8221;
means the Public Warrants and the Private Warrants of Globis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#8220;<b>Working
Capital Loans</b>&#8221; means certain loans that may be made by the Sponsors or an affiliate of the Sponsors, or certain of Globis&#8217;
officers and directors in connection with the financing of a business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">Discrepancies
in any table between the amounts identified as total amounts and the sum of the amounts listed therein are due to rounding.</span></p>

<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">This
annual report on Form 20-F includes our audited consolidated balance sheets as of December 31, 2023 and 2022, and the related consolidated
statements of operations and comprehensive loss, equity and cash flows for the years ended December 31, 2023, 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
equity is funded in U.S. dollars and we currently incur the majority of revenues and expenses in Moroccan Dirhams. Moroccan Dirhams is
currently pegged to the U.S. dollar and Euros;</span></p>

<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>


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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="na_002"></span>Part
I</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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><span id="na_003"></span>Item
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</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">Not
Applicable.</span></p>

<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><span id="na_004"></span>Item
2. OFFER STATISTICS AND EXPECTED TIMETABLE</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">Not
Applicable.</span></p>

<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><span id="na_005"></span>Item
3. KEY 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
[Reserved]</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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.
<span style="text-decoration: underline">Capitalization and Indebtedness</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">Not
applicable.</span></p>

<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">C.
<span style="text-decoration: underline">Reasons for the Offer and Use of Proceeds</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">Not
applicable.</span></p>

<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">D.
<span style="text-decoration: underline">Risk Factors</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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"><i>Our
business faces significant risks. You should carefully consider all of the information set forth in this annual report on Form 20-F and
in our other filings with the United States Securities and Exchange Commission, or the SEC, including the following risk factors which
we face and which are faced by our industry. Our business, financial condition, results of operations and growth prospects could be materially
adversely affected by any of these risks. This report also contains forward-looking statements that involve risks and uncertainties.
Our results could materially differ from those anticipated in these forward-looking statements, as a result of certain factors including
the risks described below and elsewhere in this annual report and our other SEC filings. See &#8220;Special Note Regarding Forward-Looking
Statements&#8221; below.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
Risk Factors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
following summarizes some, but not all, of the risks provided below. Please carefully consider all of the information discussed in this
Item 3.D. &#8220;Risk Factors&#8221; in this annual report for a more thorough description of these and other risks.</span></p>

<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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
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    could cause the price of our Ordinary Shares and Warrants to fall.</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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">Future
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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; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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;
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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; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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="margin: 0">&#160;</p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Warrant Agreement designates the courts of the State of New York or the United States District Court for the Southern District of
    New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of the Warrants,
    which could limit the ability of Warrant holders to obtain a favorable judicial forum for disputes with us in connection with such
    Warrants.</span></td></tr>

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

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

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

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

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  <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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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>
    <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>
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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; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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>
    <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>
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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; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  </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"><b>Risks
Related to the Company&#8217;s 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>Issuances
by us of additional securities, could affect ownership and voting rights over us. In addition, the issuance of preferred shares, or options
or warrants to purchase those preferred shares, could negatively impact the value of the Ordinary Shares as the result of preferential
dividend rights, conversion rights, redemption rights and liquidation provisions granted to the stockholders of such preferred 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we may issue in public or private sales additional securities to third party investors. Such securities may provide holders
with ownership and voting rights that could provide the holders thereof with substantial influence over our business. Any preferred shares
that may be issued shall have such rights, preferences, privileges and restrictions as may be designated from time-to-time by our board,
including preferential dividend rights, voting rights, conversion rights, redemption rights and liquidation provisions. There cannot
be any assurance that we will not issue preferred securities with rights and preferences that are more beneficial than those provided
to 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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"></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: 0.5in">&#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"><b><i>Raising
additional capital may cause dilution to 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may seek additional funding through a combination of equity offerings, debt financings, collaborations, licensing arrangements, strategic
alliances and marketing or distribution arrangements. To the extent that we raise additional capital through the sale of equity or convertible
debt securities, your ownership interest will be diluted, and the terms may include liquidation or other preferences that adversely affect
your rights as a holder of our Ordinary Shares. The incurrence of additional indebtedness or the issuance of certain equity securities
could result in increased fixed payment obligations, and could also result in certain additional restrictive covenants, such as limitations
on our ability to incur additional debt or issue additional equity, limitations on our ability to acquire or license IP rights and other
operating restrictions that could adversely impact our ability to conduct our business. In addition, issuance of additional equity securities,
or the possibility of such issuance, may cause the market price of our Ordinary Shares to decline. In the event that we enter into collaborations
or licensing arrangements to raise capital, we may be required to accept unfavorable terms, including relinquishing or licensing to another
party on unfavorable terms our rights to technology or drug and diagnostics technology candidates that we otherwise would seek to develop
or commercialize ourselves or potentially reserve for future potential arrangements when we might be able to achieve more favorable terms.</span></p>

<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>Certain
of the shareholders acquired their securities at a price that was less than the market price of our Ordinary Shares as of the date they
were registered, may earn a positive rate of return even if the price of our Ordinary Shares declines and may be willing to sell their
shares at a price less than shareholders that acquired our shares in the public 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"><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">Certain
of our securityholders purchased their respective Ordinary Shares at prices lower than then-current market prices and may therefore experience
a positive rate of return on their investment, even if our public securityholders experience a negative rate of return on their investment.
In particular, prior to the consummation of Globis&#8217; IPO, Sponsors purchased 3,047,500 shares of common stock of Globis, which were
converted into Ordinary Shares at the closing of the Business Combination, for an aggregate purchase price of $26,500, or approximately
$0.0087 per share. Based on the closing price of our Ordinary Shares on Nasdaq on August 12, 2022, or $10.36 per share, selling of all
3,047,500 Ordinary Shares would generate a profit of $10.3513 per share, or approximately $31,545,600 in the aggregate. Further, Selling
Securityholders acquired an additional 1,349,259 Ordinary Shares at less than $10.36 per share. Upon the resale of all 1,349,259 Ordinary
Shares, such Selling Securityholders would generate an average profit of $0.87 per share, or approximately $1,172,367 in the aggregate.
As a result, the Sponsor and other shareholders are able to recognize a greater return on their investment than shareholders or holders
of warrants that purchased shares of Globis&#8217; common stock in Globis&#8217; IPO, in the public market thereafter, or our Ordinary
Shares after the closing of the Business Combination. Furthermore, such shareholders may earn a positive rate of return even if the price
of our Ordinary Shares declines significantly. As a result, such securityholders may be willing to sell their shares at a price less
than shareholders that acquired our shares in the public market or at higher prices than the price paid by such securityholders. The
sale or possibility of sale of these Ordinary Shares, could have the effect of increasing the volatility in the price of the Ordinary
Shares or putting significant downward pressure on the price of 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; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrants
for our Ordinary Shares, if exercised, will increase the number of shares eligible for future resale in the public market and result
in dilution to 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"><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">Warrants
to purchase up to 15,789,722 Ordinary Shares became exercisable in 2022 in accordance with the terms of the Warrant Agreement governing
those securities. The exercise price of the Warrants is $11.50 per Ordinary Share, subject to adjustment pursuant to the terms of the
Warrant Agreement. As of December 31, 2023, we had a total of 15,750,842 warrants outstanding. To the extent such Warrants are exercised,
additional Ordinary Shares will be issued, which will result in dilution to the existing holders of Ordinary Shares and increase the
number of shares eligible for resale in the public market. Sales of substantial numbers of such shares in the public market or the fact
that such Warrants may be exercised could adversely affect the market price of 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is no guarantee that the Warrants will be in the money, and they may expire worthless.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-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">Pursuant
to the terms of the Warrant Agreement, the Warrants will expire five years from the consummation of our business combination, or June
2027. The exercise price of our Warrants is $11.50 per Ordinary Share. Assuming the exercise of all outstanding warrants for cash, we
would receive aggregate proceeds of approximately $181 million. However, we will only receive such proceeds if all the Warrant holders
exercise all of their Warrants. We believe that the likelihood that warrant holders determine to exercise their warrants, and therefore
the amount of cash proceeds that we would receive, is dependent upon the market price of our Ordinary Shares. If the market price for
our Ordinary Shares is less than the exercise price of the warrants (on a per share basis), we believe that warrant holders will be very
unlikely to exercise any of their warrants, and accordingly, we will not receive any such proceeds. There is no guarantee that the Warrants
will ever be &#8220;in the money&#8221; prior to their expiration, and as such, the Warrants may expire worthless.</span></p>

<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>Future
resales of our Ordinary Shares issued to our shareholders and other significant shareholders may cause the market price of our Ordinary
Shares to drop significantly, even if our business is doing well.</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">Certain
of our shareholders party thereto may sell Ordinary Shares pursuant to Rule 144 under the Securities Act, if available. In these cases,
the resales must meet the criteria and conform to the requirements of that rule.</span></p>

<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">Upon
satisfaction of the requirements of Rule 144 under the Securities Act, certain of our shareholders and certain other significant shareholders
may sell large amounts of Ordinary Shares in the open market or in privately negotiated transactions, which could have the effect of
increasing the volatility in our share price or putting significant downward pressure on the 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>A
market for our Ordinary Shares may not develop, which would adversely affect the liquidity and price of 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
active trading market for our Ordinary Shares may never develop or, if developed, may not be sustained. You may be unable to sell your
Ordinary Shares unless a market can be established and sustained.</span></p>

<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
trading prices of Ordinary Shares and Warrants may be volatile and may fluctuate due to a variety of factors, some of which are beyond
our control, including, but 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; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in the sectors 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in its projected operating and financial results;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in laws and regulations affecting our business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ability
    to continue to innovate and bring products to market in a timely manner;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in our senior management team, our board of directors or key personnel;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    involvement in litigation or investigations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">negative
    publicity about us or 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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    volume of Ordinary Shares available for public sale;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
    of significant business developments, acquisitions, or new offerings;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    economic, political, regulatory, industry, and market conditions; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">natural
    disasters or major catastrophic events.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">These
and other factors may cause the market price and demand for our Ordinary Shares to fluctuate substantially, which may limit or prevent
investors from readily selling their shares and may otherwise negatively affect the liquidity of Ordinary Shares or Warrants. Following
periods of such volatility in the market price of a company&#8217;s securities, securities class action litigation has often been brought
against that company. Because of the potential volatility of Ordinary Shares or Warrants, we may become the target of securities litigation
in the future. Securities litigation could result in substantial costs and divert management&#8217;s attention and resources from 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">&#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"></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: 0.5in">&#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"><b><i>The
Warrant Agreement designates the courts of the State of New York or the United States District Court for the Southern District of New
York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of the Warrants, which
could limit the ability of Warrant holders to obtain a favorable judicial forum for disputes with us in connection with such Warrants.</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">The
Warrant Agreement provides that, subject to applicable law, (i) any action, proceeding or claim against us arising out of or relating
in any way to the Warrant Agreement, will be brought and enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and (ii) we irrevocably submits to such jurisdiction, which jurisdiction shall be the exclusive
forum for any such action, proceeding or claim. We have waived any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum. Notwithstanding the foregoing, these provisions of the Warrant Agreement do not apply to suits brought to enforce
any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America
are the sole and exclusive forum. Any person or entity purchasing or otherwise acquiring any interest in any Warrants under the Warrant
Agreement shall be deemed to have notice of and to have consented to the forum provisions of the Warrant Agreement. If any action, the
subject matter of which is within the scope of the forum provisions of the Warrant Agreement, is filed in a court other than a court
of the State of New York or the United States District Court for the Southern District of New York (a &#8220;foreign action&#8221;) in
the name of any holder of the warrants, such holder shall be deemed to have consented to: (x) the personal jurisdiction of the state
and federal courts located in the State of New York in connection with any action brought in any such court to enforce the forum provisions
(an &#8220;enforcement action&#8221;), and (y) having service of process made upon such holder in any such enforcement action by service
upon such warrant holder&#8217;s counsel in the foreign action as agent for such holder.</span></p>

<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
choice-of-forum provision limits a Warrant holder&#8217;s ability to bring a claim in a judicial forum that it finds favorable for disputes
with us, which may discourage such lawsuits. Alternatively, if a court were to find this provision of the Warrant Agreement inapplicable
or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional costs associated
with resolving such matters in other jurisdictions, which could materially and adversely affect our business, financial condition and
results of operations and result in a diversion of the time and resources of our management and board of directors.</span></p>

<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>The
requirements of being a public company may strain our resources, divert our management&#8217;s attention and affect our ability to attract
and retain qualified board members.</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
are subject to the reporting requirements of the Securities Exchange Act of 1934, the Sarbanes-Oxley Act, the Dodd-Frank Act, NASDAQ
listing requirements and other applicable securities rules and regulations. As such, we incur relevant legal, accounting and other expenses,
and these expenses may increase even more if we no longer qualify as an &#8220;emerging growth company,&#8221; as defined in Section
2(a) of the Securities Act. The Exchange Act requires, among other things, that we file annual and current reports with respect to our
business and operating results. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and
procedures and internal control over financial reporting. We may need to hire more employees or engage outside consultants to comply
with these requirements, which will increase our costs and expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; 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">Changing
laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies,
increasing legal and financial compliance costs and making some activities more time-consuming. These laws, regulations and standards
are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice
may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding
compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We expect these laws and
regulations to increase our legal and financial compliance costs and to render some activities more time-consuming and costly, although
we are currently unable to estimate these costs with any degree of certainty.</span></p>

<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">Many
members of our management team have limited experience managing a publicly traded company, interacting with public company investors
and complying with the increasingly complex laws pertaining to public companies. Our management team may not successfully or efficiently
manage the transition to being a public company subject to significant regulatory oversight and reporting obligations under the federal
securities laws and regulations and the continuous scrutiny of securities analysts and investors. The need to establish the corporate
infrastructure demanded of a public company may divert the management&#8217;s attention from implementing our growth strategy, which
could prevent us from improving our business, financial condition and results of operations. Furthermore, we expect these rules and regulations
to make it more difficult and more expensive for us to obtain director and officer liability insurance, and consequently we may be required
to incur substantial costs to maintain the same or similar coverage. These additional obligations could have a material adverse effect
on our business, financial condition, results of operations and prospects. These factors could also make it more difficult for us to
attract and retain qualified members of our board of directors, particularly to serve on our audit committee, and qualified executive
officers.</span></p>

<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"></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 disclosure of information in filings required of a public company, our business and financial condition will become more
visible, which we believe may result in threatened or actual litigation, including by competitors and other third parties. If such claims
are successful, our business and operating results could be adversely affected, and, even if the claims do not result in litigation or
are resolved in our favor, these claims, and the time and resources necessary to resolve them, could cause an adverse effect on our business,
financial condition, results of operations, prospects and 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 an &#8220;emerging growth company,&#8221; and it cannot be certain if the reduced SEC reporting requirements applicable to emerging
growth companies will make our Ordinary Shares and Warrants less attractive to investors, which could have a material and adverse effect
on us, including our growth prospects.</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
are an &#8220;emerging growth company&#8221; as defined in the JOBS Act. We will remain an &#8220;emerging growth company&#8221; until
the earliest to occur of (i) the last day of the fiscal year (a) following the fifth anniversary of the closing of the Business Combination,
(b) in which we have total annual gross revenue of at least $1.235 billion or (c) in which we are deemed to be a large accelerated filer,
which means the market value of our Shares held by non-affiliates exceeds $700 million as of the last business day of our prior second
fiscal quarter, and (ii) the date on which we issued more than $1.0 billion in non-convertible debt during the prior three-year period.
We intend to take advantage of exemptions from various reporting requirements that are applicable to most other public companies, whether
or not they are classified as &#8220;emerging growth companies,&#8221; including, but not limited to, an exemption from the provisions
of Section 404(b) 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 and reduced disclosure obligations regarding executive compensation.</span></p>

<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
addition, Section 102(b)(1) of the JOBS Act exempts &#8220;emerging growth companies&#8221; from being required to comply with new or
revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement
declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised
financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply
with the requirements that apply to non-emerging growth companies, but any such election to opt out is irrevocable. We have elected not
to opt out of such extended transition period, which means that when a standard is issued or revised and we have different application
dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of our financial statements with certain other public companies difficult
or impossible because of the potential differences in accounting standards used.</span></p>

<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">Furthermore,
even after we no longer qualify as an &#8220;emerging growth company,&#8221; as long as we continue to qualify as a foreign private issuer
under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies,
including, but not limited to, the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in
respect of a security registered under the Exchange Act; the sections of the Exchange Act requiring insiders to file public reports of
their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and the
rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other
specified information, or current reports on Form 8-K, upon the occurrence of specified significant events. In addition, we will not
be required to file annual reports and financial statements with the SEC as promptly as U.S. domestic companies whose securities are
registered under the Exchange Act, and are not required to comply with Regulation FD, which restricts the selective disclosure of material
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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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, our shareholders may not have access to certain information they deem important or at the same time if we were not a foreign
private issuer. We cannot predict if investors will find our Ordinary Shares and Warrants less attractive because we rely on these exemptions.
If some investors find our Ordinary Shares and Warrants less attractive as a result, there may be a less active trading market and share
price for our Ordinary Shares and Warrants may be more volatile.</span></p>

<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"></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
qualify as a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions
applicable to United States domestic public 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"><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">Because
we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations
in the United States that are applicable to U.S. domestic issuers, including: (i) the rules under the Exchange Act requiring the filing
of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC; (ii) the sections of the Exchange Act regulating the solicitation
of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; (iii) the sections of the Exchange
Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from
trades made in a short period of time; and (iv) the selective disclosure rules by issuers of material nonpublic information under Regulation
FD.</span></p>

<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">We
will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish
our results on a quarterly basis through press releases, distributed pursuant to the rules and regulations of NASDAQ. Press releases
relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required
to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S.
domestic issuers. Accordingly, you may receive less or different information about us than you would receive about a U.S. domestic public
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-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
could lose our status as a foreign private issuer under current SEC rules and regulations if more than 50% of our outstanding voting
securities become directly or indirectly held of record by U.S. holders and any one of the following is true: (i) the majority of our
directors or executive officers are U.S. citizens or residents; (ii) more than 50% of our assets are located in the United States; or
(iii) our business is administered principally in the United States. If we lose our status as a foreign private issuer in the future,
we will no longer be exempt from the rules described above and, among other things, will be required to file periodic reports and annual
and quarterly financial statements as if we were a company incorporated in the United States. If this were to happen, we would likely
incur substantial costs in fulfilling these additional regulatory requirements, and members of our management would likely have to divert
time and resources from other responsibilities to ensuring these additional regulatory requirements are fulfilled.</span></p>

<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>We
are a &#8220;controlled company&#8221; as that term is defined in the rules of Nasdaq and, as a result, qualify for, and may rely on,
exemptions from certain corporate governance requirements. To the extent that we elect to rely on these exemptions, shareholders will
not have the same protections afforded to stockholders of companies that are subject to such requirements.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">As
a result of the completion of the Business Combination, Seller controls a majority of the voting power (approximately 69.3%) of the outstanding
Ordinary Shares. The ultimate beneficial owner of Seller is Lighthouse Corporation PTC, as trustee of the Lighthouse Settlement, the
sole shareholder of Seller. The Lighthouse Settlement is a discretionary trust of which Yariv Elbaz and his family are the named potential
beneficiaries. The trustee, Lighthouse Corporation PTC Limited, controls the affairs of the trust.</span></p>

<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">As
a result, we are a &#8220;controlled company&#8221; within the meaning of the corporate governance standards of Nasdaq. Under these rules,
a listed company of which more than 50% of the voting power is held by an individual, group or another company is a &#8220;controlled
company&#8221; and may elect not to comply with certain corporate governance requirements, including:</span></p>

<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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    requirement that a majority of the board of directors consist of independent directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#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">
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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">&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    requirement that our compensation committee be composed entirely of independent directors.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 we continue to meet the definition of a &#8220;controlled company&#8221; within the meaning of the corporate governance
standards of Nasdaq, we may rely on these exemptions and, to the extent that we choose to do so, we may not have a majority of independent
directors on our board of directors and our corporate governance and compensation committees may not consist entirely of independent
directors. Accordingly, you may not have the same protections afforded to stockholders of companies that are subject to all of the corporate
governance requirements of Nasdaq.</span></p>

<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"></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under the laws of Gibraltar, and we conduct substantially all of our operations, and a majority of our directors
and executive officers reside, outside of the United States.</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
are an exempted company limited by shares incorporated under the laws of Gibraltar and we conduct a majority of our operations outside
the United States. Substantially all of our assets are located outside the United States. A majority of our officers and directors reside
outside the United States, and a substantial portion of the assets of those persons are located outside of the United States. As a result,
it may be difficult for investors to effect service of process within the United States upon our directors or officers who reside outside
the United States, to bring original actions outside the United States based on the securities laws of the United States against our
directors or officers who reside outside the United States, or to enforce judgments obtained in the United States courts against our
directors or officers outside 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">Our
corporate affairs will be governed by our Memorandum and Articles of Association and the <span style="background-color: white">Companies
Act 2014 of the Laws of Gibraltar</span>. The rights of our shareholders and the fiduciary duties of our directors under Gibraltar law
are different from what they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular,
Gibraltar has a different body of securities laws than the United States and some U.S. states, such as Delaware, may have more fully
developed and judicially interpreted bodies of corporate law than Gibraltar. In addition, shareholders of Gibraltar companies may not
have standing to initiate a shareholder derivative action in a federal court 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">Certain
corporate governance practices in Gibraltar, which is our home country, differ significantly from requirements for companies incorporated
in other jurisdictions such as the United States. As a foreign private issuer whose securities are listed on the NASDAQ, we are permitted
to follow certain home country corporate governance practices in lieu of the requirements of the NASDAQ Rules pursuant to NASDAQ Rule
5615(a)(3), which provides for such exemption to compliance with the NASDAQ Rule 5600 Series. Since Gibraltar does not have any rules
regarding the following, we intend to rely on the exemption available to foreign private issuers for the requirement that the compensation
committee be comprised of independent directors and the requirement that we obtain shareholder approval to issue 20% or more of our outstanding
Ordinary Shares in a private offering. To the extent we choose to follow home country practice with respect to corporate governance matters,
our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.</span></p>

<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
a result of all of the above, our shareholders may have more difficulty in protecting their interests in the face of actions taken by
management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated
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; 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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
do not anticipate paying dividends for the foreseeable future.</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">It
is expected that we will continue to operate at loss in the foreseeable future, and will retain most, if not all, of our available funds
and any future earnings to fund the development and growth of our business. As a result, it is not expected that we will pay any cash
dividends in the foreseeable future.</span></p>

<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
board of directors will have discretion as to whether to distribute dividends. Even if the board of directors decides to declare and
pay dividends, the timing, amount and form of future dividends, if any, will depend on the future results of operations and cash flow,
capital requirements and surplus, the amount of distributions, if any, received by us from subsidiaries, our financial condition, contractual
restrictions and other factors deemed relevant by our board of directors. Accordingly, you may need to rely on sales of our Ordinary
Shares after price appreciation, which may never occur, as the only way to realize any future gains on your investment. There is no guarantee
that our Ordinary Shares will appreciate in value or that the market price of our Ordinary Shares will not decline.</span></p>

<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"></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>Severe
adverse weather conditions, such as hurricanes or severe storms, or the effects of global warming, may also result in extensive property
damage, extended business interruption, personal injuries and other loss and damage to us.</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">The
international price of wheat is the main risk in our operations. Fluctuation of wheat cost depends on weather and strategies of the main
producers of wheat based in North America, Central Europe and around the Black Sea. Adverse weather conditions have historically caused
volatility in the agricultural commodity industry by causing crop failures or significantly reduced harvests, which may affect the supply
and pricing of the agricultural commodities that we sell and use in our business, negatively affect the creditworthiness of agricultural
producers who do business with us or impact our ability to obtain sufficient unprocessed grains to meet demand. The variation in the
acquisition price of the wheat cannot be directly impacted on our average selling price of flour, semolina, pasta and couscous.</span></p>

<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">Severe
adverse weather conditions, such as hurricanes or severe storms, may also result in extensive property damage, extended business interruption,
personal injuries and other loss and damage to us. Our operations also rely on dependable and efficient transportation services. A disruption
in transportation services, as a result of weather conditions or otherwise, may also significantly adversely impact 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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,
the potential physical impacts of climate change are uncertain and may vary by region. These potential effects could include changes
in rainfall patterns, water shortages, changing sea levels, changing storm patterns and intensities, and changing temperature levels
that could adversely impact our costs and business operations, the location and costs of global agricultural commodity production and
the supply and demand for agricultural commodities. Climate change could also lead to stronger production variability than today which
could result in price volatility. Climate change could cause temperature increases and rainfall changes that could lead to lower yields
in Morocco and other semi-arid Mediterranean countries in the future, which could impact raw material costs, availability and quality.
These effects could be material to our results of operations, liquidity or capital resources.</span></p>

<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>Our
business is subject to fluctuations in agricultural commodity and other raw material prices, transportation costs, energy prices, interest
rates and foreign currency exchange rates, in each case caused by factors outside of our control that could adversely affect our operating
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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we cannot control the average selling price of our finished products, any increase in the cost of raw materials has a direct impact on
our margins.</span></p>

<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
business is subject to fluctuations in agricultural commodity and other raw material prices caused by other factors outside of our control
such as currency exchange rate fluctuations, local and international changes in supply and demand caused by factors outside of our control,
including farmer planting and selling decisions, government agriculture programs and policies, global inventory levels, demand for biofuels,
weather and crop conditions and demand for and supply of, competing commodities and substitutes, that could adversely affect our 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: 0.5in">&#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"><b><i>Our
business is dependent upon our ability to obtain quality raw materials.</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
quality of our products depends upon the quality of raw materials. If we do not have access to high quality of wheat, we have to use
enhancers such as enzymes, ascorbic acid and gluten, to reach a higher level of quality. Such additional costs will negatively impact
our 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 dependent on a related party supplier from which we obtain substantially all of our raw material.</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">In
2018, we entered into a five-year supply agreement with Millcorp Geneve SA (&#8220;Millcorp&#8221;) a wholly owned subsidiary of the
Seller, pursuant to which we are obligated to obtain at least 80% of our annual requirements of common wheat, durum wheat, or any other
cereal, from Millcorp which expired in March 31, 2023 and subsequently extended 3 years through March 31, 2026. Any disruption of Millcorp&#8217;s
operations or its inability to perform its supply obligations could adversely affect our 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">Although
we believe our transactions with Millcorp contain fair market value terms, such transactions with an entity in which related parties
hold ownership interests present potential for conflicts of interest. Conflicts of interest may also arise in connection with the exercise
of contractual remedies under these transactions, such as the treatment of events of default.</span></p>

<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"></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 disruptions in its distribution and logistical systems.</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">The
cost of wheat is affected not only by the wheat market but also by the cost of freight. Significant increases in shipping and freight
cost could materially adversely affect our 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 is vulnerable to the effects of supply and demand imbalances in our industries.</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">Historically,
the market of flour mills in Morocco is imbalanced, with periods of high demand and period of low demand and with a supply capacity exceeding
the demand. To maintain our market shares, we must compete on price and reduce margin.</span></p>

<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>We
are subject to global and regional economic downturns and related risks.</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
level of demand for our products is affected by global and regional demographic and macroeconomic conditions, including population growth
rates and changes in standards of living. A significant downturn in global economic growth, or recessionary conditions in major geographic
regions, may lead to reduced demand for agricultural commodities, which could adversely affect our business 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>The
continuation of the war between Russia and Ukraine could led to raw material shortages or increases in raw material costs that could
have a material adverse effect upon 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 24, 2022, Russia launched an invasion in Ukraine. The invasion may severely disrupt or depress wheat harvests in Ukraine and
impair Ukraine&#8217;s ability to export wheat. In addition, as a consequence of the Russian invasion of Ukraine, the United States,
the European Union and other countries have imposed sanctions against and penalties for doing business in Russia and with certain Russian-owned
businesses. These sanctions may limit Russia&#8217;s ability to export wheat. We do not currently have any business operations in Russia
and is not purchasing raw materials from suppliers in Russia thus the sanctions regime imposed upon Russia does not currently directly
impact the Company&#8217;s business. However, Ukraine accounts for approximately 10% of the world&#8217;s wheat exports and Russia accounts
for approximately 16% of the world&#8217;s wheat exports. Therefore, the continuation of the war between the Ukraine and Russia could
lead to a material reduction in the availability of wheat on the international market which could in turn affect our ability to obtain
raw materials or result in substantial increases in prices of raw materials, which could have a material adverse effect upon 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">&#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"><b><i>We
are subject to currency exchange rate fluctuations which may have an adverse effect on 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the international nature of our business, we are exposed to currency exchange rate fluctuations. Changes in exchange rates between
the U.S. dollar and other currencies, particularly the Angolan Kwanza and the Euro affect our revenues and expenses that are denominated
in local currencies and may also have a negative impact on the value of 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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-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 subject to economic, political and other risks of doing business globally and in emerging markets.</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 a global business with all of our assets and operations located outside the United States. In addition, part of our strategy involves
expanding our business in several emerging market regions, including Eastern Europe, Asia-Pacific, the Middle East and Africa. Volatile
international economic, political and market conditions may have a negative impact on our operating results and our ability to achieve
our business strategies.</span></p>

<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">We
are also exposed to other risks of international operations, 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: 0.5in">&#160;</p>

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    controls or other currency restrictions and limitations on the movement of funds, such as on the remittance of dividends by subsidiaries;</span></td></tr>
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    in maintaining an effective internal control environment with operations in multiple international locations, including language
    differences, varying levels of U.S. Generally Accepted Accounting Principles (&#8220;GAAP&#8221;) expertise in international locations;
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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: justify">&#160;</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">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#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>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    and hyperinflationary economic conditions and adverse economic effects resulting from governmental attempts to control inflation,
    such as imposition of wage and price controls and higher 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">&#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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
    in enforcing agreements or judgments and collecting receivables in foreign jurisdictions;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    intervention, including through expropriation, or regulation of the economy or natural resources, including restrictions on foreign
    ownership of land or other assets;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">These
risks could adversely affect our operations, business strategies and 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>A
natural disaster, economic depression or other adverse events affecting Morocco where most our facilities and customers are located facilities
could 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
significant portion of our operations and sales are in Morocco. A natural disaster, economic downturn or depression, civil unrest, significant
political instability, wars or other armed conflict or acts of terrorism affecting the country could have a negative adverse impact on
our operations and 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">&#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 dependent upon a small group of key executives and employees - If we fail to retain and motivate members of our management team and
other key employees or fail to attract, train and retain additional employees to support our operations, our business and future growth
prospects would 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"><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">Our
success and future growth depend largely upon the continued services of our executive officers as well as our other key employees. These
executives and certain key employees members have been primarily responsible for the success and growth of our Company and development
of our brands, reputation and relationships with our customers. None of such persons is subject to long term written employment arrangements.
The loss of any such persons could adversely affect our business and ability to grow. In addition, our success depends in part upon our
ability to attract, train and retain a sufficient number of employees and managers who understand and appreciate our culture and can
represent our brand effectively and establish credibility with our business partners and consumers. An inability to either replace departing
personnel or attract and retain new qualified personnel could 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">&#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"><b><i>We
are subject to industry and other risks that could adversely affect our reputation 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to food and feed industry risks which include, but are not limited to, crop disease, spoilage, contamination, tampering or
other adulteration of products, product liability claims and recalls and government regulation regarding matters such as food and feed
safety, nutritional standards and genetically modified organisms. We are also subject to shifts in customer and consumer preferences.
These risks could not only adversely affect our business and operating results but also our corporate 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 company whose products comprise staple food and feed products sold globally, maintaining a good corporate reputation is critical to
our continued success. Reputational value is based in large part on perceptions, which can shift rapidly in response to negative incidents.
The failure or alleged failure to maintain high standards for quality, safety, integrity, environmental sustainability and social responsibility,
including with respect to raw materials, even if untrue, may result in adverse tangible effects, such as reduced demand for our products.</span></p>

<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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be subject to significant liability that is not covered by insurance.</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 that our insurance coverage is consistent with industry practice, and is sufficient for our needs. However, claims under our
insurance policies may be subject to certain exceptions, may not be honored fully, in a timely manner, or at all, or we may incur severe,
unexpected losses that are not fully covered by our insurance. If we were to incur substantial liabilities or if our business operations
were interrupted for a substantial period of time, our business and operating results could be 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
disclosure controls and procedures may not prevent or detect all errors or acts of fraud.</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
disclosure controls and procedures are designed to reasonably assure that information required to be disclosed by us in reports we file
or submit under the Exchange Act is accumulated and communicated to management, and recorded, processed, summarized and reported within
the time periods specified in the rules and forms of the SEC.</span></p>

<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">We
believe that any disclosure controls and procedures, or internal controls and procedures, no matter how well conceived and operated,
can provide only reasonable, not absolute, assurance that the objectives of the control system are met.</span></p>

<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">These
inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of
simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more
people or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements
due to error or fraud may occur and not be detected, which would likely cause investors to lose confidence in our reported financial
information. This could in turn limit our access to capital markets, harm our results of operations, and lead to a decline in the trading
price of our Ordinary Shares. Additionally, ineffective internal control over financial reporting could expose us to increased risk of
fraud or misuse of corporate assets and subject us to potential delisting from the stock exchange on which we list, regulatory investigations
and civil or criminal sanctions. We may also be required to restate our financial statements from prior periods.</span></p>

<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>If
we fail to establish and maintain proper internal financial reporting controls, our ability to produce accurate financial statements
or comply with applicable regulations could be impaired.</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">Pursuant
to Section 404 of the Sarbanes-Oxley Act, we are required to file a report by our management on our internal control over financial reporting,
including an attestation report on internal control over financial reporting issued by our independent registered public accounting firm.
However, while we remain an emerging growth company, we will not be required to include an attestation report on internal control over
financial reporting issued by our independent registered public accounting firm. The presence of material weaknesses in internal control
over financial reporting could result in financial statement errors which, in turn, could lead to errors in our financial reports and/or
delays in our financial reporting, which could require us to restate our 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: 0.5in">&#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">If
we fail to maintain effective internal controls over financial reporting in the future, our management and our independent registered
public accounting firm may conclude that our internal control over financial reporting is not effective. Investors may lose confidence
in our operating results, the price of the Ordinary Shares could decline and we may be subject to litigation or regulatory enforcement
actions. In addition, if we are unable to meet the requirements of Section 404 of the Sarbanes-Oxley Act, the Ordinary Shares may not
be able to remain listed on the NASDAQ Global Market.</span></p>

<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"></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: 0.5in">&#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"><b>Risks
Related to Our Ability To Retain Existing Customers, Attract New Customers, Expand Product Offerings, and Increase Processed Volumes
and Revenue from Both New and Existing Customers.</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
future growth of our business depends on our ability to retain existing customers, attract new customers as well as getting existing
customers and new customers to increase the volumes of purchases and therefore grow revenue.</span></p>

<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">A
customer&#8217;s purchase of our products may decrease for a variety of reasons, including the customer&#8217;s level of satisfaction
with our products and services, the expansion of business to offer new products and services, the effectiveness of our support services,
the pricing of our products and services, the pricing, range and quality of competing products or services, the effects of global economic
conditions, regulatory or financial institution limitations, trust, and our ability to deliver quality products at competitive prices
in a timely fashion.</span></p>

<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">Any
failure by us to retain existing customers, attract new customers, and increase revenue from both new and existing customers could materially
and adversely affect our business, financial condition, results of operations and prospects. These efforts may require substantial financial
expenditures, commitments of resources, developments of our processes, and other investments and innovations.</span></p>

<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>Risks
Related to Our Growth</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>Our
risk management strategies may not be effective.</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
may not be able to achieve the efficiencies, savings and other benefits anticipated from our cost reduction, margin improvement and other
business optimization initiatives.</span></p>

<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">We
are continually implementing programs to reduce costs, increase efficiencies and enhance our business. Initiatives implemented in the
past years have included the outsourcing of certain activities in several regions and the rationalization of manufacturing operations
globally, including the implementation of an operational improvement program. Unexpected delays, increased costs, adverse effects on
our internal control environment, inability to retain and motivate employees or other challenges arising from these initiatives could
adversely affect our ability to realize the anticipated savings or other intended benefits of these activities.</span></p>

<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>We
may not realize the anticipated benefits of acquisitions or joint ventures.</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 an active acquirer of other companies, and we have joint ventures partners. Part of our strategy involves acquisitions, alliances
and joint ventures designed to expand and enhance our business. Our ability to benefit from acquisitions, joint ventures and alliances
depends on many factors, including our ability to identify suitable prospects, negotiate favorable transaction terms and successfully
consummate and integrate any businesses we acquire.</span></p>

<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
acquisition activities may involve unanticipated delays, costs and other problems. If we encounter unexpected problems with one of our
acquisitions, our senior management may be required to divert attention away from other aspects of our businesses to address these problems.
Additionally, we may fail to consummate proposed acquisitions, after incurring expenses and devoting substantial resources, including
management time, to such transactions.</span></p>

<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">Acquisitions
also pose the risk that we may be exposed to successor liability relating to actions by an acquired company and its management before
the acquisition. The due diligence we conduct in connection with an acquisition, and any contractual guarantees or indemnities that we
receive from the sellers of acquired companies, may not be sufficient to protect us from, or compensate us for, actual liabilities. A
material liability associated with an acquisition could adversely affect our reputation and results of operations and reduce the benefits
of the acquisition. Additionally, acquisitions involve other risks, such as differing levels of management and internal control effectiveness
at the acquired entities, systems integration risks, the risk of impairment charges relating to goodwill and intangible assets recorded
in connection with acquisitions, the risk of significant accounting charges resulting from the completion and integration of a sizeable
acquisition, the need to fund increased capital expenditures and working capital requirements, our ability to retain and motivate employees
of acquired entities and other unanticipated problems and liabilities.</span></p>

<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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Government Regulation</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"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agricultural
commodity production and trade flows are significantly affected by government policies and regulations. Governmental policies affecting
the agricultural industry, such as taxes, tariffs, duties, subsidies, import and export restrictions on agricultural commodities and
commodity products and energy policies (including biofuels mandates), can influence industry profitability, the planting of certain crops
versus other uses of agricultural resources, the location and size of crop production, whether unprocessed or processed commodity products
are traded and the volume and types of imports and exports. In addition, international trade disputes can adversely affect agricultural
commodity trade flows by limiting or disrupting trade between countries or regions.</span></p>

<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
Moroccan market where the bulk of our business originates and where we operate eight milling plants, is highly regulated by the Moroccan
government. In particular:</span></p>

<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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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">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">Soft
    wheat cannot be freely imported during the calendar year. All our soft wheat must be imported before end of April and from beginning
    of September or October depending on the harvests of local wheat in Morocco. This is designed to protect local Moroccan producers
    of wheat by enabling them to sell their production on the local market. For an industrial producer, the quality of local wheat is
    not high enough to ensure a good quality of finished products.</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">2.</span></td>
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    of the flour on the Moroccan market is subsidized by the government. This mechanism is to disappear in the next few months which
    may change the competition on the market.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><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">All
    soft wheat imported to Morocco must be certificated for import by the National Office for Food Safety in Morocco (Office National
    de Securit&#233; Sanitaire des Produits Alimentaires or &#8220;ONSSA&#8221;). Our subsidiaries have generally been successful in
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Legal
claims, government investigations or other regulatory enforcement actions could subject us to civil and criminal penalties.</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">Since
we operate in a highly regulated environment with constantly evolving legal and regulatory frameworks, we are subject to the risk of
legal claims, government investigations or other regulatory enforcement actions. Although we have implemented policies and procedures
designed to ensure compliance with existing laws and regulations, there can be no assurance that our suppliers and distributors will
not violate our policies and procedures. Moreover, a failure to maintain effective control processes could lead to violations, unintentional
or otherwise, of laws and regulations. Legal claims, government investigations or regulatory enforcement actions arising out of our failure
or alleged failure to comply with applicable laws and regulations could subject us to civil and criminal penalties that could materially
and adversely affect our product sales, reputation, financial condition and operating results. In addition, the costs and other effects
of defending potential and pending litigation and administrative actions against us may be difficult to determine and could adversely
affect our financial condition and 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: 0.5in">&#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"><b><i>Litigation
or legal proceedings could expose us to significant liabilities and have a negative impact on our reputation or 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: 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 be party to various claims and litigation proceedings. We evaluate these claims and litigation proceedings to assess
the likelihood of unfavorable outcomes and to estimate, if possible, the amount of potential losses. Based on these assessments and estimates,
we may establish reserves, as appropriate. These assessments and estimates are based on the information available to management at the
time and involve a significant amount of management judgment. Actual outcomes or losses may differ materially from our assessments and
estimates. Although we carry insurance for certain potential liabilities, such coverage may be insufficient or may not cover the potential
liabilities with which we may be faced. We are not currently party to any material litigation.</span></p>

<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"></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 Competition</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
face significant competition in each of our businesses and we have numerous competitors, some of which are larger and have greater financial
resources than we have. As many of the products we sell are global commodities, the markets for our products are highly price competitive
and in many cases sensitive to product substitution. In addition, to compete effectively, we must continuously focus on improving efficiency
in our production and distribution operations, as well as developing and maintaining appropriate market share and customer relationships.
Competition could cause us to lose market share or reduce pricing, which could have an adverse effect on our business and 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 Data Security and 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"><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><i>Our
business and operations would suffer in the event of IT system failures, cybersecurity attacks, data breaches, or vulnerabilities in
our or our third-party vendors&#8217; information security program or defenses.</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
business relies upon information technology systems operated by us and by our third-party service providers. These systems may fail or
experience operational disruption, experience cybersecurity attacks, or be damaged by computer viruses and unauthorized access. In the
ordinary course of business, we collect, store and transmit confidential information (including but not limited to intellectual property,
proprietary business information and personal information). It is critical that we do so in a secure manner to maintain the confidentiality
and integrity of such confidential information. While we are currently in the process of developing and implementing policies and procedures
to ensure the security and integrity of our information technology systems and confidential and proprietary information, we do not currently
have any written policies and procedures in place. If we fail to maintain adequate policies and procedures for the protection of our
information technology systems and confidential and proprietary information, we may be vulnerable to security breaches or disruptions
and system breakdowns or other damage or interruptions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 do not conduct audits or formal evaluations of our third-party vendors&#8217; information technology systems and cannot be sure that
our third-party vendors have sufficient measures in place to ensure the security and integrity of their information technology systems
and our confidential and proprietary information. If our third-party vendors fail to protect their information technology systems and
our confidential and proprietary information, we may be vulnerable to disruptions in service and unauthorized access to our confidential
or proprietary information and we could incur liability and reputational damage and the further development and commercialization of
our product candidates could be delayed. We have not, to our knowledge, experienced any material IT system failures or any material cybersecurity
attacks to date. We cannot assure you that our data protection efforts and our investment in information technology will prevent significant
breakdowns, data leakages, breaches in our systems or those of our third-party vendors and other contractors and consultants, or other
cyber incidents that could have a material adverse effect upon our reputation, business, operations or financial condition. Furthermore,
cyberattacks and security incidents are expected to accelerate in both frequency and impact as the use of AI increases and attackers
become increasingly sophisticated and utilize tools and techniques that are designed to circumvent controls, avoid detection, and remove
or obfuscate forensic evidence.</span></p>

<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
such an event were to occur and cause interruptions in our operations, it could result in a material disruption of our development programs,
business operations, a breach of sensitive personal information or a loss or corruption of critical data assets including trade secrets
or other proprietary information. Such IT system failures, cybersecurity attacks or vulnerabilities to our or our third-party vendors&#8217;
information security programs or defenses could result in legal liability, reputational damage, business interruption, and our competitive
position could be harmed and the further development and commercialization of our products or any future products could be delayed or
disrupted. Moreover, containing and remediating any IT system failure, cybersecurity attack or vulnerability may require significant
investment of resources. Furthermore, significant security breaches or disruptions of our internal information technology systems or
those of our third-party vendors and other contractors and consultants could result in the loss, misappropriation and/or unauthorized
access, use, or disclosure of, or the prevention of access to, confidential information (including trade secrets or other intellectual
property, proprietary business information and personal information), which could result in financial, legal, business and reputational
harm to 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>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 Capital Requirements</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are a capital intensive business and depend on cash provided by our operations as well as access to external financing to operate and
expand 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-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
require significant amounts of capital to operate our business and fund capital expenditures. In addition, our working capital needs
are directly affected by the prices of agricultural commodities, with increases in commodity prices generally causing increases in our
borrowing levels. Furthermore, the expansion of our business and pursuit of acquisitions or other business opportunities may require
us to have access to significant amounts of capital and working capital. If we are unable to generate sufficient cash flows or raise
sufficient external financing to fund these activities and their working capital, we may be forced to limit our operations and growth
plans, which may adversely impact our competitiveness and, therefore, our 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>Risks
Related to Incorporation in Gibraltar</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"><b><i>You
will have limited ability to bring an action against us against our directors and officers, or to enforce a judgment against us or them,
because we are incorporated in Gibraltar, because we conduct our operations primarily outside of the United States and because a majority
of our directors and officers reside outside the United States.</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">&#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 a Gibraltar public company limited by shares and, as a result, the rights of the holders of our Ordinary Shares are governed by Gibraltar
law and our Memorandum and Articles of Association. We conduct our operations through subsidiaries which are located primarily outside
the United States. All of our assets are located outside the United States, and substantially all of our business is conducted outside
the United States. All of our officers and a majority of our directors will reside outside the United States and a substantial portion
of the assets of those persons are located outside of the United States. As a result, it could be difficult or impossible for you to
effect service of process on these individuals in the United States in the event that you believe that your rights have been infringed
under applicable securities laws or otherwise or to enforce in the United States judgments obtained in U.S. courts against us or those
persons based on civil liability provisions of the U.S. securities laws. It is doubtful whether the courts in Gibraltar will enforce
judgments obtained in other jurisdictions, including the U.S., against us or our directors or officers under the securities laws of those
jurisdictions or entertain actions in against us or our directors or officers under the securities laws of other jurisdictions. As a
result, public shareholders might have more difficulty in protecting their interests in the face of actions taken by management, members
of the board of directors or controlling shareholders than they would as public shareholders of a U.S. 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="na_006"></span>Item
4. INFORMATION ON THE COMPANY</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
<span style="text-decoration: underline">History and Development of the Company</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 an integrated, global business involved in the purchase, storage, transport, processing and sale of agricultural commodities and
commodity products. The principal agricultural commodities that we handle are flour and semolina, and secondary processing products such
as pasta and couscous.</span></p>

<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
subsidiary Forafric Maroc is the combination of two former family owned businesses, Forafric (Maymouna) and Tria Group. Forafric (Maymouna)
was acquired by FAHL in April 2015 and the Tria Group was acquired by us in January 2016. Today, we sell processed commodity products
to customers in approximately forty-five countries in Europe, Asia, Africa and the Middle East. The principal purchasers of our products
are wholesale foods manufacturers and distributors. We have developed an extensive global logistics network including storage facilities
with direct access to ports by rail.</span></p>

<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
June 9, 2022, we completed a Business Combination, in accordance with the Business Combination Agreement, by and among Globis, the Company,
and Lighthouse Capital Limited, a Gibraltar private company limited by 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; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 9, 2022, as contemplated in the Business Combination Agreement: (i) Globis merged with and into Globis NV Merger 2 Corp., a Nevada
corporation (&#8220;Merger Sub&#8221;), with Merger Sub surviving (the &#8220;Merger&#8221;); (ii) immediately following the effectiveness
of the Merger, all of the common stock of Merger Sub issued pursuant to the Merger were contributed to the Company; and (iii) thereafter
the Company acquired 100% of the equity interests in FAHL from the Seller and FAHL became a direct subsidiary 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">&#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"></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 Business Combination, (i) Globis stockholders received one ordinary share, nominal value $0.001 per share, of the Company
(each, an &#8220;Ordinary Share&#8221;) for each issued and outstanding share of Common Stock, par value $0.0001 per share, of Globis
(the &#8220;Common Stock&#8221;) held prior to the Merger; (ii) the issued and outstanding redeemable warrants that were registered pursuant
to the Registration Statement on Form S-1 (SEC File No. 333-250939) of Globis automatically became redeemable warrants to acquire Ordinary
Shares at an exercise price of $11.50 per share on the terms and subject to the conditions set forth in the applicable warrant agreement
(which Warrant Agreement was assigned and novated by Globis to the Company with no other changes having been made to the terms of any
issued and outstanding Public Warrants as a result of the Merger); (iii) each issued and outstanding warrant of Globis issued in a private
placement automatically became warrants to acquire Ordinary Shares at an exercise price of $11.50 per share on the terms and subject
to the conditions set forth in the applicable warrant agreement (with no other changes having been made to the terms of any issued and
outstanding private placement warrants as a result of the Merger); and (iv) each issued and outstanding unit of Globis that had not been
previously separated into the underlying Common Stock and underlying warrant upon the request of the holder thereof, was cancelled and
entitled the holder thereof to one Ordinary Share and one redeemable warrant to acquire one Ordinary Share at an exercise price of $11.50
per share on the terms and subject to the conditions set forth in the applicable warrant 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-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
Business Combination was consummated on June 9, 2022. The transaction was approved by the Globis Board and was approved at the Special
Meeting of Globis&#8217; shareholders held on June 9, 2022. Globis&#8217; shareholders also voted to approve all other proposals presented
at the Special Meeting. As a result of the Business Combination, on June 10, 2022, our Ordinary Shares and Warrants commenced trading
on the Nasdaq Stock Market LLC under the symbols of &#8220;AFRI&#8221; and &#8220;AFRIW,&#8221; respectively.</span></p>

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates our corporate structure as of the date of this annual report:</span></p>

<p style="font: 10pt Times New 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"><img src="form20-f_004.jpg" alt=""/></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; 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-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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 26, 2023, we acquired 90% of Socie&#769;te&#769; Industrielle de Minoterie du Sud (&#8220;SIMS&#8221;),a soft wheat milling company
with primary operations in Marrakesh, for cash consideration and noncontrolling interest in the amount of approximately $56 thousand
and the assumption of SIMS' outstanding debts in the amount of approximately $5.3 million.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; 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>Emerging
Growth Company Status</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 an &#8220;emerging growth company,&#8221; as defined in the Jumpstart Our Business Startups Act (the &#8220;JOBS Act&#8221;), and
we are eligible to take advantage of certain exemptions from various reporting and financial disclosure requirements that are applicable
to other public companies, that are not emerging growth companies, including, but not limited to, (1) not being required to comply with
the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, (2) reduced disclosure obligations regarding executive
compensation in our periodic reports and proxy statements, and (3) exemptions from the requirements of holding a non-binding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We intend to take advantage
of these exemptions.</span></p>

<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
addition, Section 107 of the JOBS Act also 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, for complying with new or revised accounting standards. As a result, an emerging
growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.</span></p>

<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">We
could remain an emerging growth company for up to five years, or until the earliest of (1) the last day of the first fiscal year in which
our annual gross revenues exceed $1.235 billion, (2) the date that we become a &#8220;large accelerated filer&#8221; as defined in Rule
12b-2 under the Exchange Act, which would occur if the market value of our Ordinary Shares that is held by non-affiliates exceeds $700
million as of the last business day of our most recently completed second fiscal quarter and we have been publicly reporting for at least
12 months, or (3) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three-year period.</span></p>

<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>Foreign
Private Issuer Status</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 a foreign private issuer within the meaning of the rules under the Exchange. As such, we are exempt from certain provisions applicable
to United States domestic public companies. For example:</span></p>

<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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    are not required to provide as many Exchange Act reports, or as frequently, as a domestic public 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; 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">for
    interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that
    apply to domestic public companies;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#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; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    are not required to provide the same level of disclosure on certain issues, such as executive compensation;</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; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material 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">&#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; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations
    in respect of a security registered under the Exchange Act; 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; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    are not required to comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership
    and trading activities and establishing insider liability for profits realized from any &#8220;short-swing&#8221; trading transaction.</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">B.
<span style="text-decoration: underline">Business Overview</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>Unless
otherwise indicated or the context otherwise requires, references in this section to the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221;
&#8220;our,&#8221; the &#8220;group&#8221; and other similar terms refer to FAHL and its subsidiaries prior to the Business Combination
and to Forafric Global PLC and its consolidated subsidiaries after giving effect to the Business Combination as the context may require.</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>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>

<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
operate through Forafric Agro Holdings Limited (&#8220;FAHL&#8221;), our fully owned subsidiary, which is a private company limited by
shares incorporated in Gibraltar under the laws of Gibraltar. FAHL is registered with the Registrar of Companies in Gibraltar under registration
number 114436. FAHL is a holding company, and substantially all of our operations are conducted through our subsidiaries. Our corporate
headquarters is located at Madison Building, Midtown, Queensway, Gibraltar GX11 1AA. Our registered office is located at 57/63 Line Wall
Road, Gibraltar GX11 1AA.</span></p>

<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"></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 integrated, global business involved in the purchase, storage, transport, processing and sale of agricultural commodities and
commodity products. The principal agricultural commodities that we handle are flour and semolina, and secondary processing products such
as pasta and couscous.</span></p>

<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
subsidiary Forafric Maroc is the combination of two former family owned businesses, Forafric (Maymouna) and Tria Group. Forafric (Maymouna)
was acquired by FAHL in April 2015 and the Tria Group was acquired by FAHL in January 2016.</span></p>

<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">Tria
Group was established in 1923 in Morocco under the name Minoterie Biscuiterie d&#8217;Anfa. The brand Tria was created in 1949. Tria
Group was purchased by Mr. Mohammed Jamaleddine (father of Mustapha Jamaleddine, CEO of the group) in 1974. At this time the group had
only one mill with a total capacity of 70 tons per day. In 1981, a first investment was made to increase the capacity to 150T/day. The
production of pasta and couscous was launched in 1989. In 1995, a second investment to increase the capacity was made. In 2004, Tria
formed the Ceraelis trading company, and in 2008, Finalog, a logistics company, with storage facilities in Casablanca. Tria Group was
managed by the Jamaleddine family until 2016 and its acquisition by Forafric.</span></p>

<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">Forafric
(Maymouna) was created in 1943. It initially specialized in the import-export of cereals and various other food and plant products (e.g.,
legumes, sugar, tea, aromatic plants, etc.) which in 1997 evolved into industrial flour milling by buying and then building its own mills.
In 2003, Forafric decided to market its own brand, MayMouna.</span></p>

<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
2021, we acquired a majority ownership interest in MDS Mali and MDS Burkina Faso, both of which are based in Western Africa and are dedicated
to soft wheat crushing. In addition, we acquired a majority ownership interest in Sanabil SA, a wheat milling business in the region
of Meknes, Morocco.</span></p>

<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
subsidiary based in Angola is a greenfield project to develop soft wheat activity.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-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
operate primarily in the large and growing African food market, providing base products such as flour, semolina pasta and couscous, which
are staple products for most consumers in this and other developing markets. We foresee continued market growth with the projected demographical
increase and urbanization in the region. The African population was approximately 1.3 billion in 2020 and, according to the Organisation
for Economic Co-operation and Development (OECD), will reach approximately 2.5 billion by 2050. Urbanization in Africa is projected to
reach 1.5 billion by 2050, adding 950 million people since 2015. 36% of the world&#8217;s undernourished population is in Africa. This
projected increase in urbanization is expected to lead to increased demand for more processed products.</span></p>

<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">Wheat
is unique as a source of the gluten proteins that alone have the dough-forming properties needed to make the variety of foods that rely
on the rheology of dough, namely, leavened breads, pasta, noodles, flat/pocket breads, steamed breads, biscuits, cakes, pastries and
various food ingredients. Therefore wheat, an essential part of the diet of most of the world&#8217;s population, is prominent in world
trade. Its quality traits are the most critical of all the grains.</span></p>

<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">Research
has shown that fiber may play a large role in maintaining bowel health, lowering cholesterol, stabilizing blood glucose levels and controlling
weight gain. In recent years, the awareness of the health benefits of high fiber diets has increased. Whole grain wheat flour is known
for its high fiber, and enriched wheat flour is also a source of thiamin, riboflavin, niacin, and vitamin E. Wheat is also considered
to be a good source of several minerals such as iron, calcium, selenium, manganese, copper, phosphorous, and folate. It offers a number
of health benefits, which has led to increased demand for wheat flour among end users. Skin protection, nourishment, and energy are some
of the basic health benefits offered by the consumption of wheat flour.</span></p>

<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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
high fiber content in whole grain wheat is known to promote gut health. Consumption of whole grain wheat flour has also showed positive
effects on blood sugar levels. These are some of the reasons that are contributing to change in dietary preferences of individuals. We
do not believe that concerns regarding gluten intolerance and celiac disease, which impact only small percentages of the population,
will have any appreciable impact on projected sales growth.</span></p>

<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">Most
of our assets are based in Morocco. The total wheat production for Morocco for the 2022-2023 season was 5.25 million of metric tons (MT)
of wheat and 0.8 million of MT of durum. The total consumption of wheat-based product per person in Morocco is the second highest
in the world, with 200kg per person per year. This is 3 times the average consumption per person per year of the rest of the world, as
bread remains a staple of both the Moroccan diet and of Moroccan culture. The population of Morocco is projected to grow from approximately
38 million in 2024 to 46 million by 2050.</span></p>

<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>Our
Strengths</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 style="text-decoration: underline">Leader
in the Moroccan market</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 a leader in the Moroccan market in respect of the wheat milling business, with a milling capacity of 3,000 tons per day (Vs 2.200
in 2022). This position enables us to have better access to raw materials, to improve its productivity and to benefit from the power
of our two main brands, Maymouna and Tria <i>(See Our Brands and 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">Raw
materials are the key to profitability in our industry. Raw material accounts for up to 90% of total cost. With a total volume of 725,000
tons per year, the group has great bargaining power, ahead of many international providers of wheat, and has, accordingly, had access
to excellent conditions of purchasing.</span></p>

<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">As
with every industrial business, productivity is key to performance. With eight milling plants in Morocco, we improved our productivity
over the past 3 years and reduced our industrial cost. We consider ourselves to be among the top performing industrial units in our industry.</span></p>

<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">MayMouna
and Tria are our two main brands in the Moroccan market. MayMouna is our most popular brand for Moroccan households and Tria is our most
popular brand for industrial clients in Morocco.</span></p>

<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"><span style="text-decoration: underline">Stable
Product Demand</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
products are basic food staples in Morocco and Africa. Accordingly, demand for our products has been stable in Morocco and fast-growing
in Sub-Saharan Africa and Angola, even in periods of economic uncertainty.</span></p>

<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>Near-term
and long-term Opportunities</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 style="text-decoration: underline">Near-term
opportunities</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
Moroccan flour sector is changing. Though in the 1960s Morocco was largely self-sufficient, producing more than 80% of the wheat for
domestic consumption, only 60% of the total domestic demand for wheat was met by the end the 20th century. Despite the introduction of
improved wheat varieties and significant increases in yields, yield levels remain below both the global average of over 3 metric tons
per Hectare (t/ha) and the African average of 2.3 t/ha. Consequently, Morocco continued to import large volumes, making wheat the most
important (in both volume and value terms) of all agricultural imports. Governmental efforts to support yield growth are expected to
continue, including the use of new technologies for better seed-delivery and to increase crop yield. The transformation of the sector
will create immediate opportunities to grow and gain market share. As the leader on this market, we expect to benefit from this transformation.
With abundant rains, wheat production in Morocco is expected to triple to 7.54 million tons, according to a recent Global Agricultural
Information Network report from the US Department of Agriculture and the Company is expected to benefit from this increase.</span></p>

<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"></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 style="text-decoration: underline">Long-term
opportunities</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 that the market in which we operate is sustainable and growing. We expect future growth in our market will be led by:</span></p>

<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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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">Continued
    demographical growth in the African continent from approximately 1.3 billion in 2020 to approximately 2.5 billion by 2050;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">Increasing
    urbanization in Africa, projected to reach 1.5 billion by 2050, adding 950 million people since 2015; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    continued growth in the consumption of our products in the region, which the Company expects to not only remain staple products,
    but to gain further traction with increasing urbanization.</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>

<p style="font: 10pt Times New Roman, Times, Serif; 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>Our
Business Strategy</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
consider sustainable growth to be the pillar of its business management strategy, through which it consolidates its position as a benchmark
business group in its areas of activity and as a sound, innovative, sustainable, responsible enterprise, committed to: (i) social well-being,
diversity, environmental balance and social and economic progress; and (ii) tax responsibility, respect of human rights and prevention
of corruption and other illegal conduct.</span></p>

<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">This
entails developing a business model focusing on the generation of value, taking into consideration the interests of its human team, shareholders
and investors, customers, suppliers, the media, the communities in which we operate and the environment.</span></p>

<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
this regard, we look beyond the exclusive goal of achieving financial yield and includes environmental, social and ethical criteria alongside
economic variables in its decision-making processes.</span></p>

<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">We
thus undertake, as an essential principle in its actions, the creation of a business model that is respectful of and sustainable for
the environment and society overall and, while ensuring value, profitability and competitiveness, it promotes diversity, respect for
human rights, tax responsibility and the prevention of corruption, thus contributing towards the progress of society and generating trust
among our stakeholders.</span></p>

<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>Our
Fundamental Values</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">Nutrition:
We ensure the supply of products essential for human nutrition by contributing to the health and well-being of consumers. Our brands
are symbols of quality and good nutrition.</span></p>

<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">Proximity:
We maintain lasting relationships with consumers, our customers and suppliers, by constantly listening to them. We build relationships
of trust based on mutual respect. We support the social and economic well-being of our growers, suppliers and local communities.</span></p>

<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">Integrity:
We are responsible for our actions and performance. We expect similar behavior from our partners.</span></p>

<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">Excellence:
We aim for the best quality for our products, and process for the contribution of our teams. We are aware of our responsibility to provide
high quality product and product our customers from damaging additives and chemical residues.</span></p>

<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">Sustainability:
We always act with respect for our environment, and incorporate sustainability in all areas of our business, from operation of our facilities,
to engagement with customers, suppliers and communities. Long term sustainability and environmental responsibility are fundamental to
the future of our business. We are dedicated to reducing our carbon footprint by reduction of power consumption.</span></p>

<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"></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>Our
Business Model</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
have established itself as a leading wheat milling player in Morocco. With the recent acquisition of SIMS, we now own eight milling plants
across Morocco (six of which are dedicated to common wheat and two are dedicated to durum wheat) with total processing capacity of 3,000
tons per day and a total milling capacity of 900,000 tons per year. We also have 1 secondary processing unit, 2 logistics platforms,
and 300,000 tons of grain storage facilities in Morocco. We are also the owner of PRODELA, an animal feed processing company in Morocco,
which was established in 1991 to commercialize the bran created by the mills.</span></p>

<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
products are exported to 45 countries. Our primary activities include the production and sale of a variety of wheat flours, Semolina
and Pasta and Couscous in Morocco and outside Morocco. Our two main brands in Morocco are MAYMOUNA and TRIA (see Our Brands and Products).</span></p>

<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>Our
Brands and 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>

<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">Forafric
owns two leading brands: Tria and MayMouna.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tria</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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_002.jpg" alt=""/></span></p>

<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; 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">Tria
brand was born more than 60 years ago from a family that had a passion for the transmission of Moroccan culinary traditions, associated
with a high level of quality.</span></p>

<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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, Tria brand quickly established itself as a key player in the flour milling sector and in the transformation of wheat grains
into pasta and couscous. The Company believes its success in Morocco was the result of strong commitments from the brand to offer products
of constant quality and taste.</span></p>

<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">For
several generations, Tria has strived to keep intact the fundamentals that have made its reputation, from the selection of a high quality
raw materials, and seeks to reinventing its products in order to support changing consumer needs.</span></p>

<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">Tria
continues to be a highly respected brand for packaged flour, precooked couscous and packaged pasta on the Moroccan market. Today, Tria
combines modernity and tradition, which makes it one of the favorite brands of Moroccans. Tria has approximately 15% of the overall market
in Morocco of couscous and approximately 28% in the market of packaged couscous. Tria also has approximately 9% of the overall market
of pasta in Morocco.</span></p>

<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">Tria
branded products include:</span></p>

<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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRIA
    DAKIK MINE NAWH MOUMTAZ for Flour, Pasta and Couscous</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRIA
    COUSCOUS DE QUALITE SUPERIEURE for Couscous</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRIA
    PATES DE QUALITE SUPERIEURE for Pasta</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRIA
    FARINE DE QUALITE SUPERIEURE for Flour</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">&#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"><i>MayMouna</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"><img src="form20-f_003.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">Maymouna,
whose Arabic name derives from &#8220;Youmn&#8221; which intimates values of kindness and blessing, has been a success story since its
initial launch.</span></p>

<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">We
believe that MayMouna is recognized as an innovative brand which strives to make life easier for the average consumer. The MayMouna brand
has redefined the rules on the Moroccan market, by adopting a marketing strategy reflected in its unique packaging and establishing a
color code allowing the clear identification of each of its products. The brand also integrates into its packaging culinary presentations
allowing each household to easily recognize the right product capable of meeting its needs.</span></p>

<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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MayMouna
is appreciated for its quality but also for the richness of its range. The brand has, on a regular basis, introduced new products to
attract the average household, its primary consumer (e.g., under the registered trademark Finette) and meet the needs of professionals
(e.g., Farine Boulang&#232;re). This has enabled MayMouna to maintain its popularity and 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
2014, MayMouna was nominated at the Morocco&#8217;s National Agricultural Fair (SIAM) for an award in the Innovation Brand category,
and it was awarded the prize of best price and quality at the SIAM 2014 and 2016 editions.</span></p>

<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">MayMouna
offers a diversified range of products segmented into two categories: soft wheat products and durum wheat products. In order to meet
market demands, the products intended for the traditional consumer market (i.e., wholesalers, groceries), are sold in polypropylene packaging
for the modern retail and in kraft paper for mass distribution. The industry, on the other hand, is delivered in bulk by tanker.</span></p>

<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">Soft
wheat products: Soft wheat is the most widely used and cultivated variety of wheat in the world. It is used to produce flour, particularly
for making bread and pastries. All our soft wheat flours are enriched with iron and vitamins. Our soft wheat products include:</span></p>

<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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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">Pastry
    flour - Soft wheat flour comes from the heart of the grain (the wheat kernel), the extraction of which is milled to produce a flour
    powder. Thanks to its milling know-how, MayMouna has developed a pastry flour with a very fine texture and without lumps, with a
    mineralization rate not exceeding 0.38%. Our pastry flour meets the daily needs of the average household, and is suitable for fine
    culinary preparations of pastries, b&#233;chamel, sauces, and harira, a traditional Moroccan soup. MayMouna pastry flour is available
    in 1kg, 2kg, 5kg and 10kg kraft packaging.</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; 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">Extra
    white - Used mainly by pastry and bakery professionals, MayMouna Extra white flour is very fluid. Guaranteed lump-free, it offers
    an excellent hold for all kinds of food preparation. It is distinguished by its purity and by its whiteness with a mineralization
    rate not exceeding 0.42%. MayMouna Extra white is available in 5kg, 10kg and 25kg polypropylene packaging.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    Baker - This flour suitable for breadmaking is intended exclusively for the baking industry. MayMouna La Boulang&#232;re is available
    in 25kg and 50kg polypropylene packaging.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    also sell products in Morocco under the AMBRE and BRIO brands, which include LA AMBRA, AL DENTE Flour, AMBRA Flour, AMBRE Flour,
    ASSALA, BRIO and BRIO, MLAOUI, BAGHRIR for pasta and couscous. BRIO is also used for export to Europe.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">Durum
wheat products: As in most Mediterranean countries and the Maghreb, durum wheat is part of the traditional meal in Morocco. Naturally
rich in fiber, it benefits from recognized digestive virtues. Durum wheat can be transformed into semolina for the production of pasta
and couscous, but also into flour for making bread. In Morocco, the main use of durum wheat is in breadmaking and couscous. Our durum
wheat products include:</span></p>

<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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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">Whole
    meal Flour - Naturally rich in fiber, MayMouna Whole meal flour has the particularity of giving a whole hard wheat bread with recognized
    digestive and dietary virtues. MayMouna Whole meal Flour is available in 2kg, 5kg and 10kg kraft, 5kg, 10kg and 25kg polypropylene
    packaging.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">Finot
    - A flagship product of the entire range, this very fine semolina is ideal for delicate preparations, for golden and well-leavened
    homemade bread. MayMouna Finot also makes it possible to achieve flaky and crispy <i>msemens</i>, a traditional Moroccan type of
    pancake. MayMouna Finot is available in kraft 5kg and in 10kg, polypropylene 5kg, 10kg and 20kg packaging.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">Fine
    semolina - This semolina is used mainly by industrial manufacturers of couscous and pasta. It is also used by households and bakers
    for light and golden <i>baghrirs</i>, which is a traditional Moroccan type of pancake or crepe, various semolina cakes, and <i>harcha,
    </i>a Moroccan pan-fried bread.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    Fine Semolina is available in 1kg and 5kg kraft packaging, and in 5kg, 10kg and 25kg polypropylene packaging.</span></td></tr>
</table>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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">Course
    semolina - MayMouna Semoule Grosse is mainly intended for the preparation of artisan couscous. With a regular grain size, this semolina
    is ideal to be worked by hand, in the traditional manner. MayMouna Semoule Grosse is available in 5kg kraft, and in 5kg, 10kg and
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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">&#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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finette
    - It is an exclusive product of MayMouna, specially created to offer the consumer a flour suitable for the preparation of homemade
    bread. Recognized for its baking qualities, Finette is very fluid. Finette by MayMouna is available in 5kg, 10kg and 25kg polypropylene
    packaging.</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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">Though
Tria and Maymouna are our most popular and well-known brands, our products are sold under a number of other brand names, 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">LES
GRANDES SEMOULERIES DU MAROC : Semolina</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; 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">EL
GHALA: Flour</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FARINOR:
Flour</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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">LMLIH,
EL FEN: Semolina</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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">SABA:
Pasta and Couscous</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; 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">LA
BELLA, ZERDA: Pasta and Couscous</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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">CH&#8217;RIFA:
Flour</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; 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">F&#8217;DILA:
Flour</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">CH&#8217;MICHA:
Flour</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; 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>Sourcing
and Processing</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 dedicated to providing our customers with high quality, nutritious and healthy products and our production process is designed to
achieve these goals:</span></p>

<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"><i>Supply:
</i>In addition to the choice of excellent raw materials, at harvest time, samples are tested for the quality and quantity of protein
and for the presence of heavy metals, pesticide residues, and other harmful chemicals.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>Reception:
</i>On delivery of the wheat, a representative sample undergoes a battery of analyzes ensuring compliance with the Company&#8217;s quality
standards. From the pit, the wheat then undergoes a pre-cleaning to eliminate any large waste.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>Cleaning</i>:
At this stage, the wheat undergoes a second cleaning which consists of eliminating the impurities (foreign seeds, straw, dust, etc.).
The stone remover makes it possible to remove the stones by density difference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
wheat is then wet in order to facilitate its grinding and damaged grains or those whose color does not conform are removed using a machine
equipped with a camera.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Grinding</i>:
The wheat then goes to milling. This operation dissociates the bran and the floury part thanks to a succession of grinding and sieving.
The various finished products are evaluated according to their grain size, protein level, humidity, color, etc. These analyzes are supplemented
by use tests in the bakery, in particular to test the breadmaking. A series of sanitary analyzes is added to ensure the wholesomeness
of each product in compliance with the required standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>Conditioning</i>:
The various flours and semolina obtained are packaged in food packaging suitable for their good conservation. Each batch is strictly
controlled to ensure compliance with specifications and standards in force.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>Trading
and Storage</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
Company has a unique storage infrastructure in Morocco. The group has 2 units dedicated to storage and more than 250,000 tons of grain
storage capacity in Morocco. This organization allows it to optimize and best meet the needs of all of its mills and to effectively manage
the costs of its supply chain.</span></p>

<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">Two
of our trading companies, Forafric and Cerelis, aim to import and sell wheat. Cerelis is based in Morocco and dedicated to meet the needs
of the group in raw materials.</span></p>

<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
Finalog subsidiary, with a capacity of 79,000 metric tons, which is based in Casablanca, manages transport, handling and storage activities.
The Finalog&#8217;s multimodal platform (Road / Rail) is devoted 100% to cereals and is linked to the port of Casablanca by rail. Finalog
has a daily reception capacity of 7,000 tons and 3,000 tons per day for delivery. Though most of its revenues are generated by the Company,
Finalog also rents part of its facilities to 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; 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"></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>Significant
Events and Transactions</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">Due
to our strong crushing volume in 2023, we have emerged as the leading wheat milling player in Morocco through the acquisition and consolidation
of well-known businesses Forafric (MayMouna) and the Tria Group. Forafric (MayMouna) was created in 1943 with focus on imports, repositioning
its core activity on milling in the 2000s and recently developing its branding strategy to becoming a leading wheat flour brand in Morocco.
Forafric (MayMouna) was acquired by us in April 2015. The Tria group was created in 1949 under the name Minoterie Biscuiterie d&#8217;Anfa,
with focus on milling activity, and was acquired by us in January 2016.</span></p>

<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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Company</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023 Crushing</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 20%; font-weight: bold; text-align: right">703,926</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 2%; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">283,009</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">2,358,431</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">5,218,409</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.00</td><td style="white-space: nowrap; font-weight: bold; text-align: left">%</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">Source
ONICL Morocco</span></p>

<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">*IZDA:
not a company but a group with common purchasing interest</span></p>

<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">Effective
on November 5, 2020, pursuant to an investment and shareholders agreement (&#8220;Trigola Agreement&#8221;) dated November 5, 2020, we
entered into an agreement with Trigola, SU, LDA (&#8220;Trigola&#8221;), an entity incorporated in the Republic of Angola and owned by
the Parent for a majority share in Trigola&#8217;s equity of 75%. Pursuant to the terms of the agreement, we would provide financial
investments in Trigola for the construction, commissioning and operation of a new industrial facility for the processing of wheat and
the production of wheat flour, management services and other services on an exclusive basis in relation to Trigola&#8217;s business.
We agreed to fund Trigola for operational cash flow needs and bear the risk of Trigola&#8217;s losses from operations and Trigola agreed
that we would be entitled to 75% of Trigola&#8217;s net profits, if any.</span></p>

<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">Effective
on April 30, 2021, we completed a share purchase acquisition of Moulins du Sahel Mali S.A. (&#8220;MDS Mali&#8221;). By way of the acquisition,
we acquired a 70.35% stake in a wheat milling business in Mali. The investment in MDS Mali enables us to obtain a strategic footprint
in west Africa. Details of the acquisition are included in the footnotes to the financial statements.</span></p>

<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">Effective
on July 30, 2021, we completed a share purchase acquisition of Moulin du Sahel Burkina (&#8220;MDS Burkina&#8221;). By way of the acquisition,
the Company acquired a 78.21% stake in a wheat milling business in Burkina. Details of the acquisition are included in the footnotes
to the financial statements.</span></p>

<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
July 30, 2021, we acquired 37.10% of the capital stock of GMT Niger headquartered in Niger, which is a non-operational wheat milling
facility. We have accounted for this investment as an equity method investment.</span></p>

<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
October 2021, we acquired a majority stake in Moulin Sanabil based in Meknes Morocco. The strategy of the group in Morocco is to expand
its capacity to reach 20% of market share and to expand geographically to reach all important customers in Morocco. Meknes is based in
the center region of Morocco where we did not have mills. This opportunity enables the group to enter into this region with a huge capacity
to expand. This region is also the main producer of wheat in Morocco so thanks to this new acquisition, the whole group will benefit
from good conditions on the acquisition of local wheat produced in this region. In October 2023, we increased our stake in Sanibil to
80% of the shares after a capital increase.</span></p>

<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
July 2023, we acquired a majority stake in Soci&#233;t&#233; Industrielle des Moulins du Sud based in Marrakech. This acquisition
enabled the group to expand its market share in Morocco to reach the target of 20%. With this acquisition, the group is leader in the
Marrakech Region.</span></p>

<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
2023, the price of raw materials decreased significantly but has remained higher than the normative level of the years 2018-2021.</span></p>

<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"></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>Key
Factors Affecting Operating Results</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>Government
Regulation</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 subject to a variety of laws in each of the countries in which we operate which govern various aspects of our business, including
the processing, handling, storage, transport and sale of our products; risk management activities; land-use and ownership of land, including
laws regulating the acquisition or leasing of rural properties by certain entities and individuals; and environmental, health and safety
matters. To operate our facilities, we must obtain and maintain numerous permits, licenses and approvals from governmental agencies and
our facilities are subject to periodic inspection by governmental agencies. In addition, we are subject to other laws and government
policies affecting the food and agriculture industries, including food and feed safety, nutritional and labeling requirements and food
security policies. In particular, the National Office for Food Safety in Morocco ONSSA requires various certifications for the export
of products to Morocco. ONSSA certifications have been obtained for the following subsidiaries of the Company: Forafric SA; Finalog;
Maymouna GrainLes Grands Moulins de Tensift; Les Grandes Semouleries de Casablanca; Les Grandes Semouleries de Safi; Tria Group; and
Arzak.</span></p>

<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">From
time to time, agricultural production shortfalls in certain regions and growing demand for agricultural commodities for feed, food and
fuel use have caused prices for relevant agricultural commodities to rise. High commodity prices and regional crop shortfalls have led,
and in the future may lead, governments to impose price controls, tariffs, export restrictions and other measures designed to assure
adequate domestic supplies and/or mitigate price increases in their domestic markets, as well as increase the scrutiny of competitive
conditions in their markets.</span></p>

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Environmental
Matters</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 subject to various environmental protection and occupational health and safety laws and regulations in the countries in which we
operate. Our operations may emit or release certain substances, which may be regulated or limited by applicable laws and regulations.
In addition, we handle and dispose of materials and wastes classified as hazardous or toxic by one or more regulatory agencies. Our operations
are also subject to laws relating to environmental licensing of facilities, restrictions on land use in certain protected areas and water
use. We incur costs to comply with health, safety and environmental regulations applicable to our activities and have made and expect
to make substantial capital expenditures on an ongoing basis to continue to ensure our compliance with environmental laws and regulations.
However, due to our extensive operations across multiple industries and jurisdictions globally, we are exposed to the risk of claims
and liabilities under environmental regulations. Violation of these laws and regulations can result in substantial fines, administrative
sanctions, criminal penalties, revocations of operating permits and/or shutdowns of our facilities.</span></p>

<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,
our business could be affected in the future by regulation or taxation of greenhouse gas emissions, or policies related to national emission
reduction plans. It is difficult to assess the potential impact of any resulting regulation of greenhouse gas emissions. Potential consequences
could include increased energy, transportation and raw material costs, and we may be required to make additional investments to modify
our facilities, equipment and processes. Climate change could also lead to stronger production variability than today which could result
in price volatility. Climate change could cause temperature increases and rainfall changes that could lead to lower yields in Morocco
and other semi-arid Mediterranean countries in the future. In response to such concerns, the effects of additional climate change regulatory
initiatives could have adverse impacts on our business and results of operations. Compliance with environmental laws and regulations
did not materially affect our earnings or competitive position in 2023.</span></p>

<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>Competition</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
markets for our products are highly price competitive. Competition is based on a number of factors, including delivered price, product
offering and quality, location, raw material procurement, production efficiency, brand recognition, nutritional profile, dietary trends,
logistics and distribution capabilities, and customer service, including, in some cases, customer financing terms. The Company faces
competition in each of its businesses and has numerous competitors. Competition is based on a variety of factors, including price, raw
material procurement, brand recognition, nutritional profile, dietary trends and distribution capabilities. Our major competitors in
Morocco include: Moulins du Maghreb, Zine Cereales, Rica Maroc, Casagrains and Dari Couspate. These competitors would be at an advantage
if they are able to obtain superior financing capabilities. In addition, other regional or international Agribusinesses may expand into
our marketplaces increasing competition.</span></p>

<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"></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
compete effectively, we must continuously focus on improving efficiency in our production and distribution operations, as well as developing
and maintaining appropriate market share and customer relationships, and brand reputations for quality.</span></p>

<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>Legal
Proceedings</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, the Company and its subsidiaries may become subject to various legal proceedings. There are currently three separate actions
pending against the Company for unfair dismissal by former employees; however, none of such proceedings, individually, or in the aggregate,
would have a material adverse effect on the Company or its operations if decided adversely against 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Insurance</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">In
each country where the Company conducts business, our operations and assets are subject to varying degrees of risk and uncertainty. We
insure our businesses and assets in each country in a manner that it deems appropriate for a company of our size and activities, based
on an analysis of the relative risks and costs. If we were to incur a significant loss or liability for which we were not fully insured,
it could have a materially adverse effect on our business, financial condition and results of operations. The Company believes that it
maintains adequate policies of insurance to insure its operations against such risks as can be reasonably anticipated in the markets
in which it operates.</span></p>

<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"><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-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 degree of seasonality in the growing season and procurement of our principal raw materials. Further, in the Moroccan market where
the bulk of our business originates and where we operate four flour mills, soft wheat cannot be freely imported during the calendar year.
All our soft wheat must be imported before end of April and from beginning of September or October depending on the harvests of local
wheat in Morocco. This is designed to protect local Moroccan producers of wheat by enabling them to sell their production on the local
market. Accordingly, the third fiscal quarters of the year have generally been our weakest in terms of 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>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"><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">Our
material intellectual property consists of approximately 25 trademarks and logos relating to our two main brands, Maymouna and Tria,
and our other brands and products. These intellectual property rights are registered in Morocco. Under Moroccan law, such registrations
are valid for 10 years from the date of filing the application, and are renewable for additional periods of 10 years. There is also a
grace period for late renewals and a registration is not canceled unless it is not renewed within six months of the end of the registration
period.</span></p>

<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">C.
<span style="text-decoration: underline">Organizational Structure</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">See
&#8220;Item 4. Information on the Company &#8211; A. History and Development of the Company.&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
<span style="text-decoration: underline">Property, plant and equipment</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">As
of December 31, 2023, the Company owns and leases 12 refining, packing and milling facilities throughout the world with an aggregate
production capacity of 3,750 metric tons per day, including eight milling plants in Morocco with an aggregate capacity of 3,000 metric
tons per day. We also have two storage facilities in Morocco with an aggregate storage capacity of 250,000 metric tons.</span></p>

<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
corporate headquarters in Gibraltar, occupies approximately 1,200 square feet of space under a lease that expires in June 2025. We also
own or lease other office space for our operations worldwide.</span></p>

<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">We
believe our current facilities are sufficient to meet our needs.</span></p>

<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"></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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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><span id="na_007"></span>Item
4A. UNRESOLVED STAFF COMMENTS</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">Not
applicable.</span></p>

<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><span id="na_008"></span>Item
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</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
following discussion of our financial condition and results of operations is based upon and should be read in conjunction with our consolidated
financial statements and their related notes included in this annual report.</span></p>

<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">This
annual report includes consolidated financial statements for the years ended December 31, 2023, 2022, and 2021. However, as permitted
by Instruction 6 to Item 5 of Form 20-F, a discussion of the changes in our results of operations for the year ended December 31, 2021
has been omitted from this annual report, but may be found in &#8220;Management&#8217;s Discussion And Analysis of Financial Condition
and Results of Operations of FAHL&#8221; in our registration statement on Form S-4 filed with the SEC on May 6, 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">This
annual report contains forward-looking statements that are based on our management&#8217;s beliefs and assumptions and on information
currently available to us. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual
results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.</span></p>

<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">You
can identify these forward-looking statements by words or phrases such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221;
&#8220;anticipate,&#8221; &#8220;aim,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221;
&#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;is/are likely to&#8221; or other similar expressions. We have based these forward-looking
statements largely on our current expectations and projections about future events and financial trends that we believe may affect our
financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, among other
things, statements relating to:</span></p>

<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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    goals and strategies;</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">&#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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    future business development, financial conditions and results of operations;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    expectations regarding demand for and market acceptance of our products once available;</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">
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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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    expectations regarding our development and commercialization of our therapeutics;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition
    in our industry; and</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">relevant
    government policies and regulations relating to our industry.</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 thoroughly read this annual report and the documents that we refer to in this annual report with the understanding that our actual
results in the future may be materially different from or worse than what we expect. We qualify all of our forward-looking statements
by these cautionary statements. Other sections of this annual report include additional factors which could adversely affect our business
and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time
and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors
on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those
contained in any forward-looking statements. Important risks and factors that could cause our actual results to be materially different
from our expectations are generally set forth in &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8221; and elsewhere in this annual
report. We caution you that our businesses and financial performance are subject to substantial risks and uncertainties.</span></p>

<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
forward-looking statements made in this annual report relate only to events or information as of the date on which these statements are
made in this annual report. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date of this annual report. You should not rely upon forward-looking statements as
predictions of future events.</span></p>

<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"><i>Unless
otherwise indicated or the context otherwise requires, references in this section to the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221;
&#8220;our&#8221; and other similar terms refer to FAHL and its subsidiaries prior to the Business Combination and Forafric Global PLC
and its consolidated subsidiaries after giving effect to the Business Combination. The following discussion and analysis summarize the
significant factors affecting the consolidated operating results, financial condition, liquidity and cash flows of the Company as of
and for the periods presented below.</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>&#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></i></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"><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"><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>

<p style="font: 10pt Times New Roman, Times, Serif; 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>Key
Factors Affecting Our Performance</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
key factors affecting the performance of our business are described 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>

<p style="font: 10pt Times New Roman, Times, Serif; 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>Cost
of Raw material</i>. The cost of wheat is almost 90% of total cost in our business. Fluctuation on the price of the wheat has a direct
impact on our performance. The cost of wheat depends on weather, supply and demand and strategies of main international producers. The
cost of raw material depends also on freight cost and currency exchange rate fluctuations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>Industrial
cost</i>. The crushing cost is the second main factor affecting our performance. This cost includes equipment, labor and interest over
financing. To perform on our business, we have to maintain this cost below 30 USD per ton produced. To achieve this performance, we have
to monitor energy, equipment usage, logistics, human resources and financial cost.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Average
selling price</i>. The average selling price is based on the two components:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price
    of flour/Semolina</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">&#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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price
    of Bran</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">Bran
is between 20% to 25% of the production of finished products. We have no impact on the price of the bran.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
the price of finished product, we can have a limited impact due to high concurrency on the market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
War in Ukraine</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">On
February 24, 2022, Russia launched an invasion in Ukraine. The invasion may severely disrupt or depress wheat harvests in Ukraine and
Ukraine&#8217;s ability to export wheat. In addition, as a consequence of the Russian invasion of Ukraine, the United States, the European
Union and other countries have imposed sanctions against and penalties for doing business in Russia and with certain Russian-owned businesses.
These sanctions may limit Russia&#8217;s ability to export wheat. Because Ukraine accounts for approximately 10% of the world&#8217;s
wheat exports and Russa accounts for approximately 16% of the world&#8217;s wheat exports, the continuation of the war between Ukraine
and Russia could lead to a material reduction in the availability of wheat on the international market which could in turn affect our
ability to obtain raw materials or result in substantial increases in prices of raw materials, which could have a material adverse effect
upon 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
Company has not purchased, and has no contracts to purchase raw materials from either Ukraine or Russia in 2023. The Company has also
in recent years diversified its sources of supply, and purchases most of its raw materials from European countries, as well as Argentina
and Brazil. The Company believes that as a result, it will have adequate sources of supply of raw materials for the 2024 calendar year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">Because
the Company does not currently have any business operations in Russia and is not purchasing raw materials from suppliers in Russia in
2023, the sanctions regime imposed upon Russia does not currently directly impact the Company&#8217;s business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>Key
Components of 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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">Net
sales, cost of sales and gross profit figures are calculated with the following method:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">Net
sales: Total consolidated sales;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of sales: includes cost of raw materials, cost of freight, depreciation expense, cost of foreign exchange and cost of improvements used
in the production; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">Gross
profit: the difference between net sales and cost of goods sold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
key components of our results of operation are:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">Price
of raw materials, which is affected by many factors, including global and regional supply, which in turn is impacted by factors such
as weather conditions, local planting decisions, crop failure, reduced harvests, governmental policies (including both tariffs and subsidies),
and other agricultural conditions, as well as local, regional, and international demand. The price of raw materials decreased during
the first three months of 2023 over the same period for 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">Cost
of freight, which is impacted by shipping availability, international demand, labor shortages, strikes, regional conflicts, inadequate
or obsolete port infrastructure and other factors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">Foreign
exchange rates, which are continually fluctuating due to the relative economic strengths or governmental policies of different countries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">Human
resources productivity, which may be impacted by the training and skills of the available workforce, the nature of tools and facilities
in place, financial incentives and other factors over which we do not have any control.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power
consumption and costs, which may be affected by governmental policies, including green energy initiatives and the age and efficiency
of existing and newly acquired facilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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
Results of Operations depends primarily on the cost of raw materials and on our industrial cost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">In
our business, most raw materials are imported from Europe, South America, Black Sea and Canada (for durum). In Morocco, there is production
of wheat but the quality is generally not high enough for industrial usage. The variation of the cost of raw materials has a huge impact
on our business and can explain the changes in the result of operation form period to period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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">Industrial
cost is the second main component of our result of operation. The industrial cost includes human resources, cost of equipment, maintenance,
power consumption and financial cost as main components. We launched a huge restructuring plan in 2018 to reduce our industrial cost
with success. We successfully reduced the industrial cost by 50% over the last four 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-size: 10pt"><b><i>Year
Ended December 31, 2023 Compared to Year Ended December 31, 2022</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 style="text-decoration: underline">Operating
Results</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 52%">Revenues</td><td style="width: 2%">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">260,399</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">29,373</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; 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>

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

<p style="font: 10pt Times New Roman, Times, Serif; 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>Revenues</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">For
the year ended December 31, 2023, net revenues totaled $305.5 million, increasing $15.7 million or 5.4% year over year. The increase
in revenues when compared year over year is a direct result of an increase in sales volume.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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>Cost
of Sales</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">For
the year ended December 31, 2023, cost of sales totaled $274.9 million, increasing $14.5 million or 5.6% year over year. The increase
in cost of sales when compared year over year is a direct result of the increase in crushed volume and higher cost of freight on raw
material.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; 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 result, gross profits increased by $1.2 million or 4.2% when compared year over year.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, selling, general and administrative expenses totaled $29.5 million, decreasing $1.3 million or 4.3%
year over year. The decrease in selling, general and administrative expenses is primarily attributable to expenses activity with decrease
of compensation cost and lease cost.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, other expense (income) totaled $13.7 million, decreasing $6.0 million or 30.6% year over year. The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></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">The
following table presents revenue and operating income (loss) by segment for the year ended December 31, 2023 and 2022:</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>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, net revenues of soft wheat totaled $218.8 million, increasing 2.3% from $213.8 million during the
comparable period in 2022. The increase was primarily attributable to an increase in volume of sales coupled with capacity extension
in two Moroccan regions and the acquisition of SIMS during 2023.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, net sales of durum wheat totaled $51.8 million, increasing 16.4% from $44.4 million during the comparable
period in 2022. The increase was primarily attributable to an increase in volume during fiscal 2023.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, net sales of couscous and pasta totaled $31.4 million, increasing 15.7% from $27.2 million during the
comparable period in 2022.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Working
Capital and Working Capital Facilities</i> &#8211; Working capital deficits were $132.0 million and $94.6 million as of December 31,
2023 and December 31, 2022, respectively.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company had available to it revolving working capital credit lines in the amount of $50.0 million and $48.0 million as of December
31, 2023 and December 31, 2022, respectively. As of December 31, 2023, the Company had borrowed $48.5 million and had unused
availability of $1.5 million under such credit lines. As of December 31, 2022, the Company had borrowed $47.4 million and had
unused availability of $0.6 million under such credit lines. The Company has also entered into credit agreements for asset-based
credit facilities in order to fund wheat raw material purchases (&#8220;Wheat Credit Facilities&#8221;). The Wheat Credit Facilities
provide the ability to borrow funds under consolidated lines of credit of up to approximately $142.0 million as of December 31, 2023
and $148.0 million as of December 31, 2022. The Wheat Credit Facilities are secured by inventory. The Wheat Credit Facilities must
be renewed on a semi-annual basis. As of December 31, 2023, the Company had borrowed $126.5 million under the Wheat Credit
Facilities, with unused availability of approximately $15.5 million. As of December 31, 2022, the Company had borrowed $137.0
million under the Wheat Credit Facilities, with unused availability of approximately $11.0 million.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Business Combination Agreement, the Company&#8217;s Related Party Loans converted into Ordinary Shares upon consummation of
the Business Combination. As of December 31, 2023, the Company has, in addition to its obligations under the working capital credit
lines and the Wheat Credit Facilities, $4.5 million in lease obligations. The Company believes it has sufficient capital available
to it to fulfill such obligations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash
and Cash Equivalents</i> - Cash and cash equivalents were $24.0 million and $24.8 million at December 31, 2023 and December 31, 2022,
respectively. Cash balances are managed in accordance with our investment policy, the objectives of which are to preserve the principal
value of our cash assets, maintain a high degree of liquidity and deliver competitive returns subject to prevailing market conditions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trade
accounts receivable, net</i> - Trade accounts receivable, net were $34.7 million and $30.9 million at December 31, 2023 and December
31, 2022, respectively.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Inventories
</i>- Inventories were $28.4 million and $27.2 million at December 31, 2023 and December 31, 2022, respectively.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity
and Capital Resources Relating to the Closing of the Business Combination</i> &#8211; Prior to the closing of the Business Combination,
holders of 9,612,536 shares of Globis&#8217; common stock exercised their right to redeem such shares for cash at a price of approximately
$10.30 per share for aggregate payments of approximately $99 million. As a result, upon closing of the Business Combination, approximately
$19.4 million in gross proceeds was released from the Trust Account. Approximately $16.2 million was deposited into an escrow account
for the benefit of the Forward Purchase Investors (as defined below) and approximately $3.2 million was released to the Company. In addition,
substantially concurrently with the Closing, the sale of the PIPE Shares was consummated, pursuant to which the PIPE Investor purchased
an aggregate of 1,320,195 Ordinary Shares of the Company for total gross proceeds to the Company of approximately $13.9 million.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the Business Combination, the Seller received (i) 17,004,762 Ordinary Shares on the Closing Date, (ii) 1,550,000 Ordinary
shares pursuant to a subscription agreement dated September 9, 2022 and (iii) will be paid the principal sum of $8,000,000 together with
interest on the outstanding amount from the Closing Date up to the date of payment (computed on the basis of a 360-day year consisting
of twelve (12) months of thirty (30) days) accrued but unpaid thereon at the fixed per annum rate of 8%.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, on September 9, 2022, the Company entered into a Warrant Agreement (the &#8220;Warrant Agreement&#8221;) with the Seller, pursuant
to which the Company agreed to issue 516,666 warrants to the Seller, each of which entitles the holder to purchase one ordinary share
of the Company, par value $0.001, at an exercise price of $11.50 per share in cash for a period of 5 years.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the foregoing consideration, the Seller is entitled to receive, as additional consideration, and without any action on behalf
of the Company or the Company&#8217;s shareholders, additional Ordinary Shares (the &#8220;Earnout Shares&#8221;), to be issued as follows
during the period from and after the Closing until the end of calendar year 2024 (A) 500,000 Earnout Shares, if, during calendar year
2022, Adjusted EBITDA (as defined in the Business Combination Agreement) of the Company is equal to or greater than $27 million, (B)
500,000 Earnout Shares, if, during calendar year 2023, Adjusted EBITDA of the Company is equal to or greater than $33 million, and (C)
1,000,000 Earnout Shares, if, during calendar year 2024, the Buyer Trading Price (as defined in the Business Combination Agreement) during
the standard market trading hours of a trading day is greater than or equal to $16.50 for any 20 trading days within any period of 30
consecutive trading days.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Warrant
Proceeds</i> - The Company has 15,750,842 outstanding Warrants to purchase 15,750,842 Ordinary Shares, exercisable at an exercise price
of $11.50 per share, which expire on June 9, 2027, at 5:00 p.m., Eastern Standard Time.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exercise of the Warrants, and any proceeds the Company may receive from their exercise, are highly dependent on the price of our Ordinary
Share and the spread between the exercise price of the Warrant and the price of Ordinary Share at the time of exercise. For example,
to the extent that the trading price of the Ordinary Shares exceeds $11.50 per share, it is more likely that holders of our Warrants
will exercise their Warrants. If the trading price of the Ordinary Shares is less than $11.50 per share, it is unlikely that such holders
will exercise their Warrants. As of December 29, 2023, the closing price of the Ordinary Shares was $10.59 per share. There can be no
assurance that all of our Warrants will be in the money prior to their expiration and, as such, any or all of our Warrants may expire
worthless. As such, it is possible that the Company may never generate any cash proceeds from the exercise of our Warrants. The Company
will continue to evaluate the probability of warrant exercise over the life of our Warrants and the merit of including potential cash
proceeds from the exercise thereof in our liquidity projections.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent such Warrants are exercised, additional Ordinary Shares will be issued, which will result in dilution to the holders of our
Ordinary Shares and increase the number of shares eligible for resale in the public market. Sales of substantial numbers of such shares
in the public market could adversely affect the market price of the Ordinary Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Forward
Share Purchase Agreements</i> - On June 8, 2022, Globis and certain unaffiliated investors (the &#8220;Forward Purchase Investors&#8221;)
entered into Forward Share Purchase Agreements (the &#8220;Forward Purchase Agreements&#8221;) pursuant to which, on the three month
anniversary of the date of the Closing (&#8220;Investor Shares Closing Date&#8221;), the Forward Purchase Investors may elect to sell
and transfer to the Company, and the Company will purchase, in the aggregate up to 1,500,000 Ordinary Shares (the &#8220;Forward Investor
Shares&#8221;), consisting of (i) Ordinary Shares then held by the Forward Purchase Investors and/or (ii) any additional Ordinary Shares
that the Forward Purchase Investors may acquire prior to the closing of the Business Combination. The Company will acquire the Forward
Investor Shares at a price of $10.80 per share (the &#8220;Forward Shares Purchase Price&#8221;). Upon the closing of the Business Combination,
$16.2 million was deposited into an escrow account for the benefit of the investors for payment of the Forward Shares Purchase Price
for all Forward Investor Shares.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 9, 2022, the Company entered into three Buy Back Contracts with the Forward Purchase Investors: (i) a Buy Back Contract by
and among the Company, Nomis Bay Ltd and BPY Limited, pursuant to which the Company bought back up to 500,000 ordinary shares, par value
$0.001 per share; (ii) a Buy Back Contract by and between the Company and K2 Principal Fund L.P., pursuant to which the Company bought
back 448,651 ordinary shares, par value $0.001 per share; and (iii) a Buy Back Contract by and between the Company and Polar Multi-Strategy
Master Fund, pursuant to which the Company bought back 231,071 ordinary shares, par value $0.001 per share (together &#8220;Buy Back
Contracts&#8221;). As a result of the Buy Back Contracts, 1,179,722 ordinary shares were bought by the company and cancelled in full
satisfaction of the Forward Purchase Agreements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has historically met its cash needs through a combination of cash flows from operating activities (when available), term loans,
convertible bonds, working capital and inventory lines of credit and sales of equity.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company believes that cash on hand, as well as cash from operations and proceeds from extended credit lines will provide sufficient liquidity
to fund operations for at least one year after the date the consolidated financial statements are issued. This projection is based on
the Company&#8217;s current expectations regarding product sales, cost structure, cash burn rate and other operating assumptions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Year
Ended December 31, 2022 Compared to Year Ended December 31, 2021</i></b></span></p>

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-style: italic">In thousands of USD</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">$ Change</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%">Revenues</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">289,772</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">261,679</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, net revenues totaled $289.8 million, increasing $28.1 million from $261.7 million during in the same
period in 2021.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, cost of sales totaled $260.4 million, increasing $41.1 million from $219.3 million during the same
period in 2021, reflecting increases in raw material and shipping costs.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
profits for the year ended December 31, 2022, totaled $29.4 million, decreasing $13.0 million from $42.4 million during the same period
in 2021.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling,
general and administrative expenses for the year ended December 31, 2022, totaled $30.8 million, as compared to $39.0 million for the
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, other expenses totaled $19.8 million, increasing $8.5 million from $11.3 million during the same period
in 2021, reflecting increases in interest expense to $12.5 million for the year ended December 31, 2022, from $10.4 million for the year
ended December 31, 2021, in foreign currency exchange losses to $10.4 million for the year ended December 31, 2022, from $1.4 million
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></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">The
following table presents revenue and operating income by segment for the year ended December 31, 2022 and 2021:</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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,508</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">600</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Couscous and pasta</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,924</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,734</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,658</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(181</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, net sales of soft wheat totaled $213.8 million, increasing 23.5% from $173.1 million during the comparable
period in 2021. The increase was due to higher volume of sales coupled with the acquisitions of MDS Mali, MDS Burkina Faso and Sanabil
SA.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, net sales of durum wheat totaled $44.4 million, decreasing 17.0% from $53.5 million during the comparable
period in 2021. The decrease was primarily due to higher selling prices as a direct result of the increase in cost of raw materials during
fiscal 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, net sales of couscous and pasta totaled $27.2 million, decreasing 5.8% from $28.8 million during the
comparable period in 2021.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Working
Capital and Working Capital Facilities</i> &#8211; Working capital deficits were $94.6 million and $85.3 million at December 31, 2022
and December 31, 2021, respectively.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company had available to it revolving working capital credit lines in the amount of $48.0 million and $80 million as of December 31,
2022 and December 31, 2021, respectively. As of December 31, 2022, the Company had borrowed $47.0 million and had unused
availability of $1.0 million under such credit lines. As of December 31, 2021, the Company had borrowed $79.5 million and had unused
availability of $0.5 million under such credit lines. The Company has also entered into credit agreements for asset-based credit
facilities in order to fund wheat raw material purchases (&#8220;Wheat Credit Facilities&#8221;). The Wheat Credit Facilities
provide the ability to borrow funds under consolidated lines of credit of up to approximately $148.0 million as of December 31, 2022
and $100.0 million as of December 31, 2021. The Wheat Credit Facilities are secured by the Company&#8217;s inventory. The Wheat
Credit Facilities must be renewed on a semi-annual basis. As of December 31, 2022, the Company had borrowed $137.0 million under the
Wheat Credit Facilities, with unused availability of approximately $11.0 million. As of December 31, 2021, the Company had borrowed
$70.4 million under the Wheat Credit Facilities, with unused availability of approximately $29.6 million.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Business Combination Agreement, all of the Company&#8217;s Related Party Loans were converted into Ordinary Shares upon consummation
of the Business Combination. As of December 31, 2022, the Company has, in addition to its obligations under the working capital credit
lines and the Wheat Credit Facilities, $2.9 million in lease obligations. The Company believes it has sufficient capital available to
it to fulfill such obligations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash
and Cash Equivalents - </i>Cash and cash equivalents were $24.8 million and $14.4 million at December 31, 2022, and 2021, respectively.
Cash balances are managed in accordance with our investment policy, the objectives of which are to preserve the principal value of our
cash assets, maintain a high degree of liquidity and deliver competitive returns subject to prevailing market conditions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trade
accounts receivable, net - </i>Trade accounts receivable, net were $30.9 million and $32.3 million at December 31, 2022 and 2021, respectively.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Inventories
- </i>Inventories were $27.2 million and $37.6 million at December 31, 2022 and 2021, respectively.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Intellectual Property.&#8221;</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as disclosed below and elsewhere in this annual report on Form 20-F, we are not aware of any trends, uncertainties, demands, commitments,
or events for the period from January 1, 2023 to December 31, 2023 that are reasonably likely to have a material adverse effect on our
net revenue, income, profitability, liquidity, or capital resources, or that caused the disclosed financial information to be not necessarily
indicative of future operating results or financial condition.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
disclosed in Note 2, the significant accounting policies used in preparing the consolidated financial statements were applied on a basis
consistent with those reflected in our consolidated financial statements that are included in this annual report. We believe the following
discussion addresses our most critical accounting policies, which are those that are most important to the portrayal of our financial
condition and results of operations and require management&#8217;s most difficult, subjective and complex judgments.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
Recognition &#8211; the Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation
by transferring control over a product or service to a customer. The majority of the Company&#8217;s contracts with customers have one
performance obligation and a contract duration of one year or less. The Company applies the practical expedient in Accounting Standards
Codification (&#8220;ASC&#8221;) paragraph 606-10-50-14 of ASC Topic 606, Revenue from Contracts with Customers and does not disclose
information about remaining performance obligations that have original expected durations of one year or less. Trade discounts or volume
rebates are recognized as a deduction in revenue. No payment terms beyond one year are granted at contract inception.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
related to the sale of goods and equipment is measured based on consideration specified in a contract with a customer. the Company recognizes
revenue from these contracts at a point in time when it satisfies a performance obligation by transferring control of a product to a
customer, generally when legal title and risks and rewards transfer to the customer. Sales terms typically provide for transfer of title
at the time and point of delivery and acceptance of the product being sold.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
received from customers prior to revenue recognition on a contract are recorded as contract liabilities on the consolidated balance sheets.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shipping
and Handling Costs &#8211; Shipping and handling costs related to contracts with customers for the sale of goods are accounted for as
a fulfillment activity and are included in cost of sales. Accordingly, amounts billed to customers for such costs are included as a component
of revenues.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
Collected from Customers and Remitted to Governmental Authorities &#8211; the Company does not include taxes assessed by governmental
authorities that are (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers, in
the measurement of transactions prices or as a component of revenues and cost of sales.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
Receivable and Allowances for Credit Losses &#8211; We provide credit terms to customers in-line with industry standards, perform ongoing
credit evaluations of our customers, and maintain allowances for potential credit losses based on historical experience recorded. We
analyze the aging of customer accounts, customer concentrations, customer creditworthiness, current economic trends and changes in our
customer payment patterns when evaluating the adequacy of the allowance for credit losses. Customer balances are written off after all
collection efforts are exhausted. Estimated product returns, which have not been material, are deducted from sales at the time of shipment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
Receivables &#8211; Other receivables include government subsidies for the production and sale of flour. The Moroccan government provides
a fixed subsidy based on production and customer. Subsidies are paid by the Moroccan government twice a year based on sales of flour
for the previous six months. The Company records the flour subsidies as a credit against the related costs that the subsidies were intended
to offset in the same periods that the costs were incurred within the consolidated statement of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
Taxes &#8211; The provision for income taxes includes income taxes currently payable in Morocco and local jurisdictions, and those deferred
because of temporary differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets or liabilities
are computed based on the difference between the financial statement and income tax bases of assets and liabilities using enacted tax
rates. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be
realized. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. We account
for uncertain tax positions using a &#8220;more-likely-than-not&#8221; threshold. A tax benefit from an uncertain tax position is recognized
if it is more-likely-than-not that the tax position will be sustained on examination by the taxing authorities, based on the technical
merits of the position, or the statute of limitations concerning such issues lapses.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
Currency Translation and Transactions - The Company&#8217;s reporting currency is the US dollar (&#8220;USD&#8221;). The functional currency
of the Company&#8217;s operating subsidiaries is generally the same as the corresponding local currency. Assets and liabilities of the
operating subsidiaries are translated at the spot rate in effect at the applicable reporting date. Revenues and expenses of the operating
subsidiaries are translated at the average exchange rates in effect during the applicable period. The resulting foreign currency translation
adjustment is recorded as Accumulated other comprehensive loss, which is reflected as a separate component of Stockholders&#8217; equity.
The functional currency is translated into U.S. dollars for balance sheet accounts using currency exchange rates in effect as of the
balance sheet date, and for revenue and expense accounts using a weighted-average exchange rate during the fiscal year. The transactions
in foreign currency (that is a different currency than the functional currency of the entity) are converted at the exchange rate prevailing
to the date of the transaction. The assets and liabilities denominated in foreign currencies are evaluated in the current period on the
date of the closing or at the opening rate, when applicable. The translation adjustments are deferred as a separate component of equity
in &#8220;Accumulated other comprehensive income&#8221;. Gains or losses resulting from transactions denominated in foreign currencies
and intercompany debt that is not of a long-term investment nature are included in (Gain) loss on foreign currency exchange in the consolidated
statements of operations and comprehensive loss.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
currency forward contracts &#8211;The Company is exposed to foreign currency exchange rate fluctuations in the normal course of its business,
which the Company at times manages through the use of foreign currency forward contracts. The Company has entered into foreign currency
forward contracts and accounts for these instruments in accordance with ASC Topic 815, &#8220;Derivatives and Hedging,&#8221; which establishes
accounting and reporting standards requiring that derivative instruments be recorded on the balance sheet as either an asset or liability
measured at fair value. The Company&#8217;s foreign currency contracts are not designated as hedging instruments under ASC 815; accordingly,
changes in the fair value are recorded in current period earnings.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-Based
Compensation - Share-based awards principally comprise of stock options and cash-settled stock options, referred to as &#8220;phantom
options&#8221;. Share-based awards are generally issued to certain senior management personnel. Share-based compensation cost (other
than phantom options) is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite
service period, which is the vesting period, on a straight-line basis. Our phantom options are accounted for as liability awards and
are re-measured at fair value each reporting period with compensation expense being recognized over the requisite service period.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company uses the Black-Scholes option pricing model to determine the grant date fair value of its stock options and phantom options,
respectively, as well as the fair value at each reporting period for liability classified awards. This model requires the Company to
estimate the expected volatility and the expected term of the stock options, which are highly complex and subjective variables. The Company
uses an expected volatility of its stock price during the expected life of the options that is based on the historical performance of
the Company&#8217;s stock price as well as including an estimate using similar companies. The expected term is computed using the simplified
method as the Company&#8217;s best estimate given its lack of actual exercise history. The Company has selected a risk-free rate based
on the implied yield available on U.S. Treasury securities with a maturity equivalent to the expected exercise term of the stock option.
The inputs to the valuation of phantom options are observable in the market, and as such are classified as Level 2 in the fair value
hierarchy. The Company accounts for forfeitures of share-based awards as the occur.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
- Inventories are stated at the lower of cost or net realizable value. the Company&#8217;s inventory is valued using the weighted average
cost method. The costs of finished goods inventories include raw materials, labor, and overhead costs.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
Combinations and Asset Acquisitions &#8211; The Company accounts for acquisitions that qualify as business combinations by applying the
acquisition method according to Accounting Standards Codification (&#8220;ASC&#8221;) 805, Business Combinations (&#8220;ASC 805&#8221;).
Transaction costs related to the acquisition of a business are expensed as incurred and excluded from the fair value of consideration
transferred. The identifiable assets acquired, liabilities assumed, and noncontrolling interests in an acquired entity are recognized
and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable
assets acquired, liabilities assumed, and noncontrolling interests in an acquired entity, net of the fair value of any previously held
interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluates acquisitions of assets and other similar transactions to assess whether the transaction should be accounted for as
a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair value
of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the transaction
is accounted for as an asset acquisition. If not, further determination is required as to whether the Company has acquired inputs and
processes that can create outputs that would meet the definition of a business. When applying the screen test, significant judgment is
required to determine whether an acquisition is a business combination or an acquisition of assets. Accounting for asset acquisitions
falls under the guidance of Topic 805, Business Combinations, specifically Subtopic 805-50. A cost accumulation model is used to determine
an asset acquisition&#8217;s cost. Assets acquired are based on their cost, generally allocated to them on a relative fair value basis.
Direct acquisition-related costs are included in the cost of the acquired assets.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
Plant, and Equipment - Property, plant, and equipment are stated at acquisition cost, plus capitalized interest on borrowings during
the actual construction period of major capital projects. Depreciation and amortization are calculated using the straight-line method
over the estimated useful lives of the assets as follows:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Assets</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"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful
    Lives</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buildings</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Machinery
    and equipment (technical installations)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30-50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5-30
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Building
improvements are depreciated over the shorter of the estimated useful life of the assets or the remaining useful life. Leasehold improvements
are amortized over the shorter of their useful life or remaining lease term. Expenditures for repairs and maintenance, which do not improve
or extend the life of the assets, are expensed as incurred.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
perform impairment tests when circumstances indicate that the carrying value of an asset may not be recoverable. Indicators of impairment
include deteriorations in operating cash flows, the anticipated sale or disposal of an asset group, and other significant changes in
business conditions. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that
the carrying amount of an asset may not be recoverable. The Company&#8217;s assessment of recoverability of property, plant and equipment
is performed on a reporting unit level. Recoverability of assets to be held and used is measured by a comparison of the carrying amount
of such asset to its estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of such asset
exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of
the asset exceeds the fair value of the asset. Assets to be disposed of by sale are reported at the lower of the carrying amount or fair
value, less estimated costs to sell.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
and Other Intangible Assets - Identifiable intangible assets with finite lives are amortized over their estimated useful lives as follows:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Assets</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"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful
    Lives</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trademarks</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite</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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer
    relationships</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20
    years</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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patents
    and licenses</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5-10
    years</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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer
    software</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5-10
    years</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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    intangible assets</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3-10
    years</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognized
intangible assets, exclusive of goodwill, are amortized over the useful lives of the assets unless that life is determined to be indefinite.
All of our intangible assets, exclusive of goodwill, are finite lived. All amortization expense related to intangible assets is recorded
in selling, general, and administrative expense in the consolidated statements of operations. Intangible assets with finite lives are
evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If an
evaluation of the undiscounted cash flows indicates impairment, the asset is written down to its estimated fair value, which is generally
based on discounted future cash flows.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
and other indefinite-lived intangible assets are evaluated for impairment annually, or whenever events or changes in circumstances indicate
that the carrying value may not be recoverable. Our annual impairment evaluation is conducted during our fiscal fourth quarter.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the accounting standards, an entity has the option first to assess qualitative factors to determine whether events and
circumstances indicate that it is more likely than not that goodwill or an indefinite-lived intangible asset is impaired. If after such
assessment an entity concludes that the asset is not impaired, then the entity is not required to take further action. However, if an
entity concludes otherwise, then it is required to determine the fair value of the asset using a quantitative impairment test, and if
impaired, the associated assets must be written down to fair value.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
quantitative impairment test for goodwill compares the fair value of a reporting unit with the carrying value of its net assets, including
goodwill. If the fair value of the reporting unit is less than the carrying value of the reporting unit, an impairment charge would be
recorded to the Company&#8217;s operations, for the amount in which the carrying amount exceeds the reporting unit&#8217;s fair value.
We determine fair values for each reporting unit using the market approach, when available and appropriate, the income approach, or a
combination of both. The income approach involves forecasting projected financial information (such as revenue growth rates, profit margins,
tax rates, and capital expenditures) and selecting a discount rate that reflects the risk inherent in estimated future cash flows. Under
the market approach, the fair value is based on observed market data. If multiple valuation methodologies are used, the results are weighted
appropriately.</span></p>

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

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as described below, no new accounting pronouncement issued or effective during the fiscal year has had or is expected to have a
material impact on the consolidated financial statements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2023, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose, on an annual
and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within
each reported measure of segment profit or loss. All public entities will be required to report segment information in accordance with
the new guidance starting in annual periods beginning after December 15, 2023. The Company is determining the impact of the ASU 2023-07
on its consolidated financial statements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (&#8220;ASU 2023-09&#8221;),
which enhances the transparency and decision usefulness of income tax disclosures by requiring; (1) consistent categories and greater
disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain
other amendments to improve the effectiveness of income tax disclosures. For public business entities, the standard is effective for
annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been
issued or made available for issuance. The Company is determining the impact of the ASU 2023-09 on its consolidated financial statements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_001"></span>Item
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information, as of the date hereof, concerning the persons who serve as executive officers of the
Company.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt 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: 44%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><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: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><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: 44%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</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">Saad
    Bendidi</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mustapha
    Jamaleddine</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Julien
    Benitah</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CFO</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mustapha
    Ghazali</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CTO</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oury
    Marciano</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VP
    Business Development</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company Board is comprised of seven directors. Each director will hold office until his or her term expires at the next annual meeting
of stockholders for such director&#8217;s class or until his or her death, resignation, removal or the earlier termination of his or
her term of office. The following table sets forth certain information, as of the date hereof concerning the persons who serve as directors.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt 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: 44%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><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: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><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: 44%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</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">Saad
    Bendidi</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Julien
    Benitah</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Franco
    Cassar</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">James
    Lasry</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paul
    Packer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ira
    Greenstein</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rachel
    Bitan</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Saad
Bendidi</b> &#8211; Mr. Bendidi has served as the Chairman of the Company since June 2022 and as the Chairman of FAHL since March 2018.
He is the chairman and a partner of the Investment Committee of Mediterrania Capital Partners, private equity fund since October 2013.
Mr. Bendidi was the CEO of Saham Group, from December 2013 to October 2017. Prior to Saham, Mr. Bendidi served as the chairman and CEO
of ONA (now Al Mada) from January 2005 to April 2008. Mr. Bendidi holds a master&#8217;s degree in engineering from Ecole Centrale de
Paris, a master&#8217;s degree in political science from Institit d&#8217;Etudes Politiques de Paris (IEP), and a master&#8217;s degree
of Business Administration from Hautes &#201;tudes Commerciales (HEC). Mr. Bendidi operates from the headquarters of Forafric Maroc
in Morocco.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mustapha
Jamaleddine</b> &#8211; Mr. Jamaleddine has served as the CEO of the Company since June 2022 and as CEO of Forafric Maroc since March
2018. Mr. Jamaleddine was the Vice president of Forafric Maroc from March 2016 to March 2018 and the CEO of Tria Group, from March 2011
to February 2020. Mr. Jamaleddine holds a master&#8217;s degree in Engineering from the Ecole Nationale Des Travaux Publics De L&#8217;Etat
(ENTPE). Mr. Jamaleddine operates from the headquarters of Forafric Maroc in Morocco.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Julien
Benitah</b> &#8211; Mr. Benitah has served as Chief Financial Officer of the Company since June 2022 and as Chief Financial Officer of
FAHL since March 2018. Mr. Benitah has been CFO of Forafric Maroc from March 2018 and M&amp;A Director from October 2015. Mr Benitah
was also the COO of Ycap Asset Management (now Homa Capital), from January 2016 to October 2017. Prior to Homa Capital, Mr. Benitah served
as Partner and COO of Smart Equity from January 2011 to September 2015. Mr. Benitah holds a master&#8217;s degree in Management from
the EM Lyon. Mr. Benitah operates from the headquarters of Forafric Maroc in Morocco.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mustapha
Ghazali</b> &#8211; Mr. Ghazali has served as the CTO of the Company since June 2022 and as CTO of Forafric Maroc since June 2018. Mr.
Ghazali was a plant manager at TRIA Group from January 2013 to May 2018. Mr. Ghazali served as the Technical Director from March 1996
to December 2012. Mr. Ghazali was educated at University of Economics of Casablanca, and he holds a degree from the National School of
Milling and Cereal Industries in Casablanca and Paris. Mr. Ghazzali operates from the headquarters of Forafric Maroc in Morocco.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Oury
Marciano</b> &#8211; Mr. Marciano has served as a member of the Board since June 2022 and has served as VP Business Development of FAHL
since July 2016. Mr. Marciano was an analyst from June 2009 to December 2011 at Societe Generale Corporate and Investment Banking both
in New York and Paris. He managed his own real estate acquisitions business in New York from January 2012 to June 2016. Mr. Marciano
holds a master&#8217;s degree in Banking Finance and Insurance from Dauphine University in Paris, and he received an M.A. in International
Economics and Finance from Brandeis University in Massachusetts. Mr. Marciano operates from the headquarters of Forafric Maroc in Morocco.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Franco
Cassar</b> &#8211; Mr. Cassar has served as a member of the board of directors of the Company since June 2022 as a member of board of
directors of FAHL since 2016. Mr. Cassar has held senior management positions at Abacus Financial Services Ltd, SG Hambros Private Bank,
Barclays Gibraltar and NatWest Gibraltar. Mr. Cassar was educated at Uxbridge, Harrow and West London Colleges, UK. Mr. Cassar is based
in Gibraltar.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>James
Lasry</b> &#8211; Mr. Lasry has served as a member of the Board since June 2022. Mr. Lasry is a Partner and Director of Hassans International
Law Firm, Gibraltar. Mr. Lasry is head of the Funds department and deputy head of the Financial Services practice at Hassans International
Law Firm. Since 2014, Mr. Lasry is President of Gibraltar-US Chamber of Commerce (AmCham Gibraltar). Mr. Lasry was educated at Bar-Ilan
University and Johns Hopkins University. Mr. Lasry is based in Gibraltar.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Paul
Packer</b> &#8211; Mr. Packer has been Globis&#8217; Chief Executive Officer, Chief Financial Officer and a Director since inception.
Mr. Packer has served as the Managing Member of Globis Capital Advisors LLC, an investment advisory firm, since founding the firm in
2001. Since October 2017, Mr. Packer has served as Chairman of The United States Commission for the Preservation of America&#8217;s Heritage
Abroad, when he was first appointed by President Donald J. Trump. He has served on the board of directors of Zedge, Inc. (NYSE AMERICAN:
ZDGE), a provider of content distribution platforms, since April 2020. Mr. Packer also serves as a director on the board of Elementor
Ltd., a privately held company that offers an intuitive, front-end site builder for WordPress. Previously, he served on the boards of
directors of Wakingapp Ltd., an augmented reality technology company, from October 2014 until its sale to Scope AR in October 2019 and
Penguin Digital, Inc., a mobile application developer, before it was acquired by Shutterfly Inc. in 2012. Mr. Packer received a B.A.
from Yeshiva University. We believe Mr. Packer&#8217;s extensive knowledge of the capital markets, corporate finance, and public company
governance practices as a result of his investment experience, together with his significant board experience at companies in the technology
sector, makes him well-qualified to serve on our board of directors. Mr. Packer is based in the United States.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ira
Greenstein</b> &#8211; Mr. Greenstein has served as a member of the Board since June 2022. Mr. Greenstein served as Senior Advisor to
Qrypt, Inc., a quantum cryptography company from 2019-2021. He served as Deputy Assistant and Strategist to President Trump from 2017-2018.
Prior to serving in the Trump Administration, Mr. Greenstein was President of Genie Energy, Ltd., a retail energy and oil and gas exploration
company that was spun off from IDT Corp., an international telecommunications carrier, from 2011-2017. Mr. Greenstein served as President
and Counsel to the Chairman of IDT, from 2000-2011, and counsel and advisor to various companies, including Net2Phone, Inc., a pioneer
in voice over the internet protocol. Prior to joining IDT, Mr. Greenstein was a partner in Morrison &amp; Foerster LLP, where he served
as the Chairman of that firm&#8217;s New York office&#8217;s Business Department. Mr. Greenstein was an associate in the New York and
Toronto offices of Skadden, Arps, Slate, Meagher &amp; Flom LLP and served on the Securities Advisory Committee and as secondment counsel
to the Ontario Securities Commission. At the OSC, Mr. Greenstein advised on the implementation of the US-Canada Multijurisdictional Disclosure
System and on the securities law aspects of NAFTA. Mr. Greenstein served on the Boards of Directors of NanoVibronixInc. and Regal Bank
of New Jersey. Mr. Greenstein served on the Boards of Trustees of Young Israel of Scarsdale, Ramaz, SAR Academy and Friends of Jerusalem
College of Technology. Mr. Greenstein received a B.S. from Cornell University School of Industrial and Labor Relations (1981) and a J.D.
from Columbia University Law School (1985) where he currently serves as a member of the Dean&#8217;s Council. Mr. Greenstein is based
in the United States.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rachel
Bitan</b> &#8211; Ms. Bitan has served as a member of the Board since June 2022. Ms. Bitan has served since February 2017 as a director
of Amestown Limited, a company that holds property in the U.K., where she has been responsible for general management, as well as legal
and financial administration of the properties managed by the company. Ms. Bitan has served since August 2005 as a property manager at
Herne Hill (Investment) Limited, an investment company focusing on property development. Ms. Bitan received a Bachelor of Laws with Honours
from Manchester Metropolitan University, U.K. Ms. Bitan is based in Gibraltar.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below provides certain information regarding the diversity of our board of directors as of the date of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, 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"><span style="font-family: Times New 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 colspan="3" 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>Board
    Diversity Matrix</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Country
    of Principal Executive Offices:</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: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gibraltar</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
    Private Issuer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure
    Prohibited under Home Country Law</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">Total
    Number of Directors</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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></tr>
  </table>
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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: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 53%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Female</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Male</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Binary</b></span></td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Did
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part
    I: Gender Identity</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: 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">Directors</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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"><b>Part
    II: Demographic Background</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">Underrepresented
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">LGBTQ+</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">Did
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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: 0pt; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Corporate
Governance Guidelines and Code of Business Conduct</i></b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Business Combination, the Company&#8217;s Ordinary Shares are listed on the Nasdaq. Under the rules of the Nasdaq,
independent directors must comprise a majority of a listed company&#8217;s board of directors. In addition, the rules of the Nasdaq require
that, subject to specified exceptions, each member of a listed company&#8217;s audit, compensation and nominating committees be independent.
Audit committee members must also satisfy the additional independence criteria set forth in Rule 10A-3 under the Exchange Act and the
rules of the Nasdaq. Compensation committee members must also satisfy the additional independence criteria set forth in Rule 10C-1 under
the Exchange Act and the rules of the Nasdaq.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to be considered independent for purposes of Rule 10A-3 under the Exchange Act and under the rules of the Nasdaq, a member of an
audit committee of a listed company may not, other than in his or her capacity as a member of the committee, the board of directors,
or any other board committee: (1) accept, directly or indirectly, any consulting, advisory, or other compensatory fee from the listed
company or any of its subsidiaries; or (2) be an affiliated person of the listed company or any of its subsidiaries.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
be considered independent for purposes of Rule 10C-1 under the Exchange Act and under the rules of Nasdaq, the board of directors must
affirmatively determine that the member of the compensation committee is independent, including a consideration of all factors specifically
relevant to determining whether the director has a relationship to the company which is material to that director&#8217;s ability to
be independent from management in connection with the duties of a compensation committee member, including, but not limited to: (i) the
source of compensation of such director, including any consulting, advisory or other compensatory fee paid by the company to such director;
and (ii) whether such director is affiliated with the company, a subsidiary of the company or an affiliate of a subsidiary of the company.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board has undertaken a review of the independence of each director and considered whether each director of the Company has a material
relationship with the Company that could compromise his or her ability to exercise independent judgment in carrying out his or her responsibilities.
As a result of this review, the Company believes that Franco Cassar, Ira Greenstein, and Rachel Bitan are &#8220;independent directors&#8221;
as defined under the listing requirements and rules of the Nasdaq and the applicable rules of the Exchange Act.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
meet the definition of a &#8220;controlled company&#8221; under the Nasdaq listing standards, and thus we are qualified for the &#8220;controlled
company&#8221; exemption to the board of directors and committee composition requirements under the Nasdaq listing standards. If we were
to rely on this exemption, we would be exempt from the requirements that (1) our board of directors be comprised of a majority of independent
directors, (2) we have a nominating and corporate governance committee composed entirely of independent directors, and (3) our compensation
committee be comprised solely of independent directors. The &#8220;controlled company&#8221; exception does not modify the independence
requirements for the audit committee, and we intend to comply with the requirements of the Sarbanes-Oxley Act and the Nasdaq listing
standards.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have taken all actions necessary to comply with the Nasdaq listing standards without reliance on the &#8220;controlled company&#8221;
exemption, including appointing a majority of independent directors to the board and establishing certain committees composed entirely
of independent directors within the time frames set forth under the Nasdaq listing standards. However, as long as the Company remains,
a &#8220;controlled company,&#8221; these requirements will not apply to the Company and the Company may, in the future, seek to utilize
some or all of these exemptions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
<span style="text-decoration: underline">Compensation of Executive Directors and Executive Officers</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section discusses the material components of the executive compensation program offered to the executive officers of FAHL who were &#8220;named
executive officers&#8221; for 2023 and who serve as executive officers of the Company. Such executive officers consist of the following
persons, referred to herein as our named executive officers (the &#8220;NEOs&#8221;):</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion may contain forward-looking statements that are based on our current plans, considerations, expectations and determinations
regarding future compensation programs. Actual compensation programs that the Company adopts in the future could vary significantly from
our historical practices and currently planned programs summarized in this discussion.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023
Summary Compensation Table</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents information regarding the compensation earned or received by our NEOs for services rendered during the fiscal
year ended December 31, 2023.</span></p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the NEOs is paid a base salary commensurate with the executive&#8217;s skill set, experience, role and responsibilities. For Fiscal
Year 2023, the annual base salaries Messers Bendidi, Jaamleddine and Benitah were $182,201, $392,000 and $249,166, respectively.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the performance of the Company, no bonuses have been awarded in 2023.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Outstanding
Equity Awards at 2023 Fiscal Year-End</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the following awards have been granted under the Equity Incentive Plan:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mustapha
Jamal Eddine: 36,975 phantom options</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Julien
Benitah: 27,731 share options</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oury
Marciano: 18,487 share options</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Johann
Elbaz: 18,487 share options</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mustapha
Ghazzali: 9,244 phantom options</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mustapha
Abaid: 3,697 phantom options</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fahd
Sahli: 3,697 phantom options</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Forafric 2022 Long Term Employee Share Incentive Plan (the &#8220;Equity Incentive Plan&#8221;) was adopted on June 9, 2022. The Equity
Incentive Plan allows for the grant of awards, consisting of nominal cost options or phantom options to employees, directors and consultants
of the Company or any of its subsidiaries.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board is responsible for the administration of the Equity Incentive Plan and may, from time to time, make or amend regulations for the
administration of the Equity Incentive Plan. The decision of our Board on all matters relating to the administration of the Equity Incentive
Plan, including the resolution of any ambiguity of the rules in the Equity Incentive Plan, is final and binding. Our Board may also terminate
or, from time to time, suspend the grant of awards. Our Board may also make, subject to certain restrictions, amendments to the rules
of the Equity Incentive Plan or any subplans.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
an award is granted by the execution by the Company of an award certificate, which provides information regarding the award&#8217;s date
of grant, the number of Ordinary Shares in respect of which an option is granted pursuant to the award, vesting schedule, and exercisability.
The exercise price for nominal cost options is 50% of the nominal value of the shares, and in the case of phantom options is the market
value of the shares less 50% of their nominal value.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the exception of an individual&#8217;s death or in the event of a corporate transaction, awards are not capable of being transferred,
charged or otherwise alienated. Any time an award holder purports to make one of these transfers, the award shall lapse immediately.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
maximum number of Shares which may be the subject of awards under the Equity Incentive Plan may not exceed 2,645,684 Ordinary Shares.
Subject to certain provisions of the Equity Incentive Plan, no award can be exercised after the tenth anniversary of the date of grant.
With the exception of certain special circumstances, an award can only be exercised while the award holder is employed or engaged by
the Company or any of its subsidiaries. Subject to certain provisions, a vested award may be exercised in whole or in part at any time
after its date of grant.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
there are certain corporate transactions related to the Company, such as a compulsory acquisition, a general offer, a reconstruction,
a merger or division of the Company, the winding up of the Company, or the sale of the Company&#8217;s business or subsidiary, our Board
has discretion (subject to certain requirements) to allow all awards (vested or unvested) to be exercised in whole or in part. In certain
circumstances, if our Board exercises such discretion and the awards are not exercised, they will instead lapse. If the Company is acquired,
all award holders are required to release their awards in consideration of the grant of a new award.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
award can lapse when it has not been exercised after the tenth anniversary of the date of grant. It can also lapse when the award holder
ceases to be a director, an employee, or a consultant with the Company or any of its subsidiaries. An award will lapse when an order
is made by a court (or when a resolution is passed) for the compulsory winding up of the Company. Finally, an award lapses when the award
holder becomes bankrupt, enters into a compromise with their creditors generally except as permitted under certain circumstances. Prior
to the exercise of an award, an award holder has no rights in respect of any shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of a reorganization, vesting conditions may be adjusted by our Board, subject to an auditors&#8217; confirmation that the adjustment
is fair and reasonable and notice to the award holder.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
award may not vest or be exercised until our Board is satisfied that the award holder will be able to pay for any tax or social security
liability that is owed by the holder.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
permitted by SEC rules, we intend to file with the SEC a registration statement on Form S-8 covering the Ordinary Shares issuable under
the Equity Incentive Plan.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grants
of awards under the Equity Incentive Plan are subject to the discretion of the plan administrator. Therefore, it is not possible to determine
the future benefits that will be received by participants under the Equity Incentive Plan.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents the total compensation for each person who served as a non-employee director of the Board during fiscal year
2023.</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fees earned or paid <br/>
in cash ($)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total ($)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Franco Cassar</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">40,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">40,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">James Lasry</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">40,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">40,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Paul Packer</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">40,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">40,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Ira Greenstein</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">40,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">40,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Rachel Bitan</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">40,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">40,000</td><td style="text-align: left">&#160;</td></tr>
  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a Director Service Agreement with each of our directors (the &#8220;Director Agreements&#8221;). The Director Agreements lay out
the terms and conditions of each person&#8217;s directorship and also sets forth each director&#8217;s compensation. Each director will
be compensated with $40,000 per annum, payable quarterly in advance and shall receive that number of shares of the Company&#8217;s common
stock equal to $25,000, based on the market price of the Common Stock on the date such director starts his/her directorship (the &#8220;Commencement
Date&#8221;). Directors shall also receive an equivalent amount of stock on each anniversary of his/her Commencement Date, based on the
market price of the Common Stock on such corresponding anniversary date.</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 to the compensation above, directors are entitled to $1,500 for each board meeting they attend, an additional $2,500 shall be
paid to the director serving as chairperson of the Audit committee and an additional $1,500 shall be paid to the director serving as
chairperson of the Compensation committee and the Nominating and Corporate Governance committee. The Company shall reimburse (or procure
the reimbursement of) all reasonable expenses wholly, properly and necessarily incurred by the Director in the course of his/her term,
subject to production of receipts or other appropriate evidence of payment. The Directors Agreements contain customary confidentiality
and indemnification provisions.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
<span style="text-decoration: underline">Board Practices</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors currently consists of seven members, all of whom were elected pursuant to our current Memorandum and Articles. Our
nominating and governance committee and board of directors will consider a broad range of factors relating to the qualifications and
background of nominees, which may include diversity and is not limited to race, gender or national origin. We have no formal policy regarding
board diversity. Our nominating and governance committee&#8217;s and board of directors&#8217; priority in selecting board members is
identification of persons who will further the interests of our shareholders through his or her established record of professional accomplishment,
the ability to contribute positively to the collaborative culture among board members, knowledge of our business, understanding of the
competitive landscape and professional and personal experiences and expertise relevant to our growth strategy.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Board
Leadership Structure</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company believes that the structure of the Company Board and its committees provide strong overall management of the Company.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company Board has an audit committee, compensation committee and nominating and corporate governance committee. The composition and responsibilities
of each of the committees of the Company Board is described below. Members serve on these committees until their resignation or until
as otherwise determined by the Company Board.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Franco
Cassar, Ira Greenstein and Rachel Bitan serve as members of our Audit Committee. Under the Nasdaq rules and applicable SEC rules, all
the directors on the Audit Committee must be independent; our board of directors has determined that each of Franco Cassar, Ira Greenstein
and Rachel Bitan are independent under the Nasdaq rules and applicable SEC rules. Franco Cassar serves as the Chairman of the Audit Committee.
Each member of the Audit Committee is financially literate and our board of directors has determined that Franco Cassar qualifies as
an &#8220;audit committee financial expert&#8221; as defined in applicable SEC rules. the Company&#8217;s Audit Committee is responsible
for, among other things:</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board has adopted a written charter for the Audit Committee which is available on the Company&#8217;s website.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Franco
Cassar, Ira Greenstein and Rachel Bitan serve as members of our Remuneration Committee. Under the Nasdaq rules, we are required to have
a Remuneration Committee composed entirely of independent directors; our Board of Directors has determined that each of Franco Cassar,
Ira Greenstein and Rachel Bitan are independent. Rachel Bitan serves as Chairman of the Remuneration Committee. The Company&#8217;s Remuneration
Committee is responsible for, among other things:</span></p>

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

<table cellspacing="0" cellpadding="0" style="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>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board adopted a written charter for the Remuneration Committee, which is available on its website.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
nominating and corporate governance committee is responsible for making recommendations to the Company&#8217;s board of directors regarding
candidates for directorships and the size and composition of the Company&#8217;s board of directors. In addition, the nominating and
corporate governance committee is responsible for overseeing the Company&#8217;s corporate governance policies and reporting and making
recommendations to the Company&#8217;s board of directors concerning governance matters.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
initial members of the Company&#8217;s nominating and corporate governance committee are James Lasry, Franco Cassar, Ira Greenstein and
Rachel Bitan, with James Lasry serving as the chair of the committee. Each of the members of the Company nominating and corporate governance
committee is an independent director as defined in the listings standards. Our board of directors adopted a written charter for the nominating
and corporate governance committee, which is available on our corporate website. The information on our website is not part of this Report.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the Business Combination, the Company posted its Code of Conduct and Ethics and intends to post any amendments to or any waivers from
a provision of its Code of Conduct and Ethics on its website, and also intends to disclose any amendments to or waivers of certain provisions
of its Code of Conduct and Ethics in a manner required by applicable rules or regulations of the SEC or securities exchange.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of the Company&#8217;s officers currently serves, and in the past year has not served, (i) as a member of the compensation committee
or the board of directors of another entity, one of whose officers served on the Company&#8217;s compensation committee, or (ii) as a
member of the compensation committee of another entity, one of whose officers served on the Company Board.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company adopted a formal written policy that became effective upon the Business Combination that sets forth the following policies and
procedures for the review and approval or ratification of related person transactions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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a direct or indirect material interest. A &#8220;Related Person&#8221; means:</span></p>

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

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    firm, corporation or other entity in which any of the foregoing persons is a partner or principal or in a similar position or in
    which such person has a ten percent (10%) or greater beneficial ownership interest.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is also anticipated that the Company will enact policies and procedures designed to minimize potential conflicts of interest arising
from any dealings it may have with its affiliates and to provide appropriate procedures for the disclosure of any real or potential conflicts
of interest that may exist from time to time. Specifically, pursuant to its charter, the Audit Committee will have the responsibility
to review related person transaction.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no family relationship among any of our directors or executive officers.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Gibraltar law, our directors have a duty to act honestly, in good faith and bona fide with a view to our best interests. Our directors
also have a duty to exercise the care, diligence and skills that a reasonably diligent person would exercise in comparable circumstances.
In fulfilling their duty of care to us, our directors must ensure compliance with our Memorandum and Articles. We have the right to seek
damages if a duty owed by our directors is breached.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
functions and powers of our Board of Directors include, among others:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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">appointing
    officers and determining the term of office of the officers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">authorizing
    the payment of donations to religious, charitable, public or other bodies, clubs, funds or associations as deemed advisable;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">exercising
    the borrowing powers of the company and mortgaging the property of 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">executing
    checks, promissory notes and other negotiable instruments on behalf 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintaining
    or registering a register of mortgages, charges or other encumbrances of the company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no Gibraltar law requirement that a director must hold office for a certain term and stand for re-election unless the resolutions
appointing the director impose a term on the appointment. The Memorandum and Articles provide that directors of the Company are generally
appointed for periods of three calendar years, save as provided below. At every annual general meeting of the Company, any director who
has at the start of the annual general meeting been in office for three calendar years or more since his last appointment or re-appointment
shall retire at that annual general meeting but he may offer himself for reappointment by the shareholders. We do not have any age limit
requirements relating to our director&#8217;s term of office.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Memorandum and Articles also provide that our directors may be removed by the directors or ordinary resolution or special resolution
of the shareholders, and that any vacancy on our Board of Directors, including a vacancy resulting from an enlargement of our Board of
Directors (which shall not exceed any maximum number stated therein), may be filled by ordinary resolution or by vote of a majority of
our directors then in office.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, our subsidiaries had approximately 600 employees, located in 4 countries. None of our employees are represented
by labor unions. In general, we consider our employee relations to be good. Our international workforce naturally results in a diversity
of cultural, national and religious representation. We care about our people, and seek to promote their welfare, development and personal
growth. The Company is dedicated to creating incentive programs to encourage and reward innovation and dedication.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information with respect to the beneficial ownership, within the meaning of Rule 13d-3 under the Exchange
Act, of our Ordinary Shares as of the date of this annual report.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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">each
    of our directors and executive officers who beneficially own our Ordinary Shares; 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">each
    person known to us to own beneficially more than 5.0% of our Ordinary Shares.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership includes voting or investment power with respect to the securities. Except as indicated below, and subject to applicable community
property laws, the persons named in the table have sole voting and investment power with respect to all Ordinary Shares shown as beneficially
owned by them. Percentage of beneficial ownership of each listed person is based on 26,879,202 Ordinary Shares outstanding as of the
date of this annual report.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
with respect to beneficial ownership has been furnished by each director, officer or beneficial owner of 5% or more of our Ordinary Shares.
Beneficial ownership is determined in accordance with the rules of the SEC and generally requires that such person have voting or investment
power with respect to securities. In computing the number of Ordinary Shares beneficially owned by a person listed below and the percentage
ownership of such person, Ordinary Shares underlying options, warrants or convertible securities held by each such person that are exercisable
or convertible within 60 days of the date of this annual report are deemed outstanding, but are not deemed outstanding for computing
the percentage ownership of any other person. Except as otherwise indicated in the footnotes to this table, or as required by applicable
community property laws, all persons listed have sole voting and investment power for all Ordinary Shares shown as beneficially owned
by them. As of the date of the annual report, we have 3 shareholders of record holding beneficial ownership of 5% or more, none of which
are located in the United States.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, the business address of each of the individuals is Forafric Global PLC, Unit 5.3, Madison Building, Midtown, Queensway,
Gibraltar, GX11 1AA.</span></p>

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


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name of Beneficial Owners</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-weight: bold">5% Stockholders:</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">James Lasry</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,640</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Ira Greenstein</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,640</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Rachel Bitan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,640</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">All directors and executive officers as a group (8 individuals)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">13,200</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.05</td><td style="text-align: left">%</td></tr>
  </table>


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
Consists of 18,618,869 shares owned by Lighthouse Capital Limited and 631,614 shares owned by Lighthouse Settlement. Lighthouse Settlement
is the sole shareholder of Lighthouse Capital Limited. Lighthouse Settlement is a discretionary trust of which Yariv Elbaz and his family
are the named potential beneficiaries. Lighthouse Corporation PTC, as trustee of Lighthouse Settlement, may be deemed to be the beneficial
owner of the securities held by Lighthouse Settlement as trustee. Lighthouse Corporation PTC Limited is controlled by its three directors,
Michael Elbaz, Joseph Levy Cazes and Moses Nahon Cohen. Lighthouse Corporation PTC Limited, Michael Elbaz, Joseph Levy Cazes and Moses
Nahon Cohen each disclaim beneficial ownership over these securities except to the extent of their respective pecuniary interest therein.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
Based solely upon, and qualified in its entirety with reference to, Schedule 13G filed with the SEC on February 14, 2024. Based on such
Schedule 13G, Mr. Paul Packer may be deemed to beneficially own 2,166,758 shares of the Company, individually and as managing member
of (a) Globis Capital Advisors, L.L.C, for itself and as the general partner of Globis Capital Partners, L.P., and (b) Globis Capital,
L.L.C. for itself and as the general partner of Globis Capital Management, L.P., the Investment Manager of Globis Capital Partners, L.P.
With respect to such shares, Mr. Packer has shared voting power and shared dispositive power.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
    than 1% of total outstanding Ordinary Shares on an as converted basis.</span></td></tr>
  </table>
<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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Disclosure
    of a registrant&#8217;s action to recover erroneously awarded compensation</span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Not
Applicable</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_002"></span>Item
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
refer to &#8220;Item 6. Directors, Senior Management and Employees&#8212;E. Share Ownership.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
<span style="text-decoration: underline">Related Party Transactions</span></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 9, 2022 (the &#8220;Closing Date&#8221;), the Company consummated the transaction contemplated by the Business Combination Agreement,
which provides for the Business Combination between Globis and FAHL.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the Business Combination Agreement, the consummation of the following series of separate transactions took place: (i)
Globis formed a new holding company, Globis NV Merger Corp., a Nevada corporation (&#8220;<b><i>Globis Nevada</i></b>&#8221;), which
changed its jurisdiction of incorporation by transferring by way of a redomiciliation and domesticating as a Gibraltar private limited
company known as &#8220;Forafric Global Limited&#8221; (the &#8220;<b><i>Redomiciliation</i></b>&#8221;) and, following the Redomiciliation,
altered its authorized and issued share capital and thereafter re-registering as a Gibraltar public company limited by shares and changed
its name to &#8220;Forafric Global PLC&#8221;; (ii) the Company formed a new wholly-owned subsidiary, Globis NV Merger 2 Corp., a Nevada
corporation (&#8220;<b><i>Merger Sub</i></b>&#8221;); (iii) Globis merged with and into Merger Sub, with Merger Sub surviving (the &#8220;<b><i>Merger</i></b>&#8221;);
(iv) an agent was appointed to act on behalf of Globis stockholders such that, subject to and immediately following the completion of
the Merger, the agent entered into a contribution and subscription agreement with the Company (the &#8220;<b><i>Contribution Agreement</i></b>&#8221;)
pursuant to which the issued and outstanding shares of common stock of Merger Sub issued pursuant to the Merger will be exchanged (the
&#8220;<b><i>Exchange</i></b>&#8221;), on a one-for-one basis, for ordinary shares, nominal value $0.001 per share, of the Company (the
&#8220;<b><i>Ordinary Shares</i></b>&#8221;); and (v) on June 9, 2022, the Company acquired 100% of the equity interests in FAHL from
Lighthouse Capital Limited (&#8220;<b><i>Seller</i></b>&#8221;) and FAHL became a direct subsidiary of the Company.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the Business Combination, the Seller received (i) 17,004,762 Ordinary Shares on the Closing Date, (ii) 1,550,000 Ordinary
shares pursuant to a subscription agreement dated 9 September 2022, and (iii) will be paid the principal sum of $8,000,000 together with
interest on the outstanding amount from the Closing Date up to the date of payment (computed on the basis of a 360-day year consisting
of twelve (12) months of thirty (30) days) accrued but unpaid thereon at the fixed per annum rate of 8%.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, on September 9, 2022, the Company entered into a Warrant Agreement (the &#8220;Warrant Agreement&#8221;) with the Seller, pursuant
to which the Company agreed to issue 516,666 warrants to the Seller, each of which entitles the holder to purchase one ordinary share
of the Company, par value $0.001, at an exercise price of $11.50 per share in cash for a period of 5 years.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the foregoing consideration, the Seller is entitled to receive, as additional consideration, and without any action on behalf
of the Company or the Company&#8217;s shareholders, additional Ordinary Shares (the &#8220;Earnout Shares&#8221;), to be issued as follows
during the period from and after the Closing until the end of calendar year 2024 (A) 500,000 Earnout Shares, if, during calendar year
2022, Adjusted EBITDA (as defined in the Business Combination Agreement) of the Company is equal to or greater than $27 million, (B)
500,000 Earnout Shares, if, during calendar year 2023, Adjusted EBITDA of the Company is equal to or greater than $33 million, and (C)
1,000,000 Earnout Shares, if, during calendar year 2024, the Buyer Trading Price (as defined in the Business Combination Agreement) during
the standard market trading hours of a trading day is greater than or equal to $16.50 for any 20 trading days within any period of 30
consecutive trading days.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section describes the material provisions of certain additional agreements entered into pursuant to the Business Combination Agreement
(the &#8220;Related Agreements&#8221;) but does not purport to describe all of the terms thereof. The following summary is qualified
in its entirety by reference to the complete text of each of the Related Agreements, and you are urged to read such Related Agreements
in their entirety.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
December 31, 2021, Globis entered into a Subscription Agreement (the &#8220;<b><i>PIPE Subscription Agreement</i></b>&#8221;) with an
accredited investor (the &#8220;<b><i>PIPE Investor</i></b>&#8221;), pursuant to which the PIPE Investor purchased Ordinary Share of
the Company in a private placement following the Redomiciliation, Merger, and Exchange and prior to the closing of the Business Combination.
Pursuant to the PIPE Subscription Agreement, the PIPE Investor purchased, at a purchase price of $10.50 per share, a number of Ordinary
Shares (the &#8220;<b><i>PIPE Shares</i></b>&#8221;) that was equal to lesser of (i) 4.99% of all issued and outstanding ordinary shares,
after taking into account the completion of the Business Combination and all ordinary shares issued pursuant to the FAHL Bonds (defined
below) and other related subscription agreements, if any, and (ii) 1,904,761 ordinary shares (the &#8220;<b><i>PIPE Investment</i></b>&#8221;).
The closing of the PIPE Investment was contingent upon, among other things, the substantially concurrent consummation of the Business
Combination. On June 9, 2022, substantially concurrently with the Closing, the sale of the PIPE Shares was consummated, pursuant to which
the PIPE Investor purchased an aggregate of 1,320,195 Ordinary Shares of the Company for total gross proceeds to the Company of approximately
$14.0 million.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
connection with the Business Combination, between December 31, 2021 and January 3, 2022, investors (each a &#8220;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Bond
Investor</i></b><span style="background-color: white">&#8221;) subscribed for convertible bonds of FAHL, as issuer, in an aggregate principal
amount of $11.5 million (the &#8220;</span><b><i>FAHL Bonds</i></b><span style="background-color: white">&#8221;) in a private placement,
issued pursuant to a Bond Subscription Deed (the &#8220;</span><b><i>Bond Subscription Deed</i></b>&#8221;), among FAHL, the Seller and
the Bond Investors. Unless earlier converted or redeemed in accordance with the terms of the FAHL Bonds, the FAHL Bonds were to mature
and be redeemed on June 15, 2026. Interest accrued on the FAHL Bonds at a rate of 6% per annum and the Bond Investors were entitled to
certain customary information rights. Pursuant to the current terms of the FAHL Bonds, upon consummation of the Business Combination,
the FAHL Bonds were novated to the Company and automatically convert into 1,248,426 Ordinary Shares of the Company (the &#8220;<b><i>Bond
Shares</i></b>&#8221;) at a price per share of $9.45, which was a 10% discount to the PIPE Investment. The number of Ordinary Shares
was equal to the quotient that results from dividing the aggregate principal amount of the respective FAHL Bond plus accrued but unpaid
interest thereon by $9.45, subject to certain adjustments. The Bond Investors include affiliates Up and Up Capital, LLC and Globis SPAC
LLC, the sponsors of Globis, who subscribed for an aggregate principal amount of $9 million of the FAHL Bonds, which converted into 977,659
Ordinary Shares of the Company.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
previously disclosed, certain parties affiliated with FAHL held outstanding loans issued to FAHL (the &#8220;<b>FAHL Related Party Loans</b>&#8221;),
which, in the aggregate, equaled approximately $15.1 million as of the Closing of the Business Combination. The FAHL Related Party Loans
were interest-free loans with no maturity date. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
consummation of the Business Combination, all FAHL Related Party Loans were paid off or novated to the Company and converted into <span style="background-color: white">1,445,164
</span>Ordinary Shares of the Company at a price of $10.50 per share (the &#8220;<b><i>Loan Shares</i></b>&#8221;).</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the Closing, Seller and the Sponsors executed and delivered to the Company the Lock-Up Agreement, pursuant to which, among other things,
the Seller and Sponsors will agree not to, subject to certain exceptions set forth in the Lock-Up Agreement, during the period commencing
from the Closing and through the date that is the earlier of: (i) 180 days following the Closing Date; (ii) the date on which the sales
price of the Ordinary Shares equals or exceeds $11.50 per share (as the same may be adjusted for share splits, share dividends, reorganizations,
recapitalizations, and the like) during the standard market trading hours for any 20 trading days within any 30-trading-day period commencing
after the Closing Date; and (iii) the date that Company consummates a liquidation, merger, stock exchange, or other similar transaction
that results in all of the holders of Ordinary Shares having the right to exchange their Ordinary Shares for cash, securities, or other
property (the &#8220;<b>Lock-Up Period</b>&#8221;): (i) sell, offer to sell, contract, or agree to sell, hypothecate, pledge, grant any
option to purchase, or otherwise transfer or dispose of or agree to transfer or dispose of, directly or indirectly, or establish or increase
a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act with
respect to, any portion of Ordinary Shares, or (ii) enter into any swap or other contract that transfers to another, in whole or in part,
any of the economic consequences of ownership of any of the Ordinary Shares, whether any such transaction is to be settled by delivery
of Ordinary Shares or such other equity securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction
specified in clause (i) or (ii). Any waiver by the Company of the provisions of the Lock-Up Agreement requires the approval of a committee
consisting of (a) Paul Packer and another individual designated by Paul Packer, and (b) two &#8220;independent&#8221; directors of the
Company as of after the Closing, who shall be agreed to by each of Globis and FAHL before the Closing.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 8, 2022, Globis and the <i>Forward Purchase Investors</i> entered into Forward Share Purchase Agreements pursuant to which, on the
three month anniversary of the date of the Closing, the Forward Purchase Investors may elect to sell and transfer to the Company, and
the Company will purchase, in the aggregate up to 1,500,000 Ordinary Shares, or the Forward Investor Shares, consisting of (i) Ordinary
Shares then held by the Forward Purchase Investors and/or (ii) any additional Ordinary Shares that the Forward Purchase Investors may
acquire prior to the closing of the Business Combination. The Company will acquire the Forward Investor Shares at a price of $10.80 per
share, or the <i>Forward Shares Purchase Price</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 9, 2022, the Company entered into three Buy Back Contracts with the Forward Purchase Investors: (i) a Buy Back Contract by
and among the Company, NOMIS BAY LTD and BPY LIMITED, pursuant to which the Company bought back up to 500,000 ordinary shares, par value
$0.001 per share; (ii) a Buy Back Contract by and between the Company and K2 PRINCIPAL FUND L.P., pursuant to which the Company bought
back 448,651 ordinary shares, par value $0.001 per share; and (iii) a Buy Back Contract by and between the Company and POLAR MULTI-STRATEGY
MASTER FUND, pursuant to which the Company bought back 231,071 ordinary shares, par value $0.001 per share (together &#8220;Buy Back
Contracts&#8221;). As a result of the Buy Back Contracts, 1,179,722 ordinary shares were bought by the company and cancelled in full
satisfaction of the Forward Purchase Agreements<i>.</i></span></p>

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


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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2015, FAHL entered into a building lease agreement for the headquarters of Forafric Maroc, a wholly owned subsidiary, with a lease term
through 2024. The Seller owns 100% of the company that owns the building. Total rent is approximately $420,000 per year.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Framework Contract for Delegation of Purchases and Terms of Application, between Forafric Maroc and Millcorp Geneve SA
(&#8220;Millcorp&#8221;), a wholly owned subsidiary of the Seller, FAHL is obligated to obtain at least 80% of its annual
requirements of common wheat, durum wheat, or any other cereal, for the five year period which began on April 1, 2018 and ended on
March 31, 2023. The agreement was subsequently extended 3 years through March 31, 2026 as agreed upon by the parties. Millcorp is
currently providing 100% of the imported grain to FAHL. The purchases incurred were $147,284 million and $207,188 million, as of
December 31, 2023 and 2022, respectively.</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the Business Combination, the Seller will be paid the principal sum of $8,000,000 together with interest on the outstanding
amount from the Closing Date up to the date of payment (computed on the basis of a 360-day year consisting of twelve (12) months of thirty
(30) days) accrued but unpaid thereon at the fixed per annum rate of 8%.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s amounts due from related parties were $1.4 million and $2.4 million as of December 31, 2023, and 2022,
respectively.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s loans due to related parties were $1.5 million and $1.8 million as of December 31, 2023, and 2022, respectively</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement
of Policy Regarding Transactions with Related Persons Following the Business Combination</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company adopted a formal written policy that will be effective upon the completion of the Business Combination providing that the Company&#8217;s
officers, directors, nominees for election as directors, beneficial owners of more than 5% of any class of the Company&#8217;s capital
stock, any member of the immediate family of any of the foregoing persons and any firm, corporation or other entity in which any of the
foregoing persons is employed or is a general partner or principal or in a similar position or in which such person has a 5% or greater
beneficial ownership interest, are not permitted to enter into a related party transaction with the Company without the approval of the
Company&#8217;s audit committee, subject to certain exceptions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 6. Directors, Senior Management and Employees &#8212; C. Board Practices &#8212; Employment Agreements&#8221; and &#8220;Director
Compensation&#8221;.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.
<span style="text-decoration: underline">Interests of Experts and Counsel</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_003"></span>Item
8. FINANCIAL INFORMATION</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
<span style="text-decoration: underline">Consolidated Statements and Other Financial Information</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have appended consolidated financial statements filed as part of this annual report.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we are subject to legal proceedings, investigations and claims incidental to the conduct of our business. We are not currently
a party to any legal proceeding or investigation which, in the opinion of our management, is likely to have a material adverse effect
on our business, financial condition or results of operations.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company did not declare any dividend in the past and the Board will consider whether or not to institute a divided policy in the future.
The payment of future dividends on the Ordinary Shares will depend on the financial condition of the Company after the completion of
the Business Combination subject to the discretion of the Board.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as disclosed elsewhere in this annual report, we have not experienced any significant changes since the date of our audited consolidated
financial statements included in this annual report.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_004"></span>Item
9. THE OFFER AND LISTING</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
<span style="text-decoration: underline">Offering and Listing Details.</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ordinary Shares and Warrants are currently listed on NASDAQ Global Market under the symbol &#8220;AFRI&#8221; and &#8220;AFRIW,&#8221;
respectively.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
<span style="text-decoration: underline">Plan of Distribution</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ordinary Shares and Warrants are currently listed on NASDAQ Global Market under the symbol &#8220;AFRI&#8221; and &#8220;AFRIW,&#8221;
respectively.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.
<span style="text-decoration: underline">Expenses of the Issue</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_005"></span>Item
10. ADDITIONAL INFORMATION</b></span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
<span style="text-decoration: underline">Memorandum and Articles of Association</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following description of our share capital and provisions of our Memorandum and Articles of Association are summaries and do not purport
to be complete. Reference is made to our M&amp;A, forms of which are filed as Exhibit 3.1 to this Annual Report.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were registered as a public company limited by shares in Gibraltar on May 26, 2022 pursuant to the Companies Act.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Exhibit 2.2 &#8212; Description of Securities&#8221; attached to this Form 20-F.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Exhibit 2.2 &#8212; Description of Securities&#8221; attached to this Form 20-F.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Exhibit 2.2 &#8212; Description of Securities&#8221; attached to this Form 20-F.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Class
Z non-redeemable and non-convertible ordinary shares</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Exhibit 2.2 &#8212; Description of Securities&#8221; attached to this Form 20-F.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Exhibit 2.2 &#8212; Description of Securities&#8221; attached to this Form 20-F.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
director may call a directors&#8217; meeting. The Company secretary must call a directors&#8217; meeting if a director so requests. The
quorum for directors&#8217; meetings shall be half of the number of directors appointed to the board from time to time, rounded up to
the nearest whole number. In the event that there is only one director, the quorum shall be one. Each director participating in a directors&#8217;
meeting has one vote. If a directors&#8217; meeting, or part of a directors&#8217; meeting, is concerned with an actual or proposed transaction
or arrangement with the Company in which a director is interested, that director is not to be counted as participating in that meeting,
or part of a meeting, for quorum or voting purposes. An interest of a person who is connected with a director shall be treated as an
interest of the director and, in relation to an alternate director, an interest of his appointor shall be treated as an interest of the
alternate director without prejudice to any interest which the alternate director has otherwise.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
a director who is interested in an actual or proposed transaction or arrangement with the Company is to be counted as participating in
a decision at a directors&#8217; meeting, or part of a directors&#8217; meeting, relating to it for quorum and voting purposes, when
(i) the Company by ordinary resolution disapplies the provision of the M&amp;A which would otherwise prevent a director from being counted
as participating in, or voting at, a directors&#8217; meeting; (ii) the director&#8217;s interest cannot reasonably be regarded as likely
to give rise to a conflict of interest; or (iii) the director&#8217;s conflict of interest arises from a permitted cause as set forth
in the M&amp;A.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
every annual general meeting any director who has at the start of the annual general meeting been in office for three calendar years
or more since his last appointment or re-appointment shall retire at that annual general meeting, but he may offer himself for reappointment
by the members.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will call annual general meetings pursuant to the provisions of the Memorandum and Articles of Association in accordance with
the Companies Act. The Board may call extraordinary general meetings whenever they see fit in accordance with the provisions of the Companies
Act and the Memorandum and Articles of Association. A general meeting of the Company, other than a meeting for the passing of a special
resolution, may be called by 7 days&#8217; prior written notice. A general meeting of the Company for the passing of a special resolution
may be called by giving at least 21 days&#8217; prior written notice and specifying in the notice the resolution that will be proposed
as a special resolution.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of the Companies Act and the 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 may be between four and forty days prior
to the date of the meeting.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Appointment
of Directors, Election of Directors and Vacancies</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
person who is willing to act as a director, is permitted by law to do so may be appointed to be a director of the Company by ordinary
resolution, or by a decision of the Board.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors
of the Company are generally appointed for periods of three calendar years, save as provided below. At every annual general meeting of
the Company, any director who has at the start of the annual general meeting been in office for three calendar years or more since his
last appointment or re-appointment shall retire at that annual general meeting but he may offer himself for reappointment by the shareholders.
If the Company does not fill the vacancy in the Board at the meeting at which a director retires by rotation or otherwise, the retiring
director shall, if willing to act, be deemed to have been re-appointed unless at the meeting it is resolved not to fill the vacancy or
unless a resolution for the re-appointment of the director is put to the meeting and lost. The appointment of any person proposed as
a director shall be effected by a separate resolution.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
person other than a director retiring by rotation shall be appointed a director at any general meeting unless he is recommended by the
Board or, not less than three nor more than forty-two days before the date appointed for the general meeting, a notice executed by any
shareholder qualified to vote at the meeting (not being the person to be proposed) has been received by the Company of the intention
to propose that person for appointment stating the particulars of that nominee, together with confirmation in writing executed by that
person of his willingness to be appointed.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Save
as provided above, the Company may by ordinary resolution appoint a person who is willing to act to be a director either to fill a vacancy
or as an additional director and may also determine the rotation in which any additional directors are to retire. The appointment of
a person to fill a vacancy or as an additional director shall take effect from the end of the meeting. The Board may also appoint a person
who is willing to act to be a director, either to fill a vacancy or as an additional director and in either case whether or not for a
fixed term. Irrespective of the terms of his appointment, a director appointed by the Board shall hold office only until the next annual
general meeting and shall be taken into account in determining the directors who are to retire by rotation at the meeting. If not re-appointed
at such annual general meeting, he shall vacate office at its conclusion. A director who retires at an annual general meeting may, if
willing to act, be re-appointed. If he is not re-appointed, he shall retain office until the meeting appoints someone in his place, or
if it does not do so, until the end of the meeting.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors
of the Company are not required to hold any shares in the capital of the Company by way of qualification.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the following paragraph, the Company may by ordinary resolution of which special notice has been given, or by special resolution,
remove from office a director appointed by ordinary resolution or by a decision of the directors, notwithstanding any provisions of the
articles of association or of any agreement between the Company and such director, but without prejudice to any claim the director may
make for damages for breach of such agreement. The Company may, by ordinary resolution, appoint another person to be a director in the
place of a director so removed from office. In default of such appointment the vacancy so arising may be filled by the Board as a casual
vacancy.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the first three calendar years commencing from the date of adoption of the articles of association of The Company, the company may only
by special resolution or extraordinary resolution, remove from office a director appointed by ordinary resolution or by a decision of
the directors, notwithstanding any provisions of the articles of association or of any agreement between The Company and such director,
but without prejudice to any claim such director may make for damages for breach of such agreement.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Memorandum and Articles of Association provide that the holders of 33 1/3% of the issued and outstanding share capital of the Company
present in person or by proxy and entitled to vote on the business to be transacted, shall be a quorum.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
ordinary resolution of the shareholders (or of a class of shareholders) of the Company means a resolution that is passed by members representing
a simple majority (more than 50%) of the total voting rights of the shareholders or, as the case may be, of the class of shareholders.
An extraordinary resolution of the shareholders means a resolution that is passed by shareholders representing a majority of not less
than 75% of those shareholders at a general meeting of which notice specifying the terms of the resolution and the intention to propose
the resolution as an extraordinary resolution has been given.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rights
of Non-Resident or Foreign Shareholders</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no limitations imposed by our memorandum and articles on the rights of non-resident or foreign shareholders to hold or exercise voting
rights on our shares. In addition, there are no provisions in our memorandum and articles governing the ownership threshold above which
shareholder ownership must be disclosed.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may by ordinary resolution (i) increase its share capital by such sum to be divided into shares of such amount as the resolution
prescribes; (ii) consolidate and divide all or any of its share capital into shares of larger amount than its existing shares; (iii)
sub-divide its shares, or any of them, into shares of smaller amount than is fixed by the Company&#8217;s memorandum of association and
the resolution may determine that, as between the shares resulting from the sub-division, any of them may have any preference or advantage
as compared with the others; and (iv) cancel shares which, at the date of the passing of the resolution, have not been taken or agreed
to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled. The Company may by special
resolution reduce its share capital, capital redemption reserve and share premium account in any way.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Anti-Takeover
Measures; Regulation of Takeovers of Gibraltar Companies</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Companies
(Cross-Border Mergers) Regulations 2010</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is incorporated in Gibraltar and it is governed by Gibraltar legislation which regulates the takeover of Gibraltar registered
companies. The Companies (Cross-Border Mergers) Regulations 2010, or the Regulations, transpose Directive 2005/56/EC of the European
Parliament and of the Council of 26 October 2005 on cross border mergers of limited liability companies into the law of Gibraltar. This
EC Directive has been incorporated into the laws of other EC member states, including in the United Kingdom by the Companies (Cross-Border
Mergers) Regulations 2007. The Regulations in force in Gibraltar, or the Regulations, in effect, are broadly similar but not identical
to those in place in the United Kingdom. These Regulations are designed to facilitate cross-border mergers of limited liability companies
registered in European Member States and to thereby allow for cross-border merger of a national limited liability company of one Member
State with a limited liability company of another Member State. Under the Regulations, a Gibraltar merging company has to make an application
to the court to obtain a pre-merger certificate prior to any merger taking place (&#8220;Pre-Merger Certificate&#8221;). In order to
obtain such a certificate, the Gibraltar company must provide the court, inter alia, with the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">draft
    terms of the proposed merger (indicating, inter alia, details for the companies involved, share exchange ratios, effects of the merger
    on employees, rights or restrictions on shares, articles of association, employee participation rights, assets and liabilities transferred
    and account dates) (the &#8220;Draft Terms&#8221;). The Draft Terms must be approved by 75% of the members of the company;</span></td></tr>
</table>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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
    directors&#8217; report (indicating, inter alia, the effects of a cross-border merger for members, creditors and employees, legal
    and economic grounds for the Draft Terms and any material interests of the directors). The report must be delivered to the employees
    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">&#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">&#9679;</span></td>
    <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
    independent expert&#8217;s report (indicating, inter alia, details of share exchange ratios and valuation difficulties). Employees
    of the Gibraltar company must be able to inspect and make copies of these documents.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
courts of Gibraltar may make an order approving the completion of a cross-border merger on the joint application of all the merging companies
if:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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">an
    order for a Pre-Merger Certificate (either granted by the courts in Gibraltar or another competent authority in another member state)
    has been made within 6 months;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    Draft Terms presented for acquiring the Pre-Merger Certificate have not been amended; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">there
    are appropriate arrangements for employee participation in the transferee company in accordance with part 4 of the Regulations. Such
    an order will specify the date on which the consequences of the cross-border merger are to have effect. A copy of this order must
    be provided to the Registrar of Companies of Gibraltar within 7 days of the order if this has been made in Gibraltar or within 14
    days if this has been made in another Member State.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies (Cross-Border Mergers) Regulations 2010 only apply to mergers between companies in different European Member States. More commonly,
takeovers of a Gibraltar registered company can also take place via a scheme of arrangement pursuant to the Companies Act.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
Gibraltar Companies Act 2014</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
takeover of a Gibraltar registered company can take place via a scheme of arrangement under the Companies Act. The relevant sections
of the Companies Act provide, inter alia, that an application must be made to court in order to convene a meeting of members of such
company where such an arrangement can be proposed between a company and its members. Draft terms of the merger as well as other reports
and accounting statements would need to be prepared, filed with the Companies Registrar and published prior to such a meeting being convened.
At such meeting, at least 75% of the members present in person or by proxy must approve the arrangement in order for a court to thereafter
be able to sanction the same. If sanctioned, the court may also order the transfer of undertaking, property and/or liabilities of the
transferor company in accordance with the terms of the scheme.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the above, another mechanism exists under s.208 of the Gibraltar Companies Act 1930 and s.352(A) of the Companies Act (commonly
referred to as the &#8220;Squeeze Out provisions&#8221;) which provides for the situation where a bidder proposes a scheme or contract
to take over the shares of a Gibraltar registered company and certain shareholders do not consent to the proposal. If within four months
from making such a proposal more than 90% of shareholders of a target company agree to the terms of such a scheme or contract, then the
bidding company may within two months after the expiration of said four months give notice to the dissenting members of the target company
that it will acquire the shares and certain shareholders do not consent to the proposal on the same terms of the scheme or contract.
A Gibraltar scheme of arrangement, therefore, eliminates the risk that a minority of less than 10% of the target company&#8217;s shareholders
may resist the transfer of their shares to the bidder. It should be noted, however, that such a scheme can be subject to the sanction
of the court as any dissenting members may apply to court for an order seeking relief from such a scheme or contract.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financial
Services Act 2019 &#8211; Part 20 Acquisitions</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part
20 of the Financial Services Act 2019 applies to takeover bids for the securities of companies governed by the law of Gibraltar, where
all or some of those securities are admitted to trading on a regulated market in Gibraltar. However, Gibraltar does not, as yet, have
a regulated market. The Gibraltar Financial Services Commission is designated as the competent authority for the purposes of Part 20.
Part 20 contains provisions on the conduct of bids, squeeze outs and sell outs, and applicable offences.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not entered into any material contracts other than in the ordinary course of business and other than those described in &#8220;Item
7. Major Shareholders and Related Party Transactions &#8211; B. Related Party Transactions&#8221; or elsewhere in this annual report.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are currently no currency control restrictions on remittances of dividends on Ordinary Shares, proceeds from the sale of the shares or
interest or other payments to non-residents of Gibraltar.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CERTAIN
MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is an analysis of the material U.S. federal income tax consequences of the ownership and disposition of the Company Ordinary
Shares and the Company Warrants. This analysis applies only to the Ordinary Shares and the Company Warrants, as the case may be, that
are held as &#8220;capital assets&#8221; within the meaning of Section 1221 of the U.S. Internal Revenue Code of 1986, as amended (the
&#8220;<b>Code</b>&#8221;) (generally, property held for investment).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following does not purport to be a complete analysis of all potential tax effects arising in connection with the ownership and disposition
of the Company Ordinary Shares and the Company Warrants. The effects of other U.S. federal tax laws, such as estate and gift tax laws,
and any applicable state, local, or non-U.S. tax laws are not analyzed. This analysis is based on the Code, Treasury regulations promulgated
thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S. Internal Revenue Service (the &#8220;<b>IRS</b>&#8221;),
in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change
or differing interpretation may be applied retroactively in a manner that could adversely affect the tax consequences analyzed below.
The Company has not sought and will not seek any rulings from the IRS regarding the matters analyzed below. There can be no assurance
the IRS will not take, or a court will not sustain, a contrary position regarding the tax consequences analyzed below.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
analysis does not address all U.S. federal income tax consequences relevant to a holder&#8217;s particular circumstances, including the
impact of the Medicare contribution tax on net investment income and the alternative minimum tax. In addition, it does not address consequences
relevant to holders subject to special rules, including, without limitation:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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">banks,
    insurance companies, and certain other financial institutions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated
    investment companies and real estate investment trusts;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">brokers,
    dealers, or traders in securities;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">traders
    in securities that elect to mark to market;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#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">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</table>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#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">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#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>
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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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S
    corporations, partnerships, or other entities or arrangements treated as partnerships or other flow-through entities for U.S. federal
    income tax purposes (and investors therein);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    Holders having a functional currency other than the U.S. dollar;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    who hold or received the Company Ordinary Shares and/or the Company Warrants, as the case may be, pursuant to the exercise of any
    employee stock option or otherwise as compensation; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, this analysis does not address any tax consequences to investors that directly or indirectly held equity interests in FAHL
prior to the Business Combination, including holders of the Company Ordinary Shares and/or the Company Warrants that also held, directly
or indirectly, equity interests in FAHL.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><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 held or holds the Company Ordinary Shares and/or
the Company Warrants, the tax treatment of an owner of such entity will depend on the status of the owner or participant in the arrangement,
the activities of the entity or arrangement, and certain determinations made at the owner or participant level. Accordingly, entities
or arrangements treated as partnerships for U.S. federal income tax purposes and the partners in such partnerships should consult their
tax advisors regarding the U.S. federal income tax consequences to them.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this analysis, a &#8220;<b>U.S. Holder</b>&#8221; is any beneficial owner of shares of Globis securities, the Company Ordinary
Shares and/or the Company Warrants, as the case may be, that is for U.S. federal income tax purposes:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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">an
    individual who is a citizen or resident of the U.S.;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    corporation (or other entity taxable as a corporation) created or organized in, or under the laws of, the U.S., any state thereof,
    or the District of Columbia;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate, the income of which is subject to U.S. federal income tax regardless of its source; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more &#8220;United States persons&#8221;
    (within the meaning of Section 7701(a)(30) of the Code) or (2) has a valid election in effect to be treated as a United States person
    for U.S. federal income tax purposes.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
U.S. FEDERAL INCOME TAX TREATMENT OF THE BUSINESS COMBINATION AND THE U.S. FEDERAL INCOME TAX TREATMENT TO HOLDERS OF <span style="text-transform: uppercase">Globis
</span>UNITS OR <span style="text-transform: uppercase">Globis </span>SECURITIES DEPEND IN SOME INSTANCES ON DETERMINATIONS OF FACT AND
INTERPRETATIONS OF COMPLEX PROVISIONS OF U.S. FEDERAL INCOME TAX LAW FOR WHICH NO CLEAR PRECEDENT OR AUTHORITY MAY BE AVAILABLE. IN ADDITION,
THE U.S. FEDERAL INCOME TAX TREATMENT OF THE BUSINESS COMBINATION, THE EXERCISE OF REDEMPTION RIGHTS WITH RESPECT TO <span style="text-transform: uppercase">Globis
</span>COMMON STOCK, AND THE OWNERSHIP AND DISPOSITION OF THE COMPANY ORDINARY SHARES AND/OR THE COMPANY WARRANTS TO ANY PARTICULAR HOLDER
WILL DEPEND ON THE HOLDER&#8217;S PARTICULAR TAX CIRCUMSTANCES. YOU ARE URGED TO CONSULT YOUR TAX ADVISOR REGARDING THE U.S. FEDERAL,
STATE, LOCAL, AND NON-U.S. INCOME AND OTHER TAX CONSEQUENCES TO YOU, IN LIGHT OF YOUR PARTICULAR INVESTMENT OR TAX CIRCUMSTANCES, OF
THE BUSINESS COMBINATION, THE EXERCISE OF YOUR REDEMPTION RIGHTS WITH RESPECT TO <span style="text-transform: uppercase">Globis</span>
COMMON STOCK, AND THE OWNERSHIP AND DISPOSITION OF THE COMPANY ORDINARY SHARES AND/OR THE COMPANY WARRANTS.</b></span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
Federal Income Tax Treatment of The Company</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tax
Residence of The Company for U.S. Federal Income Tax Purposes.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Company is incorporated and tax resident in Gibraltar, following the closing of the Business Combination the IRS may assert that
it should be treated as a U.S. corporation for U.S. federal income tax purposes pursuant to Section 7874 of the Code. For U.S. federal
income tax purposes, a corporation is generally considered a U.S. &#8220;domestic&#8221; corporation if it is created or organized in
or under the laws of the U.S., any state thereof, or the District of Columbia. Because the Company is not so created or organized (but
is instead incorporated only in Gibraltar), it would generally be classified as a foreign corporation (that is, a corporation other than
a U.S. &#8220;domestic&#8221; corporation) under these rules. Section 7874 of the Code provides an exception under which a corporation
created or organized only under foreign law may, in certain circumstances, be treated as a U.S. corporation for U.S. federal income tax
purposes. The Section 7874 rules are complex and require analysis of all relevant facts, and there is limited guidance and significant
uncertainties as to their application.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Code Section 7874, a corporation created or organized outside the U.S. (i.e., a foreign corporation) will nevertheless be treated as
a U.S. corporation for U.S. federal income tax purposes when (i) the foreign corporation directly or indirectly acquires substantially
all of the assets held directly or indirectly by a U.S. corporation (including the indirect acquisition of assets of the U.S. corporation
by acquiring the outstanding shares of the U.S. corporation), (ii) the shareholders of the acquired U.S. corporation hold, by vote or
value, at least 80% of the shares of the foreign acquiring corporation after the acquisition by reason of holding shares in the U.S.
acquired corporation (the &#8220;Section 7874 Percentage&#8221;), and (iii) the foreign corporation&#8217;s &#8220;expanded affiliated
group&#8221; does not have substantial business activities in the foreign corporation&#8217;s country of creation or organization relative
to such expanded affiliated group&#8217;s worldwide activities (the &#8220;Substantial Business Activities Exception&#8221;). In order
to satisfy the Substantial Business Activities Exception, at least 25% of the employees (by headcount and compensation), real and tangible
assets, and gross income of the foreign acquiring corporation&#8217;s &#8220;expanded affiliated group&#8221; must be based, incurred,
located, and derived, respectively, in the country in which the foreign acquiring corporation is created or organized. The Section 7874
Regulations further provide for a number of special rules that aggregate multiple acquisitions of U.S. corporations for purposes of Code
Section 7874 that are made as part of a plan or made over a 36-month period, making it more likely that Code Section 7874 will apply
to a foreign acquiring corporation.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company acquired substantially all of the assets of Globis through the Business Combination. As a result, Section 7874 of the Code may
apply to cause the Company to be treated as a U.S. corporation for U.S. federal income tax purposes following the Business Combination
depending on whether the Section 7874 Percentage equals or exceeds 80%, subject to the applicability of the Substantial Business Activities
Exception.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon the terms of the Business Combination, the rules for determining share ownership under Code Section 7874 and the Section 7874 Regulations,
and certain factual assumptions, the Section 7874 Percentage of Globis stockholders in the Company should be less than 80% after the
Business Combination. Accordingly, the Company is not expected to be treated as a U.S. corporation for U.S. federal income tax purposes
under Section 7874 of the Code. The calculation of the Section 7874 Percentage is complex, is subject to detailed regulations (the application
of which is uncertain in various respects and could be impacted by changes in U.S. tax laws and regulations with possible retroactive
effect), and is subject to certain factual uncertainties. Moreover, former holders of Globis Common Stock may be deemed to own an amount
of the Company Ordinary Shares in respect to certain redemptions by former holders of Globis Common Stock prior to the Business Combination
for purposes of determining the ownership percentage of former holders of Globis Common Stock under Section 7874 of the Code. Accordingly,
there can be no assurance that the IRS will not challenge the status of the Company as a foreign corporation under Code Section 7874
or that such challenge would not be sustained by a court.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the IRS were to successfully challenge under Code Section 7874 the Company&#8217;s status as a foreign corporation for U.S. federal income
tax purposes, the Company and certain the Company shareholders could be subject to significant adverse tax consequences, including a
higher effective corporate income tax rate on the Company and future withholding taxes on certain the Company shareholders. In particular,
holders of the Company Ordinary Shares and/or the Company Warrants would be treated as holders of stock and warrants of a U.S. corporation.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
even if the Section 7874 Percentage were such that the Company were still respected as a foreign corporation under Code Section 7874,
the Company may be limited in using its equity to engage in future acquisitions of U.S. corporations over the 36-month period following
the Business Combination. If the Company were to be treated as acquiring substantially all of the assets of a U.S. corporation within
the 36-month period after the Business Combination, the Section 7874 Regulations would exclude certain shares of the Company attributable
to the Business Combination for purposes of determining the Section 7874 Percentage of that subsequent acquisition, making it more likely
that Code Section 7874 would apply to such subsequent acquisition.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
remainder of this analysis assumes that the Company will not be treated as a U.S. corporation for U.S. federal income tax purposes under
Section 7874 of the Code.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Utilization
of Globis&#8217; Tax Attributes and Certain Other Adverse Tax Consequences to The Company and The Company&#8217;s Shareholders.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the acquisition of a U.S. corporation by a foreign corporation, Code Section 7874 can limit the ability of the acquired U.S. corporation
and its U.S. affiliates to use U.S. tax attributes (including net operating losses and certain tax credits) to offset U.S. taxable income
resulting from certain transactions, as well as result in certain other adverse tax consequences, even if the acquiring foreign corporation
is respected as a foreign corporation for purposes of Code Section 7874. Specifically, Code Section 7874 can apply in this manner if
(i) the foreign corporation acquires, directly or indirectly, substantially all of the properties held directly or indirectly by a U.S.
corporation, (ii) after the acquisition, the former shareholders of the acquired U.S. corporation hold at least 60% (by either vote or
value) but less than 80% (by vote and value) of the shares of the foreign acquiring corporation by reason of holding shares in the acquired
U.S. corporation, and (iii) the foreign corporation&#8217;s &#8220;expanded affiliated group&#8221; does not meet the Substantial Business
Activities Exception.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon the terms of the Business Combination, the rules for determining share ownership under Section 7874 of the Code and the Section
7874 Regulations, and certain factual assumptions, the Section 7874 Percentage should be less than 60% after the Business Combination.
Accordingly, the limitations and other rules described above are not expected to apply to the Company or Globis after the Business Combination.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Section 7874 Percentage applicable to the Business Combination were at least 60% but less than 80%, the Company and certain of the
Company&#8217;s shareholders may be subject to adverse tax consequences including, but not limited to, restrictions on the use of tax
attributes with respect to &#8220;inversion gain&#8221; recognized over a 10-year period following the transaction, disqualification
of dividends paid from preferential &#8220;qualified dividend income&#8221; rates, and the requirement that any U.S. corporation owned
by the Company include as &#8220;base erosion payments&#8221; that may be subject to a minimum U.S. federal income tax any amounts treated
as reductions in gross income paid to certain related foreign persons. Furthermore, certain &#8220;disqualified individuals&#8221; (including
officers and directors of a U.S. corporation) may be subject to an excise tax on certain stock-based compensation at a rate of 20%. However,
as a blank check company whose assets are primarily comprised of cash and cash equivalents, it is not expected that Globis will have
a significant amount of inversion gain as a result of the Business Combination.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
determination that the Section 7874 Percentage should be less than 60% after the Business Combination is subject to detailed regulations
(the application of which is uncertain in various respects and would be impacted by future changes in tax laws and regulations, with
possible retroactive effect) and is subject to certain factual uncertainties. There can be no assurance that the IRS will not challenge
whether the Company is subject to the above rules or that such a challenge would not be sustained by a court. If the IRS successfully
applied these rules to the Company, significant adverse tax consequences could result for the Company and for certain the Company shareholders,
including a higher effective corporate tax rate on the Company U.S. Holders.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S.
Federal Income Tax Consequences of the Ownership and Disposition of The Company Ordinary Shares and The Company Warrants to U.S. Holders.</i></b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the analysis below under &#8220;&#8212; <i>Passive Foreign Investment Company Rules</i>,&#8221; if the Company makes distributions
of cash or property on the Company Ordinary Shares, such distributions will be treated first as a dividend to the extent of the Company&#8217;s
current and accumulated earnings and profits (as determined for U.S. federal income tax purposes), and then as a tax-free return of capital
to the extent of the U.S. Holder&#8217;s tax basis, with any excess treated as gain from the sale or exchange of the shares. The amount
of any such distribution will include any amounts withheld by the Company (or another applicable withholding agent). If the Company does
not provide calculations of its earnings and profits under U.S. federal income tax principles, a U.S. Holder should expect all cash distributions
to be reported as dividends for U.S. federal income tax purposes. Any dividend will not be eligible for the dividends received deduction
allowed to corporations in respect of dividends received from U.S. corporations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the analysis above under &#8220;&#8212; <i>Utilization of Globis&#8217; Tax Attributes and Certain Other Adverse Tax Consequences
to </i>the Company <i>and </i>the Company&#8217;s <i>Shareholders</i>&#8221; and below under &#8220;&#8212; <i>Passive Foreign Investment
Company Rules</i>,&#8221; dividends received by certain non-corporate U.S. Holders (including individuals) may be &#8220;qualified dividend
income,&#8221; which is taxed at the lower applicable capital gains rate, provided that:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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">either
    (a) the shares are readily tradable on an established securities market in the U.S. or (b) the Company is eligible for the benefits
    of a qualifying income tax treaty with the U.S. that includes an exchange of information program;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    nor treated as such with respect to the U.S. Holder for the Company&#8217;s taxable year in which the dividend is paid or the preceding
    taxable year;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    U.S. Holder satisfies certain holding period 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">&#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">&#9679;</span></td>
    <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
    U.S. Holder is not under an obligation to make related payments with respect to positions in substantially similar or related property;
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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">&#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">&#9679;</span></td>
    <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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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no comprehensive income tax treaty between the U.S. and Gibraltar, thus the Company will not be eligible for benefits of an applicable
comprehensive income tax treaty. In addition, there can be no assurance that the Company Ordinary Shares will be considered &#8220;readily
tradable&#8221; on an established securities market in accordance with applicable legal authorities. Furthermore, the Company will not
constitute a qualified foreign corporation for purposes of these rules if it is a PFIC for the taxable year in which it pays a dividend
or for the preceding taxable year. See &#8220;&#8212; <i>Passive Foreign Investment Company Rules.</i>&#8221; U.S. Holders should consult
their tax advisors regarding the availability of the lower rate for dividends paid with respect to the Company Ordinary Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of any dividend distribution paid in foreign currency will be the U.S. dollar amount calculated by reference to the applicable
exchange rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S.
dollars at that time. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date
of receipt.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to certain exceptions, dividends on the Company Ordinary Shares will constitute foreign source income for foreign tax credit limitation
purposes. If the dividends are qualified dividend income (as analyzed above), the amount of the dividend taken into account for purposes
of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by a fraction, the numerator
of which is the reduced rate applicable to qualified dividend income and the denominator of which is the highest rate of tax normally
applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes
of income. For this purpose, dividends distributed by the Company with respect to the Company Ordinary Shares generally will constitute
&#8220;passive category income&#8221; but could, in the case of certain U.S. Holders, constitute &#8220;general category income.&#8221;
The rules governing foreign tax credits are complex and U.S. Holders are urged to consult their tax advisors regarding the creditability
of foreign taxes in their particular circumstances. In lieu of claiming a foreign tax credit, a U.S. Holder may, in certain circumstances,
deduct foreign taxes in computing the holder&#8217;s taxable income, subject to generally applicable limitations under U.S. law. Generally,
an election to deduct foreign taxes instead of claiming foreign tax credits applies to all foreign taxes paid or accrued in the taxable
year.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sale,
Exchange, Redemption or Other Taxable Disposition of The Company Ordinary Shares and The Company Warrants</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the analysis below under &#8220;&#8212; <i>Passive Foreign Investment Company Rules</i>,&#8221; a U.S. Holder generally will recognize
gain or loss on any sale, exchange, redemption or other taxable disposition of the Company Ordinary Shares or the Company Warrants in
an amount equal to the difference between (i) the amount realized on the disposition and (ii) such U.S. Holder&#8217;s adjusted tax basis
in such shares and/or warrants. Any gain or loss recognized by a U.S. Holder on a taxable disposition of the Company Ordinary Shares
or the Company Warrants generally will be capital gain or loss. A non-corporate U.S. Holder, including an individual, who has held the
Company Ordinary Shares and/or the Company Warrants for more than one year generally will be eligible for reduced tax rates for such
long-term capital gains. The deductibility of capital losses is subject to limitations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
such gain or loss recognized generally will be treated as U.S. source income or loss. Accordingly, in the event any Gibraltar tax (including
withholding tax) is imposed upon such sale or other disposition, a U.S. Holder may not be able to utilize foreign tax credits unless
such holder has foreign source income or gain in the same category from other sources. U.S. Holders are urged to consult their tax advisor
regarding the ability to claim a foreign tax credit.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exercise,
Lapse, or Redemption of a The Company Warrant</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules discussed below, a U.S. Holder generally will not recognize gain or loss upon the acquisition of a Company Ordinary
Share on the exercise of a Company Warrant for cash. A U.S. Holder&#8217;s tax basis in a Company Ordinary Shares received upon exercise
of the Company Warrant generally should be an amount equal to the sum of the U.S. Holder&#8217;s tax basis in the Globis Warrant exchanged
therefor (assuming the Business Combination is not a taxable transaction, as discussed above) and the exercise price. The U.S. Holder&#8217;s
holding period for a Company Ordinary Share received upon exercise of the Company Warrant will begin on the date following the date of
exercise (or possibly the date of exercise) of the Company Warrant and will not include the period during which the U.S. Holder held
the Company Warrant. If a Company Warrant is allowed to lapse unexercised, a U.S. Holder generally will recognize a capital loss equal
to such holder&#8217;s tax basis in the Company Warrant.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax consequences of a cashless exercise of a Company Warrant are not clear under current tax law. Subject to the PFIC rules discussed
below, a cashless exercise may be tax-deferred, either because the exercise is not a gain realization event or because the exercise is
treated as a recapitalization for U.S. federal income tax purposes. In either tax-deferred situation, a U.S. Holder&#8217;s basis in
The Company Ordinary Shares received generally would equal the U.S. Holder&#8217;s basis in The Company Warrants exercised therefor.
If the cashless exercise is not treated as a gain realization event, a U.S. Holder&#8217;s holding period in The Company Ordinary Shares
would be treated as commencing on the date following the date of exercise (or possibly the date of exercise) of The Company Warrants
and will not include the period during which the U.S. Holder held The Company Warrants. If the cashless exercise were treated as a recapitalization,
the holding period of The Company Ordinary Shares would include the holding period of The Company Warrants exercised therefor.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is also possible that a cashless exercise of a Company Warrant could be treated in part as a taxable exchange in which gain or loss would
be recognized in the manner set forth above under &#8220;&#8212; <i>Sale, Exchange, Redemption or Other Taxable Disposition of The Company
Ordinary Shares and The Company Warrants</i>.&#8221; In such event, a U.S. Holder could be deemed to have surrendered warrants equal
to the number of the Company Ordinary Shares having an aggregate fair market value equal to the exercise price for the total number of
warrants to be exercised. Subject to the PFIC rules discussed below, the U.S. Holder would recognize capital gain or loss with respect
to the Company Warrants deemed surrendered in an amount generally equal to the difference between (i) the fair market value of the Company
Ordinary Shares that would have been received in a regular exercise of the Company Warrants deemed surrendered, net of the aggregate
exercise price of such the Company Warrants and (ii) the U.S. Holder&#8217;s tax basis in such the Company Warrants. In this case, a
U.S. Holder&#8217;s aggregate tax basis in the Company Ordinary Shares received would equal the sum of (i) U.S. Holder&#8217;s tax basis
in the Company Warrants deemed exercised and (ii) the aggregate exercise price of such the Company Warrants. A U.S. Holder&#8217;s holding
period for the Company Ordinary Shares received in such case generally would commence on the date following the date of exercise (or
possibly the date of exercise) of the Company Warrants and will not include the period during which the U.S. Holder held the Company
Warrants.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the absence of authority on the U.S. federal income tax treatment of a cashless exercise of warrants, including when a U.S. Holder&#8217;s
holding period would commence with respect to the Company Ordinary Share received, there can be no assurance regarding which, if any,
of the alternative tax consequences and holding periods described above would be adopted by the IRS or a court of law. Accordingly, U.S.
Holders should consult their tax advisors regarding the tax consequences of a cashless exercise of the Company Warrants.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules described below, if the Company redeems the Company Warrants for cash pursuant to the redemption provisions described
in the section of this registration statement entitled &#8220;<i>&#8212; Exercise, Lapse, or Redemption of a The Company Warrant</i>&#8221;
or if the Company purchases the Company Warrants in an open market transaction, such redemption or purchase generally will be treated
as a taxable disposition to the U.S. Holder, taxed as described above under &#8220;&#8212; <i>Sale, Exchange, Redemption or Other Taxable
Disposition of the Company Ordinary Shares and the Company Warrants</i>.&#8221;</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
terms of each the Company Warrant provide for an adjustment to the number of the Company Ordinary Shares for which the Company Warrant
may be exercised or to the exercise price of the Company Warrant in certain events. An adjustment which has the effect of preventing
dilution generally is not taxable. A U.S. Holder of a Company Warrant would, however, be treated as receiving a constructive distribution
from the Company if, for example, the adjustment increases the holder&#8217;s proportionate interest in the Company&#8217;s assets or
earnings and profits (for instance, through an increase in the number of the Company Ordinary Shares that would be obtained upon exercise
of such warrant) as a result of a distribution of cash or other property such as other securities to the holders of the Company Ordinary
Shares which is taxable to the U.S. Holders of such shares as described under &#8220;&#8212; <i>Distributions on The Company Ordinary
Shares</i>&#8221; above. Such constructive distribution would be subject to tax as described under that section in the same manner as
if the U.S. Holder of such The Company Warrant received a cash distribution from the Company equal to the fair market value of such increase
in interest.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
treatment of U.S. Holders of the Company Ordinary Shares and the Company Warrants could be materially different from that described above,
if the Company is treated as a &#8220;passive foreign investment company,&#8221; or PFIC, for U.S. federal income tax purposes. An entity
treated as a foreign corporation for U.S. federal income tax purposes generally will be a PFIC for U.S. federal income tax purposes for
any taxable year if either:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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">at
    least 75% of its gross income for such year is passive income (such as interest, dividends, rents and royalties (other than rents
    or royalties derived from the active conduct of a trade or business) and gains from the disposition of assets giving rise to passive
    income); 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">&#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">&#9679;</span></td>
    <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
    least 50% of the value of its assets (based on an average of the quarterly values of the assets) during such year is attributable
    to assets that produce passive income or are held for the production of passive income.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
this purpose, the Company will be treated as owning its proportionate share of the assets and earning its proportionate share of the
income of any other entity treated as a corporation for U.S. federal income tax purposes in which the Company own, directly or indirectly,
25% or more (by value) of the stock.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the current and anticipated composition of the income, assets and operations of the Company and its subsidiaries, the Company does
not believe it is a PFIC for U.S. federal income tax purposes for its current taxable year, which includes the Business Combination,
and does not expect to become one for U.S. federal income tax purposes in the near future.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nevertheless,
whether the Company is treated as a PFIC is determined on an annual basis. The determination of whether a non-U.S. corporation is a PFIC
is a factual determination that depends on, among other things, the composition of the Company&#8217;s income and assets, and the market
value of its shares and assets, including the composition of income and assets and the market value of shares and assets of its subsidiaries,
from time to time, and thus the determination can only be made annually after the close of each taxable year. Thus, no assurance can
be given as to whether the Company will be a PFIC in 20232023 or for any future taxable year. 2023</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the PFIC rules, if the Company were considered a PFIC at any time that a U.S. Holder owns the Company Ordinary Shares or the Company
Warrants, the Company would generally continue to be treated as a PFIC with respect to such holder in a particular year unless (i) the
Company has ceased to be a PFIC and (ii) (a) the U.S. Holder has made a valid &#8220;QEF election&#8221; (as described below) for the
first taxable year in which the holder owned such holder&#8217;s the Company Ordinary Shares in which the Company was a PFIC, (b) a valid
mark-to-market election (as described below) is in effect for the particular year, or (c) the U.S. Holder has made a &#8220;deemed sale&#8221;
election under the PFIC rules. If such a &#8220;deemed sale&#8221; election is made, a U.S. Holder will be deemed to have sold its the
Company Ordinary Shares at their fair market value on the last day of the last taxable year in which the Company is classified as a PFIC,
and any gain from such deemed sale would be subject to the consequences described below. After the &#8220;deemed sale&#8221; election,
the Company Ordinary Shares with respect to which the &#8220;deemed sale&#8221; election was made will not be treated as shares in a
PFIC unless the Company subsequently becomes a PFIC.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
each taxable year that the Company is treated as a PFIC with respect to a U.S. Holder&#8217;s the Company Ordinary Shares or the Company
Warrants, the U.S. Holder will be subject to special tax rules with respect to any &#8220;excess distribution&#8221; (as defined below)
received and any gain realized from a sale or disposition (including a pledge of the Company Ordinary Shares and under proposed regulations
transfers of the Company Warrants and certain transfers of the Company Ordinary Shares that would otherwise qualify as nonrecognition
transactions for U.S. federal income tax purposes) of its the Company Ordinary Shares or the Company Warrants (collectively the &#8220;<i>excess
distribution rules</i>&#8221;), unless, with respect to the Company Ordinary Shares, the U.S. Holder makes a valid QEF or mark-to-market
election as discussed below. Generally, distributions received by a U.S. Holder in a taxable year that are greater than 125% of the average
annual distributions received by such U.S. Holder during the shorter of the three preceding taxable years or the portion of such U.S.
Holder&#8217;s holding period for the Company Ordinary Shares or the Company Warrants that preceded the taxable year of the distribution
will be treated as excess distributions. Under these special tax rules:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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
    excess distribution or gain will be allocated ratably over the U.S. Holder&#8217;s holding period for the Company Ordinary Shares
    or the Company Warrants;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td 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">&#9679;</span></td>
    <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 allocated to the U.S. Holder&#8217;s taxable year in which the U.S. Holder recognized the gain or received the excess distribution
    or to the period in the U.S. Holder&#8217;s holding period before the first day of the Company&#8217;s first taxable year in which
    the Company is a PFIC, will be treated as ordinary income; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    amount allocated to each other taxable year (or portions thereof) of the U.S. Holder and included in such holder&#8217;s holding
    period will be subject to the highest tax rate in effect for individuals or corporations, as applicable, for each such year without
    regard to the U.S. Holder&#8217;s other items of income and loss for such year; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#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">&#9679;</span></td>
    <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
    interest charge generally applicable to underpayments of tax will be imposed on the U.S. Holder with respect to the resulting tax
    attributable to each such year.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the excess distribution rules, the tax liability for amounts allocated to taxable years prior to the year of disposition or excess distribution
cannot be offset by any net operating losses, and gains (but not losses) realized on the sale of the Company Ordinary Shares or the Company
Warrants cannot be treated as capital gains, even though the U.S. Holder holds the Company Ordinary Shares or the Company Warrants as
capital assets.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
of the PFIC rules may impact U.S. Holders with respect to equity interests in subsidiaries and other entities which the Company may hold,
directly or indirectly, that are PFICs (collectively, &#8220;Lower-Tier PFICs&#8221;). There can be no assurance, however, that the Company
does not own, or will not in the future acquire, an interest in a subsidiary or other entity that is or would be treated as a Lower-Tier
PFIC. U.S. Holders should consult their tax advisors regarding the application of the PFIC rules to any of the Company&#8217;s subsidiaries.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company is a PFIC, a U.S. Holder of shares in the Company may avoid taxation under the excess distribution rules described above
in respect to the Company Ordinary Shares by making a timely and valid &#8220;qualified electing fund&#8221; (&#8220;QEF&#8221;) election
(if eligible to do so). However, a U.S. Holder may make a QEF election with respect to its the Company Ordinary Shares only if the Company
provides U.S. Holders on an annual basis with certain financial information specified under applicable U.S. Treasury regulations, including
the information provided in a PFIC Annual Information Statement. There can be no assurance, however, that the Company will have timely
knowledge of its status as a PFIC in the future or that the Company will timely provide such information for such years. The failure
to provide such information on an annual basis could prevent a U.S. Holder from making a QEF election or result in the invalidation or
termination of a U.S. Holder&#8217;s prior QEF election.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder that makes a QEF election with respect to its the Company Ordinary Shares would generally be required to include in income
for each year that the Company is treated as a PFIC the U.S. Holder&#8217;s pro rata share of the Company&#8217;s ordinary earnings for
the year (which would be subject to tax as ordinary income) and net capital gains for the year (which would be subject to tax at the
rates applicable to long-term capital gains), without regard to the amount of any distributions made in respect of the Company Ordinary
Shares. Any net deficits or net capital losses of the Company for a taxable year, however, would not be passed through and included on
the tax return of the U.S. Holder. A U.S. Holder&#8217;s basis in the Company Ordinary Shares would be increased by the amount of income
inclusions under the QEF rules. Dividends actually paid on the Company Ordinary Shares generally would not be subject to U.S. federal
income tax to the extent of prior income inclusions and would reduce the U.S. Holder&#8217;s basis in the Company Ordinary Shares by
a corresponding amount. If the Company owns any interests in a Lower-Tier PFIC, a U.S. Holder generally must make a separate QEF election
for each Lower-Tier PFIC, subject to the Company&#8217;s providing the relevant tax information for each Lower-Tier PFIC on an annual
basis. There can be no assurance that the Company will have timely knowledge of the status of any such Lower-Tier PFIC. In addition,
the Company may not hold a controlling interest in any such Lower-Tier PFIC and thus there can be no assurance the Company will be able
to cause the Lower-Tier PFIC to provide such required information.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder does not make a QEF election effective from the first taxable year of a U.S. Holder&#8217;s holding period for the Company
Ordinary Shares in which the Company is a PFIC (or a mark-to-market election, as discussed below), then the U.S. Holder generally will
remain subject to the excess distribution rules. A U.S. Holder that first makes a QEF election in a later year may avoid the continued
application of the excess distribution rules to its the Company Ordinary Shares by making a &#8220;deemed sale&#8221; election. In that
case, the U.S. Holder will be deemed to have sold the Company Ordinary Shares at their fair market value on the first day of the taxable
year in which the QEF election becomes effective, and any gain from such deemed sale would be subject to the excess distribution rules
described above. As a result of the &#8220;deemed sale&#8221; election, the U.S. Holder will have additional basis (to the extent of
any gain recognized on the deemed sale) and, solely for purposes of the PFIC rules, a new holding period in the Company Ordinary Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is not entirely clear how various aspects of the PFIC rules apply to the Company Warrants. However, a U.S. Holder may not be eligible
to make a QEF election with respect to its the Company Warrants. As a result, if a U.S. Holder sells or otherwise disposes of such warrants
(other than upon exercise of such warrants) and the Company was a PFIC at any time during the U.S. Holder&#8217;s holding period of such
warrants, any gain recognized generally will be treated as an excess distribution, taxed as described above.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder that exercises such warrants properly makes and maintains a QEF election with respect to the newly acquired the Company
Ordinary Shares (or has previously made a QEF election with respect to the Company Ordinary Shares), the QEF election will apply to the
newly acquired the Company Ordinary Shares. Notwithstanding such QEF election, the rules relating to &#8220;excess distributions&#8221;
discussed above, adjusted to take into account the current income inclusions resulting from the QEF election, will continue to apply
with respect to such newly acquired the Company Ordinary Shares (which under proposed regulations will be deemed to have a holding period
for purposes of the PFIC rules that includes the period the U.S. Holder held the Company Warrants), unless the U.S. Holder makes a &#8220;deemed
sale&#8221; election under the PFIC rules. U.S. Holders are urged to consult their tax advisors as to the application of the rules governing
&#8220;deemed sale&#8221; elections to their particular circumstances.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
QEF election is made on a shareholder-by-shareholder basis and, once made, can be revoked only with the consent of the IRS. A U.S. Holder
that is eligible to make a QEF election with respect to its the Company Ordinary Shares generally may do so by providing the appropriate
information to the IRS in the U.S. Holder&#8217;s timely filed tax return for the year in which the election becomes effective. Retroactive
QEF elections generally may be made only by filing a protective statement with such return and if certain other conditions are met or
with the consent of the IRS. U.S. Holders should consult their tax advisors regarding the availability and tax consequences of a retroactive
QEF election under their particular circumstances.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternatively,
if the Company is a PFIC and the Company Ordinary Shares constitute &#8220;marketable stock&#8221; (as defined below), a U.S. Holder
may make a mark-to-market election for such holder&#8217;s the Company Ordinary Shares with respect to such shares for the first taxable
year in which it holds (or is deemed to hold) the Company Ordinary Shares and each subsequent taxable year to elect out of the excess
distribution rules discussed above. If a U.S. Holder makes a mark-to-market election with respect to its the Company Ordinary Shares,
such U.S. Holder generally will include in income for each year that the Company is treated as a PFIC with respect to such the Company
Ordinary Shares an amount equal to the excess, if any, of the fair market value of The Company Ordinary Shares as of the close of the
U.S. Holder&#8217;s taxable year over the adjusted basis in The Company Ordinary Shares as of the beginning of such taxable year. A U.S.
Holder will be allowed a deduction for the excess, if any, of the adjusted basis of the Company Ordinary Shares over their fair market
value as of the close of the taxable year. However, deductions will be allowed only to the extent of any net mark-to-market gains on
the Company Ordinary Shares included in the U.S. Holder&#8217;s income for prior taxable years. Amounts included in income under a mark-to-market
election, as well as gain on the actual sale or other disposition of the Company Ordinary Shares, will be treated as ordinary income.
Ordinary loss treatment will also apply to the deductible portion of any mark-to-market loss on the Company Ordinary Shares, as well
as to any loss realized on the actual sale or disposition of the Company Ordinary Shares, to the extent the amount of such loss does
not exceed the net mark-to-market gains for such the Company Ordinary Shares previously included in income. A U.S. Holder&#8217;s basis
in the Company Ordinary Shares will be adjusted to reflect any mark-to-market gain or loss. If a U.S. Holder makes a mark-to-market election,
any distributions the Company makes would generally be subject to the rules discussed above under &#8220;<i>&#8212; Distributions on
The Company Ordinary Shares</i>,&#8221; except the lower rates applicable to qualified dividend income would not apply. Currently, U.S.
Holders of the Company Warrants may not be able to make a mark-to-market election with respect to their the Company Warrants.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
mark-to-market election is available only for &#8220;marketable stock,&#8221; which is stock that is regularly traded on a qualified
exchange or other market, as defined in applicable U.S. Treasury regulations. The Company Ordinary Shares, which are expected to be listed
on Nasdaq, are expected to qualify as marketable stock for purposes of the PFIC rules, but there can be no assurance that The Company
Ordinary Shares will be &#8220;regularly traded&#8221; for purposes of these rules. If made, a mark-to-market election would be effective
for the taxable year for which the election was made and for all subsequent taxable years unless The Company Ordinary Shares cease to
qualify as &#8220;marketable stock&#8221; for purposes of the PFIC rules or the IRS consents to the revocation of the election. Because
a mark-to-market election cannot be made for equity interests in any Lower-Tier PFICs, a U.S. Holder that does not make the applicable
QEF elections generally will continue to be subject to the excess distribution rules with respect to its indirect interest in any Lower-Tier
PFICs as described above, even if a mark-to-market election is made for The Company Ordinary Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder does not make a mark-to-market election (or a QEF election, as discussed above) effective from the first taxable year of
a U.S. Holder&#8217;s holding period for The Company Ordinary Shares in which The Company is a PFIC, then the U.S. Holder generally will
remain subject to the excess distribution rules. A U.S. Holder that first makes a mark-to-market election with respect to The Company
Ordinary Shares in a later year will continue to be subject to the excess distribution rules during the taxable year for which the mark-to-market
election becomes effective, including with respect to any mark-to-market gain recognized at the end of that year. In subsequent years
for which a valid mark-to-mark election remains in effect, the excess distribution rules generally will not apply. A U.S. Holder that
is eligible to make a mark-to-market with respect to such holder&#8217;s The Company Ordinary Shares may do so by providing the appropriate
information on IRS Form 8621 and timely filing that form with the U.S. Holder&#8217;s tax return for the year in which the election becomes
effective.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders should consult their tax advisors as to the availability and desirability of a mark-to-market election, as well as the impact
of such election on interests in any Lower-Tier PFICs.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder of a PFIC may be required to file an IRS Form 8621 on an annual basis and to provide such other information as may be required
by the U.S. Treasury Department. Failure to do so, if required, will extend the statute of limitations applicable to such U.S. Holder
until such required information is furnished to the IRS. U.S. Holders should consult their tax advisors regarding any reporting requirements
that may apply to them if the Company is a PFIC.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rules dealing with PFICs and with the QEF, &#8220;deemed sale,&#8221; and mark-to-market elections are very complex and are affected
by various factors in addition to those described above. U.S. Holders are strongly encouraged to consult their tax advisors regarding
the application of the PFIC rules to their particular circumstances.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
section applies to Non-U.S. Holders of the Company Ordinary Shares and the Company Warrants. For purposes of this analysis, a Non-U.S.
Holder means a beneficial owner (other than a partnership or an entity or arrangement so characterized for U.S. federal income tax purposes)
of the Company Ordinary Shares or the Company Warrants that is for U.S. federal income tax purposes not a U.S. Holder, including:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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
    nonresident alien individual, other than certain former citizens and residents of the U.S. subject to U.S. tax as expatriates;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    foreign corporation; 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">&#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">&#9679;</span></td>
    <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
    foreign estate or trust;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">but
generally does not include a beneficial owner who has been or is engaged in the conduct of a trade or business within the U.S. or an
individual who is present in the U.S. for 183 days or more in the taxable year of the disposition of the Company Ordinary Shares or the
Company Warrants (except to the extent analyzed below). If you are such an individual, you should consult your tax advisor regarding
the U.S. federal income tax consequences of exercising redemption rights with respect to Globis Common Stock or the ownership and disposition
of the Company Ordinary Shares or the Company Warrants.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-U.S.
Holders Exercising Redemption Rights with Respect to Globis Common Stock</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
characterization for U.S. federal income tax purposes of the redemption of a Non-U.S. Holder&#8217;s Globis Common Stock generally will
correspond to the U.S. federal income tax characterization of such a redemption of a U.S. Holder&#8217;s Globis Common Stock, as described
above under <i>&#8220;&#8212; U.S. Holders Exercising Redemption Rights with Respect to Globis Common Stock</i>.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the analysis below concerning backup withholding, if such a redemption qualifies as a sale of the Globis Common Stock, any redeeming
Non-U.S. Holder will generally not be subject to U.S. federal income tax or withholding tax on any gain recognized as a result of the
redemption or be able to utilize a loss in computing U.S. federal income tax liability unless one of the exceptions described below under
&#8220;&#8212; <i>U.S. Federal Income Tax Consequences of the Ownership and Disposition of the Company Ordinary Shares and the Company
Warrants to Non-U.S. Holders</i>&#8221; applies in respect of gain from the disposition of Globis Common Stock. Moreover, redeeming Non-U.S.
Holders may be subject to U.S. federal income tax on any gain recognized as a result of the redemption if Globis Common Stock constitutes
a U.S. real property interest by reason of Globis&#8217; status as a U.S. real property holding corporation for U.S. federal income tax
purposes. Globis believes that it is not and has not been at any time since its formation a U.S. real property holding corporation.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a Non-U.S. Holder receives cash for Globis Common Stock, and the redemption is treated as a corporate distribution (rather than a sale
of stock under Section 302 of the Code), the Non-U.S. Holder will be subject to a 30% withholding tax (unless otherwise reduced by an
applicable income tax treaty and the Non-U.S. Holder provides a proper certificate of its eligibility for such reduced rate (usually
on an IRS Form W-8BEN or W-8BEN-E, as applicable)) on the gross amount of the distribution to the extent the distribution is paid from
current or accumulated earnings and profits, as determined under U.S. federal income tax principles, and treated as dividends, provided
such dividends are not effectively connected with such Non-U.S. Holder&#8217;s conduct of a trade or business within the U.S. Any distribution
not constituting a dividend will be treated first as reducing (but not below zero) the Non-U.S. Holder&#8217;s adjusted tax basis in
its Globis Common Stock and then, to the extent such distribution exceeds the Non-U.S. Holder&#8217;s adjusted tax basis, as gain realized
from the sale or other disposition of such Globis Common Stock, which will be treated as described in the paragraph immediately above.
A redemption treated as a dividend by Globis to a Non-U.S. Holder that is effectively connected with such Non-U.S. Holder&#8217;s conduct
of a trade or business within the United States (and if an income tax treaty applies, are attributable to a U.S. permanent establishment
or fixed base maintained by the Non-U.S. Holder in the U.S.) will generally not be subject to U.S. withholding tax, provided such Non-U.S.
Holder complies with certain certification and disclosure requirements (usually by providing an IRS Form W-8ECI). Instead, such dividends
will generally be subject to U.S. federal income tax, net of certain deductions, at the same corporate or graduated individual rates
applicable to U.S. Holders (together with branch profits tax, at a 30% rate, or such lower rate specified by an applicable tax treaty,
as adjusted for certain items, if such Non-U.S. Holder is a corporation).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IF
YOU ARE A NON-U.S. HOLDER OF <span style="text-transform: uppercase">Globis</span> COMMON STOCK CONTEMPLATING EXERCISE OF YOUR REDEMPTION
RIGHTS, WE URGE YOU TO CONSULT YOUR TAX ADVISOR CONCERNING THE U.S. FEDERAL, STATE, LOCAL, AND FOREIGN INCOME AND OTHER TAX CONSEQUENCES
THEREOF.</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>U.S.
Federal Income Tax Consequences of the Ownership and Disposition of the Company Ordinary Shares and the Company Warrants to Non-U.S.
Holders</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the analysis below concerning backup withholding, any (i) dividends of cash or property (including constructive distributions treated
as dividends as further described under the heading &#8220;<i>U.S. Holders &#8212; U.S. Federal Income Tax Consequences of the Ownership
and Disposition of the Company Ordinary Shares and the Company Warrants to U.S. Holders &#8212; Possible Constructive Distributions</i>&#8221;)
paid or deemed paid to a Non-U.S. Holder in respect of the Company Ordinary Shares or (ii) gain realized upon the sale or other taxable
disposition of the Company Ordinary Shares and/or the Company Warrants by a Non-U.S. Holder generally will not be subject to U.S. federal
income taxation or withholding tax unless:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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
    gain or dividend is effectively connected with the Non-U.S. Holder&#8217;s conduct of a trade or business within the United States
    (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or a &#8220;fixed base&#8221;
    in the United States to which such gain is attributable); 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">&#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">&#9679;</span></td>
    <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 case of any gain, the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during
    the taxable year of the disposition and certain other requirements are met.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
or distributions described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis
at the regular rates. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower
rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified
by an applicable income tax treaty), which may be offset by U.S. source capital losses of the Non-U.S. Holder (even though the individual
is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with
respect to such losses.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. federal income tax treatment of a Non-U.S. Holder&#8217;s exercise of the Company Warrant, or the lapse of the Company Warrant held
by a Non-U.S. Holder, generally will correspond to the U.S. federal income tax treatment of the exercise or lapse of the Company Warrant
by a U.S. Holder, as described under &#8220;<i>U.S. Holders &#8212; U.S. Federal Income Tax Consequences of the Ownership and Disposition
of the Company Ordinary Shares and the Company Warrants to U.S. Holders &#8212; Exercise, Lapse or Redemption of the Company Warrant</i>&#8221;
above, although to the extent a cashless exercise or lapse results in a taxable exchange, the consequences would be similar to those
described in the preceding paragraphs above for a Non-U.S. Holder&#8217;s gain on the sale or other disposition of the Company Ordinary
Shares and the Company Warrants.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
characterization for U.S. federal income tax purposes of the redemption of the Non-U.S. Holder&#8217;s The Company Warrants generally
will correspond to the U.S. federal income tax treatment of such a redemption of a U.S. Holder&#8217;s warrants, as described under &#8220;<i>U.S.
Holders &#8212; U.S. Federal Income Tax Consequences of the Ownership and Disposition of The Company Ordinary Shares and The Company
Warrants to U.S. Holders &#8212; Exercise, Lapse or Redemption of a Company Warrant</i>&#8221; above, and the consequences of the redemption
to the Non-U.S. Holder will be as described in the first paragraph above under the heading &#8220;&#8212; <i>U.S. Federal Income Tax
Consequences of the Ownership and Disposition of The Company Ordinary Shares and The Company Warrants to Non-U.S. Holders</i>&#8221;
based on such characterization.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-U.S.
Holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
reporting requirements may apply to cash received in redemption of Globis Common Stock, dividends received by U.S. Holders of the Company
Ordinary Shares, and the proceeds received on the disposition of the Company Ordinary Shares effected within the U.S. (and, in certain
cases, outside the U.S.), in each case other than U.S. Holders that are exempt recipients (such as corporations). Backup withholding
(currently at a rate of 24%) may apply to such amounts if the U.S. Holder fails to provide an accurate taxpayer identification number
(generally on an IRS Form W-9 provided to the paying agent of the U.S. Holder&#8217;s broker) or is otherwise subject to backup withholding.
Any redemptions treated as dividend payments with respect to Globis Common Stock or the Company Ordinary Shares and proceeds from the
sale, exchange, redemption or other disposition of the Company Ordinary Shares may be subject to information reporting to the IRS and
possible U.S. backup withholding. U.S. Holders should consult their tax advisors regarding the application of the U.S. information reporting
and backup withholding rules.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
returns may be required to be filed with the IRS in connection with, and Non-U.S. Holders may be subject to backup withholding on amounts
received in respect of, a Non-U.S. Holder&#8217;s disposition of Globis securities or their The Company Ordinary Shares, unless the Non-U.S.
Holder furnishes to the applicable withholding agent the required certification as to its non-U.S. status, such as by providing a valid
IRS Form W-8BEN, IRS Form W-8BEN-E or IRS Form W-8ECI, as applicable, or the Non-U.S. Holder otherwise establishes an exemption. Dividends
paid with respect to the Company Ordinary Shares and proceeds from the sale of other disposition of the Company Ordinary Shares received
in the U.S. by a Non-U.S. Holder through certain U.S.-related financial intermediaries may be subject to information reporting and backup
withholding unless such Non-U.S. Holder provides proof of an applicable exemption or complies with certain certification procedures described
above, and otherwise complies with the applicable requirements of the backup withholding rules.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against the taxpayer&#8217;s U.S. federal
income tax liability, and a taxpayer may obtain a refund of any excess amounts withheld under the backup withholding rules by timely
filing the appropriate claim for a refund with the IRS and furnishing any required information.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
U.S. FEDERAL INCOME TAX ANALYSIS SET FORTH ABOVE IS INCLUDED FOR GENERAL INFORMATION ONLY AND MAY NOT BE APPLICABLE TO YOU DEPENDING
UPON YOUR PARTICULAR SITUATION. YOU ARE URGED TO CONSULT YOUR OWN TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES TO YOU OF THE BUSINESS
COMBINATION, THE EXERCISE OF YOUR REDEMPTION RIGHTS WITH RESPECT TO <span style="text-transform: uppercase">Globis </span>COMMON STOCK,
AND OF THE OWNERSHIP AND DISPOSITION OF THE COMPANY ORDINARY SHARES AND THE COMPANY WARRANTS, AS APPLICABLE, INCLUDING THE TAX CONSEQUENCES
UNDER STATE, LOCAL, FOREIGN AND OTHER TAX LAWS AND TAX TREATIES AND THE POSSIBLE EFFECTS OF CHANGES IN U.S. OR OTHER TAX LAWS.</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.
<span style="text-decoration: underline">Dividends and Paying Agents</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.
<span style="text-decoration: underline">Statement by Experts</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.
<span style="text-decoration: underline">Documents on Display</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the periodic reporting and other informational requirements of the Exchange Act. Under the Exchange Act, we are required
to file reports and other information with the SEC. Specifically, we are required to file annually a Form 20-F within four months after
the end of each fiscal year. Copies of reports and other information, when so filed, may be inspected without charge and may be obtained
at prescribed rates at the public reference facilities maintained by the SEC at Judiciary Plaza, 100 F Street, N.E., Washington, D.C.
20549. The public may obtain information regarding the Washington, D.C. Public Reference Room by calling the SEC at 1-800-SEC-0330. The
SEC also maintains a web site at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding
registrants that make electronic filings with the SEC using its EDGAR system. As a foreign private issuer, we are exempt from the rules
of the Exchange Act prescribing, among other things, the furnishing and content of proxy statements to shareholders, and our executive
officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in
Section 16 of the Exchange Act.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also maintain a corporate website at https://www.forafric.com. Information contained on, or that can be accessed through, our website
does not constitute a part of this report.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a listing of our subsidiaries, see &#8220;Item 4. Information on the Company &#8212; A. History and Development of the Company.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.
<span style="text-decoration: underline">Annual Report to Security Holders</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are required to provide an annual report to security holders in response to the requirements of Form 6-K, we will submit the annual
report to security holders in electronic format in accordance with the EDGAR Filer Manual.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_006"></span>Item
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s functional currency is the Moroccan dirham (&#8220;MAD&#8221;), and its presentation currency is the United States Dollar
(&#8220;USD&#8221;). Our global operations require active participation in foreign exchange markets. Our primary foreign currency exposures
are the Moroccan Dirham, US Dollar and Euro. To reduce the risk arising from foreign exchange rate fluctuations, we may enter into derivative
instruments, such as foreign currency forward contracts, swaps, and options. The changes in market value of such contracts have a high
correlation to the price changes in the related currency exposures. Our results of operations and cash flows are subject to fluctuations
due to changes in foreign currency exchange rates, particularly changes in the Moroccan Dirham to the U.S. dollar and Euro. Substantial
changes in the exchange rate could have a material effect on our clients, our business and our profitability. From the beginning of
2023, the Company entered into foreign currency forward contracts to reduce the risk arising from foreign exchange rate fluctuations.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through
our normal business activities, we are subject to significant credit and counterparty risks that arise through commercial sales and purchases.
We define credit and counterparty risk as a potential financial loss due to the failure of a counterparty to honor its obligations. The
exposure is measured based upon several factors, including unpaid accounts receivable from counterparties. Credit and counterparty risk
also includes sovereign credit risk. We actively monitor credit and counterparty risk through a regular review of exposures and credit
analysis by regional credit teams, as well as a review by corporate committees that monitor counterparty performance. We record provisions
for counterparty losses from time to time as a result of our credit and counterparty analysis.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
periods of tight conditions in global credit markets, downturns in regional or global economic conditions, and/or significant price volatility,
credit and counterparty risks are heightened. This increased risk is monitored through, among other things, exposure reporting, increased
communication with key counterparties, management reviews, and specific focus on counterparties or groups of counterparties that we may
determine as high risk.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate in many areas of the food industry, from agricultural raw materials to the production and sale of branded food products. As a
result, we purchase and produce various materials, many of which are agricultural commodities, including: Flour, Semolina, Pasta and
Couscous</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agricultural
commodities are subject to price fluctuations due to a number of unpredictable factors that may create price risk.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inflationary
factors generally affect us by increasing our labor and overhead costs, as well as costs related to those items associated with certain
risks identified above, which may adversely affect our results of operations and financial position. We have historically been able to
recover the impacts of inflation through sales price increases, however we cannot reasonably estimate our ability to successfully recover
any impact of inflation through price increases in the future. Our inability to do so could harm our results of operations and financial
position.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
recent years, inflation has not had a material impact on our results of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_007"></span>Item
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Items
12.D.3 and 12.D.4 of this Item 12 are not applicable, as the Company does not have any American Depositary Shares; all other applicable
information required by this Item 12 is included in Exhibit 2.3.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_008"></span>Part
II</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_009"></span>Item
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_010"></span>Item
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 10. Additional Information&#8221; for a description of the rights of securities holders, which remain unchanged.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_011"></span>Item
15. CONTROLS AND PROCEDURES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(a)
Disclosure Controls and Procedures</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the supervision and with the participation of our management, including our chief executive officer and our chief financial officer,
we carried out an evaluation of the effectiveness of our disclosure controls and procedures, which is defined in Rules 13a-15(e) of the
Exchange Act, as of December 31, 2023. Based on that evaluation, our chief executive officer and chief financial officer concluded that
our disclosure controls and procedures, as of December 31, 2023, were effective.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(b)
Management&#8217;s Annual Report on Internal Control over Financial Reporting</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined
in Rules 13a-15(f) and 15d-15(f) of the Exchange Act. Our management, including our Chief Executive Officer and our Chief Financial
Officer, conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework and criteria
established in Internal Control&#8212;Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO) as of December 31, 2023. Based on that evaluation, our management has concluded that our internal control over financial
reporting was effective as of December 31, 2023. As all internal control systems, no matter how well designed, have inherent limitations,
our internal control over financial reporting may not prevent or detect misstatements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(c)
Attestation Report of the Company&#8217;s Registered Public Accounting Firm</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white">This Annual Report does not include an attestation report of the company&#8217;s registered public accounting firm
regarding internal control over financial reporting due to a transition period established by rules of the SEC for emerging growth companies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(d)
Changes in Internal Control over Financial Reporting</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no changes in our internal controls over financial reporting that occurred during the period covered by this annual report on Form
20-F that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_012"></span>Item
16. [RESERVED]</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_013"></span>Item
16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have one financial expert as of the date of this report. Our Board of Directors has determined that Franco Cassar, chair of our audit
committee, qualifies as an &#8220;audit committee financial expert&#8221; as defined in the SEC rules and satisfies the financial sophistication
requirements of The NASDAQ Global Market. Mr. Cassar is &#8220;independent&#8221; as that term is defined in the rules of the SEC and
the applicable rules of the NASDAQ Global Market.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_014"></span>Item
16B. CODE OF ETHICS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the Business Combination, the Company posted its Code of Conduct and Ethics and intends to post any amendments to or any waivers from
a provision of its Code of Conduct and Ethics on its website, and also intends to disclose any amendments to or waivers of certain provisions
of its Code of Conduct and Ethics in a manner required by applicable rules or regulations of the SEC or securities exchange.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_015"></span>Item
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
by our principal external auditors, for the periods indicated.</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended<br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In thousand)</b></span></td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Audit fees</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">645,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">480,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Audit-related fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Tax fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">All other fees</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">645,000</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">480,000</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Audit
fees&#8221; represents the aggregate fees billed or to be billed for each of the fiscal years listed for professional services rendered
by our principal auditor for the audit of our annual financial statements and review of our semi-annual financial statements.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Audit-related
fees&#8221; are the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit
and are not reported under audit fees. These fees primarily include review of documents filed with the SEC.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Tax
fees&#8221; include fees for professional services rendered by our principal auditor for tax compliance and tax advice on actual or contemplated
transactions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Other
fees&#8221; include fees for services rendered by our independent registered public accounting firm with respect to other matters not
reported under &#8220;Audit fees&#8221;, &#8220;Audit-related fees&#8221; and &#8220;Tax fees&#8221;.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
policy of our audit committee is to pre-approve all audit and non-audit services provided by our principal auditor including audit services,
audit-related services, tax services and other services.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_016"></span>Item
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_017"></span>Item
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_018"></span>Item
16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 9, 2022, the Audit Committee of the Board of Directors of Globis dismissed Marcum LLP (&#8220;Marcum&#8221;), who served as Globis&#8217;
independent registered public accounting firm prior to the Business Combination, and approved the engagement of UHY LLP (&#8220;UHY&#8221;)
as New Forafric&#8217;s independent registered public accounting firm to audit the Company&#8217;s consolidated financial statements
for the year ended December 31, 2022. UHY had previously served as the independent registered public accounting firm for FAHL, which
was acquired by New Forafric on June 9, 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marcum&#8217;s
report on Globis&#8217; financial statements as of December 31, 2021 and 2020, and for the year ended December 31, 2022 and for the period
from August 21, 2020 (inception) through December 31, 2020 did not contain an adverse opinion or disclaimer of opinion, nor were such
reports qualified or modified as to uncertainty, audit scope or accounting principles. During the period of Marcum&#8217;s engagement
by the Company, there were no disagreements with Marcum on any matter of accounting principles or practices, financial statement disclosure
or auditing scope or procedure, which disagreements if not resolved to the satisfaction of Marcum, would have caused it to make a reference
to the subject matter of the disagreement in connection with its reports covering such periods. In addition, no &#8220;reportable events,&#8221;
as described in Item 304(a)(1)(v) of Regulation S-K, occurred within the period of Marcum&#8217;s engagement and subsequent interim period
preceding Marcum&#8217;s dismissal.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the period from August 21, 2020 (inception) through December 31, 2021, neither the Company nor anyone on its behalf consulted UHY regarding
either: (i) the application of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion
that might be rendered on the Globis&#8217; financial statements, and neither a written report was provided to the Company or oral advice
was provided that UHY concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing,
or financial reporting issue; or (ii) any matter that was the subject of a disagreement (as described in Item 304(a)(1)(iv) of Regulation
S-K) or a &#8220;reportable event,&#8221; as described in Item 304(a)(1)(v) of Regulation S-K.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_019"></span>Item
16G. CORPORATE GOVERNANCE </b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Act, all companies incorporated under the laws of Gibraltar, including companies whose shares whose shares are publicly
traded and listed on the Nasdaq Global Market, are required to comply with various corporate governance requirements under Gibraltar
law and the Articles of Association of such company. The requirements relate to such matters as the composition of the board of directors,
the convening of board and shareholder meetings, proceedings at the same, and the issuance of shares. These requirements are in addition
to the corporate governance requirements imposed by the Nasdaq Listing Rules, and other applicable provisions of U.S. securities laws
to which we are subject as a foreign private issuer due to the listing of our ordinary shares on the Nasdaq Global Market.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
corporate governance practices in Gibraltar, which is our home country, differ significantly from requirements for companies incorporated
in other jurisdictions such as the United States.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer whose securities are listed on the NASDAQ, we are permitted to follow certain home country corporate governance
practices in lieu of the comparable requirements of the NASDAQ Rules pursuant to NASDAQ Rule 5615(a)(3), which provides for such exemption
to compliance with the NASDAQ Rule 5600 Series, except for certain matters including (among others) the composition and responsibilities
of the audit committee and the independence of its members within the meaning of the rules and regulations of the SEC.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
way of example, we have relied on this exemption in respect of the following:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>an
    exemption from the rule that a majority of our board of directors must be independent directors</b>: There is no requirement in the
    Companies Act that the board of directors of the Company must be comprised of Independent Directors as defined in Rule 5605(a)(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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>an
    exemption from the rule that director nominees must be selected or recommended solely by independent directors</b>: There is no such
    restriction in the Company&#8217;s Act or the Articles of Association of the Company. Therefore, director nominees do not have to
    be selected by or recommended solely by Independent Directors. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>composition
    of the Corporate Governance and Nominating Committee and the Remuneration Committee</b>: There is no requirement in the Companies
    Act that the members of the Corporate Governance and Nominating Committee and the Remuneration Committee be Independent Directors.
    As such, even though not an Independent Director, James Lasry was appointed as a member of the Corporate Governance and Nominating
    Committee and the Remuneration Committee. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>notice,
    quorum, all procedural requirements in respect of each EGM and the Company&#8217;s AGM</b>: As permitted, the Company has elected
    to follow the notice, quorum and procedural requirements in respect of each EGM and AGM stipulated in the Companies Act. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>adoption
    of the ESOP</b>: There is no requirement in the Companies Act for a share scheme to require the approval of the shareholders. The
    ESOP was therefore adopted by the board of directors of the Company in accordance with home country practice and the Company&#8217;s
    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"><b>Issuance
    of Shares</b>: Under the Companies Act, there is no restriction on the Company&#8217;s directors from allotting shares to the non-executive
    directors on the terms of the Directors Services Agreements, in accordance with the powers granted to them for 5 years under the
    Articles of Association. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent we choose to follow home country practice with respect to additional corporate governance matters, our shareholders may be
afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers. As a result of all
of the above, our shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members
of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United
States.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_020"></span>Item
16H. MINE SAFETY DISCLOSURE</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_021"></span>Item
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_022"></span>ITEM
16J. INSIDER TRADING POLICIES</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.75pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to applicable SEC transition guidance, the disclosure required by Item 16J will only be applicable to the Company from the fiscal year
ending on December 31, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.75pt; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_023"></span>ITEM
16K. CYBERSECURITY</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are developing a cybersecurity risk management program, consisting of cybersecurity policies, procedures, compliance and awareness programs
to mitigate risk and to ensure compliance with security, availability and confidentiality trust principles. The aforementioned policies
are substantially in place, but not yet committed to writing or formally approved. The cybersecurity process has been integrated into
our overall risk management system and process, and is solely internally managed. Management is responsible for identifying risks that
threaten achievement of the control activities stated in the management&#8217;s description of the services organizations systems. Management
has implemented a process for identifying relevant risks that could affect the organization&#8217;s ability to provide secure and reliable
service to its users. The risk assessment occurs annually, or as business needs change, and covers identification of risks that could
act against the company&#8217;s objectives as well as specific risks related to a compromise to the security of data. See &#8220;Item
3.D &#8212; Risk Factors Risks Related to Data Security and Intellectual Property &#8212; Our business and operations would suffer in
the event of IT system failures, cybersecurity attacks, data breaches, or vulnerabilities in our or our third-party vendors&#8217; information
security program or defenses.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
level of each identified risk is determined by considering the impact of the risk itself and the likelihood of the risk materializing
and high scoring risks are actioned upon. Risks are analyzed to determine whether the risk meets company risk acceptance criteria to
be accepted or whether a mitigation plan will be applied. Mitigation plans include both the individual or department responsible for
the plan and may include budget considerations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
oversight of cybersecurity threats is undertaken by our Chief Information Officer, who holds over two decades of experience in information
technology and the design and architecture of information systems, and is supported by management. Our audit committee is responsible
for cybersecurity oversight and monitoring risk. Management informs the audit and investment committee of such risk by committee meetings.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not, to our knowledge, experienced any material IT system failures or any material cybersecurity attacks to date. See &#8220;Item
3.D &#8212; Risk Factors Risks Related to Data Security and Intellectual Property &#8212; Our business and operations would suffer in
the event of IT system failures, cybersecurity attacks, data breaches, or vulnerabilities in our or our third-party vendors&#8217; information
security program or defenses.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this report, we are not aware of any material risks from cybersecurity threats that have materially affected or are reasonably
likely to materially affect us, including our business strategy, results of operations or financial condition.</span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_024"></span>Part
III</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_025"></span>Item
17. FINANCIAL STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have elected to provide financial statements pursuant to Item 18.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_026"></span>Item
18. FINANCIAL STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of Forafric Global, PLC, and its subsidiaries are included at the end of this annual report.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_027"></span>Item
19. EXHIBITS</b></span></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</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/1903870/000149315222016250/ex3-1.htm" style="-sec-extract: exhibit">Memorandum and Articles of Association, as amended (incorporated by reference to Exhibit 3.1 of the Company&#8217;s Registration Statement on Form 8-A, filed with SEC on June 9, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</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/1903870/000149315223014896/ex2-1.htm" style="-sec-extract: exhibit">Registrant&#8217;s Specimen Certificate for Ordinary Shares (included as Exhibit 2.1 to our Annual Report on Form 20-F filed with the Securities and Exchange Commission on May 1, 2023, and incorporate herein by reference).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1903870/000149315223014896/ex2-2.htm" style="-sec-extract: exhibit">Description of Securities (included as Exhibit 2.2 to our Annual Report on Form 20-F filed with the Securities and Exchange Commission on May 1, 2023, and incorporate herein by reference).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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/1823383/000149315221031962/ex2-1.htm" style="-sec-extract: exhibit">Business Combination Agreement, entered into as of December 19, 2021, by and among Globis Acquisition Corp., Seller and FAHL (incorporated by reference to Exhibit 2.1 of Globis&#8217; Form 8-K (File No. 001-39786), filed with the SEC on December 20, 2021).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><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; 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/1823383/000149315222010571/ex2-2.htm" style="-sec-extract: exhibit">Amendment No. 1 to Business Combination Agreement, entered into as of April 20, 2022, by and among Globis Acquisition Corp., Seller, FAHL and Globis NV Merger Corp (incorporated by reference to Exhibit 2.2 of Globis&#8217; Form S-4/A (File No. 333-262126), filed with the SEC on April 20, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1823383/000149315222016232/ex10-1.htm" style="-sec-extract: exhibit">Amendment No. 2 to Purchase Agreement, dated June 8, 2022 (incorporated by reference to Exhibit 10.1 of Globis&#8217; Form 8-K (File No. 001-39786), filed with the SEC on June 9, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1823383/000149315220023669/ex4-1.htm" style="-sec-extract: exhibit">Warrant Agreement, dated December 10, 2020, between Globis Acquisition Corp. and VStock Transfer, LLC. (incorporated by reference to Exhibit 4.1 of Globis&#8217; Form 8-K (File No. 001-39786), filed with the SEC on December 15, 2020).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1823383/000149315222016381/ex4-1.htm" style="-sec-extract: exhibit">Warrant Assignment and Novation Agreement, dated as of June 9, 2022, by and between Globis NV Merger 2 Corp. and Forafric Global PLC (incorporated by reference to Exhibit 4.1 of Globis&#8217; Form 8-K (File No. 001-39786), filed with the SEC on June 10, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1823383/000149315220023669/ex10-1.htm" style="-sec-extract: exhibit">Letter Agreement, dated December 10, 2020, among Globis Acquisition Corp., the Sponsors and each of the officers and directors of Globis Acquisition Corp. (incorporated by reference to Exhibit 10.1 of Globis&#8217; Form 8-K (File No. 001-39786), filed with the SEC on December 15, 2020).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1823383/000149315220023669/ex10-4.htm" style="-sec-extract: exhibit">Registration Rights Agreement, dated December 10, 2020, between Globis Acquisition Corp. and the Sponsors (incorporated by reference to Exhibit 10.4 of Globis&#8217; Form 8-K (File No. 001-39786), filed with the SEC on December 15, 2020).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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/1823383/000149315222000220/ex10-1.htm" style="-sec-extract: exhibit">Subscription Agreement, dated December 31, 2021, by and between Globis Acquisition Corp. and the undersigned subscriber party thereto. (incorporated by reference to Exhibit 10.1 of Globis&#8217; Form 8-K (File No. 001-39786), filed with the SEC on January 4, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1823383/000149315222000220/ex10-2.htm" style="-sec-extract: exhibit">Bond Subscription Deed, dated as of December 31, 2021, by and among Forafric Agro Holdings Limited, Lighthouse Capital Limited and the Bond Investors (incorporated by reference to Exhibit 10.2 of Globis&#8217; Form 8-K (File No. 001-39786), filed with the SEC on January 4, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="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/1823383/000149315222010571/ex10-10.htm" style="-sec-extract: exhibit">Amendment to Bond Subscription Deed, dated as of April 20, 2022, by and among Forafric Agro Holdings Limited, Lighthouse Capital Limited and the Bond Investors (incorporated by reference to Exhibit 10.10 of Globis&#8217; Form S-4/A (File No. 333-262126), filed with the SEC on April 20, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1903870/000149315222016864/ex10-6.htm" style="-sec-extract: exhibit">Forafric 2022 Long Term Employee Share Incentive Plan (incorporated by reference to Exhibit 10.6 of Forafric Global PLC&#8217; Form 8-K (File No. 001-41416), filed with the SEC on June 15, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1823383/000149315222004662/ex10-6.htm" style="-sec-extract: exhibit">Agreement, dated March 29, 2018, by and between Forafric Maroc and Millcorp Geneve (incorporated by reference to Exhibit 10.6 of Globis&#8217; Form S-4/A (File No. 333-262126), filed with the SEC on February 15, 2022)</a></span></td></tr>
</table>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.13</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/1823383/000149315222010571/ex10-7.htm" style="-sec-extract: exhibit">Summary of terms of loans owed by Forafric Agro Holdings Limited to Yariv Elbaz, Michael Elbaz, Lighthouse Settlement and Lighthouse Capital Limited (incorporated by reference to Exhibit 10.7 of Globis&#8217; Form S-4/A (File No. 333-262126), filed with the SEC on April 20, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.14</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1823383/000149315222004662/ex10-8.htm" style="-sec-extract: exhibit">Lease Agreement, dated January 2, 2018, by and between Forafric Maroc and Darafric SARL AU for the rent of the headquarters of Forafric Maroc in Casablanca (incorporated by reference to Exhibit 10.8 of Globis&#8217; Form S-4/A (File No. 333-262126), filed with the SEC on February 15, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.15</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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/1823383/000149315222010571/ex10-9.htm" style="-sec-extract: exhibit">Form of Forafric Global PLC Director Deed of Indemnity (incorporated by reference to Exhibit 10.9 of Globis&#8217; Form S-4/A (File No. 333-262126), filed with the SEC on April 20, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.16</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1823383/000149315222016232/ex10-2.htm" style="-sec-extract: exhibit">Form of Forward Share Purchase Agreement (incorporated by reference to Exhibit 10.2 of Globis&#8217; Form 8-K (File No. 001-39786), filed with the SEC on June 9, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.17</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1903870/000149315222030348/ex10-1.htm" style="-sec-extract: exhibit">Form of Director Service Agreement (incorporated by reference to Exhibit 10.1 of the Company&#8217;s Current Report on Form 6-K, filed with SEC on November 3, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex8-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">List of Subsidiaries</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</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="ex12-1.htm">Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a)</a></span></td></tr>

<tr style="vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</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="ex12-2.htm">Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1*</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="ex13-1.htm">Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2*</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="ex13-2.htm">Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1*</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="ex15-1.htm">Consent of UHY LLP, Independent Registered Public Accounting Firm.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1903870/000149315222016864/ex16-1.htm" style="-sec-extract: exhibit">Letter from Marcum LLP to the U.S. Securities and Exchange Commission (incorporated by reference to Exhibit 16.1 of the Company&#8217;s Current Report on Form 8-K, filed with SEC on June 15, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97.1#*</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="ex97-1.htm">Clawback Policy</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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 financial information from Forafric Global Plc&#8217;s Annual Report on Form 20-F for the year ended December
    31, 2023, formatted in Inline Extensible Business Reporting Language (IXBRL): (i) Consolidated Balance Sheet, (ii) Consolidated
    Statements of Operations, (iii) Statements of Changes in Equity, (iv) Consolidated Statements of Cash Flows and (iv) Notes to Consolidated
    Financial Statements.* </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
    Page Interactive Data File (formatted as Inline iXBRL and contained in Exhibit 101)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_028"></span>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.</span></p>

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

<table 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"><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">Forafric
    Global, PLC</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td 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">&#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; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    April 30, 2024</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"><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; vertical-align: bottom; width: 47%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Mustapha Jamaleddine</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">Mustapha
    Jamaleddine</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
    Executive Officer)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">
    <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; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Julien Benitah</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">Julien
    Benitah</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    Financial Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
    Accounting and Financial Officer)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#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="#a_029">Report of Independent Registered Public Accounting Firm</a> (PCAOB ID: <span id="xdx_90B_edei--AuditorFirmId_c20230101__20231231_zJ4ppyzRFSr2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000057" name="dei:AuditorFirmId">1195</ix:nonNumeric></span>)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 0.5in; 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="#a_030">Consolidated Balance Sheets as of December 31, 2023 and 2022</a></span></td>
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  <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="#a_031">Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2023, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; 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: 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="#a_032">Consolidated Statements of Changes in Stockholders&#8217; Equity for the years ended December 31, 2023, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; 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: 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="#a_033">Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; 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: 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="#a_034">Notes to Consolidated Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_029"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of Forafric Global PLC (the &#8220;Company&#8221;), as of December 31, 2023
and 2022, the related consolidated statements of operations and comprehensive loss, stockholders&#8217; equity and cash flows for the
years ended December 31, 2023, 2022 and 2021 and the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company
as of December 31, 2023 and 2022, and the consolidated results of its operations and its cash flows for the years ended December 31,
2023, 2022 and 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for opinion on the Consolidated Financial Statements</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s consolidated financial statements based on our audits. 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal controls over financial reporting. As part
of our audits, we are required to obtain an understanding of internal controls over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company&#8217;s internal controls over financial reporting. Accordingly, we express no such opinion.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
<span id="xdx_909_edei--AuditorName_c20230101__20231231_z2CKzSQS09tg"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000058" name="dei:AuditorName">UHY LLP</ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2021.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--AuditorLocation_c20230101__20231231_zbtFk7ZBT4Wj"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000059" name="dei:AuditorLocation">Melville,
New York</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
30, 2024</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_030"></span>FORAFRIC
GLOBAL PLC AND SUBSIDIARIES </b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0 1.25pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
BALANCE SHEETS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.4pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(In
thousands, except share and per share data)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0.4pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

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    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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  <tr id="xdx_40A_eus-gaap--InventoryNet_i02I_maACzURR_zU1k4i9c0K64" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_402_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i02I_maACzURR_z2yHB4AcN8Ij" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2022-12-31" id="Fact000083" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16,345</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--AssetsCurrent_i02TI_mtACzURR_maAzAXk_zbHvmdmq4t92" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2023-12-31" id="Fact000085" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">121,242</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_i01I_maAzAXk_zDhBg4kLbuve" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31" id="Fact000089" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100,527</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_ecustom--OperatingAndFinanceLeaseRightOfUseAsset_i01I_maAzAXk_zVi6IfVGUkze" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Right-of-use assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:OperatingAndFinanceLeaseRightOfUseAsset" contextRef="AsOf2023-12-31" id="Fact000091" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,385</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:OperatingAndFinanceLeaseRightOfUseAsset" contextRef="AsOf2022-12-31" id="Fact000092" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,430</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--Goodwill_i01I_maAzAXk_zxRNWYGwVXGj" style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2023-12-31" id="Fact000094" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">48,488</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2022-12-31" id="Fact000095" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">45,898</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--IntangibleAssetsNetExcludingGoodwill_i01I_maAzAXk_zLGfMDO0eZD3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Intangible assets, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2023-12-31" id="Fact000097" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,648</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2022-12-31" id="Fact000098" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,723</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--OtherAssetsNoncurrent_i01I_maAzAXk_zUdbKx8B56ea" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other assets, noncurrent</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2023-12-31" id="Fact000100" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,767</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40D_eus-gaap--Assets_i01TI_mtAzAXk_zbK6vroi29V8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2023-12-31" id="Fact000103" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">309,450</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2022-12-31" id="Fact000104" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">307,164</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zBVJRfMhWIQ9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">LIABILITIES AND STOCKHOLDERS&#8217;
    EQUITY</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--LiabilitiesCurrentAbstract_i01B_zmFrxF7wX7u9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current liabilities:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--LinesOfCreditCurrent_i02I_maLCzVmP_zZ3msUQ87xXb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lines of credit &#8211;
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LinesOfCreditCurrent" contextRef="AsOf2023-12-31" id="Fact000112" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">48,517</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LinesOfCreditCurrent" contextRef="AsOf2022-12-31" id="Fact000113" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">47,371</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_ecustom--LinesOfCreditWheatInventories_i02I_maLCzVmP_zKYmLOlcpiP8" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lines of credit &#8211;
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:LinesOfCreditWheatInventories" contextRef="AsOf2023-12-31" id="Fact000115" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">126,452</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:LinesOfCreditWheatInventories" contextRef="AsOf2022-12-31" id="Fact000116" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">137,040</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--AccountsPayableCurrent_i02I_maLCzVmP_zDg2X8bghCZh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts payable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2023-12-31" id="Fact000118" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">46,461</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2022-12-31" id="Fact000119" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">27,295</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--AccruedLiabilitiesCurrent_i02I_maLCzVmP_zavCRNcGWm7i" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000121" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">18,115</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact000122" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">18,974</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_ecustom--ContractLiabilities_i02I_maLCzVmP_zU5XSpmkHvUh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Contract liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:ContractLiabilities" contextRef="AsOf2023-12-31" id="Fact000124" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,272</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:ContractLiabilities" contextRef="AsOf2022-12-31" id="Fact000125" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">540</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--LongTermDebtCurrent_i02I_maLCzVmP_zeOgyn7Loz64" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current portion of long-term
    debt</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebtCurrent" contextRef="AsOf2023-12-31" id="Fact000127" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,471</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebtCurrent" contextRef="AsOf2022-12-31" id="Fact000128" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,417</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--BusinessCombinationContingentConsiderationLiabilityCurrent_i02I_maLCzVmP_z9OVFJtqOWx6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Contingent consideration
    liability</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:BusinessCombinationContingentConsiderationLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact000130" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,326</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:BusinessCombinationContingentConsiderationLiabilityCurrent" contextRef="AsOf2022-12-31" id="Fact000131" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,260</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--OtherLiabilitiesCurrent_i02I_maLCzVmP_zh6g3HgC0Zpc" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other
    liabilities, current</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000133" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">645</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact000134" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">284</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--LiabilitiesCurrent_i02TI_mtLCzVmP_maLzFmV_zYjiLmBRmELk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000136" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">253,259</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact000137" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">238,181</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--LongTermDebtNoncurrent_i01I_maLzFmV_zGPwZD9Qwf8f" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Long-term debt</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2023-12-31" id="Fact000139" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,841</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2022-12-31" id="Fact000140" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,828</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--OtherLoansPayableLongTerm_i01I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maLzFmV_z7Pxubac9XR6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loan from related party</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLoansPayableLongTerm" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact000142" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,486</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLoansPayableLongTerm" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact000143" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,801</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--DeferredIncomeTaxLiabilitiesNet_i01I_maLzFmV_z2X65H4lUmJ9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred tax liabilities, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilitiesNet" contextRef="AsOf2023-12-31" id="Fact000145" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,982</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilitiesNet" contextRef="AsOf2022-12-31" id="Fact000146" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,399</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--OtherLiabilitiesNoncurrent_i01I_maLzFmV_zXyqIzmJ8Pc1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="AsOf2023-12-31" id="Fact000148" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,676</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0149">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--Liabilities_i01TI_mtLzFmV_maLASEzE0b_zNp7WIiVpzI1" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2023-12-31" id="Fact000151" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">280,244</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2022-12-31" id="Fact000152" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">262,209</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--CommitmentsAndContingencies_i01I_maLASEzE0b_zhioH5btKQXb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Commitments and contingencies (Note 20)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0154">-</span></span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0155">-</span></span><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_i01B_zAitWxutsyN5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Stockholders&#8217; equity:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--PreferredStockValue_i02I_maSEIPAz93F_zYxzwWVGpJ76" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Preferred Shares; $<span id="xdx_908_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20231231_zC9XjX7sIqV" title="Preferred shares, par value"><span id="xdx_906_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20221231_zcthFF9eNiv4" title="Preferred shares, par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2023-12-31" id="Fact000163" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2022-12-31" id="Fact000165" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></ix:nonFraction></span></span>
    par value; <span id="xdx_900_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20231231_za3PixtJFsBg" title="Preferred shares, authorized"><span id="xdx_90E_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20221231_zsJxhZvTNoWb" title="Preferred shares, authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2023-12-31" id="Fact000167" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2022-12-31" id="Fact000169" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction></ix:nonFraction></span></span> authorized, <span id="xdx_90E_eus-gaap--PreferredStockSharesIssued_iI_pid_c20231231_z4XkBYHUArLa" title="Preferred shares, issued"><span id="xdx_903_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20231231_zLuB6ia1fItk" title="Preferred shares, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl0171"><span style="-sec-ix-hidden: xdx2ixbrl0173">&#8212;</span></span></span></span> and <span id="xdx_90D_eus-gaap--PreferredStockSharesIssued_iI_pid_c20221231_ztlXqGzcyhmf" title="Preferred shares, issued"><span id="xdx_90A_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20221231_zFrhBWyPsKw3" title="Preferred shares, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl0175"><span style="-sec-ix-hidden: xdx2ixbrl0177">&#8212;</span></span></span></span> issued and outstanding, at December 31, 2023 and 2022, respectively</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0160">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0161">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--CommonStockValue_i02I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_maSEIPAz93F_zxmY5tcxnBoc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2022-12-31_us-gaap_CommonStockMember" id="Fact000180" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">27</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--CommonStockValue_i02I_hus-gaap--StatementClassOfStockAxis__custom--CommonClassZMember_maSEIPAz93F_zl5XuO8L1zI2" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Class Z ordinary shares,
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0198">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2022-12-31_custom_CommonClassZMember" id="Fact000199" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--CommonStockValue_i02I_hus-gaap--StatementClassOfStockAxis__custom--CommonClassZMember_z30jXhWY74Z5" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Ordinary shares, value</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0217">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2022-12-31_custom_CommonClassZMember" id="Fact000218" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr id="xdx_406_eus-gaap--AdditionalPaidInCapital_i02I_maSEIPAz93F_zPFy13sWeQ5d" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Additional paid-in capital</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2023-12-31" id="Fact000220" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">143,127</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2022-12-31" id="Fact000221" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">143,658</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_maSEIPAz93F_zCyU4RtZtZEl" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accumulated deficit</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2023-12-31" id="Fact000223" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">115,354</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-12-31" id="Fact000224" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">102,678</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_400_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_i02I_maSEIPAz93F_zMAuUbv4vPde" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accumulated other comprehensive
    loss</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2023-12-31" id="Fact000226" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">5,005</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2022-12-31" id="Fact000227" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,984</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--MinorityInterest_i02I_maSEIPAz93F_z0uhQj2guHG1" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Non-controlling
    interest</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2023-12-31" id="Fact000229" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,411</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2022-12-31" id="Fact000230" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,902</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_i02TI_mtSEIPAz93F_maLASEzE0b_zU5Iw69Bv32e" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    Stockholders&#8217; equity</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31" id="Fact000232" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">29,206</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31" id="Fact000233" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">44,955</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--LiabilitiesAndStockholdersEquity_i01TI_mtLASEzE0b_zWfhclH49jg5" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    liabilities and Stockholders&#8217; equity</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2023-12-31" id="Fact000235" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">309,450</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2022-12-31" id="Fact000236" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">307,164</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_031"></span>FORAFRIC
GLOBAL PLC AND SUBSIDIARIES </b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</span></p>

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

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

<table cellpadding="0" cellspacing="0" id="xdx_30C_113_pn3n3_zKxjdhgV7hn" summary="xdx: Statement - Consolidated Statements of Operations and Comprehensive Loss" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" id="xdx_496_20210101__20211231_zf4Hbzw8DjGb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_maGPzURu_zgrSSFiPwCb2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Revenues</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="padding-bottom: 1.5pt; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31" id="Fact000239" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">289,772</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_402_eus-gaap--CostOfRevenue_msGPzURu_zvtNc9wOF3R4" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cost of sales</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2023-01-01to2023-12-31" id="Fact000242" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">274,878</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2022-01-012022-12-31" id="Fact000243" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">260,399</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2021-01-012021-12-31" id="Fact000244" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">219,311</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--GrossProfit_iT_mtGPzURu_maOILzEZm_zcrhH775FwR6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Gross profit</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2022-01-012022-12-31" id="Fact000247" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">29,373</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2021-01-012021-12-31" id="Fact000248" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">42,368</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--OperatingExpensesAbstract_iB_zymI0WmoFSI2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Operating expenses:</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"/><td style="padding-bottom: 1.5pt; text-align: left"/><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"/><td style="padding-bottom: 1.5pt; text-align: left"/><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"/><td style="padding-bottom: 1.5pt; text-align: left"/></tr>
  <tr id="xdx_408_eus-gaap--SellingGeneralAndAdministrativeExpense_i01_maOEz7oX_zk0A2dPan4kc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Selling,
    general and administrative expenses</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:SellingGeneralAndAdministrativeExpense" contextRef="From2022-01-012022-12-31" id="Fact000255" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30,795</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:SellingGeneralAndAdministrativeExpense" contextRef="From2021-01-012021-12-31" id="Fact000256" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">38,982</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--OperatingExpenses_i01T_mtOEz7oX_msOILzEZm_zFkOb0GzgKRa" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    operating expenses</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2023-01-01to2023-12-31" id="Fact000258" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">29,465</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2022-01-012022-12-31" id="Fact000259" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30,795</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-01-012021-12-31" id="Fact000260" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">38,982</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--OperatingIncomeLoss_iT_mtOILzEZm_maILFCOztuY_zFg3l2i95uIa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Operating income (loss)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000262" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,133</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2022-01-012022-12-31" id="Fact000263" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,422</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-012021-12-31" id="Fact000264" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,386</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--NonoperatingIncomeExpenseAbstract_iB_z92jOZoPtEDi" style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--InvestmentIncomeInterest_i01N_di_maNIEz4rY_zutwBR1sVQR" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Interest
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  <tr id="xdx_407_eus-gaap--InterestExpense_i01_msNIEz4rY_zIgWJWZSDAga" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eus-gaap--DerivativeGainLossOnDerivativeNet_i01N_di_maNIEz4rY_zy3pxmBuivs1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_eus-gaap--ForeignCurrencyTransactionGainLossBeforeTax_i01N_di_maNIEz4rY_zvuYtZXwXZ85" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_409_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_mtILFCOztuY_maPLzQoo_zheTPO6dcZE" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-01-012022-12-31" id="Fact000295" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">21,228</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2021-01-012021-12-31" id="Fact000296" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">7,873</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40A_eus-gaap--IncomeTaxExpenseBenefit_msPLzQoo_zc0LU1nhihj2" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact000299" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,058</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact000300" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">89</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_408_eus-gaap--ProfitLoss_iT_mtPLzQoo_maNILz6Gp_z6aAiqzDzdYi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net loss</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_401_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_msNILz6Gp_zvkilIZlnqZ" style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Loss per ordinary shares
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Weighted average number of shares outstanding
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    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20220101__20221231_z9sTB5aL0dIb" title="Weighted average number of shares outstanding - basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><span id="xdx_905_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20220101__20221231_zkwv4eodb549" title="Weighted average number of shares outstanding - diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2022-01-012022-12-31" id="Fact000330" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2022-01-012022-12-31" id="Fact000332" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">26,604,710</ix:nonFraction></ix:nonFraction></span></span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90D_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20210101__20211231_z3YZ6KXqjeH9" title="Weighted average number of shares outstanding - basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20210101__20211231_zGTiNJi9VaKf" title="Weighted average number of shares outstanding - diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2021-01-012021-12-31" id="Fact000334" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2021-01-012021-12-31" id="Fact000336" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,555,595</ix:nonFraction></ix:nonFraction></span></span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--ProfitLoss_iT_maCINOTztRi_znLMNXKHBfde" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net loss</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000338" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">12,508</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2022-01-012022-12-31" id="Fact000339" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">19,170</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-12-31" id="Fact000340" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">7,784</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_iB_zItRyjPjVmo5" style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_i01_maOCILTzDqz_zv0k5D5u1Yt5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_408_eus-gaap--ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_iT_mtCINOTztRi_maCINOTzzkS_zLVPhfOln69b" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 214.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><br/></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 214.5pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 214.5pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 214.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 214.5pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_032"></span>FORAFRIC
GLOBAL PLC AND SUBSIDIARIES </b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS&#8217; EQUITY</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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_30B_114_pn3n3_zrUydKELUH76" summary="xdx: Statement - Consolidated Statements of Changes in Stockholders' Equity" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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                                                                  <p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 9pt">Stockholders&#8217;</span></p></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Amount</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-size: 9pt">Amount</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_435_c20210101__20211231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iS_zm8j06WG4MZ" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 28%; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 9pt">Balance, December 31, 2020 - issued</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td id="xdx_988_eus-gaap--SharesOutstanding_iS_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zb9XcJPwdt4f" title="Balance, shares" style="border-bottom: Black 1.5pt solid; width: 4%; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2020-12-31_us-gaap_CommonStockMember" id="Fact000374" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">120,000,000</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-size: 9pt">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 4%; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_us-gaap_CommonStockMember" id="Fact000366" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">120,000</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td id="xdx_983_eus-gaap--SharesOutstanding_iS_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--StatementClassOfStockAxis__custom--CommonClassZMember_zDtdeA5HA8fg" title="Balance, shares" style="border-bottom: Black 1.5pt solid; width: 4%; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0376">-</span></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-size: 9pt">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 4%; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0367">-</span></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-size: 9pt">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 4%; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0368">-</span></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-size: 9pt">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 4%; text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_us-gaap_RetainedEarningsMember" id="Fact000369" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">74,397</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">)</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-size: 9pt">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 4%; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="Fact000370" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,309</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-size: 9pt">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 4%; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_us-gaap_NoncontrollingInterestMember" id="Fact000371" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">82</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="width: 2%; padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-size: 9pt">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 4%; text-align: right">&#160;&#160;<span style="font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31" id="Fact000372" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">51,994</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_406_ecustom--StockIssuedDuringPeriodValueRetroactiveAdjustmentToReflectRecapitalization_z0j57tUjF5n5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-size: 9pt">Retroactive adjustment to reflect recapitalization</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td id="xdx_98E_ecustom--StockIssuedDuringPeriodSharesRetroactiveAdjustmentToReflectRecapitalizationShares_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z4OcQAMt8wR2" title="Retroactive adjustment to reflect recapitalization, shares" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="AFRI:StockIssuedDuringPeriodSharesRetroactiveAdjustmentToReflectRecapitalizationShares" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" id="Fact000386" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Shares">99,444,405</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="AFRI:StockIssuedDuringPeriodValueRetroactiveAdjustmentToReflectRecapitalization" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" id="Fact000378" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">119,979</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0379">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="AFRI:StockIssuedDuringPeriodValueRetroactiveAdjustmentToReflectRecapitalization" contextRef="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000380" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">119,979</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0381">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0382">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0383">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0384">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_40B_ecustom--AdjustedStockholdersEquity_znkTWy6xwpwe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-size: 9pt">Balance, December 31, 2020 - adjusted</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td id="xdx_983_ecustom--AdjustedSharesOutstanding_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zZJozFSZQABj" title="Balance, December 31, 2020 - adjusted, shares" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="AFRI:AdjustedSharesOutstanding" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" id="Fact000396" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,555,595</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="AFRI:AdjustedStockholdersEquity" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" id="Fact000388" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">21</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
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  <tr id="xdx_403_eus-gaap--ProfitLoss_z7Ky5PG3jMce" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_409_ecustom--StockIssuedDuringPeriodValueTransferOfStockholderLoanFromRelatedParty_zAnvC90ROGmc" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt">Transfer of stockholder loan from related party</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">-</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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  <tr id="xdx_407_eus-gaap--StockIssuedDuringPeriodValuePurchaseOfAssets_zSI77VyA8zxk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt">Contribution of fixed assets from related party</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0422">-</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">-</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0423">-</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0424">-</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0426">-</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0427">-</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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  <tr id="xdx_405_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_zoPdl12HutWl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-size: 9pt">Foreign exchange loss</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0430">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0431">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0432">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0433">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" contextRef="From2021-01-012021-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="Fact000434" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,624</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" contextRef="From2021-01-012021-12-31_us-gaap_NoncontrollingInterestMember" id="Fact000435" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">371</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" contextRef="From2021-01-012021-12-31" id="Fact000436" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,995</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 9pt">)</span></td></tr>
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    <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-size: 9pt">Balance, December 31, 2021</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0439">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-size: 9pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2021-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000440" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">119,979</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-size: 9pt">&#160;</span></td>
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  <tr id="xdx_404_eus-gaap--StockIssuedDuringPeriodValueAcquisitions_zBVT5Q4p9hL6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt">Merger and recapitalization</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 9pt">$</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0454">-</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">$</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0455">-</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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  <tr id="xdx_40E_eus-gaap--AdjustmentsToAdditionalPaidInCapitalOther_iN_di_zw1HJQOASGK9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt">Transaction costs</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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  <tr id="xdx_40B_eus-gaap--AdjustmentsToAdditionalPaidInCapitalWarrantIssued_iN_di_zfjNm4SsMXVk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt">Derivative liability for forward purchase agreement</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">-</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">-</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0471">-</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalWarrantIssued" contextRef="From2022-01-012022-12-31" id="Fact000476" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,685</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td></tr>
  <tr id="xdx_40E_ecustom--AdjustmentsToAdditionalPaidInCapitalContingentConsiderationLiability_zL7zK03N0B54" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 9pt">Contingent consideration liability</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">-</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">-</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0479">-</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0482">-</span></span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">(<ix:nonFraction name="AFRI:AdjustmentsToAdditionalPaidInCapitalContingentConsiderationLiability" contextRef="From2022-01-012022-12-31" id="Fact000484" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,308</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 9pt">)</span></td></tr>
  <tr id="xdx_40E_ecustom--StockIssuedDuringPeriodValueWarrantsExercised_zy7EI9Sxp6Af" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_403_eus-gaap--ProfitLoss_zEQxChBiLlo5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_zJ7ZmJJihr6b" style="vertical-align: bottom; background-color: White">
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<tr id="xdx_406_eus-gaap--StockRepurchasedAndRetiredDuringPeriodValue_zDmGGQtidlgj" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40E_ecustom--StockIssuedDuringPeriodValueWarrantsExercised_zZNehuZon9bg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">-</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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  <tr id="xdx_400_eus-gaap--NoncontrollingInterestIncreaseFromBusinessCombination_iN_di_z9EMvE51GjV4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-size: 9pt">Acquisition of non-controlling interest</span></td><td><span style="font-size: 9pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">-</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 9pt">-</span></td><td style="text-align: left"><span style="font-size: 9pt">&#160;</span></td><td><span style="font-size: 9pt">&#160;</span></td>
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-align: center"><span style="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"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></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; 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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_033"></span>FORAFRIC
GLOBAL PLC AND SUBSIDIARIES </b></span></p>

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

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

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

<table cellpadding="0" cellspacing="0" id="xdx_306_112_pn3n3_zZxY2H6Q7fz" summary="xdx: Statement - Consolidated Statements of Cash Flows" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_403_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_i02_maNCPBUzaFB_zsVY49sfDQJ2" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eus-gaap--ProvisionForDoubtfulAccounts_i02_maNCPBUzaFB_zkiXuOeMhj11" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--FairValueAdjustmentOfWarrants_i02_maNCPBUzaFB_zfeX1oLxa0cf" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in fair value of
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0670">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--AccretionExpense_i02_maNCPBUzaFB_zsmxnTLwo4Ai" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-cash accretion of interest
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0673">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0674">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--ShareBasedCompensation_i02_maNCPBUzaFB_zbLUo49Tl2Uc" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Share-based compensation</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0678">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--DeferredIncomeTaxExpenseBenefit_i02_maNCPBUzaFB_zCDl05hafiIk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred income taxes</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact000681" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">4,286</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_403_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_ziXycuydJYN5" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_msNCPBUzaFB_zfvAALwVnbUh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts receivable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2023-01-01to2023-12-31" id="Fact000688" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,300</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2022-01-012022-12-31" id="Fact000689" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,646</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2021-01-012021-12-31" id="Fact000690" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,370</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInOtherReceivables_i03N_di_msNCPBUzaFB_zsIObW8J2sIi" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherReceivables" contextRef="From2023-01-01to2023-12-31" id="Fact000692" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">26,658</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherReceivables" contextRef="From2022-01-012022-12-31" id="Fact000693" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26,079</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherReceivables" contextRef="From2021-01-012021-12-31" id="Fact000694" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16,195</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_i03N_di_msNCPBUzaFB_zmAyIggmDTr9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2022-01-012022-12-31" id="Fact000697" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,588</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_404_eus-gaap--IncreaseDecreaseInInventories_i03N_di_msNCPBUzaFB_zsy8PN6SsVZc" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Inventories</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInOtherNoncurrentAssets_i03N_di_msNCPBUzaFB_zr9jrGgzui82" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_eus-gaap--IncreaseDecreaseInAccountsPayable_i03_maNCPBUzaFB_zUUoUlSri2gc" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts payable</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_408_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_i03_maNCPBUzaFB_zxacSDeQcFdj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2023-01-01to2023-12-31" id="Fact000712" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">581</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2022-01-012022-12-31" id="Fact000713" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">776</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2021-01-012021-12-31" id="Fact000714" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,531</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_404_eus-gaap--IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities_i03_maNCPBUzaFB_zyWb5j0XTrt" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact000716" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">988</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" contextRef="From2022-01-012022-12-31" id="Fact000717" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">9,514</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" contextRef="From2021-01-012021-12-31" id="Fact000718" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">4,609</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_403_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_mtNCPBUzaFB_maCCERCzlxb_zNx12hrReNUl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-012022-12-31" id="Fact000721" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">57,569</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-12-31" id="Fact000722" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">26,048</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_400_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zw8CNVUY2Ft6" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash flows from investing
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--PaymentsToAcquireBusinessesNetOfCashAcquired_i01N_di_msNCPBUz0pi_zJD88FJnG967" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Acquisition of businesses and assets, net of
    cash acquired</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" contextRef="From2023-01-01to2023-12-31" id="Fact000728" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">37</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0729">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" contextRef="From2021-01-012021-12-31" id="Fact000730" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,639</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_405_eus-gaap--PaymentsToAcquireEquityMethodInvestments_i01N_di_msNCPBUz0pi_zJk5F2jQh388" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Purchase of equity method investment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0732">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0733">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireEquityMethodInvestments" contextRef="From2021-01-012021-12-31" id="Fact000734" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">385</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_401_eus-gaap--PaymentsToFundLongtermLoansToRelatedParties_i01N_di_msNCPBUz0pi_zPKo1YXv2Nbc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Advances to related parties</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0736">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0737">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToFundLongtermLoansToRelatedParties" contextRef="From2021-01-012021-12-31" id="Fact000738" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">511</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_400_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msNCPBUz0pi_zofLrlCcDEW4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Purchases of property, plant, and equipment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000740" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,528</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31" id="Fact000741" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,533</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" id="Fact000742" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,833</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_405_eus-gaap--ProceedsFromSaleOfPropertyPlantAndEquipment_i01_maNCPBUz0pi_zhRqZ3Z4SdCc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Sales of property, plant, and equipment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000744" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">47</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" id="Fact000746" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">488</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--PaymentsToAcquireIntangibleAssets_i01N_di_msNCPBUz0pi_zkBJnciuEzfi" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireIntangibleAssets" contextRef="From2022-01-012022-12-31" id="Fact000749" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">262</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:PaymentsToAcquireIntangibleAssets" contextRef="From2021-01-012021-12-31" id="Fact000750" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">634</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_405_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_mtNCPBUz0pi_maCCERCzlxb_ziEHN1nFX4Hi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net cash used in investing
    activities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000753" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">4,030</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-01-012021-12-31" id="Fact000754" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">14,514</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40D_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zOOGdln82EA1" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash flows from financing
    activities:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_ecustom--CashAcquiredInMergerAndRecapitalization_i01_maNCPBUzBtU_zNHZqr1h5NJc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash acquired in merger and recapitalization</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0760">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:CashAcquiredInMergerAndRecapitalization" contextRef="From2022-01-012022-12-31" id="Fact000761" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">13,966</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0762">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_ecustom--ProceedsFromForwardSharePurchaseAgreement_i01_maNCPBUzBtU_zVZ4HglAsCd1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds from forward share purchase agreement</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0764">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:ProceedsFromForwardSharePurchaseAgreement" contextRef="From2022-01-012022-12-31" id="Fact000765" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,719</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0766">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--ProceedsFromConvertibleDebt_i01_maNCPBUzBtU_z1nX32gtlxag" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds from convertible bonds issued</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0768">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2022-01-012022-12-31" id="Fact000769" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2021-01-012021-12-31" id="Fact000770" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">500</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--ProceedsFromWarrantExercises_i01_maNCPBUzBtU_zYhPOCcyZkuh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Proceeds from exercise of warrants</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" contextRef="From2023-01-01to2023-12-31" id="Fact000772" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" contextRef="From2022-01-012022-12-31" id="Fact000773" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">446</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0774">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_ecustom--RepaymentsOfTransactionCosts_i01N_di_msNCPBUzBtU_zVjzWfxdzaah" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Transaction costs</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0776">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="AFRI:RepaymentsOfTransactionCosts" contextRef="From2022-01-012022-12-31" id="Fact000777" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,104</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0778">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--ProceedsFromOtherShortTermDebt_i01_maNCPBUzBtU_zUO6PAiQEZR1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Stockholder loans</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0780">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ProceedsFromOtherShortTermDebt" contextRef="From2022-01-012022-12-31" id="Fact000781" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromOtherShortTermDebt" contextRef="From2021-01-012021-12-31" id="Fact000782" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,415</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_ecustom--RepaymentsOfWorkingCapitalFacilities_i01N_di_msNCPBUzBtU_zmKTGnVnQrW6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">(Repayments) borrowings on working capital
    facilities, net</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="AFRI:RepaymentsOfWorkingCapitalFacilities" contextRef="From2023-01-01to2023-12-31" id="Fact000784" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,590</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="AFRI:RepaymentsOfWorkingCapitalFacilities" contextRef="From2022-01-012022-12-31" id="Fact000785" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,389</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:RepaymentsOfWorkingCapitalFacilities" contextRef="From2021-01-012021-12-31" id="Fact000786" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">16,852</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--ProceedsFromLinesOfCredit_i01_maNCPBUzBtU_zvPUApcyEAue" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Borrowings on lines of credit &#8211; Wheat
    inventories</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromLinesOfCredit" contextRef="From2023-01-01to2023-12-31" id="Fact000788" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">59,604</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromLinesOfCredit" contextRef="From2022-01-012022-12-31" id="Fact000789" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">117,225</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromLinesOfCredit" contextRef="From2021-01-012021-12-31" id="Fact000790" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">67,103</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--RepaymentsOfLinesOfCredit_i01N_di_msNCPBUzBtU_zCXR67131nU8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayments on lines of credit &#8211; Wheat
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:RepaymentsOfLinesOfCredit" contextRef="From2023-01-01to2023-12-31" id="Fact000792" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">77,781</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ProceedsFromBankDebt" contextRef="From2021-01-012021-12-31" id="Fact000798" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,217</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--RepaymentsOfBankDebt_i01N_di_msNCPBUzBtU_zu83qC2q6833" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_mtNCPBUzBtU_maCCERCzlxb_zcovy014c4ii" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2021-01-012021-12-31" id="Fact000806" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">42,754</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_maCCERCzlxb_zZZ37NSLGpZ1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40F_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_mtCCERCzlxb_zKsr2wvohiKd" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iS_zsKwNcbIGDEe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2021-12-31" id="Fact000817" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,393</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2020-12-31" id="Fact000818" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,683</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iE_zr29bZisLGSk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash and cash equivalents,
    end of year</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2022-12-31" id="Fact000821" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,827</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2021-12-31" id="Fact000822" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,393</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--NoncashInvestingAndFinancingItemsAbstract_iB_zfm8VG7vElce" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-cash activities:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_ecustom--NoncashAcquisitionOfNoncontrollingInterest_i01_zqCXnTD7Leid" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0829">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0830">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_ecustom--SharesRepurchasedAndRetired_i01_zzwB08ONfOHl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Shares repurchased and
    retired</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0833">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0834">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_ecustom--ForwardSharePurchaseAgreements_i01_zyAvoF99JjB1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Forward share purchase
    agreements</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0836">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:ForwardSharePurchaseAgreements" contextRef="From2022-01-012022-12-31" id="Fact000837" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,685</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0838">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--PaymentForContingentConsiderationLiabilityFinancingActivities_i01_z5L6spnplcS9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Contingent consideration
    liability</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0840">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PaymentForContingentConsiderationLiabilityFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact000841" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,308</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0842">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--DebtConversionConvertedInstrumentAmount1_i01_zfc5NYCLe82f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Conversion of convertible
    bonds into ordinary shares</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0844">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2022-01-012022-12-31" id="Fact000845" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,797</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0846">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_ecustom--ConsiderationAndAccruedInterestPaidToSellingStockholderInOrdinaryShares_i01_zsm4scrGjVb8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Consideration and accrued
    interest paid to selling stockholder in ordinary shares</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0848">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:ConsiderationAndAccruedInterestPaidToSellingStockholderInOrdinaryShares" contextRef="From2022-01-012022-12-31" id="Fact000849" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,398</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0850">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_ecustom--TransferOfRelatedPartyDebt_i01_zU5XK5NAClN6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Transfer of related
    party debt</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0852">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0853">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:TransferOfRelatedPartyDebt" contextRef="From2021-01-012021-12-31" id="Fact000854" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,339</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_ecustom--FixedAssetsContributedFromRelatedParty_i01_zax7c67nZLag" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Fixed assets contributed
    from related party</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0856">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0857">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:FixedAssetsContributedFromRelatedParty" contextRef="From2021-01-012021-12-31" id="Fact000858" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">168</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--ConsolidationOfVariableInterestEntitiesRelatedToBusinessAcquisitions_i01_ztT2jrZt0oi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Consolidation of variable
    interest entities related to business acquisitions</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0860">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl0861">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:ConsolidationOfVariableInterestEntitiesRelatedToBusinessAcquisitions" contextRef="From2021-01-012021-12-31" id="Fact000862" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,608</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--SupplementalCashFlowElementsAbstract_iB_zwt9uq4yy5i9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Supplemental cash flow disclosures:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--InterestPaidNet_i01_zqbJ1wXc6wQ9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Interest paid</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InterestPaidNet" contextRef="From2023-01-01to2023-12-31" id="Fact000868" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,750</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InterestPaidNet" contextRef="From2022-01-012022-12-31" id="Fact000869" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,343</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InterestPaidNet" contextRef="From2021-01-012021-12-31" id="Fact000870" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,202</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--IncomeTaxesPaid_i01_zNPPX2NPYw8k" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Net income taxes paid</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeTaxesPaid" contextRef="From2022-01-012022-12-31" id="Fact000873" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,228</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IncomeTaxesPaid" contextRef="From2021-01-012021-12-31" id="Fact000874" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,495</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_034"></span>FORAFRIC
GLOBAL PLC AND SUBSIDIARIES </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the years ended December 31, 2023, 2022 and 2021</b></span></p>

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

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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000876" name="us-gaap:NatureOfOperations"><p id="xdx_808_eus-gaap--NatureOfOperations_zKFYxAqHstx3" 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>1.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82A_zNmj7LF3Uo8b">NATURE OF OPERATIONS AND BASIS OF PRESENTATION</span></b></span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nature
of Operations</i> - Forafric Global PLC and Subsidiaries (the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221;),
formerly known as Forafric Agro Holdings Limited, through its subsidiaries is a market leader in the milling industry in Morocco, with
a complete offering of flours and semolina, secondary processing products including pasta and couscous, rice, and starches.</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">These
consolidated financial statements are the consolidated financial statements of the Company and its subsidiaries, each of which is controlled,
and is based on the financial position and results of operations of the Company as a standalone company. Intercompany balances and transactions
between consolidated entities have been eliminated. Refer to Note 22 &#8212; Related Parties for further information regarding the Company&#8217;s
related party transactions.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 9, 2022 (the &#8220;Closing Date&#8221;), Forafric Agro Holdings Limited (&#8220;FAHL&#8221;), consummated the previously announced
business combination and related transactions pursuant to a securities purchase agreement, dated December 19, 2021 (&#8220;Business Combination
Agreement&#8221;) which provides for the Business Combination (as defined below) between FAHL and Globis Acquisition Corp., a Delaware
corporation (&#8220;Globis&#8221;).</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"><i>Description
of the Business Combination</i> - In accordance with the Business Combination Agreement, the consummation of the following series of
separate transactions took place (collectively, the &#8220;Business Combination&#8221;): (i) Globis formed a new holding company, Globis
NV Merger Corp., a Nevada corporation (&#8220;Globis Nevada&#8221;), which changed its jurisdiction of incorporation by transferring
by way of a redomiciliation and domesticating as a Gibraltar private limited company known as &#8220;Forafric Global Limited&#8221; (the
&#8220;Redomiciliation&#8221;) and, following the Redomiciliation, altered its authorized and issued share capital and thereafter re-registering
as a Gibraltar public company limited by shares and changed its name to &#8220;Forafric Global PLC&#8221; (referred to herein as &#8220;New
Forafric&#8221;); (ii) New Forafric formed a new wholly-owned subsidiary, Globis NV Merger 2 Corp., a Nevada corporation (&#8220;Merger
Sub&#8221;); (iii) Globis merged with and into Merger Sub, with Merger Sub surviving (the &#8220;Merger&#8221;); (iv) an agent was appointed
to act on behalf of Globis stockholders such that, subject to and immediately following the completion of the Merger, the agent entered
into a contribution and subscription agreement with New Forafric (the &#8220;Contribution Agreement&#8221;) pursuant to which the issued
and outstanding shares of common stock of Merger Sub issued pursuant to the Merger will be exchanged (the &#8220;Exchange&#8221;), on
a one-for-one basis, for ordinary shares, nominal value $<span id="xdx_90D_eus-gaap--SharesIssuedPricePerShare_iI_c20220609_zQNXMEUc5i97" title="Ordinary shares price"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-06-09" id="Fact000878" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span> per share, of New Forafric (the &#8220;Ordinary Shares&#8221;); and (v)
on June 9, 2022, New Forafric acquired <span id="xdx_90A_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20220609__us-gaap--BusinessAcquisitionAxis__custom--NewForafricMember_zVVZwIwRBOUb" title="Acquired interest, percentage"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2022-06-09_custom_NewForafricMember" id="Fact000880" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the equity interests in FAHL from Lighthouse Capital Limited (&#8220;Seller&#8221;) and
FAHL became a direct subsidiary of New Forafric.</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"><i>Accounting
Treatment</i> - While the legal acquirer in the Business Combination is Globis, for financial accounting and reporting purposes under
accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;), FAHL is the accounting acquirer with
the Business Combination accounted for as a &#8220;reverse recapitalization.&#8221; A reverse recapitalization does not result in a new
basis of accounting, and the financial statements of the combined entity represent the continuation of the financial statements of FAHL.
Under this accounting method, Globis is treated as the &#8220;acquired&#8221; company and FAHL is the accounting acquirer, with the transaction
treated as a recapitalization of FAHL. Globis&#8217; assets, liabilities and results of operations were consolidated with FAHL beginning
on the date of the Business Combination.</span></p>

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

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

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


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    <!-- Field: /Page --></ix:exclude>

<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-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: 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"><b>FORAFRIC
GLOBAL PLC AND SUBSIDIARIES </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 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>(Continued)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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">&#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">Except
for certain derivative liabilities. the assets and liabilities of Globis were recognized at historical cost and were not material, with
no goodwill or other intangible assets recorded. The derivative liabilities, which are related to forward share purchase agreements and
contingent consideration, were recorded at fair value. The consolidated assets, liabilities, and results of operations of FAHL became
the historical financial statements, and operations prior to the closing of the Business Combination presented for comparative purposes
are those of FAHL. Pre-Combination shares of common stock were converted to shares of common stock of the combined company using the
conversion ratio of <span id="xdx_901_eus-gaap--DebtInstrumentConvertibleConversionRatio1_pid_c20230101__20231231_z5wWtL6YTUlj" title="Conversion ratio"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionRatio1" contextRef="From2023-01-01to2023-12-31" id="Fact000882" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.1713</ix:nonFraction></span> and for comparative purposes, the shares and net loss per share of FAHL, prior to the Business Combination,
have been retroactively restated using the conversion ratio.</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"><i>Basis
of Presentation </i>- These consolidated financial statements reflect the financial condition, results of operations and cash flows of
the Company and have been prepared in accordance with U.S. GAAP.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000884" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_805_eus-gaap--SignificantAccountingPoliciesTextBlock_zw14cExAR4h6" 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>2.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_822_zWJFV0EWkXUf">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>



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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000886" name="us-gaap:UseOfEstimates"><p id="xdx_84D_eus-gaap--UseOfEstimates_z27SEIcYpL08" 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><span id="xdx_869_zFLU2LPniRI3">Use
of Estimates</span> </i>- The preparation of our consolidated financial statements in conformity with U.S. GAAP requires management to use judgment
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and
liabilities at the date of the consolidated financial statements, and the reported amounts of net sales and expenses during the reporting
period. Significant accounting policy elections, estimates and assumptions include, among others, allowance for credit losses, valuation
assumptions of goodwill and intangible assets, useful lives of long-lived assets, and measurement of income tax assets. Given the uncertainty
of the global economic environment, our estimates could be significantly different than future performance. Actual results could differ
from these estimates. Historically, the aggregate differences, if any, between our estimates and actual amounts in any year have not
had a material effect on our 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000888" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_84A_eus-gaap--ConsolidationPolicyTextBlock_zFYlP6Kgnbv7" 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><span id="xdx_862_zXc8P6OP7IJ2">Principles
of Consolidation</span> </i>&#8211; The accompanying consolidated financial statements include all entities controlled by the Company. Intercompany
accounts and transactions are eliminated.</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">Control
exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity that most
significantly impact the entity&#8217;s economic performance and the obligation to absorb losses or the right to receive the benefits
from its activities that could potentially be significant to the entity. In assessing control, potential voting rights that are currently
exercisable or convertible are considered. The accounts of subsidiaries are included in the consolidated financial statements from the
date that control commences until the date that control ceases.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000890" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_84C_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zwVHml8vlb6f" 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><span id="xdx_867_zJTkHt1mPJId">Cash
Equivalents</span> </i>- We consider temporary cash investments with an original maturity of three months or less to be cash equivalents.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000892" name="us-gaap:ReceivablesPolicyTextBlock"><p id="xdx_84E_eus-gaap--ReceivablesPolicyTextBlock_zosgLexoFtq1" 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><span id="xdx_86E_zWgtzq7tpja7">Accounts
Receivable and Allowances for Credit Losses</span></i> &#8211; We provide credit terms to customers in-line with industry standards, perform
ongoing credit evaluations of our customers, and maintain allowances for potential credit losses based on historical experience recorded.
We analyze the aging of customer accounts, customer concentrations, customer creditworthiness, current economic trends and changes in
our customer payment patterns when evaluating the adequacy of the allowance for credit losses. Customer balances are written off after
all collection efforts are exhausted. Estimated product returns, which have not been material, are deducted from sales at the time of
shipment.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000894" name="us-gaap:InventoryPolicyTextBlock"><p id="xdx_847_eus-gaap--InventoryPolicyTextBlock_zf4RisKvGwia" 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><span id="xdx_863_zy1uQb76lqZc">Inventories</span>
</i>- Inventories are stated at the lower of cost or net realizable value. The Company&#8217;s inventory is valued using the weighted
average cost method. The costs of finished goods inventories include raw materials, labor, and overhead costs.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000896" name="us-gaap:TradeAndOtherAccountsReceivablePolicy"><p id="xdx_84A_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zpwVajnBHhEk" 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><span id="xdx_860_z6DFjrQJA6yh">Other
Receivables</span></i> &#8211; Other receivables include government subsidies for the production and sale of flour. The Moroccan government
provides a fixed subsidy based on production and customer. Subsidies are paid by the Moroccan government twice a year based on sales
of flour for the previous six months. The Company records the flour subsidies as a credit against the related costs that the subsidies
were intended to offset in the same periods that the costs were incurred within the consolidated statement of operations. During the
year ended December 31, 2023, and 2022, the Company received $<span id="xdx_90F_eus-gaap--OtherReceivables_iI_pn3n3_c20231231_zImaB4ArO68k" title="Government subsidies"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-12-31" id="Fact000898" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">99,453</ix:nonFraction></span> and $<span id="xdx_90A_eus-gaap--OtherReceivables_iI_pn3n3_c20221231_zXBGVhjshul9" title="Government subsidies"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2022-12-31" id="Fact000900" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">38,364</ix:nonFraction></span>, respectively, in the aggregate of government subsidies
for the production of affordable flour and relief from import tax on foreign sourced raw materials from the Moroccan government.</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>


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    <!-- Field: /Page --></ix:exclude>

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

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

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

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

<p style="font: 10pt Times New Roman, 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"><b>(Continued)</b></span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000902" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_84F_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zo3IayGYmERg" 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><span id="xdx_869_zg7JSr61UXQ9">Property,
Plant, and Equipment</span> </i>- Property, plant, and equipment are stated at acquisition cost, plus capitalized interest on borrowings during
the actual construction period of major capital projects. Depreciation and amortization are calculated using the straight-line method
over the estimated useful lives of the assets as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000904" name="AFRI:ScheduleOfEstimatedUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock"><p id="xdx_892_ecustom--ScheduleOfEstimatedUsefulLivesOfPropertyPlantAndEquipmentTableTextBlock_zCk8BqmujlS4" 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 id="xdx_8B5_ztgtD6ge85sk" style="display: none">SCHEDULE
OF ESTIMATED USEFUL LIFE OF PROPERTY PLANT AND EQUIPMENT</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 49%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Assets</span></td><td style="padding-bottom: 1.5pt; width: 2%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 49%; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Useful
    Lives</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Buildings</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zIv2ywv59Jnb" title="Property plant and equipment, useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_BuildingMember" format="ixt-sec:duryear" id="Fact000906" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">39</ix:nonNumeric></span> years</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Machinery and equipment (technical installations)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_zB9MInvDjsMg" title="Property plant and equipment, useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_MachineryAndEquipmentMember_srt_MinimumMember" format="ixt-sec:duryear" id="Fact000908" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">30</ix:nonNumeric></span>-<span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zaHQBF2KrZ4c" title="Property plant and equipment, useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_MachineryAndEquipmentMember_srt_MaximumMember" format="ixt-sec:duryear" id="Fact000910" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">50</ix:nonNumeric></span> years</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OtherAssetMember__srt--RangeAxis__srt--MinimumMember_zBtQUXEKrgch" title="Property plant and equipment, useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_OtherAssetMember_srt_MinimumMember" format="ixt-sec:duryear" id="Fact000912" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span>-<span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OtherAssetMember__srt--RangeAxis__srt--MaximumMember_zJCyYJ3wr7Tj" title="Property plant and equipment, useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_OtherAssetMember_srt_MaximumMember" format="ixt-sec:duryear" id="Fact000914" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">30</ix:nonNumeric></span> years</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_zEWDSJ050YKi" 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">Building
improvements are depreciated over the shorter of the estimated useful life of the assets or the remaining useful life. Leasehold improvements
are amortized over the shorter of their useful life or remaining lease term. Expenditures for repairs and maintenance, which do not improve
or extend the life of the assets, are expensed as incurred.</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
perform impairment tests when circumstances indicate that the carrying value of an asset may not be recoverable. Indicators of impairment
include deteriorations in operating cash flows, the anticipated sale or disposal of an asset group, and other significant changes in
business conditions. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that
the carrying amount of an asset may not be recoverable. The Company&#8217;s assessment of recoverability of property, plant and equipment
is performed on a reporting unit level. Recoverability of assets to be held and used is measured by a comparison of the carrying amount
of such asset to its estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of such asset
exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of
the asset exceeds the fair value of the asset. Assets to be disposed of by sale are reported at the lower of the carrying amount or fair
value, less estimated costs to sell.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000916" name="us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock"><p id="xdx_845_eus-gaap--GoodwillAndIntangibleAssetsPolicyTextBlock_zcOFMriIxCN" 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><span id="xdx_868_zI2Ya3EfLB67">Goodwill
and Other Intangible Assets</span> </i>- Identifiable intangible assets with finite lives are amortized over their estimated useful lives as
follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000918" name="AFRI:ScheduleOfEstimatedUsefulLifeOfIntangibleAssetsAndGoodwillTableTextBlock"><p id="xdx_897_ecustom--ScheduleOfEstimatedUsefulLifeOfIntangibleAssetsAndGoodwillTableTextBlock_zQqI8gJTMY5b" 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 id="xdx_8BB_zISc8vhL04Ah" style="display: none">SCHEDULE
OF ESTIMATED USEFUL LIFE OF GOODWILL AND OTHER INTANGIBLE ASSETS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 49%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Assets</span></td><td style="padding-bottom: 1.5pt; width: 2%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 49%; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Useful
    Lives</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Trademarks</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td id="xdx_98B_eus-gaap--FiniteLivedIntangibleAssetsIntentOrAbilityToRenewOrExtendArrangement_c20230101__20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksMember_zRwMOSsVJ1O" title="Goodwill and other intangible assets, useful lives" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2023-01-012023-12-31_us-gaap_TrademarksMember" id="Fact000920" name="us-gaap:FiniteLivedIntangibleAssetsIntentOrAbilityToRenewOrExtendArrangement">Indefinite</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Customer relationships</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90E_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zAot11uFrS05" title="Goodwill and other intangible assets, useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_CustomerRelationshipsMember" format="ixt-sec:duryear" id="Fact000922" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">20</ix:nonNumeric></span> years</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Patents and licenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_908_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--PatentsMember__srt--RangeAxis__srt--MinimumMember_zxkacKWhMjvh" title="Goodwill and other intangible assets, useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_PatentsMember_srt_MinimumMember" format="ixt-sec:duryear" id="Fact000924" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">5</ix:nonNumeric></span>-<span id="xdx_909_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--PatentsMember__srt--RangeAxis__srt--MaximumMember_z0CihzoC4St5" title="Goodwill and other intangible assets, useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_PatentsMember_srt_MaximumMember" format="ixt-sec:duryear" id="Fact000926" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">10</ix:nonNumeric></span> years</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Computer software</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--ComputerSoftwareIntangibleAssetMember__srt--RangeAxis__srt--MinimumMember_zPxvqzNKI2Gb" title="Goodwill and other intangible assets, useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_ComputerSoftwareIntangibleAssetMember_srt_MinimumMember" format="ixt-sec:duryear" id="Fact000928" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">5</ix:nonNumeric></span>-<span id="xdx_90F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--ComputerSoftwareIntangibleAssetMember__srt--RangeAxis__srt--MaximumMember_zzz9ze3udpnf" title="Goodwill and other intangible assets, useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_ComputerSoftwareIntangibleAssetMember_srt_MaximumMember" format="ixt-sec:duryear" id="Fact000930" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">10</ix:nonNumeric></span> years</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other intangible assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_906_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--OtherIntangibleAssetsMember__srt--RangeAxis__srt--MinimumMember_zCeoeygrnCp2" title="Goodwill and other intangible assets, useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_OtherIntangibleAssetsMember_srt_MinimumMember" format="ixt-sec:duryear" id="Fact000932" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">3</ix:nonNumeric></span>-<span id="xdx_900_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--OtherIntangibleAssetsMember__srt--RangeAxis__srt--MaximumMember_zqwh553wg9D6" title="Goodwill and other intangible assets, useful life"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_OtherIntangibleAssetsMember_srt_MaximumMember" format="ixt-sec:duryear" id="Fact000934" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">10</ix:nonNumeric></span> years</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AB_z3YbBugn2iwl" 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">Recognized
intangible assets, exclusive of goodwill, are amortized over the useful lives of the assets unless that life is determined to be indefinite.
All of our intangible assets, exclusive of goodwill and trademarks, are finite lived. All amortization expense related to intangible
assets is recorded in Selling, general, and administrative expense in the consolidated statements of operations. Intangible assets with
finite lives are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
If an evaluation of the undiscounted cash flows indicates impairment, the asset is written down to its estimated fair value, which is
generally based on discounted future cash flows.</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">Goodwill
and other indefinite-lived intangible assets are evaluated for impairment annually, or whenever events or changes in circumstances indicate
that the carrying value may not be recoverable. Our annual impairment evaluation is conducted during our fiscal fourth quarter.</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">In
accordance with the accounting standards, an entity has the option first to assess qualitative factors to determine whether events and
circumstances indicate that it is more likely than not that goodwill or an indefinite-lived intangible asset is impaired. If after such
assessment an entity concludes that the asset is not impaired, then the entity is not required to take further action. However, if an
entity concludes otherwise, then it is required to determine the fair value of the asset using a quantitative impairment test, and if
impaired, the associated assets must be written down to fair value.</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>


<ix:exclude><!-- Field: Page; Sequence: 99; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- 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%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></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
quantitative impairment test for goodwill compares the fair value of a reporting unit with the carrying value of its net assets, including
goodwill. If the fair value of the reporting unit is less than the carrying value of the reporting unit, an impairment charge would be
recorded to the Company&#8217;s operations, for the amount in which the carrying amount exceeds the reporting unit&#8217;s fair value.
We determine fair values for each reporting unit using the market approach, when available and appropriate, the income approach, or a
combination of both. The income approach involves forecasting projected financial information (such as revenue growth rates, profit margins,
tax rates, and capital expenditures) and selecting a discount rate that reflects the risk inherent in estimated future cash flows. Under
the market approach, the fair value is based on observed market data. If multiple valuation methodologies are used, the results are weighted
appropriately.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000936" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_846_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zTzfdh4h0gy1" 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><span id="xdx_867_z4j3VmzcU6Bl">Segment
Reporting</span> - </i>The Company reports segment information based on the &#8220;management&#8221; approach. The management approach designates
the internal reporting used by management for making decisions and assessing performance as the source of the Company&#8217;s reportable
segments. Management has identified Soft Wheat, Durum Wheat, and Couscous and Pasta as separate operating segments. Refer to Note 21
for further information regarding the Company&#8217;s segment information.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000938" name="us-gaap:AdvertisingCostsPolicyTextBlock"><p id="xdx_84F_eus-gaap--AdvertisingCostsPolicyTextBlock_zkf0WjGqCJU2" 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><span id="xdx_866_zl70VeUFDUsc">Advertising</span>
-</i> The Company has elected to expense all advertising costs as incurred. The Company expenses advertising costs as incurred and such
expenses totaled $<span id="xdx_90C_eus-gaap--AdvertisingExpense_pn3n3_c20230101__20231231_ztEfLf93iL6b" title="Advertising expense"><ix:nonFraction name="us-gaap:AdvertisingExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000940" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">258</ix:nonFraction></span>, $<span id="xdx_908_eus-gaap--AdvertisingExpense_pn3n3_c20220101__20221231_zzQgeL9Gjdq2" title="Advertising expense"><ix:nonFraction name="us-gaap:AdvertisingExpense" contextRef="From2022-01-012022-12-31" id="Fact000942" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">19</ix:nonFraction></span>, and $<span id="xdx_909_eus-gaap--AdvertisingExpense_pn3n3_c20210101__20211231_zh6v5ySZake5" title="Advertising expense"><ix:nonFraction name="us-gaap:AdvertisingExpense" contextRef="From2021-01-012021-12-31" id="Fact000944" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">536</ix:nonFraction></span> for the fiscal years ending December 31, 2023, 2022 and 2021, respectively.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000946" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_847_eus-gaap--LesseeLeasesPolicyTextBlock_zRNjpMxUZWMj" 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><span id="xdx_860_zTLn3fPF0sWg">Leases</span>
</i>- We determine if an arrangement is or contains a lease at inception. Our assessment is based on (1) whether the contract involves
the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the
asset throughout the period and (3) whether we have the right to direct the use of the asset. Leases are classified as either finance
leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: the lease transfers
ownership of the asset by the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to
be exercised, the lease term is for a major part of the remaining useful life of the asset or the present value of the lease payments
equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any
one of these criteria. The lease classification affects the expense recognition in the income statement. Operating lease costs are recorded
entirely in operating expenses. Finance lease costs are split, where amortization of the ROU asset is recorded in operating expenses
and an implied interest component is recorded in interest expense.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000948" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy"><p id="xdx_843_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_z6Ooq99aLAq4" 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><span id="xdx_868_z9V5VRrwW1F8">Share-Based
Compensation</span></i> - Share-based awards principally comprise of stock options and cash-settled stock options, referred to as &#8220;phantom
options&#8221;. Share-based awards are generally issued to certain senior management personnel. Share-based compensation cost (other
than phantom options) is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite
service period, which is the vesting period, on a straight-line basis. Our phantom options are accounted for as liability awards and
are re-measured at fair value each reporting period with compensation expense being recognized over the requisite service period.</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 uses the Black-Scholes option pricing model to determine the grant date fair value of its stock options and phantom options,
respectively, as well as the fair value at each reporting period for liability classified awards. This model requires the Company to
estimate the expected volatility and the expected term of the stock options, which are highly complex and subjective variables. The Company
uses an expected volatility of its stock price during the expected life of the options that is based on the historical performance of
the Company&#8217;s stock price as well as including an estimate using similar companies. The expected term is computed using the simplified
method as the Company&#8217;s best estimate given its lack of actual exercise history. The Company has selected a risk-free rate based
on the implied yield available on U.S. Treasury securities with a maturity equivalent to the expected exercise term of the stock option.
The inputs to the valuation of phantom options are observable in the market, and as such are classified as Level 2 in the fair value
hierarchy. The Company accounts for forfeitures of share-based awards as the occur.<br/></span></p>

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

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

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000950" name="us-gaap:BusinessCombinationsPolicy"><p id="xdx_846_eus-gaap--BusinessCombinationsPolicy_zGodiiUMKaj1" 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><span id="xdx_86E_ze9IqSRnRKOk">Business
Combinations and Asset Acquisitions</span> &#8211; </i>The Company accounts for acquisitions that qualify as business combinations by applying
the acquisition method according to Accounting Standards Codification (&#8220;ASC&#8221;) 805, Business Combinations (&#8220;ASC 805&#8221;).
Transaction costs related to the acquisition of a business are expensed as incurred and excluded from the fair value of consideration
transferred. The identifiable assets acquired, liabilities assumed, and noncontrolling interests in an acquired entity are recognized
and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable
assets acquired, liabilities assumed, and noncontrolling interests in an acquired entity, net of the fair value of any previously held
interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and 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">The
Company evaluates acquisitions of assets and other similar transactions to assess whether the transaction should be accounted for as
a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair value
of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the transaction
is accounted for as an asset acquisition. If not, further determination is required as to whether the Company has acquired inputs and
processes that can create outputs that would meet the definition of a business. When applying the screen test, significant judgment is
required to determine whether an acquisition is a business combination or an acquisition of assets. Accounting for asset acquisitions
falls under the guidance of Topic 805, Business Combinations, specifically Subtopic 805-50. A cost accumulation model is used to determine
an asset acquisition&#8217;s cost. Assets acquired are based on their cost, generally allocated to them on a relative fair value basis.
Direct acquisition-related costs are included in the cost of the acquired assets.</span></p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000952" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_84E_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zRzx5975MKq5" 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><span id="xdx_869_z4XPEeQGjX74">Foreign
Currency Translation and Transactions</span></i> - The Company&#8217;s reporting currency is the US dollar (&#8220;USD&#8221;). The functional
currency of the Company&#8217;s operating subsidiaries is generally the same as the corresponding local currency. Assets and liabilities
of the operating subsidiaries are translated at the spot rate in effect at the applicable reporting date. Revenues and expenses of the
operating subsidiaries are translated at the average exchange rates in effect during the applicable period. The resulting foreign currency
translation adjustment is recorded as Accumulated other comprehensive loss, which is reflected as a separate component of Stockholders&#8217;
equity. The functional currency is translated into U.S. dollars for balance sheet accounts using currency exchange rates in effect as
of the balance sheet date, and for revenue and expense accounts using a weighted-average exchange rate during the fiscal year. The transactions
in foreign currency (that is a different currency than the functional currency of the entity) are converted at the exchange rate prevailing
to the date of the transaction. The assets and liabilities denominated in foreign currencies are evaluated in the current period on the
date of the closing or at the opening rate, when applicable. The translation adjustments are deferred as a separate component of equity
in &#8220;Accumulated other comprehensive income&#8221;. Gains or losses resulting from transactions denominated in foreign currencies
and intercompany debt that is not of a long-term investment nature are included in (Gain) loss on foreign currency exchange in the consolidated
statements of operations and comprehensive loss.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000954" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_84E_eus-gaap--ConcentrationRiskCreditRisk_zf8w5I6TPqv7" 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><span id="xdx_869_zO9BDvX0DAy2">Credit
Risk</span></i> &#8211; Financial instruments potentially subject to concentration of credit risk consist primarily of cash and cash equivalents
and trade accounts receivable. At times during the periods presented, the Company had funds in excess of Deposit Insurance programs in
Morocco, on deposit at various financial institutions. Management believes the Company is not exposed to significant credit risk due
to the financial position of the depository institutions in which those deposits are held.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000956" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p id="xdx_84D_eus-gaap--RevenueRecognitionPolicyTextBlock_zUvhSMhv05W6" 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><span id="xdx_866_zZ3FQ52JMTXd">Revenue
Recognition</span> &#8211; </i>The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance
obligation by transferring control over a product or service to a customer. The majority of the Company&#8217;s contracts with customers
have one performance obligation and a contract duration of one year or less. The Company applies the practical expedient in AASC paragraph
10-50-14 of ASC Topic 606, <i>Revenue from Contracts with Customers</i> and does not disclose information about remaining performance
obligations that have original expected durations of one year or less. Trade discounts or volume rebates are recognized as a deduction
in revenue. No payment terms beyond one year are granted at contract inception.</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">Revenue
related to the sale of goods is measured based on consideration specified in a contract with a customer. The Company recognizes revenue
from these contracts at a point in time when it satisfies a performance obligation by transferring control of a product to a customer,
generally when legal title and risks and rewards transfer to the customer. Sales terms typically provide for transfer of title at the
time and point of delivery and acceptance of the product being sold.</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>FORAFRIC
GLOBAL PLC AND SUBSIDIARIES </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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"><b>(Continued)</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
received from customers prior to revenue recognition on a contract are recorded as contract liabilities on the consolidated balance sheets.</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">Amounts
paid to suppliers prior to purchase recognition are recorded within prepaid expenses and other current assets on the consolidated balance
sheets.</span></p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000958" name="us-gaap:ShippingAndHandlingCostPolicyTextBlock"><p id="xdx_84B_eus-gaap--ShippingAndHandlingCostPolicyTextBlock_z2jdSUjM865a" 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><span id="xdx_864_z9iWXaVXKud4">Shipping
and Handling Costs</span></i> &#8211; Shipping and handling costs related to contracts with customers for the sale of goods are accounted for
as a fulfillment activity and are included in cost of sales. Accordingly, amounts billed to customers for such costs are included as
a component of revenues.</span></p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000960" name="us-gaap:MajorCustomersPolicyPolicyTextBlock"><p id="xdx_841_eus-gaap--MajorCustomersPolicyPolicyTextBlock_zcuPtHtwQhsi" 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><span id="xdx_867_z2iHOM26jLl9">Taxes
Collected from Customers and Remitted to Governmental Authorities</span></i> &#8211; The Company does not include taxes assessed by governmental
authorities that are (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers, in
the measurement of transactions prices or as a component of revenues and cost of sales.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000962" name="AFRI:TransactionCostsPolicyTextBlock"><p id="xdx_845_ecustom--TransactionCostsPolicyTextBlock_zfnhF77722J8" 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><span id="xdx_866_zkenuUKkjvml">Transaction
Costs</span> </i>- The Company incurred significant costs direct and incremental to the Business Combination and therefore to the recapitalization
of the Company. Direct transaction costs were allocated between equity and liability instruments measured at fair value on a recurring
basis that were newly issued in the recapitalization.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000964" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_842_eus-gaap--IncomeTaxPolicyTextBlock_zo03ZuxG80zd" 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><span id="xdx_861_zmXrMswGjqM9">Income
Taxes</span></i> &#8211; The provision for income taxes includes income taxes currently payable in Morocco and local jurisdictions, and those
deferred because of temporary differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets
or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities using
enacted tax rates. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit
will not be realized. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period.
We account for uncertain tax positions using a &#8220;more-likely-than-not&#8221; threshold. A tax benefit from an uncertain tax position
is recognized if it is more-likely-than-not that the tax position will be sustained on examination by the taxing authorities, based on
the technical merits of the position, or the statute of limitations concerning such issues lapses.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000966" name="AFRI:AccountingForWarrantsPolicyTextBlock"><p id="xdx_84D_ecustom--AccountingForWarrantsPolicyTextBlock_zeWdz1AssDvj" 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><span id="xdx_86B_zMjUOY3lPQlg">Accounting
for Warrants</span> </i>&#8211; The Company accounts for warrants as either equity-classified or liability-classified instruments based on an
assessment of the instruments&#8217; specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from
Equity (&#8220;ASC 480&#8221;) and ASC 815, Derivatives and Hedging (&#8220;ASC 815&#8221;). The assessment considers whether the instruments
are free standing financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the
instruments all of the requirements for equity classification under ASC 815, including whether the instruments are indexed to the Company&#8217;s
own ordinary shares and whether the instrument holders could potentially require &#8220;net cash settlement&#8221; in a circumstance
outside of the Company&#8217;s control, among other conditions for equity classification. This assessment, which requires the use of
professional judgment, is conducted at the time of warrant issuance and as of each subsequent period end date while the instruments are
outstanding. Management has concluded that the Public Warrants and Private Placement Warrants issued pursuant to the Business Combination
qualify for equity accounting treatment. For further detail on the Company&#8217;s Warrants (Public and Private), refer to Note 17 -
Stockholders&#8217; Equity.</span></p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000968" name="AFRI:ForeignCurrencyForwardContractsPolicyTextBlock"><p id="xdx_847_ecustom--ForeignCurrencyForwardContractsPolicyTextBlock_zQgD09NkUNYk" 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><span id="xdx_86D_zyBJ03h68F9l">Foreign
Currency Forward Contracts</span></i> &#8211;The Company is exposed to foreign currency exchange rate fluctuations in the normal course of its
business, which the Company at times manages through the use of foreign currency forward contracts. The Company has entered into foreign
currency forward contracts and accounts for these instruments in accordance with ASC Topic 815, &#8220;Derivatives and Hedging,&#8221;
which establishes accounting and reporting standards requiring that derivative instruments be recorded on the balance sheet as either
an asset or liability measured at fair value. The Company&#8217;s foreign currency contracts are not designated as hedging instruments
under ASC 815; accordingly, changes in the fair value are recorded in current period earnings. For more information, refer to Note 13
- Foreign currency forward contracts.</span></p>

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</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000970" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p id="xdx_845_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zh6OLZgLycLb" 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><span id="xdx_86F_zWalYTLXq2Zb">Fair
Value Measurements</span> </i>&#8211; The Company follows the guidance in ASC 820, &#8220;Fair Value Measurement,&#8221; for its financial assets
and liabilities that are re-measured and reported at fair value at each reporting period. The fair value of the Company&#8217;s financial
assets and liabilities reflects management&#8217;s estimate of amounts that the Company would have received in connection with the sale
of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the
measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of
observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions
about how market participants would price assets and liabilities).</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>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used
to value the assets and liabilities:</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; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in
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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">-</span></td>
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    or liabilities and quoted prices for identical assets or liabilities in markets that are not active.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s financial instruments include cash equivalents, accounts receivable from customers, other receivables, prepaid expenses
and other current assets, accounts payable and accrued liabilities, all of which are typically short-term in nature. The Company believes
that the carrying amounts of these financial instruments reasonably approximate their fair values due to their short-term nature.</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 measures the derivative liability and asset related to foreign currency forward contracts at fair value on a recurring basis. Refer
to Note 13 &#8211; Foreign currency forward contracts.</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 measures the contingent consideration liability at fair value on a recurring basis on each reporting date. Refer to Note 14 &#8212;
Contingent Consideration Liability for further information.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000972" name="AFRI:NonControllingInterestsPolicy"><p id="xdx_84C_ecustom--NonControllingInterestsPolicy_zubQ4VASxrl3" 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><span id="xdx_866_zibFBENzn9L4">Non-Controlling
Interests</span></i> &#8211; Non-controlling interests on the consolidated statements of operations and comprehensive loss represent the portion
of a majority-owned subsidiary&#8217;s net income or loss that is attributed by non-controlling stockholders. Non-controlling interests
on the consolidated balance sheets represent the portion of equity in a consolidated subsidiary owned by non-controlling stockholders.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000974" name="AFRI:EmergingGrowthCompanyPolicyTextBlock"><p id="xdx_846_ecustom--EmergingGrowthCompanyPolicyTextBlock_zaiZmnA5b8dd" 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><span id="xdx_868_zLJWWbFBYDf7">Emerging
Growth Company Status</span> &#8211; </i>the Company is an emerging growth company (&#8220;EGC&#8221;), as defined in the Jumpstart Our Business
Startups Act (&#8220;JOBS Act&#8221;). Under the JOBS Act, EGCs can delay adopting new or revised accounting standards issued until such
time as those standards apply to private companies. The Company has elected to use this extended transition period. In providing this
relief, the JOBS Act does not preclude the Company from adopting a new or revised accounting standard earlier than the time that such
standard applies to private companies. The Company will continue to use this relief until the earlier of the date that it (a) is no longer
an emerging growth company or (b) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000976" name="us-gaap:PriorPeriodReclassificationAdjustmentDescription"><p id="xdx_843_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zljrSboviZ24" 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><span id="xdx_86D_zZDvVyEHrW19">Reclassifications</span>
</i>&#8211; Certain prior period amounts have been reclassified to conform to the current period presentation.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000978" name="AFRI:LiquidityAndGoingConcernPolicyTextBlock"><p id="xdx_848_ecustom--LiquidityAndGoingConcernPolicyTextBlock_z2NzzYlNdHu6" 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><span id="xdx_86A_zODVDQ4Ub8Vb">Liquidity
and going concern</span></i> - The Company believes that cash on hand, as well as cash from operations and proceeds from extended credit lines
will provide sufficient liquidity to fund operations for at least one year after the date the consolidated financial statements are issued.
This projection is based on the Company&#8217;s current expectations regarding product sales, cost structure, cash burn rate and other
operating assumptions.</span></p>

</ix:nonNumeric><p id="xdx_85C_zDVuCxABSZg3" 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000980" name="us-gaap:NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock"><p id="xdx_806_eus-gaap--NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock_zR9WN9DM6W1j" 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>3.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82C_zgC5mCm6ZR9j">RECENT ACCOUNTING PRONOUNCEMENTS</span></b></span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as described below, no new accounting pronouncement issued or effective during the fiscal year has had or is expected to have a
material impact on 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">In
November 2023, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose, on an annual
and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within
each reported measure of segment profit or loss. All public entities will be required to report segment information in accordance with
the new guidance starting in annual periods beginning after December 15, 2023. The Company is determining the impact of the ASU 2023-07
on its 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>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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; 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"><b>FORAFRIC
GLOBAL PLC AND SUBSIDIARIES </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 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>(Continued)</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (&#8220;ASU 2023-09&#8221;),
which enhances the transparency and decision usefulness of income tax disclosures by requiring; (1) consistent categories and greater
disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain
other amendments to improve the effectiveness of income tax disclosures. For public business entities, the standard is effective for
annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been
issued or made available for issuance. The Company is determining the impact of the ASU 2023-09 on its 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000982" name="us-gaap:LesseeOperatingLeasesTextBlock"><p id="xdx_800_eus-gaap--LesseeOperatingLeasesTextBlock_zpeftGyBtSC4" 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>4.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82E_zu8WHyZS1XD3">LEASES</span></b></span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has operating leases for real estate and vehicles. The Company has finance leases for equipment and construction land space.
Leases are classified as finance leases because ownership of the underlying assets transfers at the end the lease term. Remaining lease
terms for these leases range from less than one year to six years.</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 does not record leases with a term of 12 months or less on the balance sheet.</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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000984" name="AFRI:ScheduleOfOperatingAndFinanceLeaseBalanceSheetInformationTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfOperatingAndFinanceLeaseBalanceSheetInformationTableTextBlock_zJ1mW0bVwM9i" 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">Supplemental
balance sheet information related to leases was as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B0_zjci0awxzNnj" style="display: none">SCHEDULE
OF BALANCE SHEET CLASSIFICATION</span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in
    thousands)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="width: 31%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList_iI_dxL_c20231231_zZOEZP9zACP3" title="::XDX::http%3A%2F%2Fforafric.com%2F20231231%23OperatingAndFinanceLeaseRightOfUseAsset"><span id="xdx_900_eus-gaap--OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList_iI_dxL_c20221231_zm1SUNBZBJ8g" title="::XDX::http%3A%2F%2Fforafric.com%2F20231231%23OperatingAndFinanceLeaseRightOfUseAsset"><span style="-sec-ix-hidden: xdx2ixbrl0985"><span style="-sec-ix-hidden: xdx2ixbrl0986">Right-of-use assets</span></span></span></span></span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20231231_zanEY2hv4Ot2" title="Operating lease right of use assets" style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2023-12-31" id="Fact000988" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,377</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_988_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_c20221231_zDU27WG9mgk1" title="Operating lease right of use assets" style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2022-12-31" id="Fact000990" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,816</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Finance leases</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--FinanceLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList_iI_dxL_c20231231_zyWM0I820w7c" title="::XDX::http%3A%2F%2Fforafric.com%2F20231231%23OperatingAndFinanceLeaseRightOfUseAsset"><span id="xdx_90D_eus-gaap--FinanceLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList_iI_dxL_c20221231_zldQcNRIpgHi" title="::XDX::http%3A%2F%2Fforafric.com%2F20231231%23OperatingAndFinanceLeaseRightOfUseAsset"><span style="-sec-ix-hidden: xdx2ixbrl0991"><span style="-sec-ix-hidden: xdx2ixbrl0992">Right-of-use assets</span></span></span></span></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_eus-gaap--FinanceLeaseRightOfUseAsset_iI_pn3n3_c20231231_zPdQmEfTqPYg" title="Finance lease right of use assets" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseRightOfUseAsset" contextRef="AsOf2023-12-31" id="Fact000994" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,008</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_eus-gaap--FinanceLeaseRightOfUseAsset_iI_pn3n3_c20221231_zBahP5ogGQid" title="Finance lease right of use assets" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseRightOfUseAsset" contextRef="AsOf2022-12-31" id="Fact000996" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,614</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_ecustom--OperatingAndFinanceLeaseRightOfUseAsset_iI_pn3n3_c20221231_zBZSW7fnvGqk" title="Total operating and finance leases assets" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:OperatingAndFinanceLeaseRightOfUseAsset" contextRef="AsOf2022-12-31" id="Fact001000" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,430</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating leases</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList_iI_dxL_c20231231_zjm7lZOlhBL2" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23LongTermDebtCurrent"><span id="xdx_906_eus-gaap--OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList_iI_dxL_c20221231_zFK1Vx58QE14" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23LongTermDebtCurrent"><span style="-sec-ix-hidden: xdx2ixbrl1001"><span style="-sec-ix-hidden: xdx2ixbrl1002">Current portion of long-term debt</span></span></span></span></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_988_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_c20231231_zQePf3uwYcpb" title="Operating leases liability current" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact001004" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">625</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_c20221231_zs9zfCcNU3R3" title="Operating leases liability current" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2022-12-31" id="Fact001006" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">621</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Finance
    leases</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--FinanceLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList_iI_dxL_c20231231_zTS402twN1sh" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23LongTermDebtCurrent"><span id="xdx_909_eus-gaap--FinanceLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList_iI_dxL_c20221231_zIBxGJXNhn5l" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23LongTermDebtCurrent"><span style="-sec-ix-hidden: xdx2ixbrl1007"><span style="-sec-ix-hidden: xdx2ixbrl1008">Current portion of long-term
    debt</span></span></span></span></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_984_eus-gaap--FinanceLeaseLiabilityCurrent_iI_pn3n3_c20231231_zWRINdsKAgDl" title="Finance leases liability current" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact001010" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,009</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_eus-gaap--FinanceLeaseLiabilityCurrent_iI_pn3n3_c20221231_zxdCdORtcWAd" title="Finance leases liability current" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityCurrent" contextRef="AsOf2022-12-31" id="Fact001012" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,380</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_ecustom--LeaseLiabilitiesCurrent_iI_pn3n3_c20231231_zaFPl28Xjx09" title="Total current liabilities" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:LeaseLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact001014" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,634</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_ecustom--LeaseLiabilitiesCurrent_iI_pn3n3_c20221231_zX8xCkbXwG88" title="Total current liabilities" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:LeaseLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact001016" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,001</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Noncurrent liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating leases</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList_iI_dxL_c20231231_zMm1QzSEXLG3" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23LongTermDebtNoncurrent"><span id="xdx_90E_eus-gaap--OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList_iI_dxL_c20221231_zpubidYPhAcb" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23LongTermDebtNoncurrent"><span style="-sec-ix-hidden: xdx2ixbrl1017"><span style="-sec-ix-hidden: xdx2ixbrl1018">Long-term debt</span></span></span></span></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98D_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_c20231231_zTa4pGpcPyuc" title="Operating leases liability non current" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact001020" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,191</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98D_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_c20221231_zrrm2Sk4N6Vk" title="Operating leases liability non current" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-12-31" id="Fact001022" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">665</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Finance
    leases</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--FinanceLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList_iI_dxL_c20231231_z6pQfhL6Uo9i" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23LongTermDebtNoncurrent"><span id="xdx_905_eus-gaap--FinanceLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList_iI_dxL_c20221231_z5iMr7vErKmk" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23LongTermDebtNoncurrent"><span style="-sec-ix-hidden: xdx2ixbrl1023"><span style="-sec-ix-hidden: xdx2ixbrl1024">Long-term debt</span></span></span></span></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_989_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_pn3n3_c20231231_zqHa9lcbHHtd" title="Finance leases liability non current" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact001026" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">642</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_pn3n3_c20221231_zcSEp9ZE5Gfj" title="Finance leases liability non current" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityNoncurrent" contextRef="AsOf2022-12-31" id="Fact001028" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">235</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total noncurrent liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_989_ecustom--LeaseLiabilitiesNoncurrent_iI_pn3n3_c20231231_zEtWotfIvA7h" title="Total noncurrent liabilities" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:LeaseLiabilitiesNoncurrent" contextRef="AsOf2023-12-31" id="Fact001030" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,833</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_ecustom--LeaseLiabilitiesNoncurrent_iI_pn3n3_c20221231_zfwUhyx8NGs5" title="Total noncurrent liabilities" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:LeaseLiabilitiesNoncurrent" contextRef="AsOf2022-12-31" id="Fact001032" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">900</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total liabilities</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_988_ecustom--LeasesLiabilities_iI_pn3n3_c20231231_zdWdPYUzfSoj" title="Total liabilities" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:LeasesLiabilities" contextRef="AsOf2023-12-31" id="Fact001034" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,467</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_ecustom--LeasesLiabilities_iI_pn3n3_c20221231_znDToaNOZWw5" title="Total liabilities" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:LeasesLiabilities" contextRef="AsOf2022-12-31" id="Fact001036" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,901</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

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

</ix:nonNumeric><p id="xdx_8A6_zB8Ltq05k4g" style="font: 10pt Times New Roman, Times, Serif; margin: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use
assets and their corresponding lease liabilities are measured and recognized based on the present value of the future minimum lease payments
over the lease term at the commencement date.</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"><i>Discount
Rates</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"></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">For
the majority of its leases, the Company uses the rate implicit in the lease. For leases without an implicit rate, the Company uses its
incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments
for those leases.</span></p>

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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001038" name="AFRI:ScheduleOfWeightedAverageDiscountedRatesOfLeasesTableTextBlock"><p id="xdx_899_ecustom--ScheduleOfWeightedAverageDiscountedRatesOfLeasesTableTextBlock_zD7qXqD8DNF" 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
weighted-average discount rates for the Company&#8217;s leases were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_zyIvTl4wWqY4" style="display: none">SCHEDULE
OF WEIGHTED AVERAGE DISCOUNT RATES OF LEASES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating leases</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20231231_zlvT1ngJyImi" title="Operating leases weighted average discount"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2023-12-31" id="Fact001040" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.0</ix:nonFraction></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20221231_ztZSY5gnQ501" title="Operating leases weighted average discount"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2022-12-31" id="Fact001042" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.0</ix:nonFraction></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Finance leases</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_909_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20231231_zIfCwevsdzRb" title="Finance leases weighted average discount"><ix:nonFraction name="us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2023-12-31" id="Fact001044" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.0</ix:nonFraction></span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20221231_zRV7PSWwA5J" title="Finance leases weighted average discount"><ix:nonFraction name="us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2022-12-31" id="Fact001046" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6.1</ix:nonFraction></span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_zsEc4d3ODkx6" style="font: 10pt Times New Roman, Times, Serif; margin: 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: center"></p>


<ix:exclude><!-- Field: Page; Sequence: 104; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- 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%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Continued)</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"><i>&#160;</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>Lease
Payments</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company includes lease payments under options to extend or terminate the lease in the measurement of the right-of-use asset and lease
liability when it is reasonably certain that it will exercise such options. Fixed lease costs represent the explicitly quantified lease
payments prescribed by the lease agreement and are included in the measurement of the right-of-use asset and corresponding lease liability.</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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001048" name="AFRI:ScheduleOfWeightedAverageRemainingLeaseTermTableTextBlock"><p id="xdx_89C_ecustom--ScheduleOfWeightedAverageRemainingLeaseTermTableTextBlock_zxbA7krABggd" 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
weighted-average remaining lease term of the Company&#8217;s leases were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B2_zdqOC1k6rHxa" style="display: none">SCHEDULE
OF WEIGHTED AVERAGE REMAINING LEASE TERM</span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td colspan="5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>December
                                            31,</b></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating leases</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_zOP7VFXTlko7" title="Operating leases weighted average remaining term"><ix:nonNumeric contextRef="AsOf2023-12-31" format="ixt-sec:duryear" id="Fact001050" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">6.5</ix:nonNumeric></span>
                                            years</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20221231_zDyRYB3NMjX7" title="Operating leases weighted average remaining term"><ix:nonNumeric contextRef="AsOf2022-12-31" format="ixt-sec:duryear" id="Fact001052" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">6.4</ix:nonNumeric></span>
                                            years</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Finance leases</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_zQjdIGAmB8qc" title="Finance leases weighted average remaining term"><ix:nonNumeric contextRef="AsOf2023-12-31" format="ixt-sec:duryear" id="Fact001054" name="us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1">1.4</ix:nonNumeric></span>
                                            years</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--FinanceLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20221231_zAuCLcmBv2Qa" title="Finance leases weighted average remaining term"><ix:nonNumeric contextRef="AsOf2022-12-31" format="ixt-sec:duryear" id="Fact001056" name="us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1">0.8</ix:nonNumeric></span>
                                            years</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A7_zBqf2lnMEnI1" 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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001058" name="us-gaap:LeaseCostTableTextBlock"><p id="xdx_892_eus-gaap--LeaseCostTableTextBlock_zzAHvXmK5E66" 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
components of lease expense for the year ended December 31, 2023, 2022, and 2021 were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_z1EEcI8MC6P3" style="display: none">SCHEDULE
OF LEASE EXPENSE</span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49C_20230101__20231231_zPWsmVZzWGA5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49D_20220101__20221231_z0qWbkMqyx14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_495_20210101__20211231_zsKPqTVoIKZ7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in
    thousands)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--OperatingLeaseCost_pn3n3_zTMbLW4KNZIl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating lease cost</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseCost" contextRef="From2023-01-01to2023-12-31" id="Fact001060" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">581</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseCost" contextRef="From2022-01-012022-12-31" id="Fact001061" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">987</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseCost" contextRef="From2021-01-012021-12-31" id="Fact001062" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">707</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Finance lease cost:</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_pn3n3_zBTJqkpIAVD6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Amortization of right-of-use
    assets</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseRightOfUseAssetAmortization" contextRef="From2023-01-01to2023-12-31" id="Fact001064" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">478</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseRightOfUseAssetAmortization" contextRef="From2022-01-012022-12-31" id="Fact001065" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">470</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseRightOfUseAssetAmortization" contextRef="From2021-01-012021-12-31" id="Fact001066" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">466</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--FinanceLeaseInterestExpense_pn3n3_zhKvLB98kORa" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Interest
    on lease liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseInterestExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001068" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">156</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseInterestExpense" contextRef="From2022-01-012022-12-31" id="Fact001069" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">190</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseInterestExpense" contextRef="From2021-01-012021-12-31" id="Fact001070" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">446</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--LeaseCost_pn3n3_zFOXacnIoK9f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total lease cost</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LeaseCost" contextRef="From2023-01-01to2023-12-31" id="Fact001072" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,215</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LeaseCost" contextRef="From2022-01-012022-12-31" id="Fact001073" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,647</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LeaseCost" contextRef="From2021-01-012021-12-31" id="Fact001074" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,619</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A7_zDgCohoUPkw9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001076" name="AFRI:ScheduleOfLesseeOperatingAndFinanceLeaseLiabilityMaturityTableTextBlock"><p id="xdx_89C_ecustom--ScheduleOfLesseeOperatingAndFinanceLeaseLiabilityMaturityTableTextBlock_z5conGMDpN68" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, future maturities of lease liabilities were as follows:</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: center"><span id="xdx_8B6_zgM6rhT1KRe2" style="display: none">SCHEDULE
OF FUTURE OF LEASE LIABILITIES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Operating
    Leases</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Finance
    Leases</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in thousands)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iIP1us-gaap--OperatingLeaseLiabilitiesPaymentsDueAbstract_pn3n3_c20231231_zOFSIXBs6Kh" title="Operating Leases, 2024" style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact001078" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">728</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_eus-gaap--FinanceLeaseLiabilityPaymentsDueNextTwelveMonths_iIP1us-gaap--FinanceLeaseLiabilitiesPaymentsDueAbstract_pn3n3_c20231231_zFfLZKoLy0rd" title="Finance Leases, 2024" style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact001080" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,112</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_985_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iIP1us-gaap--FinanceLeaseLiabilitiesPaymentsDueAbstract_pn3n3_c20231231_zPCcUMp7K2S7" title="Finance Leases, 2025" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2023-12-31" id="Fact001084" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">461</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2027</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iIP1us-gaap--OperatingLeaseLiabilitiesPaymentsDueAbstract_pn3n3_c20231231_zR4B7zDdWJw4" title="Operating Leases, 2027" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour" contextRef="AsOf2023-12-31" id="Fact001090" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">542</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFour_iIP1us-gaap--FinanceLeaseLiabilitiesPaymentsDueAbstract_pn3n3_c20231231_zW8z65UeqBoa" title="Finance Leases, 2027" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueYearFour" contextRef="AsOf2023-12-31" id="Fact001092" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">68</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2028</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iIP1us-gaap--OperatingLeaseLiabilitiesPaymentsDueAbstract_pn3n3_c20231231_zsZPsxR8OuW1" title="Operating Leases, 2028" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive" contextRef="AsOf2023-12-31" id="Fact001094" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">127</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearFive_iIP1us-gaap--FinanceLeaseLiabilitiesPaymentsDueAbstract_pn3n3_c20231231_zLGmPTyUE7e9" title="Finance Leases, 2028" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueYearFive" contextRef="AsOf2023-12-31" id="Fact001096" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">27</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Thereafter</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_eus-gaap--FinanceLeaseLiabilityPaymentsDueAfterYearFive_iIP1us-gaap--FinanceLeaseLiabilitiesPaymentsDueAbstract_pn3n3_c20231231_zw2PEX5pUEk5" title="Finance Leases, Thereafter" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseLiabilityPaymentsDueAfterYearFive" contextRef="AsOf2023-12-31" id="Fact001100" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total lease payments</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iIP1us-gaap--OperatingLeaseLiabilitiesPaymentsDueAbstract_pn3n3_c20231231_zAlkVCBYxIzk" title="Operating Leases, Total lease payments" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2023-12-31" id="Fact001102" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,688</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Less: Interest</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNIP1us-gaap--OperatingLeaseLiabilitiesPaymentsDueAbstract_pn3n3_di_c20231231_z46iGHcIG5v4" title="Operating Leases, Less: Interest" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2023-12-31" id="Fact001106" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">872</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iNIP1us-gaap--FinanceLeaseLiabilitiesPaymentsDueAbstract_pn3n3_di_c20231231_zSrI1AjADRKa" title="Finance Leases, Less: Interest" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:FinanceLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2023-12-31" id="Fact001108" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">116</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Present value of lease liabilities</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_eus-gaap--OperatingLeaseLiability_iIP1us-gaap--OperatingLeaseLiabilitiesPaymentsDueAbstract_pn3n3_c20231231_z5XCODyIkzck" title="Operating Leases, Present value of lease liabilities" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2023-12-31" id="Fact001110" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,816</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98B_eus-gaap--FinanceLeaseLiability_iIP1us-gaap--FinanceLeaseLiabilitiesPaymentsDueAbstract_pn3n3_c20231231_z35xIRNdOK6a" title="Finance Leases, Present value of lease liabilities" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeaseLiability" contextRef="AsOf2023-12-31" id="Fact001112" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,651</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AF_zmK3KRbohkG" style="font: 10pt Times New Roman, Times, Serif; margin: 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: center"></p>

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

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


<ix:exclude><!-- Field: Page; Sequence: 105; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->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%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORAFRIC
                                            GLOBAL PLC AND SUBSIDIARIES </b></span></p>

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

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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001114" name="AFRI:ScheduleOfOtherInformationRelatedToLeasesTableTextBlock"><p id="xdx_894_ecustom--ScheduleOfOtherInformationRelatedToLeasesTableTextBlock_zHhl10bcjYQb" 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">Other
information related to leases for the year ended December 31, 2023, 2022, and 2021 were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zE9PPar7NwBf" style="display: none">SCHEDULE
OF OTHER INFORMATION RELATED TO LEASES</span></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"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_493_20230101__20231231_zoSqsquduKSa" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20220101__20221231_z9t3r4Tzwlt8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_495_20210101__20211231_z9sOJwzQ5Ysj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in
    thousands)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Cash paid for amounts included in the measurement of lease liabilities:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--OperatingLeasePayments_zJwwbQDE8Sl8" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating cash
    flows used for operating leases</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2023-01-01to2023-12-31" id="Fact001116" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">581</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2022-01-012022-12-31" id="Fact001117" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">987</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2021-01-012021-12-31" id="Fact001118" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">707</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_ecustom--OperatingCashFlowsForFinanceLeases_zUlEE4TobGt5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating cash flows for
    finance leases</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:OperatingCashFlowsForFinanceLeases" contextRef="From2023-01-01to2023-12-31" id="Fact001120" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">478</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:OperatingCashFlowsForFinanceLeases" contextRef="From2022-01-012022-12-31" id="Fact001121" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">470</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:OperatingCashFlowsForFinanceLeases" contextRef="From2021-01-012021-12-31" id="Fact001122" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">466</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--FinanceLeasePrincipalPayments_zS4vTdsE6xcb" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Financing
    cash flows for finance leases</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeasePrincipalPayments" contextRef="From2023-01-01to2023-12-31" id="Fact001124" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">156</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeasePrincipalPayments" contextRef="From2022-01-012022-12-31" id="Fact001125" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">190</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FinanceLeasePrincipalPayments" contextRef="From2021-01-012021-12-31" id="Fact001126" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">446</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zoFKA4X8SKE4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001128" name="us-gaap:AccountsAndNontradeReceivableTextBlock"><p id="xdx_800_eus-gaap--AccountsAndNontradeReceivableTextBlock_zVa6wHY3j8E5" 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>5.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82C_z8pDm8DQ3Ih3">ACCOUNTS RECEIVABLE</span></b></span></p>



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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001130" name="us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zpapYGQu3W8j" 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
gross and realizable value of accounts receivable are detailed as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zEBgNx6JPE7j" style="display: none">SCHEDULE
OF ACCOUNT RECEIVABLES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49F_20231231_zPiNaERaCUYb" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49A_20221231_z7A3FuiN1oMh" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in
    thousands)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--AccountsReceivableGrossCurrent_iI_pn3n3_maARNCzJSE_zo9qtt3RUHA8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts receivable</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsReceivableGrossCurrent" contextRef="AsOf2023-12-31" id="Fact001132" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">49,695</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsReceivableGrossCurrent" contextRef="AsOf2022-12-31" id="Fact001133" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">44,925</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iNI_pn3n3_di_msARNCzJSE_zBgdZQo7SyP4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Allowance for credit
    losses</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2023-12-31" id="Fact001135" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,979</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2022-12-31" id="Fact001136" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,067</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_405_eus-gaap--AccountsReceivableNetCurrent_iTI_pn3n3_mtARNCzJSE_zgPSHOZii9P7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2023-12-31" id="Fact001138" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34,716</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2022-12-31" id="Fact001139" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">30,858</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_zINcRHvEuTti" style="font: 10pt Times New Roman, Times, Serif; margin: 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: center"></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001141" name="AFRI:ScheduleOfChangesInAllowancesForCreditLossesTableTextBlock"><p id="xdx_899_ecustom--ScheduleOfChangesInAllowancesForCreditLossesTableTextBlock_zINkjSc4iGz8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in allowances for credit losses consisted of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_z8ryLYecU1Yd" style="display: none">SCHEDULE
OF CHANGES IN ALLOWANCES FOR CREDIT LOSSES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Allowance
    for</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Credit
                                            Losses</b></p></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in thousands)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2021</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_982_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNS_pn3n3_di_c20220101__20221231_zyYwdKtv8NKf" title="Allowance for accounts receivable, beginning balance" style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2021-12-31" id="Fact001143" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,737</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current period provision for expected credit
    losses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--ProvisionForDoubtfulAccounts_iN_di_c20220101__20221231_zdX7v5Omahml" title="Current period provision for expected credit losses" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="From2022-01-012022-12-31" id="Fact001145" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">150</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Foreign currency exchange
    adjustments</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_981_ecustom--ForeignCurrencyExchangeAdjustments_c20220101__20221231_zTbZvR9buyn2" title="Foreign currency exchange adjustments" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:ForeignCurrencyExchangeAdjustments" contextRef="From2022-01-012022-12-31" id="Fact001147" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,820</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December
    31, 2022</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNS_di_c20230101__20231231_zkQbJ6HQUuV7" title="Allowance for accounts receivable, beginning balance" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2022-12-31" id="Fact001149" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,067</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current period provision for expected credit
    losses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_987_eus-gaap--ProvisionForDoubtfulAccounts_iN_di_c20230101__20231231_zTNlMlRjt6B4" title="Current period provision for expected credit losses" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="From2023-01-01to2023-12-31" id="Fact001151" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">87</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Foreign currency exchange
    adjustments</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_ecustom--ForeignCurrencyExchangeAdjustments_c20230101__20231231_zDWv1Hxq34Od" title="Foreign currency exchange adjustments" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="AFRI:ForeignCurrencyExchangeAdjustments" contextRef="From2023-01-01to2023-12-31" id="Fact001153" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">825</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance at December
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_985_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iNE_di_c20230101__20231231_zb88KNq6m69b" title="Allowance for accounts receivable, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2023-12-31" id="Fact001155" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,979</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  </table>
<!-- Field: Split-Segment; Name: 002 -->
</ix:nonNumeric><p id="xdx_8AA_zm2WWQTBjHCa" style="font: 10pt Times New Roman, Times, Serif; margin: 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: center"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001157" name="AFRI:PrepaidExpensesAndOtherCurrentAssetsTextBlock"><p id="xdx_809_ecustom--PrepaidExpensesAndOtherCurrentAssetsTextBlock_ze69NNgx9lv5" 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>6.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_827_zKrIBcL55FGk">PREPAID EXPENSES AND OTHER CURRENT ASSETS</span></b></span></p>



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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001159" name="AFRI:ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock"><p id="xdx_892_ecustom--ScheduleOfPrepaidExpensesAndOtherCurrentAssetsTableTextBlock_zDdssC8LVsQk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
expenses and other current assets consist of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zzihoVA3rcR6" style="display: none">SCHEDULE
OF PREPAID EXPENSE AND OTHER CURRENT ASSETS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_491_20231231_zTb9qjOBH1X5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_498_20221231_zQ9RSCb3ndm3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in
    thousands)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_ecustom--ValueAddedTaxReceivables_iI_pn3n3_maPEAOAzXAx_zc1mUuOG1ezj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Value-added tax receivable</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:ValueAddedTaxReceivables" contextRef="AsOf2023-12-31" id="Fact001161" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,547</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:ValueAddedTaxReceivables" contextRef="AsOf2022-12-31" id="Fact001162" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">602</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--PrepaidTaxes_iI_pn3n3_maPEAOAzXAx_zTyF2BWXZd77" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid income taxes</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidTaxes" contextRef="AsOf2023-12-31" id="Fact001164" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidTaxes" contextRef="AsOf2022-12-31" id="Fact001165" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,763</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_ecustom--AdvancesToSuppliers_iI_pn3n3_maPEAOAzXAx_zWM8aUDsIJwh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Advances to suppliers</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:AdvancesToSuppliers" contextRef="AsOf2023-12-31" id="Fact001167" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,696</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:AdvancesToSuppliers" contextRef="AsOf2022-12-31" id="Fact001168" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--PrepaidExpenseCurrent_iI_pn3n3_maPEAOAzXAx_z9vbSNXzf7i5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepaid expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidExpenseCurrent" contextRef="AsOf2023-12-31" id="Fact001170" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">643</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidExpenseCurrent" contextRef="AsOf2022-12-31" id="Fact001171" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,445</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_ecustom--PrepaidInsuranceRecoveries_pn3n3_maPEAOAzXAx_zA3BLyRQGjMk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Insurance recoveries</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:PrepaidInsuranceRecoveries" contextRef="AsOf2023-12-31" id="Fact001173" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,984</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:PrepaidInsuranceRecoveries" contextRef="AsOf2022-12-31" id="Fact001174" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,708</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--OtherAssetsCurrent_iI_pn3n3_maPEAOAzXAx_zNoloaXqsDNe" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other current assets</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsCurrent" contextRef="AsOf2023-12-31" id="Fact001176" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,784</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAssetsCurrent" contextRef="AsOf2022-12-31" id="Fact001177" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,827</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pn3n3_mtPEAOAzXAx_zzUP3lX1MUSh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2023-12-31" id="Fact001179" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,654</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2022-12-31" id="Fact001180" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">16,345</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_zVfNB4alO2wj" style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-align: center"></p>


<ix:exclude><!-- Field: Page; Sequence: 106; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- 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%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

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

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

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001182" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_800_eus-gaap--InventoryDisclosureTextBlock_zOfUn8fdEX44" 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>7.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_822_z1MIzfZwCli2">INVENTORIES</span></b></span></p>



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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001184" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zItF0vvOhwx" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
are detailed as follows:</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_zCOE6fi7wlk9" style="display: none">SCHEDULE
OF INVENTORIES</span></span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_402_ecustom--InventoryMerchandise_iI_maINz3QX_zlEyRcRFF0i8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_400_eus-gaap--InventoryRawMaterialsAndSupplies_iI_maINz3QX_zuO9G3XME6f3" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InventoryRawMaterialsAndSupplies" contextRef="AsOf2023-12-31" id="Fact001189" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">22,821</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InventoryRawMaterialsAndSupplies" contextRef="AsOf2022-12-31" id="Fact001190" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">21,537</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--InventoryFinishedGoods_iI_pn3n3_maINz3QX_zXg1FwYe43J7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InventoryFinishedGoods" contextRef="AsOf2022-12-31" id="Fact001193" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,856</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--InventoryNet_iTI_pn3n3_mtINz3QX_z0nuyfsfFb68" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InventoryNet" contextRef="AsOf2022-12-31" id="Fact001196" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">27,218</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_zblCpWLGxOql" style="font: 10pt Times New Roman, Times, Serif; margin: 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: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has <span id="xdx_90A_eus-gaap--InventoryValuationReserves_iI_do_c20231231_znHbparnZSOf" title="Inventory reserves"><span id="xdx_909_eus-gaap--InventoryValuationReserves_iI_do_c20221231_zCbyD72VN7hd" title="Inventory reserves"><ix:nonFraction name="us-gaap:InventoryValuationReserves" contextRef="AsOf2023-12-31" id="Fact001198" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:InventoryValuationReserves" contextRef="AsOf2022-12-31" id="Fact001200" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> inventory reserves as of December 31, 2023, and 2022.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001202" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80A_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_z75r7uBZWUHa" 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>8.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_820_z7BtwfFBsOU9">PROPERTY, PLANT AND EQUIPMENT, NET</span></b></span></p>



<p style="margin-top: 0; margin-bottom: 0"></p><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001204" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_899_eus-gaap--PropertyPlantAndEquipmentTextBlock_zSdrwiAywqq2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B3_zaXr3Ru54Q9" style="display: none">SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT, NET</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_497_20231231_z1J8f8BDzwIl" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in
    thousands)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--Land_iI_pn3n3_maPPAEGzV5E_z1jJsYR9pjq" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif">Land</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Land" contextRef="AsOf2023-12-31" id="Fact001206" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">25,389</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Land" contextRef="AsOf2022-12-31" id="Fact001207" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">23,988</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--BuildingsAndImprovementsGross_iI_pn3n3_maPPAEGzV5E_zwLnQS6Vhoya" style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Buildings</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:BuildingsAndImprovementsGross" contextRef="AsOf2023-12-31" id="Fact001209" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">63,200</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:BuildingsAndImprovementsGross" contextRef="AsOf2022-12-31" id="Fact001210" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">55,542</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--MachineryAndEquipmentGross_iI_pn3n3_maPPAEGzV5E_zywlsltQPaeh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Machinery and equipment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:MachineryAndEquipmentGross" contextRef="AsOf2023-12-31" id="Fact001212" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">63,284</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:MachineryAndEquipmentGross" contextRef="AsOf2022-12-31" id="Fact001213" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">51,374</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_ecustom--AssetsInProgressGross_iI_pn3n3_maPPAEGzV5E_zzpy8w8pYrw9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Assets in progress</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:AssetsInProgressGross" contextRef="AsOf2023-12-31" id="Fact001215" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,354</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:AssetsInProgressGross" contextRef="AsOf2022-12-31" id="Fact001216" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,458</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentOther_iI_pn3n3_maPPAEGzV5E_zCJygMZ5Qv6g" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Others</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentOther" contextRef="AsOf2022-12-31" id="Fact001219" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,679</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iTI_pn3n3_mtPPAEGzV5E_maPPAENzDd3_zSQiyiR7xy4k" style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31" id="Fact001222" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">148,041</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzDd3_z50eV2YpkWH" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2022-12-31" id="Fact001225" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">47,514</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzDd3_zlcM2JHT8p7l" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31" id="Fact001227" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">116,920</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31" id="Fact001228" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100,527</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A4_zCEujWUezlr8" style="font: 10pt Times New Roman, Times, Serif; margin: 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: center"></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">Depreciation
expense was $<span id="xdx_907_eus-gaap--Depreciation_pn3n3_c20230101__20231231_znpD3YHLcQGk" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-01to2023-12-31" id="Fact001230" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,763</ix:nonFraction></span> and $<span id="xdx_907_eus-gaap--Depreciation_pn3n3_c20220101__20221231_zCiOCVH6EL9d" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31" id="Fact001232" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,993</ix:nonFraction></span> for the years ended December 31, 2023, and 2022, respectively.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001234" name="us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock"><p id="xdx_804_eus-gaap--GoodwillAndIntangibleAssetsDisclosureTextBlock_z9PNpngyvTK8" 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>9.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82A_zqh6mTr6pqok">GOODWILL AND OTHER INTANGIBLE ASSETS</span></b></span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the establishment of reporting segments for each reporting period, the Company allocated goodwill between reporting units
using a relative fair value allocation approach.</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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001236" name="us-gaap:ScheduleOfGoodwillTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfGoodwillTextBlock_z0rP4oHCplL" 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">Changes
in the carrying amount of goodwill allocated to its reporting units for the year ended December 31, 2023, and 2022 are as follows:</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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B2_zQoJkwB29729" style="display: none">SCHEDULE
OF GOODWILL</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_4BB_us-gaap--StatementBusinessSegmentsAxis_custom--SoftWheatMember_zgU4KZJGbp96" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Soft</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_4B0_us-gaap--StatementBusinessSegmentsAxis_custom--DurumWheatMember_zB8aE9dkrghg" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Durum</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_4BC_us-gaap--StatementBusinessSegmentsAxis_custom--CouscousAndPastaMember_zN0VlV8wdFe8" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Couscous</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_4BD_zuxuLupPBFq7"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_43C_c20220101__20221231_eus-gaap--Goodwill_iS_pn3n3_zSDh6HwbX7h8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 36%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Balance at December 31, 2021</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2021-12-31_custom_SoftWheatMember" id="Fact001238" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">35,194</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2021-12-31_custom_DurumWheatMember" id="Fact001239" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,355</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2021-12-31_custom_CouscousAndPastaMember" id="Fact001240" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,022</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2021-12-31" id="Fact001241" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">51,571</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--GoodwillForeignCurrencyTranslationGainLoss_pn3n3_z9vhLsnjp8t2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Foreign currency exchange
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GoodwillForeignCurrencyTranslationGainLoss" contextRef="From2022-01-012022-12-31_custom_SoftWheatMember" id="Fact001243" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,784</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GoodwillForeignCurrencyTranslationGainLoss" contextRef="From2022-01-012022-12-31_custom_DurumWheatMember" id="Fact001244" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">848</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GoodwillForeignCurrencyTranslationGainLoss" contextRef="From2022-01-012022-12-31_custom_CouscousAndPastaMember" id="Fact001245" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,041</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:GoodwillForeignCurrencyTranslationGainLoss" contextRef="From2022-01-012022-12-31" id="Fact001246" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">5,673</ix:nonFraction></span></td><td style="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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2022-12-31" id="Fact001251" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">45,898</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--GoodwillForeignCurrencyTranslationGainLoss_pn3n3_zZJBkF9lFmS7" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Foreign currency exchange
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:GoodwillForeignCurrencyTranslationGainLoss" contextRef="From2023-01-012023-12-31_custom_SoftWheatMember" id="Fact001253" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,741</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A9_zsASuefnA3Cl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company performed the annual impairment assessment as of December 31, 2023, and 2022, which did not result in impairment losses.<br/>
</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>

<ix:exclude><!-- Field: Page; Sequence: 107; 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 -->17<!-- 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%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORAFRIC
                                            GLOBAL PLC AND SUBSIDIARIES </b></span></p>

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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001263" name="us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zFlvSEPCOgs8" 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">Changes
in the carrying amount of intangible assets for the year ended December 31, 2023, and 2022 are as follows:</span></p>

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OF INTANGIBLE ASSETS</span></span></span></p>

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  <tr id="xdx_43B_c20230101__20231231_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iS_pn3n3_zMGZhH8UqPXk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2022-12-31_us-gaap_OtherIntangibleAssetsMember" id="Fact001292" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,000</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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<tr id="xdx_40F_eus-gaap--FinitelivedIntangibleAssetsAcquired1_pn3n3_z6He0rJqf2ck" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40F_eus-gaap--AmortizationOfIntangibleAssets_iN_pn3n3_di_zBYofKVLynNb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_eus-gaap--FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss_pn3n3_z3HpRC5BhfU8" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss" contextRef="From2023-01-012023-12-31_us-gaap_CustomerRelationshipsMember" id="Fact001306" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">71</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss" contextRef="From2023-01-01to2023-12-31" id="Fact001308" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">198</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_437_c20230101__20231231_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iE_pn3n3_z9meFcjYliNl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2023-12-31_us-gaap_CustomerRelationshipsMember" id="Fact001311" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,775</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2023-12-31" id="Fact001313" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,648</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_43D_c20230101__20231231_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iE_pn3n3_z4SXzTj7ygL8" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Ending balance</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2023-12-31_us-gaap_TradeNamesMember" id="Fact001315" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">967</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2023-12-31_us-gaap_CustomerRelationshipsMember" id="Fact001316" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,775</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2023-12-31_us-gaap_OtherIntangibleAssetsMember" id="Fact001317" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,906</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2023-12-31" id="Fact001318" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,648</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A4_zJIRqv4Q6Lwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001320" name="us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_z7Ye6Nfl9bh2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the weighted-average remaining amortization period for intangibles other than goodwill is 9 years and future intangible
amortization is expected to total the following:</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 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_z0EfwJEve5Sb" style="display: none">SCHEDULE
OF FUTURE INTANGIBLE AMORTIZATION</span></span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_496_20231231_zLRDH7tsRtG8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in
    thousands)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_pn3n3_maFLIANzybo_z0asxox8Gkj1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact001322" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">469</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_pn3n3_maFLIANzybo_z1NmaPEGXvn9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" contextRef="AsOf2023-12-31" id="Fact001324" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">469</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_pn3n3_maFLIANzybo_zyfNlGQvKLw" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" contextRef="AsOf2023-12-31" id="Fact001326" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">469</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_pn3n3_maFLIANzybo_zHF1VhxkQVul" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2027</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" contextRef="AsOf2023-12-31" id="Fact001328" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">371</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_iI_pn3n3_maFLIANzybo_zlmjJbfkRjoi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2028</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" contextRef="AsOf2023-12-31" id="Fact001330" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">273</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_pn3n3_maFLIANzybo_z9VaJ4L4nSc4" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Thereafter</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive" contextRef="AsOf2023-12-31" id="Fact001332" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,630</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_pn3n3_mtFLIANzybo_zVyKGLRXdTk5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total amortization</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2023-12-31" id="Fact001334" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,681</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_z9r6fQIKl4de" 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001336" name="us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"><p id="xdx_800_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_zgMA1XZV7Xf4" 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>10.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_823_z91NA464RVk2">ACCRUED EXPENSES</span></b></span></p>



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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001338" name="us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zsBPbOxAvmhk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
expenses consist of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B2_zpYcmjclRlx2" style="display: none">SCHEDULE
OF ACCRUED EXPENSES</span> </span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_499_20231231_zX6CUsHJwkF8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_497_20221231_zLcjF9pCLXP4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in
    thousands)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_406_ecustom--ConsiderationPayableToSellingStockholder_iI_pn3n3_maALCzG67_zeMFN2eFKPVf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Consideration payable to selling
    stockholder</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:ConsiderationPayableToSellingStockholder" contextRef="AsOf2023-12-31" id="Fact001340" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,840</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:ConsiderationPayableToSellingStockholder" contextRef="AsOf2022-12-31" id="Fact001341" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,200</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_ecustom--AccruedGovernmentTaxes_iI_pn3n3_maALCzG67_zCul8JInnPVh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued government taxes</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:AccruedGovernmentTaxes" contextRef="AsOf2023-12-31" id="Fact001343" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,580</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:AccruedGovernmentTaxes" contextRef="AsOf2022-12-31" id="Fact001344" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,517</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--InterestPayableCurrent_iI_pn3n3_maALCzG67_zqak0rgRljii" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued interest</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2023-12-31" id="Fact001346" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,047</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:InterestPayableCurrent" contextRef="AsOf2022-12-31" id="Fact001347" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,781</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--AccruedEmployeeBenefitsCurrent_iI_pn3n3_maALCzG67_zE4mKCmwEgVb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accrued salaries and benefits</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedEmployeeBenefitsCurrent" contextRef="AsOf2023-12-31" id="Fact001349" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">657</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedEmployeeBenefitsCurrent" contextRef="AsOf2022-12-31" id="Fact001350" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">600</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_ecustom--AccrualsToSocialAgencies_iI_pn3n3_maALCzG67_zJyeBVyeincc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accruals to social agencies</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:AccrualsToSocialAgencies" contextRef="AsOf2023-12-31" id="Fact001352" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">669</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="AFRI:AccrualsToSocialAgencies" contextRef="AsOf2022-12-31" id="Fact001353" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">664</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maALCzG67_zS4l9RV9L3nh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other accrued expenses</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact001355" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">322</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:OtherAccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact001356" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">212</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--AccruedLiabilitiesCurrent_iTI_pn3n3_mtALCzG67_zV5wMDxfKzXh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact001358" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">18,115</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact001359" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">18,974</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

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

</ix:nonNumeric><p id="xdx_8A9_z8rhmmAMDhmc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001361" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_805_eus-gaap--DebtDisclosureTextBlock_zyHQQ0LMIZ2l" 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>11.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_zFFccRZqjaEa">LINES OF CREDIT</span></b></span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Lines
of Credit &#8211; working capital</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</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">The
Company has entered into unsecured revolving credit agreements with several financial institutions to fund working capital requirements
(&#8220;WC Lines of Credit&#8221;). The WC Lines of Credit provide the Company with the ability to borrow funds under consolidated lines
of credit of up to approximately $<span id="xdx_90A_eus-gaap--LineOfCredit_iI_pn3n3_c20231231__us-gaap--TypeOfArrangementAxis__custom--UnsecuredRevolvingCreditAgreementMember_zE6tUS54JmI" title="Line of credit"><ix:nonFraction name="us-gaap:LineOfCredit" contextRef="AsOf2023-12-31_custom_UnsecuredRevolvingCreditAgreementMember" id="Fact001363" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50,000</ix:nonFraction></span>. Interest rates range from <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20231231__srt--RangeAxis__srt--MinimumMember__us-gaap--TypeOfArrangementAxis__custom--UnsecuredRevolvingCreditAgreementMember_zL3CqtF7Xmf9" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-12-31_srt_MinimumMember_custom_UnsecuredRevolvingCreditAgreementMember" id="Fact001365" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.6</ix:nonFraction></span>% to <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20231231__srt--RangeAxis__srt--MaximumMember__us-gaap--TypeOfArrangementAxis__custom--UnsecuredRevolvingCreditAgreementMember_ziAbkEMGNrRi" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-12-31_srt_MaximumMember_custom_UnsecuredRevolvingCreditAgreementMember" id="Fact001367" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.5</ix:nonFraction></span>%. The WC Lines of Credit renew automatically on an annual
basis. The Company and certain of its subsidiaries are borrowers under the WC Lines of Credit, and their obligations are cross guaranteed
by certain other subsidiaries.</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>


<ix:exclude><!-- Field: Page; Sequence: 108; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- 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%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Continued)</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"><i>&#160;</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>Lines
of Credit &#8211; wheat inventories</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has entered into credit agreements with several financial institutions for asset-based credit facilities in order to fund wheat
raw material purchases (&#8220;Wheat Credit Facilities&#8221;). The Wheat Credit Facilities provide the ability to borrow funds under
consolidated lines of credit of up to approximately $<span id="xdx_904_eus-gaap--LineOfCredit_iI_pn3n3_c20231231__us-gaap--TypeOfArrangementAxis__custom--CreditAgreementMember_z7AKTrXhaobg" title="Line of credit"><ix:nonFraction name="us-gaap:LineOfCredit" contextRef="AsOf2023-12-31_custom_CreditAgreementMember" id="Fact001369" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">142,000</ix:nonFraction></span>, subject to certain borrowing base criteria. The Wheat Credit Facilities
are secured by the Company&#8217;s inventory. Interest rates range from <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20231231__srt--RangeAxis__srt--MinimumMember__us-gaap--TypeOfArrangementAxis__custom--CreditAgreementMember_z2zzwZ8LQM38" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-12-31_srt_MinimumMember_custom_CreditAgreementMember" id="Fact001371" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.4</ix:nonFraction></span>% to <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20231231__srt--RangeAxis__srt--MaximumMember__us-gaap--TypeOfArrangementAxis__custom--CreditAgreementMember_zfmsQGjCYmh2" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2023-12-31_srt_MaximumMember_custom_CreditAgreementMember" id="Fact001373" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.5</ix:nonFraction></span>% per annum. The Wheat Credit Facilities must be renewed
on a semi-annual basis. The Company and certain of its subsidiaries are borrowers under the Wheat Credit Facilities, and their obligations
are cross guaranteed by certain other subsidiaries. </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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001375" name="us-gaap:LongTermDebtTextBlock"><p id="xdx_802_eus-gaap--LongTermDebtTextBlock_zBBO1RFzYiV2" 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>12.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_824_z9BT7rgk9gKi">LONG-TERM DEBT</span></b></span></p>



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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001377" name="us-gaap:ScheduleOfDebtTableTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfDebtTableTextBlock_zyE38qUrRMKk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
long-term debt of is presented as follows:</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"><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_8B8_zR1idybbJMtk" style="display: none">SCHEDULE
OF LONG TERM DEBT</span></span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_499_20231231_zN3z4Q260M7g" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_497_20221231_zmcpJJ2Cojmh" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in
    thousands)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--LongTermDebt_iI_pn3n3_hus-gaap--LongtermDebtTypeAxis__custom--LongTermLoansMember_zCVYY8wk401f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif">Loans</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-12-31_custom_LongTermLoansMember" id="Fact001379" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">17,845</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-12-31_custom_LongTermLoansMember" id="Fact001380" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,344</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--LongTermDebt_iI_pn3n3_hus-gaap--LongtermDebtTypeAxis__custom--LongTermLeasesMember_zjbz1e2HYOc6" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Leases</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-12-31_custom_LongTermLeasesMember" id="Fact001382" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,467</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-12-31_custom_LongTermLeasesMember" id="Fact001383" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,901</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--LongTermDebt_iI_pn3n3_ziIn01M8D8E" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total outstanding debt</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-12-31" id="Fact001385" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">22,312</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-12-31" id="Fact001386" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,245</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--LongTermDebtCurrent_iNI_pn3n3_di_zq2Gzy1Lxrqi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Less current portion</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:LongTermDebtCurrent" contextRef="AsOf2023-12-31" id="Fact001388" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,471</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:LongTermDebtCurrent" contextRef="AsOf2022-12-31" id="Fact001389" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,417</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_405_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_zBEd5V1dlkKf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total long-term debt</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2023-12-31" id="Fact001391" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">11,841</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" contextRef="AsOf2022-12-31" id="Fact001392" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,828</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zmVLEJxXOWZ4" 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
term loans and other financial liabilities are evaluated according to the amortized cost method using the effective interest rate of
the loan. The loan issuance costs and premiums, if any, are determined at inception and are amortized over the useful life of the loan
via the effective interest rate.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Term
Loans</i></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"><i>&#160;</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">The
Company maintains term loans with several financial institutions (the &#8220;Term Loans&#8221;). The Term Loans are unsecured and have
fixed monthly payments ranging from approximately $<span id="xdx_90F_eus-gaap--UnsecuredLongTermDebt_iI_pn3n3_c20231231__srt--RangeAxis__srt--MinimumMember_zuRIGDYfs376" title="Unsecure long term debt"><ix:nonFraction name="us-gaap:UnsecuredLongTermDebt" contextRef="AsOf2023-12-31_srt_MinimumMember" id="Fact001394" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14</ix:nonFraction></span> to $<span id="xdx_90B_eus-gaap--UnsecuredLongTermDebt_iI_pn3n3_c20231231__srt--RangeAxis__srt--MaximumMember_zhzqaVD6AIPk" title="Unsecure long term debt"><ix:nonFraction name="us-gaap:UnsecuredLongTermDebt" contextRef="AsOf2023-12-31_srt_MaximumMember" id="Fact001396" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">104</ix:nonFraction></span>. Interest on the Term Loans range from <span id="xdx_90A_eus-gaap--LongtermDebtWeightedAverageInterestRate_iI_pid_dp_uPure_c20231231__srt--RangeAxis__srt--MinimumMember_za8GgEGPkqG4" title="Long term debt rate"><ix:nonFraction name="us-gaap:LongtermDebtWeightedAverageInterestRate" contextRef="AsOf2023-12-31_srt_MinimumMember" id="Fact001398" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.5</ix:nonFraction></span>%-<span id="xdx_907_eus-gaap--LongtermDebtWeightedAverageInterestRate_iI_pid_dp_uPure_c20231231__srt--RangeAxis__srt--MaximumMember_zfcAINPruDq5" title="Long term debt rate"><ix:nonFraction name="us-gaap:LongtermDebtWeightedAverageInterestRate" contextRef="AsOf2023-12-31_srt_MaximumMember" id="Fact001400" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.9</ix:nonFraction></span>% per annum. The Term Loans
mature at various dates ranging through 2034.</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"><i>Lease
Obligations</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">&#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 owes $<span id="xdx_902_eus-gaap--LongTermDebt_iI_pn3n3_c20231231__us-gaap--LongtermDebtTypeAxis__custom--LongTermLeasesMember_zmJYH5z63fJb" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-12-31_custom_LongTermLeasesMember" id="Fact001402" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,467</ix:nonFraction></span> and $<span id="xdx_90F_eus-gaap--LongTermDebt_iI_pn3n3_c20221231__us-gaap--LongtermDebtTypeAxis__custom--LongTermLeasesMember_z4YvCIm71qGk" title="Long term debt"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2022-12-31_custom_LongTermLeasesMember" id="Fact001404" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,901</ix:nonFraction></span> related to its leases as of December 31, 2023, and 2022, respectively. Lease obligations are payable in
monthly installments of principal and interest and are collateralized by the related assets financed. Refer to Note 4 for additional
information regarding the Company&#8217;s leases.</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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001406" name="us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zRA6epQYCnbb" 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
scheduled maturities of outstanding debt As of December 31, 2023 are as follows:</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 0; 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_8BB_zPGjhOiJ11Qj" style="display: none">SCHEDULE
OF MATURITIES OF OUTSTANDING DEBT</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_49A_20231231_zdoNrGU0rb2g" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in
    thousands)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_pn3n3_maLTDzXTz_zatjmQ1qAQa3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact001408" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,471</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_pn3n3_maLTDzXTz_zSAbYt8DUSX9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" contextRef="AsOf2023-12-31" id="Fact001410" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,591</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_iI_pn3n3_maLTDzXTz_z3FOJXicva08" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" contextRef="AsOf2023-12-31" id="Fact001412" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,820</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_iI_pn3n3_maLTDzXTz_zcEderU4dCma" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2027</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" contextRef="AsOf2023-12-31" id="Fact001414" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,204</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_iI_pn3n3_maLTDzXTz_zuIkEtUGLxE6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2028</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" contextRef="AsOf2023-12-31" id="Fact001416" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">743</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_iI_pn3n3_maLTDzXTz_z78TfsorP0Fj" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Thereafter</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" contextRef="AsOf2023-12-31" id="Fact001418" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,483</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--LongTermDebt_iTI_pn3n3_mtLTDzXTz_zmnEhC9IYcN6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total outstanding debt</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:LongTermDebt" contextRef="AsOf2023-12-31" id="Fact001420" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">22,312</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_zDPM1bMfSDAd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001422" name="AFRI:ForeignCurrencyForwardContractDisclosureTextBlock"><p id="xdx_804_ecustom--ForeignCurrencyForwardContractDisclosureTextBlock_zuEAI9mSiJF7" 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>13.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82D_zdcbAy4LKxj5">FOREIGN CURRENCY FORWARD CONTRACTS</span></b></span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
global operations require active participation in foreign exchange markets. From the beginning of 2023, the Company entered into foreign
currency forward contracts to reduce the risk arising from foreign exchange rate fluctuations.</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
do not utilize hedge accounting and as such value open foreign currency forward contracts at fair value with the change in unrealized
gain or loss recorded in &#8220;Change in fair value of derivatives and contingent consideration&#8221; on the Company&#8217;s consolidated
statements of operations.</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>


<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 -->19<!-- 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%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

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

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

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company had 50 foreign currency forward contracts outstanding as of December 31, 2023, with a notional value of $<span id="xdx_902_eus-gaap--DerivativeNotionalAmount_iI_pn3n3_c20231231_zRnOf2Ofuebj" title="Notional value"><ix:nonFraction name="us-gaap:DerivativeNotionalAmount" contextRef="AsOf2023-12-31" id="Fact001424" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">14,100</ix:nonFraction></span> and &#8364;<span id="xdx_90C_eus-gaap--DerivativeNotionalAmount_iI_pn3n3_uEUR_c20221231_zeOrXD1kHFpj" title="Notional value"><ix:nonFraction name="us-gaap:DerivativeNotionalAmount" contextRef="AsOf2022-12-31" id="Fact001426" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="EUR">40,200</ix:nonFraction></span>
($<span id="xdx_900_eus-gaap--DerivativeNotionalAmount_iI_pn3n3_c20221231_z5eXos4FORY4" title="Notional value"><ix:nonFraction name="us-gaap:DerivativeNotionalAmount" contextRef="AsOf2022-12-31" id="Fact001428" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">36,400</ix:nonFraction></span>), respectively. All of these contracts will expire by <span id="xdx_90F_ecustom--ContractExpirationDate_dd_c20230101__20231231_zZxg3WrwAw89" title="contract expiration date"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:datemonthdayyearen" id="Fact001430" name="AFRI:ContractExpirationDate">December 31, 2024</ix:nonNumeric></span>. These instruments are typically short term in duration.</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">Foreign
currency forward contracts are marked-to-market based on the difference between the forward rate and the exchange rate as of the reporting
period; thus, the Company measures the fair value of these contracts under a Level 2 input.</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
foreign currency forward contract assets and liabilities totaled $<span id="xdx_904_ecustom--ForeignCurrencyContractAssets_iI_pn3n3_c20231231_zf9INoyLZMj9" title="Foreign currency contract asset"><ix:nonFraction name="AFRI:ForeignCurrencyContractAssets" contextRef="AsOf2023-12-31" id="Fact001432" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">430</ix:nonFraction></span> and $<span id="xdx_907_ecustom--ForeignCurrencyContractLiability_iI_pn3n3_c20231231_zHIMB3uqyRbd" title="Foreign currency contract liability"><ix:nonFraction name="AFRI:ForeignCurrencyContractLiability" contextRef="AsOf2023-12-31" id="Fact001434" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">337</ix:nonFraction></span>, respectively at December 31, 2023. These assets and liabilities
are recorded within prepaid expenses and other current assets, and other liabilities, current, respectively on the consolidated balance
sheets. The Company recorded a gain on foreign exchange forward contracts of $<span id="xdx_90C_eus-gaap--ForeignCurrencyTransactionGainLossAfterTax_pn3n3_c20230101__20231231_zjOws31VqJ42" title="Foreign currency exchange"><ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossAfterTax" contextRef="From2023-01-01to2023-12-31" id="Fact001436" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">91</ix:nonFraction></span> for the year ended December 31, 2023.</span></p>
<!-- Field: Split-Segment; Name: 003 -->
<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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001438" name="AFRI:ContingentConsiderationLiabilityDisclosureTextBlock"><p id="xdx_80F_ecustom--ContingentConsiderationLiabilityDisclosureTextBlock_z8ewuSlG5Mm4" 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>14.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_825_zPuDA4ZxCOy3">CONTINGENT CONSIDERATION LIABILITY</span></b></span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the terms of the Business Combination Agreement, the Company will pay to the Seller 20% of any cash proceeds received
by Company before the five-year anniversary of the Closing resulting from the exercise of Company Warrants outstanding as of the Signing
Date. </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
contingent consideration liability is included in &#8220;Contingent consideration liability&#8221; on the consolidated balance sheet.
Changes in the fair value of the liability are included in &#8220;Change in fair value of derivatives and contingent consideration&#8221;
on the Consolidated Statements of Operations.</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 utilized a probability weighted scenario-based model under a level 3 input to determine the fair value of the contingent consideration.
Based on this valuation model, the Company determined the fair value of the contingent consideration to be $<span id="xdx_903_eus-gaap--BusinessCombinationContingentConsiderationLiabilityCurrent_iI_pn3n3_c20231231_zyFrFsZ4Xim3" title="Contingent consideration liability"><ix:nonFraction name="us-gaap:BusinessCombinationContingentConsiderationLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact001440" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,326</ix:nonFraction></span> and $<span id="xdx_900_eus-gaap--BusinessCombinationContingentConsiderationLiabilityCurrent_iI_pn3n3_c20221231_zpQLKV7jUr9k" title="Contingent consideration liability"><ix:nonFraction name="us-gaap:BusinessCombinationContingentConsiderationLiabilityCurrent" contextRef="AsOf2022-12-31" id="Fact001442" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,260</ix:nonFraction></span> as of December
31, 2023 and 2022, respectively. The assumptions used in the analysis are inherently subjective; therefore, the ultimate amount of the
liability may differ materially from the current estimate.</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
significant unobservable inputs used in the fair value measurement of the contingent consideration liability are measures of the estimated
payouts over a five-year period based on internally generated financial projections on a probability-weighted basis and a discount rate
which was in a range of <span id="xdx_900_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__srt--RangeAxis__srt--MinimumMember_z5Li9ISz9JQ6" title="Discount rate"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2023-12-31_us-gaap_FairValueInputsLevel3Member_us-gaap_MeasurementInputDiscountRateMember_srt_MinimumMember" id="Fact001444" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">4.49</ix:nonFraction></span>% to <span id="xdx_90A_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember__srt--RangeAxis__srt--MaximumMember_zTktIPcHYz1k" title="Discount rate"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2023-12-31_us-gaap_FairValueInputsLevel3Member_us-gaap_MeasurementInputDiscountRateMember_srt_MaximumMember" id="Fact001446" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">5.47</ix:nonFraction></span>% with a weighted average of <span id="xdx_903_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputWeightedAverageMember_z92TqR6iCjjh" title="Discount rate"><ix:nonFraction name="us-gaap:DerivativeLiabilityMeasurementInput" contextRef="AsOf2023-12-31_us-gaap_FairValueInputsLevel3Member_custom_MeasurementInputWeightedAverageMember" id="Fact001448" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">4.94</ix:nonFraction></span>% As of December 31, 2023.</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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001450" name="AFRI:ScheduleOfFairValueMeasurementOfContingentConsiderationLiabilityTableTextBlock"><p id="xdx_896_ecustom--ScheduleOfFairValueMeasurementOfContingentConsiderationLiabilityTableTextBlock_zA369jkePX46" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents a summary of the changes in the fair value of the contingent consideration liability:</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 id="xdx_8BA_zEuf2wP3BmZ4" style="display: none">SCHEDULE
OF FAIR VALUE MEASUREMENT OF CONTINGENT CONSIDERATION LIABILITY</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in
    thousands)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">June 9, 2022</span></td><td style="width: 2%; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_eus-gaap--BusinessCombinationContingentConsiderationLiabilityCurrent_iS_pn3n3_c20220609__20221231_zw3vbYxYjMF6" title="Contingent consideration liability" style="border-bottom: Black 2.5pt double; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:BusinessCombinationContingentConsiderationLiabilityCurrent" contextRef="AsOf2022-06-08" id="Fact001452" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,308</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98B_eus-gaap--BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1_pn3n3_c20220609__20221231_zK7cgCUEaAsl" title="Contingent consideration liability change in fair value" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1" contextRef="From2022-06-092022-12-31" id="Fact001454" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">48</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">December 31, 2022</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_981_eus-gaap--BusinessCombinationContingentConsiderationLiabilityCurrent_iS_pn3n3_c20230101__20231231_zspnvhs1aZMa" title="Contingent consideration liability" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:BusinessCombinationContingentConsiderationLiabilityCurrent" contextRef="AsOf2022-12-31" id="Fact001456" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,260</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98C_eus-gaap--BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1_pn3n3_c20230101__20231231_zrXBo42AE23k" title="Contingent consideration liability change in fair value" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1" contextRef="From2023-01-01to2023-12-31" id="Fact001458" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">66</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">December 31, 2023</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eus-gaap--BusinessCombinationContingentConsiderationLiabilityCurrent_iE_pn3n3_c20230101__20231231_zE1V3pm2B5la" title="Contingent consideration liability" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:BusinessCombinationContingentConsiderationLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact001460" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,326</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A1_zHV2kCc0iOEg" 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001462" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_802_eus-gaap--IncomeTaxDisclosureTextBlock_zgZdcsDiX3s7" 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>15.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_822_zlm50Hz5cl7e">INCOME TAXES</span></b></span></p>



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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001464" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_z1HMF1T9rj9e" 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
following table presents the components of the December 31, 2023, 2022 and 2021 provision for income taxes:</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 id="xdx_8B1_z1OTkJGj2wRk" style="display: none">SCHEDULE
OF COMPONENTS OF PROVISION FOR INCOME TAX</span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_490_20230101__20231231_zKW9r6mg6U35" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_493_20220101__20221231_zRJEcxqWyini" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_494_20210101__20211231_zVEXSzFvrSK6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in thousands)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--CurrentFederalStateAndLocalTaxExpenseBenefit_pn3n3_maITEBzd0f_zLXBhzvZEjhh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%"><span style="font-family: Times New Roman, Times, Serif">Current</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CurrentFederalStateAndLocalTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact001466" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,987</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CurrentFederalStateAndLocalTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact001467" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,228</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:CurrentFederalStateAndLocalTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact001468" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,104</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--DeferredFederalStateAndLocalTaxExpenseBenefit_pn3n3_maITEBzd0f_zILTh77GSs2l" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Deferred</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:DeferredFederalStateAndLocalTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact001470" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,093</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:DeferredFederalStateAndLocalTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact001471" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">4,286</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:DeferredFederalStateAndLocalTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact001472" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,193</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_406_eus-gaap--IncomeTaxExpenseBenefit_iT_pn3n3_mtITEBzd0f_zxtZ7NzMI5ya" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total income tax expense</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact001474" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">106</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact001475" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,058</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact001476" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">89</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
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</ix:nonNumeric><p id="xdx_8A9_zZPu8AlADKSd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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


<ix:exclude><!-- Field: Page; Sequence: 110; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></td></tr></table></div>
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<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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORAFRIC
                                            GLOBAL PLC AND SUBSIDIARIES </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Continued)</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">&#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 effective tax rate was <span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_c20230101__20231231_zAzEnEDVXIwk" title="Effective tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" contextRef="From2023-01-01to2023-12-31" id="Fact001478" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>%, <span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_c20220101__20221231_z4AZDccts2dj" title="Effective tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" contextRef="From2022-01-012022-12-31" id="Fact001480" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>%, and <span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_c20210101__20211231_zu2tyHuNQXu8" title="Effective tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" contextRef="From2021-01-012021-12-31" id="Fact001482" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>% for the year ended December 31, 2023, 2022 and 2021, respectively. The effective
tax rate was lower than the Moroccan statutory rate primarily due to unrecognized tax losses and the minimum contribution due to the
Moroccan tax authorities levied on revenue and other specific income items.</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
current tax expense corresponds to the amounts paid or pending of payment in short-term to the Moroccan tax authorities for the period,
according to the Law and Regulations of Morocco. The Company&#8217;s filed tax returns from the 2019 through 2023 tax years remain open
for examination by the tax authorities under the normal statute of limitations.</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">According
to tax legislation in Morocco, companies are taxed on the difference between their trading income and expenditure. Business expenses
incurred in the operation of the business are generally deductible unless specifically excluded. The Moroccan 2023 Tax Code enacted a
tax reform by fixing two target rates as follows:</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: 0.25in"><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">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zdOA1L7DcnRk" title="Effective income  tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2023-01-012023-12-31_srt_MinimumMember" id="Fact001484" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>%
    for companies with a net tax income lower than MAD <span id="xdx_90D_eus-gaap--NetIncomeLoss_pn6n6_uMAD_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zNYffLFvX0Uc" title="Net taxable income"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2023-01-012023-12-31_srt_MinimumMember" id="Fact001486" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="MAD">100</ix:nonFraction></span> million.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <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">-</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_90C_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_z1knTaIsHKY1" title="Effective income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2023-01-012023-12-31_srt_MaximumMember" id="Fact001488" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">35</ix:nonFraction></span>%
    for companies with a net tax income equal to or higher than MAD <span id="xdx_90E_eus-gaap--NetIncomeLoss_pn6n6_uMAD_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_zr5TxapXQV4a" title="Net taxable income"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2023-01-012023-12-31_srt_MaximumMember" id="Fact001490" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="MAD">100</ix:nonFraction></span> million.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
the group&#8217;s entities in Morocco will be progressively subject to the <span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__country--MA_z9KJlK6XxJY" title="Effective income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2023-01-012023-12-31_country_MA" id="Fact001492" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20</ix:nonFraction></span>% income tax rate.</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">Companies
in Mali and Burkina are subject to an income tax of <span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__country--ML_zYyu2zjnwsX7" title="Effective income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2023-01-012023-12-31_country_ML" id="Fact001494" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">30</ix:nonFraction></span>% and <span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__country--BF_zgLlKrYWqyi1" title="Effective income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2023-01-012023-12-31_country_BF" id="Fact001496" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">27.5</ix:nonFraction></span>% respectively.</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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001498" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zGGqxRjfGPrj" 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
following is a reconciliation of income tax expense computed at the Moroccan statutory tax rate to the income tax benefit reported in
the consolidated statements of operations:</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 id="xdx_8BB_zoRy1ifKlZy" style="display: none">SCHEDULE
OF RECONCILIATION OF INCOME TAX EXPENSE</span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_490_20230101__20231231_zPwbFAdKu6A3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_49B_20220101__20221231_zGDOssWeIgl6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_499_20210101__20211231_zHLF7G5BJiG9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in thousands)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--ProfitLoss_pn3n3_zcKEkV8QAEa3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net loss</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact001500" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">12,508</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2022-01-012022-12-31" id="Fact001501" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">19,170</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-12-31" id="Fact001502" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">7,784</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_zyVAlBa1g6Kg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Income tax expense for
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact001504" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">106</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact001505" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,058</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact001506" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">89</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_401_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_pn3n3_z34YfCwTVZb6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    tax</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Permanent differences not deductible (taxable)
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" contextRef="From2021-01-012021-12-31" id="Fact001522" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,323</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--IncomeTaxReconciliationDeductionsOther_iN_pn3n3_di_zzRrVoAVykbj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Change in the valuation
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1525">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1526">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_ecustom--RecalculatedIncomeTaxExpenseReconciliation_pn3n3_zddE0YuW9FJ9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Recalculated tax expense</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_40D_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_zgkwpILmJbUg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Statutory tax rate in
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2022-01-012022-12-31" id="Fact001533" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">31</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2021-01-012021-12-31" id="Fact001534" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">31</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_zwSCyeSMHzKc" 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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001536" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zn3A0mi9JvT5" 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
tax effects of temporary differences giving rise to deferred income tax assets (liabilities) were:</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 id="xdx_8B3_zoqf0PEG2xNi" style="display: none">SCHEDULE
OF DEFERRED INCOME TAX ASSETS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20231231_z504HyESbaM7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_494_20221231_zeKUERsx4vca" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in
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  <tr id="xdx_40E_ecustom--DeferredTaxFixedAssetsAndIntangibleAssets_iNI_pn3n3_di_maDTALNztMa_zGLILhGZdGPd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="AFRI:DeferredTaxFixedAssetsAndIntangibleAssets" contextRef="AsOf2023-12-31" id="Fact001538" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,810</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction name="AFRI:DeferredTaxFixedAssetsAndIntangibleAssets" contextRef="AsOf2022-12-31" id="Fact001539" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,292</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr id="xdx_401_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_maDTALNztMa_zVnNidrWcmA" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loss carryforward</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" contextRef="AsOf2023-12-31" id="Fact001541" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,446</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" contextRef="AsOf2022-12-31" id="Fact001542" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,021</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif">Leases</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A9_zjozUjJP3sa2" style="font: 10pt Times New Roman, Times, Serif; margin: 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: center"></p>


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    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Continued)</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">&#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">During
the years ended December 31, 2023, and 2022, the Company has $<span id="xdx_90F_eus-gaap--OperatingLossCarryforwards_iI_pn3n3_c20231231_zg0BtpqUY2na" title="Operating loss carry forwards"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31" id="Fact001556" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">37,228</ix:nonFraction></span> and $<span id="xdx_908_eus-gaap--OperatingLossCarryforwards_iI_pn3n3_c20221231_zF1utC8VJlBa" title="Operating loss carry forwards"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2022-12-31" id="Fact001558" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">48,684</ix:nonFraction></span>, respectively, as cumulative net operating losses of
which $<span id="xdx_90B_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration_iI_pn3n3_c20231231_zz915g1pzcU8" title="Deferred tax assets, operating loss carryforwards, subject to expiration"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration" contextRef="AsOf2023-12-31" id="Fact001560" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">23,546</ix:nonFraction></span> and $<span id="xdx_90B_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration_iI_pn3n3_c20221231_z5UL38Hi6fWc" title="Deferred tax assets, operating loss carryforwards, subject to expiration"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration" contextRef="AsOf2022-12-31" id="Fact001562" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">36,663</ix:nonFraction></span> that begin <span id="xdx_90F_eus-gaap--OperatingLossCarryforwardsLimitationsOnUse_c20230101__20231231_zz3Udzzx5VMb" title="Operating loss carryforwards, limitations on use"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact001564" name="us-gaap:OperatingLossCarryforwardsLimitationsOnUse">to expire within four years</ix:nonNumeric></span>, respectively.</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">In
assessing the realizability of these deferred tax assets, management considers whether it is more-likely-than-not that some portion or
all the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future
taxable income in those periods in which temporary differences become deductible and/or net operating loss carryforwards can be utilized.
The Company considers the level of historical taxable income, scheduled reversal of temporary differences, tax planning strategies, and
projected future taxable income in determining whether a valuation allowance is warranted. </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 maintains a valuation allowance for deferred tax assets that may not be realizable in the future. During the year ended December
31, 2023, the Company reassessed its deferred tax assets and liabilities, including the valuation allowance, in accordance with ASC 740,
&#8220;Income Taxes.&#8221; </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
a result of this assessment, the Company determined that it is more likely than not that a portion of the previously established valuation
allowance is no longer necessary. Therefore, the Company released a portion of the valuation allowance, resulting in a decrease in income
tax expense of $<span id="xdx_906_eus-gaap--IncomeTaxReconciliationDeductionsOther_pn3n3_c20230101__20231231_zURIoSfMWA28" title="Decrease in income tax expense"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationDeductionsOther" contextRef="From2023-01-01to2023-12-31" id="Fact001566" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,221</ix:nonFraction></span> for the year ended December 31, 2023.</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
of each reporting date, we consider existing evidence, both positive and negative, that could impact our view with regard to future realization
of deferred tax assets. Following the release of the aforementioned valuation allowance, we continue to believe it is more likely than
not that the benefit for certain net operating loss carryforwards will not be realized. In recognition of this risk, we continue to provide
a partial valuation allowance on the deferred tax assets relating to these carryforwards in the amount of $<span id="xdx_905_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pn3n3_c20231231_zIFlBTRcsv31" title="Valuation allowance"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2023-12-31" id="Fact001568" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,172</ix:nonFraction></span> as of December 31, 2023.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001570" name="us-gaap:BusinessCombinationDisclosureTextBlock"><p id="xdx_806_eus-gaap--BusinessCombinationDisclosureTextBlock_z9gVDsasbxn4" 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>16.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_826_zuEMakAXQ3Sl">VARIABLE INTEREST ENTITIES AND ACQUISITIONS</span></b></span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Asset
acquisitions</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">On
July 26, 2023, Forafric acquired <span id="xdx_903_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_c20230726__us-gaap--BusinessAcquisitionAxis__custom--SocieteIndustrielleDeMinoterieDuSudMember_z3qIwc0Asy4h" title="Acquisition percentage"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2023-07-26_custom_SocieteIndustrielleDeMinoterieDuSudMember" id="Fact001572" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">90</ix:nonFraction></span>% of Socie&#769;te&#769; Industrielle de Minoterie du Sud (&#8220;SIMS&#8221;), a soft wheat milling
company with primary operations in Marrakesh, for cash consideration and noncontrolling interest in the amount of approximately
$<span id="xdx_90F_eus-gaap--MinorityInterest_iI_pn3n3_c20230726__us-gaap--BusinessAcquisitionAxis__custom--SocieteIndustrielleDeMinoterieDuSudMember_zbon0cxfbG5g" title="Noncontrolling interest"><ix:nonFraction name="us-gaap:MinorityInterest" contextRef="AsOf2023-07-26_custom_SocieteIndustrielleDeMinoterieDuSudMember" id="Fact001574" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">56</ix:nonFraction></span> and the assumption of SIMS' outstanding debts in the amount of approximately $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20230726__us-gaap--BusinessAcquisitionAxis__custom--SocieteIndustrielleDeMinoterieDuSudMember_z549Z94nKMWl" title="Outstanding debt"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2023-07-26_custom_SocieteIndustrielleDeMinoterieDuSudMember" id="Fact001576" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,318</ix:nonFraction></span>.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The transaction met the screen test and was accounted
for as an acquisition of assets under U.S. GAAP. Accordingly, the acquisition cost was allocated on a relative fair value basis.</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>

<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>

<ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SocieteIndustrielleDeMinoterieDuSudMember" escape="true" id="Fact001578" name="us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--SocieteIndustrielleDeMinoterieDuSudMember_zQS2PkG8DUT4" 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
following table represents the final purchase cost allocation:</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 id="xdx_8BD_z2n8rPwfLki" style="display: none">SCHEDULE
OF BUSINESS COMBINATION ASSETS AND LIABILITIES</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; 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"><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: 60%; margin-right: auto">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">Assumed debt</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNonControllingInterest_iI_zts9Xb3En3Hk" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Noncontrolling interest</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Total consideration paid</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Tradename</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_407_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCustomerRelationship_iI_z2JpbqO7ORy9" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Customer relationship</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_40C_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherIntangibleAssets_iI_zsRaWG94oog6" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other intangible assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_402_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_pn3n3_zoPuFbnVpJT9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Intangible assets</td><td>&#160;</td>
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    <td style="text-align: left">Right-of-use assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="AFRI:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRightOfUseAssets" contextRef="AsOf2023-07-26_custom_SocieteIndustrielleDeMinoterieDuSudMember" id="Fact001600" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">331</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Accounts receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables" contextRef="AsOf2023-07-26_custom_SocieteIndustrielleDeMinoterieDuSudMember" id="Fact001604" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">28</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pn3n3_zK92idqkHjel" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_401_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesOther_iNI_pn3n3_di_z2DRiCbYbx3l" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_401_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesOther_iNI_pn3n3_di_znjWVGWrsYkl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_pn3n3_zgFZhvE80tc" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: bold; text-align: left">Total net assets acquired</td><td style="font-weight: bold">&#160;</td>
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  <tr id="xdx_404_eus-gaap--Goodwill_iI_zBHkqZ0PZf09" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Goodwill</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  </table>



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

</ix:nonNumeric><p id="xdx_8A2_zuSTulbxxwqa" style="font: 10pt Times New Roman, Times, Serif; margin: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Consolidated
Variable Interest Entities </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"><i>Sanabil
SA</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
on October 7, 2021, the Company completed a share purchase acquisition of Moulins Sanabil SA (&#8220;Sanabil SA&#8221;). By way of the
acquisition, the Company acquired a <span id="xdx_907_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_c20211007__us-gaap--BusinessAcquisitionAxis__custom--SanabilSAMember_zreu8TU4FzIc" title="Acquisition percentage"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2021-10-07_custom_SanabilSAMember" id="Fact001618" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction></span>% stake in a wheat milling business in the region of Meknes, Morocco.</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">Pursuant
to the terms of the agreement, the purchase price of the acquisition was $<span id="xdx_908_eus-gaap--PaymentsToAcquireBusinessesNetOfCashAcquired_pn3n3_c20211007__20211007__us-gaap--BusinessAcquisitionAxis__custom--SanabilSAMember_zkqipqq1vwM2" title="Acquisition price"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" contextRef="From2021-10-072021-10-07_custom_SanabilSAMember" id="Fact001620" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">332</ix:nonFraction></span>, fully paid in cash.</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>


<ix:exclude><!-- Field: Page; Sequence: 112; 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%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

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

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

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


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

<ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_SanabilSAMember" escape="true" id="Fact001622" name="us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--SanabilSAMember_zMUawDpOaKid" 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
following table represents the final allocation of the purchase consideration among assets acquired and liabilities assumed at their
estimated acquisition date fair values:</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 id="xdx_8B1_zxOK44yPgO7c" style="display: none">SCHEDULE
OF BUSINESS COMBINATION ASSETS AND LIABILITIES</span></span></p>

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

<p style="font: 10pt Times New 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="margin-top: 0; margin-bottom: 0">&#160;</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="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Consideration paid:</td><td>&#160;</td>
    <td colspan="2" id="xdx_49C_20211007__us-gaap--BusinessAcquisitionAxis__custom--SanabilSAMember_zsM17EBIOSW6">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pn3n3_z1X2XlULcsfg" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 82%; text-align: left">Cash</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" contextRef="AsOf2021-10-07_custom_SanabilSAMember" id="Fact001624" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">332</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesLongTermDebt_iI_pn3n3_zQ91smekaeu" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Assumed debt</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesLongTermDebt" contextRef="AsOf2021-10-07_custom_SanabilSAMember" id="Fact001626" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,548</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNonControllingInterest_iI_pn3n3_zN2b1ee3Bwzh" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Noncontrolling interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="AFRI:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNonControllingInterest" contextRef="AsOf2021-10-07_custom_SanabilSAMember" id="Fact001628" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">221</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iI_pn3n3_zJxgcDaqGGPk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total consideration paid</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet" contextRef="AsOf2021-10-07_custom_SanabilSAMember" id="Fact001630" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,101</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net assets acquired:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left"/></tr>
  <tr id="xdx_40B_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets_iI_pn3n3_zgYAXF6Jffk7" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Current assets</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets" contextRef="AsOf2021-10-07_custom_SanabilSAMember" id="Fact001632" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,665</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities_iNI_pn3n3_di_zJUM8vX3nbcl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities" contextRef="AsOf2021-10-07_custom_SanabilSAMember" id="Fact001634" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,416</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40C_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_pn3n3_zJwa3excUTp3" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left">Property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment" contextRef="AsOf2021-10-07_custom_SanabilSAMember" id="Fact001636" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,413</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradename_iI_pn3n3_zt3jJvUcfLb9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Tradename</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="AFRI:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedTradename" contextRef="AsOf2021-10-07_custom_SanabilSAMember" id="Fact001638" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">323</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCustomerRelationship_iI_pn3n3_z5pChf3Msjl1" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Customer relationship</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="AFRI:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCustomerRelationship" contextRef="AsOf2021-10-07_custom_SanabilSAMember" id="Fact001640" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">453</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_pn3n3_zky5lKwWmuVl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; text-align: left">Total net assets acquired</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet" contextRef="AsOf2021-10-07_custom_SanabilSAMember" id="Fact001642" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,438</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--Goodwill_iI_pn3n3_zXj0vJX4ymg4" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0pt; text-align: left; padding-bottom: 1.5pt">Goodwill</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total consideration paid</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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<p style="margin-top: 0; margin-bottom: 0"></p>





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

</ix:nonNumeric><p id="xdx_8A2_zUP59yYTM22l" style="font: 10pt Times New Roman, Times, Serif; margin: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
valuation of the acquired intangible assets is inherently subjective and relies on significant unobservable inputs. The Company used
an income approach to value the acquired customer relationships intangible assets. The method used for the acquired trade name intangible
assets was the Relief from Royalty Method. The valuation for each of these intangible assets was based on estimated projections of expected
cash flows to be generated by the assets, discounted to the present value at discount rates commensurate with perceived risk. The valuation
assumptions take into consideration the Company&#8217;s estimates of customer attrition and revenue growth projections. The Company is
amortizing the identifiable intangible assets arising from the Sanabil SA acquisition in relation to the expected cash flows from the
individual intangible assets over their respective useful lives, which have a weighted average life of <span id="xdx_90C_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20211007__20211007__us-gaap--BusinessAcquisitionAxis__custom--SanabilSAMember_zKrn4cJWXT99" title="Average life"><ix:nonNumeric contextRef="From2021-10-072021-10-07_custom_SanabilSAMember" format="ixt-sec:duryear" id="Fact001648" name="us-gaap:AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife">20</ix:nonNumeric></span> years. Goodwill represents
Sanabil SA&#8217;s market presence and its experienced workforce as well as future potential to generate cash flows and other economic
benefits and results from assets that are not separately identifiable as part of the transaction and is not deductible for tax purposes.
The Company incurred no material transaction costs for the acquisition of Sanabil SA.</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"><i>MDS
Burkina</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
on July 30, 2021, the Company completed a share purchase acquisition of MDS Burkina. By way of the acquisition, the Company acquired
a <span id="xdx_90D_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_c20210730__us-gaap--BusinessAcquisitionAxis__custom--MDSBurkinaMember_zdqgl0XQPWy8" title="Acquisition percentage"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2021-07-30_custom_MDSBurkinaMember" id="Fact001650" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">78.21</ix:nonFraction></span>% stake in a wheat milling business in Burkina.</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">Pursuant
to the terms of the agreement, the Company will provide financial investments to MDS Burkina in the form of a cash consideration for
a total amount of $<span id="xdx_90A_eus-gaap--PaymentsToAcquireBusinessesNetOfCashAcquired_pn3n3_c20220101__20221231__us-gaap--BusinessAcquisitionAxis__custom--MDSBurkinaMember_zPhykmbLFtce" title="Acquisition price"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" contextRef="From2022-01-012022-12-31_custom_MDSBurkinaMember" id="Fact001652" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,153</ix:nonFraction></span> fully paid in cash as of December 31, 2022. The amount invested will be used first to recapitalize the company
and finance working capital.</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 thus agreed to fund MDS Burkina for operational cash flow needs and bear the risk of its losses from operations and MDA Burkina
agrees that the Company has rights to <span id="xdx_90D_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_c20210730__us-gaap--BusinessAcquisitionAxis__custom--MDSBurkinaMember_z1cvz1PFqFn4" title="Acquisition percentage"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2021-07-30_custom_MDSBurkinaMember" id="Fact001654" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">78.21</ix:nonFraction></span>% of MDS Burkina&#8217;s net profits, if any.</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>


<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%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

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

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

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


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

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

<ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MDSBurkinaMember" escape="true" id="Fact001656" name="us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--MDSBurkinaMember_zTc14EHjiAL7" 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
following table represents the preliminary allocation of the purchase consideration among assets acquired and liabilities assumed at
their estimated acquisition date fair values:</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 id="xdx_8B7_zyjVs2CRdzX9" style="display: none">SCHEDULE
OF BUSINESS COMBINATION ASSETS AND LIABILITIES</span></span></p>

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Consideration paid:</td><td>&#160;</td>
    <td colspan="2" id="xdx_49A_20210730__us-gaap--BusinessAcquisitionAxis__custom--MDSBurkinaMember_zwfqGbf4J4Dl">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pn3n3_zhCMyuVyrxwf" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 82%; text-align: left">Cash</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" contextRef="AsOf2021-07-30_custom_MDSBurkinaMember" id="Fact001658" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,153</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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  <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iI_pn3n3_zzBsvAEJLePk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; font-weight: bold; text-align: left">Total consideration paid</td><td style="font-weight: bold">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net assets acquired:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets_iI_pn3n3_zjxkOoWzUGy9" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_409_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities_iNI_pn3n3_di_zVrdstDwAPx8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities" contextRef="AsOf2021-07-30_custom_MDSBurkinaMember" id="Fact001668" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,144</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_406_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_pn3n3_zTX8Lve26K8a" style="vertical-align: bottom; background-color: White">
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    <td style="padding-left: 20pt; text-align: left">Total net assets acquired</td><td>&#160;</td>
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    <td style="padding-left: 10pt; text-align: left">Goodwill</td><td>&#160;</td>
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  <tr id="xdx_402_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iI_pn3n3_zxCq37JcIjnk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; font-weight: bold; text-align: left">Total consideration paid</td><td style="font-weight: bold">&#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"></span></p>

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

</ix:nonNumeric><p id="xdx_8A7_zA17i5lwAH5b" style="font: 10pt Times New Roman, Times, Serif; margin: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
represents MDS Burkina&#8217;s market presence and its experienced workforce as well as future potential to generate cash flows and other
economic benefits and results from assets that are not separately identifiable as part of the transaction and is not deductible for tax
purposes. The Company incurred no material transaction costs for the acquisition of MDS Burkina.</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"><i>MDS
Mali</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
on April 30, 2021, the Company completed a share purchase acquisition of MDS Mali. By way of the acquisition, the Company acquired a
<span id="xdx_904_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_c20210430__us-gaap--BusinessAcquisitionAxis__custom--MDSMaliMember_zPUHOsZRkuJc" title="Acquisition percentage"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2021-04-30_custom_MDSMaliMember" id="Fact001678" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">70.35</ix:nonFraction></span>% stake in a wheat milling business in Mali.</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">Pursuant
to the terms of the agreement, the Company will provide financial investments to MDS Mali in the form of a cash consideration for a total
amount of $<span id="xdx_902_eus-gaap--PaymentsToAcquireBusinessesNetOfCashAcquired_pn3n3_c20220101__20221231__us-gaap--BusinessAcquisitionAxis__custom--MDSMaliMember_z5tgfcBfLmFl" title="Acquisition price"><ix:nonFraction name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" contextRef="From2022-01-012022-12-31_custom_MDSMaliMember" id="Fact001680" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,579</ix:nonFraction></span> fully paid in cash as of December 31, 2022. The amount invested will be used first to recapitalize the company and finance
working capital.</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>

<ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_MDSMaliMember" escape="true" id="Fact001682" name="us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_hus-gaap--BusinessAcquisitionAxis__custom--MDSMaliMember_zxeec8AV6R79" 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
following table represents the final allocation of the purchase consideration among assets acquired and liabilities assumed at their
estimated acquisition date fair values:</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 id="xdx_8B6_zd2mynIqLuZ3" style="display: none">SCHEDULE OF BUSINESS COMBINATION ASSETS AND LIABILITIES</span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_pn3n3_zUEUAcOm3RW2" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_pn3n3_zHqSmBI5eEe3" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; text-align: left">Total net assets acquired</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Goodwill</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_401_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_iI_pn3n3_zyS1jBWDoRHl" style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; 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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_8AC_zApEuHH9jEJj" style="font: 10pt Times New Roman, Times, Serif; margin: 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: center"></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
valuation of the acquired intangible assets is inherently subjective and relies on significant unobservable inputs. The Company used
an income approach to value the acquired customer relationships intangible assets. The method used for the acquired trade name intangible
assets was the Relief from Royalty Method. The valuation for each of these intangible assets was based on estimated projections of expected
cash flows to be generated by the assets, discounted to the present value at discount rates commensurate with perceived risk. The valuation
assumptions take into consideration the Company&#8217;s estimates of customer attrition and revenue growth projections.</span></p>

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

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

<ix:exclude><!-- Field: Page; Sequence: 114; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

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

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

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is amortizing the identifiable intangible assets arising from the MDS Mali acquisition in relation to the expected cash flows
from the individual intangible assets over their respective useful lives, which have a weighted average life of <span id="xdx_907_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20210430__20210430__us-gaap--BusinessAcquisitionAxis__custom--MDSMaliMember_zy3CiZsLDtv8" title="Average life"><ix:nonNumeric contextRef="From2021-04-302021-04-30_custom_MDSMaliMember" format="ixt-sec:duryear" id="Fact001710" name="us-gaap:AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife">20</ix:nonNumeric></span> years.</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">Goodwill
represents MDS Mali&#8217;s market presence and its experienced workforce as well as future potential to generate cash flows and other
economic benefits and results from assets that are not separately identifiable as part of the transaction and is not deductible for tax
purposes. The Company incurred no material transaction costs for the acquisition of MDS Mali.</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">Pro
Forma information</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
following unaudited pro forma information presents the aggregate impact of the results of operations of Sanabil SA, MDS Burkina and MDS
Mali on the Company revenue and net income (loss) for the years ended December 31, 2021, and 2020 as if the acquisitions had been completed
on January 1, 2020, with adjustments to give effect to pro forma events that are directly attributable to the acquisitions.</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
unaudited pro forma information does not reflect any operating efficiencies or potential cost savings that may result from the consolidation
of the operations of the Company and the acquisitions. Accordingly, this unaudited pro forma information is presented for illustrative
purposes and are not intended to represent or be indicative of the actual impact on the results of operations of the Company that would
have been achieved had the acquisitions occurred at January 1, 2020, nor are they intended to represent or be indicative of impact on
future results of operations:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001712" name="us-gaap:BusinessAcquisitionProFormaInformationTextBlock"><p id="xdx_891_eus-gaap--BusinessAcquisitionProFormaInformationTextBlock_zkQpOzb7AZT9" 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 id="xdx_8B6_zZNAYu7HJBc4" style="display: none">SCHEDULE
OF FUTURE RESULTS OF OPERATIONS</span></span></p>

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

<p style="font: 10pt Times New 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; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_499_20210101__20211231_zXBqP4nRMAId" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 64%; padding-bottom: 2.5pt">Revenues</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 14%; text-align: right"><ix:nonFraction name="us-gaap:BusinessAcquisitionsProFormaRevenue" contextRef="From2021-01-012021-12-31" id="Fact001714" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">39,896</ix:nonFraction></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="width: 2%; 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: 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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_8A3_zQr40gZrKdU4" 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: center"></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>Changes
in non-controlling interest</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Acquisition
of additional interest in Sanabil</i></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"><i>&#160;</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">During
2023, the Company increased its ownership in Sanabil SA from <span id="xdx_907_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_c20211007__us-gaap--BusinessAcquisitionAxis__custom--SanabilSAMember_zoOC74R6chPh" title="Acquisition percentage"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2021-10-07_custom_SanabilSAMember" id="Fact001720" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction>%</span> to <span id="xdx_908_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_c20231231__us-gaap--BusinessAcquisitionAxis__custom--SanabilSAMember_zTtG5OrUltN1" title="Acquisition percentage"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2023-12-31_custom_SanabilSAMember" id="Fact001722" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">80</ix:nonFraction>%</span> in exchange for the forgiveness of amounts due from the minority
shareholders.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001724" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_806_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zYQWf9i2Ds4g" 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>17.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82F_zz9FXuRpJFKd">STOCKHOLDERS&#8217; EQUITY</span></b></span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capital
stock</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"><i>Preferred
Shares - </i>The Company is authorized to issue <span id="xdx_900_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20231231_zVNBKxWm5ZHe" title="Preferred stock, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2023-12-31" id="Fact001726" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction></span> Preferred Shares with a par value of $<span id="xdx_90A_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20231231_znfVZAwdd0U2" title="Preferred stock, par value per share"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2023-12-31" id="Fact001728" decimals="INF" unitRef="USDPShares">.001</ix:nonFraction></span> per share. The authorized Preferred
Shares will be available for issuance by the Board upon the passing of an ordinary resolution of the holders of the ordinary shares.
The ordinary resolutions of the stockholders of the Company will stipulate the powers, preferences and relative, participating, optional
and other rights or special rights, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation
preferences, as well as any restrictions, of the class of preferred shares as a whole, which has not yet been determined. </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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Ordinary
Shares - </i>The Company is authorized to issue <span id="xdx_907_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231231_z3k5DxjiQZTd" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2023-12-31" id="Fact001730" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000,000</ix:nonFraction></span> Ordinary Shares with a par value of $<span id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20231231_zrSU6B2CAQT" title="Common stock, par value per share"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2023-12-31" id="Fact001732" decimals="INF" unitRef="USDPShares">.001</ix:nonFraction></span> per share. As of December 31, 2023,
a total of <span id="xdx_90C_eus-gaap--CommonStockSharesIssued_iI_pid_c20231231_z3BurwqxlDMh" title="Common stock, shares, issued"><span id="xdx_908_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20231231_z2Q5PaPVbq0b" title="Common stock, shares, outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-12-31" id="Fact001734" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact001736" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">26,879,202</ix:nonFraction></ix:nonFraction></span></span> ordinary shares were issued and outstanding. In the event of the liquidation of the Company, after satisfaction
of liabilities to creditors, the assets of the Company will be distributed to the holders of the ordinary shares in the Company in proportion
to their respective 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 preferred shares with preferential rights that may be authorized by ordinary
resolution in the future. The holders of ordinary shares have no preemptive or conversion rights or other subscription rights. There
are no redemption or sinking fund provisions applicable to the ordinary shares. The rights, preferences and privileges of holders of
the ordinary shares may be subject to those of the holders of any preferred shares the Company may issue in the future.</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>


<ix:exclude><!-- Field: Page; Sequence: 115; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

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

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

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


<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</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>Class
Z non-redeemable and non-convertible ordinary shares</i> - The Company is authorized to issue <span id="xdx_907_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassZMember_zkldUMeoARQg" title="Ordinary shares, authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2023-12-31_custom_CommonClassZMember" id="Fact001738" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000,000</ix:nonFraction></span> Class Z non-redeemable and non-convertible
ordinary shares (&#8220;Class Z Ordinary Shares&#8221;) with a par value of $<span id="xdx_901_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassZMember_z3Blsb9kD0S" title="Ordinary shares, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2023-12-31_custom_CommonClassZMember" id="Fact001740" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span> per share. As of December 31, 2023, and 2022, the
Company had <span id="xdx_908_eus-gaap--CommonStockSharesIssued_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassZMember_zAd8vacTvz7d" title="Ordinary shares, issued"><span id="xdx_904_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassZMember_zTjm8WFapxv1" title="Ordinary shares, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1742"><span style="-sec-ix-hidden: xdx2ixbrl1744">-</span></span></span></span> and <span id="xdx_903_eus-gaap--CommonStockSharesIssued_iI_pid_c20221231__us-gaap--StatementClassOfStockAxis__custom--CommonClassZMember_zVcEIuOHOAs5" title="Ordinary shares, issued"><span id="xdx_903_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20221231__us-gaap--StatementClassOfStockAxis__custom--CommonClassZMember_ztDGNLLKhVD8" title="Ordinary shares, outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-12-31_custom_CommonClassZMember" id="Fact001746" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31_custom_CommonClassZMember" id="Fact001748" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">29,999,990</ix:nonFraction></ix:nonFraction></span></span> Class Z Ordinary Shares issued and outstanding, respectively. All outstanding Class Z non-redeemable and
non-convertible ordinary shares were repurchased and retired during 2023.</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>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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Public
Warrants</i> - There were <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zenzIu1HUt5l" title="Public warrants outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2023-12-31_custom_PublicWarrantsMember" id="Fact001750" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,461,120</ix:nonFraction></span> and <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20221231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zly1ihMWQ2N1" title="Public warrants outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2022-12-31_custom_PublicWarrantsMember" id="Fact001752" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">11,461,220</ix:nonFraction></span> public warrants outstanding at December 31, 2023, and 2022, respectively. Each public
redeemable warrant entitles the registered holder to purchase one ordinary share at a price of $<span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zHn6NfEJ8zi1" title="Price per share"><span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20221231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zUZzx0x3VLz6" title="Price per share"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2023-12-31_custom_PublicWarrantsMember" id="Fact001754" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-12-31_custom_PublicWarrantsMember" id="Fact001756" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.50</ix:nonFraction></ix:nonFraction></span></span> per share. The Company may call
the outstanding public warrants for redemption in whole and not in part, at a price of $<span id="xdx_90A_eus-gaap--SharePrice_iI_pid_c20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zm8tePjF0Bl6" title="Price per warrant"><span id="xdx_907_eus-gaap--SharePrice_iI_pid_c20221231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zdCrAUfAqVj" title="Price per warrant"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2023-12-31_custom_PublicWarrantsMember" id="Fact001758" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-12-31_custom_PublicWarrantsMember" id="Fact001760" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></ix:nonFraction></span></span> per warrant:</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: 0.25in"><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">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    any time while the warrants are exercisable;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
    not less than 30 days&#8217; prior written notice of redemption to each warrant holder;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
    and only if, the reported last sale price of the Ordinary Share equals or exceeds $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20231231_z8o8Yr2AgNM9" title="Price per share"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2023-12-31" id="Fact001762" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">16.50</ix:nonFraction></span> per share (as adjusted for stock splits,
    stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30-day trading period ending on the third
    business day prior to the notice of redemption to warrant holders, 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">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
    and only if, there is a current registration statement in effect with respect to the Ordinary Share underlying such warrants at the
    time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of
    redemption.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register
or qualify the underlying securities for sale under all applicable state securities laws. If the Company calls the Public Warrants for
redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a &#8220;cashless
basis,&#8221; as described in the warrant agreement.</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"><i>Private
Warrants</i> - At December 31, 2023, and 2022, there were <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantsMember_zGFqXRCmjHdd" title="Private warrants outstanding"><span id="xdx_907_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20221231__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantsMember_z4fcNeea0LUl" title="Private warrants outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2023-12-31_custom_PrivateWarrantsMember" id="Fact001764" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2022-12-31_custom_PrivateWarrantsMember" id="Fact001766" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,289,722</ix:nonFraction></ix:nonFraction></span></span> private warrants outstanding. Each private warrant entitles the registered
holder to purchase one ordinary share at a price of $<span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantsMember_z7hbR8zG59kf" title="Price per share"><span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20221231__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantsMember_z5Lwj0cT54i7" title="Price per share"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2023-12-31_custom_PrivateWarrantsMember" id="Fact001768" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-12-31_custom_PrivateWarrantsMember" id="Fact001770" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.50</ix:nonFraction></ix:nonFraction></span></span> per share.</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>Stockholder
Earn-Out Rights</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">As
a part of the Business Combination consideration, the selling stockholder shall be entitled to receive, as additional consideration,
and without any action on behalf of the Company or the Company&#8217;s stockholders, additional ordinary shares (the &#8220;Earnout Shares&#8221;),
to be issued as follows during the period from and after the Closing until the end of calendar year 2024 (A) <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20230101__20231231__us-gaap--AwardDateAxis__custom--TwoThousandTwentyTwoMember__us-gaap--TypeOfArrangementAxis__custom--BusinessCombinationAgreementMember_zvsgpYur7TGa" title="Earnout shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-01-012023-12-31_custom_TwoThousandTwentyTwoMember_custom_BusinessCombinationAgreementMember" id="Fact001772" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> Earnout Shares,
if, during calendar year 2022, Adjusted EBITDA (as defined in the Business Combination Agreement) of the Company is equal to or greater
than $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn6n6_c20230101__20231231__us-gaap--AwardDateAxis__custom--TwoThousandTwentyTwoMember__us-gaap--TypeOfArrangementAxis__custom--BusinessCombinationAgreementMember_zlLOy9DEvY87" title="Earnout value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2023-01-012023-12-31_custom_TwoThousandTwentyTwoMember_custom_BusinessCombinationAgreementMember" id="Fact001774" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">27</ix:nonFraction></span> million, (B) <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20230101__20231231__us-gaap--AwardDateAxis__custom--TwoThousandTwentyThreeMember__us-gaap--TypeOfArrangementAxis__custom--BusinessCombinationAgreementMember_zREzhvlxrtN8" title="Earnout shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-01-012023-12-31_custom_TwoThousandTwentyThreeMember_custom_BusinessCombinationAgreementMember" id="Fact001776" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> Earnout Shares, if, during calendar year 2023, Adjusted EBITDA of the Company is equal to or greater than
$<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn6n6_c20230101__20231231__us-gaap--AwardDateAxis__custom--TwoThousandTwentyThreeMember__us-gaap--TypeOfArrangementAxis__custom--BusinessCombinationAgreementMember_z2Yb3CVVaSCj" title="Earnout value"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2023-01-012023-12-31_custom_TwoThousandTwentyThreeMember_custom_BusinessCombinationAgreementMember" id="Fact001778" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">33</ix:nonFraction></span> million, and (C) <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20230101__20231231__us-gaap--AwardDateAxis__custom--TwoThousandTwentyFourMember__us-gaap--TypeOfArrangementAxis__custom--BusinessCombinationAgreementMember_z0aWB3b5sxnj" title="Earnout shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2023-01-012023-12-31_custom_TwoThousandTwentyFourMember_custom_BusinessCombinationAgreementMember" id="Fact001780" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000,000</ix:nonFraction></span> Earnout Shares, if, during calendar year 2024, the Buyer Trading Price (as defined in the Business Combination
Agreement) during the standard market trading hours of a trading day is greater than or equal to $<span id="xdx_903_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20231231__us-gaap--AwardDateAxis__custom--TwoThousandTwentyFourMember__us-gaap--TypeOfArrangementAxis__custom--BusinessCombinationAgreementMember_zt6mIvYR7PD9" title="Price per share"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2023-12-31_custom_TwoThousandTwentyFourMember_custom_BusinessCombinationAgreementMember" id="Fact001782" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">16.50</ix:nonFraction></span> for any 20 trading days within
any period of 30 consecutive trading days. As of December 31, 2023, there have been <span id="xdx_903_eus-gaap--SharesIssued_iI_do_c20231231__us-gaap--TypeOfArrangementAxis__custom--BusinessCombinationAgreementMember_zQAJ9SQ6ZWxf" title="Earnout shares issued"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2023-12-31_custom_BusinessCombinationAgreementMember" id="Fact001784" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares">no</ix:nonFraction></span> Earnout Shares issued. </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
Earnout have been deemed financial instruments to be issued upon the occurrence of contingent earn out provisions. The Earnout Shares
are accounted for under ASC Topic 815-40, &#8220;Derivatives and Hedging&#8221;, pursuant to which the Earnout Shares are considered
to be indexed to the Company&#8217;s own stock and therefore will be classified as equity instruments.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001786" name="AFRI:EquityIncentivePlanTextBlock"><p id="xdx_80E_ecustom--EquityIncentivePlanTextBlock_zekw0IqsfTSa" 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>18.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82D_zcNkoDHJ9J2j">EQUITY INCENTIVE PLAN</span></b></span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Business Combination, the Stockholders of the Company considered and approved the Forafric 2022 Long Term Employee
Share Incentive Plan (the &#8220;Equity Incentive Plan&#8221;) which provides for the grant of awards, consisting of nominal cost options
or phantom options to employees, directors and consultants of the Company or any of its subsidiaries. The maximum number of shares which
may be the subject of awards under the Equity Incentive Plan may not exceed 10% of the issued share capital of the Company from time
to time and the maximum number of shares reserved and available for issuance shall not exceed <span id="xdx_907_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20231231_zKM8iiQDpYQ6" title="Maximum number of shares reserved and available for issuance"><ix:nonFraction name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="AsOf2023-12-31" id="Fact001788" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,645,684</ix:nonFraction></span>. No award can be exercised after
the tenth anniversary of the date of grant. With the exception of certain special circumstances, an award can only be exercised while
the award holder is employed or engaged by the Company or any of its subsidiaries. Subject to certain provisions, a vested award may
be exercised in whole or in part at any time after its date of grant.</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>


<ix:exclude><!-- Field: Page; Sequence: 116; 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%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

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

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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001790" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zdwjZDCCmLp5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes all stock option activity for the year ended December 31, 2023:</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 id="xdx_8B6_zt0ld5JAdSL" style="display: none">SCHEDULE
OF STOCK OPTION ACTIVITY</span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Weighted
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Weighted
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Aggregate
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 36%"><span style="font-family: Times New Roman, Times, Serif">Granted</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20230101__20231231_zx8KKKVV8iS9" title="Stock options, granted" style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2023-01-01to2023-12-31" id="Fact001800" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">64,705</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue_pid_c20230101__20231231_zCVW8XnkXaL4" title="Aggregate intrinsic value, granted" style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue" contextRef="From2023-01-01to2023-12-31" id="Fact001806" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">685</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Exercised</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20230101__20231231_zYDUxdA5YWZe" title="Stock options, exercised" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1808">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20230101__20231231_zzCJaJ7kpNe4" title="Weighted average exrecise price, exercised" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1810">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20230101__20231231_zFd645BfFmij" title="Weighted average exercise price, forfeited/expired" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1814">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Outstanding at December 31, 2023</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20230101__20231231_za35AygUqZN1" title="Stock options, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2023-12-31" id="Fact001816" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">64,705</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20230101__20231231_zZpfLF5nFlAh" title="Weighted average exrecise price, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2023-12-31" id="Fact001818" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20230101__20231231_zzS7s3LeYsE4" title="Weighted average remaining contractual term (years), outstanding"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact001820" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">9.38</ix:nonNumeric></span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20230101__20231231_z1G9XkD5HYd3" title="Aggregate intrinsic value, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" contextRef="AsOf2023-12-31" id="Fact001822" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">685</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Exercisable at December 31, 2023</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20231231_zIotsh8EOkcf" title="Stock options, exercisable" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1824">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20231231_zXZTTrN1hfIf" title="Weighted average exrecise price, exercisable" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1826">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_c20230101__20231231_zkYflcK2Peeg" title="Weighted average remaining contractual term (years), exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1828">-</span></span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_c20231231_zdaAdsXPW9uj" title="Aggregate intrinsic value, exercisable" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1830">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

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

</ix:nonNumeric><p id="xdx_8A1_zwNIDDunbC2b" 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">The
weighted-average grant-date fair value of options granted during the year ended December 31, 2023, was $<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20230101__20231231_zaHqI67Do4qd" title="Weighted average grant date fair value"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="From2023-01-01to2023-12-31" id="Fact001832" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.99</ix:nonFraction></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; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the unrecognized compensation expense associated with the stock options is $<span id="xdx_908_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn3n3_c20231231_zQd6ABKNV7e9" title="Unrecognized compensation expense"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" contextRef="AsOf2023-12-31" id="Fact001834" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">542</ix:nonFraction></span> and it will be recognized over
<span id="xdx_908_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtM_c20230101__20231231_ztQiTId0NNJd" title="Recognized compensation months"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:durmonth" id="Fact001836" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1">24</ix:nonNumeric></span> months from the end of December 31, 2023.</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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001838" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zPlRoBOZWE42" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
grant date fair value of the stock options was estimated using the following assumptions:</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 id="xdx_8B2_zxklFRUmuSjj" style="display: none">SCHEDULE
OF STOCK OPTIONS VALUATION ASSUMPTIONS</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="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected term</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20230101__20231231_zQQ1rds0iIce" title="Expected Term"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact001840" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">5</ix:nonNumeric></span>
                                            years</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Volatility</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_c20230101__20231231_z1DEHYoxdzig" title="Volatility"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2023-01-01to2023-12-31" id="Fact001842" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">62.39</ix:nonFraction></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected dividend yield</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_c20230101__20231231_zq7mmQul01ah" title="Expected dividend rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2023-01-01to2023-12-31" id="Fact001844" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.00</ix:nonFraction></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Annual Risk Free Rate</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_c20230101__20231231_zIYKZRPqwrVc" title="Annual risk free rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2023-01-01to2023-12-31" id="Fact001846" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.52</ix:nonFraction></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_zvpupDflX3q7" style="font: 10pt Times New Roman, Times, Serif; margin: 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: center"></p>

<ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_PhantomOptionMember" escape="true" id="Fact001848" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_hus-gaap--AwardTypeAxis__custom--PhantomOptionMember_z8PEsxYVRpGe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the phantom option activity for the year ended December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></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 id="xdx_8B2_zvtf2fGIXDHa" 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: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Phantom
    Options</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Weighted
    Average Exercise Price</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Weighted
    Average Remaining Contractual Term (years)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Aggregate
    Intrinsic Value (thousands)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Outstanding at December 31, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20230101__20231231__us-gaap--AwardTypeAxis__custom--PhantomOptionMember_zNrqm9AufIL" title="Stock options, beginning balance" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1850">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20230101__20231231__us-gaap--AwardTypeAxis__custom--PhantomOptionMember_zf1tkwAi4iO2" title="Weighted average exrecise price, beginning balance" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1852">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_c20220101__20221231__us-gaap--AwardTypeAxis__custom--PhantomOptionMember_zXu95QpwkzW5" title="Weighted average remaining contractual term (years), outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1854">-</span></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20230101__20231231__us-gaap--AwardTypeAxis__custom--PhantomOptionMember_zoFsEJccX103" title="Aggregate intrinsic value, beginning balance" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="-sec-ix-hidden: xdx2ixbrl1856">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 36%"><span style="font-family: Times New Roman, Times, Serif">Granted</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20230101__20231231__us-gaap--AwardTypeAxis__custom--PhantomOptionMember_zY8vncQGmgrl" title="Weighted average exrecise price, granted" style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2023-01-012023-12-31_custom_PhantomOptionMember" id="Fact001860" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Exercised</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Outstanding at December 31, 2023</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20230101__20231231__us-gaap--AwardTypeAxis__custom--PhantomOptionMember_zMzppmC6hik7" title="Aggregate intrinsic value, ending balance" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" contextRef="AsOf2023-12-31_custom_PhantomOptionMember" id="Fact001880" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">568</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Exercisable at December 31, 2023</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20231231__us-gaap--AwardTypeAxis__custom--PhantomOptionMember_zNMwd8Cxc6th" title="Stock options, exercisable" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1882">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20231231__us-gaap--AwardTypeAxis__custom--PhantomOptionMember_z7VNkc40WR2h" title="Weighted average exrecise price, exercisable" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1884">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_c20230101__20231231__us-gaap--AwardTypeAxis__custom--PhantomOptionMember_zSJbM204wTQi" title="Weighted average remaining contractual term (years), exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1886">-</span></span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_c20231231__us-gaap--AwardTypeAxis__custom--PhantomOptionMember_z9JO7SMNE4n" title="Aggregate intrinsic value, exercisable" style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl1888">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_z9HpfCFqJYGh" 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: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></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
weighted-average fair value of the phantom stock options for the year ended December 31, 2023, was $<span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20230101__20231231__us-gaap--AwardTypeAxis__custom--PhantomOptionMember_z8SuMfgsGFD9" title="Weighted average grant date fair value"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="From2023-01-012023-12-31_custom_PhantomOptionMember" id="Fact001890" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.59</ix:nonFraction></span>. The liability for outstanding
phantom stock options as of December 31, 2023 was $<span id="xdx_907_eus-gaap--OtherLiabilities_iI_pn3n3_c20231231__us-gaap--AwardTypeAxis__custom--PhantomOptionMember_zD0HABbtMyDl" title="Other liabilities"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2023-12-31_custom_PhantomOptionMember" id="Fact001892" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">135</ix:nonFraction></span> and is included in other liabilities in the consolidated balance sheet.</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
of December 31, 2023, the unrecognized compensation expense associated with the phantom options is $<span id="xdx_906_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn3n3_c20231231__us-gaap--AwardTypeAxis__custom--PhantomOptionMember_zLWVQUigDRji" title="Unrecognized compensation expense"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" contextRef="AsOf2023-12-31_custom_PhantomOptionMember" id="Fact001894" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">433</ix:nonFraction></span> and it will be recognized over
<span id="xdx_906_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtM_c20230101__20231231__us-gaap--AwardTypeAxis__custom--PhantomOptionMember_zO61qvJaKT37" title="Recognized compensation months"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_PhantomOptionMember" format="ixt-sec:durmonth" id="Fact001896" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1">24</ix:nonNumeric></span> months from the end of December 31, 2023.</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>

<ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_PhantomOptionMember" escape="true" id="Fact001898" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_hus-gaap--AwardTypeAxis__custom--PhantomOptionMember_zE8cbQUL8Ajc" 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
fair value of the phantom options at December 31, 2023 was estimated using the following 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 id="xdx_8BB_zLRNSCxxl5B3" style="display: none">SCHEDULE
OF STOCK OPTIONS VALUATION ASSUMPTIONS</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="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected term</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20230101__20231231__us-gaap--AwardTypeAxis__custom--PhantomOptionMember_zBMXdyPBZVd2" title="Expected Term"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_PhantomOptionMember" format="ixt-sec:duryear" id="Fact001900" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">5</ix:nonNumeric></span>
                                            years</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 80%"><span style="font-family: Times New Roman, Times, Serif">Volatility</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_c20230101__20231231__us-gaap--AwardTypeAxis__custom--PhantomOptionMember_z4gEbYKK9dRh" title="Volatility"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="From2023-01-012023-12-31_custom_PhantomOptionMember" id="Fact001902" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60.31</ix:nonFraction></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected dividend yield</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Annual Risk Free Rate</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_c20230101__20231231__us-gaap--AwardTypeAxis__custom--PhantomOptionMember_zhkRizYbLgr2" title="Annual risk free rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2023-01-012023-12-31_custom_PhantomOptionMember" id="Fact001906" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.84</ix:nonFraction></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>
<!-- Field: Split-Segment; Name: 004 -->
</ix:nonNumeric><p id="xdx_8A7_zSAjIBdHtzm1" style="font: 10pt Times New Roman, Times, Serif; margin: 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: center"></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"></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

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

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001908" name="us-gaap:EarningsPerShareTextBlock"><p id="xdx_801_eus-gaap--EarningsPerShareTextBlock_zhvmj3zHBhee" 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>19.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_822_zVy0SI4vhGk2">EARNINGS PER SHARE</span></b></span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
earnings per share is computed by dividing net income (loss) by the number of weighted average ordinary shares outstanding during the
reporting period. The Company&#8217;s weighted average number of shares outstanding used in calculating earnings per share are <span id="xdx_907_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231_z49GvplIex0g" title="Weighted average number of shares outstanding, earnings per share"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2023-01-01to2023-12-31" id="Fact001910" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">26,879,159</ix:nonFraction></span>
and <span id="xdx_908_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20220101__20221231_zJxXNGfQm3Pa" title="Weighted average number of shares outstanding, earnings per share"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2022-01-012022-12-31" id="Fact001912" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">26,604,710</ix:nonFraction></span> and <span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20210101__20211231_zguKAOTqsQL1" title="Weighted average number of shares outstanding, earnings per share"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2021-01-012021-12-31" id="Fact001914" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">20,555,595</ix:nonFraction></span> for the years ended December 31, 2023, 2022 and 2021, respectively. Because there was no activity to cause
dilution in the weighted average ordinary shares, basic and diluted earnings per share are disclosed together in each of the reporting
periods.</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
computation of diluted loss per share excludes the effect of earnout and option shares and warrants to purchase the Company&#8217;s shares
because their inclusion would be anti-dilutive.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001916" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_808_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_z8kmMoHRWFkc" 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>20.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_827_zgtSMJep8kva">COMMITMENTS AND CONTINGENCIES</span></b></span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
February 2022, the quantity of soft wheat available on the international market has decreased by 35% due to the ongoing war in Ukraine,
causing the price of raw materials to increase. Despite this situation, we have not had any shortages on raw materials, and do not project
to have any issuing fulfilling future orders. We have no firm and irrevocable commitments that will be affected by the war in Ukraine,
and we will continue to assess the impact the war may have on our business. </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 entered into a five-year supply agreement with Millcorp Geneva SA (&#8220;Millcorp&#8221;), pursuant to which the Company is
obligated to obtain at least 80% of the Company&#8217;s annual requirements of common wheat, durum wheat, or any other cereal, from Millcorp.
The agreement expired on March 31, 2023 and was subsequently amended to extend through March 2026. Millcorp is currently providing 100%
of the Company&#8217;s imported grain needs. The purchases incurred were $<span id="xdx_90D_eus-gaap--InventoryGross_iI_pn3n3_c20231231_za5AJe7zunn9" title="Purchase of grains"><ix:nonFraction name="us-gaap:InventoryGross" contextRef="AsOf2023-12-31" id="Fact001918" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">147,284</ix:nonFraction></span>, $<span id="xdx_900_eus-gaap--InventoryGross_iI_pn3n3_c20221231_zIgytHPO3hI4" title="Purchase of grains"><ix:nonFraction name="us-gaap:InventoryGross" contextRef="AsOf2022-12-31" id="Fact001920" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">207,188</ix:nonFraction></span>, and $<span id="xdx_908_eus-gaap--InventoryGross_iI_pn3n3_c20211231_zNHrlis8yhQ3" title="Purchase of grains"><ix:nonFraction name="us-gaap:InventoryGross" contextRef="AsOf2021-12-31" id="Fact001922" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">141,565</ix:nonFraction></span> for the years ended December
31, 2023, 2022 and 2021, respectively.</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 has commitments with banks to finance its operating activities. The Company has provided collateral and mortgages to banks of
$<span id="xdx_901_eus-gaap--DepositAssets_iI_c20231231_z2QlwEz2Npv3" title="Mortgages to banks"><ix:nonFraction name="us-gaap:DepositAssets" contextRef="AsOf2023-12-31" id="Fact001924" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,464</ix:nonFraction></span> As of December 31, 2023.</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">From
time to time the Company is involved in litigation incidental to the conduct of its business. These matters may relate to employment
and labor claims, patent and intellectual property claims, claims of alleged non-compliance with contract provisions and claims related
to alleged violations of laws and regulations. When applicable, the Company records accruals for contingencies when it is probable that
a liability will be incurred, and the amount of loss can be reasonably estimated. Defense costs are expensed as incurred and are included
in professional fees. While the outcome of lawsuits and other proceedings against the Company cannot be predicted with certainty, in
the opinion of management, individually or in the aggregate, no such lawsuits and other proceedings had or are expected to have a material
effect on the consolidated financial statements at December 31, 2023.</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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001926" name="us-gaap:SegmentReportingDisclosureTextBlock"><p id="xdx_80D_eus-gaap--SegmentReportingDisclosureTextBlock_zTl1dnrW5KR" 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>21.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82C_zRoNOGG2rI31">SEGMENT INFORMATION</span></b></span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company manages operations on a company-wide basis, thereby making determinations as to the allocation of resources in total rather than
on a segment-level basis. The Company has designated reportable segments based on how management views its business. The Company does
not segregate assets between segments for internal reporting. Therefore, asset-related information has not been presented. The reportable
segments, as presented below, are consistent with the way the Company reports its results to the chief operating decision maker (&#8220;CODM&#8221;).</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
principal products that comprise each segment are as follows:</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"><i>Soft
Wheat</i> &#8211; The Soft Wheat segment includes the production and sale of soft wheat yielding flour that is used to make desserts
and sauces.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Durum
Wheat</i> - The Durum Wheat segment includes the production and sale of hard wheat yielding flour that is used to make pasta.</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"><i>Couscous
and Pasta</i> &#8211; The Couscous and Pasta segment includes the secondary processing of products including couscous and pasta sold
to end customers.</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
&#8220;all other&#8221; category includes activities and items not allocated to reportable segments, such as non-operating entities,
non-significant activities and centrally incurred corporate overhead expenses.</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 evaluates the performance of its segments based on sales and operating income. Operating income (loss) is defined as gross profit
less sales &amp; marketing costs, direct selling, general, and administrative expenses, and other operating expenses. The amounts in
the following tables are obtained from reports used by senior management and do not include income taxes.</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>


<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%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

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

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

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001928" name="us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_z7RYdEQwfcF8" 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">Financial
information relating to the Company&#8217;s reportable segments is as follows:</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 id="xdx_8B6_zIyLfKyqitkg" style="display: none">SCHEDULE OF COMPANY REPORTABLE SEGMENTS</span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; 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>
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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: 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="10" 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">December
    31,</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; 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>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_402_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--SoftWheatMember_zfbyCtam0tF1" 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: 46%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soft
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  <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--DurumWheatMember_zCL7G0jbKx7e" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Durum
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_DurumWheatMember" id="Fact001934" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">51,755</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--CouscousAndPastaMember_zmDQAIU8VdI9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_CouscousAndPastaMember" id="Fact001939" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">27,159</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--AllOtherMember_zc2k3LSEUTRa" 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; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_AllOtherMember" id="Fact001943" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,391</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; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zeP3fVYMoox3" 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; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--OperatingIncomeLoss_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--SoftWheatMember_zyslcuvvUv54" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  </table>

</ix:nonNumeric><p id="xdx_8A0_zDV1Pb8Ojpg1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></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>Geographic
Information</i> &#8212; The Company had net sales from customers outside of Morocco of approximately <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__country--MA_zDomkhUQz8Vd" title="Concentration risk, percentage"><span id="xdx_906_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__country--MA_zkjQ8fsppjv3" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerMember_country_MA" id="Fact001970" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerMember_country_MA" id="Fact001972" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12.7</ix:nonFraction></ix:nonFraction></span></span>% (<span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__country--ML_zc2wRgXuXm1i" title="Concentration risk, percentage"><span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__country--ML_zEu5UgTaOOja" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerMember_country_ML" id="Fact001974" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerMember_country_ML" id="Fact001976" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.5</ix:nonFraction></ix:nonFraction></span></span>% in Mali, <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__country--BF_zqdUhY3Miim9" title="Concentration risk, percentage"><span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember__srt--StatementGeographicalAxis__country--BF_zkEizB0NbxSl" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerMember_country_BF" id="Fact001978" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerMember_country_BF" id="Fact001980" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.2</ix:nonFraction></ix:nonFraction></span></span>% in Burkina
and <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--StatementGeographicalAxis__custom--OtherMember__srt--MajorCustomersAxis__custom--CustomerMember_z7kVJQmPyNBd" title="Concentration risk, percentage"><span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--StatementGeographicalAxis__custom--OtherMember__srt--MajorCustomersAxis__custom--CustomerMember_zc9XTPYAZaWb" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_OtherMember_custom_CustomerMember" id="Fact001982" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_OtherMember_custom_CustomerMember" id="Fact001984" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.0</ix:nonFraction></ix:nonFraction></span></span>% in other countries) and <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember_zdlSh3I58uX8" title="Concentration risk, percentage"><span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember_zvclf6YH47Z3" title="Concentration risk, percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerMember" id="Fact001986" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerMember" id="Fact001988" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10.9</ix:nonFraction></ix:nonFraction></span></span>% of total consolidated net sales from operations for the years ended December 31, 2023, and 2022,
respectively. Net sales are determined based on the customer destination where the products are shipped.</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>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001990" name="us-gaap:ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock_zlDuAlaG5OKf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets consist of net property, plant, and equipment. The geographic location of long-lived assets is as follows:</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"><span id="xdx_8B1_zjfNzaj4U303" style="display: none">SCHEDULE OF LONG-LIVED ASSETS NET PROPERTY, PLANT AND EQUIPMENT</span></span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
  <tr style="display: none; vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_498_20231231_zqZ70Kdr8N4l" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_498_20221231_zq6ZxjSnMrOe" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December
    31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in
    thousands)</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_hsrt--StatementGeographicalAxis__country--MA_zNzD2wr65g2l" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif">Morocco</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_hsrt--StatementGeographicalAxis__country--BF_zwYdwsIDszTi" style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Burkina</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31_country_BF" id="Fact001995" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,913</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31_country_BF" id="Fact001996" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,793</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_hsrt--StatementGeographicalAxis__country--ML_zr4ERu7THTAd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">Mali</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31_country_ML" id="Fact001998" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,991</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31_country_ML" id="Fact001999" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,732</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_hsrt--StatementGeographicalAxis__country--AO_zZN52XvtCSSh" style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">Angola</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31_country_AO" id="Fact002001" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,396</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31_country_AO" id="Fact002002" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,391</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_hsrt--StatementGeographicalAxis__custom--OtherMember_zf01I6IIP14l" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31_custom_OtherMember" id="Fact002004" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">471</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31_custom_OtherMember" id="Fact002005" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">486</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_zGufgZbsQxY3" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31" id="Fact002007" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">116,920</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31" id="Fact002008" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">100,527</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AA_zIY6g5U0NASb" style="font: 10pt Times New Roman, Times, Serif; margin: 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: center"></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"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002010" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80A_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zrgjQLhKDaMl" 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>22.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_820_zJUJWb4T7JJa">RELATED PARTIES</span> </b></span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion summarizes activity between the Company and related parties.</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">In
2015, the Company entered into a building lease agreement for the headquarters of Forafric Maroc, a wholly owned subsidiary. The Company&#8217;s
Parent owns <span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20151231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ForaficMarocMember_zFZWPj6kvmnc" title="Ownership percent"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2015-12-31_custom_ForaficMarocMember" id="Fact002012" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the company that owns the building. Total rent is approximately $<span id="xdx_90C_eus-gaap--OperatingLeaseExpense_pn3n3_c20230101__20231231_zkm5wXzsKYIh" title="Rent expense"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2023-01-01to2023-12-31" id="Fact002014" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">420</ix:nonFraction></span> per year.</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">Millcorp
provides 100% of the imported grain to the Company. The purchases incurred were $<span id="xdx_901_eus-gaap--InventoryGross_iI_pn3n3_c20231231_zGTsYPNx6PFl" title="Purchase of grains"><ix:nonFraction name="us-gaap:InventoryGross" contextRef="AsOf2023-12-31" id="Fact002016" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">147,284</ix:nonFraction></span>, $<span id="xdx_90F_eus-gaap--InventoryGross_iI_pn3n3_c20221231_zysM5h6Xdr13" title="Purchase of grains"><ix:nonFraction name="us-gaap:InventoryGross" contextRef="AsOf2022-12-31" id="Fact002018" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">207,188</ix:nonFraction></span>, and $<span id="xdx_90B_eus-gaap--InventoryGross_iI_pn3n3_c20211231_zcXMWX4ob7ag" title="Purchase of grains"><ix:nonFraction name="us-gaap:InventoryGross" contextRef="AsOf2021-12-31" id="Fact002020" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">141,565</ix:nonFraction></span> for the years ended
December 31, 2023, 2022 and 2021, respectively.</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 amounts due from related parties were $<span id="xdx_90A_eus-gaap--OtherReceivablesNetCurrent_iI_pn3n3_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zFMn6jr9mQyd" title="Other receivables"><ix:nonFraction name="us-gaap:OtherReceivablesNetCurrent" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact002022" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,358</ix:nonFraction></span> and $<span id="xdx_90E_eus-gaap--OtherReceivablesNetCurrent_iI_pn3n3_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z1V4PvL0vzPc" title="Other receivables"><ix:nonFraction name="us-gaap:OtherReceivablesNetCurrent" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact002024" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,366</ix:nonFraction></span> as of December 31, 2023, and 2022, respectively.</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 loans due to related parties were $<span id="xdx_909_eus-gaap--OtherLoansPayableLongTerm_iI_pn3n3_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z9EzjN46sYzf" title="Loan from related party"><ix:nonFraction name="us-gaap:OtherLoansPayableLongTerm" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact002026" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,486</ix:nonFraction></span>
and $<span id="xdx_906_eus-gaap--OtherLoansPayableLongTerm_iI_pn3n3_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zp9iFSA0EwD3" title="Loan from related party"><ix:nonFraction name="us-gaap:OtherLoansPayableLongTerm" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact002028" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,801</ix:nonFraction></span>
as of December 31, 2023, and 2022, respectively.</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">Moreover,
the Company owed the Lighthouse Capital Limited $<span id="xdx_906_eus-gaap--BusinessCombinationConsiderationTransferred1_pn6n6_c20220101__20221231__us-gaap--BusinessAcquisitionAxis__custom--LighthouseCapitalLimitedMember_zMn5VuiI5Nj" title="Consideration paid for business combination"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2022-01-012022-12-31_custom_LighthouseCapitalLimitedMember" id="Fact002030" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">8</ix:nonFraction></span> million as part of the consideration paid in consideration for the business combination
consummated in 2022 with interest accruing at the rate of <span id="xdx_902_eus-gaap--RelatedPartyTransactionRate_dp_uPure_c20220608__20220608__us-gaap--BusinessAcquisitionAxis__custom--LighthouseCapitalLimitedMember_zqDTAtsZ0YR" title="Interest accruing rate"><ix:nonFraction name="us-gaap:RelatedPartyTransactionRate" contextRef="From2022-06-082022-06-08_custom_LighthouseCapitalLimitedMember" id="Fact002032" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% per annum from June 8, 2022. The total outstanding consideration payable
to Lighthouse Capital Limited amounts to $<span id="xdx_909_ecustom--ConsiderationPayableToSellingStockholder_iI_pn3n3_c20231231__us-gaap--BusinessAcquisitionAxis__custom--LighthouseCapitalLimitedMember_zuevIASWr7T3" title="Total outstanding consideration payable"><ix:nonFraction name="AFRI:ConsiderationPayableToSellingStockholder" contextRef="AsOf2023-12-31_custom_LighthouseCapitalLimitedMember" id="Fact002034" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,840</ix:nonFraction></span>, and $<span id="xdx_900_ecustom--ConsiderationPayableToSellingStockholder_iI_pn3n3_c20221231__us-gaap--BusinessAcquisitionAxis__custom--LighthouseCapitalLimitedMember_znPE4nn1dsjd" title="Total outstanding consideration payable"><ix:nonFraction name="AFRI:ConsiderationPayableToSellingStockholder" contextRef="AsOf2022-12-31_custom_LighthouseCapitalLimitedMember" id="Fact002036" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8,200</ix:nonFraction></span> for the years ended December 31, 2023, and 2022, respectively. These amounts
are recorded within accrued expenses.</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 has not entered into any significant transactions with other related parties.</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"></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002038" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_80E_eus-gaap--SubsequentEventsTextBlock_zWtXViJUSek6" 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>23.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82F_zGLXU9ccQ843">SUBSEQUENT EVENTS</span></b></span></p>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
preparing the consolidated financial statements through the December 31, 2023, the Company has evaluated subsequent events for recognition
and disclosure through April 30, 2024, the date that these consolidated financial statements and accompanying notes were available for
issuance.</span></p>

</ix:nonNumeric><p id="xdx_818_z3BpCAJdRGZc" 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"></p>

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[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 2502673}]
{"company-data": {"conformed-name": "Forafric Global PLC", "cik": "0001903870", "assigned-sic": "2040", "organization-name": "04 Manufacturing", "irs-number": "000000000", "state-of-incorporation": "J1", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-41416", "film-number": "24897778"}, "business-address": {"street1": "UNIT 5.3, MADISON BUILDING", "street2": "MIDTOWN, QUEENSWAY", "city": "GIBRALTAR", "state": "J1", "zip": "GX111AA", "phone": "011 350 20072505"}, "mail-address": {"street1": "UNIT 5.3, MADISON BUILDING", "street2": "MIDTOWN, QUEENSWAY", "city": "GIBRALTAR", "state": "J1", "zip": "GX111AA"}, "former-company": [{"former-conformed-name": "Forafric Global PLC.", "date-changed": "20220609"}, {"former-conformed-name": "Globis NV Merger Corp.", "date-changed": "20220111"}]}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report
For
the transition period from __________ to __________
Commission
file number:
001-41416
FORAFRIC
GLOBAL PLC
(Exact
Name of Registrant as Specified in its Charter)
N/A
(Translation
of Registrant's Name into English)
Gibraltar
(Jurisdiction
of Incorporation or Organization)
Mustapha
Jamaleddine
Unit
5.3, Madison Building
,
Midtown
Queensway
,
Gibraltar
GX11 1AA
Tel:
+011
350 20072505
(Address
of principal executive offices and Name, Telephone, E-mail and/or Facsimile number and
Address
of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of Each Class
Trading
    Symbol
Name
    of Each Exchange on Which Registered
Ordinary
    Shares, par value $0.001
AFRI
The
Nasdaq
Stock Market LLC
Warrants,
    each warrant exercisable for one Ordinary Share at an exercise price of $11.50 per share
AFRIW
The
Nasdaq
Stock Market LLC
Securities
registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title
of Class)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title
of Class)
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of December 31, 2023:
26,879,202
ordinary shares.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐
No
☒
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐
No
☒
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of "large accelerated filer," accelerated filer," and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large
    accelerated filer
☐
Accelerated
    filer
☐
Non-accelerated
    filer
☒
Emerging
    growth company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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 13(a) of the Exchange Act.
☐
+
The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☒
International
    Financial Reporting Standards as issued by the International Accounting Standards Board ☐
Other
    ☐
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow. ☐ Item 17 ☐ Item 18
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes ☐ No
☒
TABLE
OF CONTENTS
INTRODUCTION
ii
PART I
1
ITEM
    1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
1
ITEM
    2.
OFFER STATISTICS AND EXPECTED TIMETABLE
1
ITEM
    3.
KEY INFORMATION
1
ITEM
    4.
INFORMATION ON THE COMPANY
17
ITEM
    4A.
UNRESOLVED STAFF COMMENTS
31
ITEM
    5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
31
ITEM
    6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
43
ITEM
    7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
54
ITEM
    8.
FINANCIAL INFORMATION
58
ITEM
    9.
THE OFFER AND LISTING
58
ITEM
    10.
ADDITIONAL INFORMATION
59
ITEM
    11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
76
ITEM
    12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
77
PART II
77
ITEM
    13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
77
ITEM
    14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
77
ITEM
    15.
CONTROLS AND PROCEDURES
78
ITEM
    16
[RESERVED]
78
ITEM
    16A.
AUDIT COMMITTEE FINANCIAL EXPERT
78
ITEM
    16B.
CODE OF ETHICS
78
ITEM
    16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
79
ITEM
    16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
79
ITEM
    16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
79
ITEM
    16F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
79
ITEM
    16G.
CORPORATE GOVERNANCE
80
ITEM
    16H.
MINE SAFETY DISCLOSURE
81
ITEM
    16I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
81
ITEM
    16J
INSIDER TRADING POLICIES
81
ITEM
    16K
CYBERSECURITY
81
PART III
82
ITEM
    17.
FINANCIAL STATEMENTS
82
ITEM
    18.
FINANCIAL STATEMENTS
82
ITEM
    19.
EXHIBITS
82
SIGNATURES
84
i
INTRODUCTION
Unless
the context otherwise requires, in this annual report on Form 20-F references to:
"
ASC
"
means the Accounting Standards Codification.
"
Board
"
means the board of directors of the Company.
"
Business
Combination
" means the transactions consummated on June 9, 2022 pursuant to the Business Combination Agreement, in accordance
with which Globis combined with Forafric Agro Holdings Limited, a Gibraltar private company limited by shares.
"
Business
Combination Agreement
" means the Business Combination Agreement, entered into as of December 19, 2021, as amended on April
20, 2022, by and among Globis, FAHL, Seller and Globis Nevada, as amended and supplemented.
"Closing
"
means the closing of the Business Combination.
"
Closing
Date
" means June 9, 2022, the date on which the closing of the Business Combination occurred.
"
Code
"
means the Internal Revenue Code of 1986, as amended.
"Common
Stock
" means the common stock of Globis, par value $0.0001 per share.
"
Companies
Act
" means the Companies Act 2014 of the Laws of Gibraltar, as amended or re-enacted from time to time.
"
Company
"
means (i) Forafric Agro Holdings Limited, a Gibraltar private company limited by shares prior to the Closing and (ii) Forafric Global
PLC, a Gibraltar public company limited by shares, by way of continuation following the name-change of Forafric Global Limited, a Gibraltar
public company limited by shares, as the successor of Globis Nevada following the Redomiciliation and the re-registration of Forafric
Global Limited as a Gibraltar public company limited by shares.
"
Contribution
Agreement
" means the contribution and subscription agreement entered into, between an agent acting for and on behalf of the
holders of Common Stock (and of Merger Sub, by virtue of the Merger) on the one hand and the Company on the other, subject to and immediately
following the Merger becoming effective, pursuant to which the said agent transferred to the Company all of the common stock of Merger
Sub in consideration for which the Company allotted and issued Ordinary Shares, in each case on the terms and subject to the conditions
set out in the said contribution and subscription agreement.
"
FAHL
Bonds
" means the convertible bonds in an amount of $12 million issued by FAHL to third-party holders, pursuant to which the
outstanding principal of the convertible bonds and accrued interest, concurrently with the consummation of the PIPE Investment and the
Business Combination, converted to Ordinary Shares of the Company at the rate of $9.45 per share.
ii
"
FAHL
Bond Holders
" means the holders who have been issued the FAHL Bonds.
"
FAHL
Related Party Loans
" means the loans issued by certain parties affiliated with the Seller in an aggregate amount of approximately
$15.1 million which was repaid at the Closing.
"
DGCL
"
means the Delaware General Corporation Law, as amended.
"
Equity
Incentive Plan
" means the Forafric 2022 Long Term Employee Share Incentive Plan, effective as of the Closing Date.
"
Exchange
"
means the exchange, on a one-for-one basis, of the common stock, par value $0.0001 per share, of Merger Sub for Ordinary Shares.
"
Exchange
Act
" means the Securities Exchange Act of 1934, as amended.
"
FAHL
"
means Forafric Agro Holdings Limited, a Gibraltar private company limited by shares with incorporation number 114436 and registered office
at 57/63 Line Wall Road, Gibraltar, that has become a fully owned subsidiary of the Company.
"
FAHL
2022 Plan
" means the Forafric 2022 Long Term Employee Share Incentive Plan adopted on June 9, 2022 and as amended on November
21, 2022.
"
GAAP
"
means U.S. generally accepted accounting principles.
"
Globis
"
means Globis Acquisition Corp. (which, prior to the Merger, is a corporation incorporated under the laws of the State of Delaware).
"
Globis
Board
" means the board of directors of Globis.
"
Globis
Nevada
" means Globis NV Merger Corp., a Nevada corporation.
"
Investment
Company Act
" means the Investment Company Act of 1940, as amended.
"
IPO
"
means Globis' initial public offering completed on December 15, 2020 of its Units, Public Shares and Public Warrants pursuant to
the IPO registration statement on Form S-1 declared effective by the SEC on December 8, 2020 (SEC File Nos. 333-250939).
"
IPO
registration statement
" means the registration statement filed for Globis' IPO.
"
JOBS
Act
" means the Jumpstart Our Business Startups Act of 2012, as amended.
"
Lock-up
Agreement
" means each of the Lock-Up Agreements to be entered into between the Company and certain equityholders of the Company
upon the consummation of the Business Combination.
"
Memorandum
and Articles of Association
" means the proposed Memorandum and Articles of Association of the Company became effective following
the Redomiciliation and as a consequence of the re-registration of Forafric Global Limited as a Gibraltar public company limited by shares.
"
Merger
"
means the merger of Globis with and into Merger Sub, a wholly-owned subsidiary of the Company, with Merger Sub surviving the merger.
iii
"
Merger
Agreement
" means the Agreement and Plan of Merger by and between Globis and Merger Sub, dated June 9, 2022.
"
Merger
Sub
" means Globis NV Merger 2 Corp., a Nevada corporation (which, prior to the Merger, a wholly-owned subsidiary of Forafric
Global PLC).
"
Nasdaq
"
means The Nasdaq Stock Market.
"Ordinary
Shares
" means the Ordinary Shares of the Company, nominal value $0.001 per share.
"
PFIC
"
means passive foreign investment company under the Code.
"
PIPE
Investment
" means the private placement pursuant to which PIPE Investors made private investment in the aggregate amount up
to $20,000,000 in the form of Ordinary Shares on the terms and conditions set forth in the Subscription Agreements.
"
PIPE
Investors
" means the investors that have signed Subscription Agreements.
"
Preferred
Shares
" means the preferred shares of USD 0.001 (one thousandth United States Dollars) each, authorized for future issuance
by the Company.
"
Private
Placement
" means the private placement by Globis of (i) 4,188,889 Private Warrants to the Sponsors and (ii) 100,833 Private
Placement Units to the Sponsors simultaneously with the closing of the IPO.
"
Private
Warrants
" means Globis' 4,289,722 warrants, including 100,833 warrants included in the Private Placement Units, sold
to the Sponsors simultaneously with the closing of the IPO in Private Placements. Each Private Warrant is exercisable for one share of
common stock of Globis at a price of $11.50 per share.
"
Private
Placement Units
" means Globis' 100,833 Units sold to the Sponsors simultaneously with the closing of the IPO in a private
placement at a price of $10.00 per Unit. Each Private Placement Unit is identical to the Public Units sold in the IPO.
"
Public
Shares
" means 11,500,000 shares of Globis' Common Stock sold in the IPO (whether they were purchased in the IPO or thereafter
in the open market).
"
Public
Stockholder
" means a holder of Public Shares.
"
Public
Units
" means a unit sold in the IPO (including pursuant to the overallotment option) consisting of one Public Share and one
Public Warrant.
"
Public
Warrant Holder
" means a holder of Public Warrants.
"
Public
Warrants
" means Globis' warrants sold in the IPO (whether they were purchased in the IPO or thereafter in the open market).
"
Redomiciliation
"
means the continuation of Globis Nevada by way of redomiciliation to Gibraltar as Gibraltar private company limited by shares and known
as Forafric Global Limited and following an alteration to its authorized and issued share capital, the re-registration of Forafric Global
Limited into a Gibraltar public company limited by shares, with the common stock of Globis Nevada becoming ordinary shares of the Gibraltar
private company limited by shares under the applicable provisions of Nevada law, the Companies Act and the Re-domiciliation Regulations;
the term includes all matters and necessary or ancillary changes in order to effect such Redomiciliation, including the change of registered
office of Globis Nevada as a consequence of the redomiciliation to Gibraltar and the eventual adoption of the Memorandum and Articles
of Association consistent with the Companies Act upon re-registration of Forafric Global Limited as a Gibraltar public company limited
by shares.
iv
"
Re-domiciliation
Regulations
" means the Companies (Re-domiciliation) Regulations of 1996 of the Laws of Gibraltar, as amended or re-enacted
from time to time.
"
Related
Agreements
" means certain additional agreements that were entered into in connection with the Business Combination Agreement
as further described herein.
"
Registration
Rights Agreement
" means the Registration Rights Agreement, dated as of December 10, 2020, by and between Globis and the Sponsors.
"
Rule
144
" means Rule 144 under the Securities Act.
"
Sarbanes-Oxley
Act
" means the Sarbanes-Oxley Act of 2002, as amended.
"
SEC
"
means the U.S. Securities and Exchange Commission.
"
Securities
Act
" means the Securities Act of 1933, as amended.
"
Seller
"
means Lighthouse Capital Limited, a Gibraltar private company limited by shares, as the sole shareholder of the Company immediately prior
to the Business Combination.
"
Warrant
Agreement
" means the warrant agreement made as of December 10, 2020, by and between Globis, and VStock Transfer, LLC (as warrant
agent), which agreement was assigned and novated by Globis to the Company upon the Exchange.
"
Sponsors
"
means, collectively, Globis SPAC LLC, a Delaware limited liability company, and Up and Up Capital, LLC, a Delaware limited liability
company.
"
Sponsor
Letter Agreement
" means the Letter Agreement, dated as of December 15, 2020, entered into by Globis and the Sponsor Parties
concurrently with the IPO.
"
Sponsor
Parties
" means the Sponsor and Globis' independent directors.
"
Transfer
Agent
" means VStock Transfer, LLC.
"
Treasury
Regulations
" means the Code, its legislative history, and final, temporary and proposed treasury regulations promulgated thereunder
as then amended.
"
Trust
Account
" means the trust account of Globis, which holds the net proceeds from the IPO and certain of the proceeds from the
sale of the Private Placements, together with interest earned thereon, less amounts released to pay taxes.
"
Unit
"
means either a Public Unit or a Private Placement Unit.
"
Warrants
"
means the Public Warrants and the Private Warrants of Globis.
"
Working
Capital Loans
" means certain loans that may be made by the Sponsors or an affiliate of the Sponsors, or certain of Globis'
officers and directors in connection with the financing of a business combination.
Discrepancies
in any table between the amounts identified as total amounts and the sum of the amounts listed therein are due to rounding.
This
annual report on Form 20-F includes our audited consolidated balance sheets as of December 31, 2023 and 2022, and the related consolidated
statements of operations and comprehensive loss, equity and cash flows for the years ended December 31, 2023, 2022 and 2021.
Our
equity is funded in U.S. dollars and we currently incur the majority of revenues and expenses in Moroccan Dirhams. Moroccan Dirhams is
currently pegged to the U.S. dollar and Euros;
v
Part
I
Item
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
Applicable.
Item
2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not
Applicable.
Item
3. KEY INFORMATION
A.
[Reserved]
B.
Capitalization and Indebtedness
Not
applicable.
C.
Reasons for the Offer and Use of Proceeds
Not
applicable.
D.
Risk Factors
Our
business faces significant risks. You should carefully consider all of the information set forth in this annual report on Form 20-F and
in our other filings with the United States Securities and Exchange Commission, or the SEC, including the following risk factors which
we face and which are faced by our industry. Our business, financial condition, results of operations and growth prospects could be materially
adversely affected by any of these risks. This report also contains forward-looking statements that involve risks and uncertainties.
Our results could materially differ from those anticipated in these forward-looking statements, as a result of certain factors including
the risks described below and elsewhere in this annual report and our other SEC filings. See "Special Note Regarding Forward-Looking
Statements" below.
Summary
Risk Factors
The
following summarizes some, but not all, of the risks provided below. Please carefully consider all of the information discussed in this
Item 3.D. "Risk Factors" in this annual report for a more thorough description of these and other risks.
●
Sales
    of a substantial number of our securities in the public market by the Selling Securityholders and/or by our existing securityholders
    could cause the price of our Ordinary Shares and Warrants to fall.
●
A
    certain number of our Warrants will become exercisable for our Ordinary Shares, which would increase the number of shares eligible
    for future resale in the public market and result in dilution to our shareholders.
●
Future
    resales of our Ordinary Shares issued to our shareholders and other significant shareholders may cause the market price of our Ordinary
    Shares to drop significantly, even if our business is doing well.
●
There
    is no guarantee that the Warrants will be in the money, and they may expire worthless.
●
A
    market for our Ordinary Shares may not develop, which would adversely affect the liquidity and price of our Ordinary Shares.
1
●
The
    Warrant Agreement designates the courts of the State of New York or the United States District Court for the Southern District of
    New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of the Warrants,
    which could limit the ability of Warrant holders to obtain a favorable judicial forum for disputes with us in connection with such
    Warrants.
●
The
    requirements of being a public company may strain our resources, divert our management's attention and affect our ability to
    attract and retain qualified board members.
●
We
    are an "emerging growth company," and it cannot be certain if the reduced SEC reporting requirements applicable to emerging
    growth companies will make our Ordinary Shares and Warrants less attractive to investors, which could have a material and adverse
    effect on us, including our growth prospects.
●
We
    qualify as a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain
    provisions applicable to United States domestic public companies.
●
We
    qualify as a "controlled company" within the meaning of the rules of Nasdaq and, as a result, we may rely on, exemptions
    from certain corporate governance requirements.
●
You
    may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
    we are incorporated under the laws of Gibraltar, and we conduct substantially all of our operations, and a majority of our directors
    and executive officers reside, outside of the United States.
●
Severe
    adverse weather conditions, such as hurricanes or severe storms, or the effects of global warming, may also result in extensive property
    damage, extended business interruption, personal injuries and other loss and damage to us.
●
Our
    business is subject to fluctuations in agricultural commodity and other raw material prices, transportation costs, energy prices,
    interest rates and foreign currency exchange rates, in each case caused by factors outside of our control that could adversely affect
    our operating results.
●
Our
    business is dependent upon our ability to obtain quality raw materials.
●
We
    are dependent on a related party supplier from which we obtain substantially all of our raw material.
●
Our
    Business may be adversely affected by disruptions in its distribution and logistical systems.
●
Our
    Business is vulnerable to the effects of supply and demand imbalances in our industries.
●
We
    are subject to global and regional economic downturns and related risks.
●
The
    continuation of the war between Russia and Ukraine could led to raw material shortages or increases in raw material costs that could
    have a material adverse effect upon our business.
●
We
    are subject to currency exchange rate fluctuations which may have an adverse effect on our business.
●
We
    are subject to economic, political and other risks of doing business globally and in emerging markets.
●
A
    natural disaster, economic depression or other adverse events affecting Morocco where most our facilities and customers are located
    facilities could adversely affect our business.
2
●
We
    are dependent upon a small group of key executives and employees - If we fail to retain and motivate members of our management team
    and other key employees or fail to attract, train and retain additional employees to support our operations, our business and future
    growth prospects would be harmed.
●
We
    are subject to industry and other risks that could adversely affect our reputation and financial results.
●
We
    may be subject to significant liability that is not covered by insurance.
●
Our
    risk management strategies may not be effective.
●
We
    may not realize the anticipated benefits of acquisitions or joint ventures.
●
Agricultural
    commodity production and trade flows are significantly affected by government policies and regulations. Governmental policies affecting
    the agricultural industry can influence industry profitability, the planting of certain crops versus other uses of agricultural resources,
    the location and size of crop production, whether unprocessed or processed commodity products are traded and the volume and types
    of imports and exports.
●
Legal
    claims, government investigations or other regulatory enforcement actions could subject us to civil and criminal penalties.
●
Litigation
    or legal proceedings could expose us to significant liabilities and have a negative impact on our reputation or business.
●
We
    face significant competition in each of our businesses and we have numerous competitors, some of which are larger and have greater
    financial resources than we have.
●
Our
    business and operations would suffer in the event of IT system failures, cybersecurity attacks, data breaches, or vulnerabilities
    in our or our third-party vendors' information security program or defenses.
●
We
    are a capital intensive business and depend on cash provided by our operations as well as access to external financing to operate
    and expand our business.
●
You
    will have limited ability to bring an action against us against our directors and officers, or to enforce a judgment against us or
    them, because we are incorporated in Gibraltar, because we conduct our operations primarily outside of the United States and because
    a majority of our directors and officers reside outside the United States.
●
Risks
    relating to our disclosure controls and procedures and internal financial reporting controls.
Risks
Related to the Company's Securities
Issuances
by us of additional securities, could affect ownership and voting rights over us. In addition, the issuance of preferred shares, or options
or warrants to purchase those preferred shares, could negatively impact the value of the Ordinary Shares as the result of preferential
dividend rights, conversion rights, redemption rights and liquidation provisions granted to the stockholders of such preferred shares.
From
time to time, we may issue in public or private sales additional securities to third party investors. Such securities may provide holders
with ownership and voting rights that could provide the holders thereof with substantial influence over our business. Any preferred shares
that may be issued shall have such rights, preferences, privileges and restrictions as may be designated from time-to-time by our board,
including preferential dividend rights, voting rights, conversion rights, redemption rights and liquidation provisions. There cannot
be any assurance that we will not issue preferred securities with rights and preferences that are more beneficial than those provided
to our Ordinary Shares.
3
Raising
additional capital may cause dilution to our shareholders.
We
may seek additional funding through a combination of equity offerings, debt financings, collaborations, licensing arrangements, strategic
alliances and marketing or distribution arrangements. To the extent that we raise additional capital through the sale of equity or convertible
debt securities, your ownership interest will be diluted, and the terms may include liquidation or other preferences that adversely affect
your rights as a holder of our Ordinary Shares. The incurrence of additional indebtedness or the issuance of certain equity securities
could result in increased fixed payment obligations, and could also result in certain additional restrictive covenants, such as limitations
on our ability to incur additional debt or issue additional equity, limitations on our ability to acquire or license IP rights and other
operating restrictions that could adversely impact our ability to conduct our business. In addition, issuance of additional equity securities,
or the possibility of such issuance, may cause the market price of our Ordinary Shares to decline. In the event that we enter into collaborations
or licensing arrangements to raise capital, we may be required to accept unfavorable terms, including relinquishing or licensing to another
party on unfavorable terms our rights to technology or drug and diagnostics technology candidates that we otherwise would seek to develop
or commercialize ourselves or potentially reserve for future potential arrangements when we might be able to achieve more favorable terms.
Certain
of the shareholders acquired their securities at a price that was less than the market price of our Ordinary Shares as of the date they
were registered, may earn a positive rate of return even if the price of our Ordinary Shares declines and may be willing to sell their
shares at a price less than shareholders that acquired our shares in the public market.
Certain
of our securityholders purchased their respective Ordinary Shares at prices lower than then-current market prices and may therefore experience
a positive rate of return on their investment, even if our public securityholders experience a negative rate of return on their investment.
In particular, prior to the consummation of Globis' IPO, Sponsors purchased 3,047,500 shares of common stock of Globis, which were
converted into Ordinary Shares at the closing of the Business Combination, for an aggregate purchase price of $26,500, or approximately
$0.0087 per share. Based on the closing price of our Ordinary Shares on Nasdaq on August 12, 2022, or $10.36 per share, selling of all
3,047,500 Ordinary Shares would generate a profit of $10.3513 per share, or approximately $31,545,600 in the aggregate. Further, Selling
Securityholders acquired an additional 1,349,259 Ordinary Shares at less than $10.36 per share. Upon the resale of all 1,349,259 Ordinary
Shares, such Selling Securityholders would generate an average profit of $0.87 per share, or approximately $1,172,367 in the aggregate.
As a result, the Sponsor and other shareholders are able to recognize a greater return on their investment than shareholders or holders
of warrants that purchased shares of Globis' common stock in Globis' IPO, in the public market thereafter, or our Ordinary
Shares after the closing of the Business Combination. Furthermore, such shareholders may earn a positive rate of return even if the price
of our Ordinary Shares declines significantly. As a result, such securityholders may be willing to sell their shares at a price less
than shareholders that acquired our shares in the public market or at higher prices than the price paid by such securityholders. The
sale or possibility of sale of these Ordinary Shares, could have the effect of increasing the volatility in the price of the Ordinary
Shares or putting significant downward pressure on the price of the Ordinary Shares.
Warrants
for our Ordinary Shares, if exercised, will increase the number of shares eligible for future resale in the public market and result
in dilution to our shareholders.
Warrants
to purchase up to 15,789,722 Ordinary Shares became exercisable in 2022 in accordance with the terms of the Warrant Agreement governing
those securities. The exercise price of the Warrants is $11.50 per Ordinary Share, subject to adjustment pursuant to the terms of the
Warrant Agreement. As of December 31, 2023, we had a total of 15,750,842 warrants outstanding. To the extent such Warrants are exercised,
additional Ordinary Shares will be issued, which will result in dilution to the existing holders of Ordinary Shares and increase the
number of shares eligible for resale in the public market. Sales of substantial numbers of such shares in the public market or the fact
that such Warrants may be exercised could adversely affect the market price of Ordinary Shares.
4
There
is no guarantee that the Warrants will be in the money, and they may expire worthless.
Pursuant
to the terms of the Warrant Agreement, the Warrants will expire five years from the consummation of our business combination, or June
2027. The exercise price of our Warrants is $11.50 per Ordinary Share. Assuming the exercise of all outstanding warrants for cash, we
would receive aggregate proceeds of approximately $181 million. However, we will only receive such proceeds if all the Warrant holders
exercise all of their Warrants. We believe that the likelihood that warrant holders determine to exercise their warrants, and therefore
the amount of cash proceeds that we would receive, is dependent upon the market price of our Ordinary Shares. If the market price for
our Ordinary Shares is less than the exercise price of the warrants (on a per share basis), we believe that warrant holders will be very
unlikely to exercise any of their warrants, and accordingly, we will not receive any such proceeds. There is no guarantee that the Warrants
will ever be "in the money" prior to their expiration, and as such, the Warrants may expire worthless.
Future
resales of our Ordinary Shares issued to our shareholders and other significant shareholders may cause the market price of our Ordinary
Shares to drop significantly, even if our business is doing well.
Certain
of our shareholders party thereto may sell Ordinary Shares pursuant to Rule 144 under the Securities Act, if available. In these cases,
the resales must meet the criteria and conform to the requirements of that rule.
Upon
satisfaction of the requirements of Rule 144 under the Securities Act, certain of our shareholders and certain other significant shareholders
may sell large amounts of Ordinary Shares in the open market or in privately negotiated transactions, which could have the effect of
increasing the volatility in our share price or putting significant downward pressure on the price of our Ordinary Shares.
A
market for our Ordinary Shares may not develop, which would adversely affect the liquidity and price of our Ordinary Shares.
An
active trading market for our Ordinary Shares may never develop or, if developed, may not be sustained. You may be unable to sell your
Ordinary Shares unless a market can be established and sustained.
The
trading prices of Ordinary Shares and Warrants may be volatile and may fluctuate due to a variety of factors, some of which are beyond
our control, including, but not limited to:
●
changes
    in the sectors in which we operate;
●
changes
    in its projected operating and financial results;
●
changes
    in laws and regulations affecting our business;
●
ability
    to continue to innovate and bring products to market in a timely manner;
●
changes
    in our senior management team, our board of directors or key personnel;
●
our
    involvement in litigation or investigations;
●
negative
    publicity about us or our products;
●
the
    volume of Ordinary Shares available for public sale;
●
announcements
    of significant business developments, acquisitions, or new offerings;
●
general
    economic, political, regulatory, industry, and market conditions; and
●
natural
    disasters or major catastrophic events.
These
and other factors may cause the market price and demand for our Ordinary Shares to fluctuate substantially, which may limit or prevent
investors from readily selling their shares and may otherwise negatively affect the liquidity of Ordinary Shares or Warrants. Following
periods of such volatility in the market price of a company's securities, securities class action litigation has often been brought
against that company. Because of the potential volatility of Ordinary Shares or Warrants, we may become the target of securities litigation
in the future. Securities litigation could result in substantial costs and divert management's attention and resources from our
business.
5
The
Warrant Agreement designates the courts of the State of New York or the United States District Court for the Southern District of New
York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of the Warrants, which
could limit the ability of Warrant holders to obtain a favorable judicial forum for disputes with us in connection with such Warrants.
The
Warrant Agreement provides that, subject to applicable law, (i) any action, proceeding or claim against us arising out of or relating
in any way to the Warrant Agreement, will be brought and enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and (ii) we irrevocably submits to such jurisdiction, which jurisdiction shall be the exclusive
forum for any such action, proceeding or claim. We have waived any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum. Notwithstanding the foregoing, these provisions of the Warrant Agreement do not apply to suits brought to enforce
any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America
are the sole and exclusive forum. Any person or entity purchasing or otherwise acquiring any interest in any Warrants under the Warrant
Agreement shall be deemed to have notice of and to have consented to the forum provisions of the Warrant Agreement. If any action, the
subject matter of which is within the scope of the forum provisions of the Warrant Agreement, is filed in a court other than a court
of the State of New York or the United States District Court for the Southern District of New York (a "foreign action") in
the name of any holder of the warrants, such holder shall be deemed to have consented to: (x) the personal jurisdiction of the state
and federal courts located in the State of New York in connection with any action brought in any such court to enforce the forum provisions
(an "enforcement action"), and (y) having service of process made upon such holder in any such enforcement action by service
upon such warrant holder's counsel in the foreign action as agent for such holder.
The
choice-of-forum provision limits a Warrant holder's ability to bring a claim in a judicial forum that it finds favorable for disputes
with us, which may discourage such lawsuits. Alternatively, if a court were to find this provision of the Warrant Agreement inapplicable
or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional costs associated
with resolving such matters in other jurisdictions, which could materially and adversely affect our business, financial condition and
results of operations and result in a diversion of the time and resources of our management and board of directors.
The
requirements of being a public company may strain our resources, divert our management's attention and affect our ability to attract
and retain qualified board members.
We
are subject to the reporting requirements of the Securities Exchange Act of 1934, the Sarbanes-Oxley Act, the Dodd-Frank Act, NASDAQ
listing requirements and other applicable securities rules and regulations. As such, we incur relevant legal, accounting and other expenses,
and these expenses may increase even more if we no longer qualify as an "emerging growth company," as defined in Section
2(a) of the Securities Act. The Exchange Act requires, among other things, that we file annual and current reports with respect to our
business and operating results. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and
procedures and internal control over financial reporting. We may need to hire more employees or engage outside consultants to comply
with these requirements, which will increase our costs and expenses.
Changing
laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies,
increasing legal and financial compliance costs and making some activities more time-consuming. These laws, regulations and standards
are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice
may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding
compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We expect these laws and
regulations to increase our legal and financial compliance costs and to render some activities more time-consuming and costly, although
we are currently unable to estimate these costs with any degree of certainty.
Many
members of our management team have limited experience managing a publicly traded company, interacting with public company investors
and complying with the increasingly complex laws pertaining to public companies. Our management team may not successfully or efficiently
manage the transition to being a public company subject to significant regulatory oversight and reporting obligations under the federal
securities laws and regulations and the continuous scrutiny of securities analysts and investors. The need to establish the corporate
infrastructure demanded of a public company may divert the management's attention from implementing our growth strategy, which
could prevent us from improving our business, financial condition and results of operations. Furthermore, we expect these rules and regulations
to make it more difficult and more expensive for us to obtain director and officer liability insurance, and consequently we may be required
to incur substantial costs to maintain the same or similar coverage. These additional obligations could have a material adverse effect
on our business, financial condition, results of operations and prospects. These factors could also make it more difficult for us to
attract and retain qualified members of our board of directors, particularly to serve on our audit committee, and qualified executive
officers.
6
As
a result of disclosure of information in filings required of a public company, our business and financial condition will become more
visible, which we believe may result in threatened or actual litigation, including by competitors and other third parties. If such claims
are successful, our business and operating results could be adversely affected, and, even if the claims do not result in litigation or
are resolved in our favor, these claims, and the time and resources necessary to resolve them, could cause an adverse effect on our business,
financial condition, results of operations, prospects and reputation.
We
are an "emerging growth company," and it cannot be certain if the reduced SEC reporting requirements applicable to emerging
growth companies will make our Ordinary Shares and Warrants less attractive to investors, which could have a material and adverse effect
on us, including our growth prospects.
We
are an "emerging growth company" as defined in the JOBS Act. We will remain an "emerging growth company" until
the earliest to occur of (i) the last day of the fiscal year (a) following the fifth anniversary of the closing of the Business Combination,
(b) in which we have total annual gross revenue of at least $1.235 billion or (c) in which we are deemed to be a large accelerated filer,
which means the market value of our Shares held by non-affiliates exceeds $700 million as of the last business day of our prior second
fiscal quarter, and (ii) the date on which we issued more than $1.0 billion in non-convertible debt during the prior three-year period.
We intend to take advantage of exemptions from various reporting requirements that are applicable to most other public companies, whether
or not they are classified as "emerging growth companies," including, but not limited to, an exemption from the provisions
of Section 404(b) 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 and reduced disclosure obligations regarding executive compensation.
In
addition, Section 102(b)(1) of the JOBS Act exempts "emerging growth companies" from being required to comply with new or
revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement
declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised
financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply
with the requirements that apply to non-emerging growth companies, but any such election to opt out is irrevocable. We have elected not
to opt out of such extended transition period, which means that when a standard is issued or revised and we have different application
dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of our financial statements with certain other public companies difficult
or impossible because of the potential differences in accounting standards used.
Furthermore,
even after we no longer qualify as an "emerging growth company," as long as we continue to qualify as a foreign private issuer
under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies,
including, but not limited to, the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in
respect of a security registered under the Exchange Act; the sections of the Exchange Act requiring insiders to file public reports of
their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and the
rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other
specified information, or current reports on Form 8-K, upon the occurrence of specified significant events. In addition, we will not
be required to file annual reports and financial statements with the SEC as promptly as U.S. domestic companies whose securities are
registered under the Exchange Act, and are not required to comply with Regulation FD, which restricts the selective disclosure of material
information.
As
a result, our shareholders may not have access to certain information they deem important or at the same time if we were not a foreign
private issuer. We cannot predict if investors will find our Ordinary Shares and Warrants less attractive because we rely on these exemptions.
If some investors find our Ordinary Shares and Warrants less attractive as a result, there may be a less active trading market and share
price for our Ordinary Shares and Warrants may be more volatile.
7
We
qualify as a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions
applicable to United States domestic public companies.
Because
we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations
in the United States that are applicable to U.S. domestic issuers, including: (i) the rules under the Exchange Act requiring the filing
of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC; (ii) the sections of the Exchange Act regulating the solicitation
of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; (iii) the sections of the Exchange
Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from
trades made in a short period of time; and (iv) the selective disclosure rules by issuers of material nonpublic information under Regulation
FD.
We
will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish
our results on a quarterly basis through press releases, distributed pursuant to the rules and regulations of NASDAQ. Press releases
relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required
to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S.
domestic issuers. Accordingly, you may receive less or different information about us than you would receive about a U.S. domestic public
company.
We
could lose our status as a foreign private issuer under current SEC rules and regulations if more than 50% of our outstanding voting
securities become directly or indirectly held of record by U.S. holders and any one of the following is true: (i) the majority of our
directors or executive officers are U.S. citizens or residents; (ii) more than 50% of our assets are located in the United States; or
(iii) our business is administered principally in the United States. If we lose our status as a foreign private issuer in the future,
we will no longer be exempt from the rules described above and, among other things, will be required to file periodic reports and annual
and quarterly financial statements as if we were a company incorporated in the United States. If this were to happen, we would likely
incur substantial costs in fulfilling these additional regulatory requirements, and members of our management would likely have to divert
time and resources from other responsibilities to ensuring these additional regulatory requirements are fulfilled.
We
are a "controlled company" as that term is defined in the rules of Nasdaq and, as a result, qualify for, and may rely on,
exemptions from certain corporate governance requirements. To the extent that we elect to rely on these exemptions, shareholders will
not have the same protections afforded to stockholders of companies that are subject to such requirements.
As
a result of the completion of the Business Combination, Seller controls a majority of the voting power (approximately 69.3%) of the outstanding
Ordinary Shares. The ultimate beneficial owner of Seller is Lighthouse Corporation PTC, as trustee of the Lighthouse Settlement, the
sole shareholder of Seller. The Lighthouse Settlement is a discretionary trust of which Yariv Elbaz and his family are the named potential
beneficiaries. The trustee, Lighthouse Corporation PTC Limited, controls the affairs of the trust.
As
a result, we are a "controlled company" within the meaning of the corporate governance standards of Nasdaq. Under these rules,
a listed company of which more than 50% of the voting power is held by an individual, group or another company is a "controlled
company" and may elect not to comply with certain corporate governance requirements, including:
●
the
    requirement that a majority of the board of directors consist of independent directors;
●
the
    requirement that our nominating and corporate governance committee be composed entirely of independent directors; and
●
the
    requirement that our compensation committee be composed entirely of independent directors.
To
the extent that we continue to meet the definition of a "controlled company" within the meaning of the corporate governance
standards of Nasdaq, we may rely on these exemptions and, to the extent that we choose to do so, we may not have a majority of independent
directors on our board of directors and our corporate governance and compensation committees may not consist entirely of independent
directors. Accordingly, you may not have the same protections afforded to stockholders of companies that are subject to all of the corporate
governance requirements of Nasdaq.
8
You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under the laws of Gibraltar, and we conduct substantially all of our operations, and a majority of our directors
and executive officers reside, outside of the United States.
We
are an exempted company limited by shares incorporated under the laws of Gibraltar and we conduct a majority of our operations outside
the United States. Substantially all of our assets are located outside the United States. A majority of our officers and directors reside
outside the United States, and a substantial portion of the assets of those persons are located outside of the United States. As a result,
it may be difficult for investors to effect service of process within the United States upon our directors or officers who reside outside
the United States, to bring original actions outside the United States based on the securities laws of the United States against our
directors or officers who reside outside the United States, or to enforce judgments obtained in the United States courts against our
directors or officers outside the United States.
Our
corporate affairs will be governed by our Memorandum and Articles of Association and the
Companies
Act 2014 of the Laws of Gibraltar
. The rights of our shareholders and the fiduciary duties of our directors under Gibraltar law
are different from what they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular,
Gibraltar has a different body of securities laws than the United States and some U.S. states, such as Delaware, may have more fully
developed and judicially interpreted bodies of corporate law than Gibraltar. In addition, shareholders of Gibraltar companies may not
have standing to initiate a shareholder derivative action in a federal court of the United States.
Certain
corporate governance practices in Gibraltar, which is our home country, differ significantly from requirements for companies incorporated
in other jurisdictions such as the United States. As a foreign private issuer whose securities are listed on the NASDAQ, we are permitted
to follow certain home country corporate governance practices in lieu of the requirements of the NASDAQ Rules pursuant to NASDAQ Rule
5615(a)(3), which provides for such exemption to compliance with the NASDAQ Rule 5600 Series. Since Gibraltar does not have any rules
regarding the following, we intend to rely on the exemption available to foreign private issuers for the requirement that the compensation
committee be comprised of independent directors and the requirement that we obtain shareholder approval to issue 20% or more of our outstanding
Ordinary Shares in a private offering. To the extent we choose to follow home country practice with respect to corporate governance matters,
our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.
As
a result of all of the above, our shareholders may have more difficulty in protecting their interests in the face of actions taken by
management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated
in the United States.
We
do not anticipate paying dividends for the foreseeable future.
It
is expected that we will continue to operate at loss in the foreseeable future, and will retain most, if not all, of our available funds
and any future earnings to fund the development and growth of our business. As a result, it is not expected that we will pay any cash
dividends in the foreseeable future.
Our
board of directors will have discretion as to whether to distribute dividends. Even if the board of directors decides to declare and
pay dividends, the timing, amount and form of future dividends, if any, will depend on the future results of operations and cash flow,
capital requirements and surplus, the amount of distributions, if any, received by us from subsidiaries, our financial condition, contractual
restrictions and other factors deemed relevant by our board of directors. Accordingly, you may need to rely on sales of our Ordinary
Shares after price appreciation, which may never occur, as the only way to realize any future gains on your investment. There is no guarantee
that our Ordinary Shares will appreciate in value or that the market price of our Ordinary Shares will not decline.
9
Risks
Related to Our Business
Severe
adverse weather conditions, such as hurricanes or severe storms, or the effects of global warming, may also result in extensive property
damage, extended business interruption, personal injuries and other loss and damage to us.
The
international price of wheat is the main risk in our operations. Fluctuation of wheat cost depends on weather and strategies of the main
producers of wheat based in North America, Central Europe and around the Black Sea. Adverse weather conditions have historically caused
volatility in the agricultural commodity industry by causing crop failures or significantly reduced harvests, which may affect the supply
and pricing of the agricultural commodities that we sell and use in our business, negatively affect the creditworthiness of agricultural
producers who do business with us or impact our ability to obtain sufficient unprocessed grains to meet demand. The variation in the
acquisition price of the wheat cannot be directly impacted on our average selling price of flour, semolina, pasta and couscous.
Severe
adverse weather conditions, such as hurricanes or severe storms, may also result in extensive property damage, extended business interruption,
personal injuries and other loss and damage to us. Our operations also rely on dependable and efficient transportation services. A disruption
in transportation services, as a result of weather conditions or otherwise, may also significantly adversely impact our operations.
Additionally,
the potential physical impacts of climate change are uncertain and may vary by region. These potential effects could include changes
in rainfall patterns, water shortages, changing sea levels, changing storm patterns and intensities, and changing temperature levels
that could adversely impact our costs and business operations, the location and costs of global agricultural commodity production and
the supply and demand for agricultural commodities. Climate change could also lead to stronger production variability than today which
could result in price volatility. Climate change could cause temperature increases and rainfall changes that could lead to lower yields
in Morocco and other semi-arid Mediterranean countries in the future, which could impact raw material costs, availability and quality.
These effects could be material to our results of operations, liquidity or capital resources.
Our
business is subject to fluctuations in agricultural commodity and other raw material prices, transportation costs, energy prices, interest
rates and foreign currency exchange rates, in each case caused by factors outside of our control that could adversely affect our operating
results.
As
we cannot control the average selling price of our finished products, any increase in the cost of raw materials has a direct impact on
our margins.
Our
business is subject to fluctuations in agricultural commodity and other raw material prices caused by other factors outside of our control
such as currency exchange rate fluctuations, local and international changes in supply and demand caused by factors outside of our control,
including farmer planting and selling decisions, government agriculture programs and policies, global inventory levels, demand for biofuels,
weather and crop conditions and demand for and supply of, competing commodities and substitutes, that could adversely affect our operating
results.
Our
business is dependent upon our ability to obtain quality raw materials.
The
quality of our products depends upon the quality of raw materials. If we do not have access to high quality of wheat, we have to use
enhancers such as enzymes, ascorbic acid and gluten, to reach a higher level of quality. Such additional costs will negatively impact
our results.
We
are dependent on a related party supplier from which we obtain substantially all of our raw material.
In
2018, we entered into a five-year supply agreement with Millcorp Geneve SA ("Millcorp") a wholly owned subsidiary of the
Seller, pursuant to which we are obligated to obtain at least 80% of our annual requirements of common wheat, durum wheat, or any other
cereal, from Millcorp which expired in March 31, 2023 and subsequently extended 3 years through March 31, 2026. Any disruption of Millcorp's
operations or its inability to perform its supply obligations could adversely affect our operating results.
Although
we believe our transactions with Millcorp contain fair market value terms, such transactions with an entity in which related parties
hold ownership interests present potential for conflicts of interest. Conflicts of interest may also arise in connection with the exercise
of contractual remedies under these transactions, such as the treatment of events of default.
10
Our
Business may be adversely affected by disruptions in its distribution and logistical systems.
The
cost of wheat is affected not only by the wheat market but also by the cost of freight. Significant increases in shipping and freight
cost could materially adversely affect our results of operations and financial condition.
Our
Business is vulnerable to the effects of supply and demand imbalances in our industries.
Historically,
the market of flour mills in Morocco is imbalanced, with periods of high demand and period of low demand and with a supply capacity exceeding
the demand. To maintain our market shares, we must compete on price and reduce margin.
We
are subject to global and regional economic downturns and related risks.
The
level of demand for our products is affected by global and regional demographic and macroeconomic conditions, including population growth
rates and changes in standards of living. A significant downturn in global economic growth, or recessionary conditions in major geographic
regions, may lead to reduced demand for agricultural commodities, which could adversely affect our business and results of operations.
The
continuation of the war between Russia and Ukraine could led to raw material shortages or increases in raw material costs that could
have a material adverse effect upon our business.
On
February 24, 2022, Russia launched an invasion in Ukraine. The invasion may severely disrupt or depress wheat harvests in Ukraine and
impair Ukraine's ability to export wheat. In addition, as a consequence of the Russian invasion of Ukraine, the United States,
the European Union and other countries have imposed sanctions against and penalties for doing business in Russia and with certain Russian-owned
businesses. These sanctions may limit Russia's ability to export wheat. We do not currently have any business operations in Russia
and is not purchasing raw materials from suppliers in Russia thus the sanctions regime imposed upon Russia does not currently directly
impact the Company's business. However, Ukraine accounts for approximately 10% of the world's wheat exports and Russia accounts
for approximately 16% of the world's wheat exports. Therefore, the continuation of the war between the Ukraine and Russia could
lead to a material reduction in the availability of wheat on the international market which could in turn affect our ability to obtain
raw materials or result in substantial increases in prices of raw materials, which could have a material adverse effect upon our business.
We
are subject to currency exchange rate fluctuations which may have an adverse effect on our business.
Due
to the international nature of our business, we are exposed to currency exchange rate fluctuations. Changes in exchange rates between
the U.S. dollar and other currencies, particularly the Angolan Kwanza and the Euro affect our revenues and expenses that are denominated
in local currencies and may also have a negative impact on the value of our assets.
We
are subject to economic, political and other risks of doing business globally and in emerging markets.
We
are a global business with all of our assets and operations located outside the United States. In addition, part of our strategy involves
expanding our business in several emerging market regions, including Eastern Europe, Asia-Pacific, the Middle East and Africa. Volatile
international economic, political and market conditions may have a negative impact on our operating results and our ability to achieve
our business strategies.
We
are also exposed to other risks of international operations, including:
●
changes
    in laws and regulations or their interpretation or enforcement in the countries where we operate, such as tax laws,
●
sovereign
    risk;
11
●
exchange
    controls or other currency restrictions and limitations on the movement of funds, such as on the remittance of dividends by subsidiaries;
●
challenges
    in maintaining an effective internal control environment with operations in multiple international locations, including language
    differences, varying levels of U.S. Generally Accepted Accounting Principles ("GAAP") expertise in international locations;
    and
●
labor
    disruptions, civil unrest, significant political instability, wars or other armed conflict or acts of terrorism.
●
adverse
    trade policies or trade barriers on agricultural commodities and commodity products
●
inflation
    and hyperinflationary economic conditions and adverse economic effects resulting from governmental attempts to control inflation,
    such as imposition of wage and price controls and higher interest rates;
●
difficulties
    in enforcing agreements or judgments and collecting receivables in foreign jurisdictions;
●
government
    intervention, including through expropriation, or regulation of the economy or natural resources, including restrictions on foreign
    ownership of land or other assets;
These
risks could adversely affect our operations, business strategies and operating results.
A
natural disaster, economic depression or other adverse events affecting Morocco where most our facilities and customers are located facilities
could adversely affect our business.
A
significant portion of our operations and sales are in Morocco. A natural disaster, economic downturn or depression, civil unrest, significant
political instability, wars or other armed conflict or acts of terrorism affecting the country could have a negative adverse impact on
our operations and business.
We
are dependent upon a small group of key executives and employees - If we fail to retain and motivate members of our management team and
other key employees or fail to attract, train and retain additional employees to support our operations, our business and future growth
prospects would be harmed.
Our
success and future growth depend largely upon the continued services of our executive officers as well as our other key employees. These
executives and certain key employees members have been primarily responsible for the success and growth of our Company and development
of our brands, reputation and relationships with our customers. None of such persons is subject to long term written employment arrangements.
The loss of any such persons could adversely affect our business and ability to grow. In addition, our success depends in part upon our
ability to attract, train and retain a sufficient number of employees and managers who understand and appreciate our culture and can
represent our brand effectively and establish credibility with our business partners and consumers. An inability to either replace departing
personnel or attract and retain new qualified personnel could adversely affect our business.
We
are subject to industry and other risks that could adversely affect our reputation and financial results.
We
are subject to food and feed industry risks which include, but are not limited to, crop disease, spoilage, contamination, tampering or
other adulteration of products, product liability claims and recalls and government regulation regarding matters such as food and feed
safety, nutritional standards and genetically modified organisms. We are also subject to shifts in customer and consumer preferences.
These risks could not only adversely affect our business and operating results but also our corporate reputation.
As
a company whose products comprise staple food and feed products sold globally, maintaining a good corporate reputation is critical to
our continued success. Reputational value is based in large part on perceptions, which can shift rapidly in response to negative incidents.
The failure or alleged failure to maintain high standards for quality, safety, integrity, environmental sustainability and social responsibility,
including with respect to raw materials, even if untrue, may result in adverse tangible effects, such as reduced demand for our products.
12
We
may be subject to significant liability that is not covered by insurance.
We
believe that our insurance coverage is consistent with industry practice, and is sufficient for our needs. However, claims under our
insurance policies may be subject to certain exceptions, may not be honored fully, in a timely manner, or at all, or we may incur severe,
unexpected losses that are not fully covered by our insurance. If we were to incur substantial liabilities or if our business operations
were interrupted for a substantial period of time, our business and operating results could be adversely affected.
Our
disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
Our
disclosure controls and procedures are designed to reasonably assure that information required to be disclosed by us in reports we file
or submit under the Exchange Act is accumulated and communicated to management, and recorded, processed, summarized and reported within
the time periods specified in the rules and forms of the SEC.
We
believe that any disclosure controls and procedures, or internal controls and procedures, no matter how well conceived and operated,
can provide only reasonable, not absolute, assurance that the objectives of the control system are met.
These
inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of
simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more
people or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements
due to error or fraud may occur and not be detected, which would likely cause investors to lose confidence in our reported financial
information. This could in turn limit our access to capital markets, harm our results of operations, and lead to a decline in the trading
price of our Ordinary Shares. Additionally, ineffective internal control over financial reporting could expose us to increased risk of
fraud or misuse of corporate assets and subject us to potential delisting from the stock exchange on which we list, regulatory investigations
and civil or criminal sanctions. We may also be required to restate our financial statements from prior periods.
If
we fail to establish and maintain proper internal financial reporting controls, our ability to produce accurate financial statements
or comply with applicable regulations could be impaired.
Pursuant
to Section 404 of the Sarbanes-Oxley Act, we are required to file a report by our management on our internal control over financial reporting,
including an attestation report on internal control over financial reporting issued by our independent registered public accounting firm.
However, while we remain an emerging growth company, we will not be required to include an attestation report on internal control over
financial reporting issued by our independent registered public accounting firm. The presence of material weaknesses in internal control
over financial reporting could result in financial statement errors which, in turn, could lead to errors in our financial reports and/or
delays in our financial reporting, which could require us to restate our operating results.
If
we fail to maintain effective internal controls over financial reporting in the future, our management and our independent registered
public accounting firm may conclude that our internal control over financial reporting is not effective. Investors may lose confidence
in our operating results, the price of the Ordinary Shares could decline and we may be subject to litigation or regulatory enforcement
actions. In addition, if we are unable to meet the requirements of Section 404 of the Sarbanes-Oxley Act, the Ordinary Shares may not
be able to remain listed on the NASDAQ Global Market.
13
Risks
Related to Our Ability To Retain Existing Customers, Attract New Customers, Expand Product Offerings, and Increase Processed Volumes
and Revenue from Both New and Existing Customers.
The
future growth of our business depends on our ability to retain existing customers, attract new customers as well as getting existing
customers and new customers to increase the volumes of purchases and therefore grow revenue.
A
customer's purchase of our products may decrease for a variety of reasons, including the customer's level of satisfaction
with our products and services, the expansion of business to offer new products and services, the effectiveness of our support services,
the pricing of our products and services, the pricing, range and quality of competing products or services, the effects of global economic
conditions, regulatory or financial institution limitations, trust, and our ability to deliver quality products at competitive prices
in a timely fashion.
Any
failure by us to retain existing customers, attract new customers, and increase revenue from both new and existing customers could materially
and adversely affect our business, financial condition, results of operations and prospects. These efforts may require substantial financial
expenditures, commitments of resources, developments of our processes, and other investments and innovations.
Risks
Related to Our Growth
Our
risk management strategies may not be effective.
We
may not be able to achieve the efficiencies, savings and other benefits anticipated from our cost reduction, margin improvement and other
business optimization initiatives.
We
are continually implementing programs to reduce costs, increase efficiencies and enhance our business. Initiatives implemented in the
past years have included the outsourcing of certain activities in several regions and the rationalization of manufacturing operations
globally, including the implementation of an operational improvement program. Unexpected delays, increased costs, adverse effects on
our internal control environment, inability to retain and motivate employees or other challenges arising from these initiatives could
adversely affect our ability to realize the anticipated savings or other intended benefits of these activities.
We
may not realize the anticipated benefits of acquisitions or joint ventures.
We
are an active acquirer of other companies, and we have joint ventures partners. Part of our strategy involves acquisitions, alliances
and joint ventures designed to expand and enhance our business. Our ability to benefit from acquisitions, joint ventures and alliances
depends on many factors, including our ability to identify suitable prospects, negotiate favorable transaction terms and successfully
consummate and integrate any businesses we acquire.
Our
acquisition activities may involve unanticipated delays, costs and other problems. If we encounter unexpected problems with one of our
acquisitions, our senior management may be required to divert attention away from other aspects of our businesses to address these problems.
Additionally, we may fail to consummate proposed acquisitions, after incurring expenses and devoting substantial resources, including
management time, to such transactions.
Acquisitions
also pose the risk that we may be exposed to successor liability relating to actions by an acquired company and its management before
the acquisition. The due diligence we conduct in connection with an acquisition, and any contractual guarantees or indemnities that we
receive from the sellers of acquired companies, may not be sufficient to protect us from, or compensate us for, actual liabilities. A
material liability associated with an acquisition could adversely affect our reputation and results of operations and reduce the benefits
of the acquisition. Additionally, acquisitions involve other risks, such as differing levels of management and internal control effectiveness
at the acquired entities, systems integration risks, the risk of impairment charges relating to goodwill and intangible assets recorded
in connection with acquisitions, the risk of significant accounting charges resulting from the completion and integration of a sizeable
acquisition, the need to fund increased capital expenditures and working capital requirements, our ability to retain and motivate employees
of acquired entities and other unanticipated problems and liabilities.
14
Risks
Related to Government Regulation
Agricultural
commodity production and trade flows are significantly affected by government policies and regulations. Governmental policies affecting
the agricultural industry, such as taxes, tariffs, duties, subsidies, import and export restrictions on agricultural commodities and
commodity products and energy policies (including biofuels mandates), can influence industry profitability, the planting of certain crops
versus other uses of agricultural resources, the location and size of crop production, whether unprocessed or processed commodity products
are traded and the volume and types of imports and exports. In addition, international trade disputes can adversely affect agricultural
commodity trade flows by limiting or disrupting trade between countries or regions.
The
Moroccan market where the bulk of our business originates and where we operate eight milling plants, is highly regulated by the Moroccan
government. In particular:
1.
Soft
    wheat cannot be freely imported during the calendar year. All our soft wheat must be imported before end of April and from beginning
    of September or October depending on the harvests of local wheat in Morocco. This is designed to protect local Moroccan producers
    of wheat by enabling them to sell their production on the local market. For an industrial producer, the quality of local wheat is
    not high enough to ensure a good quality of finished products.
2.
Part
    of the flour on the Moroccan market is subsidized by the government. This mechanism is to disappear in the next few months which
    may change the competition on the market.
3.
All
    soft wheat imported to Morocco must be certificated for import by the National Office for Food Safety in Morocco (Office National
    de Securité Sanitaire des Produits Alimentaires or "ONSSA"). Our subsidiaries have generally been successful in
    obtaining ONSSA certification of the export of wheat to Morocco. Any failure or delay in our ability to obtain ONSSA certification
    in the future cold have a material adverse effect on our business.
Legal
claims, government investigations or other regulatory enforcement actions could subject us to civil and criminal penalties.
Since
we operate in a highly regulated environment with constantly evolving legal and regulatory frameworks, we are subject to the risk of
legal claims, government investigations or other regulatory enforcement actions. Although we have implemented policies and procedures
designed to ensure compliance with existing laws and regulations, there can be no assurance that our suppliers and distributors will
not violate our policies and procedures. Moreover, a failure to maintain effective control processes could lead to violations, unintentional
or otherwise, of laws and regulations. Legal claims, government investigations or regulatory enforcement actions arising out of our failure
or alleged failure to comply with applicable laws and regulations could subject us to civil and criminal penalties that could materially
and adversely affect our product sales, reputation, financial condition and operating results. In addition, the costs and other effects
of defending potential and pending litigation and administrative actions against us may be difficult to determine and could adversely
affect our financial condition and operating results.
Litigation
or legal proceedings could expose us to significant liabilities and have a negative impact on our reputation or business.
From
time to time, we may be party to various claims and litigation proceedings. We evaluate these claims and litigation proceedings to assess
the likelihood of unfavorable outcomes and to estimate, if possible, the amount of potential losses. Based on these assessments and estimates,
we may establish reserves, as appropriate. These assessments and estimates are based on the information available to management at the
time and involve a significant amount of management judgment. Actual outcomes or losses may differ materially from our assessments and
estimates. Although we carry insurance for certain potential liabilities, such coverage may be insufficient or may not cover the potential
liabilities with which we may be faced. We are not currently party to any material litigation.
15
Risks
Related to Competition
We
face significant competition in each of our businesses and we have numerous competitors, some of which are larger and have greater financial
resources than we have. As many of the products we sell are global commodities, the markets for our products are highly price competitive
and in many cases sensitive to product substitution. In addition, to compete effectively, we must continuously focus on improving efficiency
in our production and distribution operations, as well as developing and maintaining appropriate market share and customer relationships.
Competition could cause us to lose market share or reduce pricing, which could have an adverse effect on our business and profitability.
Risks
Related to Data Security and Intellectual Property
Our
business and operations would suffer in the event of IT system failures, cybersecurity attacks, data breaches, or vulnerabilities in
our or our third-party vendors' information security program or defenses.
Our
business relies upon information technology systems operated by us and by our third-party service providers. These systems may fail or
experience operational disruption, experience cybersecurity attacks, or be damaged by computer viruses and unauthorized access. In the
ordinary course of business, we collect, store and transmit confidential information (including but not limited to intellectual property,
proprietary business information and personal information). It is critical that we do so in a secure manner to maintain the confidentiality
and integrity of such confidential information. While we are currently in the process of developing and implementing policies and procedures
to ensure the security and integrity of our information technology systems and confidential and proprietary information, we do not currently
have any written policies and procedures in place. If we fail to maintain adequate policies and procedures for the protection of our
information technology systems and confidential and proprietary information, we may be vulnerable to security breaches or disruptions
and system breakdowns or other damage or interruptions.
We do not conduct audits or formal evaluations of our third-party vendors' information technology systems and cannot be sure that
our third-party vendors have sufficient measures in place to ensure the security and integrity of their information technology systems
and our confidential and proprietary information. If our third-party vendors fail to protect their information technology systems and
our confidential and proprietary information, we may be vulnerable to disruptions in service and unauthorized access to our confidential
or proprietary information and we could incur liability and reputational damage and the further development and commercialization of
our product candidates could be delayed. We have not, to our knowledge, experienced any material IT system failures or any material cybersecurity
attacks to date. We cannot assure you that our data protection efforts and our investment in information technology will prevent significant
breakdowns, data leakages, breaches in our systems or those of our third-party vendors and other contractors and consultants, or other
cyber incidents that could have a material adverse effect upon our reputation, business, operations or financial condition. Furthermore,
cyberattacks and security incidents are expected to accelerate in both frequency and impact as the use of AI increases and attackers
become increasingly sophisticated and utilize tools and techniques that are designed to circumvent controls, avoid detection, and remove
or obfuscate forensic evidence.
If
such an event were to occur and cause interruptions in our operations, it could result in a material disruption of our development programs,
business operations, a breach of sensitive personal information or a loss or corruption of critical data assets including trade secrets
or other proprietary information. Such IT system failures, cybersecurity attacks or vulnerabilities to our or our third-party vendors'
information security programs or defenses could result in legal liability, reputational damage, business interruption, and our competitive
position could be harmed and the further development and commercialization of our products or any future products could be delayed or
disrupted. Moreover, containing and remediating any IT system failure, cybersecurity attack or vulnerability may require significant
investment of resources. Furthermore, significant security breaches or disruptions of our internal information technology systems or
those of our third-party vendors and other contractors and consultants could result in the loss, misappropriation and/or unauthorized
access, use, or disclosure of, or the prevention of access to, confidential information (including trade secrets or other intellectual
property, proprietary business information and personal information), which could result in financial, legal, business and reputational
harm to us.
16
Risks
Related to Our Capital Requirements
We
are a capital intensive business and depend on cash provided by our operations as well as access to external financing to operate and
expand our business.
We
require significant amounts of capital to operate our business and fund capital expenditures. In addition, our working capital needs
are directly affected by the prices of agricultural commodities, with increases in commodity prices generally causing increases in our
borrowing levels. Furthermore, the expansion of our business and pursuit of acquisitions or other business opportunities may require
us to have access to significant amounts of capital and working capital. If we are unable to generate sufficient cash flows or raise
sufficient external financing to fund these activities and their working capital, we may be forced to limit our operations and growth
plans, which may adversely impact our competitiveness and, therefore, our results of operations.
Risks
Related to Incorporation in Gibraltar
You
will have limited ability to bring an action against us against our directors and officers, or to enforce a judgment against us or them,
because we are incorporated in Gibraltar, because we conduct our operations primarily outside of the United States and because a majority
of our directors and officers reside outside the United States.
We
are a Gibraltar public company limited by shares and, as a result, the rights of the holders of our Ordinary Shares are governed by Gibraltar
law and our Memorandum and Articles of Association. We conduct our operations through subsidiaries which are located primarily outside
the United States. All of our assets are located outside the United States, and substantially all of our business is conducted outside
the United States. All of our officers and a majority of our directors will reside outside the United States and a substantial portion
of the assets of those persons are located outside of the United States. As a result, it could be difficult or impossible for you to
effect service of process on these individuals in the United States in the event that you believe that your rights have been infringed
under applicable securities laws or otherwise or to enforce in the United States judgments obtained in U.S. courts against us or those
persons based on civil liability provisions of the U.S. securities laws. It is doubtful whether the courts in Gibraltar will enforce
judgments obtained in other jurisdictions, including the U.S., against us or our directors or officers under the securities laws of those
jurisdictions or entertain actions in against us or our directors or officers under the securities laws of other jurisdictions. As a
result, public shareholders might have more difficulty in protecting their interests in the face of actions taken by management, members
of the board of directors or controlling shareholders than they would as public shareholders of a U.S. company.
Item
4. INFORMATION ON THE COMPANY
A.
History and Development of the Company
We
are an integrated, global business involved in the purchase, storage, transport, processing and sale of agricultural commodities and
commodity products. The principal agricultural commodities that we handle are flour and semolina, and secondary processing products such
as pasta and couscous.
Our
subsidiary Forafric Maroc is the combination of two former family owned businesses, Forafric (Maymouna) and Tria Group. Forafric (Maymouna)
was acquired by FAHL in April 2015 and the Tria Group was acquired by us in January 2016. Today, we sell processed commodity products
to customers in approximately forty-five countries in Europe, Asia, Africa and the Middle East. The principal purchasers of our products
are wholesale foods manufacturers and distributors. We have developed an extensive global logistics network including storage facilities
with direct access to ports by rail.
On
June 9, 2022, we completed a Business Combination, in accordance with the Business Combination Agreement, by and among Globis, the Company,
and Lighthouse Capital Limited, a Gibraltar private company limited by shares.
On
June 9, 2022, as contemplated in the Business Combination Agreement: (i) Globis merged with and into Globis NV Merger 2 Corp., a Nevada
corporation ("Merger Sub"), with Merger Sub surviving (the "Merger"); (ii) immediately following the effectiveness
of the Merger, all of the common stock of Merger Sub issued pursuant to the Merger were contributed to the Company; and (iii) thereafter
the Company acquired 100% of the equity interests in FAHL from the Seller and FAHL became a direct subsidiary of the Company.
17
As
a result of the Business Combination, (i) Globis stockholders received one ordinary share, nominal value $0.001 per share, of the Company
(each, an "Ordinary Share") for each issued and outstanding share of Common Stock, par value $0.0001 per share, of Globis
(the "Common Stock") held prior to the Merger; (ii) the issued and outstanding redeemable warrants that were registered pursuant
to the Registration Statement on Form S-1 (SEC File No. 333-250939) of Globis automatically became redeemable warrants to acquire Ordinary
Shares at an exercise price of $11.50 per share on the terms and subject to the conditions set forth in the applicable warrant agreement
(which Warrant Agreement was assigned and novated by Globis to the Company with no other changes having been made to the terms of any
issued and outstanding Public Warrants as a result of the Merger); (iii) each issued and outstanding warrant of Globis issued in a private
placement automatically became warrants to acquire Ordinary Shares at an exercise price of $11.50 per share on the terms and subject
to the conditions set forth in the applicable warrant agreement (with no other changes having been made to the terms of any issued and
outstanding private placement warrants as a result of the Merger); and (iv) each issued and outstanding unit of Globis that had not been
previously separated into the underlying Common Stock and underlying warrant upon the request of the holder thereof, was cancelled and
entitled the holder thereof to one Ordinary Share and one redeemable warrant to acquire one Ordinary Share at an exercise price of $11.50
per share on the terms and subject to the conditions set forth in the applicable warrant agreement.
The
Business Combination was consummated on June 9, 2022. The transaction was approved by the Globis Board and was approved at the Special
Meeting of Globis' shareholders held on June 9, 2022. Globis' shareholders also voted to approve all other proposals presented
at the Special Meeting. As a result of the Business Combination, on June 10, 2022, our Ordinary Shares and Warrants commenced trading
on the Nasdaq Stock Market LLC under the symbols of "AFRI" and "AFRIW," respectively.
The
following diagram illustrates our corporate structure as of the date of this annual report:
On
July 26, 2023, we acquired 90% of Société Industrielle de Minoterie du Sud ("SIMS"),a soft wheat milling company
with primary operations in Marrakesh, for cash consideration and noncontrolling interest in the amount of approximately $56 thousand
and the assumption of SIMS' outstanding debts in the amount of approximately $5.3 million.
18
Emerging
Growth Company Status
We
are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act (the "JOBS Act"), and
we are eligible to take advantage of certain exemptions from various reporting and financial disclosure requirements that are applicable
to other public companies, that are not emerging growth companies, including, but not limited to, (1) not being required to comply with
the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, (2) reduced disclosure obligations regarding executive
compensation in our periodic reports and proxy statements, and (3) exemptions from the requirements of holding a non-binding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. We intend to take advantage
of these exemptions.
In
addition, Section 107 of the JOBS Act also 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, for complying with new or revised accounting standards. As a result, an emerging
growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.
We
could remain an emerging growth company for up to five years, or until the earliest of (1) the last day of the first fiscal year in which
our annual gross revenues exceed $1.235 billion, (2) the date that we become a "large accelerated filer" as defined in Rule
12b-2 under the Exchange Act, which would occur if the market value of our Ordinary Shares that is held by non-affiliates exceeds $700
million as of the last business day of our most recently completed second fiscal quarter and we have been publicly reporting for at least
12 months, or (3) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three-year period.
Foreign
Private Issuer Status
We
are a foreign private issuer within the meaning of the rules under the Exchange. As such, we are exempt from certain provisions applicable
to United States domestic public companies. For example:
●
we
    are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;
●
for
    interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that
    apply to domestic public companies;
●
we
    are not required to provide the same level of disclosure on certain issues, such as executive compensation;
●
we
    are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;
●
we
    are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations
    in respect of a security registered under the Exchange Act; and
●
we
    are not required to comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership
    and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction.
B.
Business Overview
Unless
otherwise indicated or the context otherwise requires, references in this section to the "Company," "we," "us,"
"our," the "group" and other similar terms refer to FAHL and its subsidiaries prior to the Business Combination
and to Forafric Global PLC and its consolidated subsidiaries after giving effect to the Business Combination as the context may require.
Overview
We
operate through Forafric Agro Holdings Limited ("FAHL"), our fully owned subsidiary, which is a private company limited by
shares incorporated in Gibraltar under the laws of Gibraltar. FAHL is registered with the Registrar of Companies in Gibraltar under registration
number 114436. FAHL is a holding company, and substantially all of our operations are conducted through our subsidiaries. Our corporate
headquarters is located at Madison Building, Midtown, Queensway, Gibraltar GX11 1AA. Our registered office is located at 57/63 Line Wall
Road, Gibraltar GX11 1AA.
19
We
are an integrated, global business involved in the purchase, storage, transport, processing and sale of agricultural commodities and
commodity products. The principal agricultural commodities that we handle are flour and semolina, and secondary processing products such
as pasta and couscous.
Our
subsidiary Forafric Maroc is the combination of two former family owned businesses, Forafric (Maymouna) and Tria Group. Forafric (Maymouna)
was acquired by FAHL in April 2015 and the Tria Group was acquired by FAHL in January 2016.
Tria
Group was established in 1923 in Morocco under the name Minoterie Biscuiterie d'Anfa. The brand Tria was created in 1949. Tria
Group was purchased by Mr. Mohammed Jamaleddine (father of Mustapha Jamaleddine, CEO of the group) in 1974. At this time the group had
only one mill with a total capacity of 70 tons per day. In 1981, a first investment was made to increase the capacity to 150T/day. The
production of pasta and couscous was launched in 1989. In 1995, a second investment to increase the capacity was made. In 2004, Tria
formed the Ceraelis trading company, and in 2008, Finalog, a logistics company, with storage facilities in Casablanca. Tria Group was
managed by the Jamaleddine family until 2016 and its acquisition by Forafric.
Forafric
(Maymouna) was created in 1943. It initially specialized in the import-export of cereals and various other food and plant products (e.g.,
legumes, sugar, tea, aromatic plants, etc.) which in 1997 evolved into industrial flour milling by buying and then building its own mills.
In 2003, Forafric decided to market its own brand, MayMouna.
In
2021, we acquired a majority ownership interest in MDS Mali and MDS Burkina Faso, both of which are based in Western Africa and are dedicated
to soft wheat crushing. In addition, we acquired a majority ownership interest in Sanabil SA, a wheat milling business in the region
of Meknes, Morocco.
Our
subsidiary based in Angola is a greenfield project to develop soft wheat activity.
Industry
Overview
We
operate primarily in the large and growing African food market, providing base products such as flour, semolina pasta and couscous, which
are staple products for most consumers in this and other developing markets. We foresee continued market growth with the projected demographical
increase and urbanization in the region. The African population was approximately 1.3 billion in 2020 and, according to the Organisation
for Economic Co-operation and Development (OECD), will reach approximately 2.5 billion by 2050. Urbanization in Africa is projected to
reach 1.5 billion by 2050, adding 950 million people since 2015. 36% of the world's undernourished population is in Africa. This
projected increase in urbanization is expected to lead to increased demand for more processed products.
Wheat
is unique as a source of the gluten proteins that alone have the dough-forming properties needed to make the variety of foods that rely
on the rheology of dough, namely, leavened breads, pasta, noodles, flat/pocket breads, steamed breads, biscuits, cakes, pastries and
various food ingredients. Therefore wheat, an essential part of the diet of most of the world's population, is prominent in world
trade. Its quality traits are the most critical of all the grains.
Research
has shown that fiber may play a large role in maintaining bowel health, lowering cholesterol, stabilizing blood glucose levels and controlling
weight gain. In recent years, the awareness of the health benefits of high fiber diets has increased. Whole grain wheat flour is known
for its high fiber, and enriched wheat flour is also a source of thiamin, riboflavin, niacin, and vitamin E. Wheat is also considered
to be a good source of several minerals such as iron, calcium, selenium, manganese, copper, phosphorous, and folate. It offers a number
of health benefits, which has led to increased demand for wheat flour among end users. Skin protection, nourishment, and energy are some
of the basic health benefits offered by the consumption of wheat flour.
20
The
high fiber content in whole grain wheat is known to promote gut health. Consumption of whole grain wheat flour has also showed positive
effects on blood sugar levels. These are some of the reasons that are contributing to change in dietary preferences of individuals. We
do not believe that concerns regarding gluten intolerance and celiac disease, which impact only small percentages of the population,
will have any appreciable impact on projected sales growth.
Most
of our assets are based in Morocco. The total wheat production for Morocco for the 2022-2023 season was 5.25 million of metric tons (MT)
of wheat and 0.8 million of MT of durum. The total consumption of wheat-based product per person in Morocco is the second highest
in the world, with 200kg per person per year. This is 3 times the average consumption per person per year of the rest of the world, as
bread remains a staple of both the Moroccan diet and of Moroccan culture. The population of Morocco is projected to grow from approximately
38 million in 2024 to 46 million by 2050.
Our
Strengths
Leader
in the Moroccan market
We
are a leader in the Moroccan market in respect of the wheat milling business, with a milling capacity of 3,000 tons per day (Vs 2.200
in 2022). This position enables us to have better access to raw materials, to improve its productivity and to benefit from the power
of our two main brands, Maymouna and Tria
(See Our Brands and Products).
Raw
materials are the key to profitability in our industry. Raw material accounts for up to 90% of total cost. With a total volume of 725,000
tons per year, the group has great bargaining power, ahead of many international providers of wheat, and has, accordingly, had access
to excellent conditions of purchasing.
As
with every industrial business, productivity is key to performance. With eight milling plants in Morocco, we improved our productivity
over the past 3 years and reduced our industrial cost. We consider ourselves to be among the top performing industrial units in our industry.
MayMouna
and Tria are our two main brands in the Moroccan market. MayMouna is our most popular brand for Moroccan households and Tria is our most
popular brand for industrial clients in Morocco.
Stable
Product Demand
Our
products are basic food staples in Morocco and Africa. Accordingly, demand for our products has been stable in Morocco and fast-growing
in Sub-Saharan Africa and Angola, even in periods of economic uncertainty.
Near-term
and long-term Opportunities
Near-term
opportunities
The
Moroccan flour sector is changing. Though in the 1960s Morocco was largely self-sufficient, producing more than 80% of the wheat for
domestic consumption, only 60% of the total domestic demand for wheat was met by the end the 20th century. Despite the introduction of
improved wheat varieties and significant increases in yields, yield levels remain below both the global average of over 3 metric tons
per Hectare (t/ha) and the African average of 2.3 t/ha. Consequently, Morocco continued to import large volumes, making wheat the most
important (in both volume and value terms) of all agricultural imports. Governmental efforts to support yield growth are expected to
continue, including the use of new technologies for better seed-delivery and to increase crop yield. The transformation of the sector
will create immediate opportunities to grow and gain market share. As the leader on this market, we expect to benefit from this transformation.
With abundant rains, wheat production in Morocco is expected to triple to 7.54 million tons, according to a recent Global Agricultural
Information Network report from the US Department of Agriculture and the Company is expected to benefit from this increase.
21
Long-term
opportunities
We
believe that the market in which we operate is sustainable and growing. We expect future growth in our market will be led by:
●
Continued
    demographical growth in the African continent from approximately 1.3 billion in 2020 to approximately 2.5 billion by 2050;
●
Increasing
    urbanization in Africa, projected to reach 1.5 billion by 2050, adding 950 million people since 2015; and
●
The
    continued growth in the consumption of our products in the region, which the Company expects to not only remain staple products,
    but to gain further traction with increasing urbanization.
Our
Business Strategy
We
consider sustainable growth to be the pillar of its business management strategy, through which it consolidates its position as a benchmark
business group in its areas of activity and as a sound, innovative, sustainable, responsible enterprise, committed to: (i) social well-being,
diversity, environmental balance and social and economic progress; and (ii) tax responsibility, respect of human rights and prevention
of corruption and other illegal conduct.
This
entails developing a business model focusing on the generation of value, taking into consideration the interests of its human team, shareholders
and investors, customers, suppliers, the media, the communities in which we operate and the environment.
In
this regard, we look beyond the exclusive goal of achieving financial yield and includes environmental, social and ethical criteria alongside
economic variables in its decision-making processes.
We
thus undertake, as an essential principle in its actions, the creation of a business model that is respectful of and sustainable for
the environment and society overall and, while ensuring value, profitability and competitiveness, it promotes diversity, respect for
human rights, tax responsibility and the prevention of corruption, thus contributing towards the progress of society and generating trust
among our stakeholders.
Our
Fundamental Values
Nutrition:
We ensure the supply of products essential for human nutrition by contributing to the health and well-being of consumers. Our brands
are symbols of quality and good nutrition.
Proximity:
We maintain lasting relationships with consumers, our customers and suppliers, by constantly listening to them. We build relationships
of trust based on mutual respect. We support the social and economic well-being of our growers, suppliers and local communities.
Integrity:
We are responsible for our actions and performance. We expect similar behavior from our partners.
Excellence:
We aim for the best quality for our products, and process for the contribution of our teams. We are aware of our responsibility to provide
high quality product and product our customers from damaging additives and chemical residues.
Sustainability:
We always act with respect for our environment, and incorporate sustainability in all areas of our business, from operation of our facilities,
to engagement with customers, suppliers and communities. Long term sustainability and environmental responsibility are fundamental to
the future of our business. We are dedicated to reducing our carbon footprint by reduction of power consumption.
22
Our
Business Model
We
have established itself as a leading wheat milling player in Morocco. With the recent acquisition of SIMS, we now own eight milling plants
across Morocco (six of which are dedicated to common wheat and two are dedicated to durum wheat) with total processing capacity of 3,000
tons per day and a total milling capacity of 900,000 tons per year. We also have 1 secondary processing unit, 2 logistics platforms,
and 300,000 tons of grain storage facilities in Morocco. We are also the owner of PRODELA, an animal feed processing company in Morocco,
which was established in 1991 to commercialize the bran created by the mills.
Our
products are exported to 45 countries. Our primary activities include the production and sale of a variety of wheat flours, Semolina
and Pasta and Couscous in Morocco and outside Morocco. Our two main brands in Morocco are MAYMOUNA and TRIA (see Our Brands and Products).
Our
Brands and Products
Forafric
owns two leading brands: Tria and MayMouna.
Tria
Tria
brand was born more than 60 years ago from a family that had a passion for the transmission of Moroccan culinary traditions, associated
with a high level of quality.
23
As
a result, Tria brand quickly established itself as a key player in the flour milling sector and in the transformation of wheat grains
into pasta and couscous. The Company believes its success in Morocco was the result of strong commitments from the brand to offer products
of constant quality and taste.
For
several generations, Tria has strived to keep intact the fundamentals that have made its reputation, from the selection of a high quality
raw materials, and seeks to reinventing its products in order to support changing consumer needs.
Tria
continues to be a highly respected brand for packaged flour, precooked couscous and packaged pasta on the Moroccan market. Today, Tria
combines modernity and tradition, which makes it one of the favorite brands of Moroccans. Tria has approximately 15% of the overall market
in Morocco of couscous and approximately 28% in the market of packaged couscous. Tria also has approximately 9% of the overall market
of pasta in Morocco.
Tria
branded products include:
●
TRIA
    DAKIK MINE NAWH MOUMTAZ for Flour, Pasta and Couscous
●
TRIA
    COUSCOUS DE QUALITE SUPERIEURE for Couscous
●
TRIA
    PATES DE QUALITE SUPERIEURE for Pasta
●
TRIA
    FARINE DE QUALITE SUPERIEURE for Flour
MayMouna
Maymouna,
whose Arabic name derives from "Youmn" which intimates values of kindness and blessing, has been a success story since its
initial launch.
We
believe that MayMouna is recognized as an innovative brand which strives to make life easier for the average consumer. The MayMouna brand
has redefined the rules on the Moroccan market, by adopting a marketing strategy reflected in its unique packaging and establishing a
color code allowing the clear identification of each of its products. The brand also integrates into its packaging culinary presentations
allowing each household to easily recognize the right product capable of meeting its needs.
24
MayMouna
is appreciated for its quality but also for the richness of its range. The brand has, on a regular basis, introduced new products to
attract the average household, its primary consumer (e.g., under the registered trademark Finette) and meet the needs of professionals
(e.g., Farine Boulangère). This has enabled MayMouna to maintain its popularity and reputation.
In
2014, MayMouna was nominated at the Morocco's National Agricultural Fair (SIAM) for an award in the Innovation Brand category,
and it was awarded the prize of best price and quality at the SIAM 2014 and 2016 editions.
MayMouna
offers a diversified range of products segmented into two categories: soft wheat products and durum wheat products. In order to meet
market demands, the products intended for the traditional consumer market (i.e., wholesalers, groceries), are sold in polypropylene packaging
for the modern retail and in kraft paper for mass distribution. The industry, on the other hand, is delivered in bulk by tanker.
Soft
wheat products: Soft wheat is the most widely used and cultivated variety of wheat in the world. It is used to produce flour, particularly
for making bread and pastries. All our soft wheat flours are enriched with iron and vitamins. Our soft wheat products include:
●
Pastry
    flour - Soft wheat flour comes from the heart of the grain (the wheat kernel), the extraction of which is milled to produce a flour
    powder. Thanks to its milling know-how, MayMouna has developed a pastry flour with a very fine texture and without lumps, with a
    mineralization rate not exceeding 0.38%. Our pastry flour meets the daily needs of the average household, and is suitable for fine
    culinary preparations of pastries, béchamel, sauces, and harira, a traditional Moroccan soup. MayMouna pastry flour is available
    in 1kg, 2kg, 5kg and 10kg kraft packaging.
●
Extra
    white - Used mainly by pastry and bakery professionals, MayMouna Extra white flour is very fluid. Guaranteed lump-free, it offers
    an excellent hold for all kinds of food preparation. It is distinguished by its purity and by its whiteness with a mineralization
    rate not exceeding 0.42%. MayMouna Extra white is available in 5kg, 10kg and 25kg polypropylene packaging.
●
The
    Baker - This flour suitable for breadmaking is intended exclusively for the baking industry. MayMouna La Boulangère is available
    in 25kg and 50kg polypropylene packaging.
●
We
    also sell products in Morocco under the AMBRE and BRIO brands, which include LA AMBRA, AL DENTE Flour, AMBRA Flour, AMBRE Flour,
    ASSALA, BRIO and BRIO, MLAOUI, BAGHRIR for pasta and couscous. BRIO is also used for export to Europe.
Durum
wheat products: As in most Mediterranean countries and the Maghreb, durum wheat is part of the traditional meal in Morocco. Naturally
rich in fiber, it benefits from recognized digestive virtues. Durum wheat can be transformed into semolina for the production of pasta
and couscous, but also into flour for making bread. In Morocco, the main use of durum wheat is in breadmaking and couscous. Our durum
wheat products include:
●
Whole
    meal Flour - Naturally rich in fiber, MayMouna Whole meal flour has the particularity of giving a whole hard wheat bread with recognized
    digestive and dietary virtues. MayMouna Whole meal Flour is available in 2kg, 5kg and 10kg kraft, 5kg, 10kg and 25kg polypropylene
    packaging.
●
Finot
    - A flagship product of the entire range, this very fine semolina is ideal for delicate preparations, for golden and well-leavened
    homemade bread. MayMouna Finot also makes it possible to achieve flaky and crispy
msemens
, a traditional Moroccan type of
    pancake. MayMouna Finot is available in kraft 5kg and in 10kg, polypropylene 5kg, 10kg and 20kg packaging.
●
Fine
    semolina - This semolina is used mainly by industrial manufacturers of couscous and pasta. It is also used by households and bakers
    for light and golden
baghrirs
, which is a traditional Moroccan type of pancake or crepe, various semolina cakes, and
harcha,
a Moroccan pan-fried bread.
●
MayMouna
    Fine Semolina is available in 1kg and 5kg kraft packaging, and in 5kg, 10kg and 25kg polypropylene packaging.
25
●
Course
    semolina - MayMouna Semoule Grosse is mainly intended for the preparation of artisan couscous. With a regular grain size, this semolina
    is ideal to be worked by hand, in the traditional manner. MayMouna Semoule Grosse is available in 5kg kraft, and in 5kg, 10kg and
    25kg polypropylene packaging.
●
Finette
    - It is an exclusive product of MayMouna, specially created to offer the consumer a flour suitable for the preparation of homemade
    bread. Recognized for its baking qualities, Finette is very fluid. Finette by MayMouna is available in 5kg, 10kg and 25kg polypropylene
    packaging.
Though
Tria and Maymouna are our most popular and well-known brands, our products are sold under a number of other brand names, including:
LES
GRANDES SEMOULERIES DU MAROC : Semolina
LAMSAMDA:
Flour
TARGA:
Flour
EXTRA
BLANCHE: Flour
HOUYAM:
Flour
AL
FADANE: Flour
EL
GHALA: Flour
FARINOR:
Flour
SANABIL:
Semolina
LMLIH,
EL FEN: Semolina
DIAMANDA
: Flour
SABA:
Pasta and Couscous
JAWDA:
Flour
BADIA:
Flour
LA
BELLA, ZERDA: Pasta and Couscous
SANABIL:
Semolina
CH'RIFA:
Flour
AL
BACHA: Flour
AYLA:
Flour
F'DILA:
Flour
CH'MICHA:
Flour
SOUIRA:
Flour
FERANE
: Flour
AL
BAROUK : Flour
26
Sourcing
and Processing
We
are dedicated to providing our customers with high quality, nutritious and healthy products and our production process is designed to
achieve these goals:
Supply:
In addition to the choice of excellent raw materials, at harvest time, samples are tested for the quality and quantity of protein
and for the presence of heavy metals, pesticide residues, and other harmful chemicals.
Reception:
On delivery of the wheat, a representative sample undergoes a battery of analyzes ensuring compliance with the Company's quality
standards. From the pit, the wheat then undergoes a pre-cleaning to eliminate any large waste.
Cleaning
:
At this stage, the wheat undergoes a second cleaning which consists of eliminating the impurities (foreign seeds, straw, dust, etc.).
The stone remover makes it possible to remove the stones by density difference.
The
wheat is then wet in order to facilitate its grinding and damaged grains or those whose color does not conform are removed using a machine
equipped with a camera.
Grinding
:
The wheat then goes to milling. This operation dissociates the bran and the floury part thanks to a succession of grinding and sieving.
The various finished products are evaluated according to their grain size, protein level, humidity, color, etc. These analyzes are supplemented
by use tests in the bakery, in particular to test the breadmaking. A series of sanitary analyzes is added to ensure the wholesomeness
of each product in compliance with the required standards.
Conditioning
:
The various flours and semolina obtained are packaged in food packaging suitable for their good conservation. Each batch is strictly
controlled to ensure compliance with specifications and standards in force.
Trading
and Storage
The
Company has a unique storage infrastructure in Morocco. The group has 2 units dedicated to storage and more than 250,000 tons of grain
storage capacity in Morocco. This organization allows it to optimize and best meet the needs of all of its mills and to effectively manage
the costs of its supply chain.
Two
of our trading companies, Forafric and Cerelis, aim to import and sell wheat. Cerelis is based in Morocco and dedicated to meet the needs
of the group in raw materials.
Our
Finalog subsidiary, with a capacity of 79,000 metric tons, which is based in Casablanca, manages transport, handling and storage activities.
The Finalog's multimodal platform (Road / Rail) is devoted 100% to cereals and is linked to the port of Casablanca by rail. Finalog
has a daily reception capacity of 7,000 tons and 3,000 tons per day for delivery. Though most of its revenues are generated by the Company,
Finalog also rents part of its facilities to other companies.
27
Significant
Events and Transactions
Due
to our strong crushing volume in 2023, we have emerged as the leading wheat milling player in Morocco through the acquisition and consolidation
of well-known businesses Forafric (MayMouna) and the Tria Group. Forafric (MayMouna) was created in 1943 with focus on imports, repositioning
its core activity on milling in the 2000s and recently developing its branding strategy to becoming a leading wheat flour brand in Morocco.
Forafric (MayMouna) was acquired by us in April 2015. The Tria group was created in 1949 under the name Minoterie Biscuiterie d'Anfa,
with focus on milling activity, and was acquired by us in January 2016.
Company
2023 Crushing
Market Share
IZDA*
703,926
13.49
%
Forafric
600,633
11.51
%
Gromic
505,655
9.69
%
Zine Cereales
394,822
7.57
%
Fandy
371,933
7.13
%
Casa Grains
283,009
5.42
%
Others
2,358,431
45.19
%
Total
5,218,409
100.00
%
Source
ONICL Morocco
*IZDA:
not a company but a group with common purchasing interest
Effective
on November 5, 2020, pursuant to an investment and shareholders agreement ("Trigola Agreement") dated November 5, 2020, we
entered into an agreement with Trigola, SU, LDA ("Trigola"), an entity incorporated in the Republic of Angola and owned by
the Parent for a majority share in Trigola's equity of 75%. Pursuant to the terms of the agreement, we would provide financial
investments in Trigola for the construction, commissioning and operation of a new industrial facility for the processing of wheat and
the production of wheat flour, management services and other services on an exclusive basis in relation to Trigola's business.
We agreed to fund Trigola for operational cash flow needs and bear the risk of Trigola's losses from operations and Trigola agreed
that we would be entitled to 75% of Trigola's net profits, if any.
Effective
on April 30, 2021, we completed a share purchase acquisition of Moulins du Sahel Mali S.A. ("MDS Mali"). By way of the acquisition,
we acquired a 70.35% stake in a wheat milling business in Mali. The investment in MDS Mali enables us to obtain a strategic footprint
in west Africa. Details of the acquisition are included in the footnotes to the financial statements.
Effective
on July 30, 2021, we completed a share purchase acquisition of Moulin du Sahel Burkina ("MDS Burkina"). By way of the acquisition,
the Company acquired a 78.21% stake in a wheat milling business in Burkina. Details of the acquisition are included in the footnotes
to the financial statements.
On
July 30, 2021, we acquired 37.10% of the capital stock of GMT Niger headquartered in Niger, which is a non-operational wheat milling
facility. We have accounted for this investment as an equity method investment.
In
October 2021, we acquired a majority stake in Moulin Sanabil based in Meknes Morocco. The strategy of the group in Morocco is to expand
its capacity to reach 20% of market share and to expand geographically to reach all important customers in Morocco. Meknes is based in
the center region of Morocco where we did not have mills. This opportunity enables the group to enter into this region with a huge capacity
to expand. This region is also the main producer of wheat in Morocco so thanks to this new acquisition, the whole group will benefit
from good conditions on the acquisition of local wheat produced in this region. In October 2023, we increased our stake in Sanibil to
80% of the shares after a capital increase.
In
July 2023, we acquired a majority stake in Société Industrielle des Moulins du Sud based in Marrakech. This acquisition
enabled the group to expand its market share in Morocco to reach the target of 20%. With this acquisition, the group is leader in the
Marrakech Region.
In
2023, the price of raw materials decreased significantly but has remained higher than the normative level of the years 2018-2021.
28
Key
Factors Affecting Operating Results
Government
Regulation
We
are subject to a variety of laws in each of the countries in which we operate which govern various aspects of our business, including
the processing, handling, storage, transport and sale of our products; risk management activities; land-use and ownership of land, including
laws regulating the acquisition or leasing of rural properties by certain entities and individuals; and environmental, health and safety
matters. To operate our facilities, we must obtain and maintain numerous permits, licenses and approvals from governmental agencies and
our facilities are subject to periodic inspection by governmental agencies. In addition, we are subject to other laws and government
policies affecting the food and agriculture industries, including food and feed safety, nutritional and labeling requirements and food
security policies. In particular, the National Office for Food Safety in Morocco ONSSA requires various certifications for the export
of products to Morocco. ONSSA certifications have been obtained for the following subsidiaries of the Company: Forafric SA; Finalog;
Maymouna GrainLes Grands Moulins de Tensift; Les Grandes Semouleries de Casablanca; Les Grandes Semouleries de Safi; Tria Group; and
Arzak.
From
time to time, agricultural production shortfalls in certain regions and growing demand for agricultural commodities for feed, food and
fuel use have caused prices for relevant agricultural commodities to rise. High commodity prices and regional crop shortfalls have led,
and in the future may lead, governments to impose price controls, tariffs, export restrictions and other measures designed to assure
adequate domestic supplies and/or mitigate price increases in their domestic markets, as well as increase the scrutiny of competitive
conditions in their markets.
Environmental
Matters
We
are subject to various environmental protection and occupational health and safety laws and regulations in the countries in which we
operate. Our operations may emit or release certain substances, which may be regulated or limited by applicable laws and regulations.
In addition, we handle and dispose of materials and wastes classified as hazardous or toxic by one or more regulatory agencies. Our operations
are also subject to laws relating to environmental licensing of facilities, restrictions on land use in certain protected areas and water
use. We incur costs to comply with health, safety and environmental regulations applicable to our activities and have made and expect
to make substantial capital expenditures on an ongoing basis to continue to ensure our compliance with environmental laws and regulations.
However, due to our extensive operations across multiple industries and jurisdictions globally, we are exposed to the risk of claims
and liabilities under environmental regulations. Violation of these laws and regulations can result in substantial fines, administrative
sanctions, criminal penalties, revocations of operating permits and/or shutdowns of our facilities.
Additionally,
our business could be affected in the future by regulation or taxation of greenhouse gas emissions, or policies related to national emission
reduction plans. It is difficult to assess the potential impact of any resulting regulation of greenhouse gas emissions. Potential consequences
could include increased energy, transportation and raw material costs, and we may be required to make additional investments to modify
our facilities, equipment and processes. Climate change could also lead to stronger production variability than today which could result
in price volatility. Climate change could cause temperature increases and rainfall changes that could lead to lower yields in Morocco
and other semi-arid Mediterranean countries in the future. In response to such concerns, the effects of additional climate change regulatory
initiatives could have adverse impacts on our business and results of operations. Compliance with environmental laws and regulations
did not materially affect our earnings or competitive position in 2023.
Competition
The
markets for our products are highly price competitive. Competition is based on a number of factors, including delivered price, product
offering and quality, location, raw material procurement, production efficiency, brand recognition, nutritional profile, dietary trends,
logistics and distribution capabilities, and customer service, including, in some cases, customer financing terms. The Company faces
competition in each of its businesses and has numerous competitors. Competition is based on a variety of factors, including price, raw
material procurement, brand recognition, nutritional profile, dietary trends and distribution capabilities. Our major competitors in
Morocco include: Moulins du Maghreb, Zine Cereales, Rica Maroc, Casagrains and Dari Couspate. These competitors would be at an advantage
if they are able to obtain superior financing capabilities. In addition, other regional or international Agribusinesses may expand into
our marketplaces increasing competition.
29
To
compete effectively, we must continuously focus on improving efficiency in our production and distribution operations, as well as developing
and maintaining appropriate market share and customer relationships, and brand reputations for quality.
Legal
Proceedings
From
time to time, the Company and its subsidiaries may become subject to various legal proceedings. There are currently three separate actions
pending against the Company for unfair dismissal by former employees; however, none of such proceedings, individually, or in the aggregate,
would have a material adverse effect on the Company or its operations if decided adversely against the Company.
Insurance
In
each country where the Company conducts business, our operations and assets are subject to varying degrees of risk and uncertainty. We
insure our businesses and assets in each country in a manner that it deems appropriate for a company of our size and activities, based
on an analysis of the relative risks and costs. If we were to incur a significant loss or liability for which we were not fully insured,
it could have a materially adverse effect on our business, financial condition and results of operations. The Company believes that it
maintains adequate policies of insurance to insure its operations against such risks as can be reasonably anticipated in the markets
in which it operates.
Seasonality
There
is a degree of seasonality in the growing season and procurement of our principal raw materials. Further, in the Moroccan market where
the bulk of our business originates and where we operate four flour mills, soft wheat cannot be freely imported during the calendar year.
All our soft wheat must be imported before end of April and from beginning of September or October depending on the harvests of local
wheat in Morocco. This is designed to protect local Moroccan producers of wheat by enabling them to sell their production on the local
market. Accordingly, the third fiscal quarters of the year have generally been our weakest in terms of financial results.
Intellectual
Property
Our
material intellectual property consists of approximately 25 trademarks and logos relating to our two main brands, Maymouna and Tria,
and our other brands and products. These intellectual property rights are registered in Morocco. Under Moroccan law, such registrations
are valid for 10 years from the date of filing the application, and are renewable for additional periods of 10 years. There is also a
grace period for late renewals and a registration is not canceled unless it is not renewed within six months of the end of the registration
period.
C.
Organizational Structure
See
"Item 4. Information on the Company – A. History and Development of the Company."
D.
Property, plant and equipment
As
of December 31, 2023, the Company owns and leases 12 refining, packing and milling facilities throughout the world with an aggregate
production capacity of 3,750 metric tons per day, including eight milling plants in Morocco with an aggregate capacity of 3,000 metric
tons per day. We also have two storage facilities in Morocco with an aggregate storage capacity of 250,000 metric tons.
Our
corporate headquarters in Gibraltar, occupies approximately 1,200 square feet of space under a lease that expires in June 2025. We also
own or lease other office space for our operations worldwide.
We
believe our current facilities are sufficient to meet our needs.
30
Item
4A. UNRESOLVED STAFF COMMENTS
Not
applicable.
Item
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The
following discussion of our financial condition and results of operations is based upon and should be read in conjunction with our consolidated
financial statements and their related notes included in this annual report.
This
annual report includes consolidated financial statements for the years ended December 31, 2023, 2022, and 2021. However, as permitted
by Instruction 6 to Item 5 of Form 20-F, a discussion of the changes in our results of operations for the year ended December 31, 2021
has been omitted from this annual report, but may be found in "Management's Discussion And Analysis of Financial Condition
and Results of Operations of FAHL" in our registration statement on Form S-4 filed with the SEC on May 6, 2022.
This
annual report contains forward-looking statements that are based on our management's beliefs and assumptions and on information
currently available to us. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual
results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.
You
can identify these forward-looking statements by words or phrases such as "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe,"
"potential," "continue," "is/are likely to" or other similar expressions. We have based these forward-looking
statements largely on our current expectations and projections about future events and financial trends that we believe may affect our
financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, among other
things, statements relating to:
●
our
    goals and strategies;
●
our
    future business development, financial conditions and results of operations;
●
our
    expectations regarding demand for and market acceptance of our products once available;
●
our
    expectations regarding our development and commercialization of our therapeutics;
●
competition
    in our industry; and
●
relevant
    government policies and regulations relating to our industry.
You
should thoroughly read this annual report and the documents that we refer to in this annual report with the understanding that our actual
results in the future may be materially different from or worse than what we expect. We qualify all of our forward-looking statements
by these cautionary statements. Other sections of this annual report include additional factors which could adversely affect our business
and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time
and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors
on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those
contained in any forward-looking statements. Important risks and factors that could cause our actual results to be materially different
from our expectations are generally set forth in "Item 3. Key Information—D. Risk Factors" and elsewhere in this annual
report. We caution you that our businesses and financial performance are subject to substantial risks and uncertainties.
The
forward-looking statements made in this annual report relate only to events or information as of the date on which these statements are
made in this annual report. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date of this annual report. You should not rely upon forward-looking statements as
predictions of future events.
Unless
otherwise indicated or the context otherwise requires, references in this section to the "Company," "we," "us,"
"our" and other similar terms refer to FAHL and its subsidiaries prior to the Business Combination and Forafric Global PLC
and its consolidated subsidiaries after giving effect to the Business Combination. The following discussion and analysis summarize the
significant factors affecting the consolidated operating results, financial condition, liquidity and cash flows of the Company as of
and for the periods presented below.
31
Overview
Key
Factors Affecting Our Performance
The
key factors affecting the performance of our business are described below:
Cost
of Raw material
. The cost of wheat is almost 90% of total cost in our business. Fluctuation on the price of the wheat has a direct
impact on our performance. The cost of wheat depends on weather, supply and demand and strategies of main international producers. The
cost of raw material depends also on freight cost and currency exchange rate fluctuations.
Industrial
cost
. The crushing cost is the second main factor affecting our performance. This cost includes equipment, labor and interest over
financing. To perform on our business, we have to maintain this cost below 30 USD per ton produced. To achieve this performance, we have
to monitor energy, equipment usage, logistics, human resources and financial cost.
Average
selling price
. The average selling price is based on the two components:
●
Price
    of flour/Semolina
●
Price
    of Bran
Bran
is between 20% to 25% of the production of finished products. We have no impact on the price of the bran.
On
the price of finished product, we can have a limited impact due to high concurrency on the market.
The
War in Ukraine
On
February 24, 2022, Russia launched an invasion in Ukraine. The invasion may severely disrupt or depress wheat harvests in Ukraine and
Ukraine's ability to export wheat. In addition, as a consequence of the Russian invasion of Ukraine, the United States, the European
Union and other countries have imposed sanctions against and penalties for doing business in Russia and with certain Russian-owned businesses.
These sanctions may limit Russia's ability to export wheat. Because Ukraine accounts for approximately 10% of the world's
wheat exports and Russa accounts for approximately 16% of the world's wheat exports, the continuation of the war between Ukraine
and Russia could lead to a material reduction in the availability of wheat on the international market which could in turn affect our
ability to obtain raw materials or result in substantial increases in prices of raw materials, which could have a material adverse effect
upon our business.
The
Company has not purchased, and has no contracts to purchase raw materials from either Ukraine or Russia in 2023. The Company has also
in recent years diversified its sources of supply, and purchases most of its raw materials from European countries, as well as Argentina
and Brazil. The Company believes that as a result, it will have adequate sources of supply of raw materials for the 2024 calendar year.
Because
the Company does not currently have any business operations in Russia and is not purchasing raw materials from suppliers in Russia in
2023, the sanctions regime imposed upon Russia does not currently directly impact the Company's business.
Key
Components of Results of Operations
Net
sales, cost of sales and gross profit figures are calculated with the following method:
Net
sales: Total consolidated sales;
32
Cost
of sales: includes cost of raw materials, cost of freight, depreciation expense, cost of foreign exchange and cost of improvements used
in the production; and
Gross
profit: the difference between net sales and cost of goods sold.
The
key components of our results of operation are:
Price
of raw materials, which is affected by many factors, including global and regional supply, which in turn is impacted by factors such
as weather conditions, local planting decisions, crop failure, reduced harvests, governmental policies (including both tariffs and subsidies),
and other agricultural conditions, as well as local, regional, and international demand. The price of raw materials decreased during
the first three months of 2023 over the same period for 2022.
Cost
of freight, which is impacted by shipping availability, international demand, labor shortages, strikes, regional conflicts, inadequate
or obsolete port infrastructure and other factors.
Foreign
exchange rates, which are continually fluctuating due to the relative economic strengths or governmental policies of different countries.
Human
resources productivity, which may be impacted by the training and skills of the available workforce, the nature of tools and facilities
in place, financial incentives and other factors over which we do not have any control.
Power
consumption and costs, which may be affected by governmental policies, including green energy initiatives and the age and efficiency
of existing and newly acquired facilities.
Our
Results of Operations depends primarily on the cost of raw materials and on our industrial cost.
In
our business, most raw materials are imported from Europe, South America, Black Sea and Canada (for durum). In Morocco, there is production
of wheat but the quality is generally not high enough for industrial usage. The variation of the cost of raw materials has a huge impact
on our business and can explain the changes in the result of operation form period to period.
Industrial
cost is the second main component of our result of operation. The industrial cost includes human resources, cost of equipment, maintenance,
power consumption and financial cost as main components. We launched a huge restructuring plan in 2018 to reduce our industrial cost
with success. We successfully reduced the industrial cost by 50% over the last four years.
Year
Ended December 31, 2023 Compared to Year Ended December 31, 2022
Operating
Results
For the Years Ended December 31,
In thousands of USD
2023
2022
$ Change
Revenues
$
305,476
$
289,772
$
15,704
Cost of sales
274,878
260,399
14,479
Gross profit
30,598
29,373
1,225
Operating expenses:
Selling, general and administrative expenses
29,465
30,795
(1,330
)
Total operating expenses
29,465
30,795
(1,330
)
Operating income (loss)
1,133
(1,422
)
2,555
Other expense (income):
Interest income
(37
)
(34
)
(3
)
Interest expense
14,016
12,513
1,503
Change in fair value of derivatives and contingent consideration
(25
)
(4,733
)
4,708
Foreign exchange (gain) loss
(207
)
10,369
(10,576
)
Other non-operating expenses
-
1,691
(1,691
)
Total other expense
13,747
19,806
(6,059
)
Loss before income taxes
(12,614
)
(21,228
)
8,614
Income tax (benefit) expense
(106
)
(2,058
)
1,952
Net loss
$
(12,508
)
$
(19,170
)
$
(6,662
)
33
Revenues
For
the year ended December 31, 2023, net revenues totaled $305.5 million, increasing $15.7 million or 5.4% year over year. The increase
in revenues when compared year over year is a direct result of an increase in sales volume.
Cost
of Sales
For
the year ended December 31, 2023, cost of sales totaled $274.9 million, increasing $14.5 million or 5.6% year over year. The increase
in cost of sales when compared year over year is a direct result of the increase in crushed volume and higher cost of freight on raw
material.
As
a result, gross profits increased by $1.2 million or 4.2% when compared year over year.
Selling,
General and Administrative Expenses
For
the year ended December 31, 2023, selling, general and administrative expenses totaled $29.5 million, decreasing $1.3 million or 4.3%
year over year. The decrease in selling, general and administrative expenses is primarily attributable to expenses activity with decrease
of compensation cost and lease cost.
Other
Expense (Income)
For
the year ended December 31, 2023, other expense (income) totaled $13.7 million, decreasing $6.0 million or 30.6% year over year. The
decrease in other expense is primarily attributable to decrease in foreign exchange (gain) loss.
Segments
The
following table presents revenue and operating income (loss) by segment for the year ended December 31, 2023 and 2022:
For the Years Ended December 31,
In thousands of USD
2023
2022
$ Change
Sales to external customers:
Soft wheat
$
218,761
$
213,775
$
4,986
Durum wheat
51,755
44,447
7,308
Couscous and pasta
31,410
27,159
4,251
All other
3,550
4,391
(841
)
Total
$
305,476
$
289,772
$
15,704
Direct operating income (loss):
Soft wheat
$
2,288
$
8,957
$
(6,669
)
Durum wheat
327
(4,508
)
4,835
Couscous and pasta
1,666
(1,924
)
3,590
All other
(3,148
)
(3,947
)
799
Operating income (loss)
$
1,133
$
(1,422
)
$
2,555
34
For
the year ended December 31, 2023, net revenues of soft wheat totaled $218.8 million, increasing 2.3% from $213.8 million during the
comparable period in 2022. The increase was primarily attributable to an increase in volume of sales coupled with capacity extension
in two Moroccan regions and the acquisition of SIMS during 2023.
For
the year ended December 31, 2023, net sales of durum wheat totaled $51.8 million, increasing 16.4% from $44.4 million during the comparable
period in 2022. The increase was primarily attributable to an increase in volume during fiscal 2023.
For
the year ended December 31, 2023, net sales of couscous and pasta totaled $31.4 million, increasing 15.7% from $27.2 million during the
comparable period in 2022.
Liquidity
and Capital Resources
Working
Capital and Working Capital Facilities
– Working capital deficits were $132.0 million and $94.6 million as of December 31,
2023 and December 31, 2022, respectively.
The
Company had available to it revolving working capital credit lines in the amount of $50.0 million and $48.0 million as of December
31, 2023 and December 31, 2022, respectively. As of December 31, 2023, the Company had borrowed $48.5 million and had unused
availability of $1.5 million under such credit lines. As of December 31, 2022, the Company had borrowed $47.4 million and had
unused availability of $0.6 million under such credit lines. The Company has also entered into credit agreements for asset-based
credit facilities in order to fund wheat raw material purchases ("Wheat Credit Facilities"). The Wheat Credit Facilities
provide the ability to borrow funds under consolidated lines of credit of up to approximately $142.0 million as of December 31, 2023
and $148.0 million as of December 31, 2022. The Wheat Credit Facilities are secured by inventory. The Wheat Credit Facilities must
be renewed on a semi-annual basis. As of December 31, 2023, the Company had borrowed $126.5 million under the Wheat Credit
Facilities, with unused availability of approximately $15.5 million. As of December 31, 2022, the Company had borrowed $137.0
million under the Wheat Credit Facilities, with unused availability of approximately $11.0 million.
Pursuant
to the Business Combination Agreement, the Company's Related Party Loans converted into Ordinary Shares upon consummation of
the Business Combination. As of December 31, 2023, the Company has, in addition to its obligations under the working capital credit
lines and the Wheat Credit Facilities, $4.5 million in lease obligations. The Company believes it has sufficient capital available
to it to fulfill such obligations.
Cash
and Cash Equivalents
- Cash and cash equivalents were $24.0 million and $24.8 million at December 31, 2023 and December 31, 2022,
respectively. Cash balances are managed in accordance with our investment policy, the objectives of which are to preserve the principal
value of our cash assets, maintain a high degree of liquidity and deliver competitive returns subject to prevailing market conditions.
Trade
accounts receivable, net
- Trade accounts receivable, net were $34.7 million and $30.9 million at December 31, 2023 and December
31, 2022, respectively.
Inventories
- Inventories were $28.4 million and $27.2 million at December 31, 2023 and December 31, 2022, respectively.
35
Liquidity
and Capital Resources Relating to the Closing of the Business Combination
– Prior to the closing of the Business Combination,
holders of 9,612,536 shares of Globis' common stock exercised their right to redeem such shares for cash at a price of approximately
$10.30 per share for aggregate payments of approximately $99 million. As a result, upon closing of the Business Combination, approximately
$19.4 million in gross proceeds was released from the Trust Account. Approximately $16.2 million was deposited into an escrow account
for the benefit of the Forward Purchase Investors (as defined below) and approximately $3.2 million was released to the Company. In addition,
substantially concurrently with the Closing, the sale of the PIPE Shares was consummated, pursuant to which the PIPE Investor purchased
an aggregate of 1,320,195 Ordinary Shares of the Company for total gross proceeds to the Company of approximately $13.9 million.
As
a result of the Business Combination, the Seller received (i) 17,004,762 Ordinary Shares on the Closing Date, (ii) 1,550,000 Ordinary
shares pursuant to a subscription agreement dated September 9, 2022 and (iii) will be paid the principal sum of $8,000,000 together with
interest on the outstanding amount from the Closing Date up to the date of payment (computed on the basis of a 360-day year consisting
of twelve (12) months of thirty (30) days) accrued but unpaid thereon at the fixed per annum rate of 8%.
In
addition, on September 9, 2022, the Company entered into a Warrant Agreement (the "Warrant Agreement") with the Seller, pursuant
to which the Company agreed to issue 516,666 warrants to the Seller, each of which entitles the holder to purchase one ordinary share
of the Company, par value $0.001, at an exercise price of $11.50 per share in cash for a period of 5 years.
In
addition to the foregoing consideration, the Seller is entitled to receive, as additional consideration, and without any action on behalf
of the Company or the Company's shareholders, additional Ordinary Shares (the "Earnout Shares"), to be issued as follows
during the period from and after the Closing until the end of calendar year 2024 (A) 500,000 Earnout Shares, if, during calendar year
2022, Adjusted EBITDA (as defined in the Business Combination Agreement) of the Company is equal to or greater than $27 million, (B)
500,000 Earnout Shares, if, during calendar year 2023, Adjusted EBITDA of the Company is equal to or greater than $33 million, and (C)
1,000,000 Earnout Shares, if, during calendar year 2024, the Buyer Trading Price (as defined in the Business Combination Agreement) during
the standard market trading hours of a trading day is greater than or equal to $16.50 for any 20 trading days within any period of 30
consecutive trading days.
Warrant
Proceeds
- The Company has 15,750,842 outstanding Warrants to purchase 15,750,842 Ordinary Shares, exercisable at an exercise price
of $11.50 per share, which expire on June 9, 2027, at 5:00 p.m., Eastern Standard Time.
The
exercise of the Warrants, and any proceeds the Company may receive from their exercise, are highly dependent on the price of our Ordinary
Share and the spread between the exercise price of the Warrant and the price of Ordinary Share at the time of exercise. For example,
to the extent that the trading price of the Ordinary Shares exceeds $11.50 per share, it is more likely that holders of our Warrants
will exercise their Warrants. If the trading price of the Ordinary Shares is less than $11.50 per share, it is unlikely that such holders
will exercise their Warrants. As of December 29, 2023, the closing price of the Ordinary Shares was $10.59 per share. There can be no
assurance that all of our Warrants will be in the money prior to their expiration and, as such, any or all of our Warrants may expire
worthless. As such, it is possible that the Company may never generate any cash proceeds from the exercise of our Warrants. The Company
will continue to evaluate the probability of warrant exercise over the life of our Warrants and the merit of including potential cash
proceeds from the exercise thereof in our liquidity projections.
To
the extent such Warrants are exercised, additional Ordinary Shares will be issued, which will result in dilution to the holders of our
Ordinary Shares and increase the number of shares eligible for resale in the public market. Sales of substantial numbers of such shares
in the public market could adversely affect the market price of the Ordinary Shares.
Forward
Share Purchase Agreements
- On June 8, 2022, Globis and certain unaffiliated investors (the "Forward Purchase Investors")
entered into Forward Share Purchase Agreements (the "Forward Purchase Agreements") pursuant to which, on the three month
anniversary of the date of the Closing ("Investor Shares Closing Date"), the Forward Purchase Investors may elect to sell
and transfer to the Company, and the Company will purchase, in the aggregate up to 1,500,000 Ordinary Shares (the "Forward Investor
Shares"), consisting of (i) Ordinary Shares then held by the Forward Purchase Investors and/or (ii) any additional Ordinary Shares
that the Forward Purchase Investors may acquire prior to the closing of the Business Combination. The Company will acquire the Forward
Investor Shares at a price of $10.80 per share (the "Forward Shares Purchase Price"). Upon the closing of the Business Combination,
$16.2 million was deposited into an escrow account for the benefit of the investors for payment of the Forward Shares Purchase Price
for all Forward Investor Shares.
36
On
September 9, 2022, the Company entered into three Buy Back Contracts with the Forward Purchase Investors: (i) a Buy Back Contract by
and among the Company, Nomis Bay Ltd and BPY Limited, pursuant to which the Company bought back up to 500,000 ordinary shares, par value
$0.001 per share; (ii) a Buy Back Contract by and between the Company and K2 Principal Fund L.P., pursuant to which the Company bought
back 448,651 ordinary shares, par value $0.001 per share; and (iii) a Buy Back Contract by and between the Company and Polar Multi-Strategy
Master Fund, pursuant to which the Company bought back 231,071 ordinary shares, par value $0.001 per share (together "Buy Back
Contracts"). As a result of the Buy Back Contracts, 1,179,722 ordinary shares were bought by the company and cancelled in full
satisfaction of the Forward Purchase Agreements.
The
Company has historically met its cash needs through a combination of cash flows from operating activities (when available), term loans,
convertible bonds, working capital and inventory lines of credit and sales of equity.
The
Company believes that cash on hand, as well as cash from operations and proceeds from extended credit lines will provide sufficient liquidity
to fund operations for at least one year after the date the consolidated financial statements are issued. This projection is based on
the Company's current expectations regarding product sales, cost structure, cash burn rate and other operating assumptions.
Year
Ended December 31, 2022 Compared to Year Ended December 31, 2021
Operating
Results
For the Years Ended December 31,
In thousands of USD
2022
2021
$ Change
Revenues
$
289,772
$
261,679
$
28,093
Cost of sales
260,399
219,311
41,088
Gross profit
29,373
42,368
(12,955
)
Operating expenses:
Selling, general and administrative expenses
30,795
38,982
(8,187
)
Total operating expenses
30,795
38,982
(8,187
)
Operating (loss) income
(1,422
)
3,386
(4,808
)
Other expense (income):
Interest income
(34
)
(543
)
509
Interest expense
12,513
10,362
2,151
Change in fair value of derivative and contingent consideration
(4,733
)
-
(4,733
)
Foreign Exchange loss
10,369
1,440
8,929
Other non-operative expenses
1,691
-
1,691
Total other expense
19,806
11,259
8,547
Loss before income taxes
(21,228
)
(7,873
)
(13,355
)
Income tax (benefit) expense
(2,058
)
(89
)
(1,969
)
Net loss
$
(19,170
)
$
(7,784
)
$
(11,386
)
Revenues
For
the year ended December 31, 2022, net revenues totaled $289.8 million, increasing $28.1 million from $261.7 million during in the same
period in 2021.
37
Cost
of Sales
For
the year ended December 31, 2022, cost of sales totaled $260.4 million, increasing $41.1 million from $219.3 million during the same
period in 2021, reflecting increases in raw material and shipping costs.
Gross
profits for the year ended December 31, 2022, totaled $29.4 million, decreasing $13.0 million from $42.4 million during the same period
in 2021.
Selling,
General and Administrative Expenses
Selling,
general and administrative expenses for the year ended December 31, 2022, totaled $30.8 million, as compared to $39.0 million for the
same period in 2021. The decrease was primarily attributable to a decrease in compensation costs and professional fees.
Other
Expense (Income)
For
the year ended December 31, 2022, other expenses totaled $19.8 million, increasing $8.5 million from $11.3 million during the same period
in 2021, reflecting increases in interest expense to $12.5 million for the year ended December 31, 2022, from $10.4 million for the year
ended December 31, 2021, in foreign currency exchange losses to $10.4 million for the year ended December 31, 2022, from $1.4 million
for the year of 2021 and offsetting a $4.7 million net gain from the change in fait value of derivatives and contingent considerations
Segments
The
following table presents revenue and operating income by segment for the year ended December 31, 2022 and 2021:
For the Years Ended December 31,
In thousands of USD
2022
2021
$ Change
Sales to external customers:
Soft wheat
$
213,775
$
173,085
$
40,690
Durum wheat
44,447
53,546
(9,099
)
Couscous and pasta
27,159
28,819
(1,660
)
All other
4,391
6,229
(1,838
)
Total
$
289,772
$
261,679
$
28,093
Direct operating (loss) income:
Soft wheat
$
8,957
$
1,233
$
7,724
Durum wheat
(4,508
)
600
(5,108
)
Couscous and pasta
(1,924
)
1,734
(3,658
)
All other
(3,947
)
(181
)
(3,766
)
Operating (loss) income
$
(1,422
)
$
3,386
$
(4,808
)
For
the year ended December 31, 2022, net sales of soft wheat totaled $213.8 million, increasing 23.5% from $173.1 million during the comparable
period in 2021. The increase was due to higher volume of sales coupled with the acquisitions of MDS Mali, MDS Burkina Faso and Sanabil
SA.
For
the year ended December 31, 2022, net sales of durum wheat totaled $44.4 million, decreasing 17.0% from $53.5 million during the comparable
period in 2021. The decrease was primarily due to higher selling prices as a direct result of the increase in cost of raw materials during
fiscal 2022.
For
the year ended December 31, 2022, net sales of couscous and pasta totaled $27.2 million, decreasing 5.8% from $28.8 million during the
comparable period in 2021.
38
Liquidity
and Capital Resources
Working
Capital and Working Capital Facilities
– Working capital deficits were $94.6 million and $85.3 million at December 31, 2022
and December 31, 2021, respectively.
The
Company had available to it revolving working capital credit lines in the amount of $48.0 million and $80 million as of December 31,
2022 and December 31, 2021, respectively. As of December 31, 2022, the Company had borrowed $47.0 million and had unused
availability of $1.0 million under such credit lines. As of December 31, 2021, the Company had borrowed $79.5 million and had unused
availability of $0.5 million under such credit lines. The Company has also entered into credit agreements for asset-based credit
facilities in order to fund wheat raw material purchases ("Wheat Credit Facilities"). The Wheat Credit Facilities
provide the ability to borrow funds under consolidated lines of credit of up to approximately $148.0 million as of December 31, 2022
and $100.0 million as of December 31, 2021. The Wheat Credit Facilities are secured by the Company's inventory. The Wheat
Credit Facilities must be renewed on a semi-annual basis. As of December 31, 2022, the Company had borrowed $137.0 million under the
Wheat Credit Facilities, with unused availability of approximately $11.0 million. As of December 31, 2021, the Company had borrowed
$70.4 million under the Wheat Credit Facilities, with unused availability of approximately $29.6 million.
Pursuant
to the Business Combination Agreement, all of the Company's Related Party Loans were converted into Ordinary Shares upon consummation
of the Business Combination. As of December 31, 2022, the Company has, in addition to its obligations under the working capital credit
lines and the Wheat Credit Facilities, $2.9 million in lease obligations. The Company believes it has sufficient capital available to
it to fulfill such obligations.
Cash
and Cash Equivalents -
Cash and cash equivalents were $24.8 million and $14.4 million at December 31, 2022, and 2021, respectively.
Cash balances are managed in accordance with our investment policy, the objectives of which are to preserve the principal value of our
cash assets, maintain a high degree of liquidity and deliver competitive returns subject to prevailing market conditions.
Trade
accounts receivable, net -
Trade accounts receivable, net were $30.9 million and $32.3 million at December 31, 2022 and 2021, respectively.
Inventories
-
Inventories were $27.2 million and $37.6 million at December 31, 2022 and 2021, respectively.
See
"Item 4. Information on the Company—B. Business Overview—Intellectual Property."
Trend
Information
Other
than as disclosed below and elsewhere in this annual report on Form 20-F, we are not aware of any trends, uncertainties, demands, commitments,
or events for the period from January 1, 2023 to December 31, 2023 that are reasonably likely to have a material adverse effect on our
net revenue, income, profitability, liquidity, or capital resources, or that caused the disclosed financial information to be not necessarily
indicative of future operating results or financial condition.
Critical
Accounting Estimates
As
disclosed in Note 2, the significant accounting policies used in preparing the consolidated financial statements were applied on a basis
consistent with those reflected in our consolidated financial statements that are included in this annual report. We believe the following
discussion addresses our most critical accounting policies, which are those that are most important to the portrayal of our financial
condition and results of operations and require management's most difficult, subjective and complex judgments.
Revenue
Recognition – the Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance obligation
by transferring control over a product or service to a customer. The majority of the Company's contracts with customers have one
performance obligation and a contract duration of one year or less. The Company applies the practical expedient in Accounting Standards
Codification ("ASC") paragraph 606-10-50-14 of ASC Topic 606, Revenue from Contracts with Customers and does not disclose
information about remaining performance obligations that have original expected durations of one year or less. Trade discounts or volume
rebates are recognized as a deduction in revenue. No payment terms beyond one year are granted at contract inception.
39
Revenue
related to the sale of goods and equipment is measured based on consideration specified in a contract with a customer. the Company recognizes
revenue from these contracts at a point in time when it satisfies a performance obligation by transferring control of a product to a
customer, generally when legal title and risks and rewards transfer to the customer. Sales terms typically provide for transfer of title
at the time and point of delivery and acceptance of the product being sold.
Amounts
received from customers prior to revenue recognition on a contract are recorded as contract liabilities on the consolidated balance sheets.
Shipping
and Handling Costs – Shipping and handling costs related to contracts with customers for the sale of goods are accounted for as
a fulfillment activity and are included in cost of sales. Accordingly, amounts billed to customers for such costs are included as a component
of revenues.
Taxes
Collected from Customers and Remitted to Governmental Authorities – the Company does not include taxes assessed by governmental
authorities that are (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers, in
the measurement of transactions prices or as a component of revenues and cost of sales.
Accounts
Receivable and Allowances for Credit Losses – We provide credit terms to customers in-line with industry standards, perform ongoing
credit evaluations of our customers, and maintain allowances for potential credit losses based on historical experience recorded. We
analyze the aging of customer accounts, customer concentrations, customer creditworthiness, current economic trends and changes in our
customer payment patterns when evaluating the adequacy of the allowance for credit losses. Customer balances are written off after all
collection efforts are exhausted. Estimated product returns, which have not been material, are deducted from sales at the time of shipment.
Other
Receivables – Other receivables include government subsidies for the production and sale of flour. The Moroccan government provides
a fixed subsidy based on production and customer. Subsidies are paid by the Moroccan government twice a year based on sales of flour
for the previous six months. The Company records the flour subsidies as a credit against the related costs that the subsidies were intended
to offset in the same periods that the costs were incurred within the consolidated statement of operations.
Income
Taxes – The provision for income taxes includes income taxes currently payable in Morocco and local jurisdictions, and those deferred
because of temporary differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets or liabilities
are computed based on the difference between the financial statement and income tax bases of assets and liabilities using enacted tax
rates. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be
realized. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. We account
for uncertain tax positions using a "more-likely-than-not" threshold. A tax benefit from an uncertain tax position is recognized
if it is more-likely-than-not that the tax position will be sustained on examination by the taxing authorities, based on the technical
merits of the position, or the statute of limitations concerning such issues lapses.
Foreign
Currency Translation and Transactions - The Company's reporting currency is the US dollar ("USD"). The functional currency
of the Company's operating subsidiaries is generally the same as the corresponding local currency. Assets and liabilities of the
operating subsidiaries are translated at the spot rate in effect at the applicable reporting date. Revenues and expenses of the operating
subsidiaries are translated at the average exchange rates in effect during the applicable period. The resulting foreign currency translation
adjustment is recorded as Accumulated other comprehensive loss, which is reflected as a separate component of Stockholders' equity.
The functional currency is translated into U.S. dollars for balance sheet accounts using currency exchange rates in effect as of the
balance sheet date, and for revenue and expense accounts using a weighted-average exchange rate during the fiscal year. The transactions
in foreign currency (that is a different currency than the functional currency of the entity) are converted at the exchange rate prevailing
to the date of the transaction. The assets and liabilities denominated in foreign currencies are evaluated in the current period on the
date of the closing or at the opening rate, when applicable. The translation adjustments are deferred as a separate component of equity
in "Accumulated other comprehensive income". Gains or losses resulting from transactions denominated in foreign currencies
and intercompany debt that is not of a long-term investment nature are included in (Gain) loss on foreign currency exchange in the consolidated
statements of operations and comprehensive loss.
40
Foreign
currency forward contracts –The Company is exposed to foreign currency exchange rate fluctuations in the normal course of its business,
which the Company at times manages through the use of foreign currency forward contracts. The Company has entered into foreign currency
forward contracts and accounts for these instruments in accordance with ASC Topic 815, "Derivatives and Hedging," which establishes
accounting and reporting standards requiring that derivative instruments be recorded on the balance sheet as either an asset or liability
measured at fair value. The Company's foreign currency contracts are not designated as hedging instruments under ASC 815; accordingly,
changes in the fair value are recorded in current period earnings.
Share-Based
Compensation - Share-based awards principally comprise of stock options and cash-settled stock options, referred to as "phantom
options". Share-based awards are generally issued to certain senior management personnel. Share-based compensation cost (other
than phantom options) is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite
service period, which is the vesting period, on a straight-line basis. Our phantom options are accounted for as liability awards and
are re-measured at fair value each reporting period with compensation expense being recognized over the requisite service period.
The
Company uses the Black-Scholes option pricing model to determine the grant date fair value of its stock options and phantom options,
respectively, as well as the fair value at each reporting period for liability classified awards. This model requires the Company to
estimate the expected volatility and the expected term of the stock options, which are highly complex and subjective variables. The Company
uses an expected volatility of its stock price during the expected life of the options that is based on the historical performance of
the Company's stock price as well as including an estimate using similar companies. The expected term is computed using the simplified
method as the Company's best estimate given its lack of actual exercise history. The Company has selected a risk-free rate based
on the implied yield available on U.S. Treasury securities with a maturity equivalent to the expected exercise term of the stock option.
The inputs to the valuation of phantom options are observable in the market, and as such are classified as Level 2 in the fair value
hierarchy. The Company accounts for forfeitures of share-based awards as the occur.
Inventories
- Inventories are stated at the lower of cost or net realizable value. the Company's inventory is valued using the weighted average
cost method. The costs of finished goods inventories include raw materials, labor, and overhead costs.
Business
Combinations and Asset Acquisitions – The Company accounts for acquisitions that qualify as business combinations by applying the
acquisition method according to Accounting Standards Codification ("ASC") 805, Business Combinations ("ASC 805").
Transaction costs related to the acquisition of a business are expensed as incurred and excluded from the fair value of consideration
transferred. The identifiable assets acquired, liabilities assumed, and noncontrolling interests in an acquired entity are recognized
and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable
assets acquired, liabilities assumed, and noncontrolling interests in an acquired entity, net of the fair value of any previously held
interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions.
The
Company evaluates acquisitions of assets and other similar transactions to assess whether the transaction should be accounted for as
a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair value
of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the transaction
is accounted for as an asset acquisition. If not, further determination is required as to whether the Company has acquired inputs and
processes that can create outputs that would meet the definition of a business. When applying the screen test, significant judgment is
required to determine whether an acquisition is a business combination or an acquisition of assets. Accounting for asset acquisitions
falls under the guidance of Topic 805, Business Combinations, specifically Subtopic 805-50. A cost accumulation model is used to determine
an asset acquisition's cost. Assets acquired are based on their cost, generally allocated to them on a relative fair value basis.
Direct acquisition-related costs are included in the cost of the acquired assets.
Property,
Plant, and Equipment - Property, plant, and equipment are stated at acquisition cost, plus capitalized interest on borrowings during
the actual construction period of major capital projects. Depreciation and amortization are calculated using the straight-line method
over the estimated useful lives of the assets as follows:
Assets
Useful
    Lives
Buildings
39
    years
Machinery
    and equipment (technical installations)
30-50
    years
Other
    assets
5-30
    years
Building
improvements are depreciated over the shorter of the estimated useful life of the assets or the remaining useful life. Leasehold improvements
are amortized over the shorter of their useful life or remaining lease term. Expenditures for repairs and maintenance, which do not improve
or extend the life of the assets, are expensed as incurred.
41
We
perform impairment tests when circumstances indicate that the carrying value of an asset may not be recoverable. Indicators of impairment
include deteriorations in operating cash flows, the anticipated sale or disposal of an asset group, and other significant changes in
business conditions. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that
the carrying amount of an asset may not be recoverable. The Company's assessment of recoverability of property, plant and equipment
is performed on a reporting unit level. Recoverability of assets to be held and used is measured by a comparison of the carrying amount
of such asset to its estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of such asset
exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of
the asset exceeds the fair value of the asset. Assets to be disposed of by sale are reported at the lower of the carrying amount or fair
value, less estimated costs to sell.
Goodwill
and Other Intangible Assets - Identifiable intangible assets with finite lives are amortized over their estimated useful lives as follows:
Assets
Useful
    Lives
Trademarks
Indefinite
Customer
    relationships
20
    years
Patents
    and licenses
5-10
    years
Computer
    software
5-10
    years
Other
    intangible assets
3-10
    years
Recognized
intangible assets, exclusive of goodwill, are amortized over the useful lives of the assets unless that life is determined to be indefinite.
All of our intangible assets, exclusive of goodwill, are finite lived. All amortization expense related to intangible assets is recorded
in selling, general, and administrative expense in the consolidated statements of operations. Intangible assets with finite lives are
evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If an
evaluation of the undiscounted cash flows indicates impairment, the asset is written down to its estimated fair value, which is generally
based on discounted future cash flows.
Goodwill
and other indefinite-lived intangible assets are evaluated for impairment annually, or whenever events or changes in circumstances indicate
that the carrying value may not be recoverable. Our annual impairment evaluation is conducted during our fiscal fourth quarter.
In
accordance with the accounting standards, an entity has the option first to assess qualitative factors to determine whether events and
circumstances indicate that it is more likely than not that goodwill or an indefinite-lived intangible asset is impaired. If after such
assessment an entity concludes that the asset is not impaired, then the entity is not required to take further action. However, if an
entity concludes otherwise, then it is required to determine the fair value of the asset using a quantitative impairment test, and if
impaired, the associated assets must be written down to fair value.
The
quantitative impairment test for goodwill compares the fair value of a reporting unit with the carrying value of its net assets, including
goodwill. If the fair value of the reporting unit is less than the carrying value of the reporting unit, an impairment charge would be
recorded to the Company's operations, for the amount in which the carrying amount exceeds the reporting unit's fair value.
We determine fair values for each reporting unit using the market approach, when available and appropriate, the income approach, or a
combination of both. The income approach involves forecasting projected financial information (such as revenue growth rates, profit margins,
tax rates, and capital expenditures) and selecting a discount rate that reflects the risk inherent in estimated future cash flows. Under
the market approach, the fair value is based on observed market data. If multiple valuation methodologies are used, the results are weighted
appropriately.
42
Recent
Accounting Pronouncements
Other
than as described below, no new accounting pronouncement issued or effective during the fiscal year has had or is expected to have a
material impact on the consolidated financial statements.
In
November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose, on an annual
and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within
each reported measure of segment profit or loss. All public entities will be required to report segment information in accordance with
the new guidance starting in annual periods beginning after December 15, 2023. The Company is determining the impact of the ASU 2023-07
on its consolidated financial statements.
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"),
which enhances the transparency and decision usefulness of income tax disclosures by requiring; (1) consistent categories and greater
disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain
other amendments to improve the effectiveness of income tax disclosures. For public business entities, the standard is effective for
annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been
issued or made available for issuance. The Company is determining the impact of the ASU 2023-09 on its consolidated financial statements.
Item
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors and Senior Management
The
following table sets forth certain information, as of the date hereof, concerning the persons who serve as executive officers of the
Company.
Name
Age
Position(s)
Saad
    Bendidi
65
Chairman
Mustapha
    Jamaleddine
62
CEO
Julien
    Benitah
42
CFO
Mustapha
    Ghazali
52
CTO
Oury
    Marciano
40
VP
    Business Development
The
Company Board is comprised of seven directors. Each director will hold office until his or her term expires at the next annual meeting
of stockholders for such director's class or until his or her death, resignation, removal or the earlier termination of his or
her term of office. The following table sets forth certain information, as of the date hereof concerning the persons who serve as directors.
Name
Age
Position(s)
Saad
    Bendidi
65
Director
Julien
    Benitah
42
Director
Franco
    Cassar
64
Director
James
    Lasry
56
Director
Paul
    Packer
53
Director
Ira
    Greenstein
65
Director
Rachel
    Bitan
48
Director
43
Executive
Officers and Directors
Saad
Bendidi
– Mr. Bendidi has served as the Chairman of the Company since June 2022 and as the Chairman of FAHL since March 2018.
He is the chairman and a partner of the Investment Committee of Mediterrania Capital Partners, private equity fund since October 2013.
Mr. Bendidi was the CEO of Saham Group, from December 2013 to October 2017. Prior to Saham, Mr. Bendidi served as the chairman and CEO
of ONA (now Al Mada) from January 2005 to April 2008. Mr. Bendidi holds a master's degree in engineering from Ecole Centrale de
Paris, a master's degree in political science from Institit d'Etudes Politiques de Paris (IEP), and a master's degree
of Business Administration from Hautes Études Commerciales (HEC). Mr. Bendidi operates from the headquarters of Forafric Maroc
in Morocco.
Mustapha
Jamaleddine
– Mr. Jamaleddine has served as the CEO of the Company since June 2022 and as CEO of Forafric Maroc since March
2018. Mr. Jamaleddine was the Vice president of Forafric Maroc from March 2016 to March 2018 and the CEO of Tria Group, from March 2011
to February 2020. Mr. Jamaleddine holds a master's degree in Engineering from the Ecole Nationale Des Travaux Publics De L'Etat
(ENTPE). Mr. Jamaleddine operates from the headquarters of Forafric Maroc in Morocco.
Julien
Benitah
– Mr. Benitah has served as Chief Financial Officer of the Company since June 2022 and as Chief Financial Officer of
FAHL since March 2018. Mr. Benitah has been CFO of Forafric Maroc from March 2018 and M&A Director from October 2015. Mr Benitah
was also the COO of Ycap Asset Management (now Homa Capital), from January 2016 to October 2017. Prior to Homa Capital, Mr. Benitah served
as Partner and COO of Smart Equity from January 2011 to September 2015. Mr. Benitah holds a master's degree in Management from
the EM Lyon. Mr. Benitah operates from the headquarters of Forafric Maroc in Morocco.
Mustapha
Ghazali
– Mr. Ghazali has served as the CTO of the Company since June 2022 and as CTO of Forafric Maroc since June 2018. Mr.
Ghazali was a plant manager at TRIA Group from January 2013 to May 2018. Mr. Ghazali served as the Technical Director from March 1996
to December 2012. Mr. Ghazali was educated at University of Economics of Casablanca, and he holds a degree from the National School of
Milling and Cereal Industries in Casablanca and Paris. Mr. Ghazzali operates from the headquarters of Forafric Maroc in Morocco.
Oury
Marciano
– Mr. Marciano has served as a member of the Board since June 2022 and has served as VP Business Development of FAHL
since July 2016. Mr. Marciano was an analyst from June 2009 to December 2011 at Societe Generale Corporate and Investment Banking both
in New York and Paris. He managed his own real estate acquisitions business in New York from January 2012 to June 2016. Mr. Marciano
holds a master's degree in Banking Finance and Insurance from Dauphine University in Paris, and he received an M.A. in International
Economics and Finance from Brandeis University in Massachusetts. Mr. Marciano operates from the headquarters of Forafric Maroc in Morocco.
Franco
Cassar
– Mr. Cassar has served as a member of the board of directors of the Company since June 2022 as a member of board of
directors of FAHL since 2016. Mr. Cassar has held senior management positions at Abacus Financial Services Ltd, SG Hambros Private Bank,
Barclays Gibraltar and NatWest Gibraltar. Mr. Cassar was educated at Uxbridge, Harrow and West London Colleges, UK. Mr. Cassar is based
in Gibraltar.
James
Lasry
– Mr. Lasry has served as a member of the Board since June 2022. Mr. Lasry is a Partner and Director of Hassans International
Law Firm, Gibraltar. Mr. Lasry is head of the Funds department and deputy head of the Financial Services practice at Hassans International
Law Firm. Since 2014, Mr. Lasry is President of Gibraltar-US Chamber of Commerce (AmCham Gibraltar). Mr. Lasry was educated at Bar-Ilan
University and Johns Hopkins University. Mr. Lasry is based in Gibraltar.
Paul
Packer
– Mr. Packer has been Globis' Chief Executive Officer, Chief Financial Officer and a Director since inception.
Mr. Packer has served as the Managing Member of Globis Capital Advisors LLC, an investment advisory firm, since founding the firm in
2001. Since October 2017, Mr. Packer has served as Chairman of The United States Commission for the Preservation of America's Heritage
Abroad, when he was first appointed by President Donald J. Trump. He has served on the board of directors of Zedge, Inc. (NYSE AMERICAN:
ZDGE), a provider of content distribution platforms, since April 2020. Mr. Packer also serves as a director on the board of Elementor
Ltd., a privately held company that offers an intuitive, front-end site builder for WordPress. Previously, he served on the boards of
directors of Wakingapp Ltd., an augmented reality technology company, from October 2014 until its sale to Scope AR in October 2019 and
Penguin Digital, Inc., a mobile application developer, before it was acquired by Shutterfly Inc. in 2012. Mr. Packer received a B.A.
from Yeshiva University. We believe Mr. Packer's extensive knowledge of the capital markets, corporate finance, and public company
governance practices as a result of his investment experience, together with his significant board experience at companies in the technology
sector, makes him well-qualified to serve on our board of directors. Mr. Packer is based in the United States.
44
Ira
Greenstein
– Mr. Greenstein has served as a member of the Board since June 2022. Mr. Greenstein served as Senior Advisor to
Qrypt, Inc., a quantum cryptography company from 2019-2021. He served as Deputy Assistant and Strategist to President Trump from 2017-2018.
Prior to serving in the Trump Administration, Mr. Greenstein was President of Genie Energy, Ltd., a retail energy and oil and gas exploration
company that was spun off from IDT Corp., an international telecommunications carrier, from 2011-2017. Mr. Greenstein served as President
and Counsel to the Chairman of IDT, from 2000-2011, and counsel and advisor to various companies, including Net2Phone, Inc., a pioneer
in voice over the internet protocol. Prior to joining IDT, Mr. Greenstein was a partner in Morrison & Foerster LLP, where he served
as the Chairman of that firm's New York office's Business Department. Mr. Greenstein was an associate in the New York and
Toronto offices of Skadden, Arps, Slate, Meagher & Flom LLP and served on the Securities Advisory Committee and as secondment counsel
to the Ontario Securities Commission. At the OSC, Mr. Greenstein advised on the implementation of the US-Canada Multijurisdictional Disclosure
System and on the securities law aspects of NAFTA. Mr. Greenstein served on the Boards of Directors of NanoVibronixInc. and Regal Bank
of New Jersey. Mr. Greenstein served on the Boards of Trustees of Young Israel of Scarsdale, Ramaz, SAR Academy and Friends of Jerusalem
College of Technology. Mr. Greenstein received a B.S. from Cornell University School of Industrial and Labor Relations (1981) and a J.D.
from Columbia University Law School (1985) where he currently serves as a member of the Dean's Council. Mr. Greenstein is based
in the United States.
Rachel
Bitan
– Ms. Bitan has served as a member of the Board since June 2022. Ms. Bitan has served since February 2017 as a director
of Amestown Limited, a company that holds property in the U.K., where she has been responsible for general management, as well as legal
and financial administration of the properties managed by the company. Ms. Bitan has served since August 2005 as a property manager at
Herne Hill (Investment) Limited, an investment company focusing on property development. Ms. Bitan received a Bachelor of Laws with Honours
from Manchester Metropolitan University, U.K. Ms. Bitan is based in Gibraltar.
Board
Diversity
The
table below provides certain information regarding the diversity of our board of directors as of the date of this annual report.
Board
    Diversity Matrix
Country
    of Principal Executive Offices:
Gibraltar
Foreign
    Private Issuer
Yes
Disclosure
    Prohibited under Home Country Law
Total
    Number of Directors
7
Female
Male
Non-Binary
Did
    Not Disclose Gender
Part
    I: Gender Identity
Directors
1
6
Part
    II: Demographic Background
Underrepresented
    Individual in Home Country Jurisdiction
LGBTQ+
Did
    Not Disclose Demographic Background
Corporate
Governance Guidelines and Code of Business Conduct
Director
Independence
In
connection with the Business Combination, the Company's Ordinary Shares are listed on the Nasdaq. Under the rules of the Nasdaq,
independent directors must comprise a majority of a listed company's board of directors. In addition, the rules of the Nasdaq require
that, subject to specified exceptions, each member of a listed company's audit, compensation and nominating committees be independent.
Audit committee members must also satisfy the additional independence criteria set forth in Rule 10A-3 under the Exchange Act and the
rules of the Nasdaq. Compensation committee members must also satisfy the additional independence criteria set forth in Rule 10C-1 under
the Exchange Act and the rules of the Nasdaq.
45
In
order to be considered independent for purposes of Rule 10A-3 under the Exchange Act and under the rules of the Nasdaq, a member of an
audit committee of a listed company may not, other than in his or her capacity as a member of the committee, the board of directors,
or any other board committee: (1) accept, directly or indirectly, any consulting, advisory, or other compensatory fee from the listed
company or any of its subsidiaries; or (2) be an affiliated person of the listed company or any of its subsidiaries.
To
be considered independent for purposes of Rule 10C-1 under the Exchange Act and under the rules of Nasdaq, the board of directors must
affirmatively determine that the member of the compensation committee is independent, including a consideration of all factors specifically
relevant to determining whether the director has a relationship to the company which is material to that director's ability to
be independent from management in connection with the duties of a compensation committee member, including, but not limited to: (i) the
source of compensation of such director, including any consulting, advisory or other compensatory fee paid by the company to such director;
and (ii) whether such director is affiliated with the company, a subsidiary of the company or an affiliate of a subsidiary of the company.
The
Board has undertaken a review of the independence of each director and considered whether each director of the Company has a material
relationship with the Company that could compromise his or her ability to exercise independent judgment in carrying out his or her responsibilities.
As a result of this review, the Company believes that Franco Cassar, Ira Greenstein, and Rachel Bitan are "independent directors"
as defined under the listing requirements and rules of the Nasdaq and the applicable rules of the Exchange Act.
Controlled
Company Exception
We
meet the definition of a "controlled company" under the Nasdaq listing standards, and thus we are qualified for the "controlled
company" exemption to the board of directors and committee composition requirements under the Nasdaq listing standards. If we were
to rely on this exemption, we would be exempt from the requirements that (1) our board of directors be comprised of a majority of independent
directors, (2) we have a nominating and corporate governance committee composed entirely of independent directors, and (3) our compensation
committee be comprised solely of independent directors. The "controlled company" exception does not modify the independence
requirements for the audit committee, and we intend to comply with the requirements of the Sarbanes-Oxley Act and the Nasdaq listing
standards.
We
have taken all actions necessary to comply with the Nasdaq listing standards without reliance on the "controlled company"
exemption, including appointing a majority of independent directors to the board and establishing certain committees composed entirely
of independent directors within the time frames set forth under the Nasdaq listing standards. However, as long as the Company remains,
a "controlled company," these requirements will not apply to the Company and the Company may, in the future, seek to utilize
some or all of these exemptions.
B.
Compensation of Executive Directors and Executive Officers
This
section discusses the material components of the executive compensation program offered to the executive officers of FAHL who were "named
executive officers" for 2023 and who serve as executive officers of the Company. Such executive officers consist of the following
persons, referred to herein as our named executive officers (the "NEOs"):
●
Saad
    Bendidi, our Chairman;
●
Mustapha
    Jamaleddine, our Chief Executive Officer; and
●
Julien
    Benitah, our Chief Financial Officer.
46
This
discussion may contain forward-looking statements that are based on our current plans, considerations, expectations and determinations
regarding future compensation programs. Actual compensation programs that the Company adopts in the future could vary significantly from
our historical practices and currently planned programs summarized in this discussion.
2023
Summary Compensation Table
The
following table presents information regarding the compensation earned or received by our NEOs for services rendered during the fiscal
year ended December 31, 2023.
Name and Principal Position
Year
Salary ($)
Bonus ($)
All Other Compensation ($)
(1)
Total ($)
Saad Bendidi,
2023
182,201
21,872
204,073
Chairman
—
Mustapha Jamaleddine,
2023
392,000
97,254
489,254
Chief Executive Officer
—
Julien Benitah,
2023
249,166
0
14,076
263,242
Chief Financial Officer
(1)
Other
    compensation includes employer contributions and social security paid by FAHL, a car allowance, and the value of other perquisites.
Narrative
Disclosure to Summary Compensation Table
Base
Salaries
Each
of the NEOs is paid a base salary commensurate with the executive's skill set, experience, role and responsibilities. For Fiscal
Year 2023, the annual base salaries Messers Bendidi, Jaamleddine and Benitah were $182,201, $392,000 and $249,166, respectively.
Annual
Cash Bonuses
Based
on the performance of the Company, no bonuses have been awarded in 2023.
47
Outstanding
Equity Awards at 2023 Fiscal Year-End
As
of December 31, 2023, the following awards have been granted under the Equity Incentive Plan:
Mustapha
Jamal Eddine: 36,975 phantom options
Julien
Benitah: 27,731 share options
Oury
Marciano: 18,487 share options
Johann
Elbaz: 18,487 share options
Mustapha
Ghazzali: 9,244 phantom options
Mustapha
Abaid: 3,697 phantom options
Fahd
Sahli: 3,697 phantom options
Employee
Benefit and Equity Compensation Plans and Arrangements
The
Forafric 2022 Long Term Employee Share Incentive Plan (the "Equity Incentive Plan") was adopted on June 9, 2022. The Equity
Incentive Plan allows for the grant of awards, consisting of nominal cost options or phantom options to employees, directors and consultants
of the Company or any of its subsidiaries.
Our
Board is responsible for the administration of the Equity Incentive Plan and may, from time to time, make or amend regulations for the
administration of the Equity Incentive Plan. The decision of our Board on all matters relating to the administration of the Equity Incentive
Plan, including the resolution of any ambiguity of the rules in the Equity Incentive Plan, is final and binding. Our Board may also terminate
or, from time to time, suspend the grant of awards. Our Board may also make, subject to certain restrictions, amendments to the rules
of the Equity Incentive Plan or any subplans.
Generally,
an award is granted by the execution by the Company of an award certificate, which provides information regarding the award's date
of grant, the number of Ordinary Shares in respect of which an option is granted pursuant to the award, vesting schedule, and exercisability.
The exercise price for nominal cost options is 50% of the nominal value of the shares, and in the case of phantom options is the market
value of the shares less 50% of their nominal value.
With
the exception of an individual's death or in the event of a corporate transaction, awards are not capable of being transferred,
charged or otherwise alienated. Any time an award holder purports to make one of these transfers, the award shall lapse immediately.
The
maximum number of Shares which may be the subject of awards under the Equity Incentive Plan may not exceed 2,645,684 Ordinary Shares.
Subject to certain provisions of the Equity Incentive Plan, no award can be exercised after the tenth anniversary of the date of grant.
With the exception of certain special circumstances, an award can only be exercised while the award holder is employed or engaged by
the Company or any of its subsidiaries. Subject to certain provisions, a vested award may be exercised in whole or in part at any time
after its date of grant.
When
there are certain corporate transactions related to the Company, such as a compulsory acquisition, a general offer, a reconstruction,
a merger or division of the Company, the winding up of the Company, or the sale of the Company's business or subsidiary, our Board
has discretion (subject to certain requirements) to allow all awards (vested or unvested) to be exercised in whole or in part. In certain
circumstances, if our Board exercises such discretion and the awards are not exercised, they will instead lapse. If the Company is acquired,
all award holders are required to release their awards in consideration of the grant of a new award.
48
An
award can lapse when it has not been exercised after the tenth anniversary of the date of grant. It can also lapse when the award holder
ceases to be a director, an employee, or a consultant with the Company or any of its subsidiaries. An award will lapse when an order
is made by a court (or when a resolution is passed) for the compulsory winding up of the Company. Finally, an award lapses when the award
holder becomes bankrupt, enters into a compromise with their creditors generally except as permitted under certain circumstances. Prior
to the exercise of an award, an award holder has no rights in respect of any shares.
In
the event of a reorganization, vesting conditions may be adjusted by our Board, subject to an auditors' confirmation that the adjustment
is fair and reasonable and notice to the award holder.
An
award may not vest or be exercised until our Board is satisfied that the award holder will be able to pay for any tax or social security
liability that is owed by the holder.
When
permitted by SEC rules, we intend to file with the SEC a registration statement on Form S-8 covering the Ordinary Shares issuable under
the Equity Incentive Plan.
Grants
of awards under the Equity Incentive Plan are subject to the discretion of the plan administrator. Therefore, it is not possible to determine
the future benefits that will be received by participants under the Equity Incentive Plan.
Director
Compensation
The
following table presents the total compensation for each person who served as a non-employee director of the Board during fiscal year
2023.
Name
Fees earned or paid
in cash ($)
Total ($)
Franco Cassar
$
40,000
$
40,000
James Lasry
$
40,000
$
40,000
Paul Packer
$
40,000
$
40,000
Ira Greenstein
$
40,000
$
40,000
Rachel Bitan
$
40,000
$
40,000
We
have a Director Service Agreement with each of our directors (the "Director Agreements"). The Director Agreements lay out
the terms and conditions of each person's directorship and also sets forth each director's compensation. Each director will
be compensated with $40,000 per annum, payable quarterly in advance and shall receive that number of shares of the Company's common
stock equal to $25,000, based on the market price of the Common Stock on the date such director starts his/her directorship (the "Commencement
Date"). Directors shall also receive an equivalent amount of stock on each anniversary of his/her Commencement Date, based on the
market price of the Common Stock on such corresponding anniversary date.
In
addition to the compensation above, directors are entitled to $1,500 for each board meeting they attend, an additional $2,500 shall be
paid to the director serving as chairperson of the Audit committee and an additional $1,500 shall be paid to the director serving as
chairperson of the Compensation committee and the Nominating and Corporate Governance committee. The Company shall reimburse (or procure
the reimbursement of) all reasonable expenses wholly, properly and necessarily incurred by the Director in the course of his/her term,
subject to production of receipts or other appropriate evidence of payment. The Directors Agreements contain customary confidentiality
and indemnification provisions.
C.
Board Practices
Our
Board of Directors currently consists of seven members, all of whom were elected pursuant to our current Memorandum and Articles. Our
nominating and governance committee and board of directors will consider a broad range of factors relating to the qualifications and
background of nominees, which may include diversity and is not limited to race, gender or national origin. We have no formal policy regarding
board diversity. Our nominating and governance committee's and board of directors' priority in selecting board members is
identification of persons who will further the interests of our shareholders through his or her established record of professional accomplishment,
the ability to contribute positively to the collaborative culture among board members, knowledge of our business, understanding of the
competitive landscape and professional and personal experiences and expertise relevant to our growth strategy.
49
Board
Leadership Structure
The
Company believes that the structure of the Company Board and its committees provide strong overall management of the Company.
Committees
of The Company Board
The
Company Board has an audit committee, compensation committee and nominating and corporate governance committee. The composition and responsibilities
of each of the committees of the Company Board is described below. Members serve on these committees until their resignation or until
as otherwise determined by the Company Board.
Audit
Committee
Franco
Cassar, Ira Greenstein and Rachel Bitan serve as members of our Audit Committee. Under the Nasdaq rules and applicable SEC rules, all
the directors on the Audit Committee must be independent; our board of directors has determined that each of Franco Cassar, Ira Greenstein
and Rachel Bitan are independent under the Nasdaq rules and applicable SEC rules. Franco Cassar serves as the Chairman of the Audit Committee.
Each member of the Audit Committee is financially literate and our board of directors has determined that Franco Cassar qualifies as
an "audit committee financial expert" as defined in applicable SEC rules. the Company's Audit Committee is responsible
for, among other things:
●
selecting
    a qualified firm to serve as the independent registered public accounting firm to audit the Company's financial statements;
●
helping
    to ensure the independence and performance of the independent registered public accounting firm;
●
discussing
    the scope and results of the audit with the independent registered public accounting firm and reviewing, with management and the
    independent registered public accounting firm, the Company's interim and year-end financial statements;
●
developing
    procedures for employees to submit concerns anonymously about questionable accounting or audit matters;
●
reviewing
    and overseeing the Company's policies on risk assessment and risk management, including enterprise risk management;
●
reviewing
    the adequacy and effectiveness of internal control policies and procedures and the Company's disclosure controls and procedures;
    and
●
approving
    or, as required, pre-approving, all audit and all permissible non-audit services, other than de minimis non-audit services, to be
    performed by the independent registered public accounting firm.
The
Board has adopted a written charter for the Audit Committee which is available on the Company's website.
Remuneration
Committee
Franco
Cassar, Ira Greenstein and Rachel Bitan serve as members of our Remuneration Committee. Under the Nasdaq rules, we are required to have
a Remuneration Committee composed entirely of independent directors; our Board of Directors has determined that each of Franco Cassar,
Ira Greenstein and Rachel Bitan are independent. Rachel Bitan serves as Chairman of the Remuneration Committee. The Company's Remuneration
Committee is responsible for, among other things:
●
reviewing,
    approving and determining the compensation of the Company's officers and key employees;
50
●
reviewing,
    approving and determining compensation and benefits, including equity awards, to directors for service on the Company Board or any
    committee thereof;
●
administering
    the Company's equity compensation plans;
●
reviewing,
    approving and making recommendations to the Company Board regarding incentive compensation and equity compensation plans; and
●
establishing
    and reviewing general policies relating to compensation and benefits of the Company's employees.
The
Board adopted a written charter for the Remuneration Committee, which is available on its website.
Nominating
and Corporate Governance Committee
The
nominating and corporate governance committee is responsible for making recommendations to the Company's board of directors regarding
candidates for directorships and the size and composition of the Company's board of directors. In addition, the nominating and
corporate governance committee is responsible for overseeing the Company's corporate governance policies and reporting and making
recommendations to the Company's board of directors concerning governance matters.
The
initial members of the Company's nominating and corporate governance committee are James Lasry, Franco Cassar, Ira Greenstein and
Rachel Bitan, with James Lasry serving as the chair of the committee. Each of the members of the Company nominating and corporate governance
committee is an independent director as defined in the listings standards. Our board of directors adopted a written charter for the nominating
and corporate governance committee, which is available on our corporate website. The information on our website is not part of this Report.
Code
of Ethics
Following
the Business Combination, the Company posted its Code of Conduct and Ethics and intends to post any amendments to or any waivers from
a provision of its Code of Conduct and Ethics on its website, and also intends to disclose any amendments to or waivers of certain provisions
of its Code of Conduct and Ethics in a manner required by applicable rules or regulations of the SEC or securities exchange.
Compensation
Committee Interlocks and Insider Participation
None
of the Company's officers currently serves, and in the past year has not served, (i) as a member of the compensation committee
or the board of directors of another entity, one of whose officers served on the Company's compensation committee, or (ii) as a
member of the compensation committee of another entity, one of whose officers served on the Company Board.
Related
Person Policy of the Company
The
Company adopted a formal written policy that became effective upon the Business Combination that sets forth the following policies and
procedures for the review and approval or ratification of related person transactions.
A
"Related Person Transaction" is a transaction, arrangement or relationship in which the Company or any of its subsidiaries
was, is or will be a participant, the amount of which involved exceeds $120,000, and in which any related person had, has or will have
a direct or indirect material interest. A "Related Person" means:
●
any
    person who is, or at any time during the applicable period was, one of the Company's officers or one of the Company's
    directors;
51
●
any
    person who is known by the Company to be the beneficial owner of more than five percent (5%) of its voting stock;
●
any
    immediate family member of any of the foregoing persons, which means any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law,
    father-in-law, daughter-in-law, brother-in-law or sister-in-law of a director, officer or a beneficial owner of more than five percent
    (5%) of its voting stock, and any person (other than a tenant or employee) sharing the household of such director, officer or beneficial
    owner of more than five percent (5%) of its voting stock; and
●
any
    firm, corporation or other entity in which any of the foregoing persons is a partner or principal or in a similar position or in
    which such person has a ten percent (10%) or greater beneficial ownership interest.
It
is also anticipated that the Company will enact policies and procedures designed to minimize potential conflicts of interest arising
from any dealings it may have with its affiliates and to provide appropriate procedures for the disclosure of any real or potential conflicts
of interest that may exist from time to time. Specifically, pursuant to its charter, the Audit Committee will have the responsibility
to review related person transaction.
Family
Relationships
There
is no family relationship among any of our directors or executive officers.
Duties
of Directors
Under
Gibraltar law, our directors have a duty to act honestly, in good faith and bona fide with a view to our best interests. Our directors
also have a duty to exercise the care, diligence and skills that a reasonably diligent person would exercise in comparable circumstances.
In fulfilling their duty of care to us, our directors must ensure compliance with our Memorandum and Articles. We have the right to seek
damages if a duty owed by our directors is breached.
The
functions and powers of our Board of Directors include, among others:
●
appointing
    officers and determining the term of office of the officers;
●
authorizing
    the payment of donations to religious, charitable, public or other bodies, clubs, funds or associations as deemed advisable;
●
exercising
    the borrowing powers of the company and mortgaging the property of the company;
●
executing
    checks, promissory notes and other negotiable instruments on behalf of the company; and
●
maintaining
    or registering a register of mortgages, charges or other encumbrances of the company.
Terms
of Directors and Officers
There
is no Gibraltar law requirement that a director must hold office for a certain term and stand for re-election unless the resolutions
appointing the director impose a term on the appointment. The Memorandum and Articles provide that directors of the Company are generally
appointed for periods of three calendar years, save as provided below. At every annual general meeting of the Company, any director who
has at the start of the annual general meeting been in office for three calendar years or more since his last appointment or re-appointment
shall retire at that annual general meeting but he may offer himself for reappointment by the shareholders. We do not have any age limit
requirements relating to our director's term of office.
Our
Memorandum and Articles also provide that our directors may be removed by the directors or ordinary resolution or special resolution
of the shareholders, and that any vacancy on our Board of Directors, including a vacancy resulting from an enlargement of our Board of
Directors (which shall not exceed any maximum number stated therein), may be filled by ordinary resolution or by vote of a majority of
our directors then in office.
52
D.
Employees
As
of December 31, 2023, our subsidiaries had approximately 600 employees, located in 4 countries. None of our employees are represented
by labor unions. In general, we consider our employee relations to be good. Our international workforce naturally results in a diversity
of cultural, national and religious representation. We care about our people, and seek to promote their welfare, development and personal
growth. The Company is dedicated to creating incentive programs to encourage and reward innovation and dedication.
E.
Share Ownership
The
following table sets forth information with respect to the beneficial ownership, within the meaning of Rule 13d-3 under the Exchange
Act, of our Ordinary Shares as of the date of this annual report.
●
each
    of our directors and executive officers who beneficially own our Ordinary Shares; and
●
each
    person known to us to own beneficially more than 5.0% of our Ordinary Shares.
Beneficial
ownership includes voting or investment power with respect to the securities. Except as indicated below, and subject to applicable community
property laws, the persons named in the table have sole voting and investment power with respect to all Ordinary Shares shown as beneficially
owned by them. Percentage of beneficial ownership of each listed person is based on 26,879,202 Ordinary Shares outstanding as of the
date of this annual report.
Information
with respect to beneficial ownership has been furnished by each director, officer or beneficial owner of 5% or more of our Ordinary Shares.
Beneficial ownership is determined in accordance with the rules of the SEC and generally requires that such person have voting or investment
power with respect to securities. In computing the number of Ordinary Shares beneficially owned by a person listed below and the percentage
ownership of such person, Ordinary Shares underlying options, warrants or convertible securities held by each such person that are exercisable
or convertible within 60 days of the date of this annual report are deemed outstanding, but are not deemed outstanding for computing
the percentage ownership of any other person. Except as otherwise indicated in the footnotes to this table, or as required by applicable
community property laws, all persons listed have sole voting and investment power for all Ordinary Shares shown as beneficially owned
by them. As of the date of the annual report, we have 3 shareholders of record holding beneficial ownership of 5% or more, none of which
are located in the United States.
Unless
otherwise indicated, the business address of each of the individuals is Forafric Global PLC, Unit 5.3, Madison Building, Midtown, Queensway,
Gibraltar, GX11 1AA.
Name of Beneficial Owners
Number of Ordinary Share Beneficially Owned
Percentage of Outstanding Ordinary Share
5% Stockholders:
Lighthouse Settlement
(1)
19,250,483
71.62
%
Paul Packer
(2)
2,166,758
8.0
%
Executive Officers and Directors:
Saad Bendidi
-
-
Mustapha Jamaleddine
-
-
Julien Benitah
-
-
Franco Cassar
2,640
*
James Lasry
2,640
*
Ira Greenstein
2,640
*
Rachel Bitan
2,640
*
All directors and executive officers as a group (8 individuals)
13,200
0.05
%
53
(1)
Consists of 18,618,869 shares owned by Lighthouse Capital Limited and 631,614 shares owned by Lighthouse Settlement. Lighthouse Settlement
is the sole shareholder of Lighthouse Capital Limited. Lighthouse Settlement is a discretionary trust of which Yariv Elbaz and his family
are the named potential beneficiaries. Lighthouse Corporation PTC, as trustee of Lighthouse Settlement, may be deemed to be the beneficial
owner of the securities held by Lighthouse Settlement as trustee. Lighthouse Corporation PTC Limited is controlled by its three directors,
Michael Elbaz, Joseph Levy Cazes and Moses Nahon Cohen. Lighthouse Corporation PTC Limited, Michael Elbaz, Joseph Levy Cazes and Moses
Nahon Cohen each disclaim beneficial ownership over these securities except to the extent of their respective pecuniary interest therein.
(2)
Based solely upon, and qualified in its entirety with reference to, Schedule 13G filed with the SEC on February 14, 2024. Based on such
Schedule 13G, Mr. Paul Packer may be deemed to beneficially own 2,166,758 shares of the Company, individually and as managing member
of (a) Globis Capital Advisors, L.L.C, for itself and as the general partner of Globis Capital Partners, L.P., and (b) Globis Capital,
L.L.C. for itself and as the general partner of Globis Capital Management, L.P., the Investment Manager of Globis Capital Partners, L.P.
With respect to such shares, Mr. Packer has shared voting power and shared dispositive power.
*
Less
    than 1% of total outstanding Ordinary Shares on an as converted basis.
A.
Disclosure
    of a registrant's action to recover erroneously awarded compensation
Not
Applicable
Item
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders
Please
refer to "Item 6. Directors, Senior Management and Employees—E. Share Ownership."
B.
Related Party Transactions
Business
Combination
On
June 9, 2022 (the "Closing Date"), the Company consummated the transaction contemplated by the Business Combination Agreement,
which provides for the Business Combination between Globis and FAHL.
In
accordance with the Business Combination Agreement, the consummation of the following series of separate transactions took place: (i)
Globis formed a new holding company, Globis NV Merger Corp., a Nevada corporation ("
Globis Nevada
"), which
changed its jurisdiction of incorporation by transferring by way of a redomiciliation and domesticating as a Gibraltar private limited
company known as "Forafric Global Limited" (the "
Redomiciliation
") and, following the Redomiciliation,
altered its authorized and issued share capital and thereafter re-registering as a Gibraltar public company limited by shares and changed
its name to "Forafric Global PLC"; (ii) the Company formed a new wholly-owned subsidiary, Globis NV Merger 2 Corp., a Nevada
corporation ("
Merger Sub
"); (iii) Globis merged with and into Merger Sub, with Merger Sub surviving (the "
Merger
");
(iv) an agent was appointed to act on behalf of Globis stockholders such that, subject to and immediately following the completion of
the Merger, the agent entered into a contribution and subscription agreement with the Company (the "
Contribution Agreement
")
pursuant to which the issued and outstanding shares of common stock of Merger Sub issued pursuant to the Merger will be exchanged (the
"
Exchange
"), on a one-for-one basis, for ordinary shares, nominal value $0.001 per share, of the Company (the
"
Ordinary Shares
"); and (v) on June 9, 2022, the Company acquired 100% of the equity interests in FAHL from
Lighthouse Capital Limited ("
Seller
") and FAHL became a direct subsidiary of the Company.
As
a result of the Business Combination, the Seller received (i) 17,004,762 Ordinary Shares on the Closing Date, (ii) 1,550,000 Ordinary
shares pursuant to a subscription agreement dated 9 September 2022, and (iii) will be paid the principal sum of $8,000,000 together with
interest on the outstanding amount from the Closing Date up to the date of payment (computed on the basis of a 360-day year consisting
of twelve (12) months of thirty (30) days) accrued but unpaid thereon at the fixed per annum rate of 8%.
54
In
addition, on September 9, 2022, the Company entered into a Warrant Agreement (the "Warrant Agreement") with the Seller, pursuant
to which the Company agreed to issue 516,666 warrants to the Seller, each of which entitles the holder to purchase one ordinary share
of the Company, par value $0.001, at an exercise price of $11.50 per share in cash for a period of 5 years.
In
addition to the foregoing consideration, the Seller is entitled to receive, as additional consideration, and without any action on behalf
of the Company or the Company's shareholders, additional Ordinary Shares (the "Earnout Shares"), to be issued as follows
during the period from and after the Closing until the end of calendar year 2024 (A) 500,000 Earnout Shares, if, during calendar year
2022, Adjusted EBITDA (as defined in the Business Combination Agreement) of the Company is equal to or greater than $27 million, (B)
500,000 Earnout Shares, if, during calendar year 2023, Adjusted EBITDA of the Company is equal to or greater than $33 million, and (C)
1,000,000 Earnout Shares, if, during calendar year 2024, the Buyer Trading Price (as defined in the Business Combination Agreement) during
the standard market trading hours of a trading day is greater than or equal to $16.50 for any 20 trading days within any period of 30
consecutive trading days.
Related
Agreements
This
section describes the material provisions of certain additional agreements entered into pursuant to the Business Combination Agreement
(the "Related Agreements") but does not purport to describe all of the terms thereof. The following summary is qualified
in its entirety by reference to the complete text of each of the Related Agreements, and you are urged to read such Related Agreements
in their entirety.
PIPE
Financing
On
December 31, 2021, Globis entered into a Subscription Agreement (the "
PIPE Subscription Agreement
") with an
accredited investor (the "
PIPE Investor
"), pursuant to which the PIPE Investor purchased Ordinary Share of
the Company in a private placement following the Redomiciliation, Merger, and Exchange and prior to the closing of the Business Combination.
Pursuant to the PIPE Subscription Agreement, the PIPE Investor purchased, at a purchase price of $10.50 per share, a number of Ordinary
Shares (the "
PIPE Shares
") that was equal to lesser of (i) 4.99% of all issued and outstanding ordinary shares,
after taking into account the completion of the Business Combination and all ordinary shares issued pursuant to the FAHL Bonds (defined
below) and other related subscription agreements, if any, and (ii) 1,904,761 ordinary shares (the "
PIPE Investment
").
The closing of the PIPE Investment was contingent upon, among other things, the substantially concurrent consummation of the Business
Combination. On June 9, 2022, substantially concurrently with the Closing, the sale of the PIPE Shares was consummated, pursuant to which
the PIPE Investor purchased an aggregate of 1,320,195 Ordinary Shares of the Company for total gross proceeds to the Company of approximately
$14.0 million.
FAHL
Bonds
In
connection with the Business Combination, between December 31, 2021 and January 3, 2022, investors (each a "
Bond
Investor
") subscribed for convertible bonds of FAHL, as issuer, in an aggregate principal
amount of $11.5 million (the "
FAHL Bonds
") in a private placement,
issued pursuant to a Bond Subscription Deed (the "
Bond Subscription Deed
"), among FAHL, the Seller and
the Bond Investors. Unless earlier converted or redeemed in accordance with the terms of the FAHL Bonds, the FAHL Bonds were to mature
and be redeemed on June 15, 2026. Interest accrued on the FAHL Bonds at a rate of 6% per annum and the Bond Investors were entitled to
certain customary information rights. Pursuant to the current terms of the FAHL Bonds, upon consummation of the Business Combination,
the FAHL Bonds were novated to the Company and automatically convert into 1,248,426 Ordinary Shares of the Company (the "
Bond
Shares
") at a price per share of $9.45, which was a 10% discount to the PIPE Investment. The number of Ordinary Shares
was equal to the quotient that results from dividing the aggregate principal amount of the respective FAHL Bond plus accrued but unpaid
interest thereon by $9.45, subject to certain adjustments. The Bond Investors include affiliates Up and Up Capital, LLC and Globis SPAC
LLC, the sponsors of Globis, who subscribed for an aggregate principal amount of $9 million of the FAHL Bonds, which converted into 977,659
Ordinary Shares of the Company.
55
FAHL
Related Party Loans
As
previously disclosed, certain parties affiliated with FAHL held outstanding loans issued to FAHL (the "
FAHL Related Party Loans
"),
which, in the aggregate, equaled approximately $15.1 million as of the Closing of the Business Combination. The FAHL Related Party Loans
were interest-free loans with no maturity date.
Upon
consummation of the Business Combination, all FAHL Related Party Loans were paid off or novated to the Company and converted into
1,445,164
Ordinary Shares of the Company at a price of $10.50 per share (the "
Loan Shares
").
Lock-Up
Agreement
At
the Closing, Seller and the Sponsors executed and delivered to the Company the Lock-Up Agreement, pursuant to which, among other things,
the Seller and Sponsors will agree not to, subject to certain exceptions set forth in the Lock-Up Agreement, during the period commencing
from the Closing and through the date that is the earlier of: (i) 180 days following the Closing Date; (ii) the date on which the sales
price of the Ordinary Shares equals or exceeds $11.50 per share (as the same may be adjusted for share splits, share dividends, reorganizations,
recapitalizations, and the like) during the standard market trading hours for any 20 trading days within any 30-trading-day period commencing
after the Closing Date; and (iii) the date that Company consummates a liquidation, merger, stock exchange, or other similar transaction
that results in all of the holders of Ordinary Shares having the right to exchange their Ordinary Shares for cash, securities, or other
property (the "
Lock-Up Period
"): (i) sell, offer to sell, contract, or agree to sell, hypothecate, pledge, grant any
option to purchase, or otherwise transfer or dispose of or agree to transfer or dispose of, directly or indirectly, or establish or increase
a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act with
respect to, any portion of Ordinary Shares, or (ii) enter into any swap or other contract that transfers to another, in whole or in part,
any of the economic consequences of ownership of any of the Ordinary Shares, whether any such transaction is to be settled by delivery
of Ordinary Shares or such other equity securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction
specified in clause (i) or (ii). Any waiver by the Company of the provisions of the Lock-Up Agreement requires the approval of a committee
consisting of (a) Paul Packer and another individual designated by Paul Packer, and (b) two "independent" directors of the
Company as of after the Closing, who shall be agreed to by each of Globis and FAHL before the Closing.
Forward
Share Purchase Agreements
On
June 8, 2022, Globis and the
Forward Purchase Investors
entered into Forward Share Purchase Agreements pursuant to which, on the
three month anniversary of the date of the Closing, the Forward Purchase Investors may elect to sell and transfer to the Company, and
the Company will purchase, in the aggregate up to 1,500,000 Ordinary Shares, or the Forward Investor Shares, consisting of (i) Ordinary
Shares then held by the Forward Purchase Investors and/or (ii) any additional Ordinary Shares that the Forward Purchase Investors may
acquire prior to the closing of the Business Combination. The Company will acquire the Forward Investor Shares at a price of $10.80 per
share, or the
Forward Shares Purchase Price
On
September 9, 2022, the Company entered into three Buy Back Contracts with the Forward Purchase Investors: (i) a Buy Back Contract by
and among the Company, NOMIS BAY LTD and BPY LIMITED, pursuant to which the Company bought back up to 500,000 ordinary shares, par value
$0.001 per share; (ii) a Buy Back Contract by and between the Company and K2 PRINCIPAL FUND L.P., pursuant to which the Company bought
back 448,651 ordinary shares, par value $0.001 per share; and (iii) a Buy Back Contract by and between the Company and POLAR MULTI-STRATEGY
MASTER FUND, pursuant to which the Company bought back 231,071 ordinary shares, par value $0.001 per share (together "Buy Back
Contracts"). As a result of the Buy Back Contracts, 1,179,722 ordinary shares were bought by the company and cancelled in full
satisfaction of the Forward Purchase Agreements
.
56
FAHL
Related Person Transactions
Lease
agreement
In
2015, FAHL entered into a building lease agreement for the headquarters of Forafric Maroc, a wholly owned subsidiary, with a lease term
through 2024. The Seller owns 100% of the company that owns the building. Total rent is approximately $420,000 per year.
Exclusive
Supply Agreement
Pursuant
to Framework Contract for Delegation of Purchases and Terms of Application, between Forafric Maroc and Millcorp Geneve SA
("Millcorp"), a wholly owned subsidiary of the Seller, FAHL is obligated to obtain at least 80% of its annual
requirements of common wheat, durum wheat, or any other cereal, for the five year period which began on April 1, 2018 and ended on
March 31, 2023. The agreement was subsequently extended 3 years through March 31, 2026 as agreed upon by the parties. Millcorp is
currently providing 100% of the imported grain to FAHL. The purchases incurred were $147,284 million and $207,188 million, as of
December 31, 2023 and 2022, respectively.
Other
Related Party Transactions
As
a result of the Business Combination, the Seller will be paid the principal sum of $8,000,000 together with interest on the outstanding
amount from the Closing Date up to the date of payment (computed on the basis of a 360-day year consisting of twelve (12) months of thirty
(30) days) accrued but unpaid thereon at the fixed per annum rate of 8%.
The
Company's amounts due from related parties were $1.4 million and $2.4 million as of December 31, 2023, and 2022,
respectively.
The
Company's loans due to related parties were $1.5 million and $1.8 million as of December 31, 2023, and 2022, respectively
Statement
of Policy Regarding Transactions with Related Persons Following the Business Combination
The
Company adopted a formal written policy that will be effective upon the completion of the Business Combination providing that the Company's
officers, directors, nominees for election as directors, beneficial owners of more than 5% of any class of the Company's capital
stock, any member of the immediate family of any of the foregoing persons and any firm, corporation or other entity in which any of the
foregoing persons is employed or is a general partner or principal or in a similar position or in which such person has a 5% or greater
beneficial ownership interest, are not permitted to enter into a related party transaction with the Company without the approval of the
Company's audit committee, subject to certain exceptions.
See
"Item 6. Directors, Senior Management and Employees — C. Board Practices — Employment Agreements" and "Director
Compensation".
57
C.
Interests of Experts and Counsel
Not
applicable.
Item
8. FINANCIAL INFORMATION
A.
Consolidated Statements and Other Financial Information
We
have appended consolidated financial statements filed as part of this annual report.
Legal
Proceedings
From
time to time, we are subject to legal proceedings, investigations and claims incidental to the conduct of our business. We are not currently
a party to any legal proceeding or investigation which, in the opinion of our management, is likely to have a material adverse effect
on our business, financial condition or results of operations.
Dividend
Policy
The
Company did not declare any dividend in the past and the Board will consider whether or not to institute a divided policy in the future.
The payment of future dividends on the Ordinary Shares will depend on the financial condition of the Company after the completion of
the Business Combination subject to the discretion of the Board.
B.
Significant Changes
Except
as disclosed elsewhere in this annual report, we have not experienced any significant changes since the date of our audited consolidated
financial statements included in this annual report.
Item
9. THE OFFER AND LISTING
A.
Offering and Listing Details.
Our
Ordinary Shares and Warrants are currently listed on NASDAQ Global Market under the symbol "AFRI" and "AFRIW,"
respectively.
B.
Plan of Distribution
Not
applicable.
C.
Markets
Our
Ordinary Shares and Warrants are currently listed on NASDAQ Global Market under the symbol "AFRI" and "AFRIW,"
respectively.
D.
Selling Shareholders
Not
applicable.
E.
Dilution
Not
applicable.
F.
Expenses of the Issue
Not
applicable.
58
Item
10. ADDITIONAL INFORMATION
A.
Share Capital
Not
applicable.
B.
Memorandum and Articles of Association
The
following description of our share capital and provisions of our Memorandum and Articles of Association are summaries and do not purport
to be complete. Reference is made to our M&A, forms of which are filed as Exhibit 3.1 to this Annual Report.
We
were registered as a public company limited by shares in Gibraltar on May 26, 2022 pursuant to the Companies Act.
Authorized
and Outstanding Share Capital
See
"Exhibit 2.2 — Description of Securities" attached to this Form 20-F.
Ordinary
Shares
See
"Exhibit 2.2 — Description of Securities" attached to this Form 20-F.
Preferred
Shares
See
"Exhibit 2.2 — Description of Securities" attached to this Form 20-F.
Class
Z non-redeemable and non-convertible ordinary shares
See
"Exhibit 2.2 — Description of Securities" attached to this Form 20-F.
Redeemable
Warrants
See
"Exhibit 2.2 — Description of Securities" attached to this Form 20-F.
Director
meetings
Any
director may call a directors' meeting. The Company secretary must call a directors' meeting if a director so requests. The
quorum for directors' meetings shall be half of the number of directors appointed to the board from time to time, rounded up to
the nearest whole number. In the event that there is only one director, the quorum shall be one. Each director participating in a directors'
meeting has one vote. If a directors' meeting, or part of a directors' meeting, is concerned with an actual or proposed transaction
or arrangement with the Company in which a director is interested, that director is not to be counted as participating in that meeting,
or part of a meeting, for quorum or voting purposes. An interest of a person who is connected with a director shall be treated as an
interest of the director and, in relation to an alternate director, an interest of his appointor shall be treated as an interest of the
alternate director without prejudice to any interest which the alternate director has otherwise.
However,
a director who is interested in an actual or proposed transaction or arrangement with the Company is to be counted as participating in
a decision at a directors' meeting, or part of a directors' meeting, relating to it for quorum and voting purposes, when
(i) the Company by ordinary resolution disapplies the provision of the M&A which would otherwise prevent a director from being counted
as participating in, or voting at, a directors' meeting; (ii) the director's interest cannot reasonably be regarded as likely
to give rise to a conflict of interest; or (iii) the director's conflict of interest arises from a permitted cause as set forth
in the M&A.
At
every annual general meeting any director who has at the start of the annual general meeting been in office for three calendar years
or more since his last appointment or re-appointment shall retire at that annual general meeting, but he may offer himself for reappointment
by the members.
59
Shareholder
Meetings
The
Company will call annual general meetings pursuant to the provisions of the Memorandum and Articles of Association in accordance with
the Companies Act. The Board may call extraordinary general meetings whenever they see fit in accordance with the provisions of the Companies
Act and the Memorandum and Articles of Association. A general meeting of the Company, other than a meeting for the passing of a special
resolution, may be called by 7 days' prior written notice. A general meeting of the Company for the passing of a special resolution
may be called by giving at least 21 days' prior written notice and specifying in the notice the resolution that will be proposed
as a special resolution.
Subject
to the provisions of the Companies Act and the 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 may be between four and forty days prior
to the date of the meeting.
Appointment
of Directors, Election of Directors and Vacancies
Any
person who is willing to act as a director, is permitted by law to do so may be appointed to be a director of the Company by ordinary
resolution, or by a decision of the Board.
Directors
of the Company are generally appointed for periods of three calendar years, save as provided below. At every annual general meeting of
the Company, any director who has at the start of the annual general meeting been in office for three calendar years or more since his
last appointment or re-appointment shall retire at that annual general meeting but he may offer himself for reappointment by the shareholders.
If the Company does not fill the vacancy in the Board at the meeting at which a director retires by rotation or otherwise, the retiring
director shall, if willing to act, be deemed to have been re-appointed unless at the meeting it is resolved not to fill the vacancy or
unless a resolution for the re-appointment of the director is put to the meeting and lost. The appointment of any person proposed as
a director shall be effected by a separate resolution.
No
person other than a director retiring by rotation shall be appointed a director at any general meeting unless he is recommended by the
Board or, not less than three nor more than forty-two days before the date appointed for the general meeting, a notice executed by any
shareholder qualified to vote at the meeting (not being the person to be proposed) has been received by the Company of the intention
to propose that person for appointment stating the particulars of that nominee, together with confirmation in writing executed by that
person of his willingness to be appointed.
Save
as provided above, the Company may by ordinary resolution appoint a person who is willing to act to be a director either to fill a vacancy
or as an additional director and may also determine the rotation in which any additional directors are to retire. The appointment of
a person to fill a vacancy or as an additional director shall take effect from the end of the meeting. The Board may also appoint a person
who is willing to act to be a director, either to fill a vacancy or as an additional director and in either case whether or not for a
fixed term. Irrespective of the terms of his appointment, a director appointed by the Board shall hold office only until the next annual
general meeting and shall be taken into account in determining the directors who are to retire by rotation at the meeting. If not re-appointed
at such annual general meeting, he shall vacate office at its conclusion. A director who retires at an annual general meeting may, if
willing to act, be re-appointed. If he is not re-appointed, he shall retain office until the meeting appoints someone in his place, or
if it does not do so, until the end of the meeting.
Directors
of the Company are not required to hold any shares in the capital of the Company by way of qualification.
Subject
to the following paragraph, the Company may by ordinary resolution of which special notice has been given, or by special resolution,
remove from office a director appointed by ordinary resolution or by a decision of the directors, notwithstanding any provisions of the
articles of association or of any agreement between the Company and such director, but without prejudice to any claim the director may
make for damages for breach of such agreement. The Company may, by ordinary resolution, appoint another person to be a director in the
place of a director so removed from office. In default of such appointment the vacancy so arising may be filled by the Board as a casual
vacancy.
60
During
the first three calendar years commencing from the date of adoption of the articles of association of The Company, the company may only
by special resolution or extraordinary resolution, remove from office a director appointed by ordinary resolution or by a decision of
the directors, notwithstanding any provisions of the articles of association or of any agreement between The Company and such director,
but without prejudice to any claim such director may make for damages for breach of such agreement.
Quorum
The
Memorandum and Articles of Association provide that the holders of 33 1/3% of the issued and outstanding share capital of the Company
present in person or by proxy and entitled to vote on the business to be transacted, shall be a quorum.
Vote
Requirements
An
ordinary resolution of the shareholders (or of a class of shareholders) of the Company means a resolution that is passed by members representing
a simple majority (more than 50%) of the total voting rights of the shareholders or, as the case may be, of the class of shareholders.
An extraordinary resolution of the shareholders means a resolution that is passed by shareholders representing a majority of not less
than 75% of those shareholders at a general meeting of which notice specifying the terms of the resolution and the intention to propose
the resolution as an extraordinary resolution has been given.
Rights
of Non-Resident or Foreign Shareholders
There
are no limitations imposed by our memorandum and articles on the rights of non-resident or foreign shareholders to hold or exercise voting
rights on our shares. In addition, there are no provisions in our memorandum and articles governing the ownership threshold above which
shareholder ownership must be disclosed.
Changes
in Share Capital
The
Company may by ordinary resolution (i) increase its share capital by such sum to be divided into shares of such amount as the resolution
prescribes; (ii) consolidate and divide all or any of its share capital into shares of larger amount than its existing shares; (iii)
sub-divide its shares, or any of them, into shares of smaller amount than is fixed by the Company's memorandum of association and
the resolution may determine that, as between the shares resulting from the sub-division, any of them may have any preference or advantage
as compared with the others; and (iv) cancel shares which, at the date of the passing of the resolution, have not been taken or agreed
to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled. The Company may by special
resolution reduce its share capital, capital redemption reserve and share premium account in any way.
Anti-Takeover
Measures; Regulation of Takeovers of Gibraltar Companies
Companies
(Cross-Border Mergers) Regulations 2010
The
Company is incorporated in Gibraltar and it is governed by Gibraltar legislation which regulates the takeover of Gibraltar registered
companies. The Companies (Cross-Border Mergers) Regulations 2010, or the Regulations, transpose Directive 2005/56/EC of the European
Parliament and of the Council of 26 October 2005 on cross border mergers of limited liability companies into the law of Gibraltar. This
EC Directive has been incorporated into the laws of other EC member states, including in the United Kingdom by the Companies (Cross-Border
Mergers) Regulations 2007. The Regulations in force in Gibraltar, or the Regulations, in effect, are broadly similar but not identical
to those in place in the United Kingdom. These Regulations are designed to facilitate cross-border mergers of limited liability companies
registered in European Member States and to thereby allow for cross-border merger of a national limited liability company of one Member
State with a limited liability company of another Member State. Under the Regulations, a Gibraltar merging company has to make an application
to the court to obtain a pre-merger certificate prior to any merger taking place ("Pre-Merger Certificate"). In order to
obtain such a certificate, the Gibraltar company must provide the court, inter alia, with the following:
●
draft
    terms of the proposed merger (indicating, inter alia, details for the companies involved, share exchange ratios, effects of the merger
    on employees, rights or restrictions on shares, articles of association, employee participation rights, assets and liabilities transferred
    and account dates) (the "Draft Terms"). The Draft Terms must be approved by 75% of the members of the company;
61
●
a
    directors' report (indicating, inter alia, the effects of a cross-border merger for members, creditors and employees, legal
    and economic grounds for the Draft Terms and any material interests of the directors). The report must be delivered to the employees
    of the company; and
●
an
    independent expert's report (indicating, inter alia, details of share exchange ratios and valuation difficulties). Employees
    of the Gibraltar company must be able to inspect and make copies of these documents.
The
courts of Gibraltar may make an order approving the completion of a cross-border merger on the joint application of all the merging companies
if:
●
an
    order for a Pre-Merger Certificate (either granted by the courts in Gibraltar or another competent authority in another member state)
    has been made within 6 months;
●
the
    Draft Terms presented for acquiring the Pre-Merger Certificate have not been amended; and
●
there
    are appropriate arrangements for employee participation in the transferee company in accordance with part 4 of the Regulations. Such
    an order will specify the date on which the consequences of the cross-border merger are to have effect. A copy of this order must
    be provided to the Registrar of Companies of Gibraltar within 7 days of the order if this has been made in Gibraltar or within 14
    days if this has been made in another Member State.
The
Companies (Cross-Border Mergers) Regulations 2010 only apply to mergers between companies in different European Member States. More commonly,
takeovers of a Gibraltar registered company can also take place via a scheme of arrangement pursuant to the Companies Act.
The
Gibraltar Companies Act 2014
The
takeover of a Gibraltar registered company can take place via a scheme of arrangement under the Companies Act. The relevant sections
of the Companies Act provide, inter alia, that an application must be made to court in order to convene a meeting of members of such
company where such an arrangement can be proposed between a company and its members. Draft terms of the merger as well as other reports
and accounting statements would need to be prepared, filed with the Companies Registrar and published prior to such a meeting being convened.
At such meeting, at least 75% of the members present in person or by proxy must approve the arrangement in order for a court to thereafter
be able to sanction the same. If sanctioned, the court may also order the transfer of undertaking, property and/or liabilities of the
transferor company in accordance with the terms of the scheme.
In
addition to the above, another mechanism exists under s.208 of the Gibraltar Companies Act 1930 and s.352(A) of the Companies Act (commonly
referred to as the "Squeeze Out provisions") which provides for the situation where a bidder proposes a scheme or contract
to take over the shares of a Gibraltar registered company and certain shareholders do not consent to the proposal. If within four months
from making such a proposal more than 90% of shareholders of a target company agree to the terms of such a scheme or contract, then the
bidding company may within two months after the expiration of said four months give notice to the dissenting members of the target company
that it will acquire the shares and certain shareholders do not consent to the proposal on the same terms of the scheme or contract.
A Gibraltar scheme of arrangement, therefore, eliminates the risk that a minority of less than 10% of the target company's shareholders
may resist the transfer of their shares to the bidder. It should be noted, however, that such a scheme can be subject to the sanction
of the court as any dissenting members may apply to court for an order seeking relief from such a scheme or contract.
62
Financial
Services Act 2019 – Part 20 Acquisitions
Part
20 of the Financial Services Act 2019 applies to takeover bids for the securities of companies governed by the law of Gibraltar, where
all or some of those securities are admitted to trading on a regulated market in Gibraltar. However, Gibraltar does not, as yet, have
a regulated market. The Gibraltar Financial Services Commission is designated as the competent authority for the purposes of Part 20.
Part 20 contains provisions on the conduct of bids, squeeze outs and sell outs, and applicable offences.
C.
Material Contracts
We
have not entered into any material contracts other than in the ordinary course of business and other than those described in "Item
7. Major Shareholders and Related Party Transactions – B. Related Party Transactions" or elsewhere in this annual report.
D.
Exchange Controls
There
are currently no currency control restrictions on remittances of dividends on Ordinary Shares, proceeds from the sale of the shares or
interest or other payments to non-residents of Gibraltar.
E.
Taxation
CERTAIN
MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS
The
following is an analysis of the material U.S. federal income tax consequences of the ownership and disposition of the Company Ordinary
Shares and the Company Warrants. This analysis applies only to the Ordinary Shares and the Company Warrants, as the case may be, that
are held as "capital assets" within the meaning of Section 1221 of the U.S. Internal Revenue Code of 1986, as amended (the
"
Code
") (generally, property held for investment).
The
following does not purport to be a complete analysis of all potential tax effects arising in connection with the ownership and disposition
of the Company Ordinary Shares and the Company Warrants. The effects of other U.S. federal tax laws, such as estate and gift tax laws,
and any applicable state, local, or non-U.S. tax laws are not analyzed. This analysis is based on the Code, Treasury regulations promulgated
thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S. Internal Revenue Service (the "
IRS
"),
in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change
or differing interpretation may be applied retroactively in a manner that could adversely affect the tax consequences analyzed below.
The Company has not sought and will not seek any rulings from the IRS regarding the matters analyzed below. There can be no assurance
the IRS will not take, or a court will not sustain, a contrary position regarding the tax consequences analyzed below.
This
analysis does not address all U.S. federal income tax consequences relevant to a holder's particular circumstances, including the
impact of the Medicare contribution tax on net investment income and the alternative minimum tax. In addition, it does not address consequences
relevant to holders subject to special rules, including, without limitation:
●
banks,
    insurance companies, and certain other financial institutions;
●
regulated
    investment companies and real estate investment trusts;
●
brokers,
    dealers, or traders in securities;
●
traders
    in securities that elect to mark to market;
●
tax-exempt
    organizations or governmental organizations;
●
U.S.
    expatriates and former citizens or long-term residents of the U.S.;
63
●
persons
    holding the Company Ordinary Shares and/or the Company Warrants, as the case may be, as part of a hedge, straddle, constructive sale,
    or other risk reduction strategy or as part of a conversion transaction or other integrated or similar transaction;
●
persons
    subject to special tax accounting rules as a result of any item of gross income with respect to the Company Ordinary Shares and/or
    the Company Warrants, as the case may be, being taken into account in an applicable financial statement;
●
persons
    that actually or constructively own 5% or more (by vote or value) of the outstanding Ordinary Shares;
●
founders,
    sponsors, officers or directors of the Company or holders of private placement warrants;
●
"controlled
    foreign corporations," "passive foreign investment companies," and corporations that accumulate earnings to avoid
    U.S. federal income tax (and their shareholders);
●
S
    corporations, partnerships, or other entities or arrangements treated as partnerships or other flow-through entities for U.S. federal
    income tax purposes (and investors therein);
●
U.S.
    Holders having a functional currency other than the U.S. dollar;
●
persons
    who hold or received the Company Ordinary Shares and/or the Company Warrants, as the case may be, pursuant to the exercise of any
    employee stock option or otherwise as compensation; and
●
tax-qualified
    retirement plans.
In
addition, this analysis does not address any tax consequences to investors that directly or indirectly held equity interests in FAHL
prior to the Business Combination, including holders of the Company Ordinary Shares and/or the Company Warrants that also held, directly
or indirectly, equity interests in FAHL.
If
an entity or arrangement treated as a partnership for U.S. federal income tax purposes held or holds the Company Ordinary Shares and/or
the Company Warrants, the tax treatment of an owner of such entity will depend on the status of the owner or participant in the arrangement,
the activities of the entity or arrangement, and certain determinations made at the owner or participant level. Accordingly, entities
or arrangements treated as partnerships for U.S. federal income tax purposes and the partners in such partnerships should consult their
tax advisors regarding the U.S. federal income tax consequences to them.
For
purposes of this analysis, a "
U.S. Holder
" is any beneficial owner of shares of Globis securities, the Company Ordinary
Shares and/or the Company Warrants, as the case may be, that is for U.S. federal income tax purposes:
●
an
    individual who is a citizen or resident of the U.S.;
●
a
    corporation (or other entity taxable as a corporation) created or organized in, or under the laws of, the U.S., any state thereof,
    or the District of Columbia;
●
an
    estate, the income of which is subject to U.S. federal income tax regardless of its source; or
●
a
    trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more "United States persons"
    (within the meaning of Section 7701(a)(30) of the Code) or (2) has a valid election in effect to be treated as a United States person
    for U.S. federal income tax purposes.
THE
U.S. FEDERAL INCOME TAX TREATMENT OF THE BUSINESS COMBINATION AND THE U.S. FEDERAL INCOME TAX TREATMENT TO HOLDERS OF
Globis
UNITS OR
Globis
SECURITIES DEPEND IN SOME INSTANCES ON DETERMINATIONS OF FACT AND
INTERPRETATIONS OF COMPLEX PROVISIONS OF U.S. FEDERAL INCOME TAX LAW FOR WHICH NO CLEAR PRECEDENT OR AUTHORITY MAY BE AVAILABLE. IN ADDITION,
THE U.S. FEDERAL INCOME TAX TREATMENT OF THE BUSINESS COMBINATION, THE EXERCISE OF REDEMPTION RIGHTS WITH RESPECT TO
Globis
COMMON STOCK, AND THE OWNERSHIP AND DISPOSITION OF THE COMPANY ORDINARY SHARES AND/OR THE COMPANY WARRANTS TO ANY PARTICULAR HOLDER
WILL DEPEND ON THE HOLDER'S PARTICULAR TAX CIRCUMSTANCES. YOU ARE URGED TO CONSULT YOUR TAX ADVISOR REGARDING THE U.S. FEDERAL,
STATE, LOCAL, AND NON-U.S. INCOME AND OTHER TAX CONSEQUENCES TO YOU, IN LIGHT OF YOUR PARTICULAR INVESTMENT OR TAX CIRCUMSTANCES, OF
THE BUSINESS COMBINATION, THE EXERCISE OF YOUR REDEMPTION RIGHTS WITH RESPECT TO
Globis
COMMON STOCK, AND THE OWNERSHIP AND DISPOSITION OF THE COMPANY ORDINARY SHARES AND/OR THE COMPANY WARRANTS.
64
U.S.
Federal Income Tax Treatment of The Company
Tax
Residence of The Company for U.S. Federal Income Tax Purposes.
Although
the Company is incorporated and tax resident in Gibraltar, following the closing of the Business Combination the IRS may assert that
it should be treated as a U.S. corporation for U.S. federal income tax purposes pursuant to Section 7874 of the Code. For U.S. federal
income tax purposes, a corporation is generally considered a U.S. "domestic" corporation if it is created or organized in
or under the laws of the U.S., any state thereof, or the District of Columbia. Because the Company is not so created or organized (but
is instead incorporated only in Gibraltar), it would generally be classified as a foreign corporation (that is, a corporation other than
a U.S. "domestic" corporation) under these rules. Section 7874 of the Code provides an exception under which a corporation
created or organized only under foreign law may, in certain circumstances, be treated as a U.S. corporation for U.S. federal income tax
purposes. The Section 7874 rules are complex and require analysis of all relevant facts, and there is limited guidance and significant
uncertainties as to their application.
Under
Code Section 7874, a corporation created or organized outside the U.S. (i.e., a foreign corporation) will nevertheless be treated as
a U.S. corporation for U.S. federal income tax purposes when (i) the foreign corporation directly or indirectly acquires substantially
all of the assets held directly or indirectly by a U.S. corporation (including the indirect acquisition of assets of the U.S. corporation
by acquiring the outstanding shares of the U.S. corporation), (ii) the shareholders of the acquired U.S. corporation hold, by vote or
value, at least 80% of the shares of the foreign acquiring corporation after the acquisition by reason of holding shares in the U.S.
acquired corporation (the "Section 7874 Percentage"), and (iii) the foreign corporation's "expanded affiliated
group" does not have substantial business activities in the foreign corporation's country of creation or organization relative
to such expanded affiliated group's worldwide activities (the "Substantial Business Activities Exception"). In order
to satisfy the Substantial Business Activities Exception, at least 25% of the employees (by headcount and compensation), real and tangible
assets, and gross income of the foreign acquiring corporation's "expanded affiliated group" must be based, incurred,
located, and derived, respectively, in the country in which the foreign acquiring corporation is created or organized. The Section 7874
Regulations further provide for a number of special rules that aggregate multiple acquisitions of U.S. corporations for purposes of Code
Section 7874 that are made as part of a plan or made over a 36-month period, making it more likely that Code Section 7874 will apply
to a foreign acquiring corporation.
The
Company acquired substantially all of the assets of Globis through the Business Combination. As a result, Section 7874 of the Code may
apply to cause the Company to be treated as a U.S. corporation for U.S. federal income tax purposes following the Business Combination
depending on whether the Section 7874 Percentage equals or exceeds 80%, subject to the applicability of the Substantial Business Activities
Exception.
Based
upon the terms of the Business Combination, the rules for determining share ownership under Code Section 7874 and the Section 7874 Regulations,
and certain factual assumptions, the Section 7874 Percentage of Globis stockholders in the Company should be less than 80% after the
Business Combination. Accordingly, the Company is not expected to be treated as a U.S. corporation for U.S. federal income tax purposes
under Section 7874 of the Code. The calculation of the Section 7874 Percentage is complex, is subject to detailed regulations (the application
of which is uncertain in various respects and could be impacted by changes in U.S. tax laws and regulations with possible retroactive
effect), and is subject to certain factual uncertainties. Moreover, former holders of Globis Common Stock may be deemed to own an amount
of the Company Ordinary Shares in respect to certain redemptions by former holders of Globis Common Stock prior to the Business Combination
for purposes of determining the ownership percentage of former holders of Globis Common Stock under Section 7874 of the Code. Accordingly,
there can be no assurance that the IRS will not challenge the status of the Company as a foreign corporation under Code Section 7874
or that such challenge would not be sustained by a court.
65
If
the IRS were to successfully challenge under Code Section 7874 the Company's status as a foreign corporation for U.S. federal income
tax purposes, the Company and certain the Company shareholders could be subject to significant adverse tax consequences, including a
higher effective corporate income tax rate on the Company and future withholding taxes on certain the Company shareholders. In particular,
holders of the Company Ordinary Shares and/or the Company Warrants would be treated as holders of stock and warrants of a U.S. corporation.
However,
even if the Section 7874 Percentage were such that the Company were still respected as a foreign corporation under Code Section 7874,
the Company may be limited in using its equity to engage in future acquisitions of U.S. corporations over the 36-month period following
the Business Combination. If the Company were to be treated as acquiring substantially all of the assets of a U.S. corporation within
the 36-month period after the Business Combination, the Section 7874 Regulations would exclude certain shares of the Company attributable
to the Business Combination for purposes of determining the Section 7874 Percentage of that subsequent acquisition, making it more likely
that Code Section 7874 would apply to such subsequent acquisition.
The
remainder of this analysis assumes that the Company will not be treated as a U.S. corporation for U.S. federal income tax purposes under
Section 7874 of the Code.
Utilization
of Globis' Tax Attributes and Certain Other Adverse Tax Consequences to The Company and The Company's Shareholders.
Following
the acquisition of a U.S. corporation by a foreign corporation, Code Section 7874 can limit the ability of the acquired U.S. corporation
and its U.S. affiliates to use U.S. tax attributes (including net operating losses and certain tax credits) to offset U.S. taxable income
resulting from certain transactions, as well as result in certain other adverse tax consequences, even if the acquiring foreign corporation
is respected as a foreign corporation for purposes of Code Section 7874. Specifically, Code Section 7874 can apply in this manner if
(i) the foreign corporation acquires, directly or indirectly, substantially all of the properties held directly or indirectly by a U.S.
corporation, (ii) after the acquisition, the former shareholders of the acquired U.S. corporation hold at least 60% (by either vote or
value) but less than 80% (by vote and value) of the shares of the foreign acquiring corporation by reason of holding shares in the acquired
U.S. corporation, and (iii) the foreign corporation's "expanded affiliated group" does not meet the Substantial Business
Activities Exception.
Based
upon the terms of the Business Combination, the rules for determining share ownership under Section 7874 of the Code and the Section
7874 Regulations, and certain factual assumptions, the Section 7874 Percentage should be less than 60% after the Business Combination.
Accordingly, the limitations and other rules described above are not expected to apply to the Company or Globis after the Business Combination.
If
the Section 7874 Percentage applicable to the Business Combination were at least 60% but less than 80%, the Company and certain of the
Company's shareholders may be subject to adverse tax consequences including, but not limited to, restrictions on the use of tax
attributes with respect to "inversion gain" recognized over a 10-year period following the transaction, disqualification
of dividends paid from preferential "qualified dividend income" rates, and the requirement that any U.S. corporation owned
by the Company include as "base erosion payments" that may be subject to a minimum U.S. federal income tax any amounts treated
as reductions in gross income paid to certain related foreign persons. Furthermore, certain "disqualified individuals" (including
officers and directors of a U.S. corporation) may be subject to an excise tax on certain stock-based compensation at a rate of 20%. However,
as a blank check company whose assets are primarily comprised of cash and cash equivalents, it is not expected that Globis will have
a significant amount of inversion gain as a result of the Business Combination.
The
determination that the Section 7874 Percentage should be less than 60% after the Business Combination is subject to detailed regulations
(the application of which is uncertain in various respects and would be impacted by future changes in tax laws and regulations, with
possible retroactive effect) and is subject to certain factual uncertainties. There can be no assurance that the IRS will not challenge
whether the Company is subject to the above rules or that such a challenge would not be sustained by a court. If the IRS successfully
applied these rules to the Company, significant adverse tax consequences could result for the Company and for certain the Company shareholders,
including a higher effective corporate tax rate on the Company U.S. Holders.
66
U.S.
Federal Income Tax Consequences of the Ownership and Disposition of The Company Ordinary Shares and The Company Warrants to U.S. Holders.
Distributions
on The Company Ordinary Shares
Subject
to the analysis below under "—
Passive Foreign Investment Company Rules
," if the Company makes distributions
of cash or property on the Company Ordinary Shares, such distributions will be treated first as a dividend to the extent of the Company's
current and accumulated earnings and profits (as determined for U.S. federal income tax purposes), and then as a tax-free return of capital
to the extent of the U.S. Holder's tax basis, with any excess treated as gain from the sale or exchange of the shares. The amount
of any such distribution will include any amounts withheld by the Company (or another applicable withholding agent). If the Company does
not provide calculations of its earnings and profits under U.S. federal income tax principles, a U.S. Holder should expect all cash distributions
to be reported as dividends for U.S. federal income tax purposes. Any dividend will not be eligible for the dividends received deduction
allowed to corporations in respect of dividends received from U.S. corporations.
Subject
to the analysis above under "—
Utilization of Globis' Tax Attributes and Certain Other Adverse Tax Consequences
to
the Company
and
the Company's
Shareholders
" and below under "—
Passive Foreign Investment
Company Rules
," dividends received by certain non-corporate U.S. Holders (including individuals) may be "qualified dividend
income," which is taxed at the lower applicable capital gains rate, provided that:
●
either
    (a) the shares are readily tradable on an established securities market in the U.S. or (b) the Company is eligible for the benefits
    of a qualifying income tax treaty with the U.S. that includes an exchange of information program;
●
the
    Company is neither a PFIC (as analyzed below under below under "—
Passive Foreign Investment Company Rules
")
    nor treated as such with respect to the U.S. Holder for the Company's taxable year in which the dividend is paid or the preceding
    taxable year;
●
the
    U.S. Holder satisfies certain holding period requirements;
●
the
    U.S. Holder is not under an obligation to make related payments with respect to positions in substantially similar or related property;
    and
●
the
    taxpayer does not take the dividends into account as investment income under Code Section 163(d)(4)(B).
There
is no comprehensive income tax treaty between the U.S. and Gibraltar, thus the Company will not be eligible for benefits of an applicable
comprehensive income tax treaty. In addition, there can be no assurance that the Company Ordinary Shares will be considered "readily
tradable" on an established securities market in accordance with applicable legal authorities. Furthermore, the Company will not
constitute a qualified foreign corporation for purposes of these rules if it is a PFIC for the taxable year in which it pays a dividend
or for the preceding taxable year. See "—
Passive Foreign Investment Company Rules.
" U.S. Holders should consult
their tax advisors regarding the availability of the lower rate for dividends paid with respect to the Company Ordinary Shares.
The
amount of any dividend distribution paid in foreign currency will be the U.S. dollar amount calculated by reference to the applicable
exchange rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S.
dollars at that time. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date
of receipt.
Subject
to certain exceptions, dividends on the Company Ordinary Shares will constitute foreign source income for foreign tax credit limitation
purposes. If the dividends are qualified dividend income (as analyzed above), the amount of the dividend taken into account for purposes
of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by a fraction, the numerator
of which is the reduced rate applicable to qualified dividend income and the denominator of which is the highest rate of tax normally
applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes
of income. For this purpose, dividends distributed by the Company with respect to the Company Ordinary Shares generally will constitute
"passive category income" but could, in the case of certain U.S. Holders, constitute "general category income."
The rules governing foreign tax credits are complex and U.S. Holders are urged to consult their tax advisors regarding the creditability
of foreign taxes in their particular circumstances. In lieu of claiming a foreign tax credit, a U.S. Holder may, in certain circumstances,
deduct foreign taxes in computing the holder's taxable income, subject to generally applicable limitations under U.S. law. Generally,
an election to deduct foreign taxes instead of claiming foreign tax credits applies to all foreign taxes paid or accrued in the taxable
year.
67
Sale,
Exchange, Redemption or Other Taxable Disposition of The Company Ordinary Shares and The Company Warrants
Subject
to the analysis below under "—
Passive Foreign Investment Company Rules
," a U.S. Holder generally will recognize
gain or loss on any sale, exchange, redemption or other taxable disposition of the Company Ordinary Shares or the Company Warrants in
an amount equal to the difference between (i) the amount realized on the disposition and (ii) such U.S. Holder's adjusted tax basis
in such shares and/or warrants. Any gain or loss recognized by a U.S. Holder on a taxable disposition of the Company Ordinary Shares
or the Company Warrants generally will be capital gain or loss. A non-corporate U.S. Holder, including an individual, who has held the
Company Ordinary Shares and/or the Company Warrants for more than one year generally will be eligible for reduced tax rates for such
long-term capital gains. The deductibility of capital losses is subject to limitations.
Any
such gain or loss recognized generally will be treated as U.S. source income or loss. Accordingly, in the event any Gibraltar tax (including
withholding tax) is imposed upon such sale or other disposition, a U.S. Holder may not be able to utilize foreign tax credits unless
such holder has foreign source income or gain in the same category from other sources. U.S. Holders are urged to consult their tax advisor
regarding the ability to claim a foreign tax credit.
Exercise,
Lapse, or Redemption of a The Company Warrant
Subject
to the PFIC rules discussed below, a U.S. Holder generally will not recognize gain or loss upon the acquisition of a Company Ordinary
Share on the exercise of a Company Warrant for cash. A U.S. Holder's tax basis in a Company Ordinary Shares received upon exercise
of the Company Warrant generally should be an amount equal to the sum of the U.S. Holder's tax basis in the Globis Warrant exchanged
therefor (assuming the Business Combination is not a taxable transaction, as discussed above) and the exercise price. The U.S. Holder's
holding period for a Company Ordinary Share received upon exercise of the Company Warrant will begin on the date following the date of
exercise (or possibly the date of exercise) of the Company Warrant and will not include the period during which the U.S. Holder held
the Company Warrant. If a Company Warrant is allowed to lapse unexercised, a U.S. Holder generally will recognize a capital loss equal
to such holder's tax basis in the Company Warrant.
The
tax consequences of a cashless exercise of a Company Warrant are not clear under current tax law. Subject to the PFIC rules discussed
below, a cashless exercise may be tax-deferred, either because the exercise is not a gain realization event or because the exercise is
treated as a recapitalization for U.S. federal income tax purposes. In either tax-deferred situation, a U.S. Holder's basis in
The Company Ordinary Shares received generally would equal the U.S. Holder's basis in The Company Warrants exercised therefor.
If the cashless exercise is not treated as a gain realization event, a U.S. Holder's holding period in The Company Ordinary Shares
would be treated as commencing on the date following the date of exercise (or possibly the date of exercise) of The Company Warrants
and will not include the period during which the U.S. Holder held The Company Warrants. If the cashless exercise were treated as a recapitalization,
the holding period of The Company Ordinary Shares would include the holding period of The Company Warrants exercised therefor.
It
is also possible that a cashless exercise of a Company Warrant could be treated in part as a taxable exchange in which gain or loss would
be recognized in the manner set forth above under "—
Sale, Exchange, Redemption or Other Taxable Disposition of The Company
Ordinary Shares and The Company Warrants
." In such event, a U.S. Holder could be deemed to have surrendered warrants equal
to the number of the Company Ordinary Shares having an aggregate fair market value equal to the exercise price for the total number of
warrants to be exercised. Subject to the PFIC rules discussed below, the U.S. Holder would recognize capital gain or loss with respect
to the Company Warrants deemed surrendered in an amount generally equal to the difference between (i) the fair market value of the Company
Ordinary Shares that would have been received in a regular exercise of the Company Warrants deemed surrendered, net of the aggregate
exercise price of such the Company Warrants and (ii) the U.S. Holder's tax basis in such the Company Warrants. In this case, a
U.S. Holder's aggregate tax basis in the Company Ordinary Shares received would equal the sum of (i) U.S. Holder's tax basis
in the Company Warrants deemed exercised and (ii) the aggregate exercise price of such the Company Warrants. A U.S. Holder's holding
period for the Company Ordinary Shares received in such case generally would commence on the date following the date of exercise (or
possibly the date of exercise) of the Company Warrants and will not include the period during which the U.S. Holder held the Company
Warrants.
68
Due
to the absence of authority on the U.S. federal income tax treatment of a cashless exercise of warrants, including when a U.S. Holder's
holding period would commence with respect to the Company Ordinary Share received, there can be no assurance regarding which, if any,
of the alternative tax consequences and holding periods described above would be adopted by the IRS or a court of law. Accordingly, U.S.
Holders should consult their tax advisors regarding the tax consequences of a cashless exercise of the Company Warrants.
Subject
to the PFIC rules described below, if the Company redeems the Company Warrants for cash pursuant to the redemption provisions described
in the section of this registration statement entitled "
— Exercise, Lapse, or Redemption of a The Company Warrant
"
or if the Company purchases the Company Warrants in an open market transaction, such redemption or purchase generally will be treated
as a taxable disposition to the U.S. Holder, taxed as described above under "—
Sale, Exchange, Redemption or Other Taxable
Disposition of the Company Ordinary Shares and the Company Warrants
."
Possible
Constructive Distributions
The
terms of each the Company Warrant provide for an adjustment to the number of the Company Ordinary Shares for which the Company Warrant
may be exercised or to the exercise price of the Company Warrant in certain events. An adjustment which has the effect of preventing
dilution generally is not taxable. A U.S. Holder of a Company Warrant would, however, be treated as receiving a constructive distribution
from the Company if, for example, the adjustment increases the holder's proportionate interest in the Company's assets or
earnings and profits (for instance, through an increase in the number of the Company Ordinary Shares that would be obtained upon exercise
of such warrant) as a result of a distribution of cash or other property such as other securities to the holders of the Company Ordinary
Shares which is taxable to the U.S. Holders of such shares as described under "—
Distributions on The Company Ordinary
Shares
" above. Such constructive distribution would be subject to tax as described under that section in the same manner as
if the U.S. Holder of such The Company Warrant received a cash distribution from the Company equal to the fair market value of such increase
in interest.
Passive
Foreign Investment Company Rules
The
treatment of U.S. Holders of the Company Ordinary Shares and the Company Warrants could be materially different from that described above,
if the Company is treated as a "passive foreign investment company," or PFIC, for U.S. federal income tax purposes. An entity
treated as a foreign corporation for U.S. federal income tax purposes generally will be a PFIC for U.S. federal income tax purposes for
any taxable year if either:
●
at
    least 75% of its gross income for such year is passive income (such as interest, dividends, rents and royalties (other than rents
    or royalties derived from the active conduct of a trade or business) and gains from the disposition of assets giving rise to passive
    income); or
●
at
    least 50% of the value of its assets (based on an average of the quarterly values of the assets) during such year is attributable
    to assets that produce passive income or are held for the production of passive income.
For
this purpose, the Company will be treated as owning its proportionate share of the assets and earning its proportionate share of the
income of any other entity treated as a corporation for U.S. federal income tax purposes in which the Company own, directly or indirectly,
25% or more (by value) of the stock.
69
Based
on the current and anticipated composition of the income, assets and operations of the Company and its subsidiaries, the Company does
not believe it is a PFIC for U.S. federal income tax purposes for its current taxable year, which includes the Business Combination,
and does not expect to become one for U.S. federal income tax purposes in the near future.
Nevertheless,
whether the Company is treated as a PFIC is determined on an annual basis. The determination of whether a non-U.S. corporation is a PFIC
is a factual determination that depends on, among other things, the composition of the Company's income and assets, and the market
value of its shares and assets, including the composition of income and assets and the market value of shares and assets of its subsidiaries,
from time to time, and thus the determination can only be made annually after the close of each taxable year. Thus, no assurance can
be given as to whether the Company will be a PFIC in 20232023 or for any future taxable year. 2023
Under
the PFIC rules, if the Company were considered a PFIC at any time that a U.S. Holder owns the Company Ordinary Shares or the Company
Warrants, the Company would generally continue to be treated as a PFIC with respect to such holder in a particular year unless (i) the
Company has ceased to be a PFIC and (ii) (a) the U.S. Holder has made a valid "QEF election" (as described below) for the
first taxable year in which the holder owned such holder's the Company Ordinary Shares in which the Company was a PFIC, (b) a valid
mark-to-market election (as described below) is in effect for the particular year, or (c) the U.S. Holder has made a "deemed sale"
election under the PFIC rules. If such a "deemed sale" election is made, a U.S. Holder will be deemed to have sold its the
Company Ordinary Shares at their fair market value on the last day of the last taxable year in which the Company is classified as a PFIC,
and any gain from such deemed sale would be subject to the consequences described below. After the "deemed sale" election,
the Company Ordinary Shares with respect to which the "deemed sale" election was made will not be treated as shares in a
PFIC unless the Company subsequently becomes a PFIC.
For
each taxable year that the Company is treated as a PFIC with respect to a U.S. Holder's the Company Ordinary Shares or the Company
Warrants, the U.S. Holder will be subject to special tax rules with respect to any "excess distribution" (as defined below)
received and any gain realized from a sale or disposition (including a pledge of the Company Ordinary Shares and under proposed regulations
transfers of the Company Warrants and certain transfers of the Company Ordinary Shares that would otherwise qualify as nonrecognition
transactions for U.S. federal income tax purposes) of its the Company Ordinary Shares or the Company Warrants (collectively the "
excess
distribution rules
"), unless, with respect to the Company Ordinary Shares, the U.S. Holder makes a valid QEF or mark-to-market
election as discussed below. Generally, distributions received by a U.S. Holder in a taxable year that are greater than 125% of the average
annual distributions received by such U.S. Holder during the shorter of the three preceding taxable years or the portion of such U.S.
Holder's holding period for the Company Ordinary Shares or the Company Warrants that preceded the taxable year of the distribution
will be treated as excess distributions. Under these special tax rules:
●
the
    excess distribution or gain will be allocated ratably over the U.S. Holder's holding period for the Company Ordinary Shares
    or the Company Warrants;
●
the
    amount allocated to the U.S. Holder's taxable year in which the U.S. Holder recognized the gain or received the excess distribution
    or to the period in the U.S. Holder's holding period before the first day of the Company's first taxable year in which
    the Company is a PFIC, will be treated as ordinary income; and
●
the
    amount allocated to each other taxable year (or portions thereof) of the U.S. Holder and included in such holder's holding
    period will be subject to the highest tax rate in effect for individuals or corporations, as applicable, for each such year without
    regard to the U.S. Holder's other items of income and loss for such year; and
●
the
    interest charge generally applicable to underpayments of tax will be imposed on the U.S. Holder with respect to the resulting tax
    attributable to each such year.
Under
the excess distribution rules, the tax liability for amounts allocated to taxable years prior to the year of disposition or excess distribution
cannot be offset by any net operating losses, and gains (but not losses) realized on the sale of the Company Ordinary Shares or the Company
Warrants cannot be treated as capital gains, even though the U.S. Holder holds the Company Ordinary Shares or the Company Warrants as
capital assets.
70
Certain
of the PFIC rules may impact U.S. Holders with respect to equity interests in subsidiaries and other entities which the Company may hold,
directly or indirectly, that are PFICs (collectively, "Lower-Tier PFICs"). There can be no assurance, however, that the Company
does not own, or will not in the future acquire, an interest in a subsidiary or other entity that is or would be treated as a Lower-Tier
PFIC. U.S. Holders should consult their tax advisors regarding the application of the PFIC rules to any of the Company's subsidiaries.
If
the Company is a PFIC, a U.S. Holder of shares in the Company may avoid taxation under the excess distribution rules described above
in respect to the Company Ordinary Shares by making a timely and valid "qualified electing fund" ("QEF") election
(if eligible to do so). However, a U.S. Holder may make a QEF election with respect to its the Company Ordinary Shares only if the Company
provides U.S. Holders on an annual basis with certain financial information specified under applicable U.S. Treasury regulations, including
the information provided in a PFIC Annual Information Statement. There can be no assurance, however, that the Company will have timely
knowledge of its status as a PFIC in the future or that the Company will timely provide such information for such years. The failure
to provide such information on an annual basis could prevent a U.S. Holder from making a QEF election or result in the invalidation or
termination of a U.S. Holder's prior QEF election.
A
U.S. Holder that makes a QEF election with respect to its the Company Ordinary Shares would generally be required to include in income
for each year that the Company is treated as a PFIC the U.S. Holder's pro rata share of the Company's ordinary earnings for
the year (which would be subject to tax as ordinary income) and net capital gains for the year (which would be subject to tax at the
rates applicable to long-term capital gains), without regard to the amount of any distributions made in respect of the Company Ordinary
Shares. Any net deficits or net capital losses of the Company for a taxable year, however, would not be passed through and included on
the tax return of the U.S. Holder. A U.S. Holder's basis in the Company Ordinary Shares would be increased by the amount of income
inclusions under the QEF rules. Dividends actually paid on the Company Ordinary Shares generally would not be subject to U.S. federal
income tax to the extent of prior income inclusions and would reduce the U.S. Holder's basis in the Company Ordinary Shares by
a corresponding amount. If the Company owns any interests in a Lower-Tier PFIC, a U.S. Holder generally must make a separate QEF election
for each Lower-Tier PFIC, subject to the Company's providing the relevant tax information for each Lower-Tier PFIC on an annual
basis. There can be no assurance that the Company will have timely knowledge of the status of any such Lower-Tier PFIC. In addition,
the Company may not hold a controlling interest in any such Lower-Tier PFIC and thus there can be no assurance the Company will be able
to cause the Lower-Tier PFIC to provide such required information.
If
a U.S. Holder does not make a QEF election effective from the first taxable year of a U.S. Holder's holding period for the Company
Ordinary Shares in which the Company is a PFIC (or a mark-to-market election, as discussed below), then the U.S. Holder generally will
remain subject to the excess distribution rules. A U.S. Holder that first makes a QEF election in a later year may avoid the continued
application of the excess distribution rules to its the Company Ordinary Shares by making a "deemed sale" election. In that
case, the U.S. Holder will be deemed to have sold the Company Ordinary Shares at their fair market value on the first day of the taxable
year in which the QEF election becomes effective, and any gain from such deemed sale would be subject to the excess distribution rules
described above. As a result of the "deemed sale" election, the U.S. Holder will have additional basis (to the extent of
any gain recognized on the deemed sale) and, solely for purposes of the PFIC rules, a new holding period in the Company Ordinary Shares.
It
is not entirely clear how various aspects of the PFIC rules apply to the Company Warrants. However, a U.S. Holder may not be eligible
to make a QEF election with respect to its the Company Warrants. As a result, if a U.S. Holder sells or otherwise disposes of such warrants
(other than upon exercise of such warrants) and the Company was a PFIC at any time during the U.S. Holder's holding period of such
warrants, any gain recognized generally will be treated as an excess distribution, taxed as described above.
If
a U.S. Holder that exercises such warrants properly makes and maintains a QEF election with respect to the newly acquired the Company
Ordinary Shares (or has previously made a QEF election with respect to the Company Ordinary Shares), the QEF election will apply to the
newly acquired the Company Ordinary Shares. Notwithstanding such QEF election, the rules relating to "excess distributions"
discussed above, adjusted to take into account the current income inclusions resulting from the QEF election, will continue to apply
with respect to such newly acquired the Company Ordinary Shares (which under proposed regulations will be deemed to have a holding period
for purposes of the PFIC rules that includes the period the U.S. Holder held the Company Warrants), unless the U.S. Holder makes a "deemed
sale" election under the PFIC rules. U.S. Holders are urged to consult their tax advisors as to the application of the rules governing
"deemed sale" elections to their particular circumstances.
71
The
QEF election is made on a shareholder-by-shareholder basis and, once made, can be revoked only with the consent of the IRS. A U.S. Holder
that is eligible to make a QEF election with respect to its the Company Ordinary Shares generally may do so by providing the appropriate
information to the IRS in the U.S. Holder's timely filed tax return for the year in which the election becomes effective. Retroactive
QEF elections generally may be made only by filing a protective statement with such return and if certain other conditions are met or
with the consent of the IRS. U.S. Holders should consult their tax advisors regarding the availability and tax consequences of a retroactive
QEF election under their particular circumstances.
Alternatively,
if the Company is a PFIC and the Company Ordinary Shares constitute "marketable stock" (as defined below), a U.S. Holder
may make a mark-to-market election for such holder's the Company Ordinary Shares with respect to such shares for the first taxable
year in which it holds (or is deemed to hold) the Company Ordinary Shares and each subsequent taxable year to elect out of the excess
distribution rules discussed above. If a U.S. Holder makes a mark-to-market election with respect to its the Company Ordinary Shares,
such U.S. Holder generally will include in income for each year that the Company is treated as a PFIC with respect to such the Company
Ordinary Shares an amount equal to the excess, if any, of the fair market value of The Company Ordinary Shares as of the close of the
U.S. Holder's taxable year over the adjusted basis in The Company Ordinary Shares as of the beginning of such taxable year. A U.S.
Holder will be allowed a deduction for the excess, if any, of the adjusted basis of the Company Ordinary Shares over their fair market
value as of the close of the taxable year. However, deductions will be allowed only to the extent of any net mark-to-market gains on
the Company Ordinary Shares included in the U.S. Holder's income for prior taxable years. Amounts included in income under a mark-to-market
election, as well as gain on the actual sale or other disposition of the Company Ordinary Shares, will be treated as ordinary income.
Ordinary loss treatment will also apply to the deductible portion of any mark-to-market loss on the Company Ordinary Shares, as well
as to any loss realized on the actual sale or disposition of the Company Ordinary Shares, to the extent the amount of such loss does
not exceed the net mark-to-market gains for such the Company Ordinary Shares previously included in income. A U.S. Holder's basis
in the Company Ordinary Shares will be adjusted to reflect any mark-to-market gain or loss. If a U.S. Holder makes a mark-to-market election,
any distributions the Company makes would generally be subject to the rules discussed above under "
— Distributions on
The Company Ordinary Shares
," except the lower rates applicable to qualified dividend income would not apply. Currently, U.S.
Holders of the Company Warrants may not be able to make a mark-to-market election with respect to their the Company Warrants.
The
mark-to-market election is available only for "marketable stock," which is stock that is regularly traded on a qualified
exchange or other market, as defined in applicable U.S. Treasury regulations. The Company Ordinary Shares, which are expected to be listed
on Nasdaq, are expected to qualify as marketable stock for purposes of the PFIC rules, but there can be no assurance that The Company
Ordinary Shares will be "regularly traded" for purposes of these rules. If made, a mark-to-market election would be effective
for the taxable year for which the election was made and for all subsequent taxable years unless The Company Ordinary Shares cease to
qualify as "marketable stock" for purposes of the PFIC rules or the IRS consents to the revocation of the election. Because
a mark-to-market election cannot be made for equity interests in any Lower-Tier PFICs, a U.S. Holder that does not make the applicable
QEF elections generally will continue to be subject to the excess distribution rules with respect to its indirect interest in any Lower-Tier
PFICs as described above, even if a mark-to-market election is made for The Company Ordinary Shares.
If
a U.S. Holder does not make a mark-to-market election (or a QEF election, as discussed above) effective from the first taxable year of
a U.S. Holder's holding period for The Company Ordinary Shares in which The Company is a PFIC, then the U.S. Holder generally will
remain subject to the excess distribution rules. A U.S. Holder that first makes a mark-to-market election with respect to The Company
Ordinary Shares in a later year will continue to be subject to the excess distribution rules during the taxable year for which the mark-to-market
election becomes effective, including with respect to any mark-to-market gain recognized at the end of that year. In subsequent years
for which a valid mark-to-mark election remains in effect, the excess distribution rules generally will not apply. A U.S. Holder that
is eligible to make a mark-to-market with respect to such holder's The Company Ordinary Shares may do so by providing the appropriate
information on IRS Form 8621 and timely filing that form with the U.S. Holder's tax return for the year in which the election becomes
effective.
72
U.S.
Holders should consult their tax advisors as to the availability and desirability of a mark-to-market election, as well as the impact
of such election on interests in any Lower-Tier PFICs.
A
U.S. Holder of a PFIC may be required to file an IRS Form 8621 on an annual basis and to provide such other information as may be required
by the U.S. Treasury Department. Failure to do so, if required, will extend the statute of limitations applicable to such U.S. Holder
until such required information is furnished to the IRS. U.S. Holders should consult their tax advisors regarding any reporting requirements
that may apply to them if the Company is a PFIC.
The
rules dealing with PFICs and with the QEF, "deemed sale," and mark-to-market elections are very complex and are affected
by various factors in addition to those described above. U.S. Holders are strongly encouraged to consult their tax advisors regarding
the application of the PFIC rules to their particular circumstances.
Non-U.S.
Holders
The
section applies to Non-U.S. Holders of the Company Ordinary Shares and the Company Warrants. For purposes of this analysis, a Non-U.S.
Holder means a beneficial owner (other than a partnership or an entity or arrangement so characterized for U.S. federal income tax purposes)
of the Company Ordinary Shares or the Company Warrants that is for U.S. federal income tax purposes not a U.S. Holder, including:
●
a
    nonresident alien individual, other than certain former citizens and residents of the U.S. subject to U.S. tax as expatriates;
●
a
    foreign corporation; or
●
a
    foreign estate or trust;
but
generally does not include a beneficial owner who has been or is engaged in the conduct of a trade or business within the U.S. or an
individual who is present in the U.S. for 183 days or more in the taxable year of the disposition of the Company Ordinary Shares or the
Company Warrants (except to the extent analyzed below). If you are such an individual, you should consult your tax advisor regarding
the U.S. federal income tax consequences of exercising redemption rights with respect to Globis Common Stock or the ownership and disposition
of the Company Ordinary Shares or the Company Warrants.
Non-U.S.
Holders Exercising Redemption Rights with Respect to Globis Common Stock
The
characterization for U.S. federal income tax purposes of the redemption of a Non-U.S. Holder's Globis Common Stock generally will
correspond to the U.S. federal income tax characterization of such a redemption of a U.S. Holder's Globis Common Stock, as described
above under
"— U.S. Holders Exercising Redemption Rights with Respect to Globis Common Stock
."
Subject
to the analysis below concerning backup withholding, if such a redemption qualifies as a sale of the Globis Common Stock, any redeeming
Non-U.S. Holder will generally not be subject to U.S. federal income tax or withholding tax on any gain recognized as a result of the
redemption or be able to utilize a loss in computing U.S. federal income tax liability unless one of the exceptions described below under
"—
U.S. Federal Income Tax Consequences of the Ownership and Disposition of the Company Ordinary Shares and the Company
Warrants to Non-U.S. Holders
" applies in respect of gain from the disposition of Globis Common Stock. Moreover, redeeming Non-U.S.
Holders may be subject to U.S. federal income tax on any gain recognized as a result of the redemption if Globis Common Stock constitutes
a U.S. real property interest by reason of Globis' status as a U.S. real property holding corporation for U.S. federal income tax
purposes. Globis believes that it is not and has not been at any time since its formation a U.S. real property holding corporation.
73
If
a Non-U.S. Holder receives cash for Globis Common Stock, and the redemption is treated as a corporate distribution (rather than a sale
of stock under Section 302 of the Code), the Non-U.S. Holder will be subject to a 30% withholding tax (unless otherwise reduced by an
applicable income tax treaty and the Non-U.S. Holder provides a proper certificate of its eligibility for such reduced rate (usually
on an IRS Form W-8BEN or W-8BEN-E, as applicable)) on the gross amount of the distribution to the extent the distribution is paid from
current or accumulated earnings and profits, as determined under U.S. federal income tax principles, and treated as dividends, provided
such dividends are not effectively connected with such Non-U.S. Holder's conduct of a trade or business within the U.S. Any distribution
not constituting a dividend will be treated first as reducing (but not below zero) the Non-U.S. Holder's adjusted tax basis in
its Globis Common Stock and then, to the extent such distribution exceeds the Non-U.S. Holder's adjusted tax basis, as gain realized
from the sale or other disposition of such Globis Common Stock, which will be treated as described in the paragraph immediately above.
A redemption treated as a dividend by Globis to a Non-U.S. Holder that is effectively connected with such Non-U.S. Holder's conduct
of a trade or business within the United States (and if an income tax treaty applies, are attributable to a U.S. permanent establishment
or fixed base maintained by the Non-U.S. Holder in the U.S.) will generally not be subject to U.S. withholding tax, provided such Non-U.S.
Holder complies with certain certification and disclosure requirements (usually by providing an IRS Form W-8ECI). Instead, such dividends
will generally be subject to U.S. federal income tax, net of certain deductions, at the same corporate or graduated individual rates
applicable to U.S. Holders (together with branch profits tax, at a 30% rate, or such lower rate specified by an applicable tax treaty,
as adjusted for certain items, if such Non-U.S. Holder is a corporation).
IF
YOU ARE A NON-U.S. HOLDER OF
Globis
COMMON STOCK CONTEMPLATING EXERCISE OF YOUR REDEMPTION
RIGHTS, WE URGE YOU TO CONSULT YOUR TAX ADVISOR CONCERNING THE U.S. FEDERAL, STATE, LOCAL, AND FOREIGN INCOME AND OTHER TAX CONSEQUENCES
THEREOF.
U.S.
Federal Income Tax Consequences of the Ownership and Disposition of the Company Ordinary Shares and the Company Warrants to Non-U.S.
Holders
Subject
to the analysis below concerning backup withholding, any (i) dividends of cash or property (including constructive distributions treated
as dividends as further described under the heading "
U.S. Holders — U.S. Federal Income Tax Consequences of the Ownership
and Disposition of the Company Ordinary Shares and the Company Warrants to U.S. Holders — Possible Constructive Distributions
")
paid or deemed paid to a Non-U.S. Holder in respect of the Company Ordinary Shares or (ii) gain realized upon the sale or other taxable
disposition of the Company Ordinary Shares and/or the Company Warrants by a Non-U.S. Holder generally will not be subject to U.S. federal
income taxation or withholding tax unless:
●
the
    gain or dividend is effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States
    (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or a "fixed base"
    in the United States to which such gain is attributable); or
●
in
    the case of any gain, the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during
    the taxable year of the disposition and certain other requirements are met.
Gain
or distributions described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis
at the regular rates. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower
rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items.
Gain
described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified
by an applicable income tax treaty), which may be offset by U.S. source capital losses of the Non-U.S. Holder (even though the individual
is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with
respect to such losses.
The
U.S. federal income tax treatment of a Non-U.S. Holder's exercise of the Company Warrant, or the lapse of the Company Warrant held
by a Non-U.S. Holder, generally will correspond to the U.S. federal income tax treatment of the exercise or lapse of the Company Warrant
by a U.S. Holder, as described under "
U.S. Holders — U.S. Federal Income Tax Consequences of the Ownership and Disposition
of the Company Ordinary Shares and the Company Warrants to U.S. Holders — Exercise, Lapse or Redemption of the Company Warrant
"
above, although to the extent a cashless exercise or lapse results in a taxable exchange, the consequences would be similar to those
described in the preceding paragraphs above for a Non-U.S. Holder's gain on the sale or other disposition of the Company Ordinary
Shares and the Company Warrants.
74
The
characterization for U.S. federal income tax purposes of the redemption of the Non-U.S. Holder's The Company Warrants generally
will correspond to the U.S. federal income tax treatment of such a redemption of a U.S. Holder's warrants, as described under "
U.S.
Holders — U.S. Federal Income Tax Consequences of the Ownership and Disposition of The Company Ordinary Shares and The Company
Warrants to U.S. Holders — Exercise, Lapse or Redemption of a Company Warrant
" above, and the consequences of the redemption
to the Non-U.S. Holder will be as described in the first paragraph above under the heading "—
U.S. Federal Income Tax
Consequences of the Ownership and Disposition of The Company Ordinary Shares and The Company Warrants to Non-U.S. Holders
"
based on such characterization.
Non-U.S.
Holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules.
Information
Reporting and Backup Withholding
Information
reporting requirements may apply to cash received in redemption of Globis Common Stock, dividends received by U.S. Holders of the Company
Ordinary Shares, and the proceeds received on the disposition of the Company Ordinary Shares effected within the U.S. (and, in certain
cases, outside the U.S.), in each case other than U.S. Holders that are exempt recipients (such as corporations). Backup withholding
(currently at a rate of 24%) may apply to such amounts if the U.S. Holder fails to provide an accurate taxpayer identification number
(generally on an IRS Form W-9 provided to the paying agent of the U.S. Holder's broker) or is otherwise subject to backup withholding.
Any redemptions treated as dividend payments with respect to Globis Common Stock or the Company Ordinary Shares and proceeds from the
sale, exchange, redemption or other disposition of the Company Ordinary Shares may be subject to information reporting to the IRS and
possible U.S. backup withholding. U.S. Holders should consult their tax advisors regarding the application of the U.S. information reporting
and backup withholding rules.
Information
returns may be required to be filed with the IRS in connection with, and Non-U.S. Holders may be subject to backup withholding on amounts
received in respect of, a Non-U.S. Holder's disposition of Globis securities or their The Company Ordinary Shares, unless the Non-U.S.
Holder furnishes to the applicable withholding agent the required certification as to its non-U.S. status, such as by providing a valid
IRS Form W-8BEN, IRS Form W-8BEN-E or IRS Form W-8ECI, as applicable, or the Non-U.S. Holder otherwise establishes an exemption. Dividends
paid with respect to the Company Ordinary Shares and proceeds from the sale of other disposition of the Company Ordinary Shares received
in the U.S. by a Non-U.S. Holder through certain U.S.-related financial intermediaries may be subject to information reporting and backup
withholding unless such Non-U.S. Holder provides proof of an applicable exemption or complies with certain certification procedures described
above, and otherwise complies with the applicable requirements of the backup withholding rules.
Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against the taxpayer's U.S. federal
income tax liability, and a taxpayer may obtain a refund of any excess amounts withheld under the backup withholding rules by timely
filing the appropriate claim for a refund with the IRS and furnishing any required information.
THE
U.S. FEDERAL INCOME TAX ANALYSIS SET FORTH ABOVE IS INCLUDED FOR GENERAL INFORMATION ONLY AND MAY NOT BE APPLICABLE TO YOU DEPENDING
UPON YOUR PARTICULAR SITUATION. YOU ARE URGED TO CONSULT YOUR OWN TAX ADVISOR WITH RESPECT TO THE TAX CONSEQUENCES TO YOU OF THE BUSINESS
COMBINATION, THE EXERCISE OF YOUR REDEMPTION RIGHTS WITH RESPECT TO
Globis
COMMON STOCK,
AND OF THE OWNERSHIP AND DISPOSITION OF THE COMPANY ORDINARY SHARES AND THE COMPANY WARRANTS, AS APPLICABLE, INCLUDING THE TAX CONSEQUENCES
UNDER STATE, LOCAL, FOREIGN AND OTHER TAX LAWS AND TAX TREATIES AND THE POSSIBLE EFFECTS OF CHANGES IN U.S. OR OTHER TAX LAWS.
75
F.
Dividends and Paying Agents
Not
applicable.
G.
Statement by Experts
Not
applicable.
H.
Documents on Display
We
are subject to the periodic reporting and other informational requirements of the Exchange Act. Under the Exchange Act, we are required
to file reports and other information with the SEC. Specifically, we are required to file annually a Form 20-F within four months after
the end of each fiscal year. Copies of reports and other information, when so filed, may be inspected without charge and may be obtained
at prescribed rates at the public reference facilities maintained by the SEC at Judiciary Plaza, 100 F Street, N.E., Washington, D.C.
20549. The public may obtain information regarding the Washington, D.C. Public Reference Room by calling the SEC at 1-800-SEC-0330. The
SEC also maintains a web site at http://www.sec.gov that contains reports, proxy and information statements, and other information regarding
registrants that make electronic filings with the SEC using its EDGAR system. As a foreign private issuer, we are exempt from the rules
of the Exchange Act prescribing, among other things, the furnishing and content of proxy statements to shareholders, and our executive
officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in
Section 16 of the Exchange Act.
We
also maintain a corporate website at https://www.forafric.com. Information contained on, or that can be accessed through, our website
does not constitute a part of this report.
I.
Subsidiary Information
For
a listing of our subsidiaries, see "Item 4. Information on the Company — A. History and Development of the Company."
J.
Annual Report to Security Holders
If
we are required to provide an annual report to security holders in response to the requirements of Form 6-K, we will submit the annual
report to security holders in electronic format in accordance with the EDGAR Filer Manual.
Item
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Foreign
Exchange Risk
The
Company's functional currency is the Moroccan dirham ("MAD"), and its presentation currency is the United States Dollar
("USD"). Our global operations require active participation in foreign exchange markets. Our primary foreign currency exposures
are the Moroccan Dirham, US Dollar and Euro. To reduce the risk arising from foreign exchange rate fluctuations, we may enter into derivative
instruments, such as foreign currency forward contracts, swaps, and options. The changes in market value of such contracts have a high
correlation to the price changes in the related currency exposures. Our results of operations and cash flows are subject to fluctuations
due to changes in foreign currency exchange rates, particularly changes in the Moroccan Dirham to the U.S. dollar and Euro. Substantial
changes in the exchange rate could have a material effect on our clients, our business and our profitability. From the beginning of
2023, the Company entered into foreign currency forward contracts to reduce the risk arising from foreign exchange rate fluctuations.
76
Credit
Risk
Through
our normal business activities, we are subject to significant credit and counterparty risks that arise through commercial sales and purchases.
We define credit and counterparty risk as a potential financial loss due to the failure of a counterparty to honor its obligations. The
exposure is measured based upon several factors, including unpaid accounts receivable from counterparties. Credit and counterparty risk
also includes sovereign credit risk. We actively monitor credit and counterparty risk through a regular review of exposures and credit
analysis by regional credit teams, as well as a review by corporate committees that monitor counterparty performance. We record provisions
for counterparty losses from time to time as a result of our credit and counterparty analysis.
During
periods of tight conditions in global credit markets, downturns in regional or global economic conditions, and/or significant price volatility,
credit and counterparty risks are heightened. This increased risk is monitored through, among other things, exposure reporting, increased
communication with key counterparties, management reviews, and specific focus on counterparties or groups of counterparties that we may
determine as high risk.
Commodities
Risk
We
operate in many areas of the food industry, from agricultural raw materials to the production and sale of branded food products. As a
result, we purchase and produce various materials, many of which are agricultural commodities, including: Flour, Semolina, Pasta and
Couscous
Agricultural
commodities are subject to price fluctuations due to a number of unpredictable factors that may create price risk.
Interest
Rate Risk
Inflationary
factors generally affect us by increasing our labor and overhead costs, as well as costs related to those items associated with certain
risks identified above, which may adversely affect our results of operations and financial position. We have historically been able to
recover the impacts of inflation through sales price increases, however we cannot reasonably estimate our ability to successfully recover
any impact of inflation through price increases in the future. Our inability to do so could harm our results of operations and financial
position.
Inflation
Risk
In
recent years, inflation has not had a material impact on our results of operations.
Item
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
Items
12.D.3 and 12.D.4 of this Item 12 are not applicable, as the Company does not have any American Depositary Shares; all other applicable
information required by this Item 12 is included in Exhibit 2.3.
Part
II
Item
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
None.
Item
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
See
"Item 10. Additional Information" for a description of the rights of securities holders, which remain unchanged.
Use
of Proceeds
Not
applicable.
77
Item
15. CONTROLS AND PROCEDURES
(a)
Disclosure Controls and Procedures
Under
the supervision and with the participation of our management, including our chief executive officer and our chief financial officer,
we carried out an evaluation of the effectiveness of our disclosure controls and procedures, which is defined in Rules 13a-15(e) of the
Exchange Act, as of December 31, 2023. Based on that evaluation, our chief executive officer and chief financial officer concluded that
our disclosure controls and procedures, as of December 31, 2023, were effective.
(b)
Management's Annual Report on Internal Control over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined
in Rules 13a-15(f) and 15d-15(f) of the Exchange Act. Our management, including our Chief Executive Officer and our Chief Financial
Officer, conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework and criteria
established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO) as of December 31, 2023. Based on that evaluation, our management has concluded that our internal control over financial
reporting was effective as of December 31, 2023. As all internal control systems, no matter how well designed, have inherent limitations,
our internal control over financial reporting may not prevent or detect misstatements.
(c)
Attestation Report of the Company's Registered Public Accounting Firm
This Annual Report does not include an attestation report of the company's registered public accounting firm
regarding internal control over financial reporting due to a transition period established by rules of the SEC for emerging growth companies.
(d)
Changes in Internal Control over Financial Reporting
There
were no changes in our internal controls over financial reporting that occurred during the period covered by this annual report on Form
20-F that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Item
16. [RESERVED]
Item
16A. AUDIT COMMITTEE FINANCIAL EXPERT
We
have one financial expert as of the date of this report. Our Board of Directors has determined that Franco Cassar, chair of our audit
committee, qualifies as an "audit committee financial expert" as defined in the SEC rules and satisfies the financial sophistication
requirements of The NASDAQ Global Market. Mr. Cassar is "independent" as that term is defined in the rules of the SEC and
the applicable rules of the NASDAQ Global Market.
Item
16B. CODE OF ETHICS
Following
the Business Combination, the Company posted its Code of Conduct and Ethics and intends to post any amendments to or any waivers from
a provision of its Code of Conduct and Ethics on its website, and also intends to disclose any amendments to or waivers of certain provisions
of its Code of Conduct and Ethics in a manner required by applicable rules or regulations of the SEC or securities exchange.
78
Item
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
by our principal external auditors, for the periods indicated.
For the years ended
December 31,
2023
2022
(In thousand)
Audit fees
$
645,000
$
480,000
Audit-related fees
-
-
Tax fees
-
-
All other fees
-
-
Total
$
645,000
$
480,000
"Audit
fees" represents the aggregate fees billed or to be billed for each of the fiscal years listed for professional services rendered
by our principal auditor for the audit of our annual financial statements and review of our semi-annual financial statements.
"Audit-related
fees" are the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit
and are not reported under audit fees. These fees primarily include review of documents filed with the SEC.
"Tax
fees" include fees for professional services rendered by our principal auditor for tax compliance and tax advice on actual or contemplated
transactions.
"Other
fees" include fees for services rendered by our independent registered public accounting firm with respect to other matters not
reported under "Audit fees", "Audit-related fees" and "Tax fees".
The
policy of our audit committee is to pre-approve all audit and non-audit services provided by our principal auditor including audit services,
audit-related services, tax services and other services.
Item
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not
applicable.
Item
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Not
applicable.
Item
16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
On
June 9, 2022, the Audit Committee of the Board of Directors of Globis dismissed Marcum LLP ("Marcum"), who served as Globis'
independent registered public accounting firm prior to the Business Combination, and approved the engagement of UHY LLP ("UHY")
as New Forafric's independent registered public accounting firm to audit the Company's consolidated financial statements
for the year ended December 31, 2022. UHY had previously served as the independent registered public accounting firm for FAHL, which
was acquired by New Forafric on June 9, 2022.
Marcum's
report on Globis' financial statements as of December 31, 2021 and 2020, and for the year ended December 31, 2022 and for the period
from August 21, 2020 (inception) through December 31, 2020 did not contain an adverse opinion or disclaimer of opinion, nor were such
reports qualified or modified as to uncertainty, audit scope or accounting principles. During the period of Marcum's engagement
by the Company, there were no disagreements with Marcum on any matter of accounting principles or practices, financial statement disclosure
or auditing scope or procedure, which disagreements if not resolved to the satisfaction of Marcum, would have caused it to make a reference
to the subject matter of the disagreement in connection with its reports covering such periods. In addition, no "reportable events,"
as described in Item 304(a)(1)(v) of Regulation S-K, occurred within the period of Marcum's engagement and subsequent interim period
preceding Marcum's dismissal.
79
During
the period from August 21, 2020 (inception) through December 31, 2021, neither the Company nor anyone on its behalf consulted UHY regarding
either: (i) the application of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion
that might be rendered on the Globis' financial statements, and neither a written report was provided to the Company or oral advice
was provided that UHY concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing,
or financial reporting issue; or (ii) any matter that was the subject of a disagreement (as described in Item 304(a)(1)(iv) of Regulation
S-K) or a "reportable event," as described in Item 304(a)(1)(v) of Regulation S-K.
Item
16G. CORPORATE GOVERNANCE
Under
the Companies Act, all companies incorporated under the laws of Gibraltar, including companies whose shares whose shares are publicly
traded and listed on the Nasdaq Global Market, are required to comply with various corporate governance requirements under Gibraltar
law and the Articles of Association of such company. The requirements relate to such matters as the composition of the board of directors,
the convening of board and shareholder meetings, proceedings at the same, and the issuance of shares. These requirements are in addition
to the corporate governance requirements imposed by the Nasdaq Listing Rules, and other applicable provisions of U.S. securities laws
to which we are subject as a foreign private issuer due to the listing of our ordinary shares on the Nasdaq Global Market.
Certain
corporate governance practices in Gibraltar, which is our home country, differ significantly from requirements for companies incorporated
in other jurisdictions such as the United States.
As
a foreign private issuer whose securities are listed on the NASDAQ, we are permitted to follow certain home country corporate governance
practices in lieu of the comparable requirements of the NASDAQ Rules pursuant to NASDAQ Rule 5615(a)(3), which provides for such exemption
to compliance with the NASDAQ Rule 5600 Series, except for certain matters including (among others) the composition and responsibilities
of the audit committee and the independence of its members within the meaning of the rules and regulations of the SEC.
By
way of example, we have relied on this exemption in respect of the following:
●
an
    exemption from the rule that a majority of our board of directors must be independent directors
: There is no requirement in the
    Companies Act that the board of directors of the Company must be comprised of Independent Directors as defined in Rule 5605(a)(2).
●
an
    exemption from the rule that director nominees must be selected or recommended solely by independent directors
: There is no such
    restriction in the Company's Act or the Articles of Association of the Company. Therefore, director nominees do not have to
    be selected by or recommended solely by Independent Directors.
●
composition
    of the Corporate Governance and Nominating Committee and the Remuneration Committee
: There is no requirement in the Companies
    Act that the members of the Corporate Governance and Nominating Committee and the Remuneration Committee be Independent Directors.
    As such, even though not an Independent Director, James Lasry was appointed as a member of the Corporate Governance and Nominating
    Committee and the Remuneration Committee.
●
notice,
    quorum, all procedural requirements in respect of each EGM and the Company's AGM
: As permitted, the Company has elected
    to follow the notice, quorum and procedural requirements in respect of each EGM and AGM stipulated in the Companies Act.
●
adoption
    of the ESOP
: There is no requirement in the Companies Act for a share scheme to require the approval of the shareholders. The
    ESOP was therefore adopted by the board of directors of the Company in accordance with home country practice and the Company's
    Articles of Association.
●
Issuance
    of Shares
: Under the Companies Act, there is no restriction on the Company's directors from allotting shares to the non-executive
    directors on the terms of the Directors Services Agreements, in accordance with the powers granted to them for 5 years under the
    Articles of Association.
80
To
the extent we choose to follow home country practice with respect to additional corporate governance matters, our shareholders may be
afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers. As a result of all
of the above, our shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members
of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United
States.
Item
16H. MINE SAFETY DISCLOSURE
Not
applicable.
Item
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
applicable.
ITEM
16J. INSIDER TRADING POLICIES
Pursuant
to applicable SEC transition guidance, the disclosure required by Item 16J will only be applicable to the Company from the fiscal year
ending on December 31, 2024.
ITEM
16K. CYBERSECURITY
We
are developing a cybersecurity risk management program, consisting of cybersecurity policies, procedures, compliance and awareness programs
to mitigate risk and to ensure compliance with security, availability and confidentiality trust principles. The aforementioned policies
are substantially in place, but not yet committed to writing or formally approved. The cybersecurity process has been integrated into
our overall risk management system and process, and is solely internally managed. Management is responsible for identifying risks that
threaten achievement of the control activities stated in the management's description of the services organizations systems. Management
has implemented a process for identifying relevant risks that could affect the organization's ability to provide secure and reliable
service to its users. The risk assessment occurs annually, or as business needs change, and covers identification of risks that could
act against the company's objectives as well as specific risks related to a compromise to the security of data. See "Item
3.D — Risk Factors Risks Related to Data Security and Intellectual Property — Our business and operations would suffer in
the event of IT system failures, cybersecurity attacks, data breaches, or vulnerabilities in our or our third-party vendors' information
security program or defenses."
The
level of each identified risk is determined by considering the impact of the risk itself and the likelihood of the risk materializing
and high scoring risks are actioned upon. Risks are analyzed to determine whether the risk meets company risk acceptance criteria to
be accepted or whether a mitigation plan will be applied. Mitigation plans include both the individual or department responsible for
the plan and may include budget considerations.
The
oversight of cybersecurity threats is undertaken by our Chief Information Officer, who holds over two decades of experience in information
technology and the design and architecture of information systems, and is supported by management. Our audit committee is responsible
for cybersecurity oversight and monitoring risk. Management informs the audit and investment committee of such risk by committee meetings.
We
have not, to our knowledge, experienced any material IT system failures or any material cybersecurity attacks to date. See "Item
3.D — Risk Factors Risks Related to Data Security and Intellectual Property — Our business and operations would suffer in
the event of IT system failures, cybersecurity attacks, data breaches, or vulnerabilities in our or our third-party vendors' information
security program or defenses."
As
of the date of this report, we are not aware of any material risks from cybersecurity threats that have materially affected or are reasonably
likely to materially affect us, including our business strategy, results of operations or financial condition.
81
Part
III
Item
17. FINANCIAL STATEMENTS
We
have elected to provide financial statements pursuant to Item 18.
Item
18. FINANCIAL STATEMENTS
The
consolidated financial statements of Forafric Global, PLC, and its subsidiaries are included at the end of this annual report.
Item
19. EXHIBITS
EXHIBIT
INDEX
1.1
Memorandum and Articles of Association, as amended (incorporated by reference to Exhibit 3.1 of the Company's Registration Statement on Form 8-A, filed with SEC on June 9, 2022)
2.1
Registrant's Specimen Certificate for Ordinary Shares (included as Exhibit 2.1 to our Annual Report on Form 20-F filed with the Securities and Exchange Commission on May 1, 2023, and incorporate herein by reference).
2.2
Description of Securities (included as Exhibit 2.2 to our Annual Report on Form 20-F filed with the Securities and Exchange Commission on May 1, 2023, and incorporate herein by reference).
4.1
Business Combination Agreement, entered into as of December 19, 2021, by and among Globis Acquisition Corp., Seller and FAHL (incorporated by reference to Exhibit 2.1 of Globis' Form 8-K (File No. 001-39786), filed with the SEC on December 20, 2021).
4.2
Amendment No. 1 to Business Combination Agreement, entered into as of April 20, 2022, by and among Globis Acquisition Corp., Seller, FAHL and Globis NV Merger Corp (incorporated by reference to Exhibit 2.2 of Globis' Form S-4/A (File No. 333-262126), filed with the SEC on April 20, 2022).
4.3
Amendment No. 2 to Purchase Agreement, dated June 8, 2022 (incorporated by reference to Exhibit 10.1 of Globis' Form 8-K (File No. 001-39786), filed with the SEC on June 9, 2022)
4.4
Warrant Agreement, dated December 10, 2020, between Globis Acquisition Corp. and VStock Transfer, LLC. (incorporated by reference to Exhibit 4.1 of Globis' Form 8-K (File No. 001-39786), filed with the SEC on December 15, 2020).
4.5
Warrant Assignment and Novation Agreement, dated as of June 9, 2022, by and between Globis NV Merger 2 Corp. and Forafric Global PLC (incorporated by reference to Exhibit 4.1 of Globis' Form 8-K (File No. 001-39786), filed with the SEC on June 10, 2022).
4.6
Letter Agreement, dated December 10, 2020, among Globis Acquisition Corp., the Sponsors and each of the officers and directors of Globis Acquisition Corp. (incorporated by reference to Exhibit 10.1 of Globis' Form 8-K (File No. 001-39786), filed with the SEC on December 15, 2020).
4.7
Registration Rights Agreement, dated December 10, 2020, between Globis Acquisition Corp. and the Sponsors (incorporated by reference to Exhibit 10.4 of Globis' Form 8-K (File No. 001-39786), filed with the SEC on December 15, 2020).
4.8
Subscription Agreement, dated December 31, 2021, by and between Globis Acquisition Corp. and the undersigned subscriber party thereto. (incorporated by reference to Exhibit 10.1 of Globis' Form 8-K (File No. 001-39786), filed with the SEC on January 4, 2022).
4.9
Bond Subscription Deed, dated as of December 31, 2021, by and among Forafric Agro Holdings Limited, Lighthouse Capital Limited and the Bond Investors (incorporated by reference to Exhibit 10.2 of Globis' Form 8-K (File No. 001-39786), filed with the SEC on January 4, 2022).
4.10
Amendment to Bond Subscription Deed, dated as of April 20, 2022, by and among Forafric Agro Holdings Limited, Lighthouse Capital Limited and the Bond Investors (incorporated by reference to Exhibit 10.10 of Globis' Form S-4/A (File No. 333-262126), filed with the SEC on April 20, 2022).
4.11
Forafric 2022 Long Term Employee Share Incentive Plan (incorporated by reference to Exhibit 10.6 of Forafric Global PLC' Form 8-K (File No. 001-41416), filed with the SEC on June 15, 2022).
4.12
Agreement, dated March 29, 2018, by and between Forafric Maroc and Millcorp Geneve (incorporated by reference to Exhibit 10.6 of Globis' Form S-4/A (File No. 333-262126), filed with the SEC on February 15, 2022)
82
4.13
Summary of terms of loans owed by Forafric Agro Holdings Limited to Yariv Elbaz, Michael Elbaz, Lighthouse Settlement and Lighthouse Capital Limited (incorporated by reference to Exhibit 10.7 of Globis' Form S-4/A (File No. 333-262126), filed with the SEC on April 20, 2022).
4.14
Lease Agreement, dated January 2, 2018, by and between Forafric Maroc and Darafric SARL AU for the rent of the headquarters of Forafric Maroc in Casablanca (incorporated by reference to Exhibit 10.8 of Globis' Form S-4/A (File No. 333-262126), filed with the SEC on February 15, 2022)
4.15
Form of Forafric Global PLC Director Deed of Indemnity (incorporated by reference to Exhibit 10.9 of Globis' Form S-4/A (File No. 333-262126), filed with the SEC on April 20, 2022).
4.16
Form of Forward Share Purchase Agreement (incorporated by reference to Exhibit 10.2 of Globis' Form 8-K (File No. 001-39786), filed with the SEC on June 9, 2022)
4.17
Form of Director Service Agreement (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 6-K, filed with SEC on November 3, 2022)
8.1*
List of Subsidiaries
12.1*
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a)
12.2*
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a)
13.1*
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
13.2*
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
15.1*
Consent of UHY LLP, Independent Registered Public Accounting Firm.
16.1
Letter from Marcum LLP to the U.S. Securities and Exchange Commission (incorporated by reference to Exhibit 16.1 of the Company's Current Report on Form 8-K, filed with SEC on June 15, 2022)
97.1#*
Clawback Policy
101
The
    following financial information from Forafric Global Plc's Annual Report on Form 20-F for the year ended December
    31, 2023, formatted in Inline Extensible Business Reporting Language (IXBRL): (i) Consolidated Balance Sheet, (ii) Consolidated
    Statements of Operations, (iii) Statements of Changes in Equity, (iv) Consolidated Statements of Cash Flows and (iv) Notes to Consolidated
    Financial Statements.*
104
Cover
    Page Interactive Data File (formatted as Inline iXBRL and contained in Exhibit 101)
*
Filed
    herewith.
##
Management contract or compensatory plan.
83
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.
Forafric
    Global, PLC
Date:
    April 30, 2024
By:
/s/
    Mustapha Jamaleddine
Mustapha
    Jamaleddine
Chief
    Executive Officer
(Principal
    Executive Officer)
/s/
    Julien Benitah
Julien
    Benitah
Chief
    Financial Officer
(Principal
    Accounting and Financial Officer)
84
FORAFRIC
GLOBAL PLC
Financial
Statements
Table
of Contents
Report of Independent Registered Public Accounting Firm
(PCAOB ID:
1195
)
F-2
Consolidated Balance Sheets as of December 31, 2023 and 2022
F-3
Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2023, 2022 and 2021
F-4
Consolidated Statements of Changes in Stockholders' Equity for the years ended December 31, 2023, 2022 and 2021
F-5
Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021
F-6
Notes to Consolidated Financial Statements
F-7
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Stockholders and Board of Directors of
Forafric
Global PLC
Opinion
on the Consolidated Financial Statements
We
have audited the accompanying consolidated balance sheets of Forafric Global PLC (the "Company"), as of December 31, 2023
and 2022, the related consolidated statements of operations and comprehensive loss, stockholders' equity and cash flows for the
years ended December 31, 2023, 2022 and 2021 and the related notes (collectively referred to as the "consolidated financial statements").
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company
as of December 31, 2023 and 2022, and the consolidated results of its operations and its cash flows for the years ended December 31,
2023, 2022 and 2021, in conformity with accounting principles generally accepted in the United States of America.
Basis
for opinion on the Consolidated Financial Statements
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal controls over financial reporting. As part
of our audits, we are required to obtain an understanding of internal controls over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal controls over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.
/s/
UHY LLP
We
have served as the Company's auditor since 2021.
Melville,
New York
April
30, 2024
F-
2
FORAFRIC
GLOBAL PLC AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(In
thousands, except share and per share data)
December
    31,
2023
2022
ASSETS
Current assets:
Cash and cash
    equivalents
$
24,021
$
24,827
Accounts receivable, net
34,716
30,858
Amount due from related
    parties
1,358
2,366
Other receivables
17,115
41,958
Inventories
28,378
27,218
Prepaid
    expenses and other current assets
15,654
16,345
Total current assets
121,242
143,572
Property, plant, and equipment, net
116,920
100,527
Right-of-use assets
13,385
10,430
Goodwill
48,488
45,898
Intangible assets, net
4,648
3,723
Other assets, noncurrent
4,767
3,014
Total
    assets
$
309,450
$
307,164
LIABILITIES AND STOCKHOLDERS'
    EQUITY
Current liabilities:
Lines of credit –
    working capital
$
48,517
$
47,371
Lines of credit –
    wheat inventories
126,452
137,040
Accounts payable
46,461
27,295
Accrued expenses
18,115
18,974
Contract liabilities
1,272
540
Current portion of long-term
    debt
10,471
5,417
Contingent consideration
    liability
1,326
1,260
Other
    liabilities, current
645
284
Total current liabilities
253,259
238,181
Long-term debt
11,841
9,828
Loan from related party
1,486
1,801
Deferred tax liabilities, net
10,982
12,399
Other liabilities
2,676
-
Total liabilities
280,244
262,209
Commitments and contingencies (Note 20)
Stockholders' equity:
Preferred Shares; $
0.001
par value;
1,000,000
authorized,
—
and
—
issued and outstanding, at December 31, 2023 and 2022, respectively
$
-
$
-
Ordinary shares, $
0.001
par value;
100,000,000
authorized;
26,879,202
and
26,879,102
issued and outstanding, at December 31, 2023 and 2022, respectively
27
27
Class Z ordinary shares,
    $
0.001
par value;
30,000,000
authorized;
—
and
29,999,990
issued and outstanding, at December 31, 2023 and 2022, respectively
-
30
Additional paid-in capital
143,127
143,658
Accumulated deficit
(
115,354
)
(
102,678
)
Accumulated other comprehensive
    loss
(
5,005
)
(
2,984
)
Non-controlling
    interest
6,411
6,902
Total
    Stockholders' equity
29,206
44,955
Total
    liabilities and Stockholders' equity
$
309,450
$
307,164
The
accompanying notes are an integral part of these consolidated financial statements.
F-
3
FORAFRIC
GLOBAL PLC AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In
thousands, except share and per share data)
December
    31,
2023
2022
2021
Revenues
$
305,476
$
289,772
$
261,679
Cost of sales
274,878
260,399
219,311
Gross profit
30,598
29,373
42,368
Operating expenses:
Selling,
    general and administrative expenses
29,465
30,795
38,982
Total
    operating expenses
29,465
30,795
38,982
Operating income (loss)
1,133
(
1,422
)
3,386
Other expense (income):
Interest
    income
(
37
)
(
34
)
(
543
)
Interest
    expense
14,016
12,513
10,362
Change
    in fair value of derivatives and contingent consideration
(
25
)
(
4,733
)
-
Foreign
    exchange (gain) loss
(
207
)
10,369
1,440
Other
    non-operating expenses
-
1,691
-
Total
    other expense
13,747
19,806
11,259
Loss before taxes
(
12,614
)
(
21,228
)
(
7,873
)
Income tax expense
(
106
)
(
2,058
)
(
89
)
Net loss
(
12,508
)
(
19,170
)
(
7,784
)
Net income (loss) attributable
    to noncontrolling interest
168
(
42
)
198
Net loss attributable
    to the Company
$
(
12,676
)
$
(
19,128
)
$
(
7,982
)
Loss per ordinary shares
    outstanding – basic and diluted
$
(
0.47
)
$
(
0.72
)
$
(
0.38
)
Weighted average number of shares outstanding
    - basic and diluted
26,879,159
26,604,710
20,555,595
Net loss
(
12,508
)
(
19,170
)
(
7,784
)
Other comprehensive
    loss net of tax:
Foreign
    currency translation adjustments
(
1,747
)
(
7,242
)
(
2,995
)
Total other comprehensive
    loss
(
1,747
)
(
7,242
)
(
2,995
)
Comprehensive loss
(
14,255
)
(
26,412
)
(
10,779
)
less: Comprehensive
    income (loss) attributable to non-controlling interest
442
(
615
)
(
173
)
Comprehensive loss attributable
    to the Company
$
(
14,697
)
$
(
25,797
)
$
(
10,606
)
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
FORAFRIC
GLOBAL PLC AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(In
thousands, except share and per share data)
Accumulated
Ordinary
    shares
Class
    Z Ordinary Shares
Additional
Paid-in
Accumulated
Other
Comprehensive
Non-
Controlling
Total
Stockholders'
Shares
Amount
Shares
Amount
Capital
Deficit
Income
    (Loss)
Interest
Equity
Balance, December 31, 2020 - issued
120,000,000
$
120,000
-
$
-
$
-
$
(
74,397
)
$
6,309
$
82
$
51,994
Retroactive adjustment to reflect recapitalization
(
99,444,405
)
(
119,979
)
-
-
119,979
-
-
-
-
Balance, December 31, 2020 - adjusted
20,555,595
$
21
-
$
-
$
119,979
$
(
74,397
)
$
6,309
$
82
$
51,994
Consolidation of variable interest entities
-
-
-
-
-
-
7,608
7,608
Net (loss) income
-
-
-
-
-
(
7,982
)
-
198
(
7,784
)
Transfer of stockholder loan from related party
-
-
-
-
-
(
1,339
)
-
-
(
1,339
)
Contribution of fixed assets from related party
-
-
-
-
-
168
-
-
168
Foreign exchange loss
-
-
-
-
-
-
(
2,624
)
(
371
)
(
2,995
)
Balance, December 31, 2021
20,555,595
$
21
-
$
-
$
119,979
$
(
83,550
)
$
3,685
$
7,517
$
47,652
Merger and recapitalization
7,451,249
$
7
29,999,990
$
30
$
44,926
$
-
$
-
$
-
$
44,963
Transaction costs
-
-
-
-
(
3,104
)
-
-
-
(
3,104
)
Derivative liability for forward purchase agreement
-
-
-
-
(
4,685
)
-
-
-
(
4,685
)
Contingent consideration liability
-
-
-
-
(
1,308
)
-
-
-
(
1,308
)
Shares issued upon exercise of warrants
38,780
-
-
-
446
-
-
-
446
Share-based compensation
13,200
-
-
-
125
-
-
-
125
Settlement of forward share purchase agreement derivative liability
(
1,179,722
)
(
1
)
-
-
(
12,721
)
-
-
-
(
12,722
)
Net loss
-
-
-
-
-
(
19,128
)
-
(
42
)
(
19,170
)
Foreign exchange loss
-
-
-
-
-
-
(
6,669
)
(
573
)
(
7,242
)
Balance, December 31, 2022
26,879,102
$
27
29,999,990
$
30
$
143,658
$
(
102,678
)
$
(
2,984
)
$
6,902
$
44,955
Shares repurchased and retired
-
-
(
29,999,990
)
(
30
)
-
-
-
-
(
30
)
Shares issued upon exercise of warrants
100
-
-
-
1
-
-
-
1
Acquisition of non-controlling interest
-
-
-
-
(
549
)
-
-
(
933
)
(
1,482
)
Redeemable noncontrolling interest
-
-
-
-
(
152
)
-
-
-
(
152
)
Share-based compensation
-
-
-
-
169
-
-
-
169
Net (loss) income
-
-
-
-
-
(
12,676
)
-
168
(
12,508
)
Foreign exchange (loss) gain
-
-
-
-
-
-
(
2,021
)
274
(
1,747
)
Balance, December 31, 2023
26,879,202
$
27
-
$
-
$
143,127
$
(
115,354
)
$
(
5,005
)
$
6,411
$
29,206
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
FORAFRIC
GLOBAL PLC AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In
thousands, except share and per share data)
December
    31,
2023
2022
2021
Cash
    flows from operating activities:
Net loss
$
(
12,508
)
$
(
19,170
)
$
(
7,784
)
Adjustments to reconcile net loss to net cash
    provided by (used in) operating activities:
Depreciation of property,
    plant and equipment
4,763
4,993
3,926
Amortization of intangible
    assets
260
143
111
Amortization of right-of-use
    assets
1,059
1,457
1,173
Bad debt expense
87
150
2,794
Change in fair value of
    derivatives and contingent consideration
(
25
)
(
4,733
)
-
Non-cash accretion of interest
    expense
129
-
-
Share-based compensation
169
125
-
Deferred income taxes
(
2,093
)
(
4,286
)
(
2,585
)
Changes in operating assets and liabilities:
Accounts receivable
(
2,300
)
(
4,646
)
(
4,370
)
Other receivables
26,658
(
26,079
)
(
16,195
)
Prepaid expenses and other
    current assets
4,158
(
4,588
)
10,522
Inventories
447
6,330
(
9,825
)
Other assets, noncurrent
(
1,640
)
(
2,227
)
-
Accounts payable
15,731
5,252
2,325
Lease liabilities
(
581
)
(
776
)
(
1,531
)
Other
    payables and liabilities
(
988
)
(
9,514
)
(
4,609
)
Net cash provided by (used
    in) operating activities
33,326
(
57,569
)
(
26,048
)
Cash flows from investing
    activities:
Acquisition of businesses and assets, net of
    cash acquired
(
37
)
-
(
8,639
)
Purchase of equity method investment
-
-
(
385
)
Advances to related parties
-
-
(
511
)
Purchases of property, plant, and equipment
(
9,528
)
(
4,533
)
(
4,833
)
Sales of property, plant, and equipment
47
765
488
Additions to intangible
    assets
(
319
)
(
262
)
(
634
)
Net cash used in investing
    activities
(
9,837
)
(
4,030
)
(
14,514
)
Cash flows from financing
    activities:
Cash acquired in merger and recapitalization
-
13,966
-
Proceeds from forward share purchase agreement
-
6,719
-
Proceeds from convertible bonds issued
-
11,000
500
Proceeds from exercise of warrants
1
446
-
Transaction costs
-
(
3,104
)
-
Stockholder loans
-
(
100
)
5,415
(Repayments) borrowings on working capital
    facilities, net
(
1,590
)
(
24,389
)
16,852
Borrowings on lines of credit – Wheat
    inventories
59,604
117,225
67,103
Repayments on lines of credit – Wheat
    inventories
(
77,781
)
(
39,420
)
(
47,869
)
Borrowings on loans
3,733
2,792
12,217
Repayments on loans
(
5,149
)
(
10,144
)
(
11,464
)
Net cash (used in) provided by financing activities
(
21,182
)
74,991
42,754
Effect of exchange rate
    changes on cash and cash equivalents
(
3,113
)
(
2,958
)
(
482
)
Net (decrease) increase in cash and cash equivalent
(
806
)
10,434
1,710
Cash and cash equivalents,
    beginning of year
24,827
14,393
12,683
Cash and cash equivalents,
    end of year
$
24,021
$
24,827
$
14,393
Non-cash activities:
Non-cash acquisition
    of non-controlling interest
$
1,482
$
-
$
-
Shares repurchased and
    retired
$
30
$
-
$
-
Forward share purchase
    agreements
$
-
$
4,685
$
-
Contingent consideration
    liability
$
-
$
1,308
$
-
Conversion of convertible
    bonds into ordinary shares
$
-
$
11,797
$
-
Consideration and accrued
    interest paid to selling stockholder in ordinary shares
$
-
$
12,398
$
-
Transfer of related
    party debt
$
-
$
-
$
1,339
Fixed assets contributed
    from related party
$
-
$
-
$
168
Consolidation of variable
    interest entities related to business acquisitions
$
-
$
-
$
7,608
Supplemental cash flow disclosures:
Interest paid
$
15,750
$
11,343
$
9,202
Net income taxes paid
$
1,987
$
2,228
$
2,495
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
FORAFRIC
GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
For
the years ended December 31, 2023, 2022 and 2021
(In
thousands, except share and per share data)
1.
NATURE OF OPERATIONS AND BASIS OF PRESENTATION
Nature
of Operations
- Forafric Global PLC and Subsidiaries (the "Company", "we", "us" or "our"),
formerly known as Forafric Agro Holdings Limited, through its subsidiaries is a market leader in the milling industry in Morocco, with
a complete offering of flours and semolina, secondary processing products including pasta and couscous, rice, and starches.
These
consolidated financial statements are the consolidated financial statements of the Company and its subsidiaries, each of which is controlled,
and is based on the financial position and results of operations of the Company as a standalone company. Intercompany balances and transactions
between consolidated entities have been eliminated. Refer to Note 22 — Related Parties for further information regarding the Company's
related party transactions.
On
June 9, 2022 (the "Closing Date"), Forafric Agro Holdings Limited ("FAHL"), consummated the previously announced
business combination and related transactions pursuant to a securities purchase agreement, dated December 19, 2021 ("Business Combination
Agreement") which provides for the Business Combination (as defined below) between FAHL and Globis Acquisition Corp., a Delaware
corporation ("Globis").
Description
of the Business Combination
- In accordance with the Business Combination Agreement, the consummation of the following series of
separate transactions took place (collectively, the "Business Combination"): (i) Globis formed a new holding company, Globis
NV Merger Corp., a Nevada corporation ("Globis Nevada"), which changed its jurisdiction of incorporation by transferring
by way of a redomiciliation and domesticating as a Gibraltar private limited company known as "Forafric Global Limited" (the
"Redomiciliation") and, following the Redomiciliation, altered its authorized and issued share capital and thereafter re-registering
as a Gibraltar public company limited by shares and changed its name to "Forafric Global PLC" (referred to herein as "New
Forafric"); (ii) New Forafric formed a new wholly-owned subsidiary, Globis NV Merger 2 Corp., a Nevada corporation ("Merger
Sub"); (iii) Globis merged with and into Merger Sub, with Merger Sub surviving (the "Merger"); (iv) an agent was appointed
to act on behalf of Globis stockholders such that, subject to and immediately following the completion of the Merger, the agent entered
into a contribution and subscription agreement with New Forafric (the "Contribution Agreement") pursuant to which the issued
and outstanding shares of common stock of Merger Sub issued pursuant to the Merger will be exchanged (the "Exchange"), on
a one-for-one basis, for ordinary shares, nominal value $
0.001
per share, of New Forafric (the "Ordinary Shares"); and (v)
on June 9, 2022, New Forafric acquired
100
% of the equity interests in FAHL from Lighthouse Capital Limited ("Seller") and
FAHL became a direct subsidiary of New Forafric.
Accounting
Treatment
- While the legal acquirer in the Business Combination is Globis, for financial accounting and reporting purposes under
accounting principles generally accepted in the United States of America ("U.S. GAAP"), FAHL is the accounting acquirer with
the Business Combination accounted for as a "reverse recapitalization." A reverse recapitalization does not result in a new
basis of accounting, and the financial statements of the combined entity represent the continuation of the financial statements of FAHL.
Under this accounting method, Globis is treated as the "acquired" company and FAHL is the accounting acquirer, with the transaction
treated as a recapitalization of FAHL. Globis' assets, liabilities and results of operations were consolidated with FAHL beginning
on the date of the Business Combination.
F-
7
FORAFRIC
GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Except
for certain derivative liabilities. the assets and liabilities of Globis were recognized at historical cost and were not material, with
no goodwill or other intangible assets recorded. The derivative liabilities, which are related to forward share purchase agreements and
contingent consideration, were recorded at fair value. The consolidated assets, liabilities, and results of operations of FAHL became
the historical financial statements, and operations prior to the closing of the Business Combination presented for comparative purposes
are those of FAHL. Pre-Combination shares of common stock were converted to shares of common stock of the combined company using the
conversion ratio of
0.1713
and for comparative purposes, the shares and net loss per share of FAHL, prior to the Business Combination,
have been retroactively restated using the conversion ratio.
Basis
of Presentation
- These consolidated financial statements reflect the financial condition, results of operations and cash flows of
the Company and have been prepared in accordance with U.S. GAAP.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use
of Estimates
- The preparation of our consolidated financial statements in conformity with U.S. GAAP requires management to use judgment
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and
liabilities at the date of the consolidated financial statements, and the reported amounts of net sales and expenses during the reporting
period. Significant accounting policy elections, estimates and assumptions include, among others, allowance for credit losses, valuation
assumptions of goodwill and intangible assets, useful lives of long-lived assets, and measurement of income tax assets. Given the uncertainty
of the global economic environment, our estimates could be significantly different than future performance. Actual results could differ
from these estimates. Historically, the aggregate differences, if any, between our estimates and actual amounts in any year have not
had a material effect on our consolidated financial statements.
Principles
of Consolidation
– The accompanying consolidated financial statements include all entities controlled by the Company. Intercompany
accounts and transactions are eliminated.
Control
exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity that most
significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive the benefits
from its activities that could potentially be significant to the entity. In assessing control, potential voting rights that are currently
exercisable or convertible are considered. The accounts of subsidiaries are included in the consolidated financial statements from the
date that control commences until the date that control ceases.
Cash
Equivalents
- We consider temporary cash investments with an original maturity of three months or less to be cash equivalents.
Accounts
Receivable and Allowances for Credit Losses
– We provide credit terms to customers in-line with industry standards, perform
ongoing credit evaluations of our customers, and maintain allowances for potential credit losses based on historical experience recorded.
We analyze the aging of customer accounts, customer concentrations, customer creditworthiness, current economic trends and changes in
our customer payment patterns when evaluating the adequacy of the allowance for credit losses. Customer balances are written off after
all collection efforts are exhausted. Estimated product returns, which have not been material, are deducted from sales at the time of
shipment.
Inventories
- Inventories are stated at the lower of cost or net realizable value. The Company's inventory is valued using the weighted
average cost method. The costs of finished goods inventories include raw materials, labor, and overhead costs.
Other
Receivables
– Other receivables include government subsidies for the production and sale of flour. The Moroccan government
provides a fixed subsidy based on production and customer. Subsidies are paid by the Moroccan government twice a year based on sales
of flour for the previous six months. The Company records the flour subsidies as a credit against the related costs that the subsidies
were intended to offset in the same periods that the costs were incurred within the consolidated statement of operations. During the
year ended December 31, 2023, and 2022, the Company received $
99,453
and $
38,364
, respectively, in the aggregate of government subsidies
for the production of affordable flour and relief from import tax on foreign sourced raw materials from the Moroccan government.
F-
8
FORAFRIC
GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Property,
Plant, and Equipment
- Property, plant, and equipment are stated at acquisition cost, plus capitalized interest on borrowings during
the actual construction period of major capital projects. Depreciation and amortization are calculated using the straight-line method
over the estimated useful lives of the assets as follows:
Assets
Useful
    Lives
Buildings
39
years
Machinery and equipment (technical installations)
30
-
50
years
Other assets
5
-
30
years
Building
improvements are depreciated over the shorter of the estimated useful life of the assets or the remaining useful life. Leasehold improvements
are amortized over the shorter of their useful life or remaining lease term. Expenditures for repairs and maintenance, which do not improve
or extend the life of the assets, are expensed as incurred.
We
perform impairment tests when circumstances indicate that the carrying value of an asset may not be recoverable. Indicators of impairment
include deteriorations in operating cash flows, the anticipated sale or disposal of an asset group, and other significant changes in
business conditions. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that
the carrying amount of an asset may not be recoverable. The Company's assessment of recoverability of property, plant and equipment
is performed on a reporting unit level. Recoverability of assets to be held and used is measured by a comparison of the carrying amount
of such asset to its estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of such asset
exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of
the asset exceeds the fair value of the asset. Assets to be disposed of by sale are reported at the lower of the carrying amount or fair
value, less estimated costs to sell.
Goodwill
and Other Intangible Assets
- Identifiable intangible assets with finite lives are amortized over their estimated useful lives as
follows:
Assets
Useful
    Lives
Trademarks
Indefinite
Customer relationships
20
years
Patents and licenses
5
-
10
years
Computer software
5
-
10
years
Other intangible assets
3
-
10
years
Recognized
intangible assets, exclusive of goodwill, are amortized over the useful lives of the assets unless that life is determined to be indefinite.
All of our intangible assets, exclusive of goodwill and trademarks, are finite lived. All amortization expense related to intangible
assets is recorded in Selling, general, and administrative expense in the consolidated statements of operations. Intangible assets with
finite lives are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
If an evaluation of the undiscounted cash flows indicates impairment, the asset is written down to its estimated fair value, which is
generally based on discounted future cash flows.
Goodwill
and other indefinite-lived intangible assets are evaluated for impairment annually, or whenever events or changes in circumstances indicate
that the carrying value may not be recoverable. Our annual impairment evaluation is conducted during our fiscal fourth quarter.
In
accordance with the accounting standards, an entity has the option first to assess qualitative factors to determine whether events and
circumstances indicate that it is more likely than not that goodwill or an indefinite-lived intangible asset is impaired. If after such
assessment an entity concludes that the asset is not impaired, then the entity is not required to take further action. However, if an
entity concludes otherwise, then it is required to determine the fair value of the asset using a quantitative impairment test, and if
impaired, the associated assets must be written down to fair value.
F-
9
FORAFRIC
GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
The
quantitative impairment test for goodwill compares the fair value of a reporting unit with the carrying value of its net assets, including
goodwill. If the fair value of the reporting unit is less than the carrying value of the reporting unit, an impairment charge would be
recorded to the Company's operations, for the amount in which the carrying amount exceeds the reporting unit's fair value.
We determine fair values for each reporting unit using the market approach, when available and appropriate, the income approach, or a
combination of both. The income approach involves forecasting projected financial information (such as revenue growth rates, profit margins,
tax rates, and capital expenditures) and selecting a discount rate that reflects the risk inherent in estimated future cash flows. Under
the market approach, the fair value is based on observed market data. If multiple valuation methodologies are used, the results are weighted
appropriately.
Segment
Reporting
-
The Company reports segment information based on the "management" approach. The management approach designates
the internal reporting used by management for making decisions and assessing performance as the source of the Company's reportable
segments. Management has identified Soft Wheat, Durum Wheat, and Couscous and Pasta as separate operating segments. Refer to Note 21
for further information regarding the Company's segment information.
Advertising
-
The Company has elected to expense all advertising costs as incurred. The Company expenses advertising costs as incurred and such
expenses totaled $
258
, $
19
, and $
536
for the fiscal years ending December 31, 2023, 2022 and 2021, respectively.
Leases
- We determine if an arrangement is or contains a lease at inception. Our assessment is based on (1) whether the contract involves
the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the
asset throughout the period and (3) whether we have the right to direct the use of the asset. Leases are classified as either finance
leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: the lease transfers
ownership of the asset by the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to
be exercised, the lease term is for a major part of the remaining useful life of the asset or the present value of the lease payments
equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any
one of these criteria. The lease classification affects the expense recognition in the income statement. Operating lease costs are recorded
entirely in operating expenses. Finance lease costs are split, where amortization of the ROU asset is recorded in operating expenses
and an implied interest component is recorded in interest expense.
Share-Based
Compensation
- Share-based awards principally comprise of stock options and cash-settled stock options, referred to as "phantom
options". Share-based awards are generally issued to certain senior management personnel. Share-based compensation cost (other
than phantom options) is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite
service period, which is the vesting period, on a straight-line basis. Our phantom options are accounted for as liability awards and
are re-measured at fair value each reporting period with compensation expense being recognized over the requisite service period.
The
Company uses the Black-Scholes option pricing model to determine the grant date fair value of its stock options and phantom options,
respectively, as well as the fair value at each reporting period for liability classified awards. This model requires the Company to
estimate the expected volatility and the expected term of the stock options, which are highly complex and subjective variables. The Company
uses an expected volatility of its stock price during the expected life of the options that is based on the historical performance of
the Company's stock price as well as including an estimate using similar companies. The expected term is computed using the simplified
method as the Company's best estimate given its lack of actual exercise history. The Company has selected a risk-free rate based
on the implied yield available on U.S. Treasury securities with a maturity equivalent to the expected exercise term of the stock option.
The inputs to the valuation of phantom options are observable in the market, and as such are classified as Level 2 in the fair value
hierarchy. The Company accounts for forfeitures of share-based awards as the occur.
F-
10
FORAFRIC
GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Business
Combinations and Asset Acquisitions
–
The Company accounts for acquisitions that qualify as business combinations by applying
the acquisition method according to Accounting Standards Codification ("ASC") 805, Business Combinations ("ASC 805").
Transaction costs related to the acquisition of a business are expensed as incurred and excluded from the fair value of consideration
transferred. The identifiable assets acquired, liabilities assumed, and noncontrolling interests in an acquired entity are recognized
and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable
assets acquired, liabilities assumed, and noncontrolling interests in an acquired entity, net of the fair value of any previously held
interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions.
The
Company evaluates acquisitions of assets and other similar transactions to assess whether the transaction should be accounted for as
a business combination or asset acquisition by first applying a screen test to determine whether substantially all of the fair value
of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If so, the transaction
is accounted for as an asset acquisition. If not, further determination is required as to whether the Company has acquired inputs and
processes that can create outputs that would meet the definition of a business. When applying the screen test, significant judgment is
required to determine whether an acquisition is a business combination or an acquisition of assets. Accounting for asset acquisitions
falls under the guidance of Topic 805, Business Combinations, specifically Subtopic 805-50. A cost accumulation model is used to determine
an asset acquisition's cost. Assets acquired are based on their cost, generally allocated to them on a relative fair value basis.
Direct acquisition-related costs are included in the cost of the acquired assets.
Foreign
Currency Translation and Transactions
- The Company's reporting currency is the US dollar ("USD"). The functional
currency of the Company's operating subsidiaries is generally the same as the corresponding local currency. Assets and liabilities
of the operating subsidiaries are translated at the spot rate in effect at the applicable reporting date. Revenues and expenses of the
operating subsidiaries are translated at the average exchange rates in effect during the applicable period. The resulting foreign currency
translation adjustment is recorded as Accumulated other comprehensive loss, which is reflected as a separate component of Stockholders'
equity. The functional currency is translated into U.S. dollars for balance sheet accounts using currency exchange rates in effect as
of the balance sheet date, and for revenue and expense accounts using a weighted-average exchange rate during the fiscal year. The transactions
in foreign currency (that is a different currency than the functional currency of the entity) are converted at the exchange rate prevailing
to the date of the transaction. The assets and liabilities denominated in foreign currencies are evaluated in the current period on the
date of the closing or at the opening rate, when applicable. The translation adjustments are deferred as a separate component of equity
in "Accumulated other comprehensive income". Gains or losses resulting from transactions denominated in foreign currencies
and intercompany debt that is not of a long-term investment nature are included in (Gain) loss on foreign currency exchange in the consolidated
statements of operations and comprehensive loss.
Credit
Risk
– Financial instruments potentially subject to concentration of credit risk consist primarily of cash and cash equivalents
and trade accounts receivable. At times during the periods presented, the Company had funds in excess of Deposit Insurance programs in
Morocco, on deposit at various financial institutions. Management believes the Company is not exposed to significant credit risk due
to the financial position of the depository institutions in which those deposits are held.
Revenue
Recognition
–
The Company follows a policy of recognizing revenue at a single point in time when it satisfies its performance
obligation by transferring control over a product or service to a customer. The majority of the Company's contracts with customers
have one performance obligation and a contract duration of one year or less. The Company applies the practical expedient in AASC paragraph
10-50-14 of ASC Topic 606,
Revenue from Contracts with Customers
and does not disclose information about remaining performance
obligations that have original expected durations of one year or less. Trade discounts or volume rebates are recognized as a deduction
in revenue. No payment terms beyond one year are granted at contract inception.
Revenue
related to the sale of goods is measured based on consideration specified in a contract with a customer. The Company recognizes revenue
from these contracts at a point in time when it satisfies a performance obligation by transferring control of a product to a customer,
generally when legal title and risks and rewards transfer to the customer. Sales terms typically provide for transfer of title at the
time and point of delivery and acceptance of the product being sold.
F-
11
FORAFRIC
GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Amounts
received from customers prior to revenue recognition on a contract are recorded as contract liabilities on the consolidated balance sheets.
Amounts
paid to suppliers prior to purchase recognition are recorded within prepaid expenses and other current assets on the consolidated balance
sheets.
Shipping
and Handling Costs
– Shipping and handling costs related to contracts with customers for the sale of goods are accounted for
as a fulfillment activity and are included in cost of sales. Accordingly, amounts billed to customers for such costs are included as
a component of revenues.
Taxes
Collected from Customers and Remitted to Governmental Authorities
– The Company does not include taxes assessed by governmental
authorities that are (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers, in
the measurement of transactions prices or as a component of revenues and cost of sales.
Transaction
Costs
- The Company incurred significant costs direct and incremental to the Business Combination and therefore to the recapitalization
of the Company. Direct transaction costs were allocated between equity and liability instruments measured at fair value on a recurring
basis that were newly issued in the recapitalization.
Income
Taxes
– The provision for income taxes includes income taxes currently payable in Morocco and local jurisdictions, and those
deferred because of temporary differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets
or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities using
enacted tax rates. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit
will not be realized. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period.
We account for uncertain tax positions using a "more-likely-than-not" threshold. A tax benefit from an uncertain tax position
is recognized if it is more-likely-than-not that the tax position will be sustained on examination by the taxing authorities, based on
the technical merits of the position, or the statute of limitations concerning such issues lapses.
Accounting
for Warrants
– The Company accounts for warrants as either equity-classified or liability-classified instruments based on an
assessment of the instruments' specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from
Equity ("ASC 480") and ASC 815, Derivatives and Hedging ("ASC 815"). The assessment considers whether the instruments
are free standing financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the
instruments all of the requirements for equity classification under ASC 815, including whether the instruments are indexed to the Company's
own ordinary shares and whether the instrument holders could potentially require "net cash settlement" in a circumstance
outside of the Company's control, among other conditions for equity classification. This assessment, which requires the use of
professional judgment, is conducted at the time of warrant issuance and as of each subsequent period end date while the instruments are
outstanding. Management has concluded that the Public Warrants and Private Placement Warrants issued pursuant to the Business Combination
qualify for equity accounting treatment. For further detail on the Company's Warrants (Public and Private), refer to Note 17 -
Stockholders' Equity.
Foreign
Currency Forward Contracts
–The Company is exposed to foreign currency exchange rate fluctuations in the normal course of its
business, which the Company at times manages through the use of foreign currency forward contracts. The Company has entered into foreign
currency forward contracts and accounts for these instruments in accordance with ASC Topic 815, "Derivatives and Hedging,"
which establishes accounting and reporting standards requiring that derivative instruments be recorded on the balance sheet as either
an asset or liability measured at fair value. The Company's foreign currency contracts are not designated as hedging instruments
under ASC 815; accordingly, changes in the fair value are recorded in current period earnings. For more information, refer to Note 13
- Foreign currency forward contracts.
Fair
Value Measurements
– The Company follows the guidance in ASC 820, "Fair Value Measurement," for its financial assets
and liabilities that are re-measured and reported at fair value at each reporting period. The fair value of the Company's financial
assets and liabilities reflects management's estimate of amounts that the Company would have received in connection with the sale
of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the
measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of
observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions
about how market participants would price assets and liabilities).
F-
12
FORAFRIC
GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
The
following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used
to value the assets and liabilities:
-
Level
    1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in
    which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing
    basis.
-
Level
    2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets
    or liabilities and quoted prices for identical assets or liabilities in markets that are not active.
-
Level
    3: Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.
The
Company's financial instruments include cash equivalents, accounts receivable from customers, other receivables, prepaid expenses
and other current assets, accounts payable and accrued liabilities, all of which are typically short-term in nature. The Company believes
that the carrying amounts of these financial instruments reasonably approximate their fair values due to their short-term nature.
The
Company measures the derivative liability and asset related to foreign currency forward contracts at fair value on a recurring basis. Refer
to Note 13 – Foreign currency forward contracts.
The
Company measures the contingent consideration liability at fair value on a recurring basis on each reporting date. Refer to Note 14 —
Contingent Consideration Liability for further information.
Non-Controlling
Interests
– Non-controlling interests on the consolidated statements of operations and comprehensive loss represent the portion
of a majority-owned subsidiary's net income or loss that is attributed by non-controlling stockholders. Non-controlling interests
on the consolidated balance sheets represent the portion of equity in a consolidated subsidiary owned by non-controlling stockholders.
Emerging
Growth Company Status
–
the Company is an emerging growth company ("EGC"), as defined in the Jumpstart Our Business
Startups Act ("JOBS Act"). Under the JOBS Act, EGCs can delay adopting new or revised accounting standards issued until such
time as those standards apply to private companies. The Company has elected to use this extended transition period. In providing this
relief, the JOBS Act does not preclude the Company from adopting a new or revised accounting standard earlier than the time that such
standard applies to private companies. The Company will continue to use this relief until the earlier of the date that it (a) is no longer
an emerging growth company or (b) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act.
Reclassifications
– Certain prior period amounts have been reclassified to conform to the current period presentation.
Liquidity
and going concern
- The Company believes that cash on hand, as well as cash from operations and proceeds from extended credit lines
will provide sufficient liquidity to fund operations for at least one year after the date the consolidated financial statements are issued.
This projection is based on the Company's current expectations regarding product sales, cost structure, cash burn rate and other
operating assumptions.
3.
RECENT ACCOUNTING PRONOUNCEMENTS
Other
than as described below, no new accounting pronouncement issued or effective during the fiscal year has had or is expected to have a
material impact on the consolidated financial statements.
In
November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose, on an annual
and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within
each reported measure of segment profit or loss. All public entities will be required to report segment information in accordance with
the new guidance starting in annual periods beginning after December 15, 2023. The Company is determining the impact of the ASU 2023-07
on its consolidated financial statements.
F-
13
FORAFRIC
GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"),
which enhances the transparency and decision usefulness of income tax disclosures by requiring; (1) consistent categories and greater
disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain
other amendments to improve the effectiveness of income tax disclosures. For public business entities, the standard is effective for
annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been
issued or made available for issuance. The Company is determining the impact of the ASU 2023-09 on its consolidated financial statements.
4.
LEASES
The
Company has operating leases for real estate and vehicles. The Company has finance leases for equipment and construction land space.
Leases are classified as finance leases because ownership of the underlying assets transfers at the end the lease term. Remaining lease
terms for these leases range from less than one year to six years.
The
Company does not record leases with a term of 12 months or less on the balance sheet.
Supplemental
balance sheet information related to leases was as follows:
Balance Sheet
December
    31,
Classification
2023
2022
(in
    thousands)
Assets
Operating leases
Right-of-use assets
$
3,377
$
1,816
Finance leases
Right-of-use assets
10,008
8,614
Total assets
$
13,385
$
10,430
Liabilities
Current liabilities
Operating leases
Current portion of long-term debt
$
625
$
621
Finance
    leases
Current portion of long-term
    debt
1,009
1,380
Total current liabilities
1,634
2,001
Noncurrent liabilities
Operating leases
Long-term debt
2,191
665
Finance
    leases
Long-term debt
642
235
Total noncurrent liabilities
2,833
900
Total liabilities
$
4,467
$
2,901
Right-of-use
assets and their corresponding lease liabilities are measured and recognized based on the present value of the future minimum lease payments
over the lease term at the commencement date.
Discount
Rates
For
the majority of its leases, the Company uses the rate implicit in the lease. For leases without an implicit rate, the Company uses its
incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments
for those leases.
The
weighted-average discount rates for the Company's leases were as follows:
December
    31,
2023
2022
Operating leases
5.0
%
5.0
%
Finance leases
7.0
%
6.1
%
F-
14
FORAFRIC
GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Lease
Payments
The
Company includes lease payments under options to extend or terminate the lease in the measurement of the right-of-use asset and lease
liability when it is reasonably certain that it will exercise such options. Fixed lease costs represent the explicitly quantified lease
payments prescribed by the lease agreement and are included in the measurement of the right-of-use asset and corresponding lease liability.
The
weighted-average remaining lease term of the Company's leases were as follows:
December
                                            31,
2023
2022
Operating leases
6.5
years
6.4
years
Finance leases
1.4
years
0.8
years
The
components of lease expense for the year ended December 31, 2023, 2022, and 2021 were as follows:
December
    31,
2023
2022
2021
(in
    thousands)
Operating lease cost
$
581
$
987
$
707
Finance lease cost:
Amortization of right-of-use
    assets
478
470
466
Interest
    on lease liabilities
156
190
446
Total lease cost
$
1,215
$
1,647
$
1,619
As
of December 31, 2023, future maturities of lease liabilities were as follows:
Operating
    Leases
Finance
    Leases
(in thousands)
2024
$
728
$
1,112
2025
601
461
2026
570
98
2027
542
68
2028
127
27
Thereafter
1,120
1
Total lease payments
3,688
1,767
Less: Interest
(
872
)
(
116
)
Present value of lease liabilities
$
2,816
$
1,651
F-
15
FORAFRIC
                                            GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Other
information related to leases for the year ended December 31, 2023, 2022, and 2021 were as follows:
December
    31,
2023
2022
2021
(in
    thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash
    flows used for operating leases
$
581
$
987
$
707
Operating cash flows for
    finance leases
$
478
$
470
$
466
Financing
    cash flows for finance leases
$
156
$
190
$
446
5.
ACCOUNTS RECEIVABLE
The
gross and realizable value of accounts receivable are detailed as follows:
December
    31,
2023
2022
(in
    thousands)
Accounts receivable
$
49,695
$
44,925
Allowance for credit
    losses
(
14,979
)
(
14,067
)
Total
$
34,716
$
30,858
Changes
in allowances for credit losses consisted of:
Allowance
    for
Credit
                                            Losses
(in thousands)
Balance at December 31, 2021
$
(
15,737
)
Current period provision for expected credit
    losses
(
150
)
Foreign currency exchange
    adjustments
1,820
Balance at December
    31, 2022
$
(
14,067
)
Current period provision for expected credit
    losses
(
87
)
Foreign currency exchange
    adjustments
(
825
)
Balance at December
    31, 2023
$
(
14,979
)
6.
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepaid
expenses and other current assets consist of:
December
    31,
2023
2022
(in
    thousands)
Value-added tax receivable
$
1,547
$
602
Prepaid income taxes
1,000
1,763
Advances to suppliers
3,696
4,000
Prepaid expenses
643
1,445
Insurance recoveries
4,984
4,708
Other current assets
3,784
3,827
Total
$
15,654
$
16,345
F-
16
FORAFRIC
                                            GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
7.
INVENTORIES
Inventories
are detailed as follows:
December
    31,
2023
2022
(in
    thousands)
Merchandise
$
874
$
825
Raw materials and consumable supplies
22,821
21,537
Finished Goods
4,683
4,856
Total
$
28,378
$
27,218
The
Company has
no
inventory reserves as of December 31, 2023, and 2022.
8.
PROPERTY, PLANT AND EQUIPMENT, NET
December
    31,
2023
2022
(in
    thousands)
Land
$
25,389
$
23,988
Buildings
63,200
55,542
Machinery and equipment
63,284
51,374
Assets in progress
10,354
8,458
Others
9,393
8,679
Total
171,620
148,041
Less accumulated depreciation
(
54,700
)
(
47,514
)
Total
$
116,920
$
100,527
Depreciation
expense was $
4,763
and $
4,993
for the years ended December 31, 2023, and 2022, respectively.
9.
GOODWILL AND OTHER INTANGIBLE ASSETS
In
connection with the establishment of reporting segments for each reporting period, the Company allocated goodwill between reporting units
using a relative fair value allocation approach.
Changes
in the carrying amount of goodwill allocated to its reporting units for the year ended December 31, 2023, and 2022 are as follows:
Soft
Durum
Couscous
Wheat
Wheat
and
    Pasta
Total
(in
    thousands)
Balance at December 31, 2021
$
35,194
$
7,355
$
9,022
$
51,571
Foreign currency exchange
    adjustments
(
3,784
)
(
848
)
(
1,041
)
(
5,673
)
Balance at December 31, 2022
$
31,410
$
6,507
$
7,981
$
45,898
Foreign currency exchange
    adjustments
1,741
381
468
2,590
Balance at December 31,
    2023
$
33,151
$
6,888
$
8,449
$
48,488
The
Company performed the annual impairment assessment as of December 31, 2023, and 2022, which did not result in impairment losses.
F-
17
FORAFRIC
                                            GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Changes
in the carrying amount of intangible assets for the year ended December 31, 2023, and 2022 are as follows:
Trade
Customer
Other
Intangible
names
relationships
intangibles
Assets
(in
    thousands)
Balance at December 31, 2021
$
1,011
$
2,041
$
923
$
3,975
Acquisitions
-
-
262
262
Amortization
-
(
90
)
(
53
)
(
143
)
Foreign currency exchange
    adjustments
(
84
)
(
155
)
(
132
)
(
371
)
Balance at December
    31, 2022
$
927
$
1,796
$
1,000
$
3,723
Acquisitions
-
-
987
987
Amortization
-
(
92
)
(
168
)
(
260
)
Foreign currency exchange
    adjustments
40
71
87
198
Balance at December 31,
    2023
$
967
$
1,775
$
1,906
$
4,648
As
of December 31, 2023, the weighted-average remaining amortization period for intangibles other than goodwill is 9 years and future intangible
amortization is expected to total the following:
(in
    thousands)
2024
$
469
2025
469
2026
469
2027
371
2028
273
Thereafter
1,630
Total amortization
$
3,681
10.
ACCRUED EXPENSES
Accrued
expenses consist of:
December
    31,
2023
2022
(in
    thousands)
Consideration payable to selling
    stockholder
$
8,840
$
8,200
Accrued government taxes
5,580
5,517
Accrued interest
2,047
3,781
Accrued salaries and benefits
657
600
Accruals to social agencies
669
664
Other accrued expenses
322
212
Total
$
18,115
$
18,974
11.
LINES OF CREDIT
Lines
of Credit – working capital
The
Company has entered into unsecured revolving credit agreements with several financial institutions to fund working capital requirements
("WC Lines of Credit"). The WC Lines of Credit provide the Company with the ability to borrow funds under consolidated lines
of credit of up to approximately $
50,000
. Interest rates range from
5.6
% to
7.5
%. The WC Lines of Credit renew automatically on an annual
basis. The Company and certain of its subsidiaries are borrowers under the WC Lines of Credit, and their obligations are cross guaranteed
by certain other subsidiaries.
F-
18
FORAFRIC
                                            GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Lines
of Credit – wheat inventories
The
Company has entered into credit agreements with several financial institutions for asset-based credit facilities in order to fund wheat
raw material purchases ("Wheat Credit Facilities"). The Wheat Credit Facilities provide the ability to borrow funds under
consolidated lines of credit of up to approximately $
142,000
, subject to certain borrowing base criteria. The Wheat Credit Facilities
are secured by the Company's inventory. Interest rates range from
1.4
% to
7.5
% per annum. The Wheat Credit Facilities must be renewed
on a semi-annual basis. The Company and certain of its subsidiaries are borrowers under the Wheat Credit Facilities, and their obligations
are cross guaranteed by certain other subsidiaries.
12.
LONG-TERM DEBT
The
long-term debt of is presented as follows:
December
    31,
2023
2022
(in
    thousands)
Loans
$
17,845
$
12,344
Leases
4,467
2,901
Total outstanding debt
22,312
15,245
Less current portion
(
10,471
)
(
5,417
)
Total long-term debt
$
11,841
$
9,828
The
term loans and other financial liabilities are evaluated according to the amortized cost method using the effective interest rate of
the loan. The loan issuance costs and premiums, if any, are determined at inception and are amortized over the useful life of the loan
via the effective interest rate.
Term
Loans
The
Company maintains term loans with several financial institutions (the "Term Loans"). The Term Loans are unsecured and have
fixed monthly payments ranging from approximately $
14
to $
104
. Interest on the Term Loans range from
5.5
%-
5.9
% per annum. The Term Loans
mature at various dates ranging through 2034.
Lease
Obligations
The
Company owes $
4,467
and $
2,901
related to its leases as of December 31, 2023, and 2022, respectively. Lease obligations are payable in
monthly installments of principal and interest and are collateralized by the related assets financed. Refer to Note 4 for additional
information regarding the Company's leases.
The
scheduled maturities of outstanding debt As of December 31, 2023 are as follows:
(in
    thousands)
2024
10,471
2025
3,591
2026
2,820
2027
2,204
2028
743
Thereafter
2,483
Total outstanding debt
$
22,312
13.
FOREIGN CURRENCY FORWARD CONTRACTS
Our
global operations require active participation in foreign exchange markets. From the beginning of 2023, the Company entered into foreign
currency forward contracts to reduce the risk arising from foreign exchange rate fluctuations.
We
do not utilize hedge accounting and as such value open foreign currency forward contracts at fair value with the change in unrealized
gain or loss recorded in "Change in fair value of derivatives and contingent consideration" on the Company's consolidated
statements of operations.
F-
19
FORAFRIC
                                            GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
The
Company had 50 foreign currency forward contracts outstanding as of December 31, 2023, with a notional value of $
14,100
and €
40,200
($
36,400
), respectively. All of these contracts will expire by
December 31, 2024
. These instruments are typically short term in duration.
Foreign
currency forward contracts are marked-to-market based on the difference between the forward rate and the exchange rate as of the reporting
period; thus, the Company measures the fair value of these contracts under a Level 2 input.
The
foreign currency forward contract assets and liabilities totaled $
430
and $
337
, respectively at December 31, 2023. These assets and liabilities
are recorded within prepaid expenses and other current assets, and other liabilities, current, respectively on the consolidated balance
sheets. The Company recorded a gain on foreign exchange forward contracts of $
91
for the year ended December 31, 2023.
14.
CONTINGENT CONSIDERATION LIABILITY
In
accordance with the terms of the Business Combination Agreement, the Company will pay to the Seller 20% of any cash proceeds received
by Company before the five-year anniversary of the Closing resulting from the exercise of Company Warrants outstanding as of the Signing
Date.
The
contingent consideration liability is included in "Contingent consideration liability" on the consolidated balance sheet.
Changes in the fair value of the liability are included in "Change in fair value of derivatives and contingent consideration"
on the Consolidated Statements of Operations.
The
Company utilized a probability weighted scenario-based model under a level 3 input to determine the fair value of the contingent consideration.
Based on this valuation model, the Company determined the fair value of the contingent consideration to be $
1,326
and $
1,260
as of December
31, 2023 and 2022, respectively. The assumptions used in the analysis are inherently subjective; therefore, the ultimate amount of the
liability may differ materially from the current estimate.
The
significant unobservable inputs used in the fair value measurement of the contingent consideration liability are measures of the estimated
payouts over a five-year period based on internally generated financial projections on a probability-weighted basis and a discount rate
which was in a range of
4.49
% to
5.47
% with a weighted average of
4.94
% As of December 31, 2023.
The
following table presents a summary of the changes in the fair value of the contingent consideration liability:
(in
    thousands)
June 9, 2022
$
1,308
Change in fair value
(
48
)
December 31, 2022
$
1,260
Change in fair value
66
December 31, 2023
$
1,326
15.
INCOME TAXES
The
following table presents the components of the December 31, 2023, 2022 and 2021 provision for income taxes:
December
    31,
2023
2022
2021
(in thousands)
Current
$
1,987
$
2,228
$
2,104
Deferred
(
2,093
)
(
4,286
)
(
2,193
)
Total income tax expense
$
(
106
)
$
(
2,058
)
$
(
89
)
F-
20
FORAFRIC
                                            GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
The
Company's effective tax rate was
1
%,
10
%, and
1
% for the year ended December 31, 2023, 2022 and 2021, respectively. The effective
tax rate was lower than the Moroccan statutory rate primarily due to unrecognized tax losses and the minimum contribution due to the
Moroccan tax authorities levied on revenue and other specific income items.
The
current tax expense corresponds to the amounts paid or pending of payment in short-term to the Moroccan tax authorities for the period,
according to the Law and Regulations of Morocco. The Company's filed tax returns from the 2019 through 2023 tax years remain open
for examination by the tax authorities under the normal statute of limitations.
According
to tax legislation in Morocco, companies are taxed on the difference between their trading income and expenditure. Business expenses
incurred in the operation of the business are generally deductible unless specifically excluded. The Moroccan 2023 Tax Code enacted a
tax reform by fixing two target rates as follows:
-
20
%
    for companies with a net tax income lower than MAD
100
million.
-
35
%
    for companies with a net tax income equal to or higher than MAD
100
million.
All
the group's entities in Morocco will be progressively subject to the
20
% income tax rate.
Companies
in Mali and Burkina are subject to an income tax of
30
% and
27.5
% respectively.
The
following is a reconciliation of income tax expense computed at the Moroccan statutory tax rate to the income tax benefit reported in
the consolidated statements of operations:
December
    31,
2023
2022
2021
(in thousands)
Net loss
$
(
12,508
)
$
(
19,170
)
$
(
7,784
)
Income tax expense for
    the period
(
106
)
(
2,058
)
(
89
)
Income (loss) before
    tax
(
12,614
)
(
21,228
)
(
7,873
)
Effective tax rate
1
%
10
%
1
%
Permanent differences not deductible (taxable)
    for tax purposes
3,942
(
1,799
)
(
971
)
Unrecognized tax losses
695
6,322
3,323
Change in the valuation
    allowance
(
2,221
)
-
-
Recalculated tax expense
$
(
2,523
)
$
(
6,581
)
$
(
2,441
)
Statutory tax rate in
    Morocco
20
%
31
%
31
%
The
tax effects of temporary differences giving rise to deferred income tax assets (liabilities) were:
December
    31,
2023
2022
(in
    thousands)
Fixed assets and intangible assets
(
10,810
)
(
10,292
)
Loss carryforward
7,446
12,021
Leases
(
2,344
)
(
2,078
)
Others
(
102
)
(
29
)
Less: valuation allowance
(
5,172
)
(
12,021
)
Deferred
    tax liabilities, net
$
(
10,982
)
$
(
12,399
)
F-
21
FORAFRIC
                                            GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
During
the years ended December 31, 2023, and 2022, the Company has $
37,228
and $
48,684
, respectively, as cumulative net operating losses of
which $
23,546
and $
36,663
that begin
to expire within four years
, respectively.
In
assessing the realizability of these deferred tax assets, management considers whether it is more-likely-than-not that some portion or
all the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future
taxable income in those periods in which temporary differences become deductible and/or net operating loss carryforwards can be utilized.
The Company considers the level of historical taxable income, scheduled reversal of temporary differences, tax planning strategies, and
projected future taxable income in determining whether a valuation allowance is warranted.
The
Company maintains a valuation allowance for deferred tax assets that may not be realizable in the future. During the year ended December
31, 2023, the Company reassessed its deferred tax assets and liabilities, including the valuation allowance, in accordance with ASC 740,
"Income Taxes."
As
a result of this assessment, the Company determined that it is more likely than not that a portion of the previously established valuation
allowance is no longer necessary. Therefore, the Company released a portion of the valuation allowance, resulting in a decrease in income
tax expense of $
2,221
for the year ended December 31, 2023.
As
of each reporting date, we consider existing evidence, both positive and negative, that could impact our view with regard to future realization
of deferred tax assets. Following the release of the aforementioned valuation allowance, we continue to believe it is more likely than
not that the benefit for certain net operating loss carryforwards will not be realized. In recognition of this risk, we continue to provide
a partial valuation allowance on the deferred tax assets relating to these carryforwards in the amount of $
5,172
as of December 31, 2023.
16.
VARIABLE INTEREST ENTITIES AND ACQUISITIONS
Asset
acquisitions
On
July 26, 2023, Forafric acquired
90
% of Société Industrielle de Minoterie du Sud ("SIMS"), a soft wheat milling
company with primary operations in Marrakesh, for cash consideration and noncontrolling interest in the amount of approximately
$
56
and the assumption of SIMS' outstanding debts in the amount of approximately $
5,318
.
The transaction met the screen test and was accounted
for as an acquisition of assets under U.S. GAAP. Accordingly, the acquisition cost was allocated on a relative fair value basis.
The
following table represents the final purchase cost allocation:
Allocated cost
Property, plant, and equipment
$
8,788
Intangible assets
686
Right-of-use assets
331
Inventories
59
Accounts receivable
28
Cash and cash equivalents
7
Other liabilities, noncurrent
(
2,328
)
Accounts payable
(
1,503
)
Other payables
(
693
)
Total net assets acquired
$
5,374
Consolidated
Variable Interest Entities
Sanabil
SA
Effective
on October 7, 2021, the Company completed a share purchase acquisition of Moulins Sanabil SA ("Sanabil SA"). By way of the
acquisition, the Company acquired a
60
% stake in a wheat milling business in the region of Meknes, Morocco.
Pursuant
to the terms of the agreement, the purchase price of the acquisition was $
332
, fully paid in cash.
F-
22
FORAFRIC
                                            GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
The
following table represents the final allocation of the purchase consideration among assets acquired and liabilities assumed at their
estimated acquisition date fair values:
Consideration paid:
Cash
$
332
Assumed debt
6,548
Noncontrolling interest
221
Total consideration paid
$
7,101
Net assets acquired:
Current assets
$
4,665
Current liabilities
(
4,416
)
Property, plant and equipment
5,413
Tradename
323
Customer relationship
453
Total net assets acquired
6,438
Goodwill
663
Total consideration paid
$
7,101
The
valuation of the acquired intangible assets is inherently subjective and relies on significant unobservable inputs. The Company used
an income approach to value the acquired customer relationships intangible assets. The method used for the acquired trade name intangible
assets was the Relief from Royalty Method. The valuation for each of these intangible assets was based on estimated projections of expected
cash flows to be generated by the assets, discounted to the present value at discount rates commensurate with perceived risk. The valuation
assumptions take into consideration the Company's estimates of customer attrition and revenue growth projections. The Company is
amortizing the identifiable intangible assets arising from the Sanabil SA acquisition in relation to the expected cash flows from the
individual intangible assets over their respective useful lives, which have a weighted average life of
20
years. Goodwill represents
Sanabil SA's market presence and its experienced workforce as well as future potential to generate cash flows and other economic
benefits and results from assets that are not separately identifiable as part of the transaction and is not deductible for tax purposes.
The Company incurred no material transaction costs for the acquisition of Sanabil SA.
MDS
Burkina
Effective
on July 30, 2021, the Company completed a share purchase acquisition of MDS Burkina. By way of the acquisition, the Company acquired
a
78.21
% stake in a wheat milling business in Burkina.
Pursuant
to the terms of the agreement, the Company will provide financial investments to MDS Burkina in the form of a cash consideration for
a total amount of $
6,153
fully paid in cash as of December 31, 2022. The amount invested will be used first to recapitalize the company
and finance working capital.
The
Company thus agreed to fund MDS Burkina for operational cash flow needs and bear the risk of its losses from operations and MDA Burkina
agrees that the Company has rights to
78.21
% of MDS Burkina's net profits, if any.
F-
23
FORAFRIC
                                            GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
The
following table represents the preliminary allocation of the purchase consideration among assets acquired and liabilities assumed at
their estimated acquisition date fair values:
Consideration paid:
Cash
$
6,153
Assumed debt
7,348
Noncontrolling interest
1,714
Total consideration paid
$
15,215
Net assets acquired:
Current assets
$
4,559
Current liabilities
(
1,144
)
Property, plant and equipment
9,970
Total net assets acquired
13,385
Goodwill
1,830
Total consideration paid
$
15,215
Goodwill
represents MDS Burkina's market presence and its experienced workforce as well as future potential to generate cash flows and other
economic benefits and results from assets that are not separately identifiable as part of the transaction and is not deductible for tax
purposes. The Company incurred no material transaction costs for the acquisition of MDS Burkina.
MDS
Mali
Effective
on April 30, 2021, the Company completed a share purchase acquisition of MDS Mali. By way of the acquisition, the Company acquired a
70.35
% stake in a wheat milling business in Mali.
Pursuant
to the terms of the agreement, the Company will provide financial investments to MDS Mali in the form of a cash consideration for a total
amount of $
9,579
fully paid in cash as of December 31, 2022. The amount invested will be used first to recapitalize the company and finance
working capital.
The
following table represents the final allocation of the purchase consideration among assets acquired and liabilities assumed at their
estimated acquisition date fair values:
Consideration paid:
Cash
$
9,579
Assumed debt
9,723
Noncontrolling interest
4,037
Total consideration paid
$
23,339
Net assets acquired:
Current assets
$
16,715
Current liabilities
(
7,293
)
Property, plant and equipment
8,289
Tradename
734
Customer relationship
1,760
Other intangible assets
20
Total net assets acquired
20,225
Goodwill
3,114
Total consideration paid
$
23,339
The
valuation of the acquired intangible assets is inherently subjective and relies on significant unobservable inputs. The Company used
an income approach to value the acquired customer relationships intangible assets. The method used for the acquired trade name intangible
assets was the Relief from Royalty Method. The valuation for each of these intangible assets was based on estimated projections of expected
cash flows to be generated by the assets, discounted to the present value at discount rates commensurate with perceived risk. The valuation
assumptions take into consideration the Company's estimates of customer attrition and revenue growth projections.
F-
24
FORAFRIC
                                            GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
The
Company is amortizing the identifiable intangible assets arising from the MDS Mali acquisition in relation to the expected cash flows
from the individual intangible assets over their respective useful lives, which have a weighted average life of
20
years.
Goodwill
represents MDS Mali's market presence and its experienced workforce as well as future potential to generate cash flows and other
economic benefits and results from assets that are not separately identifiable as part of the transaction and is not deductible for tax
purposes. The Company incurred no material transaction costs for the acquisition of MDS Mali.
Pro
Forma information
The
following unaudited pro forma information presents the aggregate impact of the results of operations of Sanabil SA, MDS Burkina and MDS
Mali on the Company revenue and net income (loss) for the years ended December 31, 2021, and 2020 as if the acquisitions had been completed
on January 1, 2020, with adjustments to give effect to pro forma events that are directly attributable to the acquisitions.
The
unaudited pro forma information does not reflect any operating efficiencies or potential cost savings that may result from the consolidation
of the operations of the Company and the acquisitions. Accordingly, this unaudited pro forma information is presented for illustrative
purposes and are not intended to represent or be indicative of the actual impact on the results of operations of the Company that would
have been achieved had the acquisitions occurred at January 1, 2020, nor are they intended to represent or be indicative of impact on
future results of operations:
December 31,
2021
2020
(in thousands)
Revenues
$
39,896
$
33,195
Net loss
$
(
444
)
$
(
1,542
)
Changes
in non-controlling interest
Acquisition
of additional interest in Sanabil
During
2023, the Company increased its ownership in Sanabil SA from
60
%
to
80
%
in exchange for the forgiveness of amounts due from the minority
shareholders.
17.
STOCKHOLDERS' EQUITY
Capital
stock
Preferred
Shares -
The Company is authorized to issue
1,000,000
Preferred Shares with a par value of $
.001
per share. The authorized Preferred
Shares will be available for issuance by the Board upon the passing of an ordinary resolution of the holders of the ordinary shares.
The ordinary resolutions of the stockholders of the Company will stipulate the powers, preferences and relative, participating, optional
and other rights or special rights, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation
preferences, as well as any restrictions, of the class of preferred shares as a whole, which has not yet been determined.
Ordinary
Shares -
The Company is authorized to issue
100,000,000
Ordinary Shares with a par value of $
.001
per share. As of December 31, 2023,
a total of
26,879,202
ordinary shares were issued and outstanding. In the event of the liquidation of the Company, after satisfaction
of liabilities to creditors, the assets of the Company will be distributed to the holders of the ordinary shares in the Company in proportion
to their respective 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 preferred shares with preferential rights that may be authorized by ordinary
resolution in the future. The holders of ordinary shares have no preemptive or conversion rights or other subscription rights. There
are no redemption or sinking fund provisions applicable to the ordinary shares. The rights, preferences and privileges of holders of
the ordinary shares may be subject to those of the holders of any preferred shares the Company may issue in the future.
F-
25
FORAFRIC
                                            GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Class
Z non-redeemable and non-convertible ordinary shares
- The Company is authorized to issue
30,000,000
Class Z non-redeemable and non-convertible
ordinary shares ("Class Z Ordinary Shares") with a par value of $
0.001
per share. As of December 31, 2023, and 2022, the
Company had
-
and
29,999,990
Class Z Ordinary Shares issued and outstanding, respectively. All outstanding Class Z non-redeemable and
non-convertible ordinary shares were repurchased and retired during 2023.
Warrants
Public
Warrants
- There were
11,461,120
and
11,461,220
public warrants outstanding at December 31, 2023, and 2022, respectively. Each public
redeemable warrant entitles the registered holder to purchase one ordinary share at a price of $
11.50
per share. The Company may call
the outstanding public warrants for redemption in whole and not in part, at a price of $
0.01
per warrant:
-
at
    any time while the warrants are exercisable;
-
upon
    not less than 30 days' prior written notice of redemption to each warrant holder;
-
if,
    and only if, the reported last sale price of the Ordinary Share equals or exceeds $
16.50
per share (as adjusted for stock splits,
    stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30-day trading period ending on the third
    business day prior to the notice of redemption to warrant holders, and
-
if,
    and only if, there is a current registration statement in effect with respect to the Ordinary Share underlying such warrants at the
    time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of
    redemption.
If
and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register
or qualify the underlying securities for sale under all applicable state securities laws. If the Company calls the Public Warrants for
redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a "cashless
basis," as described in the warrant agreement.
Private
Warrants
- At December 31, 2023, and 2022, there were
4,289,722
private warrants outstanding. Each private warrant entitles the registered
holder to purchase one ordinary share at a price of $
11.50
per share.
Stockholder
Earn-Out Rights
As
a part of the Business Combination consideration, the selling stockholder shall be entitled to receive, as additional consideration,
and without any action on behalf of the Company or the Company's stockholders, additional ordinary shares (the "Earnout Shares"),
to be issued as follows during the period from and after the Closing until the end of calendar year 2024 (A)
500,000
Earnout Shares,
if, during calendar year 2022, Adjusted EBITDA (as defined in the Business Combination Agreement) of the Company is equal to or greater
than $
27
million, (B)
500,000
Earnout Shares, if, during calendar year 2023, Adjusted EBITDA of the Company is equal to or greater than
$
33
million, and (C)
1,000,000
Earnout Shares, if, during calendar year 2024, the Buyer Trading Price (as defined in the Business Combination
Agreement) during the standard market trading hours of a trading day is greater than or equal to $
16.50
for any 20 trading days within
any period of 30 consecutive trading days. As of December 31, 2023, there have been
no
Earnout Shares issued.
The
Earnout have been deemed financial instruments to be issued upon the occurrence of contingent earn out provisions. The Earnout Shares
are accounted for under ASC Topic 815-40, "Derivatives and Hedging", pursuant to which the Earnout Shares are considered
to be indexed to the Company's own stock and therefore will be classified as equity instruments.
18.
EQUITY INCENTIVE PLAN
In
connection with the Business Combination, the Stockholders of the Company considered and approved the Forafric 2022 Long Term Employee
Share Incentive Plan (the "Equity Incentive Plan") which provides for the grant of awards, consisting of nominal cost options
or phantom options to employees, directors and consultants of the Company or any of its subsidiaries. The maximum number of shares which
may be the subject of awards under the Equity Incentive Plan may not exceed 10% of the issued share capital of the Company from time
to time and the maximum number of shares reserved and available for issuance shall not exceed
2,645,684
. No award can be exercised after
the tenth anniversary of the date of grant. With the exception of certain special circumstances, an award can only be exercised while
the award holder is employed or engaged by the Company or any of its subsidiaries. Subject to certain provisions, a vested award may
be exercised in whole or in part at any time after its date of grant.
F-
26
FORAFRIC
                                            GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
The
following table summarizes all stock option activity for the year ended December 31, 2023:
Stock
    Options
Weighted
    Average Exercise Price
Weighted
    Average Remaining Contractual Term (years)
Aggregate
    Intrinsic Value (thousands)
Outstanding at December 31, 2022
-
$
-
-
$
-
Granted
64,705
0.001
9.38
685
Exercised
-
-
-
-
Forfeited/Expired
-
-
-
-
Outstanding at December 31, 2023
$
64,705
$
0.001
$
9.38
$
685
Exercisable at December 31, 2023
$
-
$
-
$
-
$
-
The
weighted-average grant-date fair value of options granted during the year ended December 31, 2023, was $
10.99
.
As
of December 31, 2023, the unrecognized compensation expense associated with the stock options is $
542
and it will be recognized over
24
months from the end of December 31, 2023.
The
grant date fair value of the stock options was estimated using the following assumptions:
Expected term
5
years
Volatility
62.39
%
Expected dividend yield
0.00
%
Annual Risk Free Rate
3.52
%
The
following table summarizes the phantom option activity for the year ended December 31, 2023:
Phantom
    Options
Weighted
    Average Exercise Price
Weighted
    Average Remaining Contractual Term (years)
Aggregate
    Intrinsic Value (thousands)
Outstanding at December 31, 2022
-
$
-
-
-
Granted
53,613
0.001
9.39
568
Exercised
-
-
-
-
Forfeited/Expired
-
-
-
-
Outstanding at December 31, 2023
$
53,613
$
0.001
$
9.39
$
568
Exercisable at December 31, 2023
$
-
$
-
$
-
$
-
The
weighted-average fair value of the phantom stock options for the year ended December 31, 2023, was $
10.59
. The liability for outstanding
phantom stock options as of December 31, 2023 was $
135
and is included in other liabilities in the consolidated balance sheet.
As
of December 31, 2023, the unrecognized compensation expense associated with the phantom options is $
433
and it will be recognized over
24
months from the end of December 31, 2023.
The
fair value of the phantom options at December 31, 2023 was estimated using the following assumptions:
Expected term
5
years
Volatility
60.31
%
Expected dividend yield
0.00
%
Annual Risk Free Rate
3.84
%
F-
27
FORAFRIC
                                            GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
19.
EARNINGS PER SHARE
Basic
earnings per share is computed by dividing net income (loss) by the number of weighted average ordinary shares outstanding during the
reporting period. The Company's weighted average number of shares outstanding used in calculating earnings per share are
26,879,159
and
26,604,710
and
20,555,595
for the years ended December 31, 2023, 2022 and 2021, respectively. Because there was no activity to cause
dilution in the weighted average ordinary shares, basic and diluted earnings per share are disclosed together in each of the reporting
periods.
The
computation of diluted loss per share excludes the effect of earnout and option shares and warrants to purchase the Company's shares
because their inclusion would be anti-dilutive.
20.
COMMITMENTS AND CONTINGENCIES
Since
February 2022, the quantity of soft wheat available on the international market has decreased by 35% due to the ongoing war in Ukraine,
causing the price of raw materials to increase. Despite this situation, we have not had any shortages on raw materials, and do not project
to have any issuing fulfilling future orders. We have no firm and irrevocable commitments that will be affected by the war in Ukraine,
and we will continue to assess the impact the war may have on our business.
The
Company entered into a five-year supply agreement with Millcorp Geneva SA ("Millcorp"), pursuant to which the Company is
obligated to obtain at least 80% of the Company's annual requirements of common wheat, durum wheat, or any other cereal, from Millcorp.
The agreement expired on March 31, 2023 and was subsequently amended to extend through March 2026. Millcorp is currently providing 100%
of the Company's imported grain needs. The purchases incurred were $
147,284
, $
207,188
, and $
141,565
for the years ended December
31, 2023, 2022 and 2021, respectively.
The
Company has commitments with banks to finance its operating activities. The Company has provided collateral and mortgages to banks of
$
25,464
As of December 31, 2023.
From
time to time the Company is involved in litigation incidental to the conduct of its business. These matters may relate to employment
and labor claims, patent and intellectual property claims, claims of alleged non-compliance with contract provisions and claims related
to alleged violations of laws and regulations. When applicable, the Company records accruals for contingencies when it is probable that
a liability will be incurred, and the amount of loss can be reasonably estimated. Defense costs are expensed as incurred and are included
in professional fees. While the outcome of lawsuits and other proceedings against the Company cannot be predicted with certainty, in
the opinion of management, individually or in the aggregate, no such lawsuits and other proceedings had or are expected to have a material
effect on the consolidated financial statements at December 31, 2023.
21.
SEGMENT INFORMATION
The
Company manages operations on a company-wide basis, thereby making determinations as to the allocation of resources in total rather than
on a segment-level basis. The Company has designated reportable segments based on how management views its business. The Company does
not segregate assets between segments for internal reporting. Therefore, asset-related information has not been presented. The reportable
segments, as presented below, are consistent with the way the Company reports its results to the chief operating decision maker ("CODM").
The
principal products that comprise each segment are as follows:
Soft
Wheat
– The Soft Wheat segment includes the production and sale of soft wheat yielding flour that is used to make desserts
and sauces.
Durum
Wheat
- The Durum Wheat segment includes the production and sale of hard wheat yielding flour that is used to make pasta.
Couscous
and Pasta
– The Couscous and Pasta segment includes the secondary processing of products including couscous and pasta sold
to end customers.
The
"all other" category includes activities and items not allocated to reportable segments, such as non-operating entities,
non-significant activities and centrally incurred corporate overhead expenses.
The
Company evaluates the performance of its segments based on sales and operating income. Operating income (loss) is defined as gross profit
less sales & marketing costs, direct selling, general, and administrative expenses, and other operating expenses. The amounts in
the following tables are obtained from reports used by senior management and do not include income taxes.
F-
28
FORAFRIC
                                            GLOBAL PLC AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
Financial
information relating to the Company's reportable segments is as follows:
December
    31,
2023
2022
2021
(in
    thousands)
Sales
    to external customers:
Soft
    Wheat
$
218,761
$
213,775
$
173,085
Durum
    Wheat
51,755
44,447
53,546
Couscous
    & Pasta
31,410
27,159
28,819
All
    other
3,550
4,391
6,229
Total
$
305,476
$
289,772
$
261,679
Operating
    income (loss)
Soft
    Wheat
$
2,288
$
8,957
$
1,233
Durum
    Wheat
327
(
4,508
)
600
Couscous
    & Pasta
1,666
(
1,924
)
1,734
All
    other
(
3,148
)
(
3,947
)
(
181
)
Operating
    income (loss)
$
1,133
$
(
1,422
)
$
3,386
Geographic
Information
— The Company had net sales from customers outside of Morocco of approximately
12.7
% (
8.5
% in Mali,
2.2
% in Burkina
and
2.0
% in other countries) and
10.9
% of total consolidated net sales from operations for the years ended December 31, 2023, and 2022,
respectively. Net sales are determined based on the customer destination where the products are shipped.
Long-lived
assets consist of net property, plant, and equipment. The geographic location of long-lived assets is as follows:
December
    31,
2023
2022
(in
    thousands)
Morocco
$
96,149
$
79,125
Burkina
8,913
8,793
Mali
6,991
6,732
Angola
4,396
5,391
Other
471
486
Total
$
116,920
$
100,527
22.
RELATED PARTIES
The
following discussion summarizes activity between the Company and related parties.
In
2015, the Company entered into a building lease agreement for the headquarters of Forafric Maroc, a wholly owned subsidiary. The Company's
Parent owns
100
% of the company that owns the building. Total rent is approximately $
420
per year.
Millcorp
provides 100% of the imported grain to the Company. The purchases incurred were $
147,284
, $
207,188
, and $
141,565
for the years ended
December 31, 2023, 2022 and 2021, respectively.
The
Company's amounts due from related parties were $
1,358
and $
2,366
as of December 31, 2023, and 2022, respectively.
The
Company's loans due to related parties were $
1,486
and $
1,801
as of December 31, 2023, and 2022, respectively.
Moreover,
the Company owed the Lighthouse Capital Limited $
8
million as part of the consideration paid in consideration for the business combination
consummated in 2022 with interest accruing at the rate of
8
% per annum from June 8, 2022. The total outstanding consideration payable
to Lighthouse Capital Limited amounts to $
8,840
, and $
8,200
for the years ended December 31, 2023, and 2022, respectively. These amounts
are recorded within accrued expenses.
The
Company has not entered into any significant transactions with other related parties.
23.
SUBSEQUENT EVENTS
In
preparing the consolidated financial statements through the December 31, 2023, the Company has evaluated subsequent events for recognition
and disclosure through April 30, 2024, the date that these consolidated financial statements and accompanying notes were available for
issuance.
F-
29