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</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>WASHINGTON, DC 20549</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>FORM <ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</ix:nonNumeric></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">For the fiscal year ended <ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-en" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2022</ix:nonNumeric></ix:nonNumeric></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Commission File No.: <ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber">001-39674</ix:nonNumeric></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName"><b>G Medical Innovations Holdings Ltd.</b></ix:nonNumeric></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><i>Translation of registrant&#8217;s name into
English:</i> Not applicable</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName"><b>Dr. Yacov Geva</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>President and Chief Executive Officer</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>+972 8 958 4777</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelEmailAddress"><b>Yacovg@Gmedinnovations.com</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1">5 Oppenheimer</ix:nonNumeric>,</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown">Rehovot</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:EntityAddressPostalZipCode">7670105</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Israel</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><i>(Name, Telephone, E-mail and/or Facsimile number
and Address of Company Contact Person)</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Securities registered or to be registered pursuant
to Section 12(b) of the Act:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; width: 32%"><span style="font-size: 10pt"><b>Title of each class to be registered</b></span></td> <td style="white-space: nowrap; vertical-align: bottom; width: 2%">&#160;</td> <td style="white-space: nowrap; vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center; width: 32%"><span style="font-size: 10pt"><b>Trading Symbol(s)</b></span></td> <td style="vertical-align: top; width: 2%">&#160;</td> <td style="vertical-align: top; border-bottom: black 1.5pt solid; text-align: center; width: 32%"><span style="font-size: 10pt"><b>Name of each exchange on which each<br/>
class is to be registered</b></span></td></tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: bottom; text-align: center"><ix:nonNumeric contextRef="c2" name="dei:Security12bTitle"><span style="font-size: 10pt">Ordinary Shares, par value $0.0001 per share</span></ix:nonNumeric></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c2" name="dei:TradingSymbol"><span style="font-size: 10pt">GMVD</span></ix:nonNumeric></td> <td style="vertical-align: top">&#160;</td> <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c2" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric> Capital Market</span></td></tr> <tr> <td style="vertical-align: bottom; text-align: center"><ix:nonNumeric contextRef="c3" name="dei:Security12bTitle"><span style="font-size: 10pt">Warrants to purchase Ordinary Shares, par value $0.0001 per share</span></ix:nonNumeric></td> <td style="vertical-align: bottom">&#160;</td> <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c3" name="dei:TradingSymbol"><span style="font-size: 10pt">GMVDW</span></ix:nonNumeric></td> <td style="vertical-align: top">&#160;</td> <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c3" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric> Capital Market</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Securities registered or to be registered pursuant
to Section 12(g) of the Act: None</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act: None</p><div>

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

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

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Number of outstanding shares
of each of the issuer&#8217;s classes of capital or common stock as of December 31, 2022: <ix:nonFraction contextRef="c4" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">1,532,794</ix:nonFraction>&#160;Ordinary Shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark if
the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Yes <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
<ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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
Exchange Act of 1934.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Yes <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
<ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark whether
the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span>
No <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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
during the preceding 12 months.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span>
No <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>



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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-left: 36.25pt; text-align: justify; width: 44%"><span style="font-size: 10pt">Large accelerated filer <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></td> <td style="text-align: justify; width: 32%"><span style="font-size: 10pt">Accelerated filer <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></td> <td style="text-align: justify; width: 23%"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory"><span style="font-size: 10pt">Non-accelerated filer</span></ix:nonNumeric></td> <td style="text-align: justify; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><span style="font-size: 10pt">Emerging Growth Company</span></td> <td style="text-align: justify"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></ix:nonNumeric></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 7(a)(2)(B)
of the Securities Act. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityExTransitionPeriod"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric></p><div>



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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:IcfrAuditorAttestationFlag"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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 style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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). <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark which
basis of accounting the registrant has used to prepare the financial statements included in this filing.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. GAAP <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-sec-ix-hidden: hidden-fact-0">International Financial Reporting
Standards as issued by the International Accounting Standards Board</span> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
Item 17 <span style="font-family: Times New Roman, Times, Serif">&#9744;</span> Item 18</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If this is an annual report,
indicate by check mark whether the registrant is a shell company.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Yes <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
No <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric></ix:nonNumeric></p><div>

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

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

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

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

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

</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; text-align: justify; width: 9%">&#160;</td>
    <td style="vertical-align: top; text-align: justify; width: 81%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: center; width: 9%"><span style="font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="2" style="vertical-align: top; text-align: justify"><span style="font-size: 10pt"><a href="#a_001">INTRODUCTION</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">ii</span></td></tr>
  <tr>
    <td colspan="2" style="vertical-align: top; text-align: justify"><span style="font-size: 10pt"><a href="#a_002">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">iii</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="2" style="vertical-align: top; text-align: justify"><span style="font-size: 10pt"><a href="#a_003">EXPLANATORY NOTE</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">v</span></td></tr>
  <tr>
    <td colspan="2" style="vertical-align: top; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="#a_004">PART I</a></span></td>
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">1</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_005"><span style="font-size: 10pt">ITEM 1.</span></a></td>
    <td style="text-align: justify"><a href="#a_005"><span style="font-size: 10pt">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#a_006"><span style="font-size: 10pt">ITEM 2.</span></a></td>
    <td style="text-align: justify"><a href="#a_006"><span style="font-size: 10pt">OFFER STATISTICS AND EXPECTED TIMETABLE</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_007"><span style="font-size: 10pt">ITEM 3.</span></a></td>
    <td style="text-align: justify"><a href="#a_007"><span style="font-size: 10pt">KEY INFORMATION</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#a_008"><span style="font-size: 10pt">A.</span></a></td>
    <td style="text-align: justify"><a href="#a_008"><span style="font-size: 10pt">Reserved</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_009"><span style="font-size: 10pt">B.</span></a></td>
    <td style="text-align: justify"><a href="#a_009"><span style="font-size: 10pt">Capitalization and Indebtedness</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#a_010"><span style="font-size: 10pt">C.</span></a></td>
    <td style="text-align: justify"><a href="#a_010"><span style="font-size: 10pt">Reasons for the Offer and Use of Proceeds</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_011"><span style="font-size: 10pt">D.</span></a></td>
    <td style="text-align: justify"><a href="#a_011"><span style="font-size: 10pt">Risk Factors</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#a_012"><span style="font-size: 10pt">ITEM 4.</span></a></td>
    <td style="text-align: justify"><a href="#a_012"><span style="font-size: 10pt">INFORMATION ON THE COMPANY</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">32</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_013"><span style="font-size: 10pt">A.</span></a></td>
    <td style="text-align: justify"><a href="#a_013"><span style="font-size: 10pt">History and Development of the Company</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">32</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#a_014"><span style="font-size: 10pt">B.</span></a></td>
    <td style="text-align: justify"><a href="#a_014"><span style="font-size: 10pt">Business Overview</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">33</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_015"><span style="font-size: 10pt">C.</span></a></td>
    <td style="text-align: justify"><a href="#a_015"><span style="font-size: 10pt">Organizational Structure</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">69</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#b_002"><span style="font-size: 10pt">D.</span></a></td>
    <td style="text-align: justify"><a href="#b_002"><span style="font-size: 10pt">Property, Plants and Equipment</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">70</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_016"><span style="font-size: 10pt">ITEM 4A.</span></a></td>
    <td style="text-align: justify"><a href="#a_016"><span style="font-size: 10pt">UNRESOLVED STAFF COMMENTS</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">70</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#a_017"><span style="font-size: 10pt">ITEM 5.</span></a></td>
    <td style="text-align: justify"><a href="#a_017"><span style="font-size: 10pt">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">71</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_018"><span style="font-size: 10pt">A.</span></a></td>
    <td style="text-align: justify"><a href="#a_018"><span style="font-size: 10pt">Operating Results</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">71</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#a_019"><span style="font-size: 10pt">B.</span></a></td>
    <td style="text-align: justify"><a href="#a_019"><span style="font-size: 10pt">Liquidity and Capital Resources </span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">74</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_020"><span style="font-size: 10pt">D.</span></a></td>
    <td style="text-align: justify"><a href="#a_020"><span style="font-size: 10pt">Trend Information </span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">80</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#a_021"><span style="font-size: 10pt">E.</span></a></td>
    <td style="text-align: justify"><a href="#a_021"><span style="font-size: 10pt">Critical Accounting Estimates </span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">80</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_022"><span style="font-size: 10pt">ITEM 6.</span></a></td>
    <td style="text-align: justify"><a href="#a_022"><span style="font-size: 10pt">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">81</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#a_023"><span style="font-size: 10pt">A.</span></a></td>
    <td style="text-align: justify"><a href="#a_023"><span style="font-size: 10pt">Directors and Senior Management</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">81</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_024"><span style="font-size: 10pt">B.</span></a></td>
    <td style="text-align: justify"><a href="#a_024"><span style="font-size: 10pt">Compensation</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">84</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#a_025"><span style="font-size: 10pt">C.</span></a></td>
    <td style="text-align: justify"><a href="#a_025"><span style="font-size: 10pt">Board Practices</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">86</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_026"><span style="font-size: 10pt">D.</span></a></td>
    <td style="text-align: justify"><a href="#a_026"><span style="font-size: 10pt">Employees</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">90</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#b_001"><span style="font-size: 10pt">E.</span></a></td>
    <td style="text-align: justify"><a href="#b_001"><span style="font-size: 10pt">Share Ownership</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">90</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_027"><span style="font-size: 10pt">ITEM 7.</span></a></td>
    <td style="text-align: justify"><a href="#a_027"><span style="font-size: 10pt">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">93</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#a_028"><span style="font-size: 10pt">A.</span></a></td>
    <td style="text-align: justify"><a href="#a_028"><span style="font-size: 10pt">Major Shareholders</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">93</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_029"><span style="font-size: 10pt">B.</span></a></td>
    <td style="text-align: justify"><a href="#a_029"><span style="font-size: 10pt">Related Party Transactions</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">95</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#a_030"><span style="font-size: 10pt">C.</span></a></td>
    <td style="text-align: justify"><a href="#a_030"><span style="font-size: 10pt">Interests of Experts and Counsel</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">97</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_031"><span style="font-size: 10pt">ITEM 8.</span></a></td>
    <td style="text-align: justify"><a href="#a_031"><span style="font-size: 10pt">FINANCIAL INFORMATION</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">97</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#a_032"><span style="font-size: 10pt">A.</span></a></td>
    <td style="text-align: justify"><a href="#a_032"><span style="font-size: 10pt">Consolidated Statements and Other Financial Information</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">97</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_033"><span style="font-size: 10pt">B.</span></a></td>
    <td style="text-align: justify"><a href="#a_033"><span style="font-size: 10pt">Significant Changes</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">97</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#a_034"><span style="font-size: 10pt">ITEM 9.</span></a></td>
    <td style="text-align: justify"><a href="#a_034"><span style="font-size: 10pt">THE OFFER AND LISTING</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">98</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_035"><span style="font-size: 10pt">A.</span></a></td>
    <td style="text-align: justify"><a href="#a_035"><span style="font-size: 10pt">Offer and Listing Details</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">98</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#a_036"><span style="font-size: 10pt">B.</span></a></td>
    <td style="text-align: justify"><a href="#a_036"><span style="font-size: 10pt">Plan of Distribution</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">98</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_037"><span style="font-size: 10pt">C.</span></a></td>
    <td style="text-align: justify"><a href="#a_037"><span style="font-size: 10pt">Markets</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">98</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><a href="#a_038"><span style="font-size: 10pt">D.</span></a></td>
    <td style="text-align: justify"><a href="#a_038"><span style="font-size: 10pt">Selling Shareholders</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">98</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_039"><span style="font-size: 10pt">E.</span></a></td>
    <td style="text-align: justify"><a href="#a_039"><span style="font-size: 10pt">Dilution</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">98</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify"><a href="#a_040"><span style="font-size: 10pt">F.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_040"><span style="font-size: 10pt">Expenses of the Issue</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">98</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_041"><span style="font-size: 10pt">ITEM 10.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_041"><span style="font-size: 10pt">ADDITIONAL INFORMATION</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">98</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify"><a href="#a_042"><span style="font-size: 10pt">A.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_042"><span style="font-size: 10pt">Share Capital</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">98</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_043"><span style="font-size: 10pt">B.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_043"><span style="font-size: 10pt">Memorandum and Articles of Association</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">98</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify"><a href="#a_044"><span style="font-size: 10pt">C.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_044"><span style="font-size: 10pt">Material Contracts</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">98</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_045"><span style="font-size: 10pt">D.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_045"><span style="font-size: 10pt">Exchange Controls</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">98</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify"><a href="#a_046"><span style="font-size: 10pt">E.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_046"><span style="font-size: 10pt">Taxation</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">98</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_047"><span style="font-size: 10pt">F.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_047"><span style="font-size: 10pt">Dividends and Paying Agents</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">102</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify"><a href="#a_048"><span style="font-size: 10pt">G.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_048"><span style="font-size: 10pt">Statement by Experts</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">103</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_049"><span style="font-size: 10pt">H.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_049"><span style="font-size: 10pt">Documents on Display</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">103</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify"><a href="#a_050"><span style="font-size: 10pt">I.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_050"><span style="font-size: 10pt">Subsidiary Information</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">103</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_051"><span style="font-size: 10pt">J.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_051"><span style="font-size: 10pt">Annual Report to Security Holders</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">103</td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify"><a href="#a_052"><span style="font-size: 10pt">ITEM 11.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_052"><span style="font-size: 10pt">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">103</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_053"><span style="font-size: 10pt">ITEM 12.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_053"><span style="font-size: 10pt">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">104</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify"><a href="#a_054"><span style="font-size: 10pt">A.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_054"><span style="font-size: 10pt">Debt Securities</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">104</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_055"><span style="font-size: 10pt">B.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_055"><span style="font-size: 10pt">Warrants and rights</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">104</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify"><a href="#a_056"><span style="font-size: 10pt">C.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_056"><span style="font-size: 10pt">Other Securities</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">104</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_057"><span style="font-size: 10pt">D.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_057"><span style="font-size: 10pt">American Depositary Shares</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">104</span></td></tr>

<tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_058"><span style="font-size: 10pt">PART II</span></a></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">105</td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_059"><span style="font-size: 10pt">ITEM 13.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_059"><span style="font-size: 10pt">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">105</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify"><a href="#a_060"><span style="font-size: 10pt">ITEM 14.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_060"><span style="font-size: 10pt">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">105</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_061"><span style="font-size: 10pt">ITEM 15.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_061"><span style="font-size: 10pt">CONTROLS AND PROCEDURES</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">105</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify"><a href="#a_062"><span style="font-size: 10pt">ITEM 16.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_062"><span style="font-size: 10pt">RESERVED</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">106</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_063"><span style="font-size: 10pt">ITEM 16A.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_063"><span style="font-size: 10pt">AUDIT AND RISK COMMITTEE FINANCIAL EXPERT</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">106</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify"><a href="#a_064"><span style="font-size: 10pt">ITEM 16B.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_064"><span style="font-size: 10pt">CODE OF ETHICS</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">106</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_065"><span style="font-size: 10pt">ITEM 16C.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_065"><span style="font-size: 10pt">PRINCIPAL ACCOUNTANT FEES AND SERVICES</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">106</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify"><a href="#a_066"><span style="font-size: 10pt">ITEM 16D.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_066"><span style="font-size: 10pt">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT AND RISK COMMITTEES</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">107</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_067"><span style="font-size: 10pt">ITEM 16E.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_067"><span style="font-size: 10pt">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">107</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify"><a href="#a_068"><span style="font-size: 10pt">ITEM 16F.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_068"><span style="font-size: 10pt">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">107</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_069"><span style="font-size: 10pt">ITEM 16G.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_069"><span style="font-size: 10pt">CORPORATE GOVERNANCE</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">108</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify"><a href="#a_070"><span style="font-size: 10pt">ITEM 16H.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_070"><span style="font-size: 10pt">MINE SAFETY DISCLOSURE</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">108</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_071"><span style="font-size: 10pt">ITEM 16I.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_071"><span style="font-size: 10pt">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">108</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_072"><span style="font-size: 10pt">PART III</span></a></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">109</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td colspan="3" style="vertical-align: bottom; text-align: right">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_073"><span style="font-size: 10pt">ITEM 17.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_073"><span style="font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">109</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify"><a href="#a_074"><span style="font-size: 10pt">ITEM 18.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_074"><span style="font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">109</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#a_075"><span style="font-size: 10pt">ITEM 19.</span></a></td>
    <td style="vertical-align: top; text-align: justify"><a href="#a_075"><span style="font-size: 10pt">EXHIBITS</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">109</span></td></tr>
  <tr>
    <td colspan="2" style="vertical-align: top; text-align: justify"><a href="#a_076"><span style="font-size: 10pt">SIGNATURES</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">111</span></td></tr>
  </table><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>INTRODUCTION</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a next-generation mobile
health, or mHealth, and digital health company that develops and markets clinical and consumer medical-grade health monitoring solutions
and offers end-to-end support for remote monitoring and telemedicine projects. With extensive experience in the field of medical devices,
digital health and patients monitoring, we are committed to raising the global level of healthcare by empowering caregivers and patients
to better monitor, manage and improve clinical and personal health outcomes. We believe that we are at the forefront of the digital health
revolution in developing the next generation of mobile technologies and services that are designed to empower consumers, patients, and
providers to better monitor, manage and improve clinical and personal health outcomes, especially for those who suffer from cardiovascular
disease, or CVD, pulmonary disease and diabetes. Our business and future revenue stream can be broken down into two business areas: monitoring
services and home collection kits for lab testing.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless the context requires
otherwise, the terms &#8220;G Medical Innovations Holdings,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; the &#8220;Company&#8221;
and &#8220;G Medical Innovations Holdings&#8221; refer to G Medical Innovations Holdings Ltd., a Cayman Islands exempted company, and
its subsidiaries: G Medical Innovations Ltd., an Israeli corporation, G Medical Innovations USA Inc., a Delaware corporation, G Medical
Health and Wellness, Inc, a Delaware corporation, G Medical Health and Wellness Lab, Inc., a Delaware corporation, G Medical Innovations
MK Ltd., a Macedonian corporation, G Medical Innovations Asia Limited, a Hong Kong corporation, G Medical Diagnostic Services, Inc., a
Texas corporation, G Medical Mobile Health Solutions, Inc., an Illinois corporation, Telerhythmics, LLC , a company formed under the laws
of the state of Tennessee, G Medical Tests and Services, Inc., a Delaware corporation, G Medical Lab Services, Inc. a Delaware corporation,
G Medical Innovations UK Ltd., a UK corporation, all of which are wholly-owned subsidiaries, G-Medical Lab Services Inc., a Delaware corporation
and 80%-owned subsidiary, and Guangzhou Yimei Innovative Medical Science and Technology Co., Ltd., or G Medical China, a 70%-owned subsidiary
of G Medical Innovations Asia Limited.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">References to &#8220;Ordinary
Shares&#8221;, &#8220;warrants&#8221; and &#8220;share capital&#8221; refer to our ordinary shares, warrants and share capital, respectively,
of G Medical Innovations Holdings.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our reporting currency and
functional currency is the U.S. dollar. Unless otherwise expressly stated or the context otherwise requires, references in this annual
report to &#8220;dollars&#8221; or &#8220;$&#8221; mean U.S. dollars, and references to &#8220;A$&#8221; are to Australian dollars. Unless
derived from our consolidated financial statements or otherwise indicated, U.S. dollar translations of A$ amounts presented in this annual
report are translated using the rate of A$1.469 to $1.00, based on the exchange rates certified for customs purposes by the Federal Reserve
Bank of New York on December 31, 2022.&#160; References to &#8220;Ordinary Shares&#8221; are to our ordinary shares, par value $3.15 per
share. We report under International Financial Reporting Standards (or IFRS), as issued by the International Accounting Standards Board
(or the IASB). None of the financial statements were prepared in accordance with generally accepted accounting principles in the United
States.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our shareholders have approved
three reverse stock splits since 2020: on October 29, 2020, our shareholders approved, at an extraordinary general shareholders meeting,
a one-for-18 consolidation (the &#8220;October 2020 Reverse Stock Split&#8221;) of our Ordinary Shares pursuant to which holders of our
Ordinary Shares received one Ordinary Share for every 18 Ordinary Shares held; on March 25, 2021, our shareholders approved, at an extraordinary
general shareholders meeting, a one-for-five consolidation (the &#8220;March 2021 Reverse Stock Split&#8221;) of our Ordinary Shares pursuant
to which holders of our Ordinary Shares received one Ordinary Share for every five Ordinary Shares held; and on November 15, 2022, our
shareholders approved, at an extraordinary general shareholders meeting, a 35-for-one consolidation of our Ordinary Shares pursuant to
which holders of our Ordinary Shares received one Ordinary Share for every 35 Ordinary Shares held which took effect on November 16, 2022
(the &#8220;November 2022 Reverse Stock Split&#8221;). Unless the context expressly dictates otherwise, all reference to share and per
share amounts referred to herein reflect the October 2020 Reverse Stock Split, the March 2021 Reverse Stock Split and the November 2022
Reverse Stock Split.</p><div>

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

</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain information included
or incorporated by reference in this annual report on Form 20-F may be deemed to be &#8220;forward-looking statements&#8221; within the
meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Forward-looking statements are often characterized
by the use of forward-looking terminology such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221;
&#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;believe,&#8221; &#8220;should,&#8221; &#8220;intend,&#8221; &#8220;project&#8221;
or other similar words, but are not the only way these statements are identified.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These forward-looking statements
may include, but are not limited to, statements relating to our objectives, plans and strategies, statements that contain projections
of results of operations or of financial condition, expected capital needs and expenses, statements relating to the research, development,
completion and use of our products, and all statements (other than statements of historical facts) that address activities, events or
developments that we intend, expect, project, believe or anticipate will or may occur in the future.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Forward-looking statements
are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements on
assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions,
expected future developments and other factors they believe to be appropriate.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Important factors that could
cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements
include, among other things:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in">&#160;</td>
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  <tr style="vertical-align: top">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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  <tr style="vertical-align: top">
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    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top">
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</table><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Readers are urged to carefully
review and consider the various disclosures made throughout this annual report on Form 20-F which are designed to advise interested parties
of the risks and factors that may affect our business, financial condition, results of operations and prospects.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should not put undue reliance
on any forward-looking statements. Any forward-looking statements in this annual report on Form 20-F are made as of the date hereof and
are expressly qualified in their entirety by the cautionary statements included in this annual report. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required
by law.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the section of
this annual report on Form 20-F entitled &#8220;Item 4. Information on the Company&#8221; contains information obtained from independent
industry sources and other sources that we have not independently verified.</p><div>

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


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    </div><!-- Field: /Page --><div>


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

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXPLANATORY NOTE</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Market data and certain industry
data and forecasts used throughout this annual report on Form 20-F were obtained from internal company surveys, market research, publicly
available information, reports of governmental agencies and industry publications and surveys. Industry surveys, publications and forecasts
generally state that the information contained therein has been obtained from sources believed to be reliable. However, this information
may prove to be inaccurate because of the method by which some of the data for the estimates is obtained or because this information cannot
always be verified with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of
the data gathering process and other limitations and uncertainties. As a result, the market and industry data and forecasts included or
incorporated by reference in this annual report, and estimates and beliefs based on that data, may not be reliable. We have relied on
certain data from third-party sources, including internal surveys, industry forecasts and market research, which we believe to be reliable
based on our management&#8217;s knowledge of the industry. However, we have not ascertained the underlying economic assumptions relied
upon therein. Forecasts are particularly likely to be inaccurate, especially over long periods of time. In addition, we do not necessarily
know what assumptions regarding general economic growth were used in preparing the forecasts we cite. Statements as to our market position
are based to the best of our knowledge on the most currently available data. While we are not aware of any misstatements regarding the
industry data presented in this annual report, our estimates involve risks and uncertainties and are subject to change based on various
factors, including those discussed under the heading &#8220;Risk Factors&#8221; in this annual report.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Statements made in this annual
report on Form 20-F concerning the contents of any agreement, contract or other document are summaries of such agreements, contracts or
documents and are not a complete description of all of their terms. If we filed any of these agreements, contracts or documents as exhibits
to this Report or to any previous filing with the Securities and Exchange Commission (or the SEC), you may read the document itself for
a complete understanding of its terms.</p><div>

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


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


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

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>PART I</b></p><div>

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

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT
AND ADVISERS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

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

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

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

</div><div><a id="a_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 3. KEY INFORMATION</b></p><div>

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

</div><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>A. Reserved.</b></p><div>

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

</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>B. Capitalization and Indebtedness</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

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

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>C. Reasons for the Offer and Use of Proceeds</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

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

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>D. Risk Factors</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should carefully consider
the risks described below, together with all of the other information in this annual report on Form 20-F. The risks and uncertainties
described below are those significant risk factors, currently known and specific to us, that we believe are relevant to an investment
in our securities. Additional risks and uncertainties not currently known to us or that we now deem immaterial may also harm us. If any
of these risks materialize our business, results of operations or financial condition could suffer, and the price of our Ordinary Shares
could decline substantially.</p><div>

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

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

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our business is subject to numerous risks, as more
fully described in the section entitled &#8220;Risk Factors&#8221; immediately following this annual report summary. You should read these
risks before you invest in the Securities. In particular, our risks include, but are not limited to, the following:</p><div>

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

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

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

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

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

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

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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 7pt">&#160;</span></p><div>

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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to Our Financial Condition and
Capital Requirements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have identified material weaknesses in
our internal control over financial reporting that could, if not remediated, result in material misstatements in our financial statements.
If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial
results or prevent fraud. As a result, shareholders could lose confidence in our financial and other public reporting, which would harm
our business and the trading price of our Ordinary Shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective internal controls
over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and
procedures are designed to prevent fraud. Our management will be required to assess the effectiveness of our internal controls and procedures
and disclose changes in these controls on an annual basis. However, for as long as we are an &#8220;emerging growth company&#8221; under
the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness of our internal controls
over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act (or Section 404).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any failure to implement required
new or improved controls, or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations.
In addition, any testing by us conducted in connection with Section 404, or any subsequent testing by our independent registered public
accounting firm, may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses or
that may require prospective or retroactive changes to our financial statements or identify other areas for further attention or improvement.
Inferior internal controls could also cause investors to lose confidence in our reported financial information, which could have a negative
effect on the trading price of our Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have identified material
weaknesses in our internal control over financial reporting as of December 31, 2022. As defined in Regulation 12b-2 under the Exchange
Act, a &#8220;material weakness&#8221; is a deficiency, or combination of deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material misstatement of our annual financial statements will not be prevented or detected
on a timely basis. Specifically, we determined that the material weaknesses are related to having an insufficient number of financial
reporting personnel with an appropriate level of knowledge, experience and training in the application of IFRS and SEC rules and regulations
commensurate with our reporting requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">We have taken action toward
remediating these material weaknesses by providing enhanced training to existing financial and accounting employees on related IFRS issues.
In addition, to remediate these material weaknesses, we are implementing measures and developing, communicating, and implementing an accounting
policy manual for our financial reporting personnel for recurring transactions, period-end closing processes and policy relating to segregation
of duties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are unable to certify
that our internal control over financial reporting is effective and in compliance with Section 404, we may be subject to sanctions or
investigations by regulatory authorities, such as the SEC or stock exchanges, and we could lose investor confidence in the accuracy and
completeness of our financial reports, which could hurt our business, the price of our Ordinary Shares and our ability to access the capital
market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 7pt">&#160;</span></p><div>



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to assess the prospects for our business, have generated little revenue from sales of our products, and have incurred losses since inception.
We anticipate that we will continue to incur significant losses until we are able to successfully commercialize our products and services
globally.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since inception, we have
devoted substantially all of our financial resources to develop our products and their related services. We have financed our
operations primarily through the issuance of equity securities and loans, have incurred losses since inception including net losses
of approximately $25.1 million in 2022 and $14.9 million in 2021 and $12.7 million in 2020. Our accumulated deficit as of December
31, 2022 was $115,263&#160;thousand. We have financed our operations primarily through the issuance of equity securities. We have
generated little revenue from the sale of our products to date and have incurred significant losses. The amount of our future net
losses will depend, in part, on on-going development of our products and their related services, the success of our new home testing
kit related business, the rate of our future expenditures and our ability to obtain funding through the issuance of our securities,
strategic collaborations or grants. We expect to continue to incur significant losses until we are able to successfully
commercialize our products and services globally. We anticipate that our expenses will increase substantially if and as we:</p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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

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

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

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

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We expect that
we will need to raise substantial additional funding before we can expect to become profitable from sales of our products and services.
This additional financing may not be available on acceptable terms, or at all. Failure to obtain this necessary capital when needed may
force us to delay, limit or terminate our product development efforts or other operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">As
of December 31, 2022, we had approximately $0.295 million in cash and cash equivalents and an accumulated deficit of $115,263 thousands.
Based upon our currently expected level of operating expenditures, we expect that our current existing cash and cash equivalents, future
fund raisings and the Company&#8217;s major shareholder commitment to continue and support the Company&#8217;s ongoing operation for the
foreseeable future (if other sources of funding would not be available to the Company and under certain conditions) will be sufficient
to fund our current operations for the foreseeable future. We will require substantial additional capital to fund our current operation
and to grow our business and commercialize our products and services. In addition, our operating plans may change as a result of many
factors that may currently be unknown to us, and we may need to seek additional funds sooner than planned.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
cannot guarantee that future financing will be available in sufficient amounts or on terms acceptable to us, if at all. Moreover, the
terms of any financing may adversely affect the holdings or the rights of our stockholders and the issuance of additional securities,
whether equity or debt, by us, or the possibility of such issuance, may cause the market price of our Ordinary Shares to decline. The
incurrence of indebtedness could result in increased fixed payment obligations, and we may be required to agree to certain restrictive
covenants, such as limitations on our ability to incur additional debt, limitations on our ability to acquire, sell or license intellectual
property rights and other operating restrictions that could adversely impact our ability to conduct our business. We could also be required
to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable, and
we may be required to relinquish rights to some of our technologies or products or otherwise agree to terms unfavorable to us, any of
which may have a material adverse effect on our business, operating results and prospects. Even if we believe that we have sufficient
funds for our current or future operating plans, we may seek additional capital if market conditions are favorable or if we have specific
strategic considerations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Raising additional
capital would cause dilution to holders of our equity securities, and may affect the rights of existing holders of equity securities.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
may seek additional capital through a combination of private and public equity offerings, debt financings and collaborations and strategic
and licensing arrangements. To the extent that we raise additional capital through the issuance 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 the Ordinary Shares.</p><div>

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

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

</div><!-- Field: Page; Sequence: 11; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span><b>Risks
Related to Our Business</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We may not succeed
in completing the development and commercialization of our products and services and generating significant revenues.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">While
we recently expanded our business to provide home test kits related services, including hormones, sexual transmitted diseases, nutrition,
colon cancer, food sensitivity and allergies testing, since commencing our operations, we have focused on the research and development
and limited clinical trials of our products and services. Some of our products and services are not approved for commercialization and
have never generated any revenues. Our ability to generate revenues and achieve profitability depends on our ability to successfully complete
the development of these products and services, obtain regulatory approvals and generate significant revenues. The future success of our
business cannot be determined at this time, and we do not anticipate generating revenues from some of our products and services for the
foreseeable future. In addition, we have limited experience in commercializing our products and services and we may face several challenges
with respect to our commercialization efforts, including, among others, that:</p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

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    <td style="text-align: justify"><span style="font-size: 10pt">we may not have adequate financial or other resources to complete the development of our lab and the equipment involved for such operations;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

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    <td style="text-align: justify"><span style="font-size: 10pt">we may not have adequate financial or other resources to support the ongoing operation of our lab, including materials required for the tests analysis, physician network costs and other unforeseen expenses</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">healthcare professionals and patients may not accept our products or fully utilize our products&#8217; services;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">In
July 2022, we launched our home testing kit related business with seven types of at home testing kits. In October 2022, we expanded our
business to offer an additional 24 different at-home health tests kits. Since the COVID-19 pandemic, there has been an increase in home
testing for medical conditions and there is existing competition in the home testing kit market and we expect new entrants to enter the
market, and these competitors may cause price declines or reduced market share for us. We expect this competition to intensify in the
future. We face competition from a variety of sources, including, among others, an increasing number of companies seeking to develop and
commercialize, or who have developed and commercialized home testing kit services, such as specialty and reference laboratories, and established
and emerging healthcare, information technology and service companies that may develop and sell competitive products or services. There
can be no assurance that our investments in our home testing kit business and capabilities will result in desirable returns, and if our
operating results continue to decline as a result of decreased demand, our stock price could decline.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We may be subject
to liability and our insurance may not be sufficient to cover damages.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Our
business exposes us to potential liability risks that are inherent in the marketing and sale of testing kits and diagnostics. The use
of our products may expose us to professional and product liability claims and possible adverse publicity. We may be subject to claims
resulting from incorrect results of analysis with respect to our products and services. Litigation of such claims could be costly. Further,
if a court were to require us to pay damages to a plaintiff, the amount of such damages could be significant and severely damage our financial
condition. Although we have public and product liability insurance coverage under broad form liability and professional indemnity policies,
the level or breadth of our coverage may not be adequate to fully cover any potential liability claims. In addition, we may not be able
to obtain additional liability coverage in the future at an acceptable cost. A successful claim or series of claims brought against us
in excess of our insurance coverage and the effect of professional and/or product liability litigation upon the reputation and marketability
of our technology and products, together with the diversion of the attention of key personnel, could negatively affect our business.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Our success depends
upon market acceptance of our products and services, our ability to develop and commercialize new products and services and generate revenues
and our ability to identify new markets for our technology.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
have developed, and are engaged in the development of, mobile and e-health solutions and services using our suite of devices and software
solutions. Our success will depend on the acceptance of our products and services in the healthcare market. We are faced with the risk
that the marketplace will not be receptive to our products and services over competing products and that we will be unable to compete
effectively. Factors that could affect our ability to successfully commercialize our current and any potential future products and services
include:</p><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
cannot assure that our current products or any future products, and services, will gain broad market acceptance. If the market for our
current products in development fails to develop or develops more slowly than expected, or if any of the services and standards supported
by us do not achieve or sustain market acceptance, our business and operating results would be materially and adversely affected.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Medical device
development is costly and involves continual technological change which may render our current or future products obsolete.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">The
market for monitoring services and products is characterized by rapid technological change, medical advances, changing consumer requirements,
short device lifecycles and evolving industry standards. Any one of these factors could reduce the demand for our services and devices
or require substantial resources and expenditures for research, design and development to avoid technological or market obsolescence.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Our
success will depend on our ability to enhance our current technology, services and systems and develop or acquire and market new technologies
to keep pace with technological developments and evolving industry standards, while responding to changes in customer needs. A failure
to adequately develop or acquire device enhancements or new devices that will address changing technologies and customer requirements
adequately, or to introduce such devices on a timely basis, may have a material adverse effect on our business, financial condition and
results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
might have insufficient financial resources to improve existing devices, advance technologies and develop new devices at competitive prices.
Technological advances by one or more competitors or future entrants into the field may result in our present services or devices becoming
non-competitive or obsolete, which may decrease revenues and profits and adversely affect our business and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
will encounter significant competition across our product lines and in each market in which we will sell our products and services from
various companies, some of which may have greater financial and marketing resources than we do. Our primary competitors include Biotelemetry,
Inc., iRhythm Technologies, Preventice Solutions, Inc., Bardy Diagnostics, Inc. and other arrhythmia service providers, as well as a wide
range of medical device companies that sell a single or limited number of competitive products and services, such as Teledoc Health, Inc.,
DarioHealth Corp. and Itamar Medical, Inc., or participate in only a specific market segment.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We will be dependent
upon success in our customer acquisition strategy.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Our
business will be dependent upon success in our customer acquisition strategy. If we fail to maintain a high quality of service or a high
quality of device technology, we may fail to retain existing users or add new users. If users decrease their level of engagement, our
revenue, financial results and business may be significantly harmed. Our future success depends upon building a commercial operation in
the United States and China, as well as entering additional markets to commercialize our products and services. We believe that our expanded
growth will depend on the further development, regulatory approval and commercialization of our products and services, which we anticipate
that can be used by nearly all targeted individuals. If we fail to expand the use of our product and services in a timely manner, we may
not be able to expand our markets or to grow our revenue, and our business may be adversely impacted. The size of our user base and our
users&#8217; level of engagement are critical to our success. Our financial performance will be significantly determined by our success
in adding, retaining and engaging active users. If people do not perceive our products or services to be useful, reliable and trustworthy,
we may not be able to attract or retain users or otherwise maintain or increase the frequency and duration of their engagement. A decrease
in user retention, growth or engagement could render less attractive to developers, which may have a material and adverse impact on our
revenue, business, financial condition and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Any
number of factors could negatively affect user retention, growth and engagement, including:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

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

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">inability to manage and priorities information to ensure users are presented with content that is interesting, useful and relevant to them;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">adverse changes in our products that are mandated by legislation or regulatory agencies, both in the United States and across the globe; or</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We have recently
invested significant capital in our COVID-19 related services, including the purchase of COVID-19 testing kits, however, the future of
COVID-19 related services is uncertain and we have stopped operations in our COVID-19 testing related business, which has led to the write
off of inventory and fixed assets in our fiscal year ended December 31, 2022.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December 2021 we launched
our COVID-19 testing business, which entailed a significant investment of capital, including, among others, to establish several of testing
facilities and laboratories throughout the state of California and the purchase of COVID-19 testing kits. We also entered into various
agreements and arrangements regarding our COVID-19 testing business. The level of demand for COVID-19 testing has varied depending on,
among other things, changes in the number of reported cases of COVID-19, discoveries of new variants or subvariants of the virus, different
COVID-19 mitigation efforts and policies adopted by various governments or businesses, all of which are subject to change and beyond our
control. Moreover, the future of COVID-19 related services may be dependent on changes to&#160;laws and regulations governing healthcare
service providers, including measures to control costs, or reductions in reimbursement levels from government payors or insurance companies.
These changes are difficult to predict and may also impact our revenue recognition or collecting accounts receivables.&#160;We currently
have no expectations to open any new COVID-19 testing centers as the volume of COVID-19 testing has decreased significantly since April
2022. Given the decrease in COVID-19 cases, in the second half of fiscal year 2022 we decided to stop our COVID-19 testing related business
and have closed all the locations performing point-of-care tests in communities in Southern and Northern California. We have incurred
a write off charge of approximately $2.1 million related to our COVID-19 test inventory and fixed assets in our audited financial statements
for the year ended December 31, 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>If we are unable
to successfully integrate acquired companies and technology, we may not realize the benefits anticipated and our future growth may be
adversely affected.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
have grown through acquisitions of companies and technology, including our acquisitions of CardioStaff, in November 2017 and Telerhythmics
in November 2018. Acquisitions bring risks associated with our assumption of the liabilities of an acquired company, which may be liabilities
that we were or are unaware of at the time of the acquisition, potential write-offs of acquired assets and potential loss of the acquired
company&#8217;s key employees or customers. Physician, patient and customer satisfaction or performance problems with an acquired business,
technology, service or device could also have a material adverse effect on our reputation. Additionally, potential disputes with the seller
of an acquired business or its employees, suppliers or customers could adversely affect our business, operating results and financial
condition. If we fail to properly evaluate and execute acquisitions, our business may be disrupted and our operating results and prospects
may be harmed.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Furthermore,
integrating acquired companies or new technologies into our business may prove more difficult than we anticipate. We may encounter difficulties
in successfully integrating our operations, technologies, services and personnel with that of the acquired company, and our financial
and management resources may be diverted from our existing operations. Offices in multiple states create a strain on our ability to effectively
manage our operations and key personnel. If we elect to consolidate our facilities, we may lose key personnel unwilling to relocate to
the consolidated facility, may have difficulty hiring appropriate personnel at the consolidated facility and may have difficulty providing
continuity of service through the consolidation.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We are dependent
upon third-party manufacturers and suppliers making us vulnerable to supply shortages and problems and price fluctuations, which could
harm our business.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
do not manufacture our products in-house. Rather, we rely on a limited number of third parties to manufacture and assemble our products.
Our suppliers and manufacturers may encounter problems during manufacturing for a variety of reasons, including, for example, failure
to follow specific protocols and procedures, failure to comply with applicable legal and regulatory requirements, equipment malfunction
and environmental factors, failure to properly conduct their own business affairs, and infringement of third-party intellectual property
rights, any of which could delay or impede their ability to meet our requirements. Our reliance on these third-party suppliers also subjects
us to other risks that could harm our business, including:</p><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
expect that our Prizma device and Extended Holter Patch System will be primarily manufactured by a third party in China. However, due
to the current complexities of traveling to China as a result of the COVID-19 pandemic, we use a contract manufacturer in Israel to meet
our manufacturing requirements. Manufacturers in Israel are generally more expensive that in China. In the future, we may not be able
to quickly establish additional or alternative suppliers and manufacturers if necessary, in part because we may need to undertake additional
activities to establish such suppliers as required by the regulatory approval process. Any interruption or delay in obtaining products
from our third-party suppliers, or our inability to obtain products from qualified alternate sources at acceptable prices in a timely
manner, could impair our ability to meet the demand of our customers and cause them to switch to competing products.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Regarding
our home testing kits, our sole manufacturer is currently located in China and the current COVID-19 situation in China might pose delays
on supply chain interruptions which might have an adverse effect on our revenues. We are exploring other supplier located in North America
to reduce such possible delays and interruptions. In addition, government restrictions on goods originating from China and increase of
import fees might lead to delays in goods delivered to the United States and adversely affect the Company&#8217;s operations and revenues.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We are dependent
upon third-party service providers for the provision of certain services that we provide. Interruptions or delays in the services provided
by these third-parties could impair the delivery of certain services and utility of our products, which could adversely affect the penetration
of our products and services, our business, operating results and reputation.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">The
success of certain services that we provide are dependent upon third-party service providers. For instance, we are dependent upon third-party
service providers to provide analysis of medical results. If we fail to maintain these relationships, we would be forced to seek alternative
providers to provide such analyses, which we may not find available on commercially reasonable terms, or at all.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">As
we expand our commercial activities, an increased burden will be placed upon the quality of medical results analyses. Interruptions or
delays, for any length of time, could have a material adverse effect on our business and operating results. Frequent or persistent interruptions
in our ability to provide quality and timely analyses could cause permanent harm to our reputation and could cause current or potential
users of our products and services, or prescribing physicians, to believe that our systems are unreliable, leading them to switch to our
competitors. Such interruptions could result in liability claims and litigation against us for damages or injuries resulting from the
disruption in service.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We expect to be
exposed to fluctuations in currency exchange rates, which could adversely affect our results of operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
incur expenses in U.S. dollars, NIS, Chinese yuan (RMB), and Macedonian denars, but our financial statements are denominated in U.S. dollars.
Accordingly, we face exposure to adverse movements in currency exchange rates. Our foreign operations will be exposed to foreign exchange
rate fluctuations as the financial results are translated from the local currency into U.S. dollars upon consolidation. Specifically,
the U.S. dollar cost of our operations in Israel is influenced by any movements in the currency exchange rate of the NIS. Such movements
in the currency exchange rate may have a negative effect on our financial results. If the U.S. dollar weakens against foreign currencies,
the translation of these foreign currency denominated transactions will result in increased operating expenses. Similarly, if the U.S.
dollar strengthens against foreign currencies, the translation of these foreign currency denominated transactions will result in decreased
operating expenses. As exchange rates vary, operating results, when translated, may differ materially from our or the capital market&#8217;s
expectations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Non-U.S. governments
often impose strict price controls, which may adversely affect our future profitability.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
intend to seek approval to market products and their associated services in both the United States and in non-U.S. jurisdictions. Accordingly,
we are subject to rules and regulations in those jurisdictions relating to our products and services. In some countries, particularly
countries of the European Union (or the EU) and those of the EEA and China, each of which has developed its own rules and regulations,
pricing may be subject to governmental control under certain circumstances. In these countries, pricing negotiations with governmental
agencies can take considerable time after the receipt of marketing approval for a medical device candidate. To obtain reimbursement or
pricing approval in some countries, we may be required to conduct a clinical trial that compares the cost-effectiveness of our product
to other available products. If reimbursement of our products is unavailable or limited in scope or amount, or if pricing is set at unsatisfactory
levels, we may be unable to achieve or sustain profitability.</p><div>

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

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

</div><!-- Field: Page; Sequence: 17; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We are dependent
on our employees, including notably our Chief Executive Officer, the loss of whom could have an adverse effect on our company.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of May 15, 2023, we had
85 employees. Our future performance depends to a large extent on the continued services of members of our current management including,
in particular, Dr. Yacov Geva, our Chief Executive Officer. Any of our employees and consultants may leave our company at any time, subject
to certain notice periods. The loss of the services of any of our executive officers or any key employees or consultants would adversely
affect our ability to execute our business plan and harm our operating results.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>International expansion
of our business exposes us to business, regulatory, political, operational, financial and economic risks associated with doing business
outside of the United States or Cayman Islands.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
currently have significant international operations, and our business strategy incorporates additional significant international expansion,
particularly in anticipated expansion of regulatory approvals of our products. Doing business internationally involves a number of risks,
including but not limited to:</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">multiple,
conflicting and changing laws and regulations such as privacy regulations, tax laws, export and import restrictions, employment laws,
regulatory requirements and other governmental approvals, permits and licenses;</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Any
of these factors could significantly harm our future international expansion and operations and, consequently, our results of operations.</p><div>

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

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

</div><!-- Field: Page; Sequence: 18; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We face intense
competition in the market, and as a result we may be unable to effectively compete in our industry.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">With
respect to our products and monitoring services we compete directly and primarily with arrhythmia monitoring providers such as Philips
Healthcare, iRhythm Technologies and other smaller companies. These companies hold significant market share in the United States. Their
dominant market position and significant control over the market could significantly limit our ability to introduce or effectively market
and generate sales of our products and service offerings. We will also compete with numerous second-tier and third-tier competitors, such
as Teledoc Health, Inc., DarioHealth Corp. and Itamar Medical, Inc., and may in the future face further competition from smartwatch makers
such as Apple and Samsung, and app developers using the smartwatch platforms for products that will compete with our current and future
products.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Many
of our competitors have long histories and strong reputations within the industry. They have significantly greater brand recognition,
financial and human resources than we do. They also have more experience and capabilities in researching and developing testing devices,
obtaining and maintaining regulatory clearances and other requirements, manufacturing and marketing those products than we do. There is
a significant risk that we may be unable to overcome the advantages held by our competition, and our inability to do so could lead to
the failure of our business and the loss of your investment.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Competition
in the electronic health devices and more specifically mobile health devices markets is extremely intense, which can lead to, among other
things, price reductions, longer selling cycles, lower product margins, loss of market share and additional working capital requirements.
To succeed, we must, among other critical matters, gain consumer acceptance for our minimally invasive solutions as compared to other
solutions currently available in the market, and potential future devices incorporating our principal technology and offer better strategic
concepts, technical solutions, prices and response time, or a combination of these factors, than those of other competitors. If our competitors
offer significant discounts on certain products or services, we may need to lower our prices or offer other favorable terms in order to
compete successfully. Moreover, any broad-based changes to our prices and pricing policies could make it difficult to generate revenues
or cause our revenues to decline. Moreover, if our competitors develop and commercialize products and services that are more effective
or desirable than products and services that we may develop, we may not convince our customers to use our products and services. Any such
changes would likely reduce our commercial opportunity and revenue potential and could materially adversely impact our operating results.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">In
addition, the home kit testing market has become increasingly competitive and, following the COVID-19 pandemic, competitive home kit testing
solutions have entered and may continue to enter the market. We expect this competition to intensify in the future. We face competition
from a variety of sources, including, among others, an increasing number of companies seeking to develop and commercialize, or who have
developed and commercialized home testing services, such as specialty and reference laboratories, and established and emerging healthcare,
information technology and service companies that may develop and sell competitive products or services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>The level of our
commercial success will depend in part on our ability to generate and grow sales with our sales and marketing team, strategies and partnerships,
and we may be unsuccessful in these efforts.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
may not be able to market or sell our testing and services in order to drive demand sufficiently to support our desired growth. We are
currently marketing our testing and services through a small internal sales team. Although we have made efforts to enhance and improve
our internal sales department, it remains significantly smaller than many of our competitors&#8217; sales teams. We have historically
relied significantly on organic growth but our ability to rely on this type of interest in future periods is uncertain.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
believe our ability to maintain and grow sales volume in the future will depend in large part on our ability to further develop our sales
team and create and implement effective sales and marketing strategies. We plan to focus on these objectives and to take steps to pursue
them, including hiring new key members and restructuring the organization of our sales and marketing team, re-focusing our sales and marketing
initiatives and strategies, and increasing the overall scope of our marketing activities. These efforts will require and involve significant
time and expense. Moreover, these efforts may be unsuccessful. For instance, we may not be able to attract and hire the qualified personnel
we need to grow or otherwise improve our sales and marketing team for our testing services as quickly or as successfully as we would like
for various reasons, including intense competition in our industry for qualified personnel and our relative lack of experience selling
and marketing our tests. Even if we are able to further develop our sales and marketing team and strategy, we may not be successful in
growing our customer base or increasing testing volumes from our existing customers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>If third-party
payors do not provide adequate coverage and reimbursement for the use of our products and services, our revenue will be negatively impacted.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
will be highly dependent on reimbursement by third parties in relation to our revenue streams. Such reimbursement may vary based on the
particular service or device used in providing services and is based on the identity of the third-party. Our ability to maintain a leading
position in the monitoring market depends on our relationships with private third parties.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
expect to engage with private third parties to allow us to receive reimbursement from insurance companies for monitoring fees. The loss
of a significant number of private third-party contracts may have an adverse effect on our revenues that derives from monitoring services,
which could have an adverse effect on our business, financial condition and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Over
the past few years, reimbursement rates from certain third parties have declined, in some cases significantly. There can be no assurance
that this trend will not continue or apply on more third parties. In addition, there is no assurance that third parties&#8217; reimbursement
will continue to cover our monitoring services at all, or, if covered, will reimburse us at commercially viable rates.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">In
addition, private third parties may not reimburse any new services offered by us or reimburse those new services at commercially viable
rates. The failure to receive reimbursement at adequate levels for our existing or future services may adversely affect demand for those
services, our products, our revenues and expected growth. This could have an adverse effect on our business, financial condition and results
of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">In
addition, collecting revenue from third party payors can be time consuming, may be subject to delays and invoicing third parties may not
lead to immediate revenue recognition in connection with tests that have been performed.&#160;The timing of invoicing and collection of
payments from third party payors may have a material adverse effect on our business, financial condition and results of operations. For
example, during the six month period ended June 30, 2022, we performed over 100,000 tests, for which we expected to submit approximately
$5 million in invoices related to COVID-19 to collection from payors; however, as of December 31, 2022, we recorded only $200,000 in recorded
revenue from COVID-19 tests performed during the period.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><b>Risks Related to Product
Development and Regulatory Approval</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>The regulatory
clearance process which we must navigate is expensive, time-consuming, and uncertain and may prevent us from obtaining clearance for the
commercialization of our current products and services in additional jurisdictions, or any future product.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
are not permitted to market our products and their associated services until we receive regulatory clearance. For example, we have applied
for NMPA clearance for our Prizma device in China, but we may not commence marketing or sales activity until such time that we receive
NMPA clearance.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">The
research, design, testing, manufacturing, labelling, selling, marketing and distribution of medical devices, such as our products and
product candidates, are subject to extensive regulation by the U.S. FDA and similar foreign regulatory agencies, with regulations that
differ from country to country. There can be no assurance that, even after such time and expenditures, we will be able to obtain necessary
regulatory clearances or approvals for our products and product candidates. In addition, during the regulatory process, other companies
may develop other technologies with the same intended use as our products.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
are also subject to numerous post-marketing regulatory requirements, which include labelling regulations and medical device reporting
regulations, which may require us to report to different regulatory agencies if our device causes or contributes to a death or serious
injury, or malfunctions in a way that would likely cause or contribute to a death or serious injury. In addition, these regulatory requirements
may change in the future in a way that adversely affects us. If we fail to comply with present or future regulatory requirements that
are applicable to us, we may be subject to enforcement action by regulatory agencies, which may include, among others, any of the following
sanctions:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">customer notification, or orders for repair, replacement or refunds;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">imposing operating restrictions, suspension or shutdown of production;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">The
occurrence of any of these events may have a material adverse effect on our business, financial condition and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Changes in the
regulatory environment may constrain or require us to restructure our operations, which may delay or prevent us from marketing our products
and services and as a result harming our revenue and operating results.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Healthcare
laws and regulations and review procedures change frequently and may change significantly in the future. We may not be able to adapt our
operations to address every new regulation, and new regulations may adversely affect our business. For instance, although our Chinese
subsidiary was granted acceptance to the &#8220;Green Channel&#8221; expedited Guangdong Provincial NMPA regulatory approval process for
the Prizma device, if the process becomes more onerous, costly or time-consuming, we will need to re-evaluate our Chinese commercialization
strategy and may need to invest more of our limited resources before even entering the Chinese market with our products. Our products
and product candidates are also subject to the European Union Medical Device Regulations. We cannot assure you that a review of our business
by courts or regulatory agencies would not result in a determination that adversely affects our revenue and operating results, or that
the healthcare regulatory environment review procedures of the U.S. FDA, NMPA and EEA Notified Bodies, among other similar foreign regulatory
agencies, will not change in a way delays or prevents us from marketing our products and services and as a result harming our revenue
and operating results.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">In
addition, there is risk that the U.S. Congress may implement changes in laws and regulations governing healthcare service providers, including
measures to control costs, or reductions in reimbursement levels, which may adversely affect our business and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Government
payors, such as CMS as well as insurers, have increased their efforts to control the cost, utilization and delivery of healthcare services.
From time to time, the U.S. Congress has considered and implemented changes in the CMS fee schedules in conjunction with budgetary legislation.
Further reductions of reimbursement by CMS for services or changes in policy regarding coverage of tests or other requirements for payment,
such as prior authorization or a physician or qualified practitioner&#8217;s signature on test requisitions, may be implemented from time
to time. Reductions in the reimbursement rates and changes in payment policies of other third-party payors may occur as well. Similar
changes in the past have resulted in reduced payments as well as added costs and have added more complex regulatory and administrative
requirements. Further changes in federal, state, local and third-party payor regulations or policies in the United States or our primary
foreign markets may have a material adverse impact on our business. Actions by the U.S. FDA, CMS, and similar foreign regulatory agencies
regulating insurance or changes in other laws, regulations, or policies may also have a material adverse effect on our business.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Moreover,
changes in regulation associated with operation of labs, might also lead to interruptions in the operation of the Company&#8217;s lab
and/or generate revenues and profit.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>If we, our affiliates,
manufacturers or suppliers fail to comply with the U.S. FDA&#8217;s Quality System Regulation, or QSR, or any applicable state or foreign
equivalent, our operations could be interrupted and our operating results could suffer.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We,
our affiliates, manufacturers and suppliers must, unless specifically exempt by regulation, follow the QSR and, to the extent required,
the equivalent regulation enacted in other foreign jurisdictions, such as the EU (and if necessary, the regulations of its member states)
and China, regarding the manufacturing process. If we, our affiliates, our manufacturers or suppliers are found to be in significant non-compliance
or fail to take satisfactory corrective action in response to adverse QSR inspectional findings, or to findings of similar foreign regulatory
agencies, the U.S. FDA and these other similar foreign regulatory agencies could take enforcement actions against us, our affiliates,
manufacturers and suppliers which could impair our ability to produce our products in a cost-effective and timely manner in order to meet
our customers&#8217; demands. Accordingly, our operating results could suffer.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Product and services
liability suits, whether or not meritorious, could be brought against us. These suits could result in expensive and time-consuming litigation,
payment of substantial damages and an increase in our insurance rates.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">If
any of our current or future products and services that we make or sell (including items that we source from third-parties) are defectively
designed or manufactured contain defective components, are misused, have safety or quality issues, have inadequate operating guidelines,
or if someone claims any of the foregoing, whether or not meritorious, we may become subject to substantial and costly litigation. Misusing
our devices or their services or failing to adhere to the operating guidelines could cause significant harm to patients, including death.
The foregoing events could lead to recalls or safety alerts, result in the removal of a product or service from the market and result
in product liability or similar claims being brought against us.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Any
product liability claims brought against us could divert management&#8217;s attention from our core business, be expensive to defend and
result in sizable damage awards against us. While we maintain product liability insurance, we may not have sufficient insurance coverage
for all future claims. Any product liability claims brought against us, with or without merit, could increase our product liability insurance
rates or prevent us from securing continuing coverage, could harm our reputation in the industry and could reduce revenue. Product and
services liability claims in excess of our insurance coverage would be paid out of cash reserves harming our financial condition and adversely
affecting our results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Broad-based domestic
and international government initiatives to reduce spending, particularly those related to healthcare costs may reduce reimbursement rates
for medical procedures, which will reduce the cost-effectiveness of our products and services.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Healthcare
reforms, changes in healthcare policies and changes to third-party coverage and reimbursements, including legislation enacted reforming
the U.S. healthcare system, and any future changes to such legislation, may affect demand for our products and services and may have a
material adverse effect on our financial condition and results of operations. There can be no assurance that current levels of reimbursement
will not be decreased in the future, or that future legislation, regulation, or reimbursement policies of third-parties will not adversely
affect the demand for our products and services or our ability to sell products and provide services on a profitable basis. The adoption
of significant changes to the healthcare system in the United States, Europe, the EEA or other jurisdictions in which we may market our
products and services, could limit the prices we are able to charge for our products and services or the amounts of reimbursement available
for our products and services, could limit the acceptance and availability of our products and services, reduce medical procedure volumes
and increase operational and other costs. President Trump has stated that he intends to &#8220;repeal and replace&#8221; the Affordable
Care Act, and Congress has taken initial steps to repeal the law. In December 2017, Congress passed and the President signed into law
tax reform legislation that made significant changes to the Affordable Care Act including the repeal of the &#8220;individual mandate&#8221;
that was in place to strongly encourage broad participation in the health insurance markets. Given these changes and other statements
of political leaders, we cannot predict the ultimate impact on the Affordable Care Act and the subsequent effect on our business at this
time. While we are unable to predict what changes may ultimately be enacted, to the extent that future changes affect how our products
and services are paid for and reimbursed by government and private payers our business could be adversely impacted.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
cannot predict whether future healthcare initiatives will be implemented at the federal or state level or internationally, or the effect
that any future legislation or regulation will have on us. The expansion of government&#8217;s role in any country&#8217;s healthcare
industry may result in decreased profits to us, lower reimbursements by third-parties for procedures in which our products and services
are used, and reduced medical procedure volumes, all of which may adversely affect our business, financial condition and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We are or may be
subject to federal, state and foreign healthcare fraud and abuse laws and regulations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Many
federal, state and foreign healthcare laws and regulations apply to medical devices. We are or may be subject to certain federal and state
regulations, including the federal Anti-Kickback Statute, which prohibits, among other things, knowingly and willfully soliciting, offering,
receiving, or paying any remuneration, directly or indirectly, in cash or in kind, to induce or reward purchasing, ordering or arranging
for or recommending the purchase or order of any item or service for which payment may be made, in whole or in part, under a federal healthcare
program such as Medicare and Medicaid; HIPAA which imposes criminal and civil liability for knowingly and willfully executing, or attempting
to execute, a scheme to defraud any healthcare benefit program, or knowingly and willfully falsifying, concealing or covering up a material
fact or making any materially false statement in connection with the delivery of, or payment for, healthcare benefits, items or services;
the federal Civil Monetary Penalties Law, which authorizes the imposition of substantial civil monetary penalties against an entity that
engages in activities including, among others (1) knowingly presenting, or causing to be presented, a claim for services not provided
as claimed or that is otherwise false or fraudulent in any way; (2) arranging for or contracting with an individual or entity that is
excluded from participation in federal healthcare programs to provide items or services reimbursable by a federal healthcare program;
(3) violations of the federal Anti-Kickback Statute; or (4) failing to report and return a known overpayment; the federal False Statements
Statute, which prohibits knowingly and willfully falsifying, concealing, or covering up a material fact or making any materially false,
fictitious or fraudulent statement or representation, or making or using any false writing or document knowing the same to contain any
materially false, fictitious or fraudulent statement or entry, in connection with the delivery of or payment for healthcare benefits,
items, or services; the federal civil False Claims Act (or FCA) which prohibits, among other things, knowingly presenting, or causing
to be presented claims for payment of government funds that are false or fraudulent, or knowingly making, using or causing to be made
or used a false record or statement material to such a false or fraudulent claim, or knowingly concealing or knowingly and improperly
avoiding, decreasing, or concealing an obligation to pay money to the federal government; and other federal and state false claims laws.
The FCA prohibits anyone from knowingly presenting, conspiring to present, making a false statement in order to present, or causing to
be presented, for payment to federal programs (including Medicare and Medicaid) claims for items or services, including medical devices,
that are false or fraudulent, claims for items or services not provided as claimed, or claims for medically unnecessary items or services.
This law also prohibits anyone from knowingly underpaying an obligation owed to a federal program. Increasingly, U.S. federal agencies
are requiring nonmonetary remedial measures, such as corporate integrity agreements in FCA settlements. The U.S. Department of Justice
announced in 2016 its intent to follow the &#8220;Yates Memo,&#8221; taking a far more aggressive approach in pursuing individuals as
FCA defendants in addition to the corporations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">The
majority of states also have statutes similar to the federal anti-kickback law and false claims laws that apply to items and services
reimbursed under Medicaid and other state programs, or, in several states, that apply regardless of whether the payer is a government
entity or a private commercial entity. The Federal Open Payments, or Physician Payments Sunshine Act, program requires manufacturers of
products for which payment is available under Medicare, Medicaid or the State Children&#8217;s Health Insurance Program, to track and
report annually to the federal government (for disclosure to the public) certain payments and other transfers of value made to physicians
and teaching hospitals as well as disclosure of payments and other transfers of value provided to physicians and teaching hospitals, and
ownership and investment interests held by physicians and other healthcare providers and their immediate family members and applicable
group purchasing organizations. Our failure to appropriately track and report payments to the government could result in civil fines and
penalties, which could adversely affect the results of our operations. In addition, several U.S. states and localities have enacted legislation
requiring medical device companies to establish marketing compliance programs, file periodic reports with the state, and/or make periodic
public disclosures on sales, marketing, pricing, clinical trials, and other activities. Other state laws prohibit certain marketing-related
activities including the provision of gifts, meals or other items to certain healthcare providers. Many of these laws and regulations
contain ambiguous requirements that government officials have not yet clarified. Given the lack of clarity in the laws and their implementation,
our reporting actions could be subject to the penalty provisions of the pertinent federal and state laws and regulations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">The
medical device industry has been under heightened scrutiny as the subject of government investigations and enforcement actions involving
manufacturers who allegedly offered unlawful inducements to potential or existing customers in an attempt to procure their business, including
arrangements with physician consultants. If our operations or arrangements are found to be in violation of such governmental regulations,
we may be subject to civil and criminal penalties, damages, fines, exclusion from the Medicare and Medicaid programs and the curtailment
of our operations. All of these penalties could adversely affect our ability to operate our business and our financial results.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>The operation of
our monitoring centers is subject to rules and regulations governing IDTF and state licensure requirements; failure to comply with these
rules could prevent us from receiving reimbursement from Medicare and some commercial payors.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
operate two monitoring centers in the United States that receive and analyze the data obtained from our patient monitors and generate
preliminary reports that are delivered to physicians. To receive reimbursement from Medicare and some commercial payors, our monitoring
centers must be certified as IDTFs. As a certified IDTF, we must adhere to strict regulations governing how our monitoring centers operate,
and how our technicians are trained and certified on analyzing the data received from our monitors. These rules and regulations are subject
to change, and vary from location to location. Changes may require modifications at our monitoring centers, which could increase our costs
significantly. If we fail to maintain IDTF certification, our services may no longer be reimbursed by Medicare and some commercial payors,
which could have a material adverse impact on our business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Audits or denials
of our claims by government agencies and private payors could reduce our revenue and have an adverse effect on our results of operations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Our
business operations submit claims on behalf of patients to, and receive payments from, Medicare, Medicaid and other third-party payors.
We must submit reimbursement claims under appropriate codes and maintain certain documentation to support our claims. Medicare contractors
and Medicaid agencies periodically conduct reviews and other audits of claims and are under increasing pressure to more closely scrutinize
health care claims and supporting documentation. Such reviews and similar audits of our claims could result in material delays in payment,
as well as material recoupments or denials, which would reduce our net sales and profitability, or may result in our exclusion from participation
in the Medicare or Medicaid programs. We are also subject to similar review and audits from private payors, which may result in material
delays in payment and material recoupments and denials. In addition, state agencies may conduct investigations or submit requests for
information relating to claims data submitted to private payors.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Losing a payor
would impact our sales and adversely affect our business and operating results.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Our
three largest payors in the aggregate accounted for approximately 50% of our monitoring service revenue for the year ended December 31,
2022. Our contracts with commercial payors may allow either party to terminate the agreement by providing between 60 and 120 days&#8217;
prior written notice to the other party at any time following the end of the initial term of the contract. Commercial payors may choose
to terminate or not renew their contracts with us for any reason and, in some instances, can change the reimbursement rates they agree
to pay. A commercial payor who terminates or does not renew their contract with us may, or may not, alter their coverage of our services.
In the event any of our key commercial payors terminate their agreements with us, elect not to renew or enter into new agreements with
us upon expiration of their current agreements, or do not renew or establish new agreements on terms as favorable as are currently contracted,
our business, operating results and prospects would be adversely affected.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>If we are found
to have violated laws protecting the confidentiality and privacy of patient health information, we could be subject to civil or criminal
penalties, which could increase our liabilities and harm our reputation or our business.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">As
part of our clinical trials and the use of our products, we may have access to medical data of patients. There are a number of federal
and state laws protecting the confidentiality and privacy of certain patient health information, including patient records, and restricting
the use and disclosure of that protected information. In particular, the U.S. Department of Health and Human Services promulgated patient
privacy and security rules under the HIPAA. These privacy and security rules protect medical records and other personal health information
by limiting their use and disclosure, giving individuals the right to access, amend and seek accounting of their own health information
and limiting most use and disclosures of health information to the minimum amount reasonably necessary to accomplish the intended purpose.
We may face difficulties in holding such information in compliance with applicable law. If we are found to be in violation of the privacy
and security rules under HIPAA, we could be subject to civil or criminal penalties, which could increase our liabilities, harm our reputation
and have a material adverse effect on our business, financial condition and results of operations.</p><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><b>Risks Related to Our
Intellectual Property</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>If we are unable
to obtain and maintain effective patent rights for our products and services, we may not be able to compete effectively in our markets.
If we are unable to protect the confidentiality of our trade secrets or know-how, such proprietary information may be used by others to
compete against us.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
have applied for various patents, in different territories. We presently have seven patents that have been granted or allowed and four
patent applications which are still pending. In addition to the protection afforded by any patents that may be granted, historically,
we have relied on trade secret protection and confidentiality agreements to protect proprietary know-how that is not patentable or that
we elect not to patent, processes that are not easily known, knowable or easily ascertainable, and for which patent infringement is difficult
to monitor and enforce and any other elements of our product candidate discovery and development processes that involve proprietary know-how,
information or technology that is not covered by patents. However, trade secrets can be difficult to protect. We seek to protect our proprietary
technology and processes, in part, by entering into confidentiality agreements with our employees, consultants, scientific advisors, and
contractors. We also seek to preserve the integrity and confidentiality of our data, trade secrets and intellectual property by maintaining
physical security of our premises and physical and electronic security of our information technology systems. Agreements or security measures
may be breached, and we may not have adequate remedies for any breach. In addition, our trade secrets and intellectual property may otherwise
become known or be independently discovered by competitors.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Also,
there is a risk that the patent applications that were submitted by us with regards to our technologies will not be granted. In the event
of failure to obtain granted patents, our developments will not be proprietary, subject to publication, which might allow other entities
to manufacture our products or develop our methods of use as services and compete with our products, technologies, and/or services, which
could leave us at a competitive disadvantage.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Further,
there is no assurance that all potentially relevant prior art relating to our patent applications has been found, which can invalidate
a patent or prevent a patent from issuing from a pending patent application. Even if patents do successfully issue, and even if such patents
cover our products or services, third parties may challenge their validity, enforceability, or scope, which may result in such patents
being narrowed, found unenforceable or invalidated. Furthermore, even if they are unchallenged, our patent applications and any future
patents may not adequately protect our products or services and provide patent exclusivity for our new products or services, or prevent
others from designing around our claims. Any of these outcomes could impair our ability to prevent competition from third parties, which
may have an adverse impact on our business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">If
we cannot obtain and maintain effective patent rights for our products and services, we may not be able to compete effectively, and our
business and results of operations would be harmed.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
cannot provide any assurances that our trade secrets and other confidential proprietary information will not be disclosed in violation
of our confidentiality agreements or that competitors will not otherwise gain access to our trade secrets or independently develop substantially
equivalent information and techniques. Also, misappropriation or unauthorized and unavoidable disclosure of our trade secrets and intellectual
property could impair our competitive position and may have a material adverse effect on our business. Additionally, if the steps taken
to maintain our trade secrets and intellectual property are deemed inadequate, we may have insufficient recourse against third parties
for misappropriating any trade secret.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Intellectual property
rights of third parties could adversely affect our ability to commercialize our products and services, and we might be required to litigate
or obtain licenses from third parties in order to develop or market our product candidates. Such litigation or licenses could be costly
or not available on commercially reasonable terms.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">It
is inherently difficult to conclusively assess our freedom to operate without infringing on third-party rights. Our competitive position
may be adversely affected if existing patents or patents resulting from patent applications issued to third parties or other third-party
intellectual property rights are held to cover our products or services or elements thereof, or our manufacturing or uses relevant to
our development plans. In such cases, we may not be in a position to develop or commercialize products or services or our product candidates
(and any relevant services) unless we successfully pursue litigation to nullify or invalidate the third-party intellectual property right
concerned, or enter into a license agreement with the intellectual property right holder, if available on commercially reasonable terms.
There may also be pending patent applications that if they result in issued patents, could be alleged to be infringed by our new products
or services. If such an infringement claim should be brought and be successful, we may be required to pay substantial damages, be forced
to abandon our new products or services or seek a license from any patent holders. No assurances can be given that a license will be available
on commercially reasonable terms, if at all.</p><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">It
is also possible that we have failed to identify relevant third-party patents or applications. For example, U.S. patent applications filed
before November 29, 2000 and certain U.S. patent applications filed after that date that will not be filed outside the United States remain
confidential until patents issue. Patent applications in the United States and elsewhere are published approximately 18 months after the
earliest filing for which priority is claimed, with such earliest filing date being commonly referred to as the priority date. Therefore,
patent applications covering our new products or services could have been filed by others without our knowledge. Additionally, pending
patent applications which have been published can, subject to certain limitations, be later amended in a manner that could cover our services,
our new products or the use of our new products. Third-party intellectual property right holders may also actively bring infringement
claims against us. We cannot guarantee that we will be able to successfully settle or otherwise resolve such infringement claims. If we
are unable to successfully settle future claims on terms acceptable to us, we may be required to engage in or continue costly, unpredictable
and time-consuming litigation and may be prevented from or experience substantial delays in pursuing the development of and/or marketing
our new products or services. If we fail in any such dispute, in addition to being forced to pay damages, we may be temporarily or permanently
prohibited from commercializing our new products or services that are held to be infringing. We might, if possible, also be forced to
redesign our new products so that we no longer infringe the third-party intellectual property rights. Any of these events, even if we
were ultimately to prevail, could require us to divert substantial financial and management resources that we would otherwise be able
to devote to our business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Third-party claims
of intellectual property infringement may prevent or delay our development and commercialization efforts.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Our
commercial success depends in part on our avoiding infringement of the patents and proprietary rights of third parties. Numerous U.S.
and foreign issued patents and pending patent applications, which are owned by third parties, exist in the fields in which we are developing
new products and services. As our industries expand and more patents are issued, the risk increases that our products and services may
be subject to claims of infringement of the patent rights of third parties.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Third
parties may assert that we are employing their proprietary technology without authorization. There may be third-party patents or patent
applications with claims to materials, designs or methods of manufacture related to the use or manufacture of our products or services.
There may be currently pending patent applications or continued patent applications that may later result in issued patents that our products
or services may infringe. In addition, third parties may obtain patents or services in the future and claim that use of our technologies
infringes upon these patents.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">If
any third-party patents were held by a court of competent jurisdiction to cover aspects of our processes for designs, or methods of use,
the holders of any such patents may be able to block our ability to develop and commercialize the applicable product candidate unless
we obtain a license or until such patent expires or is finally determined to be invalid or unenforceable. In either case, such a license
may not be available on commercially reasonable terms or at all.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Parties
making claims against us may obtain injunctive or other equitable relief, which could effectively block our ability to further develop
and commercialize one or more of our products or services. Defense of these claims, regardless of their merit, would involve substantial
litigation expense and would be a substantial diversion of employee resources from our business. In the event of a successful claim of
infringement against us, we may have to pay substantial damages, including treble damages and attorneys&#8217; fees for willful infringement,
pay royalties, redesign our infringing products or services, or obtain one or more licenses from third parties, which may be impossible
or require substantial time and monetary expenditure.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Patent policy and
rule changes could increase the uncertainties and costs surrounding the prosecution of our patent applications and the enforcement or
defense of any issued patents.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Changes
in either the patent laws or interpretation of the patent laws in the United States and other countries may diminish the value of any
patents that may issue from our patent applications, or narrow the scope of our patent protection. The laws of foreign countries may not
protect our rights to the same extent as the laws of the United States. Publications of discoveries in the scientific literature often
lag behind the actual discoveries, and patent applications in the United States and other jurisdictions are typically not published until
18 months after filing, or in some cases not at all. We therefore cannot be certain that we were the first to file the invention claimed
in our owned and licensed patent or pending applications, or that we or our licensor were the first to file for patent protection of such
inventions. Assuming all other requirements for patentability are met, in the United States prior to March 15, 2013, the first to make
the claimed invention without undue delay in filing, is entitled to the patent, while generally outside the United States, the first to
file a patent application is entitled to the patent. After March 15, 2013, under the Leahy-Smith America Invents Act (or the Leahy-Smith
Act) enacted on September 16, 2011, the United States has moved to a first to file system. The Leahy-Smith Act also includes a number
of significant changes that affect the way patent applications will be prosecuted and may also affect patent litigation. In general, the
Leahy-Smith Act and its implementation could increase the uncertainties and costs surrounding the prosecution of our patent applications
and the enforcement or defense of any issued patents, all of which could have a material adverse effect on our business and financial
condition.</p><div>



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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We may be involved
in lawsuits to protect or enforce our intellectual property, which could be expensive, time consuming, and unsuccessful.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Competitors
may infringe our intellectual property. If we were to initiate legal proceedings against a third-party to enforce a patent covering one
of our new products or services, the defendant could counterclaim that the patent covering our product candidate is invalid and/or unenforceable.
In patent litigation in the United States, defendant counterclaims alleging invalidity and/or unenforceability are commonplace. Grounds
for a validity challenge could be an alleged failure to meet any of several statutory requirements, including lack of novelty, obviousness,
or non-enablement. Grounds for an unenforceability assertion could be an allegation that someone connected with prosecution of the patent
withheld relevant information from the United States Patents Trademarks Office (or USPTO), or made a misleading statement, during prosecution.
Under the Leahy-Smith Act, the validity of U.S. patents may also be challenged in post-grant proceedings before the USPTO. The outcome
following legal assertions of invalidity and unenforceability is unpredictable.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Derivation
proceedings initiated by third parties or brought by us may be necessary to determine the priority of inventions and/or their scope with
respect to our patent or patent applications or those of our licensors. An unfavorable outcome could require us to cease using the related
technology or to attempt to license rights to it from the prevailing party. Our business could be harmed if the prevailing party does
not offer us a license on commercially reasonable terms. Our defense of litigation or interference proceedings may fail and, even if successful,
may result in substantial costs and distract our management and other employees. In addition, the uncertainties associated with litigation
could have a material adverse effect on our ability to raise the funds necessary to continue our clinical trials, continue our research
programs, license necessary technology from third parties, or enter into development partnerships that would help us bring our new products
or services to market.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Furthermore,
because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some
of our confidential information could be compromised by disclosure during this type of litigation. There could also be public announcements
of the results of hearings, motions, or other interim proceedings or developments. If securities analysts or investors perceive these
results to be negative, it could have a material adverse effect on the price of the Ordinary Shares.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We may be subject
to claims challenging the inventorship of our intellectual property.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
may be subject to claims that former employees, collaborators or other third parties have an interest in, or right to compensation, with
respect to our current patent and patent applications, future patents or other intellectual property as an inventor or co-inventor. For
example, we may have inventorship disputes arise from conflicting obligations of consultants or others who are involved in developing
our products or services. Litigation may be necessary to defend against these and other claims challenging inventorship or claiming the
right to compensation. If we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual
property rights, such as exclusive ownership of, or right to use, valuable intellectual property. Such an outcome could have a material
adverse effect on our business. Even if we are successful in defending against such claims, litigation could result in substantial costs
and be a distraction to management and other employees.</p><div>



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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We may not be able
to protect our intellectual property rights throughout the world.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Filing,
prosecuting, and defending patents on products and services, as well as monitoring their infringement in all countries throughout the
world would be prohibitively expensive, and our intellectual property rights in some countries can be less extensive than those in the
United States. In addition, the laws of some foreign countries do not protect intellectual property rights to the same extent as federal
and state laws in the United States.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Competitors
may use our technologies in jurisdictions where we have not obtained patent protection to develop their own products or services and may
also export otherwise infringing products or services to territories where we have patent protection, but enforcement is not as strong
as that in the United States. These products or services may compete with our products or services. Future patents or other intellectual
property rights may not be effective or sufficient to prevent them from competing.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Many
companies have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions. The
legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents, trade secrets,
and other intellectual property protection, which could make it difficult for us to stop the marketing of competing products or services
in violation of our proprietary rights generally. Proceedings to enforce our patent rights in foreign jurisdictions, whether or not successful,
could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our future patents
at risk of being invalidated or interpreted narrowly and our patent applications at risk of not issuing and could provoke third parties
to assert claims against us. We may not prevail in any lawsuits that we initiate and the damages or other remedies awarded, if any, may
not be commercially meaningful. Accordingly, our efforts to monitor and enforce our intellectual property rights around the world may
be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><b>Risks Related to Cayman
Law and Our Incorporation in the Cayman Islands</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We are a Cayman
Islands exempted company with limited liability. The rights of our shareholders may be different from the rights of shareholders governed
by the laws of U.S. jurisdictions.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
are a Cayman Islands exempted company with limited liability. Our corporate affairs are governed by our Amended and Restated Memorandum
and Articles of Association adopted by special resolution passed on February 16, 2023 (or the Amended and Restated Memorandum and Articles
of Association) and by the laws of the Cayman Islands. The rights of shareholders and the responsibilities of members of our board of
directors may be different from the rights of shareholders and responsibilities of directors in companies governed by the laws of U.S.
jurisdictions. In the performance of its duties, the board of directors of a solvent Cayman Islands exempted company is required to consider
that company&#8217;s interests, and the interests of its shareholders as a whole, which may differ from the interests of one or more of
its individual shareholders.</p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Our shareholders
may face difficulties in protecting their interests because we are a Cayman Islands exempted company.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Our
corporate affairs are governed by our Amended and Restated Memorandum and Articles of Association, by the Companies Act (as amended) of
the Cayman Islands (or the Cayman Islands Companies Act) and the common law of the Cayman Islands. The rights of our shareholders and
the fiduciary responsibilities of our directors under the laws of the Cayman Islands are not as clearly defined as under statutes or judicial
precedent in existence in jurisdictions in the United States. Therefore, you may have more difficulty protecting your interests than would
shareholders of a corporation incorporated in a jurisdiction in the United States, due to the comparatively less formal nature of Cayman
Islands law in this area.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">While
Cayman Islands law allows a dissenting shareholder to express the shareholder&#8217;s view that a court-sanctioned reorganization of a
Cayman Islands company would not provide fair value for the shareholder&#8217;s shares, Cayman Islands statutory law does not specifically
provide for shareholder appraisal rights in connection with a merger or consolidation of a company. This may make it more difficult for
you to assess the value of any consideration you may receive in a merger or consolidation or to require that the acquirer gives you additional
consideration if you believe the consideration offered is insufficient. However, Cayman Islands statutory law provides a mechanism for
a dissenting shareholder in a merger or consolidation to apply to the Grand Court of the Cayman Islands (or the Grand Court) for a determination
of the fair value of the dissenter&#8217;s shares if it is not possible for the company and the dissenter to agree on a fair price within
the time limits prescribed.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Shareholders
of Cayman Islands exempted companies (such as ours) have no general rights under Cayman Islands law to inspect corporate records and accounts
or to obtain copies of lists of shareholders. This may make it more difficult for you to obtain information needed to establish any facts
necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Under
Cayman Islands&#8217; law, a minority shareholder may bring a derivative action against the board of directors only in very limited circumstances,
or seek to wind up the company on the just and equitable ground. Class actions are not recognized in the Cayman Islands, but groups of
shareholders with identical interests may bring representative proceedings, which are similar.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Under
Cayman Islands statutory law, a transferee to a scheme or contract involving the transfer of shares in a Cayman Islands company, which
has been approved by holders of not less than 90% in value of the shares affected, has the power to compulsorily acquire the shares of
any dissenting shareholders. An objection to such acquisition can be made to the Grand Court by any dissenting shareholder but this is
unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion. A Cayman
Islands company may also propose a compromise or arrangement with its shareholders or any class of them. If a majority in number, representing
at least 75% in value, of shareholders agrees to the compromise or arrangement then, subject to Grand Court approval of the same, it is
binding on all of the shareholders. A shareholder may appear at the Grand Court hearing by which the company seeks the Grand Court&#8217;s
approval of the compromise or arrangement to oppose it.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>United States civil
liabilities and certain judgments obtained against us by our shareholders may not be enforceable.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
are a Cayman Islands exempted company and substantially all of our assets are located outside the United States. In addition, the majority
of our directors and officers are nationals and residents of countries other than the United States. A substantial portion of the assets
of these persons is located outside the United States. As a result, it may be difficult to effect service of process within the United
States upon these persons. It may also be difficult to enforce in judgments obtained in U.S. courts based on the civil liability provisions
of U.S. federal securities laws against us and our officers and directors who are not resident in the United States.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Further,
it is unclear if original actions predicated on civil liabilities based solely upon U.S. federal securities laws are enforceable in courts
outside the United States, including in the Cayman Islands. Courts of the Cayman Islands may not, in an original action in the Cayman
Islands, recognize or enforce judgments of U.S. courts predicated upon the civil liability provisions of the securities laws of the United
States or any state of the United States on the grounds that such provisions are penal in nature. Although there is no statutory enforcement
in the Cayman Islands of judgments obtained in the United States, courts of the Cayman Islands will recognize and enforce a foreign judgment
of a court of competent jurisdiction if such judgment is final, for a liquidated sum, provided it is not in respect of taxes or a fine
or penalty, is not inconsistent with a Cayman Islands&#8217; judgment in respect of the same matters, and is not impeachable under Cayman
Islands law for fraud, being in breach of public policy of the Cayman Islands or being contrary to natural justice. In addition, a Cayman
Islands court may stay proceedings if concurrent proceedings are being brought elsewhere.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><b>Risks Related to Conducting
Business in China</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
expect that our Prizma will be manufactured by a third party in China. Operating in the Chinese market subjects us to the following and
similar risks:</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Changes in the
Chinese government&#8217;s macroeconomic policies or its public policy could have a negative effect on our business and results of operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">The
Chinese government has implemented various measures to control the rate of economic growth in China. Some of these measures may have a
negative effect on us over the short or long term. Previously, to cope with high inflation and financial imbalances, the Chinese government
sharply tightened monetary policy and, in addition, enacted a series of social programs and anti-inflationary measures. These measures
have, in conjunction, increased the costs on the financial and manufacturing sectors, destabilized the real estate sector and significantly
slowed down the rate of economic growth in China. The Chinese government may be forced to engage in further macroeconomic policy shifts
in order to limit instability and/or damage to certain business models or markets, or engage other, new practices in order to re-stimulate
the rate of economic growth in China. The Chinese government&#8217;s continued attempts at managing the Chinese economy through a variety
of macroeconomic policies, even if effected properly, or new practices, which the Chinese government does not have experience with, may
further slow China&#8217;s economy growth and/or cause great social unrest, all of which would have a negative effect on our business
and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>The Chinese government
exerts substantial influence over the manner in which we must conduct our business activities.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">China
has recently only permitted provincial and local economic autonomy and private economic activities. The Chinese government has exercised
and continues to exercise substantial control over virtually every sector of the Chinese economy through regulation and state ownership.
Our ability to operate in China may be harmed by changes in its economic policies and regulations, including those relating to taxation,
import and export tariffs, environmental regulations, land use rights, property and other matters. We believe that our operations in China
are in material compliance with all applicable legal and regulatory requirements. However, the central or local governments of these jurisdictions
may impose new, stricter regulations or interpretations of existing regulations that would require additional expenditures and efforts
on our part to ensure compliance with such regulations or interpretations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Accordingly,
government actions in the future, including any decision not to continue to support recent economic reforms and to return to a more centrally
planned economy or regional or local variations in the implementation of economic policies, could have a significant effect on economic
conditions in China or particular regions thereof, and could require us to divest of any interest we hold in Chinese properties or joint
ventures.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Uncertainties with
respect to the Chinese legal system could adversely affect us.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">The
Chinese legal system is a civil law system based on written statutes. Unlike the common law system, prior court decisions under the civil
law system may be cited for reference but have limited precedential value. Since these laws and regulations are relatively new and the
Chinese legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and the
enforcement of these laws, regulations and rules involves uncertainties.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">In
1979, the Chinese government began to promulgate a comprehensive system of laws and regulations governing economic matters in general.
The overall effect of legislation over the past three decades has significantly enhanced the protections afforded to various forms of
foreign investments in China. However, China has not developed a fully integrated legal system, and recently enacted laws and regulations
may not sufficiently cover all aspects of economic activities in China. In particular, the interpretation and enforcement of these laws
and regulations involve uncertainties. Since Chinese administrative and court authorities have significant discretion in interpreting
and implementing statutory provisions and contractual terms, it may be difficult to evaluate the outcome of administrative and court proceedings
and the level of legal protection we enjoy. These uncertainties may affect our judgment on the relevance of legal requirements and our
ability to enforce our contractual rights or tort claims. In addition, the regulatory uncertainties may be exploited through unmerited
or frivolous legal actions or threats in attempts to extract payments or benefits from us.</p><div>

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

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><b>Risks Related to Our
Operations in Israel</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
maintain material operations in Israel, which subjects us to the following and similar risks:</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>It may be difficult
to enforce a judgment of a U.S. court against us and our officers and directors and the Israeli experts named in this annual report in
Israel or the United States, to assert U.S. securities laws claims in Israel or to serve process on our officers and directors and these
experts.</i></b></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Potential political,
economic and military instability in the State of Israel, where our management team and our research and development facilities are located,
may adversely affect our results of operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Our
operating subsidiary, along with our management team and our research and development facilities are located in Israel. In addition, the
vast majority of our officers and directors are residents of Israel. Accordingly, political, economic and military conditions in Israel
and the surrounding region may directly affect our business. Since the establishment of the State of Israel in 1948, a number of armed
conflicts have taken place between Israel and its neighboring Arab countries, the Hamas militant group and the Hezbollah. Any hostilities
involving Israel or the interruption or curtailment of trade between Israel and its trading partners could adversely affect our operations
and results of operations. Ongoing and revived hostilities or other Israeli political or economic factors, such as, an interruption of
operations at the Tel Aviv airport, could prevent or delay our regular operation, product development and delivery of products. If continued
or resumed, these hostilities may negatively affect business conditions in Israel in general and our business in particular. In the event
that hostilities disrupt the ongoing operation of our facilities and our operations may be materially adversely affected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">In
addition, since 2010 political uprisings and conflicts in various countries in the Middle East, including Egypt and Syria, are affecting
the political stability of those countries. It is not clear how this instability will develop and how it will affect the political and
security situation in the Middle East. This instability has raised concerns regarding security in the region and the potential for armed
conflict. In Syria, a country bordering Israel, a civil war is taking place. In addition, it is widely believed that Iran, which has previously
threatened to attack Israel, has been stepping up its efforts to achieve nuclear capability. Iran is also believed to have a strong influence
among extremist groups in the region, such as Hamas in Gaza and Hezbollah in Lebanon. Additionally, the Islamic State of Iraq and Levant,
a violent jihadist group, is involved in hostilities in Iraq and Syria. The tension between Israel and Iran and/or these groups may escalate
in the future and turn violent, which could affect the Israeli economy in general and us in particular. Any potential future conflict
could also include missile strikes against parts of Israel, including our offices and facilities. Such instability may lead to deterioration
in the political and trade relationships that exist between the State of Israel and certain other countries. Any armed conflicts, terrorist
activities or political instability in the region could adversely affect business conditions, could harm our results of operations and
could make it more difficult for us to raise capital. Parties with whom we do business may sometimes decline to travel to Israel during
periods of heightened unrest or tension, forcing us to make alternative arrangements when necessary in order to meet our business partners
face to face. Several countries, principally in the Middle East, still restrict doing business with Israel and Israeli companies, and
additional countries may impose restrictions on doing business with Israel and Israeli companies if hostilities in Israel or political
instability in the region continues or increases. Similarly, Israeli companies are limited in conducting business with entities from several
countries. For instance, the Israeli legislature passed a law forbidding any investments in entities that transact business with Iran.
In addition, the political and security situation in Israel may result in parties with whom we have agreements involving performance in
Israel claiming that they are not obligated to perform their commitments under those agreements pursuant to force majeure provisions in
such agreements.</p><div>

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

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Our
employees and consultants in Israel, including members of our senior management, may be obligated to perform one month, and in some cases
longer periods, of military reserve duty until they reach the age of 40 (or older, for citizens who hold certain positions in the Israeli
armed forces reserves) and, in the event of a military conflict or emergency circumstances, may be called to immediate and unlimited active
duty. In the event of severe unrest or other conflict, individuals could be required to serve in the military for extended periods of
time. In response to increases in terrorist activity, there have been periods of significant call-ups of military reservists. It is possible
that there will be similar large-scale military reserve duty call-ups in the future. Our operations could be disrupted by the absence
of a significant number of our officers, directors, employees and consultants related to military service. Such disruption could materially
adversely affect our business and operations. Additionally, the absence of a significant number of the employees of our Israeli suppliers
and contractors related to military service or the absence for extended periods of one or more of their key employees for military service
may disrupt their operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Our
insurance does not cover losses that may occur as a result of an event associated with the security situation in the Middle East or for
any resulting disruption in our operations. Although the Israeli government has in the past covered the reinstatement value of direct
damages that were caused by terrorist attacks or acts of war, we cannot assure you that this government coverage will be maintained or,
if maintained, will be sufficient to compensate us fully for damages incurred and the government may cease providing such coverage or
the coverage might not suffice to cover potential damages. Any losses or damages incurred by us could have a material adverse effect on
our business. Any armed conflicts or political instability in the region would likely negatively affect business conditions generally
and could harm our results of operations and product development.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Further,
in the past, the State of Israel and Israeli companies have been subjected to economic boycotts. Several countries still restrict business
with the State of Israel and with Israeli companies. These restrictive laws and policies may have an adverse impact on our operating results,
financial conditions or the expansion of our business. Similarly, Israeli corporations are limited in conducting business with entities
from several countries.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, the newly elected
Israeli government has announced plans to significantly reduce the Israeli Supreme Court&#8217;s judicial oversight, including reducing its
ability to strike down legislation that it deems unreasonable, and plans to increase political influence over the selection of judges.
These plans have prompted protests of Israeli citizens and criticism of leading Israeli business leaders as well as some foreign leaders.
If such government plans are eventually enacted, they may cause operational challenges for us since we are headquartered in Israel and
almost all of our employees are located in Israel. In addition, if foreign policy is negatively impacted with regard to Israel, this could
impact our business with suppliers and customers which could in turn adversely impact our reputation, results of operations or financial
condition.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We may be required
to pay monetary remuneration to our Israeli employees for their inventions, even if the rights to such inventions have been duly assigned
to us.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
enter into agreements with our Israeli employees pursuant to which such individuals agree that any inventions created in the scope of
their employment are assigned to us or owned exclusively by us, depending on the jurisdiction, without the employee retaining any rights.
A significant portion of our intellectual property has been developed by our Israeli employees during the course of their employment for
us. Under the Israeli Patent Law, 5727-1967 (or the Patent Law) inventions conceived by an employee during the scope of his or her employment
with a company, and as a consequence of such employment, are regarded as &#8220;service inventions,&#8221; which belong to the employer
by default, absent a specific agreement between the employee and employer giving the employee ownership rights. The Patent Law also provides
that if there is no agreement between an employer and an employee, regarding the remuneration for the service inventions, even if the
ownership rights were assigned to the employer, the Israeli Compensation and Royalties Committee (or the Committee), a body constituted
under the Patent Law, shall determine whether the employee is entitled to remuneration for these inventions. The Committee has not yet
determined the method for calculating this Committee-enforced remuneration. While it has been held that an employee may waive his or her
rights to remuneration, and that a waiver of such rights may be concluded like any other agreement, in writing, orally or by conduct,
pending litigation in the Israeli labor court is questioning whether such waiver under an employment agreement is enforceable. Although
our Israeli employees have agreed that any rights related to their inventions are owned exclusively by us, we may face claims demanding
remuneration in consideration for employees&#8217; service inventions. As a consequence of such claims, we could be required to pay additional
remuneration or royalties to our current and/or former employees, or be forced to litigate such claims, which could negatively affect
our business.</p><div>

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

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Risks Related to the Ownership of our Ordinary
Shares</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Failure to meet Nasdaq&#8217;s continued
listing requirements could result in the delisting of our Ordinary Shares, negatively impact the price of our Ordinary Shares and negatively
impact our ability to raise additional capital.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 22, 2022, we received
deficiency letter from the Listing Qualifications Department of the Nasdaq Stock Market (or the Staff) notifying us that, based on our
shareholders&#8217; deficit of $1,240 thousand as of June 30, 2022, as reported in our Report of Foreign Private Issuer on Form 6-K on
November 18, 2022, we were no longer in compliance with the minimum shareholders&#8217; equity requirement for continued listing on the
Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(1), which requires listed companies to maintain shareholders&#8217; equity of
at least $2.5 million. We had 45 calendar days, or until January 6, 2023, to submit a plan to regain compliance. We submitted our compliance
plan on January 6, 2023 and made a subsequent submission on January 19, 2023.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 16, 2023, we received
a letter from the Staff of the Nasdaq notifying us that Nasdaq had determined to delist our Ordinary Shares and tradeable warrants from
Nasdaq based on (i) our non-compliance with the minimum $2,500,000 stockholders&#8217; equity requirement for continued listing set forth
in Nasdaq Listing Rule 5550(b) and (ii) providing the Staff a submission of information that contained material misrepresentations, in
violation of Nasdaq Listing Rule 5250(a)(1), in relation to our extraordinary general meeting of shareholders, which was adjourned on
February 9, 2023 and ultimately held and concluded on February 16, 2023. On February 23, 2023, we requested a hearing before a Nasdaq
Hearings Panel (or the Panel), which stays any delisting or suspension action pending the hearing and the expiration of any additional
extension period granted by the Panel following the hearing.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 11, 2023, the Panel granted the request
for continued listing on Nasdaq subject to the requirement that we, by no later than August 4, 2023 (or the Exception Period), provide
the Panel with unaudited interim financial statements for the second quarter of 2023 and demonstrate to the Panel that we continue to
meet the equity requirement. Upon review of our interim financial statements for the second quarter of 2023, the Panel will decide if
we demonstrated an ability to maintain compliance with the continued listing requirements on a long-term basis. In addition, from May
11, 2023 until the end of the Exception Period, the Panel reserves the right to reconsider the terms of this exception based on any event,
condition or circumstance that exists or develops that would, in the opinion of the Panel, make the continued listing of our securities
on Nasdaq inadvisable or unwarranted. Until the end of the Exception Period, we are required to provide prompt notification to the Panel
of any significant events that may affect our compliance with Nasdaq requirements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, on May 15, 2023 we received a written notice from the Staff indicating that we were no longer in compliance with the minimum
bid price requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain
a minimum bid price of $1.00 per share. Under Nasdaq Listing Rule 5810(c)(3)(A), we have been granted a period of 180 calendar days, which
can be extended by Nasdaq, to regain compliance with the minimum bid price requirement.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no assurance
that we will ultimately regain compliance with all applicable requirements for continued listing on the Nasdaq Capital Market in the future.
If our Ordinary Shares are delisted from Nasdaq, it will have material negative impact on the actual and potential liquidity of our securities,
as well as material negative impact on our ability to raise future capital.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If, for any reason, Nasdaq
should delist our Ordinary Shares from trading on its exchange and we are unable to obtain listing on another national securities exchange
or take action to restore our compliance with the Nasdaq continued listing requirements, a reduction in some or all of the following may
occur, each of which could have a material adverse effect on our shareholders:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">the liquidity of our Ordinary Shares;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 38.25pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">the market price of our Ordinary Shares;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 38.25pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 38.25pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">the number of investors in general that will consider investing in our Ordinary Shares;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 38.25pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 38.25pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">the availability of information concerning the trading prices and volume of our Ordinary Shares; and</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 38.25pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.25pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, we would likely become
a &#8220;penny stock&#8221;, which would make trading of our Ordinary Shares much more difficult.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We do not know
whether a market for the Ordinary Shares will be sustained or what the trading price of the Ordinary Shares will be and as a result it
may be difficult for you to sell your Ordinary Shares.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Although
our Ordinary Shares are listed on the Nasdaq Capital Market, an active trading market for the Ordinary Shares may not be sustained. It
may be difficult for you to sell your Ordinary Shares without depressing the market price for the Ordinary Shares. As a result of these
and other factors, you may not be able to sell your Ordinary Shares. Further, an inactive market may also impair our ability to raise
capital by selling Ordinary Shares and may impair our ability to enter into strategic partnerships or acquire companies, products, or
services by using our equity securities as consideration.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.25pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.25pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38.25pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We have never paid
cash dividends on our share capital, and we do not anticipate paying any cash dividends in the foreseeable future.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
have never declared or paid cash dividends, and we do not anticipate paying cash dividends in the foreseeable future. Therefore, you should
not rely on an investment in Ordinary Shares as a source for any future dividend income. Our board of directors has complete discretion
as to whether to distribute dividends. Even if our board of directors decides to declare and pay dividends, the timing, amount and form
of future dividends, if any, will depend on our future results of operations and cash flow, our capital requirements and surplus, the
amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors
deemed relevant by our board of directors.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our principal shareholders, officers and
directors currently beneficially own approximately 14.7</i></b>&#160;<b><i>% &#160;of our Ordinary Shares</i></b>&#160;<b><i>. They will
therefore be able to exert significant control over matters submitted to our shareholders for approval.&#160;</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this annual
report, our principal shareholders, officers and directors beneficially own approximately 14.7% of our Ordinary Shares. This significant
concentration of share ownership may adversely affect the trading price for our Ordinary Shares because investors often perceive disadvantages
in owning shares in companies with controlling shareholders. As a result, these shareholders, if they acted together, could significantly
influence or even unilaterally approve matters requiring approval by our shareholders, including the election of directors and the approval
of mergers or other business combination transactions. The interests of these shareholders may not always coincide with our interests
or the interests of other shareholders.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The market price of our Ordinary Shares
may be highly volatile and such volatility could cause you to lose some or all of your investment and also subject us to litigation.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market price of our Ordinary
Shares may fluctuate significantly in response to numerous factors, some of which are beyond our control, such as:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">government and third-party payors providing adequate coverage and reimbursement <span>for the use of our products and services;</span></span></td></tr>
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, in recent years,
the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of
equity securities of many companies, including medical device related technology companies in particular. These fluctuations often have
been unrelated or disproportionate to the operating performance of those companies. These broad market and industry fluctuations, as well
as general economic, political and market conditions such as recessions, interest rate changes or international currency fluctuations,
may negatively impact the market price of our Ordinary Shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the past, companies that
have experienced volatility in the market price of their stock have been subject to securities class action litigation. We may be the
target of this type of litigation in the future. Securities litigation against us could result in substantial costs and divert our management&#8217;s
attention from other business concerns, which could also harm our business.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>The JOBS Act will
allow us to postpone the date by which we must comply with some of the laws and regulations intended to protect investors and to reduce
the amount of information we provide in our reports filed with the SEC, which could undermine investor confidence in our company and adversely
affect the market price of the Ordinary Shares.</i></b></p><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">any rules that may be adopted by the Public Company Accounting Oversight Board requiring mandatory audit firm rotation or a supplement to the auditor&#8217;s report on the financial statements; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt; ">our ability to furnish two rather than three years of income statements and statements of cash flows in various required filings.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to take advantage
of these exemptions until we are no longer an &#8220;emerging growth company.&#8221; We will remain an emerging growth company until the
earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the date of our first sale of common equity securities
pursuant to an effective registration statement under the Securities Act, (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 Ordinary Shares that
is held by non-affiliates exceeds $700 million as of the prior June 30, and (2) the date on which we have issued more than $1.0 billion
in non-convertible debt during the prior three-year period. We cannot predict if investors will find our securities less attractive because
we may rely on these exemptions. If some investors find our securities less attractive as a result, there may be a less active trading
market for the Ordinary Shares, and our market prices may be more volatile and may decline.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>As a &#8220;foreign
private issuer&#8221; we are subject to less stringent disclosure requirements than domestic registrants and are permitted, and may in
the future elect to follow certain home country corporate governance practices instead of otherwise applicable SEC and Nasdaq requirements,
which may result in less protection than is accorded to investors under rules applicable to domestic U.S. registrants.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">As
a foreign private issuer and emerging growth company, we may be subject to different disclosure and other requirements than domestic U.S.
registrants and non-emerging growth companies. For example, as a foreign private issuer, in the United States, we are not subject to the
same disclosure requirements as a domestic U.S. registrant under the Exchange Act, including the requirements to prepare and issue quarterly
reports on Form 10-Q or to file current reports on Form 8-K upon the occurrence of specified significant events, the proxy rules applicable
to domestic U.S. registrants under Section 14 of the Exchange Act or the insider reporting and short-swing profit rules applicable to
domestic U.S. registrants under Section 16 of the Exchange Act. In addition, we intend to rely on exemptions from certain U.S. rules which
will permit us to follow Cayman Islands legal requirements rather than certain of the requirements that are applicable to U.S. domestic
registrants.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
follow Cayman Islands laws and regulations that are applicable to Cayman Islands companies. However, Cayman Islands laws and regulations
applicable to Cayman Islands companies do not contain any provisions comparable to the U.S. proxy rules, the U.S. rules relating to the
filing of reports on Form 10-Q or 8-K or the U.S. rules relating to liability for insiders who profit from trades made in a short period
of time, as referred to above.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Furthermore,
foreign private issuers are required to file their annual report on Form 20-F within 120 days after the end of each fiscal year, while
U.S. domestic registrants that are non-accelerated filers are required to file their annual report on Form 10-K within 90 days after the
end of each fiscal year. Foreign private issuers are also exempt from Regulation Fair Disclosure, aimed at preventing issuers from making
selective disclosures of material information, although we will be subject to Cayman Islands laws and regulations having substantially
the same effect as Regulation Fair Disclosure. As a result of the above, even though we are required to file reports on Form 6-K disclosing
the limited information which we have made or are required to make public pursuant to Cayman Islands law, or are required to distribute
to shareholders generally, and that is material to us, you may not receive information of the same type or amount that is required to
be disclosed to shareholders of a U.S. registrant. These exemptions and leniencies will reduce the frequency and scope of information
and protections to which you are entitled as an investor.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">The
determination of foreign private issuer status is made annually on the last business day of an issuer&#8217;s most recently completed
second fiscal quarter and, accordingly, the next determination will be made with respect to us on June 30, 2023. In the future, we would
lose our foreign private issuer status if a majority of our shareholders, directors or management are U.S. citizens or residents and we
fail to meet additional requirements necessary to avoid loss of foreign private issuer status. The regulatory and compliance costs to
us under U.S. securities laws as a U.S. domestic registrant may be significantly higher.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be a &#8220;passive foreign investment
company,&#8221; or PFIC, for U.S. federal income tax purposes in the current taxable year or may become one in any subsequent taxable
year. There generally would be negative tax consequences for U.S. taxpayers that are holders of the Ordinary Shares if we are or were
to become a PFIC.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the projected composition
of our income and valuation of our assets, we do not expect to be a PFIC for 2022, and we do not expect to become a PFIC in the future,
although there can be no assurance in this regard. &#160;The determination of whether we are a PFIC is made on an annual basis and will
depend on the composition of our income and assets from time to time. We will be treated as a PFIC for U.S. federal income tax purposes
in any taxable year in which either (1) at least 75% of our gross income is &#8220;passive income&#8221; or (2) on average at least 50%
of our assets by value produce passive income or are held for the production of passive income. Passive income for this purpose generally
includes, among other things, certain dividends, interest, royalties, rents and gains from commodities and securities transactions and
from the sale or exchange of property that gives rise to passive income. Passive income also includes amounts derived by reason of the
temporary investment of funds, including those raised in a public offering. In determining whether a non-U.S. corporation is a PFIC, a
proportionate share of the income and assets of each corporation in which it owns, directly or indirectly, at least a 25% interest (by
value) is taken into account. The tests for determining PFIC status are applied annually, and it is difficult to make accurate projections
of future income and assets which are relevant to this determination. In addition, our PFIC status may depend in part on the market value
of the Ordinary Shares. Accordingly, there can be no assurance that we currently are not or will not become a PFIC in the future. If we
are a PFIC in any taxable year during which a U.S. taxpayer holds the Ordinary Shares, such U.S. taxpayer would be subject to certain
adverse U.S. federal income tax rules. In particular, if the U.S. taxpayer did not make an election to treat us as a &#8220;qualified
electing fund&#8221;, or QEF, or make a &#8220;mark-to-market&#8221; election, then &#8220;excess distributions&#8221; to the U.S. taxpayer,
and any gain realized on the sale or other disposition of the Ordinary Shares by the U.S. taxpayer: (1) would be allocated ratably over
the U.S. taxpayer&#8217;s holding period for the Ordinary Shares; (2) the amount allocated to the current taxable year and any period
prior to the first day of the first taxable year in which we were a PFIC would be taxed as ordinary income; and (3) the amount allocated
to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for
that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each
such other taxable year. In addition, if the U.S. Internal Revenue Service, or the IRS, determines that we are a PFIC for a year with
respect to which we have determined that we were not a PFIC, it may be too late for a U.S. taxpayer to make a timely QEF or mark-to-market
election. U.S. taxpayers that have held the Ordinary Shares during a period when we were a PFIC will be subject to the foregoing rules,
even if we cease to be a PFIC in subsequent years, subject to exceptions for U.S. taxpayer who made a timely QEF or mark-to-market election.
A U.S. taxpayer can make a QEF election by completing the relevant portions of and filing IRS Form 8621 in accordance with the instructions
thereto. We do not intend to notify U.S. taxpayers that hold the Ordinary Shares if we believe we will be treated as a PFIC for any taxable
year in order to enable U.S. taxpayers to consider whether to make a QEF election. In addition, we do not intend to furnish such U.S.
taxpayers annually with information needed in order to complete IRS Form 8621 and to make and maintain a valid QEF election for any year
in which we or any of our subsidiaries are a PFIC. U.S. taxpayers that hold the Ordinary Shares are strongly urged to consult their tax
advisors about the PFIC rules, including tax return filing requirements and the eligibility, manner, and consequences to them of making
a QEF or mark-to-market election with respect to the Ordinary Shares in the event that we are a PFIC (see &#8220;Item 10.E. <i>Taxation&#8212;U.S.
Federal Income Tax Considerations&#8212;Passive Foreign Investment Companies</i>&#8221; for additional information).</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We may be subject
to securities litigation, which is expensive and could divert management attention.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">In
the past, companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation.
We may be the target of this type of litigation in the future. Litigation of this type could result in substantial costs and diversion
of management&#8217;s attention and resources, which could seriously hurt our business. Any adverse determination in litigation could
also subject us to significant liabilities.</p><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Future sales of our Ordinary Shares could
reduce the market price of our Ordinary Shares.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Substantial sales of our Ordinary
Shares on Nasdaq may cause the market price of our Ordinary Shares to decline. Sales by us or our security holders of substantial amounts
of our Ordinary Shares, or the perception that these sales may occur in the future, could cause a reduction in the market price of our
Ordinary Shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The issuance of any additional
Ordinary Shares or any securities that are exercisable for or convertible into Ordinary Shares, may have an adverse effect on the market
price of our Ordinary Shares and will have a dilutive effect on our existing shareholders and holders of Ordinary Shares.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>If we are not able
to attract and retain highly skilled managerial, scientific and technical personnel, we may not be able to implement our business model
successfully.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
believe that our management team must be able to act decisively to apply and adapt our business model in the rapidly changing markets
in which we will compete. In addition, we will rely upon technical and scientific employees or third-party contractors to effectively
establish, manage and grow our business. Consequently, we believe that our future viability will depend largely on our ability to attract
and retain highly skilled managerial, sales, scientific and technical personnel. In order to do so, we may need to pay higher compensation
or fees to our employees or consultants than we currently expect and such higher compensation payments would have a negative effect on
our operating results. Competition for experienced, high-quality personnel is intense and we cannot assure that we will be able to recruit
and retain such personnel. We may not be able to hire or retain the necessary personnel to implement our business strategy. Our failure
to hire and retain such personnel could impair our ability to develop new products and services and manage our business effectively.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>We will need to
expand our organization and we may experience difficulties in recruiting needed additional employees and consultants, which could disrupt
our operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">As
our development and commercialization plans and strategies develop and because we are so leanly staffed, we will need additional managerial,
operational, sales, marketing, financial, legal and other resources. The competition for qualified personnel in the medical device industry
is intense. Due to this intense competition, we may be unable to attract and retain qualified personnel necessary for the development
of our business or to recruit suitable replacement personnel.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Security breaches,
loss of data and other disruptions could compromise sensitive information related to our business or patients, or prevent us from accessing
critical information and expose us to liability, which could adversely affect our business and our reputation.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">In
the ordinary course of our business, we and certain of our third-party service providers, collect, process, and store sensitive data,
including intellectual property, personal and medical information about our patients and our proprietary business information. The secure
maintenance and transmission of this information is critical to our operations and business strategy. We rely on commercially available
systems, software, tools and domestically available monitoring to provide security for processing, transmitting and storing this sensitive
data.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">In
the event that patients authorize or enable us to sell their personal data to third-parties and/or access their data on our systems, we
cannot ensure the complete integrity or security of such data in our systems as we would not control that access. Third-parties may also
attempt to fraudulently induce our employees, patients or physicians who use our technology, into disclosing sensitive information. Third-parties
may also otherwise compromise our security measures in order to gain unauthorized access to the information we store. This could result
in significant legal and financial exposure, a loss in confidence in the security of our services, interruptions or malfunctions in our
services, and, ultimately, harm to our future business prospects and revenue.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">A
security breach or privacy violation that leads to disclosure or modification of, or prevents access to, patient information, including
protected health information, could harm our reputation, compel us to comply with disparate state breach notification laws, require us
to verify the correctness of database contents and otherwise subject us to liability under laws that protect personal data, resulting
in increased costs or loss of revenue. If we are unable to prevent such security breaches or privacy violations or implement satisfactory
remedial measures in a timely manner, the market perception of the effectiveness of our security measures could be harmed, our operations
could be disrupted, our brand could be adversely affected, demand for our products and services may decrease, we may be unable to provide
the our service, we may lose sales and customers, and we may suffer loss of reputation, financial loss and other regulatory penalties
because of lost or misappropriated information, including sensitive patient data. We may be required to expend significant capital and
financial resources to invest in security measures, protect against such threats or to alleviate problems caused by breaches in security.
In addition, these breaches and other inappropriate access can be difficult to detect, and any delay in identifying them may lead to increased
harm. Although we have invested in our systems and the protection of our data to reduce the risk of an intrusion or interruption, and
we monitor our systems on an ongoing basis for any current or potential threats, we can give no assurances that these measures and efforts
will prevent all intrusions, interruptions, or breakdowns.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Because
techniques used to obtain unauthorized access or to sabotage systems change frequently and generally are not recognized until launched,
we may be unable to anticipate these techniques or to implement adequate preventive measures.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">With
respect to medical information, we follow HIPAA guidelines and, among others, separate personal information from medical information,
and further employ additional encryption tools to protect the privacy of our patients and medical data. However, hackers may attempt to
penetrate our computer systems, and, if successful, misappropriate personal or confidential business information. In addition, an associate,
contractor or other third-party with whom we do business may attempt to circumvent our security measures in order to obtain such information,
and may purposefully or inadvertently cause a breach involving such information. While we continue to implement additional protective
measures to reduce the risk of and detect cyber incidents, cyber-attacks are becoming more sophisticated and frequent, and the techniques
used in such attacks change rapidly.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Also,
our information technology networks and infrastructure may still be vulnerable to damage, disruptions or shutdowns due to attack by hackers
or breaches, employee error or malfeasance, power outages, computer viruses, telecommunication or utility failures, systems failures,
natural disasters or other catastrophic events. Any such compromise could disrupt our operations, damage our reputation and subject us
to additional costs and liabilities, any of which could adversely affect our business.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Depending
on the nature of the information compromised, in the event of a data breach or other unauthorized access to or acquisition of our user
data, we may also have obligations to notify users about the incident and we may need to provide some form of remedy for the individuals
affected by the incident. A growing number of legislative and regulatory bodies have adopted consumer notification requirements in the
event of unauthorized access to or acquisition of certain types of personal data. Such breach notification laws continue to evolve and
may be inconsistent from one jurisdiction to another. Complying with these obligations could cause us to incur substantial costs and could
increase negative publicity surrounding any incident that compromises user data. In addition, the interpretation and application of consumer,
health-related and data protection laws, rules and regulations in the United States, Europe and elsewhere are often uncertain, contradictory
and in flux. It is possible that these laws, rules and regulations may be interpreted and applied in a manner that is inconsistent with
our practices or those of our distributors and partners. If we or these third parties are found to have violated such laws, rules or regulations,
it could result in government-imposed fines, orders requiring that we or these third parties change our or their practices, or criminal
charges, which could adversely affect our business. Complying with these various laws could cause us to incur substantial costs or require
us to change our business practices, systems and compliance procedures in a manner adverse to our business.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Our
management may need to divert a disproportionate amount of its attention away from our day-to-day activities and devote a substantial
amount of time to managing these growth activities. We may not be able to effectively manage the expansion of our operations, which may
result in weaknesses in our infrastructure, operational mistakes, loss of business opportunities, loss of employees and reduced productivity
among remaining employees. Our expected growth could require significant capital expenditures and may divert financial resources from
other projects, such as the development of additional medical device products. If our management is unable to effectively manage our growth,
our expenses may increase more than expected, our ability to generate and/or grow revenue could be reduced and we may not be able to implement
our business strategy. Our future financial performance and our ability to commercialize medical device products and services and compete
effectively will depend, in part, on our ability to effectively manage any future growth.</p><div>

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

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 4. INFORMATION ON THE COMPANY</b></p><div>

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

</div><div><a id="a_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>A. History and Development of the Company</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our legal and commercial name
is G Medical Innovations Holdings Ltd. We were incorporated in the Cayman Islands in 2014 as an exempted company with limited liability.
Our principal offices are located at 5 Oppenheimer Street, Rehovot 7670105, Israel, and our telephone number in the United States is +1.800.595.2898.
Our internet address is http://gmedinnovations.com/. None of the information on our website is incorporated by reference herein. G Medical
Innovations USA Inc. serves as our agent for service of process in the United States for certain limited matters, and its address is 12708
Riata Vista Cir Ste A-103, Austin, TX 78727.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We use our website (http://gmedinnovations.com/)
as a channel of distribution of Company information. The information we post on our website may be deemed material. Accordingly, investors
should monitor our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. The contents
of our website are not, however, a part of this annual report.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an emerging growth
company, as defined in Section 2(a) of the Securities Act, as implemented under the JOBS Act. While we currently qualify as an &#8220;emerging
growth company&#8221; under the JOBS Act, we will cease to be an emerging growth company on or before June 25, 2026. As such, we are eligible
to, and intend to, take advantage of certain exemptions from reporting requirements that generally apply to public companies, including
the auditor attestation requirements with respect to internal control over financial reporting under Section 404 of the Sarbanes-Oxley
Act, compliance with new standards adopted by the Public Company Accounting Oversight Board which may require mandatory audit firm rotation
or auditor discussion and analysis, exemption from say on pay, say on frequency, and say on golden parachute voting requirements, and
reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements. We will be an emerging growth
company until the earliest of: (i) the last day of the fiscal year during which we had total annual gross revenues of $1.235 billion or
more, (ii) the last day of the fiscal year following the fifth anniversary of the date of the first sale of our common equity securities
pursuant to an effective registration statement (i.e. June 25, 2026), (iii) the date on which we have, during the previous three-year
period, issued more than $1 billion in non-convertible debt, or (iv) the date on which we are deemed a &#8220;large accelerated filer&#8221;
as defined in Regulation S-K under the Securities Act, which means the market value of our Ordinary Shares that is held by non-affiliates
exceeds $700 million as of the prior June 30th.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a foreign private issuer,
we are exempt from certain rules and regulations under the Exchange Act that are applicable to other public companies that are not foreign
private issuers. For example, although we intend to report our financial results on a quarterly basis, we will not be required to issue
quarterly reports, proxy statements that comply with the requirements applicable to U.S. domestic reporting companies, or individual executive
compensation information that is as detailed as that required of U.S. domestic reporting companies. We will also have four months after
the end of each fiscal year to file our annual report with the SEC and will not be required to file current reports as frequently or promptly
as U.S. domestic reporting companies. Our senior management, directors, and principal shareholders will be exempt from the requirements
to report transactions in our equity securities and from the short-swing profit liability provisions contained in Section 16 of the Exchange
Act. As a foreign private issuer, we will also not be subject to the requirements of Regulation FD (Fair Disclosure) promulgated under
the Exchange Act.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our capital expenditures for
December 31, 2022, 2021 and 2020 amounted to $2,121,000, $550,000, and $507,000, respectively. Our purchases of fixed assets primarily
include laboratory equipment and establishment of our production site in Rehovot, Israel. We financed these expenditures primarily from
cash on hand.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>B. Business Overview</b></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a next-generation
mobile health (mHealth) and digital health company that develops and markets clinical and consumer medical-grade health monitoring solutions
and offers end-to-end support for remote monitoring and telemedicine projects. With extensive experience in the field of medical devices,
digital health and patients monitoring, we are committed to raising the global level of healthcare by empowering caregivers and patients
to better monitor, manage and improve clinical and personal health outcomes. We believe that we are at the forefront of the digital health
revolution in developing the next generation of mobile technologies and services that are designed to empower consumers, patients, and
providers to better monitor, manage and improve clinical and personal health outcomes, especially for those who suffer from CVD, pulmonary
disease and diabetes. Our business and future revenue stream can be broken down into two business areas: monitoring services and home
collection kits for lab testing.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
possess innovative MCT monitors purchased from third parties that utilize sophisticated Deep Neural Network based Artificial Intelligence
(AI) backend ECG processing software--Cardiologs, which we use as a powerful secondary analysis tool once the monitoring session ends.
This dual analysis approach is not offered by most of our competitors. Further, we have two CMS-approved IDTFs, each staffed with experienced
clinical staff and billing teams, nationwide insurance contracts, and a full portfolio of diagnostic monitoring tools, including the G-Patch
devices for extended holter (AECG), the Spider device for mobile cardiac telemetry (MCT), and the Prizma device for remote patient monitoring
(RPM).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">As
medicine and technology become integrated, we believe we are well positioned to capture market share and grow in this business area. Our
product line consists of our Prizma medical device, a clinical grade device that can transform a smartphone into a medical monitoring
device, enabling both healthcare providers and individuals to monitor, manage and share a wide range of vital signs and biometric indicators.
In addition, we are developing a Wireless Vital Signs Monitoring System, which is expected to provide full, continuous, and real time
monitoring of a wide range of vital signs and biometrics. The monitoring services include Independent Diagnostic Testing Facility monitoring
services and private monitoring services.</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Home Collection
Kits for Lab Testing</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">In
the second half of 2022, we took a strategic decision to divert to more comprehensive home testing solutions as an expansion of our patient
services and as part of our vision to move towards a home-based health care system. On July 13, 2022, we announced that our wholly owned
subsidiary, G Medical Health and Wellness, Inc., has developed seven different at-home tests to collect samples of blood, saliva, stool,
urine or a vaginal swab which we expect will be available to be purchased privately by the user in a retail store or online. Once purchased,
the user will be able to collect the sample in the privacy and comfort of his or her home and send the sample to our CLIA certified lab
for analysis. Once it arrives at the lab, the sample will be analyzed, and results typically will be available to the customer within
days in our secured and HIPAA compliant portal. In addition, on October 6, 2022, we introduced a Monkeypox consumer home health test kit,
along with 23 additional new direct to consumer home collection kits with 24 to 48 hours results, all of which are expected to be available
to consumers the third quarter of 2023 through popular big-box retailers, pharmacies and online. The collection kits are developed for
testing health issues related to hormones, sexual transmitted disease, nutrition, colon cancer, food sensitivity, and allergies, with
results going directly to the user within days. The entire data, from both vital signs and laboratory tests, is collected, and managed
under one database, and give the user the ability to create, manage and control their EMR, with the ability to retrieve and share it with
third parties anywhere and anytime. The prices for our at-home testing kits will range from $49 to $259.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">During
the first half of 2022, we operated six locations performing point-of-care tests in communities in Southern and Northern California. The
volume of COVID-19 testing has decreased significantly since April 2022.&#160; Given the decrease in COVID-19 cases, in the second half
of fiscal year 2022 we decided to discontinue our COVID-19 related business activities. We have written off inventory and fixed assets
related to our COVID-19 business for the fiscal year ended December 31, 2022.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Our
management team is led by individuals with over 25 years of experience in developing mobile embedded medical sensors and software, algorithms
and ambulatory medical devices, and with extensive experience filing for, and obtaining approval from, the FDA for medical devices, including
devices approved when the members of our management team were employed at other companies. Our management has proven their ability to
execute our go-to-market strategy as described below, with a proven track record medical device development and commercialization experience
in the United States, China, Europe, Australia, South Africa, Japan, the Asia Pacific region and Brazil.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Products and Product Candidates</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our product platforms are
positioned to reduce inefficiencies in healthcare delivery, improve access, reduce costs, increase quality of care and make healthcare
more personalized and precise. We believe that early detection and diagnosis, as well as accessibility for all patients and providers,
will positively impact the direction and cost of healthcare today.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_001.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our current product lines
consist of our Prizma device, the G-Patch for extended holter, the Spider for MCT as well as our new Patch <span style="text-decoration:underline;text-decoration: none">which has received
an Emergency Use Authorization (or EUA) from the FDA </span>&#160;<span style="text-decoration:underline;text-decoration: none">for QT analysis</span>&#160;. In addition, we are developing our VSMS.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Prizma Medical Device</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The innovative Prizma is a
&#8220;plug-and-play&#8221; medical device that measures vital signs with electronic medical records functionality and clinical grade
reporting standards. Our Prizma can transform almost any smartphone into a medical monitoring device using wireless Bluetooth connection.
Prizma presents a comprehensive health profile of the user, measuring a wide range of vital signs and biometrics including ECG, oxygen
saturation, temperature, heart rate, pain levels and stress levels. Blood pressure, body weight and blood glucose measurements may be
entered via Bluetooth connection to the Prizma from an external device or manually entered and tracked on the Prizma app. All of the measurements
are saved and tracked on the Prizma app and on the cloud portal. Users may generate reports and share with third-parties (i.e., medical
providers, family members).</p><div>



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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_002.jpg"/>&#160;</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Prizma device has been
designed as an invaluable tool to help manage an individuals&#8217; health and wellness, and allow healthcare providers to analyze the
collected data in order to make better treatment decisions for conditions such as diabetes and heart disease, and vital signs functions
for users with a range of health management needs. The Prizma app is available for download on the Apple Store and on Google Play. Prizma
is powered by an independent battery, and activated by the user when needed, making usage and transport efficient and comfortable. The
user simply places his or her index fingers on sensors embedded on the Prizma device, and the software seamlessly analyzes the data using
various measurement methods and algorithms. Prizma can be used on almost any mobile phone, allowing us to quickly adapt the application
to new smartphones.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Along with our Prizma device,
we offer a remote patient monitoring service (or RPM) for chronic patients. The Prizma device can record various vital signs as frequently
as needed on the go and such recordings are being analyzed and presented on a monthly report for physicians to keep track of their patients&#8217;
vitals. This service can be provided as a monthly recurring service as long as prescribed by the physician. Prizma is reimbursed monthly
per patient under CPT code 99453, 99454, 99457 and additional codes, at a onetime rate of approximately $17 and a monthly rate of approximately
$50 to the Company.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_003.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Prizma is capable of monitoring the following:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="text-align: center"><img alt="" src="image_004.jpg"/></td>
    <td style="text-align: center"><span style="font-family: Sans-Serif; font-size: 9pt; color: Red"><b><img alt="" src="image_005.jpg"/></b></span></td>
    <td style="text-align: center"><span style="font-family: Sans-Serif; font-size: 9pt; color: Red"><b><img alt="" src="image_006.jpg"/></b></span></td>
    <td style="text-align: center"><img alt="" src="image_007.jpg"/></td>
    <td style="text-align: center"><img alt="" src="image_008.jpg"/></td>
    <td style="text-align: center"><img alt="" src="image_009.jpg"/></td>
    <td style="text-align: center"><img alt="" src="image_010.jpg"/></td>
    <td style="text-align: center"><img alt="" src="image_011.jpg"/></td></tr>
  <tr>
    <td style="width: 17%; text-align: center"><span style="font-size: 10pt">ECG</span></td>
    <td style="width: 13%; text-align: center"><span style="font-size: 10pt">Body <br/>
temperature</span></td>
    <td style="width: 13%; text-align: center"><span style="font-size: 10pt">Heart rate</span></td>
    <td style="width: 13%; text-align: center"><span style="font-size: 10pt">Sp02</span></td>
    <td style="width: 11%; text-align: center"><span style="font-size: 10pt">Stress</span></td>
    <td style="width: 11%; text-align: center"><span style="font-size: 10pt">Blood<br/>
pressure</span></td>
    <td style="width: 11%; text-align: center"><span style="font-size: 10pt">Weight</span></td>
    <td style="width: 11%; text-align: center"><span style="font-size: 10pt">Blood <br/>
glucose</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Prizma device is currently available as a standalone model, as
pictured below.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_012.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Prizma platform provides
clients with a one-stop, multi-function and multi-account platform providing secure access to a private cloud healthcare solution powered
from a remote cloud infrastructure. The portal syncs all Prizma device measurements to the doctor&#8217;s dashboard automatically and
notifies of any abnormalities. Patient reports can be generated and downloaded to integrate seamlessly within the physician&#8217;s Electronic
Health Record. Prizma is compatible with iOS 11.0 or above, Android 6.0 or above and Smartphone Bluetooth BT SIG 4.2.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_013.jpg"/>&#160;</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Physician&#8217;s Portal:</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_014.jpg"/>&#160;</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_015.jpg"/>&#160;</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_016.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Prizma platform allows
our customers to enter and see all their medical information in a single platform. The information is stored on the platform and is also
accessible to physicians. In addition, the system allows users to see and print reports with personal medical information and share such
reports with third parties. This makes each interaction and use easy and simple.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Prizma device addresses
the monitoring needs of many individuals, including those suffering from a wide range of diseases:</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_017.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2017, we received
510(k) clearance (under prescription) for our Prizma device from the U.S. FDA, and in September 2017 we received CE mark. These clearances
were followed by approval received in November 2017 from the Therapeutic Goods Administration (or the TGA). In March 2020, we received
registration with the Italian Health Ministry&#8217;s database of medical products. In April 2020, the U.S. FDA granted us OTC authorization
based on an EUA policy which remained in force during the public health emergency related to COVID-19 until May 11, 2023, during which
time we were allowed to sell the Prizma device directly to consumers without a physician&#8217;s prescription. &#160;In April 2020, we
received Taiwan FDA approval for our Prizma device. We are also preparing our application to the Chinese National Medical Products Administration
(or NMPA) for our Prizma device.&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Despite the fact that regulatory
clearances and approvals were received in 2017, since the Prizma device is a novel and innovative product, and due to first to market
penetration, the market acceptance of the product was slow. In addition, the Current Procedural Terminology codes covering Prizma RPM
were only approved by the Centers for Medicare &amp; Medicaid Services (or CMS) in November 2019. We intend to continue our market education
efforts for our Prizma device and other products, in order to enhance market acceptance.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0pt"><b><i>Extended Holter Patch
System</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Extended Holter Patch
System is a multi-channel patient-worn biosensor that captures ECG data continuously for up to 14 days. We believe that multi-channel
ECGs can deliver higher predictive values with more actionable data, which enables a more accurate diagnosis. In addition, the Extended
Holter Patch System allows patients to capture any symptomatic event by tapping a button on the recorder and documenting their activity
and symptom in the patient diary. This correlates the ECG activity and provides physicians with more contextual data to make a diagnosis.
Following the monitoring session, the device is returned to us and the data is uploaded to our secure cloud for analysis. A concise clinical
report of preliminary findings is generated by certified cardiac technicians, validated through a quality assurance (or QA) process, and
made available to the physicians on our secure physician portal.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The modular and easy-to-use
patch solution utilizes a body worn sensor, a removable recorder, a secure cloud platform and a clinical reporting system. The patch has
a very soft fabric format, and its water-resistant technology allows showering without removing the patch. These attributes encourage
patients to wear the sensor all day long, resulting in more meaningful data, enabling more accurate diagnosis and timely treatment decisions.
Clinical studies have demonstrated that wearable patch technologies can improve a physician&#8217;s ability to more accurately detect
arrhythmia, allowing them to change the course of treatment. In November 2017, we received the CE mark for our Extended Holter Patch System,
and in May 2020 we received TGA approval. In May 2021, we received emergency clearance from the U.S. FDA to use our Extended Holter Patch
System for patients with suspected or identified QT prolongation syndrome.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_018.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Patch recorder provides
up to six channels of ECG and can be used for up to 14 days of ECG monitoring. The Patch records and transmits the ECG data to a smartphone
which acts as a gateway to our call center. The base line ECG signal, system and electrode status are verified before starting the enrollment
process. The frequency of transmissions can be set by the healthcare provider while the default setting of the device is to record and
transmit 10 minutes of ECG data every hour. The data is saved and wirelessly transmitted by the user&#8217;s smartphone to our monitoring
call center for QT prolongation syndrome detection capabilities analysis. The call center in turn sends the report to the prescribing
physician at the hospital.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_019.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2020, the U.S. FDA
approved under EUA the use of our Patch in order to detect QT prolongation syndrome in a hospital setting for remote monitoring of the
QT interval prolongation of an ECG. The EUA policy remained in force during the public health emergency related to COVID-19 until May
11, 2023.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Telemedicine and Mobile Health Market Opportunity</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2019, health care spending
in the United States topped $3.8 trillion&#8212;nearly 18% of the gross domestic product, or GDP&#8212;as projected by the CMS Office
of the Actuary. Prior to the COVID-19 pandemic, Deloitte projected health spending would continue to grow at a rate of 5.3% a year, reaching
nearly $6.2 trillion by 2028. If those increases were to continue unabated over the next 20 years, health spending could reach a staggering
$11.8 trillion by 2040. Although the pandemic caused people to defer care throughout much of 2020, a rebound and then continuation of
the trends beyond 2021 would drive health care spending to historic levels in the coming years.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to data published
by the American Hospital Association, in 2020 there were approximately 33 million admissions in all U.S. hospitals. The total expenses
for all U.S. hospitals were approximately $1 trillion.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to data published
by the Centers for Disease Control and Prevention, in 2019 there were approximately 147 million hospital visits and approximately 884
million doctor visits in the United States alone, and an equal number of diagnostic data sets collected. Healthcare providers require
diagnostic data to evaluate patients before, during and after medical interactions. A standard set of health diagnostics data is routinely
collected at each healthcare interaction, including patients&#8217; temperature, blood pressure, weight, heartrate, SPO2, blood glucose,
ECG and stress.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Telemedicine provides potential
answers to major healthcare challenges, including improved productivity and efficiency, and better utilization of centralized assets and
scarce talent resources. A recent report by the OECD states that several elements must be in place to ensure the widespread delivery of
teleconsultations and other telemedicine applications:</p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Recent developments in the
COVID-19 pandemic enabled the breaking of some of the barriers associated with the use of telemedicine technologies, and we believe that
telemedicine is recognized as an essential instrument in healthcare by patients and healthcare providers and it is now widely believed
that there will be a significant increase in the use of telemedicine services. While prior to COVID-19, patients and healthcare providers
often preferred in-person meetings and expressed hesitation to the use of telemedicine as a substitute, the situation created following
the spread of COVID-19, has demonstrated that telemedicine enables safe, efficient and cost-effective treatment and monitoring. Telemedicine
services have the potential to facilitate medical care for both confirmed COVID-19 patients and non-COVID-19 patients, while protecting
patients and healthcare providers. According to a consumer survey from McKinsey &amp; Company from April 2020, consumer adoption of telehealth
products has skyrocketed in light of COVID-19, from 11% of U.S. consumers using telehealth in 2019 to 46% of consumers using telehealth
after April 2020. In addition, it is estimated that approximately $250 billion, which represents approximately 20% of all Medicare, Medicaid,
and Commercial outpatient, office, and home health spend, could potentially be virtualized.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Even before COVID-19, mHealth
was a fast-growing market, and data suggests this trend is going to continue. The World Health Organization (or WHO) defines mHealth as
&#8220;medical and public health practice supported by mobile devices such as mobile phones, patient monitoring devices, personal digital
assistants, and other wireless devices.&#8221; According to a report published by research2guidnace, mHealth is projected to have the
highest positive impact on reducing costs associated with:</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_020.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With the growing penetration
of smartphones and internet connectivity, the adoption of mHealth technologies by physicians and patients has increased considerably.
According to research by Grand View Research, the global mHealth market size was valued at $56.8&#160;billion in 2022 and is expected
to expand at a compound annual growth rate of 10.8% from 2023&#160;to 2030. The&#160;mHealth apps&#160;segment dominated the market for
mHealth and accounted for the largest revenue share of 76.5% in 2022, that was a result of increasing penetration of the internet and
smartphones and the growing adoption of mobile health apps by healthcare professionals and the patient.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to a report published
by Precedence Research in August 2022, the IoT healthcare market (meaning the market for interrelated computing devices and mechanical
and digital machines targeting healthcare such as our products) is projected to reach approximately $261.7 billion by 2023 and $960 billion
by 2030. According to SEC filings made by Fitbit, Inc., it was able to sell 16 million of its devices in 2019 alone. We believe that a
rising adoption of wearable technology and a growing geriatric population coupled with the rising prevalence of chronic conditions, which
affects six in ten Americans, are among the key factors driving the market expansion.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_021.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With the growing penetration
of smartphones and internet connectivity, the adoption of mHealth technologies by physicians and patients has increased considerably.
This specially holds true for mobile healthcare apps, including fitness and medical apps, with fitness and wellness holding a significant
share of the total mHealth apps market. Moreover, the healthcare industry exhibits a high growth potential for the IT industry due to
supportive government initiatives across all regions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to a March 2020
report from MarketsandMarkets, the global telehealth market is projected to reach $55.6 billion by 2025, which is a significant increase
from $25.4 billion in 2020. The growth is projected at a CAGR of 16.9% during the forecast period. According to the report, North America
dominates the telehealth market by region, due to factors such as the rising prevalence of chronic conditions, the need to reduce healthcare
expenditure, increasing overall and geriatric population. However, the Asia Pacific market is expected to grow at the highest rate during
the forecast period, owing to the prevalence of chronic diseases and the overcrowding of hospitals.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to a May 2020 report
from McKinsey &amp; Company, in order to realize the full potential of telehealth, the market requires, among others, increased access
to remote monitoring devices for specific clinical conditions (glucose monitoring for diabetes; heartbeat and blood pressure monitors
for cardiovascular conditions). Also, providers may be required to integrate these types of devices into care plans. Payers may need to
offer reimbursement, and solutions may need to enable integrated access between, for example, primary care physicians, care managers,
and at-home caregivers. These services could also require the deployment of supportive patient engagement tools (for example, digital
coaching, care plan navigation tools), tailored to patients&#8217; needs and integrated with communication channels to providers, care
managers, and others involved in their care.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>United States</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the Deloitte
2020 Survey of US Health Care Consumers, which surveyed 4,522 consumers between February 24 and March 14, 2020, and the Health Care Consumer
Response to COVID-19 Survey (together, the Deloitte Surveys), which surveyed 1,510 consumers about their health, experiences, and behavior
in mid-April to early May 2020, the percentage of consumers using virtual visits increased from 19% at the beginning of 2020 to 28% in
April 2020. Moreover, the data shows an increase in consumer willingness to share data in every scenario measured in the graph below.</p><div>

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

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

</div><!-- Field: Page; Sequence: 50; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_022.jpg"/>&#160;</p><div>

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

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

</div><!-- Field: Page; Sequence: 51; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the Deloitte
surveys reveal that about a third to half of consumers are comfortable using at-home diagnostics for various reasons, as demonstrated
in the graph below. Younger generations are more comfortable across the board. The largest gaps in comfort levels by generation are for
genetic tests (24% of seniors as opposed to 47% of Gen Z and millennials) and at-home blood tests to track overall health (28% of seniors
as opposed to 47/48% of Gen Z and millennials).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_023.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A study conducted by the Society
for Cardiovascular Angiography &amp; Intervention, that surveyed 1,068 responses from a nationally representative sample over age 30,
found that more than 50% of Americans are avoiding care for medical emergencies such as heart attack, due to the fear of contracting COVID-19.
Health systems, independent practices and others telehealth providers are reporting 50 to 175 times more telehealth visits compared to
the number of telehealth visits pre-COVID-19. In addition, 57% of health providers view telehealth more favorably than they did before
COVID-19 and 64% are more comfortable using it.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CMS have recently expanded
access to Medicare telemedicine services on a temporary and emergency basis under the 1135 waiver authority and Coronavirus Preparedness
and Response Supplemental Appropriations Act (Phase 1), so that beneficiaries can receive a wider range of services from their physicians
without the need to attend a healthcare facility. Under the COVID-19 new guidelines, beginning March 6, 2020 and for the duration of the
COVID-19 public health emergency, Medicare is able to pay for office, hospital, and other visits furnished via telemedicine across the
country, including in patients&#8217; homes.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, in November 2018,
CMS finalized changes to the 2019 Physician Fee Schedule and the Quality Payment Program and will now pay providers for communication
technology-based services. Through the rule, CMS is also expanding the number of Medicare-covered telemedicine services to include &#8220;prolonged
preventive service(s)&#8221;. CMS will pay physicians for their time when they check in with Medicare beneficiaries via telephone or another
telecommunications device. Physicians will also be paid for the time it takes to review a video or image sent by a patient to assess whether
a visit is needed.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to a March 2020
report from Statista and data from the Organization for Economic Co-operation and Development, China is facing a significant shortage
of physicians with two doctors for every 1,000 people, compared to 2.6 doctors per 1,000 people in the United States and 3.7 per 1,000
people in Australia. Accordingly, the Chinese government has made healthcare a priority.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_024.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, in China the
distribution of superior medical resources is extremely uneven. More than 70% of the third-level grade-A hospitals are located in the
eastern region, making the potential demand for telemedicine in the central and western regions disproportionately much larger.</p><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_025.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Data source: chyxx.com - The proportion of
third-level grade-A hospitals in the three regions in 2018</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the China Power
Project, China&#8217;s population is growing old at a faster rate than almost all other countries, due to increased life expectancy and
decreased birth rate as a result of China&#8217;s 36-year one-child policy. In 2017, in China, the proportion of Chinese citizens above
60 years old obtained 17.3 percent, approximately above 241 million. It is expected that China&#8217;s 65-year-old population will reach
487 million, or nearly 35 percent in 2050. China&#8217;s looming demographic shift presents considerable social and economic challenges.
According to China Briefing, the changing of demographics in China have led to a population where chronic disease is more prevalent than
in the past. As a result, there is a higher demand for disease management and ongoing monitoring.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, a draft of China&#8217;s
Law on the Promotion of Basic Medical and Health Care approved by the National People&#8217;s Congress became effective in June 2020.
The draft law contemplates the promotion of telemedicine services, which has been expedited by the COVID-19 outbreak. In 2016, the government
launched Healthy China 2030. There is currently a government mandate that prioritizes healthcare which AI and digital health will help
to fill the gap, with telemedicine making it possible to increase the number of people receiving real time consultation.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Both local and foreign companies
are investing in the development of specialized and differentiated private hospitals, along with innovative aged care. According to Research
and Markets, China, the world second largest economy, is forecast to reach an estimated mHealth market size of $25.6 billion in 2027,
representing a CAGR of 22.1% from 2020 through 2027.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">mHealth is being driven by
increase in aging population over the age of 60 and a lack of access to quality healthcare-services and limited resources that hinder
a physicians&#8217; ability to provide sufficient time beyond treatment and diagnosis.</p><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">mHealth can also be used in
more rural parts of China to help resolve accessibility challenges. The current policy environment in China is playing an important role
in promoting industry development and facilitating medical treatment through combining Internet technology with China&#8217;s health industry.
Internet hospitals have become a service platform that integrates online appointments, consultations, prescribing and delivering medicine,
and online and offline diagnosis and treatment with the help of Internet technology. Integrating physical hospitals into the platform
provides strong support for Internet hospitals in conducting consultations, follow-up visits, and chronic disease management on the Internet.
Remote monitoring and other mHealth solutions break through space limitations of physical hospitals but also work synergistically with
physical hospitals, so people in remote areas can also have access to high-quality medical treatment.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span>According
to a July 2020 article in the Journal of Medical Internet Research titled &#8220;The Internet Hospital as a Telehealth Model in China:
Systematic Search and Content Analysis&#8221;, </span>b<span>y January 2019, the number of registered
internet hospitals expanded to approximately 130 in 25 provinces, accounting for 73.5% of all provinces or province-level municipalities
in China. Internet hospitals, as a new telehealth model, are distinct but overlap with online health, telemedicine, and mobile medical.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_026.jpg"/>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Source: J Med Internet Res (July 2020)</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span>The
figure below, included in a September 2021 article in the Journal of Medical Internet Research titled &#8220;Running an Internet Hospital
in China: Perspective Based on a Case Study&#8221;, shows the number of patients that received services from internet hospitals from October
2019 to September 2020. From January to April 2020, due to the COVID-19 epidemic, the number of patients using internet hospitals soared.
Since then, the epidemic in China has been stable, and most patients have returned to offline treatment; however, the overall number has
increased.</span></p><div>



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

</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="image_027.jpg"/></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Source: Running an Internet Hospital in China:
Perspective Based on a Case Study. J Med Internet Res 2021</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_028.jpg"/></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Source: Asian Hospital &amp; Healthcare Management.
mHealth in China</p><div>

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

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Monitoring Services Market Opportunity </i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to CMS, two-thirds
of Medicare beneficiaries have two or more chronic conditions. Such conditions often require continuous medical monitoring. In addition,
an estimated 5.86 million ambulatory ECG diagnostic tests were prescribed by physicians in the United States in 2020, which represents
a $2.21 billion market opportunity. With an estimated 13% CAGR (from 2015 to 2025), this represents a very healthy market for our arrhythmia
monitoring technologies and service platform. Although there is little data outside of the United States, we believe additional markets
exist due to an ageing global population, unhealthy lifestyles and prevalence of Atrial fibrillation. Clinical research has also shown
that traditional ambulatory cardiac monitoring tools, such as Holter and event monitors, do not collect the required amount of data for
making a definitive diagnosis, as these older devices may have too short of a monitoring time, may not continuously collect ECG data,
or patients will not wear the device (low patient compliance). Hospitals and physicians are also outsourcing more of their ambulatory
ECG monitoring needs, in order to minimize costs and workflow burden. According to a report on Mobile Cardiac Telemetry Systems Market
Size, Share and Trends by Grand View Research, <span>the global mobile cardiac telemetry systems market
size was estimated at $833.8 million in 2021 and is expected to register a compound annual growth rate (CAGR) of 12.1% from 2022 to 2030.</span>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="image_029.jpg"/></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our innovative technologies
and proprietary software and algorithms have the ability to improve patient compliance, provides continuous monitoring and multiple channels
of ECG, which ensures higher diagnostic yields that can deliver better clinical outcomes.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Third-party research estimates
that the global healthcare big data analytics market was worth $19.6 billion in 2018 and is projected to reach a value of $47.7 billion
by 2024, registering a CAGR of around 16% from 2019 to 2024. This data will be augmented by patient-generated health data (or PGHD), which
is data primarily captured and recorded by the patient themselves, allowing them greater ownership over their own health. Integrating
PGHD into electronic health records will help providers understand the patient experience, increase efficiency and productivity of clinical
trials, improve the prediction of addressable treatment toxicities, and ultimately improve quality of care and clinical outcomes. The
United States could reach a &#8220;critical mass&#8221; of physicians using PGHD from devices such as wearables by 2020, according to
new research released by the Consumer Technology Association. Additionally, insurers are offering free remote monitors/wearables and cash
incentives to subscribers who meet certain health goals.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Concierge medicine can be
defined as a B2B2C model. Currently, about 12,000 physicians in the United States offer concierge healthcare services. This niche market
is growing due in part to organizations that recruit physicians to manage concierge practices. Concierge physicians have fewer patients,
offer same-day appointments and longer office visits, and participate in email and phone communication. Studies have found that patients
with concierge medicine physicians are more satisfied and have fewer visits to ERs and specialists, thus resulting fewer hospitalizations,
fewer emergency department visits, and better control of hypertension and diabetes. A study published in The American Journal of Managed
Care, found a 79% reduction in hospital admissions for Medicare patients in concierge medicine affiliated practices, compared with those
in traditional practices.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Direct primary care (or DPC)
can also be defined as a B2C model. DPC practices have a direct financial relationship with patients and provide comprehensive care and
preventive services. This is a mass-market variant of concierge medicine, with the biggest difference being that the DPC model charges
a flat rate fee that often includes most or all physician services. The monthly fee typically includes basic checkups, same-day or next-day
appointments, and the ability to obtain medications and lab tests at or near wholesale prices. The DPC model does not rely on insurance
co-pays, deductibles or co-insurance fees. All DPC providers recommended patients have some form of insurance, or take part in a healthcare
sharing plan that functions like insurance, as a patient is not protected financially if they have a health issue outside the scope of
primary care.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a depiction
of the ecosystem in which our products and services are intended to play a role:</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="image_030.jpg"/></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We anticipate that our next
generation mobile technologies will empower both users and businesses to better utilize their business processes by merging them into
a coherent ecosystem. We plan to provide users (individuals or families) products and services, and collect valuable data and monetary
inflows at the same time. We also plan to serve businesses (including hospitals, pharmacies, elderly care institutions, research institutions,
etc.) by establishing a direct linkage using mobile technology to maximize the value of user data, which is more than ever needed by businesses.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our strategic objective is
to participate in the large and growing worldwide mHealth marketplace by developing and commercializing innovative next generation telemedicine
solutions and monitoring service platforms. Using our proprietary and patented suite of devices and software solutions, we are implementing
a go-to-market strategy aimed at establishing and growing multiple recurring revenue streams across consumer and professional healthcare
verticals, with a primary geographical focus on the United States and China. Our business activities in the United Kingdom, Europe, Australia
and elsewhere in Asia have been paused to focus on the United States and China.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our current strategic commercial
activities are focused on:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; padding-bottom: 8pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="padding-bottom: 8pt; text-align: justify"><span style="font-size: 10pt">investing in cardiac monitoring service centers in the United States;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-bottom: 8pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="padding-bottom: 8pt; text-align: justify"><span style="font-size: 10pt">commercializing the Prizma device and Patch Extended Holter Patch System monitoring solution in the United States, China and other markets;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-bottom: 8pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">cultivating various channels of distribution. Such channels include hospitals, insurance companies, chronic care management companies, concierge medicine groups, Telcos, specialized mobile virtual network operators (or MVNOs) distribution houses, original design manufacturer (or ODM) handsets and wireless design centers.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="image_031.jpg"/></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Hospitals, Clinics and Physician Practices</span>. Our cardiac monitoring services are marketed to healthcare institutions, hospitals, clinics and physician practices. We employ highly educated sales professionals in the United States who regularly call on these stakeholders and educate them on the clinical value of multi-lead ECG monitoring solutions. We believe our comprehensive range of technologies appeals to many healthcare providers, as they can order the right device for each patient.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will lease the Vital Signs
System to hospitals on a per day fee model. The device can then be prescribed by a physician for monitoring patients in the hospital,
and in pre-admission and post discharge programs. Once a patient is discharged, we anticipate that patients may continue monitoring services
by using the Prizma device.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Concierge medicine</span>. We will explore purchase and lease programs of the Prizma solution to concierge medicine practices. This model may resemble those provided to healthcare insurers or chronic care management companies.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, cloud monitoring
services from the Prizma device are anticipated to be offered based on a two tier program: monitoring over the cloud by sending the data
and receiving automatic feedback; and monitoring with access to a professional clinical call center that can provide real time feedback
to the customer and ability to triage with a healthcare professional.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Implementation of Our Strategy in the United
States </i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our monitoring center strategy
is to be the go-to provider of innovative cardiac monitoring services in the United States. We plan to further expand by targeting all
healthcare providers who can benefit from our comprehensive service offerings, which include our Extended Holter Patch System, MCT, event
and traditional Holter devices. Our customers demand a wider range of offerings as one device type does not fit all needs.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">To penetrate this market and drive growth, we
plan to:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">educate stakeholders in the healthcare environment on the benefits of multi-lead technologies that deliver more comprehensive clinical results and high-patient compliance;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">provide in-house clinical evidence of diagnostic results generated from our service platform;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">contract with more commercial payors in order to increase patient access. We currently have contracts with CMS, some Blue Cross Blue Shield entities, a key veterans affairs medical center, and other commercial payors across the country;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">offer our clinical expertise and patient-centric services 24/7;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">expand our sales force to drive growth in targeted territories; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the 2017 acquisition
of CardioStaff, in November 2018 we executed on our acquisition strategy with the purchase of Tennessee-based Telerhythmics, in the amount
of $1.95 million. Founded in 1996, Telerhythmics provides on-site and remote arrhythmia-monitoring services to doctors and physicians.
These services include MCT, event and Holter monitoring. The acquisition brings additional payer contracts, clinical and logistical scalability,
access to additional monitoring technologies and an existing platform for launching our proprietary technologies into the important digital
health space. We are working on a smooth integration and will disclose these plans in the coming months. For the foreseeable future, Telerhythmics,
a wholly-owned subsidiary of G Medical Innovations USA Inc., will run operations in a separate facility, but with synergistic opportunities
that will help us achieve higher profitability.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In April 2020, we entered
into a distribution agreement with LiveCare Corp. (or LiveCare), a U.S.-based remote patient solutions company. Pursuant to the agreement,
LiveCare will promote the sale of and distribute our Prizma device in the United States. As part of the agreement, we will work with LiveCare
to integrate the Prizma device into LiveCare&#8217;s Link+ platform, which will be offered directly to consumers. The Link+ platform is
a 4G smart home gateway that integrates an array of medical devices into a patient&#8217;s home using a simple, touch-free syncing process.
The agreement is for an initial period of three years, unless notice of termination is provided by either party, and will automatically
renew for successive one year terms thereafter, unless either party provides notice of its intent not to renew the agreement at least
30 days prior to the applicable anniversary date. There are no minimum sales commitments under the agreement.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In April 2020, we entered
into a distribution agreement with All County Health Care Inc. (or All County), a Medicare certified home health company specializes in
the provision of quality home-based healthcare services. Under the agreement, All County will distribute our Prizma in the United States
and will offer customers certain additional Prizma related services. The agreement does not provide for a term. In addition, there are
no minimum sales commitments under the agreement.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>GRS Marketing Services Agreement</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 30, 2020, we
entered into a media and marketing service agreement (which we refer to as the GRS Agreement) with GRS, an affiliate of Guthy-Renker,
LLC. Guthy-Renker is one of the largest and most respected direct marketing companies in the world. Since 1988, Guthy-Renker has discovered
and developed dozens of consumer products in the beauty, skincare, and wellness categories.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the GRS Agreement,
GRS will, for a three-year term, exclusively oversee all television production, radio creative and social media for our company in the
United States, including our Prizma mobile medical monitor and other consumer products and services. GRS will manage all television advertising,
social and radio media buying, based on approved monthly budgets.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration of GRS&#8217;
marketing advisory and creative services, we shall pay to GRS a low five-digit monthly retainer and a low single digit percentage gross
sales commission on all of our U.S. sales of consumer products and services, but excluding IDTF revenue. We have also agreed to issue
to GRS the GRS Warrant, which is a nine year warrant exercisable for 526,338 Ordinary Shares (after giving effect to adjustments including
the November 2022 Reverse Split). The GRS Warrant vested in two equal tranches, the first immediately (with such warrant having an exercise
price of A$4.5 (approximately $3.15) and the second on the first anniversary of the execution of the GRS Agreement (with such warrant
to have an exercise price the lesser of a fifty percent discount to the price to the public in our initial public offering or fifty percent
discount to the price of our Ordinary Shares on the date of vesting).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the GRS Agreement, if
we terminate the GRS Agreement within twelve months from signing a definitive agreement, then we will be restricted from using or buying
any television, radio, digital or social media advertising in the United States for twelve months following the date of termination. Such
restriction will not apply if we choose to accelerate the vesting of the GRS Warrant. In addition, such restriction will not apply if
we and GRS fulfill their respective obligations under the GRS Agreement through the end of the three-year term.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have suspended our obligations
under the GRS Agreement due to a failure by GRS to fulfill its obligations. We have begun to evaluate our options for legal recourse against
GRS to obtain fulfilment of GRS&#8217;s obligations or to receive amounts that were previously paid by us to GRS.</p><div>

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

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

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 16, 2021, we were notified that the Cardiovascular
Services arm of UnityPoint Health Methodist (or UnityPoint) in Peoria, Illinois was entering into a pilot program with us, for using our
Prizma device on cardiac patients. We were advised that the pilot will initially include 500 patients, who will be monitored remotely
to detect abnormal heart rate and conditions associated with a decrease in the oxygenation of the lungs such as worsening hear failure.
As part of the pilot, our monitoring call centers will provide constant reporting and will use our device to detect any cases of emergent
need for cardiac care. It is intended that in the event that an abnormality will be detected, the patient will be seen by a cardiology
provider at UnityPoint&#8217;s Peoria clinic, potentially preventing unnecessary visits to the emergency room and hospitalization.</p><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 30, 2021, we entered
into a joint development, licensing and distribution agreement with Heartbuds AK, LLC. Heartbuds is a medical device company that developed
a medical device used with a smart phone to enable doctors and others to listen to and record a patient&#8217;s heart and lungs (or HB1).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the joint development
agreement, we and Heartbuds will jointly develop a newer, enhanced model or generation of the HB1 to be included with the sale and distribution
of our Prisma (or HB2). According to the agreement, Heartbuds has the right to develop, promote, market, license, sell and distribute
the HB1, the HB2 and any other newer models and generations thereafter (or collectively the HB Devices), independent of the Prisma.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration for the licensing
rights and distribution, we will pay to Heartbuds the following royalties with respect to each subscription, lease, sale or other similar
transaction involving the Prisma that includes any HB Device: (i) a recurring $0.25 per month royalty for each lease or subscription;
and (ii) a one-time royalty of $2.50 for each sale. In return, Heartbuds will pay us the following royalties with respect to each subscription,
lease, sale or other similar transaction of an HB Device that does not include a Prisma unit and is with a party that is unaffiliated
with our marketing or sales: (i) a recuring monthly royalty of 5% of lease or subscription fees for each lease or subscription and (ii)
a one-time royalty of 5% of the sales price for each sale. In addition, on the date of the agreement, we provided Heartbuds with the following
additional consideration: (i) 3,265 of our Ordinary Shares, and (ii) $1,000,000 in options to acquire our Ordinary Shares at an exercise
price of $114.45 per share. From the date that the HB2 will be approved by the U.S. FDA until the last day of the 18-calendar month thereafter,
the options shall vest on a pro rata basis based on the actual number of devices that Heartbuds will sell to be calculated relative to
the agreed target of 20,000 devices.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Both we and Heartbuds may
terminate the agreement if the U.S. FDA has not approved the HB2 on or before the third anniversary date of the agreement.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Implementation of Our Strategy in China</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since May 2018, we have been
in contact with Dongtai City Internet Hospital (or the Dongtai Hospital) on several occasions. The Dongtai Hospital provides patients
with various remote health services including online medical consultation, health monitoring, extension of prescriptions and more. The
Dongtai Hospital has purchased 100 Prizma devices to be used as part of a pilot for their Citizen Health System Program which is aimed
at connecting the clinics located in villages, district hospitals and the City Third Grade Class-A hospital together through the internet.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Prizma devices purchased
by the Dongtai Hospital will be used by nursing homes, allowing the collection of residents&#8217; vital signs data without having them
to visit a medical institution, and storing the data in the database system. The sharing of data will enable efficiency in monitoring
and treatment, and will allow doctors from the lower level hospitals to consult with doctors form the higher-level hospitals at any time.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the outbreak of COVID-19,
we received positive feedback from the Dongtai Hospital team that indicated that our Prizma device may provide an efficient solution that
fits their need to monitor patients&#8217; body temperature and blood oxygen remotely. Commercialization of the project is on hold and
dependent upon NMPA approval being granted.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have commenced the process
of penetrating the Chinese market. To this end, we:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">submitted the NMPA files; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">are in process NMPA approval process for the Extended Holter Patch System.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="image_032.jpg"/></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Our Home Testing Kits Business</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">In
summer 2022, we took a strategic decision to divert to more comprehensive home testing solutions as an expansion of our patient services
and as part of our vision to move towards a home-based health care system. On July 13, 2022, we announced that out wholly owned subsidiary,
G Medical Health and Wellness, Inc., has developed seven different at-home tests. In addition, on October 6, 2022, we introduced a Monkeypox
consumer home health test kit, along with 23 additional new direct to consumer home collection kits with 24 to 48 hours results, all of
which are expected to be available to consumers during the third quarter of 2023 through popular big-box retailers, pharmacies and online.
The tests are developed for testing health issues related to hormones, sexual transmitted disease, nutrition, colon cancer, food sensitivity,
and allergies, with results going directly to the user within days.&#160;The prices for our at-home testing kits will range from $49 to
$259.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 27, 2022, we entered
into a wholesale sales consulting agreement with Ideaology 360, LLC (&#8220;Ideaology 360&#8221;) to engage Ideaology 360 to serve as
our exclusive wholesale sales representative in the United States to assist us with, among other things, developing and implementing our
overall strategic plan for online and retail sales of our at-home test kits, developing marketing and advertising campaigns to create
awareness and drive sales of our at-home test kits as well as educating a national sales broker team about our at-home test kits. The
term of our agreement with Ideaology 360 is one year and automatically renewable for successive one year terms, unless either of us provides
the other party with 60 days written notice prior to the end of the relevant term. Ideaology 360 will be paid a monthly fee plus sales
commission for its services to us.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our COVID-19 Testing and Laboratories Services</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December 2021, we launched
our COVID-19 testing business in the State of California, providing four kinds of diagnostic tests &#8211;Rapid Antigen, A/B Flu, PCR
and Antibody tests and operated in six locations performing point-of-care tests in communities in communities in Southern and Northern
California. The volume of COVID-19 testing has decreased significantly since April 2022.&#160; Given the decrease in COVID-19 cases, in
the second half of fiscal year 2022 we decided to discontinue our COVID-19 related business activities. We have written off inventory
and fixed assets related to our COVID-19 business for the fiscal year ended December 31, 2022.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our monitoring services in
the United States focus on two main verticals:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">IDTF Monitoring Services (B2B): CPT based services; and</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Private Monitoring Services (B2B, B2C and B2B2C): services provided by a different entity, independent to the IDTF</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Independent Diagnostic Testing Facility (IDTF)
Monitoring Services</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our provision of IDTF monitoring
services is comprised of arrhythmia monitoring services for patients (including MCT, extended Holter and CEM), and use our Prizma device&#8217;s
RPM of vital signs on a daily basis and generating reports that allow physicians to track their patients&#8217; health condition.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The graphic below represents
the workflow being done by our medical monitoring service centers, from the moment a single patient is enrolled in the service until a
summary medical report is delivered to the prescribing physician.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="image_033.jpg"/></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An IDTF can sell services
as a provider to physicians, hospitals and patients. All services are provided according to physician&#8217;s prescription done through
the enrollment form on our proprietary website. After receiving an enrollment form, we will verify that the patient has an insurance coverage
for the service requested by the physician and then will provide the patient, directly or through a physician, with the monitoring device.
The patient will wear the monitoring device during the total service monitoring time, and we will monitor and support the patient and
send medical notifications to the patient&#8217;s physician, according to the type of service provided. Once service is completed, we
will send the physician an end-of-session report with a summary of all relevant information detected during the service period. We will
also send the bill out to the relevant insurance company and collect the money according to the specific CPT code and monitoring services
that were provided.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the IDTF umbrella, we
offer four types of services for remote cardiac monitoring:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">MCT: a 24/7 remote cardiac monitoring and transmission in near-real time of specific arrhythmias recognized by the algorithm. This service can be provided to patients for up to 30 days and is reimbursed for up to twice a year per patient. The reimbursement under CPT code 93229 will range from $400 to $1,000 depending on the insurance company, locality, and coverage. Our MCT product&#8217;s marketing name is the Spider.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Extended Holter (AECG): cardiac recording 24/7 for more than 48 hours and up to 14 days. Analysis is done off-line when the device is returned to the physician&#8217;s office and data is uploaded. This service can be reimbursed multiple times a year per patient. Reimbursement under CPT codes 93243 and 93247 will range from $36 to $300 depending on the insurance company, locality and coverage. Our AECG product&#8217;s marketing name is the Gpatch.</span></td></tr>
</table><div>

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

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

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify; width: 48px">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Cardiac Event Monitor (CEM): cardiac monitoring and recording only when the patient has an arrhythmia. This service is available for up to 30 days and reimbursed per patient multiple times a year. Reimbursement under CPT code 93271 will range from $150 to $250 depending on the insurance company, locality and coverage.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">24/48 Hours Holter Monitoring: cardiac recording for up to 24-48 hours only. This service can be provided per patient, multiple times per year. Reimbursement under CPT code 93226 will range from $38 to $55 depending on the insurance company, locality and coverage.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We entered the U.S. arrhythmia
monitoring services industry through our December 2017 acquisition of CardioStaff, an IDTF based in Austin, Texas. The IDTF provides physicians
and hospitals with 24/7 remote cardiac monitoring services which utilize our Holter, extended Holter, MCT and event monitoring devices.
CardioStaff was rebranded as GMedDx and is expected to serve as a platform for introducing our innovative suite of clinical-grade products
into outpatient settings, physician practices, hospitals and senior care facilities in the United States.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November 2018, we acquired
a second IDTF, Telerhythmics, based in Memphis, Tennessee. Telerhythmics operates mainly across the Southeastern United States, and provides
hospitals and physicians with cardiac monitoring services including MCT, Holter and event monitoring. In addition to its traditional activities,
Telerhythmics will utilize the Prizma device for RPM services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into approximately
140 commercial payor agreements across local, regional and national markets as well as an agreement with CMS, which provides health coverage
to more than 100 million people.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2019, we entered into
PPAs with Prime Health Services, Inc and Ancillary Care Services, Inc. The PPAs have further and significantly increased our footprint
in the healthcare delivery system of cardiac monitoring and provide more exposure to our future patient base and third-party payer populations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have been approved and
CPT-coded with more than 150 healthcare insurance providers to be reimbursed by our services.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to IDTF monitoring
services, we will provide private monitoring services, utilizing our Prizma device. Under the private service umbrella, we offer three
main lines of services:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Prizma OTC: sales of the Prizma device to consumers with a user portal service which will allow them to save their medical tests and create their own medical information reports and share such reports remotely or when visiting their physicians.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Prizma Concierge Medicine Services: a 24/7 call center service that allows subscribers to speak directly with a physician regarding the collected data.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Prizma Care Facility/Nursing Home Services: a 24/7 service that assists care facilities and nursing homes to track diagnostic information for patients and residents.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Prizma device and Extended
Holter Patch System are expected to be manufactured by a high quality third party in China, which has all the applicable regulatory approvals.
The third party also has manufacturing sites in the United States. Currently, we use contract manufacturers in Israel to meet our manufacturing
requirements.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Home Collection Kits are expected to be manufactured
by a high quality third party in China, which has all the applicable regulatory approvals in order to distribute the products in the US.</p><div>

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

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Competition and Competitive Advantages</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The monitoring services industry
is very competitive and characterized by rapidly advancing technologies with a strong emphasis on proprietary products and software. We
recognize that our competitive success will depend upon constant investments in innovative, pioneering technological solutions. We believe
that many of our competitors only offer one narrow scope of capabilities and are not perceived as convenient for all monitoring scenarios,
or have not received regulatory approvals for product enhancements. We believe that our competitive advantages include:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Strong research and development capabilities: our management team is led by individuals with over 25 years of experience in developing mobile embedded medical sensors and software;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Existing regulatory approvals: currently, we have the CE mark for our Prizma device and Extended Holter Patch System, U.S. FDA clearance for our Prizma device, and OTC authorization for our Prizma device and Extended Holter Patch System based on an EUA policy (QT prolongation syndrome in hospitals). We have also been granted Australian regulatory approval by the TGA for our Prizma device and Extended Holter Patch System. We received registration with the Italian Health Ministry&#8217;s database of medical products and were granted our Permit License by the Taiwan FDA for our Prizma device. We are also preparing our application to the Chinese NMPA for our Prizma device;&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Go-to-market strategy: our management has proven their ability to execute our go-to-market strategy as described below, with over 25 years of medical device development and commercialization experience in the United States, China, parts of Europe, Australia, South Africa, Japan, the Asia Pacific region and Brazil;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">A one-stop multi-function and multi-account platform: with extensive experience in developing mobile embedded medical sensors, we offer multi-function devices with quick upgrades, more add-ins and multi-accounts for all family members;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">An extensive ecosystem with greatest data monetization potential: we provide companies with medical grade solutions, efficient healthcare delivery and potential for collaboration, and enable consumers to access real-time monitoring, accurate medical data and a resource sharing platform.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>United States Competitive Review</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our arrhythmia monitoring
service primary competitors in the U.S. include iRhythm Technologies, Inc. (Nasdaq: IRTC), and &#160;Philips Healthcare. These companies
have either developed or acquired patch-based mobile cardiac monitors. iRhythm Technologies, Inc. became a public company in late 2016
with their proprietary ZIO patch, a single lead ECG wearable that is worn for up to 14 days. Several small start-ups are also trying to
compete in the cardiac monitoring space, either with an MCT device or a patch-based service.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other competitors are companies
that sell standard Holter monitors and analysis systems including GE Healthcare, Philips Healthcare, Mortara Instrument, Inc., and Welch
Allyn Holdings, Inc. (now part of Hill-Rom Holdings, Inc.).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that the principal
competitive strength of our arrhythmia monitoring service derives from the combination of several factors including: a range of monitoring
modalities to meet a variety of patients&#8217; needs; multi-lead ECG configurations that provide greater diagnostic yields; quality of
our clinical staff to accurately detect and identify arrhythmias; clear and comprehensive reports for physician interpretation; contracted
rates with third-party payors; government reimbursement for our products and services; experience, knowledge and availability of our account
representative and customer support services; flexible workflow protocols to address account methodologies; and our relationships with
physicians, hospitals, insurers, and other third-party payors.</p><div>

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

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

</div><!-- Field: Page; Sequence: 66; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our competitors in the mHealth space include,
among others, AliveCor (ECG only), Qardia (more geared to fitness) and Tytocare (home care device with various attachments for examining
ears, throat, heart, lungs, abdomen, skin, and capturing heart rate and temperature data).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the mHealth space, we may
compete directly or indirectly with companies such as Teledoc Health, Inc., DarioHealth Corp. and Itamar Medical, Inc., however, we believe
that our Prizma clinical grade solution has several differentiators that elevate its market position and our competitive advantage, including
multiple measurements on one application (ECG, temperature, Sp02, stress analysis, etc.) and an easy to use platform which provides more
value to a greater range of markets (consumer, medical clinics, chronic care).</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The graphic below represents
the primary companies and their respective products that compete, or have the potential to compete, with our products and services in
the Chinese market:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">In the type examination stage</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In China, we believe that
our competitive advantage lies in our technology, products and services which offer health care providers and patients an all-inclusive
solution for remote health monitoring, as opposed to only one narrow scope of capabilities. Thus, we believe that due to our strong technology
and our experience and know-how in monitoring patients remotely, G Medical China is well positioned to gain a significant market share
in China.</p><div>

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

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

</div><!-- Field: Page; Sequence: 67; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have made significant investments
in the development of our patent portfolio to protect our technologies and programs, and we intend to continue to do so. Our intellectual
property portfolio consists of seven granted patents as well as five patent applications which are still pending approval by the USPTO.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
our patent portfolio as of the date of this annual report:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
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    <td style="border-bottom: black 1.5pt solid; vertical-align: top; width: 15%; text-align: center"><span style="font-size: 10pt"><b>Jurisdiction</b></span></td>
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    <td style="border-bottom: black 1.5pt solid; vertical-align: top; width: 15%; text-align: center"><span style="font-size: 10pt"><b>Product</b></span></td>
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    <td style="border-bottom: black 1.5pt solid; vertical-align: top; width: 15%; text-align: center"><span style="font-size: 10pt"><b>Type of Protection</b></span></td>
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    <td style="border-bottom: black 1.5pt solid; vertical-align: top; width: 15%; text-align: center"><span style="font-size: 10pt"><b>Expiration Date</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Systems and Methods for Vital Signs Monitoring with Ear Piece</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">United States</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">VSMS</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Utility Patent</span></td>
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    <td><span style="font-size: 10pt">Jacket for Medical Module</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">China</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Prizma</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Utility Model</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">January 30, 2028</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Health Monitoring Device that Includes A Compact Oximeter</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">China</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Prizma</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Utility Model</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">January 30, 2028</span></td></tr>
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    <td><span style="font-size: 10pt">Jacket for Medical Module Methods and Systems for Vital Signs</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">United States</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Prizma</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Utility Patent</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">February 14, 2039</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Methods and Systems For Vital Signs Monitoring with Ear Piece</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">United States</span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">United States</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">VSMS</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Method, Device and System for Non-Invasively Monitoring Physiological Parameters</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">United States</span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Utility Patent</span></td>
    <td>&#160;</td>
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    <td><span style="font-size: 10pt">Health Monitoring Devices that Includes A Compact Oximeter(1)</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">United States</span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">May 15, 2040</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">A Robust Medical Device and Method<sup>(2)</sup></span></td>
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    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Method and System for Obtaining Physical Condition That Lead to a Defibrillator Countershock<sup>(2)</sup></span></td>
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    <td>&#160;</td>
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    <td><span style="font-size: 10pt">Methods and Systems For Vital Signs Monitoring with Ear Piece<sup>(2)</sup></span></td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">On
January 30, 2023, we announced that we received a patent issue notification from the USPTO for a patent, which was issued on February
7, 2023, called &#8220;Method and System for Vital Signs Monitoring with Earpiece&#8221;, which covers the vital signs monitoring system
that we are developing using multiple sensing mechanisms to be used on different body locations. This vital sign monitoring system will
potentially provide physicians more versatility in patients&#8217; monitoring and would simplify in and out-patients&#8217; monitoring.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></p><div>

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    </div><!-- Field: /Page --><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 4, 2016, our subsidiary,
G Medical Israel, and Mennen Medical Ltd. (or Mennen) (a company incorporated in Israel), entered into a software licensing agreement
pursuant to which we were granted a worldwide, perpetual, irrevocable (other than in case of breach), royalty-free, non-exclusive license
to use the arrhythmia software and high risk detection application (including all existing preprocessing) and respiration module manufactured
and developed by Mennen (including subject to certain conditions, any updates, upgrades, modification and customizations, if requested
by us, which shall be priced separately) and to incorporate and integrate the arrhythmia software and high risk detection application
with our ECG wireless devices. Pursuant to the terms of the software licensing agreement, Mennen was paid $110,000.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We own one U.S. trademark
and one U.S. trademark application:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">PRIZMA - US trademark 87815896 allowed April 9, 2019</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">PRIZMA-CARE - US trademark application filed December 22, 2021 serial number 97/184615</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Trade Secrets and Know-How</i>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also rely on trade secrets,
know-how, and continuing innovation to develop and maintain our competitive position. We cannot be certain that patents will be granted
with respect to any of our pending patent applications or with respect to any patent applications filed by us in the future, nor can we
be sure that any of our existing patents or any patents granted to us in the future will be commercially useful in protecting our technology.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our success depends, in part,
on an intellectual property portfolio that supports future revenue streams and erects barriers to our competitors. We are maintaining
and building our patent portfolio through filing new patent applications, prosecuting existing applications, and licensing and acquiring
new patents and patent applications.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Despite these measures, any
of our intellectual property and proprietary rights could be challenged, invalidated, circumvented, infringed or misappropriated. Intellectual
property and proprietary rights may not be sufficient to permit us to take advantage of current market trends or otherwise to provide
competitive one. For more information, see &#8220;<i>Item 3.D. Risk Factors-Risks Related to our Intellectual Property</i>.&#8221;</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The principal markets that
we have targeted for our medical devices are the United States, the EU, Australia, New Zealand and China. The following is an overview
of the regulatory regimes in these jurisdictions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>General Overview of United States Medical Device
Regulation</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Section 201(h) of the
Federal Food, Drug, and Cosmetic Act (or the FDC Act), a medical device is an article, which, among other things, is intended for use
in the diagnosis of disease or other conditions, or in the cure, mitigation, treatment or prevention of disease, in man or other animals.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Medical devices sold in the
United States are subject to varying levels of regulatory control, the most comprehensive of which requires that a clinical trial may
need to be conducted before a device receives clearance for commercial distribution.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our current devices are classified
as medical devices and are subject to regulation by numerous agencies and legislative bodies, including the U.S. FDA, and its foreign
counterparts.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. FDA regulations govern
product design and development, pre-clinical and clinical testing, manufacturing, labeling, storage, pre-market clearance or approval,
advertising and promotion, sales, distribution, device recalls and other similar matters.</p><div>

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

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

</div><!-- Field: Page; Sequence: 69; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Specifically, the U.S. FDA
classifies medical devices into one of three classes:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Class I devices are relatively simple and can be manufactured and distributed in the United States with general controls;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Class II devices are more complex and require greater scrutiny, with most Class II devices requiring regulatory clearance by the U.S. FDA before being distributed in the United States; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Class III devices are new and frequently help sustain life or are high-risk devices and usually approved through pre-market approval (or PMA).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Summary of the Medical Device Distribution
Process in the United States</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless an exemption applies,
medical devices commercially distributed in the United States require a 510(k) clearance, or a 510(k)+ &#8220;de-novo&#8221; clearance,
or PMA from the U.S. FDA. Our current devices fall into the classification of a Class II device.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">510(k) Clearance Process.
After a device receives 510(k) clearance, any modification that could significantly affect its safety or effectiveness, or that would
constitute a major change in its intended use or indications for use, requires a new 510(k) clearance or could even require a premarket
application approval. The U.S. FDA requires each manufacturer to assess whether the proposed changes to the medical device are substantial
or not; if the change is not substantial, then the manufacturer can issue an internal Letter to File (also called Memo to File) exempting
the device from a new 510(k) clearance or a supplement submission, however the U.S. FDA has the right to review any such assessment. If
the U.S. FDA disagrees with the determination, then the agency may retroactively require the manufacturer to seek 510(k) clearance. The
U.S. FDA can also require the manufacturer to cease marketing and/or recall the modified device until 510(k) clearance or premarket application
approval is obtained.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">De Novo Classification. If
the U.S. FDA denies 510(k) clearance of a device because it is novel and because an adequate predicate device does not exist (resulting
in a determination of non- substantial equivalence), then the &#8220;de novo classification&#8221; procedure can be invoked based upon
reasonable assurance that the device is safe and effective for its intended use. This procedure approximates the level of scrutiny in
the 510(k) process but may add several months to the clearance process. If the U.S. FDA approves the &#8220;de novo&#8221; request, then
the device is permitted to enter commercial distribution in the same manner as if 510(k) clearance had been granted.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">PMA Process. After the U.S.
FDA approves a Class III medical device via the PMA route, a new premarket application or premarket application supplement is required
in the event of a modification to the device, its labeling or its manufacturing process. The premarket application approval pathway is
much more costly, lengthy and uncertain; it generally takes from one to three years or longer.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Coronavirus Disease 2019 (COVID-19) Emergency
Use Authorizations for Medical Devices</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 4, 2020, the U.S.
Secretary of the Department of Health and Human Services (HHS) determined, pursuant to section 564 of the FDC, that there was a significant
potential for a public health emergency that has a significant potential to affect national security or the health and security of United
States citizens living abroad and that involves COVID-19. The virus which causes the illness COVID-19was named SARS-CoV-2. Based on the
EUA policy, which remained in force during the public health emergency related to COVID-19, the U.S. FDA granted us OTC authorization
for our Prizma device and Extended Holter Patch. On May 11, 2023, the COVID-19 public health emergency ended.</p><div>

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

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

</div><!-- Field: Page; Sequence: 70; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Laboratory Registration, Accreditation and
Licensing Requirements</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to federal
and state regulation of laboratory licensure. Congress passed the CLIA, which establishes quality standards for all laboratory testing
designed to ensure the accuracy, reliability and timeliness of patient test results. Under CLIA, a laboratory is any facility that performs
laboratory testing on specimens derived from humans for the purpose of providing information for the diagnosis, prevention or treatment
of disease or the impairment or assessment of health. CLIA requires that we hold a certificate applicable to the type of laboratory examinations
we perform and that we comply with various standards with respect to personnel qualifications, facility administration, proficiency testing,
quality control and assurance and inspections. Laboratories must register and list their tests with Centers for Medicare &amp; Medicaid
Services, or CMS, the agency that oversees CLIA, and CLIA compliance and certification is a prerequisite to be eligible to bill government
payors and many private payors for our tests. We are subject to survey and inspection every two years to assess compliance with CLIA&#8217;s
program standards, and we are subject to additional unannounced inspections. Laboratories performing high complexity testing are required
to meet more stringent requirements than laboratories performing less complex tests. In addition, a laboratory like that is certified
as &#8220;high complexity&#8221; under CLIA may obtain analyte specific reagents, which are used as the basis for diagnostic tests that
are developed and validated for use in examinations the laboratory performs itself known as LDTs.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we may in the
future elect to participate in the accreditation program of CAP. CMS has deemed CAP standards to be equally or more stringent than CLIA
regulations and has approved CAP as a recognized accrediting organization. Inspection by CAP is performed in lieu of inspection by CMS
for CAP-accredited laboratories.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>General Overview of European and Non-European
Medical Device Regulation </i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Regulatory approval and sales
of medical devices outside the United States are subject to foreign regulatory requirements that may vary widely from country to country.
These laws and regulations range from simple product registration requirements in some countries to complex clearance and production controls
in others. As a result, the processes and time periods required to obtain foreign marketing clearance may be longer or shorter than those
necessary to obtain U.S. FDA clearance.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Commercialization of medical
devices in Europe is regulated by the EU. The EU presently requires that all medical products bear the CE mark, an international symbol
of adherence to quality assurance standards and demonstrated clinical effectiveness. Compliance with the Medical Device Directive (or
MDD), or the Active Implantable Medical Device Directive, or the In Vitro Diagnostic Medical Device Directive, as audited by an EEA Notified
Body and certified by a recognized European Competent Authority, permits the manufacturer to affix the CE mark on its products. If the
medical device is classified as a Class I device per the MDD, and is not provided sterile, then the manufacturer can affix the CE mark
to its Class I devices by means of a self-declaration only, without the need for approval by the EEA Notified Body.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 1, 2016, we obtained
ISO 13485 certification for our quality management system. In addition, in September 2017 we received CE mark certification for our Prizma
device, and in November 2017 we received CE mark certification for the Extended Holter Patch System. CE certification allows the devices
to be marketed and sold in all the member states of the EEA as well as in certain other countries worldwide. (The CE certification ended
on January 9, 2022. From May 2022 we will have to comply with the Medical Device Regulation and not Medical Device Directive.)</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, in November 2017,
we obtained regulatory clearance (TGA) to market the Prizma device in Australia. In April 2020, we received Taiwan FDA approval to market
the Prizma device.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that in the
future we seek to market our products outside of countries in the EEC, we may be required to comply with the applicable regulatory requirements
in each such country. Such regulatory requirements vary by country and may be tedious. As a result, no assurance can be given that we
will be able to satisfy the regulatory requirements to market or sell our products in any such country.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Registration of Medical Devices in China</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Registration of medical devices
in China is handled and approved by the NMPA. In order to apply for NMPA registration for a medical device, a non-Chinese manufacturer
is required to appoint a local Chinese agent who will coordinate the NMPA device registration and assist in determining the classification
of the medical device in China, using NMPA Order No. 15 and the NMPA&#8217;s classification database. Class II and III device manufacturers
should also identify predicates and determine the clinical data requirements for their device and how to satisfy them. Our products fall
under Class II (non-invasive) devices.</p><div>

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

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

</div><!-- Field: Page; Sequence: 71; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Registration in China may
be a longer process than registration in other countries, as the NMPA does usually not recognize a clinical trial or device testing performed
outside of China. As a result, a clinical trial and/or device testing is usually required to be performed or repeated in China. In addition,
currently all regulatory documentation needs to be submitted in Chinese.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In February 2018, our subsidiary
Guangzhou Yimei Innovative Medical Science and Technology Co., Ltd. was granted acceptance to the Green Channel expedited Guangdong Provincial
NMPA regulatory approval process for the Prizma medial smartphone case. The special review and approval procedures for innovative medical
devices ensures the safety and effectiveness of products and services for the Chinese market.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Clinical Studies in the United States</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Even when a clinical study
has an approved Investigational Device Exemption from the U.S. FDA under significant risk determination, and has been approved by an Institutional
Review Board under non-significant risk determination and/or has been approved by a local or regional Ethics Committee, the study is subject
to factors beyond a manufacturer&#8217;s control, including, but not limited to the fact that the institutional review board at a given
clinical site might not approve the study, might decline to renew approval (required annually), or might suspend or terminate the study
before the study has been completed. There is no assurance that a clinical study at any given site will progress as anticipated; the interim
results of a study may not be satisfactory leading the sponsor or others to terminate the study, there may be an insufficient number of
patients who qualify for the study or who agree to participate in the study, or the investigator at the site may have priorities other
than the study. Also, there can be no assurance that the clinical study will provide sufficient evidence to assure the U.S. FDA that the
product is safe, effective and performs as intended as a prerequisite for granting market clearance.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Even if the U.S. FDA or other
similar non-U.S. regulatory agencies clears or approves a medical device for use, the regulatory agency may limit the intended uses of
the device in such a way that manufacturing and distributing the device may not be commercially feasible. After clearance or approval
to market is given, the U.S. FDA and similar foreign regulatory agencies, upon the occurrence of certain events, are authorized under
various circumstances to withdraw the clearance or approval or require changes to a device, its manufacturing process or its labeling
or additional proof that regulatory requirements have been met.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the United States, a manufacturer
of a device approved through the premarket approval application process is not permitted to make changes to the device which affects its
safety or effectiveness without first submitting a supplement application to its premarket approval application and obtaining U.S. FDA
clearance for that supplement. In some instances, the U.S. FDA may require a clinical trial to support a supplement application.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A manufacturer of a device
cleared through a 510(k) submission or a 510(k)+ &#8220;de-novo&#8221; submission must submit another premarket notification if it intends
to make a change or modification in the device that could significantly affect the safety or effectiveness of the device, such as a significant
change or modification in design, material, chemical composition, energy source or manufacturing process.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any change in the intended
uses of a premarket approval application device or a 510(k) device requires an approval supplement or cleared premarket notification.
Exported devices are subject to the regulatory requirements of each country to which the device is exported, as well as certain U.S. FDA
export requirements.</p><div>

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

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

</div><!-- Field: Page; Sequence: 72; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Mobile Medical Applications Guidance in the
United States</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 9, 2015, the U.S.
FDA issued final guidance for developers of mobile medical applications, or apps, which are software programs that run on mobile communication
devices and perform the same functions as traditional medical devices. The guidance outlines the U.S. FDA&#8217;s tailored approach to
mobile apps. The U.S. FDA plans to exercise enforcement discretion (meaning it may choose not to enforce all requirements under the FDC
Act) for the majority of mobile apps, as they pose minimal risk to consumers. The U.S. FDA currently plans to focus its regulatory oversight
on a subset of mobile medical apps that present a greater risk to patients if they do not work as intended, such as mobile medical apps
that:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">are intended to be used as an accessory to a regulated medical device - for example, an application that allows a health care professional to make a specific diagnosis by viewing a medical image from a picture archiving and communication system on a smart mobile device or a mobile tablet; or&#8239;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">transform a mobile platform into a regulated medical device - for example, an application that turns a smart mobile device into an ECG machine to detect abnormal heart rhythms or determine if a patient is experiencing a heart attack.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While some features of the
Prizma device are classified by the U.S. FDA as medical functions and require regulatory clearance by the U.S. FDA, other features may
be classified as wellness functions following the guidelines set out in U.S. FDA Guidance document, &#8220;Multiple Function Products,&#8221;
dated April 27, 2018 (draft guidance at this stage).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Ongoing Regulation by the U.S. FDA</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Even after a device receives
clearance or approval and is placed on the market, numerous regulatory requirements apply. These include:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">establishment registration and device listing;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">quality system regulation, which requires manufacturers, including third-party manufacturers, to follow stringent design, testing, control, documentation and other quality assurance procedures during all phases of the product life-cycle;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">labeling regulations and U.S. FDA prohibitions against the promotion of products for uncleared, unapproved or &#8220;off-label&#8221; uses, and other requirements related to promotional activities;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">medical device reporting regulations, which require that manufacturers report to the U.S. FDA if their device may have caused or contributed to a death or serious injury or malfunctioned in a way that would likely cause or contribute to a death or serious injury if the malfunction were to recur;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">corrections and removals reporting regulations, which require that manufacturers report to the U.S. FDA field corrections and product recalls or removals if undertaken to reduce a health risk posed by the device or to remedy a violation of the FDC Act that may present a health risk; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">post-market surveillance regulations, which apply when necessary to protect the health of the general public or to provide additional safety and effectiveness data for the device.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Failure to comply with applicable
regulatory requirements can result in enforcement action by the U.S. FDA, which may include any of the following sanctions: fines, injunctions,
civil or criminal penalties, recall or seizure of our current or future products, operating restrictions, partial suspension or total
shutdown of production, refusing our request for 510(k) clearance or PMA approval of new products, rescinding previously granted 510(k)
clearances or withdrawing previously granted PMA approvals.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may be subject to announced
and unannounced inspections by the U.S. FDA, and these inspections may include the manufacturing facilities of our subcontractors. If,
as a result of these inspections, the U.S. FDA determines that our or our subcontractors&#8217; equipment, facilities, laboratories or
processes do not comply with applicable U.S. FDA regulations and conditions of product clearance, the U.S. FDA may seek civil, criminal
or administrative sanctions and/or remedies against us, including the suspension of our manufacturing and selling operations.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Ongoing Regulation by International Regulators</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">International sales of medical
devices are subject to foreign government regulations, which may vary substantially from country to country.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to maintain the right
to affix the CE mark to market medical devices in the EEA, the notified body needs to perform an annual surveillance audit of a company&#8217;s
premises and, if needed, also of the premises of critical subcontractors of the manufacturer.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, the EU Directives
dictate the following requirements:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">vigilance system, which requires the manufacturer to immediately notify the relevant competent authority when a company product has been involved in an incident that (i) led to death, a serious injury, or serious deterioration in the state of health of a patient, user or other, third-party; or (ii) may have led to death, serious injury or serious deterioration in the state of health of a patient, user or other, third-party; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">post-market surveillance including a documented procedure to review experience gained from medical devices on the market and to implement any necessary corrective action that would be commensurate with the nature and risks involved with the given product.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Failure to comply with applicable
regulatory requirements can result in enforcement action by the regulatory agency, which may include any of the following sanctions: fines,
injunctions, civil or criminal penalties, recall or seizure of our current or future products, shutting down all or certain of our services,
operating restrictions, partial suspension or total shutdown of production, refusing our request for renewing clearance and/or registration
of our products or granting clearance/registration for new products.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Several U.S. states require
that Durable Medical Equipment (or DME) providers should be licensed in order to sell products to patients in that state. Certain of these
states require that DME providers maintain an in-state location. If these rules are determined to be applicable to us and if we were found
to be noncompliant, we could lose our licensure in that state, which could prohibit us from selling our current or future products to
patients in that state.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Federal Anti-Kickback and Self-Referral Laws</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The U.S. Federal Anti-Kickback
Statute prohibits the knowing and willful offer, payment, solicitation or receipt of any form of remuneration in return for, or to induce
the:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td><span style="font-size: 10pt">referral of a person;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td><span style="font-size: 10pt">furnishing or arranging for the furnishing of items or services reimbursable under Medicare, Medicaid or other governmental programs; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td><span style="font-size: 10pt">purchase, lease, or order of, or the arrangement or recommendation of the purchasing, leasing, or ordering of any item or service reimbursable under Medicare, Medicaid or other governmental programs.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent we are required to comply with these
regulations, it is possible that regulatory agencies could allege that we have not complied, which could subject us to certain sanctions.
Noncompliance with the federal anti-kickback legislation can result in exclusion from Medicare, Medicaid or other governmental programs,
restrictions on our ability to operate in certain jurisdictions, as well as civil and criminal penalties, any of which could have an adverse
effect on our business and results of operations.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Federal law also includes a provision commonly
known as the &#8220;Stark Law,&#8221; which prohibits a physician from referring Medicare or Medicaid patients to an entity providing
&#8220;designated health services,&#8221; including a company that furnishes durable medical equipment, in which the physician has an
ownership or investment interest or with which the physician has entered into a compensation arrangement. Violation of the Stark Law could
result in denial of payment, disgorgement of reimbursements received under a noncompliant arrangement, civil penalties, and exclusion
from Medicare, Medicaid or other governmental programs.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Federal False Claims Act (or the FCA)</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The FCA provides, in part,
that the federal government may bring a lawsuit against any person whom it believes has knowingly presented, or caused to be presented,
a false or fraudulent request for payment from the federal government, or who has made a false statement or used a false record to get
a claim approved. In addition, amendments in 1986 to the FCA have made it easier for private parties to bring &#8220;qui tam&#8221; whistleblower
lawsuits against companies. Penalties include civil penalties ranging from $11,463 to $22,927 for each false claim, subject to yearly
inflation adjustment, plus three times the amount of damages that the federal government sustained because of the act of that person.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Civil Monetary Penalties Law</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The U.S. Federal Civil Monetary
Penalties Law prohibits the offering or transferring of remuneration to a Medicare or Medicaid beneficiary that the person knows or should
know is likely to influence the beneficiary&#8217;s selection of a particular supplier of Medicare or Medicaid payable items or services.
Noncompliance can result in civil monetary penalties of up to $10,000, subject to inflation adjustment, for each wrongful act, assessment
of three times the amount claimed for each item or service and exclusion from the Federal healthcare programs.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>State Fraud and Abuse Provisions</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many states have also adopted
some form of anti-kickback and anti-referral laws and false claims acts. A determination of liability under such laws could result in
fines and penalties and restrictions on our ability to operate in these jurisdictions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Administrative Simplification of the Health
Insurance Portability and Accountability Act of 1996</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">HIPAA mandated the adoption
of standards for the exchange of electronic health information in an effort to encourage overall administrative simplification and enhance
the effectiveness and efficiency of the healthcare industry. Ensuring privacy and security of patient information is one of the key factors
driving the legislation.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Clinical trials are generally
required to support a premarket approval application and are sometimes required for 510(k) clearance, CE marking and NMPA approval.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have undertaken clinical
trials and performance tests in Israel and China in order to validate the accuracy, quality of measurements and usability of our products
and services. The results from the trials and performance tests have already been used to support the regulatory submissions for CE marking
for the Prizma device. In the future, we intend to use clinical trial data with respect to obtaining the CE mark for our VSMS and for
NMPA approval in relation to the Prizma device and Vital Signs System. Results from the clinical trials are not required by us to obtain
U.S. FDA clearance through the 510(k) process.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We completed clinical evaluation
and performance tests in Israel, which consisted of measuring temperature, ECG, oxygen saturation, stress level and heart rate using the
Prizma device and Vital Signs System.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A total of 32 patients were
recruited for the trial during their hospitalization period at the Assaf Harofeh University Medical Center in Israel. During the trial,
measurements were taken three times a day from each participant throughout the duration of hospitalization (10 days). These measurements
were taken using our devices, and in parallel were taken with the hospital&#8217;s approved equipment as a benchmark.</p><div>

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

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

</div><!-- Field: Page; Sequence: 75; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The results of the trial demonstrate
that the measurements taken with our Prizma device and Vital Signs System fall within NMPA approval and CE &#8220;pass&#8221; criteria,
meaning that the results taken from our devices fell within the acceptance criteria set out by the relevant technical standards for both
safety and accuracy in each of the measurement parameters.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We completed a clinical trial
at a NMPA and U.S. FDA certified laboratory in China measuring oxygen saturation (Spo2). The purpose of the trial was to compare the quality
and accuracy of the Prizma device to the laboratory&#8217;s approved equipment as a benchmark.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A total of 16 patients were
recruited for the trial who fell within the testing criteria, which required healthy subjects capable of undergoing controlled hypoxemia
(low oxygen saturation). During the trial, participants were subjected to controlled decreases of oxygen saturation in their blood, with
24 separate samples taken from each participant to measure the oxygen saturation using the Prizma device. The trial was conducted by taking
a blood test from patients to measure their oxygen saturation, while also taking measurements of oxygen saturation using the Prizma device
and a reference gold standard device approved by the NMPA and U.S. FDA that is currently used in hospitals to measure oxygen saturation.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The results of the trial demonstrate
that the Prizma oxygen saturation measurements fall within the standards &#8220;pass&#8221; criteria in relation to the measurement taken
from the laboratory&#8217;s standard oxygen saturation measurement devices, meaning that the mean deviation from the reference device
did not exceed 1.3%. The results from this trial were part of our application for NMPA approval.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Future Clinical Trial</i></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are starting a clinical trial in Israel to test
the adhesive quality and signal absorption performance of the VSMS Extended Holter Patch. The trial is being conducted by a well-known
dermatologist and a team of investigators and will involve 30 recruits.</p><div>

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

</div><div><a id="a_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>C. Organizational Structure</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have 13 wholly-owned subsidiaries:
G Medical Innovations Ltd., G Medical Innovations USA Inc., G Medical Health and Wellness, Inc, G Medical Health and Wellness Lab, Inc.,
G Medical Innovations MK Ltd., G Medical Innovations Asia Limited, G Medical Diagnostic Services, Inc, G Medical Mobile Health Solutions,
Inc, Telerhythmics LLC, G Medical Tests and Services, Inc, G Medical Lab Services, Inc., G Medical Innovations UK Ltd., and Guangzhou
Yimei Innovative Medical Science and Technology Co., Ltd.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, G Medical Tests
and Services Inc. holds 80% of G Medical Lab Services, Inc. G Medical Innovations Asia Limited wholly-owns two subsidiaries: G Medical
Innovations UK Ltd and 70% of Guangzhou Yimei Innovative Medical Science and Technology Co., Ltd.</p><div>

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

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

</div><!-- Field: Page; Sequence: 76; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A diagram of our organizational
structure as of the date of this annual report is below:</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="image_034.jpg"/></p><div>

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

</div><div><a id="b_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>D. Property, Plant and Equipment</b></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our corporate headquarters is located at 5 Oppenheimer
St., Rehovot 7670105, Israel, where we currently occupy approximately 3,229 square feet. We lease our facilities and our lease ends on
December 31, 2023. Our current monthly rent payment is NIS 20,074 (approximately $5,900). In the United States, our primary facility is
located at 12708 Riata Vista Cir Ste A-103, Austin, TX 78727, where we currently occupy approximately 3,202 square feet. We lease our
facilities, and the monthly rent payment is $6,537. Our lease ends on April 30, 2026.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We consider that our current office space is sufficient
to meet our anticipated needs for the foreseeable future and is suitable for the conduct of our business.</p><div>

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

</div><div><a id="a_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 4A. UNRESOLVED STAFF COMMENTS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 5. OPERATING AND FINANCIAL REVIEW AND
PROSPECTS</b></p><div>

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

</div><div><a id="a_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt"><b>A. Operating Results.</b></span></p><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; "><i>The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated
financial statements and the related notes included elsewhere in this annual report on Form 20-F. The discussion below contains forward-looking
statements that are based upon our current expectations and are subject to uncertainty and changes in circumstances. Actual results may
differ materially from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties, including those
identified in &#8220;Cautionary Note Regarding Forward-Looking Statements&#8221; and under &#8220;Risk Factors&#8221; elsewhere in this
annual report on Form 20-F. Our discussion and analysis for the year ended December 31, 2021 compared to the year ended December 31, 2020
can be found in our annual report on Form 20-F for the fiscal year ended December 31, 2021, filed with the SEC on April 29, 2022.</i></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
are a mHealth and digital health company that develops and markets clinical and consumer medical-grade health monitoring solutions and
offers end-to-end support for remote monitoring and telemedicine projects. With extensive experience in the field of medical devices,
digital health and patients monitoring, we are committed to raising the global level of healthcare by empowering caregivers and patients
to better monitor, manage and improve clinical and personal health outcomes. We believe that we are at the forefront of the digital health
revolution in developing the next generation of mobile technologies and services that are designed to empower consumers, patients, and
providers to better monitor, manage and improve clinical and personal health outcomes, especially for those who suffer from CVD, pulmonary
disease and diabetes. Our business and future revenue stream can be broken down into two business areas: monitoring services and home
collection kits for lab testing.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">We
possess innovative MCT monitors purchased from third parties that utilize sophisticated Deep Neural Network based Artificial Intelligence
(AI) backend ECG processing software&#8212;Cardiologs, which we use as a powerful secondary analysis tool once the monitoring session
ends. This dual analysis approach is not offered by most of our competitors. Further, we have two CMS-approved IDTFs, each staffed with
experienced clinical staff and billing teams, nationwide insurance contracts, and a full portfolio of diagnostic monitoring tools, including
the G-Patch devices for extended holter (AECG), the Spider device for mobile cardiac telemetry (MCT), and the Prizma device for remote
patient monitoring (RPM).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">As
medicine and technology become integrated, we believe we are well positioned to capture market share and grow in this business area. Our
product line consists of our Prizma medical device, a clinical grade device that can transform a smartphone into a medical monitoring
device, enabling both healthcare providers and individuals to monitor, manage and share a wide range of vital signs and biometric indicators.
In addition, we are developing a Wireless Vital Signs Monitoring System, which is expected to provide full, continuous, and real time
monitoring of a wide range of vital signs and biometrics. The monitoring services include IDTF monitoring services and private monitoring
services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Home Collection
Kits for Lab Testing</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the second half of 2022,
we took a strategic decision to divert to more comprehensive home testing solutions as an expansion of our patient services and as part
of our vision to move towards a home-based health care system. On July 13, 2022, we announced that our wholly owned subsidiary, G Medical
Health and Wellness, Inc., has developed seven different at-home tests to collect samples of blood, saliva, stool, urine or a vaginal
swab each of which we expect will be available to be purchased privately by the user in a retail store or online. Once purchased, the
user will be able to collect the sample in the privacy and comfort of his or her home and send the sample to our CLIA certified lab for
analysis. Once it arrives at the lab, the sample will be analyzed, and results typically will be available to the customer within days
in our secured and HIPAA compliant portal. In addition, on October 6, 2022, we introduced a Monkeypox consumer home health test kit, along
with 23 additional new direct to consumer home collection kits with 24 to 48 hours results, all of which are expected to be available
to consumers the third quarter of 2023 through popular big-box retailers, pharmacies and online. The collection kits are developed for
testing health issues related to hormones, sexual transmitted disease, nutrition, colon cancer, food sensitivity, and allergies, with
results going directly to the user within days. The entire data, from both vital signs and laboratory tests, is collected, and managed
under one database and give the user the ability to create, manage and control their EMR, with the ability to retrieve and share it with
third parties anywhere and anytime.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 78; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management team is led
by individuals with over 25 years of experience in developing mobile embedded medical sensors and software, algorithms and ambulatory
medical devices, and with extensive experience filing for, and obtaining approval from, the FDA for medical devices, including devices
approved when the members of our management team were employed at other companies. Our management has proven their ability to execute
our go-to-market strategy as described below, with over 25 years of medical device development and commercialization experience in the
United States, China, Europe, Australia, South Africa, Japan, the Asia Pacific region and Brazil.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenues and Cost of Revenues</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our total revenue consists
of services and sale of products and our cost of revenues consists of cost of services and cost of products. Currently, vast majority
of our business activity is in the USA. As such, most of our revenues are from services and Current Procedural Terminology (or CPT) reimbursements
from our medical call centers (IDTF). Those includes revenues from our cardiac monitoring services as MCT, CEM, Extended Holters and Holters
services.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table discloses
the breakdown of revenues and costs of revenues:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#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="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">4,911</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">Products</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">16</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">50</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total revenues</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,420</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,961</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Cost of revenues</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our current operating expenses
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our research and development
expenses consist primarily of salaries and related personnel expenses, subcontractor&#8217;s expenses and other related research and development
expenses.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Selling, general and administrative
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and bookkeeping, facilities, travel expenses and other general and administrative expenses.</p><div>

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

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

</div><!-- Field: Page; Sequence: 79; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Comparison of the Year Ended December 31,
2022 and the Year Ended December&#160;31, 2021</i></b></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Revenues and Cost of Revenues </i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our total revenues for the
year ended December 31, 2022 amounted to $4,420 thousand, which consists primarily of services (approximately 99% of total revenues),
representing a decrease of $541 thousand or 11%, compared to $4,961 thousand for the year ended December 31, 2021.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our cost of revenues for the
year ended December 31, 2022 amounted to $3,636 thousand, which consists primarily of cost of services (96% of cost of revenues), representing
an increase of $184 thousand, or 5.3%, compared to $3,452 thousand for the year ended December 31, 2021. The increase of cost of revenues
was mainly related to an increase in payroll and related expenses.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our research and development
expenses for the year ended December 31, 2022 amounted to $2,292 thousand representing an increase of $612 thousand, or 36%, compared
to $1,680 thousand, for the year ended December 31, 2021. The increase was primarily attributable to increase in subcontractors&#8217;
expenses, payroll and related expenses.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our selling, general and administrative
expenses for the year ended December 31, 2022 amounted to $20,605 thousand, representing an increase of $9,808 thousand, or 91%, compared
to $10,797 thousand for the year ended December 31, 2021. The increase was primarily attributable to an increase in (i) share-based compensation
expenses; (ii) shares issuance costs; and (iii) payroll and related expenses in 2022 compared to 2021.</p><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the foregoing,
our operating loss for the year ended December 31, 2022 amounted to $22,113 thousand compared to an operating loss of $10,968 thousand,
for the year ended December 31, 2021, an increase of $11,145 thousand or 102%. The increase reflects the increase in selling, general
and administrative expenses, and the increase in research and development expenses for 2022 compared to 2021.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Financial Expense and Income</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Financial expense and income
consist of interest, bank fees, revaluation of the derivative liability and exchange rate differences.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We recognized net financial
income for the year ended December 31, 2022 of $8,171 thousand compared to net financial expenses of $3,622 thousand for the year ended
December 31, 2021. The increase was primarily attributable to increase in financials expenses resulted from&#160; derivative liabilities
&#8211; warrants revaluation.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Loss for the year from continuing operations</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the foregoing,
our total loss from continuing operations for the year ended December 31, 2022 was $13,958 thousand, compared to $14,587 thousand for
the year ended December 31, 2021, a decrease of $629 thousand, or 4%.</p><div>

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

</div><div><a id="a_019"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>B. Liquidity and Capital Resources</b></p><div>



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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2022, we
had $295 thousand in cash and cash equivalents.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span>We
expect that our sources of liquidity for the remainder of 2023 will be fund raisings and a commitment from our Chief Executive Officer
(who is our major shareholder) to continue and support our ongoing operation for the foreseeable future (if other sources of funding are
not available to us and under certain conditions).</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below presents our
cash flows for the periods indicated:</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Flows Used in Operating Activities</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in operating
activities was $18,479 thousand, during the year ended December 31, 2022, compared to net cash used in operating activities of $11,494
thousand during the year ended December 31, 2021, primarily resulted from (i) an increase in trade payables in the amount of $2,323 thousand
during 2022 compared to decrease in trade payables of $1,736 thousand during 2021, (ii) an increase in net loss during 2022 compared to
2021 of $10,178 thousand, (iii) an increase in equity-based compensation expenses of $11,840 thousand compared to 2021, (iv) a decrease
in derivatives in the amount of $10,232 thousand during 2022 compared to decrease in derivatives of $311 thousand during 2021, and (v)
a decrease in fair value of convertible loans in the amount of $1,321 thousand during 2022 compared to increase in fair value of convertible
securities of $3,677 thousand during 2021.&#160;&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Flows Used in Investing Activities</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in investing
activities was $2,123 thousand during the year ended December 31, 2022, compared to net cash used in investing activities of $17 thousand
during the year ended December 31, 2021, primarily resulted from purchase of property, plant and equipment of $2,121 thousand during 2022
compared to $550 thousand during 2021.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Flows Provided by Financing Activities</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash provided by
financing activities was $14,863 thousand for the year ended December 31, 2022, compared to net cash provided by financing
activities of $17,267 thousand for the year ended December 31, 2021. The decrease in net cash provided by financing activities was
primarily resulted from (i) issuance of shares and warrants in the amount of $3,442 thousand during 2022 compared to issuance of
shares and warrants in the amount of $13,417 thousand during 2021, (ii) issuance of convertible securities and warrants in the
amount of $14,851 thousand during 2022 compared to $5,750 thousand during 2021 and (iii) repayment of convertible securities and
financial liability of $5,921 thousand during 2022 compared to$536 thousand during 2021.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">To
date, we have not achieved profitability and have sustained net losses in every fiscal year since our inception, and we have financed
our operations primarily through proceeds from issuance of our Ordinary Shares and warrants, loans from our controlling shareholder and
other convertible debenture. We expect to generate revenues from our existing business activities and incur costs of revenues related
to those activities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect to generate revenues
from the sale of our products and other revenues in the future. However, we do not expect these revenues to support all of our operations
in the near future. We expect our expenses to increase in connection with our activities, particularly as we continue the development
of our products, and continue our commercialization efforts. Accordingly, we expect that we will require substantial additional funding
in connection with the growth of our operations, continuing our research and development activity, commercializing our products and to
proceed with pilot projects that partly will have to be financed by us in order to penetrate relevant markets. Until we can generate significant
recurring revenues and achieve profitability, we will need to seek additional sources of funds through the sale of additional equity securities,
debt or other securities. However, there is no assurance that we will be successful accomplishing these plans. Any required additional
capital, whether forecasted or not, may not be available on reasonable terms, or at all. If we are unable to obtain additional financing
or are unsuccessful in commercializing our products and securing sufficient funding, we may be required to reduce activities, curtail
or even cease operations. We expect to continue incurring losses and negative cash flows from operations until our products reach profitability.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In April 2020, we entered
into a loan agreement (or the PPP Loan) with Bank of America, NA pursuant to the Paycheck Protection Program under the Coronavirus Aid,
Relief, and Economic Security Act (the Cares Act). The PPP Loan provided us with $873,487 and required no collateral or personal guarantees.
We applied for Forgiveness for the PPP Loan and on April 3, 2021, we received approval for a full forgiveness from the SBA and the loan
was fully paid from SBA to Bank of America. We have used all of the $873,487, extended to us under the PPP Loan, for business-related
purposes, such as to retain workers and maintain payroll, make lease and utility payments.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2020, we secured
firm commitments from institutional and professional investors to raise A$5,000,000 through the issue of 31,746 fully paid Ordinary Shares
in our company at an issue price of A$157 per Ordinary Share (or the Placement). We engaged MST Financial as sole lead manager and bookrunner
to the Placement. On August 13, 2020, we issued the 31,746 fully paid Ordinary Shares to the investors pursuant to the Placement.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 27, 2020, ASX
resolved to remove our company from the Official List of ASX following the approval by our shareholders of such voluntary delisting on
September 21, 2020 in accordance with ASX Listing Rule 17.11. On October 22, 2020, our Ordinary Shares were delisted from the ASX.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 21, 2020, we entered
into a transaction (or the December 2020 CLA Transaction), whereby we entered into a securities purchase agreement, collectively with
the documents ancillary thereto, including convertible debentures and warrants to purchase our Ordinary Shares, with Alpha Capital Anstalt
(or Alpha), pursuant to which we obtained a convertible loan in an aggregate amount of $350,000, against issuance of convertible debentures
(or the December 2020 Financing Debentures), and warrants to purchase 2,277 Ordinary Shares (or the December 2020 Financing Warrants).
The December 2020 Financing Debentures had a six-month term from issuance and bared interest at 10% per annum. The December 2020 Financing
Debentures were convertible into our Ordinary Shares at a conversion price equal to 80% of the public offering price per share in our
initial public offering. The foregoing debentures and interest have been repaid in full.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Alpha was also granted a 12-month
participation right in a future financing equal to 50% of the subsequent financing. Alpha was also provided a right to purchase $150,000
of additional debentures on the same terms for a period of six months from the date of the December 2020 CLA Transaction. On February
17, 2021, Alpha exercised the foregoing right to purchase $150,000, against issuance of additional convertible debentures (or the February
2021 Financing Debentures) and warrants to purchase 976 Ordinary Shares (or the February 2021 Financing Warrants), on the same terms as
the December 2020 CLA Transaction. The foregoing debentures and interest have been repaid in full.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The December 2020 Financing
Warrants and the February 2021 Financing Warrants had an exercise price per share of $1.50 per share. The December 2020 Financing Warrants
and the February 2021 Financing Warrants have a five year term and will be exercisable for cash or on a cashless basis if no registration
statement is available for resale of the Ordinary Shares issuable upon exercise of the December 2020 Financing Warrants and the February
2021 Financing Warrants.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 7, 2021, we entered
into a transaction (or the April CLA Transaction), whereby we entered into a securities purchase agreement, collectively with the documents
ancillary thereto, including convertible debentures and warrants to purchase our Ordinary Shares, with Jonathan B. Rubini, pursuant to
which we obtained a convertible loan in an aggregate amount of $600,000, against issuance of convertible debentures (or the April 2021
Financing Debentures) and warrants to purchase 3,903 Ordinary Shares (or the April 2021 Financing Warrants). The April 2021 Financing
Debentures have a six-month term from issuance and bear interest at 10% per annum until October 7, 2021. The April 2021 Financing Debentures
are convertible into our Ordinary Shares at a conversion price equal to $140. As of October 7, 2021 the interest was increased to 12%
per annum until April 2022 and then the interest rate shall increase to 16% per annum until a repayment date of October 7, 2023. In October
2022, we agreed <i>inter alia</i>, to amend the 10% convertible debenture, originally dated April 7, 2021, as amended and restated on
June 1, 2022, such that the applicable interest rate is 18% per annum with effect from October 1, 2022 until the extended maturity date
of October 7, 2023 and to amend the conversion price adjustment date to October 7, 2023. On April 18, 2023, we repaid in full the principal
and accrued interest of the April 2021 Convertible Debentures, which amounted to $759,576.&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The April 2021 Financing Warrants
have an exercise price per share equal to the per share price of our Ordinary Shares in our next equity financing of at least $10,000,000,
including without limitation, an initial public offering, subject to standard adjustments. The April 2021 Financing Warrants have a five-year
term and will be exercisable for cash or on a cashless basis if no registration statement is available for resale of the Ordinary Shares
issuable upon exercise of the April 2021 Financing Warrants. Jonathan B. Rubini was also granted a 12-month participation right in a future
financing equal to 50% of the subsequent financing.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June 2021, we completed
our underwritten initial public offering of 85,714 units, each consisting of one Ordinary Share and one warrant to purchase one Ordinary
Share, at a combined public offering price of $175 per unit for aggregate gross proceeds of approximately $15.0 million, prior to deducting
underwriting discounts, commissions, and other offering expenses. In addition, and together with the closing of the offering, the underwriter
partially exercised its over-allotment offering with respect to warrants to purchase 12,858 Ordinary Shares. Such warrants were issued
at an offering price of $0.35 and have an exercise price of $218.75.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December 2021, we entered
into a securities purchase agreement relating to the purchase and sale of a senior convertible note (or the December 2021 Note) for gross
proceeds of $5,000,000 (or the Lind Purchase Agreement) with Lind Global Fund II LP (or Lind Global). The Lind Purchase Agreement and
December 2021 Note provides for, among other things, the issuance of the December 2021 Note with a $5,800,000 face value, with a 24-month
maturity, and a fixed conversion price of $122.5 per share (or December 2021 Note Conversion Price) of the Company&#8217;s Ordinary Shares.
We are required to make principal payments in 20 equal monthly installments commencing 120 days after funding (or the December 2021 Note
Repayment). At our discretion, the December 2021 Note Repayments can be made in: (i) cash; (ii) Ordinary Shares (after Ordinary Shares
are registered) (or the Repayment Shares); or a combination of both. Repayment Shares will be priced at 90% of the average of the five
lowest daily volume weighted average price (VWAPs) during the 20 trading days prior to the payment date (or the December 2021 Note Repayment
Price). We have the right to buy-back the outstanding face value of the December 2021 Note at any time with no penalty (or the Buy-Back
Right). Should We exercise our Buy-Back Right, Lind will have the option to convert up to 25% of the face value of the December 2021 Note
at the lesser of the Conversion Price or Repayment Price. Additionally, the December 2021 Note ranks senior to other of the Company debt.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, pursuant to the Lind
Purchase Agreement, we issued to Lind a warrant to purchase up to 32,766 Ordinary Shares (or the December 2021 Warrant). The December
2021 Warrant may be exercisable with cash payment for 60 months with an exercise price of $122.5 per Ordinary Share and may be exercised
on a cashless basis at any time after the earlier of (a) 120 days following the issuing date or (b) in the event that a registration statement
covering the underlying Ordinary Shares is not deemed effective. In addition, at any time prior to December 1, 2022, subject to the mutual
agreement the parties may carry out a second closing for an additional $5,000,000.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In February 2022, we repaid
$2,541,000 to Lind, representing $2,420,000 of the face value of the December 2021 Note, pursuant to the Lind Purchase Agreement, which
required us to repay 20% of the gross proceeds received by us from the transaction contemplated by the January 2022 SPA described below,
plus a 5% premium.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In January 2022, we entered
into a definitive securities purchase agreement (or the January 2022 SPA) with an institutional investor for the issuance, in a private
placement, of an aggregate of 68,571 Ordinary Shares par value $3.15 per share, or pre-funded warrants in lieu thereof (or each, a January
2022 Pre-Funded Warrant) and warrants (or the January 2022 Ordinary Warrants) to purchase up to an aggregate of 68,572 Ordinary Shares,
at a purchase price of $175.00 per Ordinary Share (or Pre-Funded Warrant) and associated warrant (or the January 2022 Offering). The January
2022 Ordinary Warrants have an exercise price of $175.00 per share, were exercisable immediately upon issuance and have a term of five
years. The Pre-Funded Warrants, and the associated Ordinary Warrant, were sold at a price of $175.00 each, including the Pre-Funded Warrant
exercise price of $0.0035 per Ordinary Share. The Pre-Funded Warrants are exercisable at any time after the date of issuance upon payment
of the exercise price. The Company also entered into an agreement (or the January 2022 Placement Agency Agreement) with A.G.P./Alliance
Global Partners (or A.G.P.), as sole placement agent, dated January 30, 2020, pursuant to which A.G.P. agreed to serve as the placement
agent for the Company in connection with the Offering. The Company agreed to pay the Placement Agent a cash placement fee equal to 7%
of the gross proceeds received in the Offering. In addition, the Company agreed to issue A.G.P. warrants (or the January 2022 Placement
Agent Warrants) to purchase 3,435 Ordinary Shares, or 5% of the Ordinary Shares (or Pre-Funded Warrant equivalents) issued in the Offering.
The Placement Agent Warrants are exercisable six months after their issuance, are exercisable for five years from their initial exercisability
and have an exercise price of $175.00 per share.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In February 2022, we entered
into a definitive securities purchase agreement with Lind Global, which exercised its right of participation in the January 2022 SPA (or
the Lind SPA), for the issuance, in a private placement, of an aggregate of 571 Ordinary Shares par value $3.15 per share and Ordinary
Warrants to purchase up to an aggregate of 572 Ordinary Shares, at a purchase price of $175.00 per Ordinary Share and associated warrant.
The terms of the Lind SPA are substantially similar to the terms of the January 2022 SPA, and the terms of the Ordinary Warrants issued
pursuant to the Lind SPA are substantially similar to the terms of the warrants issued pursuant to the January 2022 SPA.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In April 2022, we entered
into a definitive securities purchase agreement (or the April 2022 SPA) with an institutional investor for the issuance, in a private
placement, of an aggregate of 142,857 Ordinary Shares par value $3.15 per share, or pre-funded warrants in lieu thereof (or each, an April
2022 Pre-Funded Warrant) and warrants (or the April 2022 Ordinary Warrants) to purchase up to an aggregate of 178,572 Ordinary Shares,
at a purchase price of $52.50 per Ordinary Share (or the April 2022 Pre-Funded Warrant) and associated warrant (or the April 2022 Offering).
The April 2022 Ordinary Warrants have an exercise price of $52.50 per share, were exercisable immediately upon issuance and have a term
of five years. The April 2022 Pre-Funded Warrants, and the associated April 2022 Ordinary Warrant, were at a price of $52.50 each, including
the April 2022 Pre-Funded Warrant exercise price of $0.0035 per Ordinary Share. The April 2022 Pre-Funded Warrants are exercisable at
any time after the date of issuance upon payment of the exercise price. The Company also entered into an agreement (or the April 2022
Placement Agency Agreement) with A.G.P, as sole placement agent, dated April 18, 2022, pursuant to which the Placement Agent agreed to
serve as the placement agent for the Company in connection with the April 2022 Offering. The Company agreed to pay the Placement Agent
a cash placement fee equal to 7% of the gross proceeds received in the April Offering. In addition, the Company agreed to issue the Placement
Agent warrants (or the April 2022 Placement Agent Warrants) to purchase 7,150 Ordinary Shares, or 5% of the Ordinary Shares (or Pre-Funded
Warrant equivalents) issued in the April 2022 Offering. The April 2022 Placement Agent Warrants were exercisable six months after their
issuance, are exercisable for five years from their initial exercisability and have an exercise price of $52.50 per share.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we entered into
an amendment (or the Warrant Amendment) with the holder of our Ordinary Warrants to purchase up to an aggregate of 68,572 Ordinary Shares,
with a purchase price of $175 per Ordinary Share pursuant to the January 2022 SPA. The Warrant Amendment modified the purchase price per
Ordinary Share of the Ordinary Warrants to $52.50.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In April 2022, we entered
into a definitive securities purchase agreement with Lind Global, which exercised its right of participation in the April 2022 SPA (or
the April 2022 Lind SPA) for the issuance, in a private placement, of an aggregate of 9,523 Ordinary Shares par value $3.15 per share
and Ordinary Warrants to purchase up to an aggregate of 11,905 Ordinary Shares, at a purchase price of $52.50 per Ordinary Share and associated
warrant, for gross proceeds of approximately $500,000. The terms of the April 2022 Lind SPA are substantially similar to the terms of
the April 2022 SPA, and the terms of the Ordinary Warrants issued pursuant to the April 2022 Lind SPA are substantially similar to the
terms of the warrants issued pursuant to the April 2022 SPA. Also, certain warrants to purchase an aggregate of 572 Ordinary Shares of
the Company that were issued to Lind Global in February 2022 have been amended to have a reduced exercise price of $52.50 per Ordinary
Share.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, on April 20,
2022, we repaid Lind Global $3,380,000 as repayment in full of that certain senior convertible note dated December 15, 2021.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 28, 2022, Dr. Yacov
Geva signed an undertaking whereby Dr. Geva committed to finance the Company&#8217;s operations for a period of 12 months so long as he
is the Company&#8217;s controlling shareholder, and/or the Company cannot be financed externally from any other sources, or until a sum
of $10 million be received by the Company for its operations during 2022. In consideration therefor, the Company agreed to issued Dr.
Geva 57,142 Ordinary Shares of the Company and an additional warrant to purchase 57,143 Ordinary Shares with an exercise price of $1.24
(the closing price of our Ordinary Shares on April 27, 2022).</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 18, 2022, Armistice
Capital Fund Ltd. entered into a letter agreement with us (the &#8220;Letter Agreement&#8221;). Under the terms of the Letter Agreement,
in consideration for Armistice Capital Fund Ltd. agreeing to exercise $2.0 million of its existing warrants, which equals warrants to
purchase 68,027 of Ordinary Shares, at a reduced exercise price of $29.4 (the &#8220;Existing Warrant Exercise&#8221;), we agreed to issue
a new ordinary warrant for 264,150 warrant shares (the &#8220;New Warrant&#8221;), equal to the aggregate of (a) 85,034 warrant shares
(125% of the 68,027 Ordinary Shares issued as a result of the Existing Warrant Exercise) and (b) the balance of 179,116 warrants held
by Armistice Capital Fund Ltd. in the Company whose exercise price was reduced to $32.55. The 179,116 then outstanding warrants held by
Armistice Capital Fund Ltd. were cancelled. The New Warrant was initially exercisable commencing 6 months following the date of the issuance
thereof and has a term of exercise until April 20, 2028, and an exercise price equal to $32.55. In connection with facilitating the Existing
Warrant Exercise and the issuance of the New Warrant, we and Armistice Capital Fund Ltd. also entered into an Amendment Agreement to that
certain securities purchase agreement dated April 18, 2022 by and among the Company and Armistice Capital Fund Ltd. (the &#8220;Amendment
Agreement&#8221;). As a result of such amendment, the exercise price of 45,242 ordinary warrants held by Lind Global Fund II LP was reduced
to an exercise price equal to $32.55 and have a term of exercise until April 30, 2028.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">On October 20, 2022, we
entered into an agreement with Jonathan B. Rubini (the &#8220;Investor&#8221;) in connection with a private placement investment for 79,365
Ordinary Shares and warrants to purchase 79,366 Ordinary Shares with price of $6.30 per share and associated warrant, for aggregate consideration
of $500,000. The warrants are exercisable at any time beginning 30 days after issuance with a term of five years from issuance. In connection
with this private placement investment, the Investor and the Company agreed,&#160;<i>inter alia</i>, to amend the applicable interest
rate and conversion price adjustment date of the April 2021 Financing Debentures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">On September 16, 2022, we
entered into a sales agreement (the &#8220;Sales Agreement&#8221;) with A.G.P./Alliance Global Partners (the &#8220;Agent&#8221;) pursuant
to which we could offer and sell, from time to time, our Ordinary Shares, through the Agent in an &#8220;at-the-market&#8221; offering,
as defined in Rule 415(a)(4) promulgated under the Securities Act, for an aggregate offering price of up to $3.0 million. The Agent was
entitled to compensation at a commission rate of 3.0% of the gross sales price per share sold pursuant to the terms of the Sales Agreement.
As of January 15, 2023, sales of our Ordinary Shares under the Sales Agreement were completed and we have received net proceeds of approximately
$2.9 million and have completed this &#8220;at-the-market&#8221; offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">On October 6, 2022, Dr.
Yacov Geva, committed to finance our operations for the next 12 months and until November 30, 2023, provided and as long as he continues
to be a controlling shareholder and/or the Company cannot be financed externally from any other sources and/or until a sum of $10 million
be received by the Company for its operations this year, whichever is earlier. In exchange, for providing this commitment, Dr. Geva was
issued 71,428 Ordinary Shares and 71,429 warrants to purchase Ordinary Shares (cashless) at an exercise price of $7.70 as of the day of
giving this commitment. On January 30, 2023, our Chief Executive Officer, Dr. Yacov Geva, extended his commitment to finance our operations
up to February 28, 2024, which, on March 24, 2023, was further extended to April 30, 2024. On May 15, 2023, Dr. Yacov Geva extended his
commitment to finance our operations up to May 30, 2024 provided and as long as the Company cannot be financed externally from any other
sources and/or until a sum of $10 million be received by the Company for its operations for the year, whichever is earlier.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 29, 2022, the
Board of Directors approved a loan agreement, dated December 21, 2022 (the &#8220;Loan Agreement&#8221;), between the Company and Dr.
Geva. Under the terms of the Loan Agreement, the total amount of the loan provided by Dr. Geva to the Company is $999,552, with an annual
interest rate of 12%. The following installments have been made under the terms of the Loan Agreement and advanced to the Company: $198,582
on October 9, 2022; $85,106 on October 11, 2022; $252,596 on November 10, 2022; $175,000 on December 1, 2022 (which is attributed to waived
compensation to which Dr. Geva was entitled as Chief Executive Officer of the Company); and $288,268 on December 20, 2022. In addition,
(i) Dr. Geva was granted 515,233 Ordinary Shares of the Company and (ii) Dr. Geva was granted 515,233 warrants to purchase Ordinary Shares
of the Company with an exercise price of $1.94 per Ordinary Share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 4, 2023, we closed an underwritten public
offering of 5,470,000 Ordinary Shares and 6,530,000 pre-funded warrants to purchase Ordinary Shares (or each, an April 2023 Pre-Funded
Warrant), <span>each sold to the public at a price of $0.80 (inclusive of the exercise price of $0.001
of each April 2023 Pre-Funded Warrant) for aggregate gross proceeds of approximately $9,600,000 million, before deducting underwriting
discounts and offering expenses. In addition, we granted the underwriters a 45-day option to purchase up to an additional 1,800,000 Ordinary
Shares and/or April 2023 Pre-Funded Warrants to cover over-allotments at the public offering price, less the underwriting discount.</span>&#160;</p><div>

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

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt"><b>C. Research and development, patents and licenses, etc.</b></span></p><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For a description of our research
and development programs and the amounts that we have incurred over the last two years pursuant to those programs, please see &#8220;Item
5. Operating and Financial Review and Prospects&#8212; A. Operating Results&#8212;Operating Expenses&#8212; Research and Development Expenses&#8221;
and &#8220;Item 5. Operating and Financial Review and Prospects&#8212; A. Operating Results&#8212; Comparison of the year ended December
31, 2022 to the year ended December 31, 2021&#8212; Research and Development Expenses.&#8221;</p><div>

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

</div><div><a id="a_020"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>D. Trend Information</b></p><div>



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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 16, 2023, we received
a letter from the listing qualifications department staff of the Nasdaq notifying us that Nasdaq had determined to delist our Ordinary
Shares and tradeable warrants from Nasdaq based on (i) our non-compliance with the minimum $2,500,000 stockholders&#8217; equity requirement
for continued listing set forth in Nasdaq Listing Rule 5550(b) and (ii) providing the Staff a submission of information that contained
material misrepresentations, in violation of Nasdaq Listing Rule 5250(a)(1), in relation to our extraordinary general meeting of shareholders,
which was adjourned on February 9, 2023 and ultimately held and concluded on February 16, 2023. We originally believed and communicated
to the Staff that we had met the quorum requirement on February 9, 2023 and believed that an adjournment would not be necessary. However,
the meeting was adjourned due to lack of the required quorum present to open and conduct the meeting, and on February 16, 2023, a quorum
was present and our shareholders voted upon and approved all agenda items at the meeting.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 23, 2023, we requested
a hearing before the Panel, which stays any delisting or suspension action pending the hearing and the expiration of any additional extension
period granted by the Panel following the hearing.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 11, 2023, the Panel
granted the request for continued listing on Nasdaq subject to the requirement that we, by no later than August 4, 2023 provide the Panel
with unaudited interim financial statements for the second quarter of 2023 and demonstrate to the Panel that we continue to meet the
equity requirement. Upon review of our interim financial statements for the second quarter of 2023, the Panel will decide if we demonstrated
an ability to maintain compliance with the continued listing requirements on a long-term basis. In addition, from May 11, 2023 until
the end of the Exception Period, the Panel reserves the right to reconsider the terms of this exception based on any event, condition
or circumstance that exists or develops that would, in the opinion of the Panel, make the continued listing of our securities on Nasdaq
inadvisable or unwarranted. Until the end of the Exception Period, we are required to provide prompt notification to the Panel of any
significant events that may affect our compliance with Nasdaq requirements. See also &#8220;Risk Factors&#8212;Risks Related to The Ownership
of our Ordinary Shares&#8212;<i>Failure to meet Nasdaq&#8217;s continued listing requirements could result in the delisting of our Ordinary
Shares, negatively impact the price of our Ordinary Shares and negatively impact our ability to raise additional capital</i>&#8221;.</p><div>

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

</div><div><a id="a_021"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>E. Critical Accounting Estimates</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We describe our significant
accounting policies more fully in Note 2 to our consolidated financial statements included elsewhere in this annual report. We believe
that the accounting policy described in Note 2 is critical in order to fully understand and evaluate our financial condition and results
of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We prepare our consolidated
financial statements in accordance with IFRS. At the time of the preparation of the consolidated financial statements, our management
is required to use estimates, evaluations and assumptions which affect the application of the accounting policy and the amounts reported
for assets, obligations, income and expenses. Any estimates and assumptions are continually reviewed. The changes to the accounting estimates
are credited during the period in which the change to the estimate is made.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Share-based compensation</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated entity
has a share-based remuneration scheme for employees and other service providers, including options and performance rights. The fair
value of options was estimated by using the Black Scholes and Monte-Carlo simulation approach model. The simulation model was
designed to model the company&#8217;s equity value over time.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The abovementioned valuation
models were designed to take into account the unique terms and conditions of the different classes of performance rights and/or options,
as well as our capital structure and the volatility of our assets, on the date of grant, based on certain assumptions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Those conditions are described
in the share-based compensation Note 14 to our consolidated financial statements included elsewhere in this annual report. The fair value
of the equity settled options granted is charged to statement of comprehensive income over the vesting period of each tranche and the
credit is recorded to equity, based on the consolidated entity&#8217;s estimate of shares that will eventually vest.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Goodwill impairment testing</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We review goodwill impairment
once a year or more frequently if an event or change of circumstances indicate that there is an impairment. As of December 31, 2022, we
did not have any goodwill in our consolidated financial statements.</p><div>

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

</div><div><a id="a_022"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></p><div>

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

</div><div><a id="a_023"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3pt"><b>A. Directors and Senior Management</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
certain information relating to our directors and senior management as of May 15, 2023. Unless otherwise stated, the address for our directors
and senior management is at the Company&#8217;s registered address c/o 5 Oppenheimer, Rehovot 7670105, Israel.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dr. Kenneth R. Melani, Chairman of the Board
of Directors</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Dr. Kenneth R. Melani</i>
has served on our board of directors as Chairman since August 2014. Dr. Melani has over 30 years of experience in the U.S. healthcare
industry, providing service as a provider, supplier and insurer. In April 2016, Dr. Melani founded Velocity Fund Partners LP and has since
served as its managing partner. Dr. Melani has been the president and principal owner of KRM Group since 2012. From 2013 to 2014, he was
the chairman of the board of directors of LifeWatch AG (previously, SIX: LIFE) (formerly Card Guard AG and Card Guard Scientific Survival
Ltd.). Prior to that, he spent 23 years at Highmark Inc. (formerly Blue Cross of Western Pennsylvania), where he served in various capacities,
including president and chief executive officer for nine years. He serves on the board of directors of EdLogics (since 2014), and since
2016, he has served as the chairman of the board of directors of DermalBiomics, Periovance, and SkinJect. Dr. Melani holds a B.A. in Chemistry
from Washington and Jefferson College (summa cum laude) and an M.D. from Wake Forest University School of Medicine. Dr. Melani is board
certified in internal medicine.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dr. Yacov Geva, President and Chief Executive
Officer, Director</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Dr. Yacov Geva</i> has
served as our President and Chief Executive Officer. A well-known pioneer in the industry of medical technologies and RPM services. As
the founder of LifeWatch AG (former Card Guard AG and Card Guard Scientific Survival Ltd.) he successfully led the company to its initial
public offering. From 1989 to 2014, Dr. Geva was a member and the Chairman of the Board of Directors and Corporate Chief Executive Officer
of LifeWatch AG. During 1979 to 1989, Dr. Geva served as a Chief Mechanical Engineer with Vishay Israel - a subsidiary of Vishay Intertechnology,
USA. Dr. Geva holds a B.Sc. in Mechanical and Nuclear Engineering from the Technion-Israeli Institute of Technology, a Ph.D. (with honors)
in Business Administration from the International School of Management, Paris and an honorary doctorate from Oxford Brookes University.
Dr. Geva is also a senior member of the royal society of medicine in the UK.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Igor Bluvstein, Chief Financial Officer</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Mr. Igor Bluvstein</i>
has served as our Chief Financial Officer since July 31, 2022. Mr. Bluvstein has over fifteen years of experience working in financial
leadership positions in the e-commerce, biotechnology, petrochemical, and medical cannabis industries. From 2020 through 2022, Mr. Bluvstein
served as the Chief Financial Officer and Director at MDD Group of Companies. From 2016 to 2020, he served as Regional Chief Financial
Officer at Frutarom Industries Ltd. (acquired by International Flavors &amp; Fragrances Inc. (NYSE: IFF)). From 2015 until 2016, he served
as the Chief Financial Officer of an e-commerce retailer. From 2011 until 2015, Mr. Bluvstein served as a Financial Controller at Mirland
Development Corporation PLC. From 2008 through 2011, he served as a senior auditor at Ernst &amp; Young Global Limited. Mr. Bluvstein
holds a Bachelor of Arts in accounting and economics from the Open University in Israel. He is a Certified Public Accountant (CPA).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Benny Tal, Vice President Research and Development
Corporate and Chief Technology Officer Corporate</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Mr. Benny Tal</i> has served
as our Senior Vice President Research and Development since December 2017 and our Chief Technology Officer since 2021. From 2014 to 2017,
Mr. Tal was the research and development manager of Spectronix Ltd. Prior to that, from 2000 to 2014, Mr. Tal served in several electronics
engineering and operations positions in LifeWatch Services, Inc. Mr. Tal has is an experienced research and development manager with a
demonstrated history of working in the research industry. Mr. Tal holds a B.Sc. in electrical engineering and M.B.A from Ben-Gurion University,
Israel.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Oded Shahar, Senior Vice President Mergers
and Acquisitions Corporate</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Mr. Oded Shahar</i> has
served as our Senior Vice President Mergers and Acquisitions since July 2017. Mr. Shahar has over 25 years of international business and
banking experience. He held senior executive positions including head of the Israeli branch of Cr&#233;dit Agricole Corporate and Investment
Bank following hands-on experience in investment banking in Paris and private banking in Switzerland. From 2004 to 2007, Mr. Shahar was
the Senior Country Officer in Israel of one of the top ten global banks. From 2007 to 2017, Mr. Shahar was the Senior Partner in one of
Israel&#8217;s leading law firms. Mr. Shahar is qualified as a lawyer and as a Notary and is a member of the Israel Bar Association. His
fields of expertise are banking and international investments, mergers &amp; acquisitions and international contracts.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dror Nuriel-Roth, EVP U.S. Operations</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Ms. Dror Nuriel-Roth</i>
has served as the Executive Vice President of U.S. Operations since January 2019. Ms. Nuriel-Roth is focused on managing all operations
aspects, including sales, clinical, logistics, reimbursements, customer service and managed care in our facilities in Memphis, Chicago
and Austin. Ms. Nuriel-Roth brings years of experience in operations management and project management in the healthcare industry. Since
2011, Ms. Nuriel-Roth has served in various capacities at LifeWatch Services Inc., including senior vice president of operations from
November 2016 to November 2017, vice president of business operations from May 2014 to November 2016 and director of reimbursement from
June 2011 to May 2014. Ms. Nuriel-Roth holds a Bachelor of Business Administration in Economy and Financing and Master of Business Administration
in Economy and Marketing from the Interdisciplinary Center in Hertzelia, Israel.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dr. Yehoshua (Shuki) Gleitman, Director</b></p><div>

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

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has served on our board of directors since February 2017. Dr. Gleitman has served as the chairman of the Guangzhou Israel Biotech Fund
since 2016, chairman of the board of directors of Capital Point Group since 2006, a board member and chairman of the audit and financial
committees of Elbit Systems (Nasdaq, TASE: ESLT) from 2010 to March 2020, chairman of the YoYa Group since 2014, senior advisor to the
World Bank (national policy for innovation) since 2001 and senior strategy advisor to Serbia Innovation Fund since 2014 and chair of Georgia
tech investment committee. Prior to holding those positions, from 1992 to 1997, Dr. Gleitman was the Chief Scientist and Director General
of Israel&#8217;s Ministry of Industry and Trade, where he managed all of the Israeli Government technological program and was responsible
for allocating over $1.5 billion in grants in the framework of promoting research and development activities in the Israeli high-tech
industry. Dr. Gleitman also served as the chief executive officer of Ampal Investment Group (Nasdaq: AMPL), in which he led a $330 million
joint venture with Motorola Israel, founding Mirs Communications Ltd., Israel&#8217;s fourth largest cellular operator. Dr Gleitman is
the Honorary Consul General of Singapore in Israel (since 1999) and a member of the board of government of HUJ. Dr. Gleitman holds a Ph.D.
(with distinction), M.Sc. (with distinction) and B.Sc. in Physical Chemistry, from the Hebrew University of Jerusalem.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Prof. Zeev Rotstein</i>
has served on our board of directors since March 2019. Prof. Rotstein had served as the director general of Hadassah Medical Organization
between February 2016 and August 2021, and as an Associate Clinical Professor at the Hebrew University of Jerusalem and, prior to this
appointment, he was the Sackler School director general of Medicine Chaim Sheba Medical Center at Tel Hashomer and was an Associate Clinical
Professor at Tel Aviv University. Prof. Rotstein holds the degree of Doctor of Science, Honoris Causa from the University of Nicosia and
is an Honorary Fellow of the Interdisciplinary Center, Herzliya. Prof. Rotstein has acted as an expert consultant in the construction
of several medical facilities throughout the world including Centro Medico La Paz, Equatorial Guinea (major referral hospital in Equatorial
Guinea), the Lagoon Hospital, Accra, Ghana and currently the Hadassah Skolkovo, Moscow (a branch of Hadassah Medical Cluster Oncological
Centre and Polyclinic of Skolkovo, Moscow Organization). During his extensive career, Prof. Rotstein served as treasurer at the State&#8217;s
Physician Organization, chairman of the World Fellowship of the Israel Medical Association (I.M.A.), and member of the Editorial Board
of Associations des M&#233;d&#233;cins Israelites de France. Prof. Rotstein served as a committee member of the I.M.A. Scientific
Committee. Most recently Prof. Rotstein served as Chairman of Israel&#8217;s Drug Basket Committee for 2020, one of the most important
positions in the Israeli health system. Prof Rotstein is also a board member in NETO-MELINDA, a public company in Tel Aviv Stock Exchange.
Prof. Rotstein holds a Phan M.D. in Cardiology from the Sackler School of Medicine at the Tel- Aviv University, and an M.B.A. (cum laude)
from the Leon Recanati Graduate School of Business Administration at the Tel- Aviv University, and has held fellowships at the New York
Department of Health, Tufts University, and Johns Hopkins Medical Centre School of Hygiene and Public Health.</p><div>

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

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

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

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served on our board of directors since February 2017. Mr. Wettstein has been an advisor and investor in numerous pre-IPO investments since.
From 2001 to 2014, he served as non-executive vice chairman of the board of directors of LifeWatch AG (previously, SIX: LIFE). From 1983
to 2007, he managed and operated his own accounting, auditing and tax consultancy firm that he founded in Zurich, Switzerland. Mr. Wettstein
is a Swiss Certified Public Accountant.</p><div>

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

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Mr. Chanan Epstein</i>
has served on our board of directors since June 2021. Mr. Epstein is a senior technology and telecom executive with substantial experience
in domestic and international markets. Since 2000, he has served as a Senior Vice President at Amdocs (Nasdaq: DOX), a leading software
and service provider to telecom and media companies, and he began his service at Amdocs in 1995. At Amdocs, Mr. Epstein is responsible
for developing and maintaining key customer relationships worldwide. In this role, he is also instrumental in driving forward strategic
deals, leveraging his CEO/CXO relationships across the telecom industry in North America and Asia. Prior to joining Amdocs, from 1974
to 1991, Mr. Epstein served in the Israeli Air Force. Ultimately attaining the rank of Colonel, he oversaw research and development of
Command, Control, Communications and Intelligence operational systems, as well as avionics software. During his military career, Mr. Epstein
spent several years in the U.S. leading key strategic ventures between the U.S. and Israeli Air Forces, specifically heading up the F-16
avionics software project at General Dynamics. Mr. Epstein sits on the board of a number of private and public companies, including MobileSmith
Health (Nasdaq: MOS), RFCode and Copilot. He is also an active technology investor and a mentor to numerous executives. Mr. Epstein received
his BA in mathematics and computer science from Bar Ilan University in Israel, as well as participated (partially completed) in the master
program of computer science at Weizmann institute in Israel.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Arrangements for Election of Directors and
Members of Management</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are no arrangements
or understandings with major shareholders, customers, suppliers or others pursuant to which any of our executive management or our directors
were selected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_024"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>B.</b> &#160;<b>Compensation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under Cayman Islands law, we are not required to
disclose compensation paid to our senior management on an individual basis and we have not otherwise publicly disclosed this information
elsewhere. The following table presents in the aggregate all compensation we paid, or will need to pay, to all of our directors and senior
management as a group for the year ended December 31, 2022. The table does not include any amounts we paid to reimburse any of such persons
for costs incurred in providing us with services during this period.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All amounts reported in the tables below reflect
the cost to us, in thousands of U.S. dollars, for the period ended December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; vertical-align: bottom; text-indent: -0.125in; padding-left: 0.125in; text-align: center">&#160;</td><td style="white-space: nowrap; text-align: center; padding-left: 0pt; font-weight: bold; padding-bottom: 1.5pt; text-indent: 0pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="white-space: nowrap; vertical-align: bottom; padding-left: 0pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt">Salary, <br/>
bonuses and<br/> Related <br/>
Benefits</td><td style="white-space: nowrap; text-align: center; padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt; vertical-align: bottom">&#160;</td><td style="white-space: nowrap; text-align: center; padding-left: 0pt; font-weight: bold; padding-bottom: 1.5pt; text-indent: 0pt; vertical-align: bottom">&#160;</td>
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Retirement and<br/> Other Similar <br/>
Benefits</td><td style="white-space: nowrap; text-align: center; padding-left: 0pt; padding-bottom: 1.5pt; font-weight: bold; text-indent: 0pt; vertical-align: bottom">&#160;</td><td style="white-space: nowrap; text-align: center; padding-left: 0pt; font-weight: bold; padding-bottom: 1.5pt; text-indent: 0pt; vertical-align: bottom">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 64%; font-weight: bold; text-align: left">All directors and senior management as a group, consisting of 12 persons</td><td style="padding-left: 0pt; width: 1%; font-weight: bold; text-indent: 0pt">&#160;</td>
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    <td style="padding-left: 0pt; width: 1%; font-weight: bold; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; font-weight: bold; text-align: right; text-indent: 0pt">110</td><td style="padding-left: 0pt; width: 1%; font-weight: bold; text-align: left; text-indent: 0pt">&#160;</td><td style="padding-left: 0pt; width: 1%; font-weight: bold; text-indent: 0pt">&#160;</td>
    <td style="padding-left: 0pt; width: 1%; font-weight: bold; text-align: left; text-indent: 0pt">$</td><td style="padding-left: 0pt; width: 9%; font-weight: bold; text-align: right; text-indent: 0pt">5,647</td><td style="padding-left: 0pt; width: 1%; font-weight: bold; text-align: left; text-indent: 0pt">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt">(1)</span></td>
    <td><span style="font-size: 10pt">Represents the value of the entire grant calculated as of the grant date</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Employment Agreements with Executive Officers</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We, and through certain of
our subsidiaries, have entered into written employment or consulting agreements with each of our executive officers. All of these agreements
contain customary provisions regarding noncompetition, confidentiality of information and assignment of inventions. However, the enforceability
of the noncompetition provisions may be limited under applicable law. In addition, in accordance with our Amended and Restated Memorandum
and Articles of Association, we have entered into agreements with each executive officer and director pursuant to which we have agreed
to indemnify each of them up to a certain amount, and to the extent that these liabilities are not covered by directors and officers insurance.
See &#8220;<i>Item 7.B. Related Party Transactions&#8221;</i> for additional information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For a description of the terms
of our options and option plan, see &#8220;<i>Item 6.E. Share Ownership&#8212;Equity Incentive Plan.<span style="font-variant: small-caps">&#8221;</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Directors&#8217; Service Contracts </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms of the appointment
of our executive and non-executive directors are agreed upon and set out in writing at the time of their respective appointment in Director
Appointment Letters. Dr. Yacov Geva, an executive director, is not a party to a Director Appointment Letter and receives no compensation
for his service as a director. The Director Appointment Letters set out the key terms and conditions of the director&#8217;s appointment,
including their duties, rights and responsibilities, time commitment and the board of directors&#8217; expectations regarding involvement
with committees of the board of directors. The Director Appointment Letters do not provide for benefits upon the conclusion of their respective
service. After the election of our directors at our 2017 annual general meeting of shareholders, held in February 2017, the Director Appointment
Letters provided that the Chairman of the board of directors and each of our other directors shall receive annual base compensation of
A$100,000 (approximately $72,000) and A$40,000 (approximately $29,000), respectively. In May 2018, our board of directors approved the
deferral of the compensation owed under the Director Appointment Letters. See &#8220;<i>Item 7.B. Related Party Transactions&#8221;</i>
for additional information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Non-Executive Director Remuneration</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Amended and Restated Memorandum
and Articles of Association specify that the maximum aggregate remuneration of Non-Executive Directors shall be A$350,000 (approximately
$252,000). With the exception of Dr. Yacov Geva, all of our directors are Non-Executive Directors whose compensation is within the limits
of our Amended and Restated Memorandum and Articles of Association. In January 2022, our Board of Directors resolved that the monthly
base salary of Dr. Geva as our Chief Executive Officer will be $100,000, which was effective from February 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Foreign Private Issuer Status and Voluntary
Compliance with Certain Nasdaq Requirements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sarbanes-Oxley Act, as
well as related rules subsequently implemented by the SEC, require &#8220;foreign private issuers,&#8221; such as us, to comply with various
corporate governance practices. In addition, following the listing of the Ordinary Shares on the Nasdaq Capital Market, we will be required
to comply with the Nasdaq Stock Market Rules. Under those rules, we may elect to follow certain corporate governance practices permitted
under the Cayman Islands Companies Act in lieu of compliance with corresponding corporate governance requirements otherwise imposed by
the Nasdaq Stock Market Rules for U.S. domestic registrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 92; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with Cayman
law and practice and subject to the exemption set forth in Rule&#160;5615 of the Nasdaq Stock Market Rules, we have elected to follow
the provisions of the Cayman Islands Companies Act rather than the Nasdaq Stock Market Rules, with respect to the following requirements:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify; font-size: 10pt">&#160;</td>
    <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Quorum</i>. While the Nasdaq Stock Market Rules require that the quorum for purposes of any meeting of the holders of a listed company&#8217;s common voting stock, as specified in the company&#8217;s bylaws, be no less than 33 1/3% of the company&#8217;s issued and outstanding common voting stock, under Cayman Islands Companies Act there is no minimum attendance threshold for general meetings of shareholders to be quorate. Our Amended and Restated Memorandum and Articles of Association provide that twenty five percent (25%) of our issued and outstanding shares present, in person or by proxy or a duly appointed representative, who are entitled to vote on the business to be transacted, shall constitute a quorum for a general meeting. However, the quorum set forth in our Amended and Restated Memorandum and Articles of Association with respect to an adjourned meeting consists of at least one shareholder present in person or by proxy.&#160;&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><i>Shareholder approval</i>. While the Nasdaq Stock Market Rules require that issuers obtain shareholder approval prior to the issuance of securities in connection with certain acquisitions, private placements of securities, or the establishment or amendment of certain stock option, purchase or other compensation plans, under the Cayman Islands Companies Act, there is no requirement for shareholder approval of share issuances (or the terms on which shares may be issued) and no statutory pre-emption rights apply. Under our Amended and Restated Memorandum and Articles of Association, our board of directors is authorized to issue shares (or to grant warrants, options or other rights to acquire shares) subject to the restriction that the number of shares in issue may not exceed our authorized share capital set forth in our Amended and Restated Memorandum and Articles of Association and generally subject to the Cayman Islands Companies Act and our Amended and Restated Memorandum and Articles of Association.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, we have voluntarily
elected to adhere to the Nasdaq Stock Market Rules and not the Cayman Islands Companies Act notwithstanding our status as a foreign private
issuer, with respect to the requirements of:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">maintaining a board of directors with a majority of &#8220;independent&#8221; directors and having those directors meet regularly without other members present; </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">maintaining a compensation committee of our board of directors (which is our Nomination and Remuneration Committee) comprised solely of independent directors and governed by a committee charter; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">having director nominees be selected or recommended for selection by either a majority of our independent directors or a nominations committee comprised solely of independent directors, which will be undertaken by our Nomination and Remuneration Committee.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_025"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3pt"><b>C.</b> &#160;<b>Board
Practices</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Committees of the Board of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
established two standing committees, the audit and risk committee and the nomination and remuneration committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Audit and Risk Committee</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
appointed an audit and risk committee, which assists our board of directors in monitoring and reviewing any matters of significance affecting
financial reporting and compliance. Our audit and risk committee, acting pursuant to a written charter, is comprised of Mr. Urs Wettstein,
Mr. Zeev Rotstein and Mr. Kenneth Melani. The chairman of this committee is Mr. Urs Wettstein. Our board of directors is primarily responsible
for the oversight of our risk management and internal compliance and control framework.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
adopted an audit and risk committee charter, which sets forth, among others, the responsibilities of the audit and risk committee. Our
board of directors intends to adopt an audit (and risk) committee charter to be effective upon the listing of the Ordinary Shares on Nasdaq
setting forth, among others, the responsibilities of the audit (and risk) committee consistent with the rules of the SEC and Nasdaq Listings
Rules, including, among others, the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">oversight of our independent registered public accounting firm and recommending the engagement, compensation or termination of engagement of our independent registered public accounting firm to the board of directors;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">recommending the terms of audit and non-audit services provided by the independent registered public accounting firm for pre-approval by our board of directors; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Nasdaq Stock Market Requirements for Audit
Committee</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Nasdaq Stock Market
Rules, we are required to maintain an audit committee consisting of at least three members, all of whom are independent and are financially
literate and one of whom has accounting or related financial management expertise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our audit and risk committee
will be comprised of Mr. Urs Wettstein, Mr. Zeev Rotstein and Mr. Kenneth Melani. All of the members of our audit and risk committee are
&#8220;independent,&#8221; as such term is defined under Nasdaq Stock Market Rules. All members of our audit and risk committee meet the
requirements for financial literacy under the Nasdaq Stock Market Rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Nomination and Remuneration Committee</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cayman Islands law does not
impose specific requirements on the establishment of a nomination and remuneration committee or nominating process.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, our board of directors
has appointed a nomination and remuneration committee, which assists our board of directors in monitoring and reviewing any matters of
significance affecting the remuneration of our board of directors and our employees and any matters of significance affecting the composition
of our board of directors and our management. Our nomination and remuneration committee, acting pursuant to written charters, and as a
single committee, is comprised of Mr. Urs Wettstein, Mr. Shuki Gleitman and Mr. Kenneth Melani. The chairman of this committee is Mr.
Kenneth Melani.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our nomination and remuneration
committee follows compensation committee membership and charter requirements and the director nomination requirements prescribed under
the Nasdaq Stock Market Rules.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The charters adopted by our
board of directors set forth the responsibilities of the nomination and remuneration committee in its capacity in nomination and remuneration
oversight duties, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The responsibilities of the
nomination and remuneration committee include, with respect to nomination oversight, among others, the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">ensuring that our board of directors is comprised of directors who contribute to our successful management and discharge their duties having regards for the law and the highest standards of corporate governance.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The responsibilities of the
nomination and remuneration committee include, with respect to compensation oversight, among others, the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
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    <td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">ensure that remuneration policies fairly and responsibly reward executives having regards to our performance, our performance as a company, the performance of the executive and prevailing remuneration expectations in the market.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">oversee and advise on remuneration of executive directors;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">review and approve the design of any executive incentive plans;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">review the impact of any proposed changes in accounting policies on the financial statements; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">review our quarterly, half yearly and annual results.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fiduciary Duties of Directors and Officers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a matter of Cayman Islands
law, the duties of a director primarily derive from common law, the Cayman Islands Companies Act, and our Amended and Restated Memorandum
and Articles of Association. Under common law principles that will be applied by the Cayman Islands courts, directors have fiduciary duties
to a company including: (i) the duty to act honestly and in good faith in what he or she considers are the best interests of the company
(generally meaning the interests of the shareholders as a whole); (ii) the duty of loyalty and to avoid actual or potential conflicts
of interest arising between his or her duties to the company and his or her personal interest; (iii) a duty to exercise his or her powers
as a director under the Cayman Islands Companies Act and the articles of association of the company only for the purposes for which they
are conferred and not for a collateral or improper purpose; (iv) a duty not to fetter his or her discretion as a director; and (v) a duty
of care, diligence and skill.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Appointment and Removal of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Appointment and removal by shareholders</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with our Amended
and Restated Memorandum and Articles of Association, the Company may by ordinary resolution at an annual general meeting (and not at any
other general meeting) appoint a person who is willing to act to be a director either to fill a vacancy or as an addition to the existing
directors, provided that:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">any such appointment would not cause the total number of directors to exceed any maximum number applying to us; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">no person other than a director seeking re-election shall be eligible for appointment by ordinary resolution unless the person or some shareholder intending to propose his or her nomination has, at least 30 business days before the meeting at which his or her proposed appointment is to be considered, left at our registered office a notice in writing duly signed by the nominee giving his or her consent to the nomination and signifying his or her candidature for the office or the intention of the shareholder to propose the person. Notice of every candidature for election as a director will be given to each shareholder with or as part of the notice of the annual general meeting at which the election is to be proposed.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shareholders shall not be
entitled to requisition a general meeting to propose the appointment or election of a director.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with our Amended
and Restated Memorandum and Articles of Association, the Company may by special resolution remove any Director before the expiration of
his period of office, but without prejudice to any claim for damages which he may have for breach of any contract of service between him
and the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Appointment by Directors</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under our Amended and Restated
Memorandum and Articles of Association, our board of directors has the power to appoint at any time any person who is willing to act as
a director, either to fill a vacancy or as an additional director (subject to any requirements as to minimum or maximum number of directors
then applying to us). Any director so appointed is required to retire at the next annual general meeting after such appointment and shall
be eligible to stand for re-election as a director at such meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Rotational Retirement of Directors</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Amended and Restated Memorandum
and Articles of Association provide for a split of the board of directors into three classes with staggered three-year terms. At each
annual general meeting of our shareholders, the election or re-election of directors following the expiration of the term of office of
the directors of that class of directors will be for a term of office that expires on the third annual general meeting following such
election or re-election, such that each year the term of office of only one class of directors will expire. A director who retires by
rotation at an annual general meeting may, if willing, be reappointed by ordinary resolution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Size of the Board and Board Vacancies</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Amended and Restated Memorandum
and Articles of Association provide that, unless determined otherwise by special resolution, there shall be a minimum of two directors
and a maximum of seven directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Conflicts of Interest</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cayman Islands law restricts
transactions between a company and its directors unless there are provisions in the articles of association which provide a mechanism
to alleviate possible conflicts of interest. Under our Amended and Restated Memorandum and Articles of Association, a director must disclose
the nature and extent of his or her interest in any matter, transaction or arrangement, and following such disclosure the interested director
may vote in respect of any matter, transaction or arrangement in which he or she is interested. The interested director shall be counted
in the quorum at such meeting and the resolution may be passed by a majority of the directors present at the meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Indemnification of Directors and Executive
Officers and Limitation of Liability</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Cayman Islands Companies
Act does not limit the extent to which a company&#8217;s articles of association may provide for indemnification of directors and officers,
except to the extent that it may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
against civil fraud or the consequences of committing a crime. Under our Amended and Restated Memorandum and Articles of Association provide
that, to the maximum extent permitted by law, every current and former director and officer (excluding an auditor) is entitled to be indemnified
out of our assets against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, which
such indemnified person may incur in that capacity unless such liability arose as a result of the actual fraud or willful default.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Cayman Islands company may
also purchase insurance for directors and certain other officers against liability incurred as a result of any negligence, default, breach
of duty or breach of trust in relation to the company. We expect to maintain director&#8217;s and officer&#8217;s liability insurance
covering our (and G Medical China&#8217;s) directors and officers with respect to general civil liability, including liabilities under
the Securities Act, which he or she may incur in his or her capacity as such. We have entered into indemnification agreements with all
of our directors and officers and our corporate secretary. Each such indemnification agreement provides the office holder with indemnification
permitted under applicable law and up to a certain amount, and to the extent that these liabilities are not covered by directors and officers
insurance.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Approval of Related Party Transactions under
Cayman Islands Law</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although Cayman Islands law
does not regulate transactions between a company and its significant shareholders, it does provide that the board of directors is required
to comply with fiduciary duties which they owe to the company under Cayman Islands law, including the duty to ensure that, in their opinion,
only such transactions entered into are in good faith in the best interests of the company are entered into for a proper corporate purpose
and not with the effect of perpetrating a fraud on the minority shareholders. In addition, in the event that any payment obligation, transfer
of property or grant of charge thereon is made to a related party that is also a creditor at a time when the company is insolvent, the
Cayman Islands Companies Act provides that such transfer is deemed to be a preference and therefore is invalid if it occurred within six
months immediately preceding the commencement of a liquidation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_026"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3pt"><b>D. Employees.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2022, we
had 10 members of senior management (including our Chief Executive Officer), all of which are engaged on a full-time basis, and one (Oded
Shahar, our Senior Vice President Mergers and Acquisitions) is engaged as an independent contractor. In addition, we have 61 employees
located in the United States, 9 employees located in Israel and an aggregate of 4 full time employees located in China and Macedonia.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of&#160;December 31, 2021,
we had 10 members of senior management (including our Chief Executive Officer), all of which are engaged on a full-time basis, and one
(Oded Shahar, our Senior Vice President Mergers and Acquisitions) is engaged as an independent contractor. In addition, we have 72 employees
located in the United States, 7 employees located in Israel and an aggregate of 3 full time employees located in China and Macedonia.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of&#160;December 31, 2020,
we had 10 members of senior management (including our Chief Executive Officer), all of which are engaged on a full-time basis, and one
(Oded Shahar, our Senior Vice President Mergers and Acquisitions) is engaged as an independent contractor. In addition, we have 51 employees
located in the United States, 8 employees located in Israel and an aggregate of 7 full time employees located in China and Macedonia.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None of our employees is represented
by labor unions or covered by collective bargaining agreements. However, in Israel, we are subject to certain Israeli labor laws, regulations
and national labor court precedent rulings, as well as certain provisions of collective bargaining agreements applicable to us by virtue
of extension orders issued in accordance with relevant labor laws by the Israeli Ministry of Economy and which apply such agreement provisions
to our employees even though they are not part of a union that has signed a collective bargaining agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of our employment and
consulting agreements include employees&#8217; and consultants&#8217; undertakings with respect to non-competition and assignment to us
of intellectual property rights developed in the course of employment and confidentiality. The enforceability of such provisions is limited
by Israeli law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="b_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3pt"><b>E. Share Ownership.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See &#8220;Item 7.A. Major
Shareholders&#8221; below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Incentive Plan</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain one equity incentive
plan - the Global Equity Incentive Plan. As of the date of this annual report, the number of Ordinary Shares reserved for the exercise
of options granted under the Global Plan was 31,663.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Global Plan was adopted
by our board of directors in December 2016, and became effective immediately thereafter, and will expire in December 2026. Our and our
subsidiaries&#8217; employees, directors, officers, and service providers, including those who are our controlling shareholder are eligible
to participate in this plan and receive awards of options, share appreciation rights (or SARs), restricted shares, restricted share units
(or RSUs), and any other share-based grant, referred to as, individually or collectively, the Awards.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Global Plan is administered
by our board of directors and the terms of grants, including exercise price, method of payment, vesting schedule, acceleration of vesting
and the other matters necessary in the administration of the Global Plan. As a default, our Global Plan provides that upon termination
of employment for any reason, other than in the event of death, retirement, disability or cause, all unvested options and SARs will expire
and all vested options and SARS will generally be exercisable for 90 days following such termination, subject to the terms of the Global
Equity Plan and the governing option agreement. Notwithstanding the foregoing, in the event that employment is terminated for misconduct
or if an option or SAR holder engaged in misconduct after the date of the termination of their employment with us, all options and SARs
granted to such person, whether vested or unvested, shall immediately expire.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon termination of employment
due to death or disability, all the vested options and SARs at the time of termination of employment, will generally be exercisable for
either six or 12 months, respectively, or such shorter or longer period as determined by the plan administrator, our board of directors,
subject to the terms of the Global Equity Plan. Unless otherwise set forth in an Award agreement, or in an applicable sub-plan, upon termination
of employment due to retirement, all the vested options and SARs at the time of termination of employment, will be exercisable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Global Equity Plan provides
that upon termination of employment for any reason, other than in the event of death, all RSUs vested in accordance with an RSU agreement,
shall entitle the holder of such vested RSUs to payment (whether in Ordinary Shares, cash, or otherwise, as determined by our board of
directors). Upon termination of employment due to death, we shall, upon request and payment of the aggregate purchase price therefor,
issue or transfer the Ordinary Shares related to the RSUs, which have vested at the time of the termination of employment due to death,
within six months following the termination of employment due to death.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also have two sub-plans
to the Global Plan, one for Israeli residents (or the Israeli Sub-Plan) and the other for U.S. citizens or residents (or the U.S. Sub-Plan).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Israeli Sub-Plan,
Awards issued under the Global Equity Plan to eligible Israeli employees, officers, directors, and service providers would qualify for
provisions of Section 102(b)(2) or (3) of the Israeli Income Tax Ordinance of 1961 (New Version) (or the Tax Ordinance). Pursuant to such
Section 102(b)(2) or (3), as the case may be, qualifying Awards issued under the Global Equity Plan and shares issued upon exercise of
such Awards are, in accordance with the Israeli Plan, held in trust and registered in the name of a trustee selected by the board of directors.
The trustee may not release these options or shares to the holders thereof for two years from the date of the registration of the options
in the name of the trustee. Under Section 102, any tax payable by an employee from the grant or exercise of the options is deferred until
the transfer of the options or Ordinary Shares by the trustee to the employee or upon the sale of the options or Ordinary Shares, and
gains may qualify to be taxed as capital gains at a rate equal to 25%, subject to compliance with specified conditions. Our Israeli non-employee
service providers and controlling shareholders may only be granted options under Section 3(9) of the Tax Ordinance, which does not provide
for similar tax benefits. The Global Equity Plan also permits granting options to Israeli grantees who do not qualify under Section 102(b)(2)
or (3).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the U.S. Sub-Plan, Awards
issued under the Global Equity Plan to eligible U.S. employees, officers, directors, and service providers shall be treated as either
nonqualified share options or incentive share options (which may be issued only to our employees and only after the U.S. Sub-Plan is approved
in accordance with Section 422(b)(1) of the Internal Revenue Code of 1986 (or the Code)). In December 2016 and April 2019, our board of
directors and shareholders, respectively, adopted the U.S. Sub-Plan for U.S. persons.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Performance Rights</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the last three years we
have granted 154,153 performance rights classified into ten classes to certain of our officers, directors, employees and service providers
as incentive securities. In July 2020 and in January 2022, 158 Class D performance rights and 28,575 Class E performance were vested and
converted into Ordinary Shares, respectively. In January 2023, 8,289 from these performance rights were forfeited</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The performance rights convert
into Ordinary Shares on a 1:1 basis, upon the occurrence of the following vesting milestones for each class of performance rights:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Class A performance rights vests upon achieving a market capitalization of greater than $100,000,000, which will be calculated based on the Company&#8217;s 20-day VWAP of Ordinary Shares on the ASX (adjusted by the AUD/USD exchange rate quoted on the Reserve Bank of Australia prior to the last trading day pursuant to which the Company&#8217;s VWAP of Shares is being calculated) or the Company&#8217;s closing market price on a trading day on Nasdaq (or the Conversion Price) multiplied by the total issued Ordinary Shares;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Class B performance right vests upon achieving a market capitalization of greater than $150,000,000 which will be calculated based on the Conversion Price multiplied by the total issued Ordinary Shares;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Class C performance right vests upon achieving a market capitalization of greater than $200,000,000, which will be calculated based on the Conversion Price multiplied by the total issued Ordinary Shares; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Class D performance rights vests upon achieving a market capitalization of greater than $250,000,000, which will be calculated based on the Conversion Price multiplied by the total issued Ordinary Shares.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In January 2022, our board
approved the grant of an aggregate of 132,868 performance rights to certain of our officers, employees, directors and service provider
as incentive securities. The performance rights convert into Ordinary Shares on a 1:1 basis, upon the occurrence of the following vesting
milestones for each class of performance rights:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; padding-bottom: 8pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">28,575 Class E performance rights vests upon achieving a market capitalization of greater than $75,000,000. On January 19, 2022, this performance milestone was achieved and 28,575 Class E performance rights were converted to Ordinary Shares;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">9,524 Class F performance right vests upon achieving a market capitalization of greater than $100,000,000;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">9,524 Class G performance right vests upon achieving a market capitalization of greater than $125,000,000;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">9,527 Class H performance right vests upon achieving a market capitalization of greater than $150,000,000; </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">37,863 Class I performance right vests upon achieving a market capitalization of greater than $175,000,000 and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">37,855 Class J performance right vests upon achieving a market capitalization of greater than $200,000,000.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, when we achieve
a milestone, we must notify the holder of the performance rights, in writing, that the relevant milestone has been satisfied. Thereafter,
at the election of the holder of such performance rights, within a period of three months following the satisfaction of the milestone,
each performance right shall vest and convert into one of our Ordinary Shares for no consideration.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All shares issued upon the
vesting of the performance rights will, upon their conversion, rank <i>pari passu</i> in all respects with the other Ordinary Shares.
The performance rights are not listed on any exchange. Performance rights shall be adjusted in the events of the issuance of bonus shares
are issued pro-rata to shareholders or in the event that our issued share capital is reorganized. A performance right does not confer
upon its holder an entitlement to vote or receive dividends.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_027"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_028"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3pt"><b>A. Major Shareholders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
information regarding beneficial ownership of our Ordinary Shares as of the date of this annual report by:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">each person, or group of affiliated persons, known to us to be the beneficial owner of more than 5% of our issued and outstanding Ordinary Shares;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">each of our directors and executive officers; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">all of our current directors and executive officers as a group.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beneficial ownership is determined
in accordance with the rules of the SEC, and includes voting or investment power with respect to Ordinary Shares. Ordinary Shares issuable
under share options or warrants that are exercisable within 60 days after May 15, 2023, are deemed issued and outstanding for the purpose
of computing the percentage ownership of the person holding the options or warrants but are not deemed issued and outstanding for the
purpose of computing the percentage ownership of any other person.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are not controlled by another
corporation, by any foreign government or by any natural or legal persons except as set forth herein, and here are no arrangements known
to us which would result in a change in control of our company at a subsequent date. Except as indicated in footnotes to this table, we
believe that the shareholders named in this table have sole voting and investment power with respect to all shares shown to be beneficially
owned by them, based on information provided to us by such shareholders. Unless otherwise noted below, each beneficial owner&#8217;s address
is: c/o G Medical Innovations Holdings Ltd., P.O. Box 10008, Willow House, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center; 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; vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">No.&#160;of&#160;Shares
    <br/>
    Beneficially <br/>
    Owned</span></td><td style="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center; 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; vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Percentage
    <br/>
    Owned</span></td><td style="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Holders of more than 5% of our voting securities:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr. Yacov Geva
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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: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,719,734</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><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: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">18.6</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; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Directors and executive
    officers who are not 5% holders:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="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; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr. Kenneth R. Melani <sup>(**)(3)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">27,204</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="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; font-size: 10pt">%</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">Igor Bluvstein</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="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; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benny Tal <sup>(4)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dror Muriel &#8211; Rot <sup>(5)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,343</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oded Shahar <sup>(6)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,818</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chanan Epstein <sup>(**)(7)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,041</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr. Yehoshua (Shuki) Gleitman
    <sup>(**)(8)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,173</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prof. Zeev Rotstein <sup>(**)(9)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,041</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Urs Wettstein <sup>(**)(10)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,424</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">All directors and executive
    officers as a group (10 persons)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,784,804</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">19</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">(*)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Less than one percent (1%).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="white-space: nowrap; width: 0.25in; text-align: justify"><span style="font-size: 10pt">(**)&#160;</span></td>
    <td style="white-space: nowrap; text-align: justify"><span style="font-size: 10pt">Indicates director of the Company.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">(1) </span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The percentages shown are based 13,971,492 Ordinary Shares <b><i>(</i></b>assumes
the exercise in full of pre-funded warrants) issued and outstanding as of May 15, 2023, and Ordinary Shares issuable under share options
or warrants that are exercisable within 60 days after such date.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2) </span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes (i) 2,034,252 Ordinary Shares, and (ii) options to purchase 4,171, 3,576, 5,358 and 28,572 Ordinary Shares that are exercisable within 60 days after May 15, 2023, at an exercise price of $114.45, $73.5 $69.3 and $22,75 per share, respectively (iii) warrants to purchase 71,429, 57,143 and 515,233 Ordinary Shares that are exercisable within 60 days after May 15, 2023, at an exercise price of $7.7, $43.4 and $1.94 per share, respectively.</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 100; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3) </span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes (i) 5,888 Ordinary Shares, and (ii) options to purchase 1,669 , 2,146 , 3,215 and 14,286&#160;Ordinary Shares that are exercisable within 60 days after May 15, 2023, at exercise prices of $114.45, $73.5 ,$69.3 and $22,75 per share respectively.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4) </span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes (i) 1,650 Ordinary Shares, and (ii) options to purchase&#160;49, 1,253 and 1,074 Ordinary Shares that are exercisable within 60 days May 15, 2023, at an exercise price of&#160;$689.85, $114.45 and $73.5&#160;per share, respectively.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5) </span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes (i) 1,587&#160;Ordinary Shares, and (ii) options to purchase 1,253 and 1,074&#160;Ordinary Shares that are exercisable within 60 days after &#160;May 15, 2023, at an exercise price of $114.45 and $73.5 per share, respectively.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6) </span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes (i) 2,276
    Ordinary Shares, and (ii) options to purchase 1,253, 1,431 and 2,858&#160;Ordinary Shares that are exercisable within 60 days after
    May 15, 2023, at an exercise price of $114.45, $73.5 and $22.75 per share, respectively.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>(7) &#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes (i) 206 Ordinary Shares, and (ii) options to purchase 835 Ordinary Shares that are exercisable within 60 days after &#160;May 15, 2023, at an exercise price of $114.45.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>(8) &#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes (i) 1,872 Ordinary Shares, and (ii) options to purchase 835, 1,608 and 2,858&#160;Ordinary Shares that are exercisable within 60 days after May 15, 2023, at an exercise price of $114.45,&#160;$69.3 and $22.75 per share, respectively.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>(9) &#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes (i) 1,990 Ordinary Shares, and (ii) options to purchase 835, 1,073 and 2,143 Ordinary Shares that are exercisable within 60 days after May 15, 2023, at an exercise price of $114.45, $69.3 and $22.75 per share, respectively.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes (i) 1,658
    Ordinary Shares, and (ii) options to purchase 835, 1,073 and 2,858 Ordinary Shares that are exercisable within 60 days after May 15, 2023
    at an exercise price of $114.45, $69.3 and $22.75 per share, respectively.</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Changes in Percentage Ownership by Major
Shareholders</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2017, we consummated
an initial public offering of A$13.5 million (approximately $9 million) on the ASX. Prior to the offering, our President and Chief Executive
Officer, Dr. Geva, held approximately 91% of our issued and outstanding share capital, and following the public offering, Dr. Geva held
approximately 57% of our issued and outstanding share capital. On October 6, 2022, in exchange for providing a commitment to finance the
Company&#8217;s operations for the next 12 months and until November 30, 2023, subject to certain conditions, we issued Dr. Geva 71,428
Ordinary Shares and 71,429 warrants to purchase Ordinary Shares. On December 28, 2022, in connection with the Loan Agreement, Dr. Geva
was issued 515,233 Ordinary Shares of the Company. As of the date of this annual report, Dr. Geva holds beneficially owns 14.6% of our
Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">On October 20, 2022, we
entered into an agreement with Jonathan B. Rubini (the &#8220;Investor&#8221;) in connection with a private placement investment for 79,365
Ordinary Shares and warrants to purchase 79,366 Ordinary Shares with price of $6.30 per share and associated warrant, for aggregate consideration
of $500,000. The warrants are exercisable at any time beginning 30 days after issuance with a term of five years from issuance. Following
this private placement investment, the Investor held approximately 1% of our Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Record Holders</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon a review of the
information provided to us by our transfer agent, as of May 15, 2023, there were a total of 6,685 holders of record of our shares, of
which 2,034 record holders hold 8,757,263 of our Ordinary Shares, or approximately 68.76% of our issued and outstanding share capital,
and had a registered address in the United States. These numbers are not representative of the number of beneficial holders of our shares
nor is it representative of where such beneficial holders reside, since many of these shares were held of record by brokers or other nominees.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are not controlled by another
corporation, by any foreign government or by any natural or legal persons except as set forth herein, and there are no arrangements known
to us which would result in a change in control of our company at a subsequent date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_029"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>B. Related Party Transactions</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a description
of the material terms of those transactions with related parties to which we are party and which were in effect since January 1, 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Employment Agreements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into written
employment and service agreements with each of our executive officers and have executed Director Appointment Letters with each member
of our board of directors, with the exception of Dr. Yacov Geva. All employment or consulting agreements with our executive officers contain
customary provisions regarding noncompetition, confidentiality of information and assignment of inventions. However, the enforceability
of the noncompetition provisions may be limited under applicable law. In addition, we have entered into agreements with each executive
officer and director pursuant to which we have agreed to indemnify each of them up to a certain amount and to the extent that these liabilities
are not covered by directors and officers insurance. Members of our senior management are eligible for bonuses each year. Our Director
Appointment Letters contain confidentiality clauses and entitle each director to annual cash compensation. See &#8220;<i>Item 6.B&#8212;Employment
Agreements with Executive Officers&#8221; </i>and &#8220;&#8212;<i>Directors&#8217; Service Contracts</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Options </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since our inception, we have
granted options to purchase our Ordinary Shares to our officers and certain of our directors. We describe our option plans under &#8220;<i>Management-Equity
Incentive Plan</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Performance Rights</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since May 2017, we have granted
performance rights to certain of our officers and directors and certain consultants whereupon achievement of certain milestones, the holder
of the performance rights may exercise their rights to receive such number of our Ordinary Shares represented by the performance rights.
We describe our performance rights under &#8220;<i>Management-Equity Incentive Plan-performance rights</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Shareholder Loans </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dr. Yacov Geva, our President,
Chief Executive Officer, director, and major shareholder has provided certain interest and non-interest bearing loans to us, as disclosed
below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 19, 2020, our shareholders
approved the conversion of an additional amount of $5 million of the amount outstanding under the 2018 Credit Line into 29,631 Ordinary
Shares. On July 23, 2020, we issued to Dr. Geva 14,939 Ordinary Shares as consideration for the conversion of $1.95 million owed to Dr.
Geva pursuant to the 2016 Credit Line and 2018 Credit Line. In July 2020, an additional amount of $1.95 million of the amount outstanding
under the 2018 Credit Line was converted into 14,939 Ordinary Shares and the remaining outstanding amount was paid in cash.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and Dr. Geva agreed
to convert an additional amount of US$2,000,000 of the Amount Outstanding (being A$2,906,554.28, based on the AUD:USD exchange rate quoted
by the Reserve Bank of Australia on May 17, 2019 of $0.6881) (Additional Conversion Amount). The price at which the Additional Conversion
Amount converted equivalent to the issue price per share under the Company&#8217;s proposed public offering in the United States, such
price to be no less than A$630 (approximately $434). The number of shares that the Company issued to Dr. Geva in respect to the Additional
Conversion Amount was 4,613 Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, in April 2021
(effective January 1,2021) Dr. Geva extended a loan to us in the amount of $267,000, which bared interest at a fixed rate of 15%. The
loan and interest were repaid in full in July 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 28, 2022, Dr. Yacov
Geva signed an undertaking whereby Dr. Geva committed to finance the Company&#8217;s operations for a period of 12 months so long as he
is the Company&#8217;s controlling shareholder, and/or the Company cannot be financed externally from any other sources, or until a sum
of $10 million be received by the Company for its operations during 2022. In consideration therefor, the Company agreed to issued Dr.
Geva 57,142 Ordinary Shares and an additional warrant to purchase 57,143 Ordinary Shares with an exercise price equal of $1.24 (the closing
price of the Company&#8217;s Ordinary Shares on April 27, 2022).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">On October 6, 2022, Dr.
Yacov Geva, committed to finance our operations for the next 12 months and until November 30, 2023, provided and as long as he continues
to be a controlling shareholder and/or the Company cannot be financed externally from any other sources and/or until a sum of $10 million
be received by the Company for its operations this year, whichever is earlier. In exchange, for providing this commitment, Dr. Geva was
issued 71,428 Ordinary Shares and 71,429 warrants to purchase Ordinary Shares (cashless) at an exercise price of $7.70 as of the day of
giving this commitment.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 29, 2022, the
Board of Directors approved a loan agreement, dated December 21, 2022 (the &#8220;Loan Agreement&#8221;), between the Company and Dr.
Geva. Under the terms of the Loan Agreement, the total amount of the loan provided by Dr. Geva to the Company is $999,552, with an annual
interest rate of 12%. The following installments have been made under the terms of the Loan Agreement and advanced to the Company: $198,582
on October 9, 2022; $85,106 on October 11, 2022; $252,596 on November 10, 2022; $175,000 on December 1, 2022 (which is attributed to waived
compensation to which Dr. Geva was entitled as Chief Executive Officer of the Company); and $288,268 on December 20, 2022. In addition,
(i) Dr. Geva was granted 515,233 Ordinary Shares of the Company and (ii) Dr. Geva will be granted 515,223 warrants to purchase Ordinary
Shares of the Company with an exercise price of $1.94 per Ordinary Share, conditioned upon the approval of our Capital Reduction by the
Grand Court of the Cayman Islands.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">On January 30, 2023, our
Chief Executive Officer, Dr. Yacov Geva, extended his commitment to finance our operations up to February 28, 2024, which, on March 24,
2023, was further extended to April 30, 2024. On May 15, 2023, Dr. Yacov Geva extended his commitment to finance our operations up to
May 30, 2024 provided and as long as the Company cannot be financed externally from any other sources and/or until a sum of $10 million
be received by the Company for its operations for the year, whichever is earlier.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Services Agreement with Dr. Brendan De Kauwe</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 29, 2020, we entered
into a services agreement with our former director, Dr. Brendan de Kauwe, whereby we receive business services from Dr. de Kauwe. Pursuant
to the agreement, Dr. de Kauwe will be entitled to a monthly payment of $10,000. In addition, Dr. de Kauwe will also be entitled to commission,
in an amount equal to five percent of the direct revenue actually paid to us by third parties presented to us by Dr. de Kauwe. In November
2020, the services agreement with Dr. de Kauwe was terminated. On February 27, 2023, we received notice from Dr. de Kauwe which stated
his resignation as a member of our board of directors effective on February 1, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Lease Agreement </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We entered into a lease agreement
dated February 2019, through our Israeli subsidiary, with Ad Marom Assets and Initiation Ltd. (or Ad Marom), a company controlled by our
controlling shareholder, Dr. Yacov Geva. This lease agreement was to come into effect no later than January 2022, since the facility remains
under construction. According to the agreement, we were to pay Ad Marom a monthly payment of NIS 61,560 (approximately $17,000) in consideration
for approximately 11,044 square feet, for a period of 60 months from time of commencement of the lease. In May 2021, we canceled the lease
agreement with no further commitments from either party.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_030"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>C. Interests of Experts and Counsel</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_031"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 8. FINANCIAL INFORMATION.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_032"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>A. Consolidated Statements and Other Financial Information.</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See &#8220;Item 18. Financial
Statements.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Legal Proceedings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, we may
be involved in various claims and legal proceedings relating to claims arising out of our operations. As of the date of this annual report,
we are not currently a party to any legal proceedings that, in the opinion of our management, are likely to have a material adverse effect
on our business. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion
of management resources and other factors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dividends</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have never declared or
paid cash dividends to our shareholders. We currently intend to retain all available funds and any future earnings, if any, to fund the
development and expansion of our business and we do not anticipate paying any cash dividends in the foreseeable future. Any future determination
to pay dividends will be made at the discretion of our board of directors and will depend on various factors, including applicable laws,
our results of operations, financial condition, future prospects and any other factors deemed relevant by our board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Cayman Islands Companies
Act and our Amended and Restated Memorandum and Articles of Association, a Cayman Islands company may pay a dividend out of its realized
or unrealized profit or share premium account, but a dividend may not be paid if this would result in the company being unable to pay
its debts as they fall due in the ordinary course of business. According to our Amended and Restated Memorandum and Articles of Association,
dividends can be declared and paid out of funds lawfully available to us. Dividends may be declared and paid in cash or in kind (including
paid up share capital or securities in another corporate body). Dividends, if any, would be paid in proportion to the number of Ordinary
Shares a shareholder holds. Any dividend unclaimed after a period of three years from the date the dividend became due for payment shall
be forfeited and shall revert to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_033"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>B. Significant Changes</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than as otherwise described
in this annual report on Form 20-F and as set forth below, no significant change has occurred in our &#160;operations since the date of
our consolidated financial statements included in this annual report on Form 20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_034"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 9. THE OFFER AND LISTING</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_035"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>A. Offer and Listing Details</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Ordinary Shares are listed
on the Nasdaq Capital Market under the symbol &#8220;GMVD&#8221;.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_036"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>B. Plan of Distribution</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_037"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>C. Markets</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Ordinary Shares are listed
on the Nasdaq Capital Market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_038"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>D. Selling Shareholders</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_039"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>E. Dilution</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_040"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>F. Expenses of the Issue</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><div><a id="a_041"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 10. ADDITIONAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_042"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>A. Share Capital</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_043"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>B. Memorandum and Articles of Association</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Copies of our Memorandum of
Association and Amended and Restated Articles of Association are attached as Exhibits 1.1 and 1.2 to this annual report, respectively.
Other than as disclosed below, the information called for by this Item is set forth in Exhibit 2.1 to this annual report and is incorporated
by reference into this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><div><a id="a_044"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>C. Material Contracts</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as set forth below,
we have not entered into any material contract within the two years prior to the date of this annual report on Form 20-F, other than contracts
entered into in the ordinary course of business, or as otherwise described herein in &#8220;Item 4.A. History and Development of the Company&#8221;,
&#8220;Item 4.B. Business Overview&#8221;, &#8220;Item 5C. Liquidity and Capital Resources&#8221;, &#8220;Item 7A. Major Shareholders&#8221;
or &#8220;Item 7B. Related Party Transactions&#8221; above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_045"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>D. Exchange Controls</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Cayman Islands law,
non-residents of the Cayman Islands may freely hold, vote and transfer ordinary shares in the same manner as Cayman Islands residents,
subject to the provisions of the Companies Law and our amended and restated memorandum and articles of association. There is no exchange
control legislation in the Cayman Islands or any laws or regulations which affect the remittance of dividends, interest or other payments
to non-resident holders of our securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_046"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>E. Taxation.</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>The following description
is not intended to constitute a complete analysis of all tax consequences relating to the acquisition, ownership and disposition of our
Ordinary Shares. You should consult your own tax advisor concerning the tax consequences of your particular situation, as well as any
tax consequences that may arise under the laws of any state, local, foreign, or other taxing jurisdiction.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 105; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Cayman Islands Taxation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prospective investors should
consult their professional advisers on the possible tax consequences of buying, holding or selling any Ordinary Shares under the laws
of their country of citizenship, residence or domicile.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a discussion
on certain Cayman Islands income tax consequences of an investment in the Ordinary Shares. The discussion is a general summary of present
law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor&#8217;s
particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No stamp duty, capital duty,
registration or other issue or documentary taxes are payable in the Cayman Islands on the creation, issuance or delivery of the Ordinary
Shares. The Cayman Islands currently have no form of income, corporate or capital gains tax and no estate duty, inheritance tax or gift
tax. There are currently no Cayman Islands&#8217; taxes or duties of any nature on gains realized on a sale, exchange, conversion, transfer
or redemption of the Ordinary Shares. Payments of dividends and capital in respect of the Ordinary Shares will not be subject to taxation
in the Cayman Islands and no withholding will be required on the payment of interest and principal or a dividend or capital to any holder
of the Ordinary Shares, nor will gains derived from the disposal of the Ordinary Shares be subject to Cayman Islands income or corporation
tax as the Cayman Islands currently have no form of income or corporation taxes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no income tax treaty
or convention currently in effect between the United States and the Cayman Islands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are incorporated under
the laws of the Cayman Islands as an exempted company with limited liability and, as such, may apply for an undertaking from the Governor
of the Cayman Islands that no law enacted in the Cayman Islands during the period of 20 years from the date of the undertaking imposing
any tax to be levied on profits, income, gains or appreciation shall apply to us or our operations and no such tax or any tax in the nature
of estate duty or inheritance tax shall be payable (directly or by way of withholding) on the Ordinary Shares, debentures or other obligations
of ours.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Material U.S. Federal Income Tax Consequences</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THE FOLLOWING SUMMARY IS INCLUDED
HEREIN FOR GENERAL INFORMATION AND IS NOT INTENDED TO BE, AND SHOULD NOT BE CONSIDERED TO BE, LEGAL OR TAX ADVICE. EACH U.S. HOLDER SHOULD
CONSULT WITH HIS OR HER OWN TAX ADVISOR AS TO THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND SALE
OF ORDINARY SHARES, INCLUDING THE EFFECTS OF APPLICABLE STATE, LOCAL, FOREIGN OR OTHER TAX LAWS AND POSSIBLE CHANGES IN THE TAX LAWS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the limitations
described in the next two paragraphs, the following discussion summarizes the material U.S. federal income tax consequences to a &#8220;U.S.
Holder&#8221; arising from the purchase, ownership and sale of the Ordinary Shares. For this purpose, a &#8220;U.S. Holder&#8221; is a
holder of Ordinary Shares that is: (1) an individual citizen or resident of the United States, including an alien individual who is a
lawful permanent resident of the United States or meets the substantial presence residency test under U.S. federal income tax laws; (2)
a corporation (or entity treated as a corporation for U.S. federal income tax purposes) or a partnership (other than a partnership that
is not treated as a U.S. person under any applicable U.S. Treasury regulations) created or organized under the laws of the United States
or the District of Columbia or any political subdivision thereof; (3) an estate, the income of which is includable in gross income for
U.S. federal income tax purposes regardless of its source; (4) a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more U.S. persons have authority to control all substantial decisions of the
trust; or (5) a trust that has a valid election in effect to be treated as a U.S. person to the extent provided in U.S. Treasury regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary is for general
information purposes only and does not purport to be a comprehensive description of all of the U.S. federal income tax considerations
that may be relevant to a decision to purchase our Ordinary Shares. This summary generally considers only U.S. Holders that will own our
Ordinary Shares as capital assets. Except to the limited extent discussed below, this summary does not consider the U.S. federal tax consequences
to a person that is not a U.S. Holder, nor does it describe the rules applicable to determine a taxpayer&#8217;s status as a U.S. Holder.
This summary is based on the provisions of the Code, final, temporary and proposed U.S. Treasury regulations promulgated thereunder, administrative
and judicial interpretations thereof, and the United States-Israel Income Tax Treaty, all as in effect as of the date hereof and all of
which are subject to change, possibly on a retroactive basis, and all of which are open to differing interpretations. We will not seek
a ruling from the Internal Revenue Service (or IRS), with regard to the U.S. federal income tax treatment of an investment in our Ordinary
Shares by U.S. Holders and, therefore, can provide no assurances that the IRS will agree with the conclusions set forth below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 106; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This discussion does not address
all of the aspects of U.S. federal income taxation that may be relevant to a particular U.S. holder based on such holder&#8217;s particular
circumstances and in particular does not discuss any estate, gift, generation-skipping transfer, state, local, excise or foreign tax considerations.
In addition, this discussion does not address the U.S. federal income tax treatment of a U.S. Holder who is: (1) a bank, life insurance
company, regulated investment company, or other financial institution or &#8220;financial services entity,&#8221; (2) a broker or dealer
in securities or foreign currency; (3) a person who acquired our Ordinary Shares in connection with employment or other performance of
services; (4) a U.S. Holder that is subject to the U.S. alternative minimum tax; (5) a U.S. Holder that holds our Ordinary Shares as a
hedge or as part of a hedging, straddle, conversion or constructive sale transaction or other risk-reduction transaction for U.S. federal
income tax purposes; (6) a tax-exempt entity; (7) real estate investment trusts or grantor trusts; (8) a U.S. Holder that expatriates
out of the United States or a former long-term resident of the United States; or (9) a person having a functional currency other than
the U.S. dollar. This discussion does not address the U.S. federal income tax treatment of a U.S. Holder that owns, directly or constructively,
at any time, Ordinary Shares representing 10% or more of the shares of our company. Additionally, the U.S. federal income tax treatment
of partnerships (or other pass-through entities) or persons who hold Ordinary Shares through a partnership or other pass-through entity
are not addressed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each prospective investor
is advised to consult his or her own tax adviser for the specific tax consequences to that investor of purchasing, holding or disposing
of our Ordinary Shares, including the effects of applicable state, local, foreign or other tax laws and possible changes in the tax laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Taxation of Dividends Paid on Ordinary Shares</i></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not intend to pay dividends
in the foreseeable future. In the event that we do pay dividends, and subject to the discussion under the heading &#8220;Passive Foreign
Investment Companies&#8221; below and the discussion of &#8220;qualified dividend income&#8221; below, a U.S. Holder, other than certain
U.S. Holders that are U.S. corporations, will be required to include in gross income as ordinary income the amount of any distribution
paid on the Ordinary Shares (including the amount of any Israeli tax withheld on the date of the distribution), to the extent that such
distribution does not exceed our current and accumulated earnings and profits, as determined for U.S. federal income tax purposes. The
amount of a distribution which exceeds our earnings and profits will be treated first as a non-taxable return of capital, reducing the
U.S. Holder&#8217;s tax basis for the Ordinary Shares to the extent thereof, and then capital gain. We do not expect to maintain calculations
of our earnings and profits under U.S. federal income tax principles and, therefore, U.S. Holders should expect that the entire amount
of any distribution generally will be reported as dividend income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, preferential tax
rates for &#8220;qualified dividend income&#8221; and long-term capital gains are applicable for U.S. Holders that are individuals, estates
or trusts. For this purpose, &#8220;qualified dividend income&#8221; means, inter alia, dividends received from a &#8220;qualified foreign
corporation.&#8221; A &#8220;qualified foreign corporation&#8221; is a if our Ordinary Shares are readily tradable on the Nasdaq Capital
Market or another established securities market in the United States. Dividends will not qualify for the preferential rate if we are treated,
in the year the dividend is paid or in the prior year, as a PFIC, as described below under &#8220;Passive Foreign Investment Companies.&#8221;
A U.S. Holder will not be entitled to the preferential rate: (1) if the U.S. Holder has not held our Ordinary Shares for at least 61 days
of the 121 day period beginning on the date which is 60 days before the ex-dividend date, or (2) to the extent the U.S. Holder is under
an obligation to make related payments with respect to positions in substantially similar or related property. Any days during which the
U.S. Holder has diminished its risk of loss on our Ordinary Shares are not counted towards meeting the 61-day holding period. Finally,
U.S. Holders who elect to treat the dividend income as &#8220;investment income&#8221; pursuant to Section 163(d)(4) of the Code will
not be eligible for the preferential rate of taxation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dividends paid with respect
to our ordinary shares will be treated as foreign source income, which may be relevant in calculating the holder&#8217;s foreign tax credit
limitation. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For
this purpose, dividends that we distribute generally should constitute &#8220;passive category income,&#8221; or, in the case of certain
U.S. Holders, &#8220;general category income.&#8221; A foreign tax credit for foreign taxes imposed on distributions may be denied if
holders do not satisfy certain minimum holding period requirements. The rules relating to the determination of the foreign tax credit
are complex, and U.S. Holders should consult their tax advisor to determine whether and to what extent such holder will be entitled to
this credit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 107; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Taxation of the Sale, Exchange or other
Disposition of Ordinary Shares</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as provided under the
PFIC rules described below under &#8220;Passive Foreign Investment Companies,&#8221; upon the sale, exchange or other disposition of our
Ordinary Shares, a U.S. Holder will recognize capital gain or loss in an amount equal to the difference between such U.S. Holder&#8217;s
tax basis for the Ordinary Shares, determined in U.S. dollars, and the U.S. dollar value of the amount realized on the disposition (or
its U.S. dollar equivalent determined by reference to the spot rate of exchange on the date of disposition, if the amount realized is
denominated in a foreign currency). The gain or loss realized on the sale, exchange or other disposition of Ordinary Shares will be long-term
capital gain or loss if the U.S. Holder has a holding period of more than one year at the time of the disposition. Individuals who recognize
long-term capital gains may be taxed on such gains at reduced rates of tax. The deduction of capital losses is subject to various limitations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Passive Foreign Investment Companies</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Special U.S. federal income
tax laws apply to U.S. taxpayers who own shares of a corporation that is a PFIC. We will be treated as a PFIC for U.S. federal income
tax purposes for any taxable year that either:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">75% or more of our gross income (including our pro rata share of gross income for any company, in which we are considered to own 25% or more of the shares by value), in a taxable year is passive; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">At least 50% of our assets generally determined on the basis of a quarterly average and based upon fair market value (including our pro rata share of the assets of any company in which we are considered to own 25% or more of the shares by value) are held for the production of, or produce, passive income.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For this purpose, passive
income generally consists of dividends, interest, rents, royalties, gains from disposition of passive assets and gain from commodities
and securities transactions. Cash is treated as generating passive income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that we will not
be a PFIC for the current taxable year and do not expect to become a PFIC in the foreseeable future. The tests for determining PFIC status
are applied annually, and it is difficult to make accurate projections of future income and assets which are relevant to this determination.
In addition, our PFIC status may depend in part on the market value of our Ordinary Shares. Accordingly, there can be no assurance that
we currently are not or will not become a PFIC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we currently are or become
a PFIC, each U.S. Holder who has not elected to mark the shares to market (as discussed below), would, upon receipt of certain &#8220;excess
distributions&#8221; by us and upon disposition of our Ordinary Shares at a gain:&#160;(1) have such excess distribution or gain allocated
ratably over the U.S. Holder&#8217;s holding period for the Ordinary Shares, as the case may be; (2) the amount allocated to the current
taxable year and any period prior to the first day of the first taxable year in which we were a PFIC would be taxed as ordinary income;
and (3) the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable
class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting
tax attributable to each such other taxable year. Distributions received by a U.S. Holder in a taxable year that are greater than 125%
of the average annual distributions received during the shorter of the three preceding taxable years or the U.S. Holder&#8217;s holding
period for the ordinary shares will be treated as excess distributions. In addition, when shares of a PFIC are acquired by reason of death
from a decedent that was a U.S. Holder, the tax basis of such shares would not receive a step-up to fair market value as of the date of
the decedent&#8217;s death, but instead would be equal to the decedent&#8217;s basis if lower, unless all gain were recognized by the
decedent. Indirect investments in a PFIC may also be subject to these special U.S. federal income tax rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 108; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The PFIC rules described above
would not apply to a U.S. Holder who makes a QEF election for all taxable years that such U.S. Holder has held the Ordinary Shares while
we are a PFIC, provided that we comply with specified reporting requirements. Instead, each U.S. Holder who has made such a QEF election
is required for each taxable year that we are a PFIC to include in income such U.S. Holder&#8217;s pro rata share of our ordinary earnings
as ordinary income and such U.S. Holder&#8217;s pro rata share of our net capital gains as long-term capital gain, regardless of whether
we make any distributions of such earnings or gain. In general, a QEF election is effective only if we make available certain required
information. The QEF election is made on a shareholder-by-shareholder basis and generally may be revoked only with the consent of the
IRS. We do not intend to notify U.S. Holders if we believe we will be treated as a PFIC for any tax year. In addition, we do not intend
to furnish U.S. Holders annually with information needed in order to complete IRS Form 8621 and to make and maintain a valid QEF election
for any year in which we or any of our subsidiaries are a PFIC. Therefore, the QEF election will not be available with respect to our
Ordinary Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the PFIC rules
described above would not apply if we were a PFIC and a U.S. Holder made a mark-to-market election. A U.S. Holder of our Ordinary Shares
which are regularly traded on a qualifying exchange, including the Nasdaq Capital Market, can elect to mark the Ordinary Shares to market
annually, recognizing as ordinary income or loss each year an amount equal to the difference as of the close of the taxable year between
the fair market value of the Ordinary Shares and the U.S. Holder&#8217;s adjusted tax basis in the Ordinary Shares. Losses are allowed
only to the extent of net mark-to-market gain previously included income by the U.S. Holder under the election for prior taxable years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. Holders who hold our
Ordinary Shares during a period when we are a PFIC will be subject to the foregoing rules, even if we cease to be a PFIC. U.S. Holders
are strongly urged to consult their tax advisors about the PFIC rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax on Net Investment Income</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. Holders who are individuals, estates or trusts
will generally be required to pay a 3.8% Medicare tax on their net investment income (including dividends on and gains from the sale or
other disposition of our Ordinary Shares), or in the case of estates and trusts on their net investment income that is not distributed
to beneficiaries of the estate or trust. In each case, the 3.8% Medicare tax applies only to the extent the U.S. Holder&#8217;s total
adjusted income exceeds applicable thresholds.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Information Reporting and Withholding</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Holder may be subject to backup withholding
at a rate of 24% with respect to cash dividends and proceeds from a disposition of Ordinary Shares. In general, backup withholding will
apply only if a U.S. Holder fails to comply with specified identification procedures. Backup withholding will not apply with respect to
payments made to designated exempt recipients, such as corporations and tax-exempt organizations. Backup withholding is not an additional
tax and may be claimed as a credit against the U.S. federal income tax liability of a U.S. Holder, provided that the required information
is timely furnished to the IRS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain U.S. Holders with interests in &#8220;specified
foreign financial assets&#8221; (including, among other assets, our Ordinary Shares, unless such Ordinary Shares are held on such U.S.
Holder&#8217;s behalf through a financial institution) may be required to file an information report with the IRS if the aggregate value
of all such assets exceeds $50,000 on the last day of the taxable year or $75,000 at any time during the taxable year (or such higher
dollar amount as may be prescribed by applicable IRS guidance); and may be required to file a Report of Foreign Bank and Financial Accounts,
if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. You should consult your
own tax advisor as to the possible obligation to file such information report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_047"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>F. Dividends and Paying Agents</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_048"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>G. Statement by Experts</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_049"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>H. Documents on Display</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to certain
information reporting requirements of the Exchange Act, applicable to foreign private issuers and under those requirements will file reports
with the SEC. The SEC maintains an internet site at http://www.sec.gov that contains reports, proxy and information statements and other
information regarding issuers that file electronically with the SEC. Our filings with the SEC will also be available to the public through
the SEC&#8217;s website at www.sec.gov.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a foreign private issuer,
we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors
and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the
Exchange Act. In addition, we are not required under the Exchange Act to file annual, quarterly and current reports and financial statements
with the SEC as frequently or as promptly as U.S. domestic companies whose securities are registered under the Exchange Act. However,
we will file with the SEC, within 120 days after the end of each fiscal year, or such applicable time as required by the SEC, an annual
report on Form 20-F containing financial statements audited by an independent registered public accounting firm, and may submit to the
SEC, on a Form 6-K, unaudited quarterly financial information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain a corporate website
https://gmedinnovations.com/. Information contained on, or that can be accessed through, our website and the other websites referenced
above do not constitute a part of this annual report on Form 20-F. We have included these website addresses in this annual report on Form
20-F solely as inactive textual references.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_050"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>I. Subsidiary Information.</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_051"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>J. Annual Report to Security Holders.</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_052"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are exposed to market risk
in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse
changes in financial market prices and rates. Our market risk exposure is primarily a result of fluctuations in foreign currency exchange
rates and interest rates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Quantitative and Qualitative Disclosures about
Market Risk </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are exposed to market risks
in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse
changes in financial market prices and rates. Our current investment policy is to invest available cash in bank deposits with banks that
have a credit rating of at least A-minus. Accordingly, some of our cash and cash equivalents is held in deposits that bear interest. Given
the current low rates of interest we receive, we will not be adversely affected if such rates are reduced. Our market risk exposure is
primarily a result of U.S. dollar/NIS and U.S. dollar/RMB exchange rates. <b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><i>Foreign Currency
Exchange Risk</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our functional and reporting
currency is the U.S. dollar. Our foreign currency exposures give rise to market risk associated with exchange rate movements of the NIS,
mainly against the U.S. dollar. A material portion of our expenses consist principally of payments in NIS made to employees, subcontractors
and consultants for clinical trials, other research and development activities, and purchase of new equipment. A material portion of our
research and development is conducted through collaboration agreements denominated in U.S. dollars, and therefore our net research and
development expenses are subject to significant foreign currency risk. If the NIS fluctuates significantly against either the U.S. dollar,
it may have a negative impact on our results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To date, we have not entered
into any hedging arrangements with respect to foreign currency risk or other derivative financial instruments. In the future, we may enter
into currency hedging transactions to decrease the risk of financial exposure from fluctuations in the operating currencies. These measures,
however, may not adequately protect us from the material adverse effects of such fluctuations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt"><i>Interest Rate
Risk</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At present, our investments
consist primarily of cash and cash equivalents in short-term deposits. The primary objective of our investment activities is to preserve
our capital to fund our operations. Our investments are exposed to market risk due to fluctuation in interest rates, which may affect
our interest income and the fair market value of our investments, if any. We manage this exposure by performing ongoing evaluations of
our investments. Due to the short-term maturities, if any, of our investments to date, their carrying value has always approximated their
fair value. We believe that our exposure to interest rate risk is not significant and a 1% change in market interest rates would not have
a material impact on our assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_053"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_054"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>A. Debt Securities.</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_055"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>B. Warrants and rights.</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_056"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>C. Other Securities.</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_057"></a></div><p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>D. American Depositary Shares</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_058"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>PART II</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_059"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_060"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
AND USE OF PROCEEDS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June 2021, the Company
closed its initial public offering of 3,000,000 units, each unit consisting of one ordinary share and one warrant to purchase one ordinary
share of the Company for gross proceeds of approximately $15,000 before deducting underwriting discounts and commissions and other offering-related
expenses in the amount of $2,150. The net proceeds from the offering have been used as described in the final prospectus filed with the
SEC on June 28, 2021, under File No. 333-253852.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_061"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 15. CONTROLS AND PROCEDURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3pt"><b>(a) Disclosure Controls and Procedures</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our disclosure controls and
procedures are designed to provide reasonable assurance of achieving the desired control objectives. Our management, including our Chief
Executive Officer and Chief Financial Officer, recognizes that any control system, no matter how well designed and operated, is based
upon certain judgments and assumptions and cannot provide absolute assurance that its objectives will be met. Similarly, an evaluation
of controls cannot provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances
of fraud, if any, have been detected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management, with the participation
of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures
(as such term is defined in Rules 13a-15(d) and 15d-15(e) under the Exchange Act) as of December 31, 2022, or the Evaluation Date. Based
on such evaluation, those officers have concluded that, as of the Evaluation Date, our disclosure controls and procedures are effective
in recording, processing, summarizing and reporting, on a timely basis, information required to be included in periodic filings under
the Exchange Act and that such information is accumulated and communicated to management, including our principal executive and financial
officers, as appropriate to allow timely decisions regarding required disclosure.<b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3pt"><b>(b) Management&#8217;s Annual Report on Internal
Control over Financial Reporting</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our management is responsible for establishing
and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act.
Our management conducted an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2022,
based on the criteria set forth in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of
the Treadway Commission (2013 framework). Based on that assessment, our management concluded that our internal control over financial
reporting was not effective as of December 31, 2022, due to insufficient number of financial reporting personnel with an appropriate level
of knowledge, experience, and training in application of IFRS and SEC rules and regulations commensurate with our reporting requirements,
15 deficiencies identified and a large number of controls that were not performed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As defined in Regulation 12b-2 under the Securities
Exchange Act, a &#8220;material weakness&#8221; is a deficiency, or combination of deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented
or detected on a timely basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have taken action toward remediating these material
weaknesses by providing enhanced training to existing financial and accounting employees on related IFRS issues. In addition, to remediate
these material weaknesses, we are implementing measures and developing, communicating, and implementing an accounting policy manual for
our financial reporting personnel for recurring transactions, period-end closing processes and policy relating to segregation of duties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although we believe there has been some progress in remediating this
weakness, the implementation of these initiatives may not fully address any material weakness or other deficiencies that we may have in
our internal control over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3pt"><b>(c) Attestation Report of the Registered Public
Accounting Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This annual report does not
include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting
due to a transition period established by rules of the SEC for newly public companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 112; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3pt"><b>(d) Changes in Internal Control over Financial
Reporting</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended December
31, 2022, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely
to materially affect, our internal control over financial reporting.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3pt"><b>(e) Limitations on Effectiveness of Controls
and Procedures</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The effectiveness of any
system of internal control over financial reporting, including ours, is subject to inherent limitations, including the exercise of judgment
in designing, implementing, operating, and evaluating the controls and procedures, and the inability to eliminate misconduct completely.
Accordingly, any system of internal control over financial reporting, including ours, no matter how well designed and operated, can only
provide reasonable, not absolute assurances. In addition, projections of any evaluation of effectiveness to future periods are subject
to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate. We intend to continue to monitor and upgrade our internal controls as necessary or appropriate for our business,
but there can be no assurance that such improvements will be sufficient to provide us with effective internal control over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_062"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16. RESERVED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_063"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16A. AUDIT AND RISK COMMITTEE FINANCIAL EXPERT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
appointed an audit and risk committee, which assists our board of directors in monitoring and reviewing any matters of significance affecting
financial reporting and compliance. Our audit and risk committee, acting pursuant to a written charter, is comprised of Mr. Urs Wettstein,
Mr. Zeev Rotstein and Mr. Kenneth Melani. The chairman of this committee is Mr. Urs Wettstein, who serves as the financial expert of the
committee. Our board of directors is primarily responsible for the oversight of our risk management and internal compliance and control
framework.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_064"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16B. CODE OF ETHICS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
adopted a Code of Ethics applicable to all of our directors and employees, including our Chief Executive Officer, Chief Financial Officer,
controller or principal accounting officer, or other persons performing similar functions, which is a &#8220;code of ethics&#8221; as
defined in Item 16B of Form 20-F promulgated by the SEC. The full text of the Code of Ethics is posted on our website at <i>www.gmedinnovations.com</i>.
Information contained on, or that can be accessed through, our website does not constitute a part of this a part of this annual report
on Form 20-F and is not incorporated by reference herein. If we make any amendment to the Code of Ethics or grant any waivers, including
any implicit waiver, from a provision of the Code of Ethics, we will disclose the nature of such amendment or waiver on our website to
the extent required by the rules and regulations of the SEC. We have not granted any waivers under our Code of Business Conduct and Ethics.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_065"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table provides
information regarding fees paid by us to Ziv Haft and/or other member firms of BDO for all services, including audit services, for the
years ended December 31, 2022 and 2021:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-right: 0pt; text-align: center; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="padding-right: 0pt; text-align: center; font-weight: bold; padding-bottom: 1.5pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; padding-right: 0pt; font-weight: bold; text-align: center; padding-left: 0pt; text-indent: 0pt">2022</td><td style="padding-right: 0pt; text-align: center; padding-bottom: 1.5pt; font-weight: bold; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="padding-right: 0pt; text-align: center; font-weight: bold; padding-bottom: 1.5pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-right: 0pt; text-align: justify; padding-left: 0pt; text-indent: 0pt">(USD in thousands)</td><td style="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td colspan="2" style="padding-right: 0pt; text-align: justify; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-right: 0pt; width: 76%; text-align: justify; text-indent: 0pt; padding-left: 0pt"><span style="font-size: 10pt">Audit fees <sup>(1)</sup></span></td><td style="padding-right: 0pt; width: 1%; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-right: 0pt; width: 1%; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="padding-right: 0pt; width: 9%; text-align: right; padding-left: 0pt; text-indent: 0pt">169,000</td><td style="padding-right: 0pt; width: 1%; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="padding-right: 0pt; width: 1%; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-right: 0pt; width: 1%; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="padding-right: 0pt; width: 9%; text-align: right; padding-left: 0pt; text-indent: 0pt">169,000</td><td style="padding-right: 0pt; width: 1%; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-right: 0pt; text-align: justify; text-indent: 0pt; padding-left: 0pt">Audit-Related Fees</td><td style="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-right: 0pt; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="padding-right: 0pt; text-align: right; padding-left: 0pt; text-indent: 0pt">-</td><td style="padding-right: 0pt; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-right: 0pt; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="padding-right: 0pt; text-align: right; padding-left: 0pt; text-indent: 0pt">-</td><td style="padding-right: 0pt; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-right: 0pt; text-align: justify; text-indent: 0pt; padding-left: 0pt"><span style="font-size: 10pt">Tax fees<sup>
    (2)</sup></span></td><td style="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-right: 0pt; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="padding-right: 0pt; text-align: right; padding-left: 0pt; text-indent: 0pt">-</td><td style="padding-right: 0pt; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-right: 0pt; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="padding-right: 0pt; text-align: right; padding-left: 0pt; text-indent: 0pt">-</td><td style="padding-right: 0pt; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-right: 0pt; padding-bottom: 1.5pt; text-align: justify; text-indent: 0pt; padding-left: 0pt">All other fees</td><td style="padding-right: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-right: 0pt; padding-bottom: 1.5pt; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="border-bottom: Black 1.5pt solid; padding-right: 0pt; text-align: right; padding-left: 0pt; text-indent: 0pt">-</td><td style="padding-right: 0pt; padding-bottom: 1.5pt; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="padding-right: 0pt; padding-bottom: 1.5pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-right: 0pt; padding-bottom: 1.5pt; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="border-bottom: Black 1.5pt solid; padding-right: 0pt; text-align: right; padding-left: 0pt; text-indent: 0pt">-</td><td style="padding-right: 0pt; padding-bottom: 1.5pt; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-right: 0pt; padding-bottom: 4pt; text-align: justify; padding-left: 0pt; text-indent: 0pt">Total</td><td style="padding-right: 0pt; padding-bottom: 4pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-right: 0pt; padding-bottom: 4pt; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="border-bottom: Black 4pt double; padding-right: 0pt; text-align: right; padding-left: 0pt; text-indent: 0pt">169,000</td><td style="padding-right: 0pt; padding-bottom: 4pt; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="padding-right: 0pt; padding-bottom: 4pt; padding-left: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding-right: 0pt; padding-bottom: 4pt; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td><td style="border-bottom: Black 4pt double; padding-right: 0pt; text-align: right; padding-left: 0pt; text-indent: 0pt">169,000</td><td style="padding-right: 0pt; padding-bottom: 4pt; text-align: left; padding-left: 0pt; text-indent: 0pt">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The audit fees for the years ended December 31, 2022 and 2021 includes professional services rendered in connection with the audit of our annual consolidated financial statements and the review of our consolidated interim financial statements, statutory audits of the Company and its subsidiaries, issuance of consents and assistance with review of documents filed with the SEC.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Tax fees for the years ended December 31, 2022 and 2021 were for services related to tax advice, including assistance with tax audit.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 113; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Pre-Approval of Auditors&#8217; Compensation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our audit and risk committee
has a pre-approval policy for the engagement of our independent registered public accounting firm to perform certain audit and non-audit
services. Pursuant to this policy, which is designed to assure that such engagements do not impair the independence of our auditors, the
audit and risk committee pre-approves annually a catalog of specific audit and non-audit services in the categories of audit services,
audit-related services and tax services that may be performed by our independent registered public accounting firm. If a type of service,
that is to be provided by our auditors, has not received such general pre-approval, it will require specific pre-approval by our audit
and risk committee. The policy prohibits retention of the independent registered public accounting firm to perform the prohibited non-audit
functions defined in applicable SEC rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_066"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_067"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2022, our board of
directors authorized a share repurchase plan (or the Repurchase Plan), allowing the Company to invest up to $1,000,000 to repurchase our
Ordinary Shares from time to time, in open market transactions, and/or in privately negotiated transactions or in any other legally permissible
ways, depending on market conditions, share price, trading volume and other factors. Such repurchases will be made in accordance with
applicable U.S. securities laws and regulations, under the Exchange Act, and other applicable law, and are subject to the approval of
the Israeli court, which was granted in September 2022. Under the Repurchase Plan, we may repurchase all or a portion of the authorized
repurchase amount. The Repurchase Plan does not obligate us to repurchase any specific number of the ordinary shares and may be suspended
or terminated at any time at management&#8217;s discretion. As of May 15, 2023, 5,699 shares have been repurchased, at an average price
per share of $21.18, under the Repurchase Plan.&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_068"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_069"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16G. CORPORATE GOVERNANCE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Sarbanes-Oxley Act, as
well as related rules subsequently implemented by the SEC, require &#8220;foreign private issuers,&#8221; such as us, to comply with various
corporate governance practices. In addition, following the listing of the Ordinary Shares on the Nasdaq Capital Market, we will be required
to comply with the Nasdaq Stock Market Rules. Under those rules, we may elect to follow certain corporate governance practices permitted
under the Cayman Islands Companies Act in lieu of compliance with corresponding corporate governance requirements otherwise imposed by
the Nasdaq Stock Market Rules for U.S. domestic registrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with Cayman
law and practice and subject to the exemption set forth in Rule&#160;5615 of the Nasdaq Stock Market Rules, we have elected to follow
the provisions of the Cayman Islands Companies Act rather than the Nasdaq Stock Market Rules, with respect to the following requirements:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 110.5pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px; text-align: justify">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, we have voluntarily
elected to adhere to the Nasdaq Stock Market Rules and not the Cayman Islands Companies Act notwithstanding our status as a foreign private
issuer, with respect to the requirements of:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">maintaining a board of directors with a majority of &#8220;independent&#8221; directors and having those directors meet regularly without other members present; </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">maintaining a compensation committee of our board of directors (which is our Nomination and Remuneration Committee) comprised solely of independent directors and governed by a committee charter; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">having director nominees be selected or recommended for selection by either a majority of our independent directors or a nominations committee comprised solely of independent directors, which will be undertaken by our Nomination and Remuneration Committee.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_070"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16H. MINE SAFETY DISCLOSURE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_071"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_072"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART III</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_073"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 17. FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have elected to provide
financial statements and related information pursuant to Item 18.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_074"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 18. FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements and the related notes required by this Item are included in this annual report on Form 20-F beginning on page F-1.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_075"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 19. EXHIBITS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: justify; width: 9%"><span style="font-size: 10pt"><b>Exhibit
    No.</b></span></td>
    <td style="vertical-align: bottom; text-align: justify; width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: justify; width: 90%"><span style="font-size: 10pt"><b>Exhibit
    Description</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">1.1</span></td>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1760764/000121390023022455/ea175621ex99-1_gmedical.htm">Amended and Restated Memorandum and Articles of Association of G Medical Innovations Holdings Ltd. (filed as Exhibit 99.1 to Form 6-K (File No. 001-39674), submitted on March 23, 2023, and incorporated herein by reference).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">1.2</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1760764/000121390021013278/ea136786ex2-1_gmedical.htm">Membership Interest Purchase Agreement dated October 31, 2018, by and among G Medical Innovations USA, Inc., Telerhythmics, LLC, Digirad Imaging Solutions and Digirad Corporation (filed as Exhibit 2.1 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">2.1</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1760764/000121390023015542/ea173295ex4-1_gmedical.htm">Form
of Pre-Funded Warrant (filed as Exhibit 4.1 to Form F-1 (Registration No. 333-269496), and incorporated herein by reference).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">2.2*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex2-2_gmedical.htm"><span style="font-size: 10pt">Description of Securities.</span></a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1760764/000121390021013278/ea136786ex10-1_gmedical.htm">Form of Indemnification Agreement (filed as Exhibit 10.1 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1760764/000121390021013278/ea136786ex10-2_gmedical.htm">G Medical Innovations Holdings Global Equity Plan (filed as Exhibit 10.2 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1760764/000121390021013278/ea136786ex10-2i_gmedical.htm">G Medical Innovations Holdings Ltd. - Israel Sub-Plan (filed as Exhibit 10.2.1 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1760764/000121390021013278/ea136786ex10-2ii_gmedical.htm">G Medical Innovations Holdings Ltd. - U.S. Sub-Plan (filed as Exhibit 10.2.2 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1760764/000121390021013278/ea136786ex10-3_gmedical.htm">Form of Performance Rights Agreement (filed as Exhibit 10.3 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
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    <td style="text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1760764/000121390021013278/ea136786ex10-4_gmedical.htm">Software Licensing Agreement, dated August 4, 2016, by and between the Company and Mennen Medical Ltd. (Exhibit A of this Exhibit 10.14 includes an unofficial English Translation of the Hebrew original) (filed as Exhibit 10.4 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).</a></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
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    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1760764/000121390021013278/ea136786ex10-21_gmedical.htm"> Distribution Agreement, dated April 21, 2020, by and between the Company and Home Service Solutions Pty Ltd. (filed as Exhibit 10.21 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).</a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
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    <td style="text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1760764/000121390021013278/ea136786ex10-22_gmedical.htm">Addendum to Distribution Agreement, dated April 21, 2020, by and between the Company and Home Service Solutions Pty Ltd. (filed as Exhibit 10.22 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).</a></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify; padding: 0pt; text-indent: 0pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">&#x5e;</td><td style="text-align: justify">Certain confidential information contained in this exhibit,
has been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K, because it (i) is not material and (ii) would be competitively harmful
if publicly disclosed.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&#160;</p><div>

</div><div><a id="a_076"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 Form 20-F filed on its behalf.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td colspan="2"><span style="font-size: 10pt"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 60%">&#160;</td>
    <td style="text-align: justify; width: 4%">&#160;</td>
    <td style="text-align: justify; width: 36%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Date: May 16, 2023</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; white-space: nowrap; text-align: justify">/s/ Yacov Geva</td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: justify">&#160;</td>
    <td style="white-space: nowrap; text-align: justify"><span style="font-size: 10pt">Yacov Geva</span></td></tr>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">G MEDICAL INNOVATIONS HOLDINGS LTD.</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">CONSOLIDATED FINANCIAL STATEMENTS</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">AS OF DECEMBER 31, 2022</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">GMEDICAL INNOVATIONS HOLDINGS LTD.</span></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">CONSOLIDATED FINANCIAL STATEMENTS</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">AS OF DECEMBER 31, 2022</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">TABLE OF CONTENTS</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Page</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#160;</td><td>&#160;</td> <td style="text-align: center">&#160;</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 90%; text-align: justify"><a href="#fin_001">Report of Independent registered public accounting firm (BDO Ziv Haft; Tel-Aviv, Israel; PCAOB ID#<ix:nonNumeric contextRef="c0" name="dei:AuditorFirmId">1185</ix:nonNumeric>)</a></td><td style="width: 1%">&#160;</td> <td style="width: 9%; text-align: center">F-2</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify"><a href="#fin_002">Consolidated statements of financial position</a></td><td>&#160;</td> <td style="text-align: center">F-3-F-4</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><a href="#fin_003">Consolidated statements of comprehensive loss</a></td><td>&#160;</td> <td style="text-align: center">F-5</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify"><a href="#fin_004">Consolidated statements of changes in shareholders&#8217; deficit</a></td><td>&#160;</td> <td style="text-align: center">F-6-F-7</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><a href="#fin_005">Consolidated statements of cash flows</a></td><td>&#160;</td> <td style="text-align: center">F-8-F-9</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify"><a href="#fin_006">Notes to the consolidated financial statements</a></td><td>&#160;</td> <td style="text-align: center">F-10-F-47</td></tr> </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_______________________</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">________________</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">____________</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="fin_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">To The Board of Directors
and Stockholders of G Medical Innovations Holdings Ltd.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Rehovot, Israel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Opinion on the Consolidated Financial Statements&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
statements of financial position of G Medical Innovations Holdings Ltd. and its&#160;subsidiaries (the &#8220;Company&#8221;) as of December&#160;31,
2022 and 2021, the related consolidated statements of comprehensive loss, changes in shareholders&#8217; deficit, and cash flows for
each of the three years in the period ended December 31, 2022, and the related notes (collectively, the consolidated financial statements).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company
as of December&#160;31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period
ended December 31, 2022, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards
Board.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Basis for Opinion</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements are the
responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on these consolidated financial statements
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the
Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We have served as the Company&#8217;s auditor since
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-size: 10pt">May 16, 2023</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><div><a id="fin_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>The accompanying notes are an integral part of
the consolidated financial statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 4; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; padding-left: 9pt">Total shareholders&#8217; deficit</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(*)</span></td><td style="text-align: justify"><ix:footnote id="ix_0_footnote" xml:lang="en-US"><span style="font-size: 10pt">After giving effect to the reverse
stock split (</span>see also Note 13C<span style="font-size: 10pt">)</span></ix:footnote></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; ">
    <td style="border-bottom: Black 1.5pt solid; text-align: center; padding-left: 17pt">May 15, 2023</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; padding-left: 2.85pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; padding-left: 2.85pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; padding-left: 2.85pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; width: 25%; text-align: center; padding-left: 2.85pt">Date of approval of the financial statements</td><td style="vertical-align: top; width: 1%; text-align: center">&#160;</td>
    <td style="vertical-align: top; width: 24%; text-align: center">Igor Bluvstein Chief Financial Officer</td><td style="vertical-align: top; width: 1%; text-align: center">&#160;</td>
    <td style="vertical-align: top; width: 24%; text-align: center">Dr. Yacov Geva President and Chief Executive Officer</td><td style="vertical-align: top; width: 1%; text-align: center">&#160;</td>
    <td style="vertical-align: top; width: 24%; text-align: center">Dr. Kenneth R. Melani Chairman of the Board of Directors</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The accompanying notes are an integral part
of the consolidated financial statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 5; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="fin_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 9pt; text-align: center; text-indent: -9pt">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
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December&#160;31,<br/>
2022</b></span></td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
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December&#160;31,<br/>
2021</b></span></td>
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    <td style="text-align: center">&#160;</td>
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December&#160;31,<br/>
2020</b></span></td>
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  <tr style="vertical-align: bottom">
    <td style="padding-left: 9pt; text-align: center; text-indent: -9pt">&#160;</td>
    <td style="text-align: center">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#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>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-8; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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    <td>&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">*</span></td><td style="text-align: justify"><ix:footnote id="ix_1_footnote" xml:lang="en-US"><span style="font-size: 10pt">After giving effect to the reverse stock split (</span>see also Note 13C<span style="font-size: 10pt">)</span></ix:footnote></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>The accompanying notes are an integral part of
the consolidated financial statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>


</div><!-- Field: Page; Sequence: 6; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><div><a id="fin_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>G MEDICAL INNOVATIONS
HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217;
DEFICIT</b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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</div><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>The accompanying notes
are an integral part of the consolidated financial statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>


</div><!-- Field: Page; Sequence: 7; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>G MEDICAL INNOVATIONS
HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217;
DEFICIT</b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;<b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; padding-left: 0.25in; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="22" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">G Medical Innovations Holdings Ltd.
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; padding-left: 0.25in; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: center">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-39">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-40">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c45" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:ConversionOfLoansFromMajorShareholderIntoShares" scale="3" unitRef="usd">6,950</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-41">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><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="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Net comprehensive loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-43">-</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-45">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Balance at December
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="usd">2</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left">Changes during the year:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Balance at December
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>The accompanying notes
are an integral part of the consolidated financial statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 8; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>&#160;</b></p><div>

</div><div><a id="fin_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended<br/> December&#160;31,<br/> 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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended<br/> December&#160;31,<br/> 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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended<br/> December&#160;31,<br/> 2020</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="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">US$ in thousands</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">CASH FLOWS FROM OPERATING ACTIVITIES:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 0.25in">Adjustments to reconcile net loss to net cash used in operating activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-62">-</div></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"><div style="-sec-ix-hidden: hidden-fact-63">-</div></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 0.25in">Impairment of goodwill</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-65">-</div></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"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill" scale="3" unitRef="usd">2,844</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Change in fair value of derivatives</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AdjustmentsForChangeInDerivatives" scale="3" unitRef="usd">10,232</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AdjustmentsForChangeInDerivatives" scale="3" unitRef="usd">311</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AdjustmentsForChangeInDerivatives" scale="3" unitRef="usd">240</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Change in fair value of financial liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AdjustmentsForIncreaseDecreaseInChangeInFairValueOfConvertibleSecurities" scale="3" unitRef="usd">40</ix:nonFraction></td><td style="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"><div style="-sec-ix-hidden: hidden-fact-66">-</div></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"><div style="-sec-ix-hidden: hidden-fact-67">-</div></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Accrued interest on convertible security</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AccruedInterestOnConvertibleSecurity" scale="3" unitRef="usd">49</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-68">-</div></td><td style="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"><div style="-sec-ix-hidden: hidden-fact-69">-</div></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Revaluation of restricted deposit</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AdjustmentForIncreaseDecreaseInRevaluationOfRestrictedDeposit" scale="3" unitRef="usd">5</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 0.25in">Share based compensation</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForSharebasedPayments" scale="3" unitRef="usd">648</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForSharebasedPayments" scale="3" unitRef="usd">2,872</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Forgiveness of PPP loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-71">-</div></td><td style="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"><div style="-sec-ix-hidden: hidden-fact-72">-</div></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">(<ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AdjustmentsForIncreaseDecreaseInForgivenessOfPPPLoan" scale="3" unitRef="usd">873</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Accrued interest of long-term loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AccruedInterestOfLongtermLoans" scale="3" unitRef="usd">3</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AccruedInterestOfLongtermLoans" scale="3" unitRef="usd">89</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AccruedInterestOfLongtermLoans" scale="3" unitRef="usd">107</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Changes in deferred taxes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-73">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDeferredTaxExpense" scale="3" unitRef="usd">5</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDeferredTaxExpense" scale="3" unitRef="usd">18</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Loss from disposal equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:LossFromDisposalEquipment" scale="3" unitRef="usd">422</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-74">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:LossFromDisposalEquipment" scale="3" unitRef="usd">579</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Change in fair value of Convertible loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AmountChargedInRespectOfConvertibleLoans" scale="3" unitRef="usd">1,321</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AmountChargedInRespectOfConvertibleLoans" scale="3" sign="-" unitRef="usd">3,677</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AmountChargedInRespectOfConvertibleLoans" scale="3" sign="-" unitRef="usd">289</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Decrease (increase) in trade receivable, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" scale="3" unitRef="usd">86</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" scale="3" sign="-" unitRef="usd">210</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" scale="3" unitRef="usd">161</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Increase in other accounts receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" scale="3" sign="-" unitRef="usd">839</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" scale="3" unitRef="usd">180</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" scale="3" unitRef="usd">697</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Increase (decrease) in inventories</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" scale="3" unitRef="usd">2,021</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" scale="3" unitRef="usd">265</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" scale="3" sign="-" unitRef="usd">288</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Increase (decrease) in trade payables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable" scale="3" unitRef="usd">2,323</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable" scale="3" sign="-" unitRef="usd">1,736</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable" scale="3" unitRef="usd">739</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Increase (decrease) in other accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" scale="3" unitRef="usd">785</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" scale="3" sign="-" unitRef="usd">129</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" scale="3" unitRef="usd">591</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Accrued interest on loans from major shareholder</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-75">-</div></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"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AdjustmentsForDecreaseIncreaseInAccruedInterestOnLoanFromMajorShareholder" scale="3" unitRef="usd">298</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Capital loss from sale of fixed assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" scale="3" unitRef="usd">17</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" scale="3" unitRef="usd">16</ix:nonFraction></td><td style="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">-</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Financial expenses, net</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 contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceIncomeExpensesFromReinsuranceContractsHeldExcludedFromProfitOrLossNetOfTax" scale="3" unitRef="usd">71</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceIncomeExpensesFromReinsuranceContractsHeldExcludedFromProfitOrLossNetOfTax" scale="3" sign="-" unitRef="usd">18</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-76">-</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Net cash used in operating activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="3" sign="-" unitRef="usd">18,479</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="3" sign="-" unitRef="usd">11,494</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="3" sign="-" unitRef="usd">4,647</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 0.25in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">CASH FLOWS FROM INVESTING ACTIVITIES:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Purchase of property, plant and equipment</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Purchase of other assets</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Proceeds from sales of property, plant and equipment</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Change in restricted deposit</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:WithdrawalOfRestrictedDeposit" scale="3" unitRef="usd">467</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 27pt">Net cash used in Investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" sign="-" unitRef="usd">455</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 0.25in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">CASH FLOWS FROM FINANCING ACTIVITIES:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><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; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Issuance of shares and warrants, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssuingShares" scale="3" unitRef="usd">3,442</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssuingShares" scale="3" unitRef="usd">13,417</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssuingShares" scale="3" unitRef="usd">8,992</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Issuance of ordinary shares in respect of warrants and pre-funded warrants exercise, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:IssuanceOfOrdinarySharesInRespectOfWarrantsAndPrefundedWarrantsExerciseNet" scale="3" unitRef="usd">2,000</ix:nonFraction></td><td style="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"><div style="-sec-ix-hidden: hidden-fact-79">-</div></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"><div style="-sec-ix-hidden: hidden-fact-80">-</div></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Receipts (repayment) of loan from major shareholder, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:ReceiptsOfShorttermLoanFromMajorShareholderNet" scale="3" unitRef="usd">999</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:ReceiptsOfShorttermLoanFromMajorShareholderNet" scale="3" sign="-" unitRef="usd">272</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:ReceiptsOfShorttermLoanFromMajorShareholderNet" scale="3" unitRef="usd">143</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Issuance of convertible securities and warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:ProceedsFromIssuanceOfConvertibleSecuritiesAndWarrants" scale="3" unitRef="usd">14,851</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:ProceedsFromIssuanceOfConvertibleSecuritiesAndWarrants" scale="3" unitRef="usd">5,750</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:ProceedsFromIssuanceOfConvertibleSecuritiesAndWarrants" scale="3" unitRef="usd">350</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Receipts of long-term loans from bank</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"><div style="-sec-ix-hidden: hidden-fact-81">-</div></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"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:ReceiptsOfLongtermLoansFromBank" scale="3" unitRef="usd">89</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:ReceiptsOfLongtermLoansFromBank" scale="3" unitRef="usd">873</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Principal paid on lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="3" unitRef="usd">366</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="3" unitRef="usd">357</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="3" unitRef="usd">529</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Repayment of convertible securities and financial liability</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" scale="3" unitRef="usd">5,921</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" scale="3" unitRef="usd">536</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" scale="3" unitRef="usd">3,967</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Changes in short term bank credit</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"><div style="-sec-ix-hidden: hidden-fact-82">-</div></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"><div style="-sec-ix-hidden: hidden-fact-83">-</div></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">(<ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:ShortTermBankCredit" scale="3" unitRef="usd">93</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 0.25in">Purchase of Treasury Shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:SaleOrIssueOfTreasuryShares" scale="3" unitRef="usd">121</ix:nonFraction></td><td style="text-align: left">)</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"><div style="-sec-ix-hidden: hidden-fact-84">-</div></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"><div style="-sec-ix-hidden: hidden-fact-85">-</div></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Repayment of loans</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 contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfNoncurrentBorrowings" scale="3" unitRef="usd">21</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfNoncurrentBorrowings" scale="3" unitRef="usd">824</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfNoncurrentBorrowings" scale="3" unitRef="usd">389</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 27pt">Net cash provided by financing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" scale="3" unitRef="usd">14,863</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" scale="3" unitRef="usd">17,267</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" scale="3" unitRef="usd">5,380</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 0.25in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Increase in cash and cash equivalents</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify"><ix:footnote id="ix_2_footnote" xml:lang="en-US">For discontinued operation see Note 22.</ix:footnote></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 9; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>APPENDIX A - AMOUNTS PAID DURING THE YEAR FOR:</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    December&#160;31,<br/>
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  <tr style="vertical-align: bottom">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">APPENDIX B &#8211; NON-CASH ACTIVITIES:</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    December&#160;31,<br/>
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    December&#160;31,<br/>
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    December&#160;31,<br/>
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    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>The accompanying notes are an integral part of
the consolidated financial statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>


</div><!-- Field: Page; Sequence: 10; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><div><a id="fin_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="gmvd_DescriptionOfBusiness-c0_cont_1" escape="true" name="gmvd:DescriptionOfBusiness"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 1 - DESCRIPTION OF BUSINESS:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DescriptionOfBusiness-c0_cont_2" id="gmvd_DescriptionOfBusiness-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b>Overview:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DescriptionOfBusiness-c0_cont_3" id="gmvd_DescriptionOfBusiness-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">G Medical Innovations Holdings Ltd.
(&#8220;G Medical&#8221; and together with its subsidiaries, the &#8220;Company&#8221;) was incorporated in October 2014 under Cayman
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="gmvd_DescriptionOfBusiness-c0_cont_5" id="gmvd_DescriptionOfBusiness-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">In June 2021, <ix:nonNumeric contextRef="c62" name="gmvd:InitialPublicOfferingDescription">the Company closed
its initial public offering of 85,714 units, each unit consisting of one ordinary share and one warrant to purchase one ordinary share
of the Company, for gross proceeds of approximately $15,000 before deducting underwriting discounts and commissions and other offering-related
expenses in the amount of $2,150.</ix:nonNumeric> Only the costs attributable to the issuance of new shares were deducted from the Company&#8217;s equity
and listing costs were expensed. The ordinary shares and warrants of the Company began trading on the Nasdaq Capital Market on June 25,
2021, under the symbols &#8220;GMVD&#8221; and &#8220;GMVDW,&#8221; respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DescriptionOfBusiness-c0_cont_6" id="gmvd_DescriptionOfBusiness-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company is an early commercial
stage healthcare company engaged in the development of next generation mobile health (or mHealth) and telemedicine solutions, and monitoring
service platforms. The Company believes that it is at the forefront of the digital health revolution in developing the next generation
of mobile technologies and services that are designed to empower consumers, patients and providers to better monitor, manage and improve
clinical and personal health outcomes, especially for those who suffer from cardiovascular disease (&#8220;CVD&#8221;), pulmonary disease
and diabetes. In addition, in December 2021 the Company started a new business activity of COVID-19 testing, in the State of California,
providing four kinds of diagnostic tests &#8211;Rapid Antigen, A/B Flu, PCR and Antibody tests which has been discontinued during the
second half of 2022 (see Note 22). &#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DescriptionOfBusiness-c0_cont_7" id="gmvd_DescriptionOfBusiness-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">In July 2022 the Company started a
new operations of Direct-To-Customer health testing kits health issues ranging from food sensitivity, indoor/outdoor allergies, HPV, thyroid
functioning, testosterone levels, and the hemoglobin A1C test,&#160;with results going directly to the user within days. This operation
is still in an early stage and no revenue has been recorded in 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DescriptionOfBusiness-c0_cont_8" id="gmvd_DescriptionOfBusiness-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The accompanying consolidated financial statements have been prepared
assuming that the Company will continue as a going concern. The Company incurred a net loss of $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:NetLoss" scale="3" unitRef="usd">25,066</ix:nonFraction> and $<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:NetLoss" scale="3" unitRef="usd">14,888</ix:nonFraction> for the years ended
December 31, 2022 and 2021, respectively, and generated $<ix:nonFraction contextRef="c63" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RetainedEarnings" scale="3" unitRef="usd">115,263</ix:nonFraction> and $<ix:nonFraction contextRef="c64" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RetainedEarnings" scale="3" unitRef="usd">90,634</ix:nonFraction> of accumulated deficit since inception for December 31, 2022
and 2021, respectively. The Company has incurred negative cash from operation and net losses for current and recent years. The Company
financed its operation up do date by using bank credit line, loans, issuance of shares, convertible securities, and loans from its major
shareholder. The Company&#8217;s major shareholder, in return for shares and warrants (as further detailed in note 24E), has committed
to continue and support the Company&#8217;s ongoing operation for the foreseeable future if other sources of funding would not be available
to the Company and under certain conditions (see also note 24 D).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="gmvd_DescriptionOfBusiness-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">These consolidated financial statements of the Company were authorized
for issue by the Board of Directors on May 15, 2023.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>




</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">NOTE 2 - SIGNIFICANT ACCOUNTING
POLICIES:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal accounting policies adopted in
the preparation of the consolidated financial statements are set out below. The policies have been consistently applied to all the years
presented, unless otherwise stated.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_BasisOfPresentationOfTheFinancialStatementsPolicyTextBlock-c0_cont_1" escape="true" name="gmvd:BasisOfPresentationOfTheFinancialStatementsPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>A.</b></td><td style="text-align: justify"><b>Basis of preparation</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3"><ix:continuation id="gmvd_BasisOfPresentationOfTheFinancialStatementsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">These consolidated financial statements
have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards
Board (&#8220;IASB&#8221;). The consolidated financial statements have been prepared under the historical cost convention except for
certain financial liabilities, which are measured at fair value until conversion. The Company has elected to present the consolidated
statement of comprehensive loss using the function of expense method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_BasisOfConsolidationPolicyTextBlock-c0_cont_1" escape="true" name="gmvd:BasisOfConsolidationPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>B.</b></td><td style="text-align: justify"><b>Basis of consolidation</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5"><ix:continuation id="gmvd_BasisOfConsolidationPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Where the Company has control over
an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power
over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable
returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.
The consolidated financial statements present the results of the Company and its subsidiaries as if they formed a single entity. Intercompany
transactions and balances between group companies are therefore eliminated in full.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_OrganizationalStructuresPolicyTextBlock-c0_cont_1" escape="true" name="gmvd:OrganizationalStructuresPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>C.</b></td><td style="text-align: justify"><b>Organizational Structure</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7"><ix:continuation continuedAt="gmvd_OrganizationalStructuresPolicyTextBlock-c0_cont_2" id="gmvd_OrganizationalStructuresPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The consolidated financial statements
of the Company include the accounts of the Company and the following subsidiaries:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_ScheduleOfConsolidatedFinancialStatementsTableBlock-c0_cont_1" escape="true" name="gmvd:ScheduleOfConsolidatedFinancialStatementsTableBlock"><ix:continuation continuedAt="gmvd_OrganizationalStructuresPolicyTextBlock-c0_cont_3" id="gmvd_OrganizationalStructuresPolicyTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; border-bottom: Black 1.5pt solid; font-weight: bold">Entity name</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">State incorporated</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Percent ownership</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">G Medical Innovations Holdings Ltd.</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c66" name="ifrs-full:CountryOfIncorporationOrResidenceOfAssociate">Cayman Islands</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c66" name="gmvd:PercentOwnershipDescription">Parent Company</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 40%; text-align: left">G Medical Innovations Ltd.</td><td style="width: 1%">&#160;</td>
    <td style="width: 20%; text-align: left"><ix:nonNumeric contextRef="c67" name="ifrs-full:CountryOfIncorporationOrResidenceOfAssociate">Israel</ix:nonNumeric></td><td style="width: 1%">&#160;</td>
    <td style="width: 38%; text-align: left"><ix:nonNumeric contextRef="c67" name="gmvd:PercentOwnershipDescription">100%</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">G Medical Innovations Asia Ltd.</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c68" name="ifrs-full:CountryOfIncorporationOrResidenceOfAssociate">Hong Kong</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c68" name="gmvd:PercentOwnershipDescription">100%</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">G Medical Innovations UK Ltd.*</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c69" id="ix_14_fact" name="ifrs-full:CountryOfIncorporationOrResidenceOfAssociate">United Kingdom</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c69" id="ix_15_fact" name="gmvd:PercentOwnershipDescription">100% - G Medical Innovations Asia Ltd.</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Guangzhou Yimei Innovative Medical Science and Technology Co., Ltd.</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c70" name="ifrs-full:CountryOfIncorporationOrResidenceOfAssociate">China</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c70" name="gmvd:PercentOwnershipDescription">70% - G Medical Innovations Asia Ltd</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">G Medical Innovations MK Ltd.</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c71" name="ifrs-full:CountryOfIncorporationOrResidenceOfAssociate">Macedonia</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c71" name="gmvd:PercentOwnershipDescription">100%</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">G Medical Innovations USA Inc.</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c72" name="ifrs-full:CountryOfIncorporationOrResidenceOfAssociate">USA</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c72" name="gmvd:PercentOwnershipDescription">100%</ix:nonNumeric></td></tr>
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    <td style="text-align: left"><ix:nonNumeric contextRef="c73" name="ifrs-full:CountryOfIncorporationOrResidenceOfAssociate">USA</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c73" name="gmvd:PercentOwnershipDescription">100% - G Medical Innovations USA Inc.</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Telerhythmics, LLC</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c74" name="ifrs-full:CountryOfIncorporationOrResidenceOfAssociate">USA</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c74" name="gmvd:PercentOwnershipDescription">100% - G Medical Innovations USA Inc.</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">G Medical Tests and Services, Inc**</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c75" id="ix_16_fact" name="ifrs-full:CountryOfIncorporationOrResidenceOfAssociate">USA</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c75" id="ix_17_fact" name="gmvd:PercentOwnershipDescription">100% - G Medical Innovations USA Inc.</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">G Medical Lab Services, Inc**</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c76" id="ix_18_fact" name="ifrs-full:CountryOfIncorporationOrResidenceOfAssociate">USA</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c76" id="ix_19_fact" name="gmvd:PercentOwnershipDescription">80% - G Medical Innovations USA Inc.</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><ix:nonNumeric contextRef="c77" name="ifrs-full:CountryOfIncorporationOrResidenceOfAssociate">USA</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c77" name="gmvd:PercentOwnershipDescription">100% - G Medical Innovations USA Inc.</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">G Medical Health and Wellness, Inc***</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c78" id="ix_20_fact" name="ifrs-full:CountryOfIncorporationOrResidenceOfAssociate">USA</ix:nonNumeric></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><ix:nonNumeric contextRef="c79" id="ix_22_fact" name="ifrs-full:CountryOfIncorporationOrResidenceOfAssociate">USA</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c79" id="ix_23_fact" name="gmvd:PercentOwnershipDescription">100% - G Medical Innovations USA Inc.</ix:nonNumeric></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9"><ix:continuation continuedAt="gmvd_ScheduleOfConsolidatedFinancialStatementsTableBlock-c0_cont_2" id="gmvd_ScheduleOfConsolidatedFinancialStatementsTableBlock-c0_cont_1"><ix:continuation continuedAt="gmvd_OrganizationalStructuresPolicyTextBlock-c0_cont_4" id="gmvd_OrganizationalStructuresPolicyTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.3in; text-align: left">*</td><td style="text-align: justify"><ix:footnote id="ix_3_footnote" xml:lang="en-US">Not active</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10"><ix:continuation continuedAt="gmvd_ScheduleOfConsolidatedFinancialStatementsTableBlock-c0_cont_3" id="gmvd_ScheduleOfConsolidatedFinancialStatementsTableBlock-c0_cont_2"><ix:continuation continuedAt="gmvd_OrganizationalStructuresPolicyTextBlock-c0_cont_5" id="gmvd_OrganizationalStructuresPolicyTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.3in; text-align: left">**</td><td style="text-align: justify"><ix:footnote id="ix_4_footnote" xml:lang="en-US">In December 2021 the Company started a new business activity of COVID-19 Testing operating in the State of California, under G Medical Tests and Services, Inc a wholly owned subsidiary of G Medical Innovations USA Inc. In addition, in December 2021, G Medical Lab Services, Inc. was established as a subsidiary of G Medical Tests and Services, Inc, which holds <ix:nonFraction contextRef="c6" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">80</ix:nonFraction>% of its share capital. The Company provides laboratory testing services as part of the Company COVID-19 testing in the United States. During the second half of 2022, the business activity of the companies was discontinued. (See Note 22).</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11"><ix:continuation id="gmvd_ScheduleOfConsolidatedFinancialStatementsTableBlock-c0_cont_3"><ix:continuation continuedAt="gmvd_OrganizationalStructuresPolicyTextBlock-c0_cont_6" id="gmvd_OrganizationalStructuresPolicyTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.3in; text-align: left">***</td><td style="text-align: justify"><ix:footnote id="ix_5_footnote" xml:lang="en-US">In July 2022 the Company established two wholly owned subsidiaries: G Medical Health and Wellness, Inc, and G Medical Health and Wellness Lab, Inc for the purpose of the new Direct-To-Customer health testing kits activity. Accordingly, consumers will be able to order tests online, perform the test in privacy and receive their results online within few days from receiving the test in the lab.</ix:footnote></td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&#160;</p></ix:continuation></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"></p><div>

</div><!-- Field: Page; Sequence: 12; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">NOTE 2
- SIGNIFICANT ACCOUNTING POLICIES (CONT.):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>C.</b></td><td style="text-align: justify"><b>Organizational
                                            Structure (cont.)</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12"><ix:continuation id="gmvd_OrganizationalStructuresPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The consolidated financial statements
incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquirer&#8217;s
identifiable assets, liabilities and contingent liabilities are initially recognized at their fair values at the acquisition date. The
results of acquired operations are included in the consolidated statement of comprehensive loss from the date on which control is obtained.
They are deconsolidated from the date on which control ceases. The goodwill represents the excess of the costs of a business combination
over the interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. Cost of a business combination
are comprised of the fair values of assets given, liabilities assumed and equity instruments issued. Any costs of acquisition are charged
to profit or loss. The Company recognizes any non-controlling interest in its acquisitions on an acquisition-by-acquisition basis, either
at fair value or at the non-controlling interest&#8217;s proportionate share of the recognized amounts of acquirer&#8217;s identifiable
net assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_TransactionWithNoncontrollingInterestsPolicyTextBlock-c0_cont_1" escape="true" name="gmvd:TransactionWithNoncontrollingInterestsPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>D.</b></td><td style="text-align: justify"><b>Transaction with Non-controlling interests</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_14"><ix:continuation id="gmvd_TransactionWithNoncontrollingInterestsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Transactions with non-controlling
interests that do not result in loss of control is accounted for as equity transactions &#8211; that is, as transactions with the owners
in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying
value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded
in equity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_15"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_UseOfEstimatesAndAssumptionsInThePreparationOfTheFinancialStatements-c0_cont_1" escape="true" name="gmvd:UseOfEstimatesAndAssumptionsInThePreparationOfTheFinancialStatements"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>E.</b></td><td style="text-align: justify"><b>Use of estimates and assumptions in the preparation of the consolidated financial statements</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16"><ix:continuation continuedAt="gmvd_UseOfEstimatesAndAssumptionsInThePreparationOfTheFinancialStatements-c0_cont_2" id="gmvd_UseOfEstimatesAndAssumptionsInThePreparationOfTheFinancialStatements-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The preparation of consolidated
financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities including estimates for transactions with the major shareholder, disclosure of contingent assets and liabilities at the
dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. By their nature,
these estimates are subject to measurement uncertainty and are reviewed periodically and adjustments, if necessary, are made in the
year which they are identified. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17"><ix:continuation id="gmvd_UseOfEstimatesAndAssumptionsInThePreparationOfTheFinancialStatements-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company uses estimates that
affect the reported amounts regarding derivative liabilities &#8211; warrants, convertible securities and share based compensation (See
also Note 3).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_NoncontrollingInterestsPolicyTextBlock-c0_cont_1" escape="true" name="gmvd:NoncontrollingInterestsPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>F.</b></td><td style="text-align: justify"><b>Non-controlling interests</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19"><ix:continuation id="gmvd_NoncontrollingInterestsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Total comprehensive loss of non-wholly
owned subsidiaries is attributed to owners of the parent and to the non-controlling interests in proportion to their relative ownership
interests.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_ForeignCurrencyPolicyTextBlock-c0_cont_1" escape="true" name="gmvd:ForeignCurrencyPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>G.</b></td><td style="text-align: justify"><b>Foreign currency</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21"><ix:continuation continuedAt="gmvd_ForeignCurrencyPolicyTextBlock-c0_cont_2" id="gmvd_ForeignCurrencyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The consolidated financial statements are prepared in U.S. Dollars
(the functional currency). Transactions and balances in foreign currencies are converted into U.S. Dollars in accordance with the principles
set forth by International Accounting Standard (IAS) 21 &#8220;The Effects of Changes in Foreign Exchange Rates&#8221;. Accordingly, transactions
and balances have been converted as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22"><ix:continuation continuedAt="gmvd_ForeignCurrencyPolicyTextBlock-c0_cont_3" id="gmvd_ForeignCurrencyPolicyTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Monetary assets
                                            and liabilities &#8211; at the rate of exchange applicable at the consolidated statements
                                            of financial position date.</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23"><ix:continuation continuedAt="gmvd_ForeignCurrencyPolicyTextBlock-c0_cont_4" id="gmvd_ForeignCurrencyPolicyTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Exchange gains and losses from the
                                            aforementioned conversion are recognized in the statement of comprehensive loss.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24"><ix:continuation continuedAt="gmvd_ForeignCurrencyPolicyTextBlock-c0_cont_5" id="gmvd_ForeignCurrencyPolicyTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Expense items &#8211; at exchange
                                            rates applicable as of the date of recognition of those items.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25"><ix:continuation id="gmvd_ForeignCurrencyPolicyTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Non-monetary items are converted
                                            at the rate of exchange used to convert the related consolidated statements of financial
                                            position items, i.e., at the time of the transaction.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 13; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 2 - SIGNIFICANT ACCOUNTING
POLICIES (CONT.):<span style="font-size: 10pt">&#160;&#160;</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>H.</b></td><td style="text-align: justify"><b>Cash and cash equivalents</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27"><ix:continuation id="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Cash equivalents are considered
by the Company to be highly liquid investments, including, short-term deposits with banks and the maturity of which do not exceed three
months at the time of deposit, and which are not restricted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_RestrictedDepositPolicyTextBlock-c0_cont_1" escape="true" name="gmvd:RestrictedDepositPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>I.</b></td><td style="text-align: justify"><b>Restricted deposit</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29"><ix:continuation id="gmvd_RestrictedDepositPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Restricted deposit is considered
by the Company to be deposits with banks which are used mainly as a security for guarantees provided against payable payments in advance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>J.</b></td><td style="text-align: justify"><b>Research and development</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Research costs are expensed as incurred.
Development expenditures on an individual project are recognized as an intangible asset when the Company can demonstrate:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">The product is technically and commercially
                                            feasible.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">The Company intend to complete the
                                            product so that it will be available for use or sale.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">The Company has the ability to use
                                            the product or sell it.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">The Company has the technical, financial
                                            and other resources to complete the development and to use or sell the product.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">The Company can demonstrate the
                                            probability that the product will generate future economic benefits.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">The Company is able to measure reliability
                                            the expenditure attributable to the product during the development.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38"><ix:continuation id="_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">During the years 2022 and 2021 the
Company did not meet the above criteria therefore all the development costs have been recognized as expenses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>K.</b></td><td style="text-align: justify"><b>Leases</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company applied the following
practical expedients when applying IFRS 16 (January 1, 2019) to leases previously classified as operating leases:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Applied a single discount rate to
                                            a portfolio of leases with reasonably similar characteristics.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Applied the exemption not to recognize
                                            right-of-use assets and liabilities for leases with less than 12 months of lease term remaining
                                            as of the date of initial application and do not contain a purchase option.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Applied the practical expedient
                                            provided by the standard to recognize right-of-use assets equal to the lease liability upon
                                            initial application.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-weight: normal">Under
IFRS 16, the Company recognizes right-of-use assets and lease liabilities for most leases. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Right-of-use assets: </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company recognizes right-of-use
assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured
at cost, less any accumulated depreciation and any accumulated impairment losses, and adjusted for any re-measurement of lease liabilities.
The cost of right-of-use assets comprises the amount of the initial measurement of the lease liability; lease payments made at or before
the commencement date less any lease incentives received; and initial direct costs incurred. The recognized right-of-use assets are depreciated
on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.
The right-of-use assets are presented within property, plant and equipment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 14; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">NOTE 2
- SIGNIFICANT ACCOUNTING POLICIES (CONT.):</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>K.</b></td><td style="text-align: justify"><b>Leases (cont.)</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Lease liabilities:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">At the commencement date of the
lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease
payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments
that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the
exercise price of a purchase option that is reasonably certain to be exercised by the Company and payments of penalties for terminating
a lease, if the lease term reflects the Company exercising the option to terminate. The variable lease payments that do not depend on
an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Lease term:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50"><ix:continuation id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The term of a lease is determined
as the non-cancellable period for which a lessee has the right to use an underlying asset, together with periods covered by an option
to extend the lease if the lessee is reasonably certain to exercise that option periods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>L.</b></td><td style="text-align: justify"><b>Earnings per share</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52"><ix:continuation id="_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Basic and diluted earnings per share
is calculated as net loss attributable to the shareholders of the Company, divided by the weighted average number of ordinary shares
in circulation during the year.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>M.</b></td><td style="text-align: justify"><b>Government grant</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_2" id="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Government grants are not recognized
before there is reasonable assurance that the Company would comply with the conditions attached and that the grants would be accepted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_3" id="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">When entitlement to a government
grant is created as compensation for expenses or losses already incurred or in order to provide immediate support to the Company without
any future reference costs, the Company recognized the grant in profit or loss during the period in which entitlement to the grant was
created.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_4" id="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">In cases other than the above, government
grants have been recognized in profit or loss on a systematic basis over periods that the Company recognizes costs that are referred
to as expenses for which the grants are intended to provide compensation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57"><ix:continuation id="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Grants relating to the expense were
recorded in the statement of comprehensive loss less the related expenses. In April 2020, under the Coronavirus Aid, Relief, and Economic
Security Act (the &#8220;CARES Act&#8221;) in the United States the U.S subsidiary signed an agreement with Small Business Administration
(&#8220;SBA&#8221;) receive a loan according to the Paycheck Protection Program (&#8220;PPP&#8221;) in the amount of approximately $<ix:nonFraction contextRef="c54" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AmountOfPaycheckProtectionProgram" scale="3" unitRef="usd">900</ix:nonFraction>
from Bank of America. According to the terms of the PPP loan, the payments were deferred for six months from the funding date and no
collateral or personal guarantees are required. The PPP loan had a maturity of two years and bore an interest rate of <ix:nonFraction contextRef="c7" decimals="2" format="ixt:num-dot-decimal" name="gmvd:InterestRate" scale="-2" unitRef="pure">1</ix:nonFraction>%. A borrower
can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. The Company applied
for forgiveness for the PPP loan. The PPP loan was accounted for as a deduction from wage expenses in 2020 and not as a loan liability
since all conditions for waiver were met as of December 31, 2020. On April 3, 2021, the Company received approval for a full forgiveness
from the SBA and the loan was fully paid from SBA to Bank of America.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 15; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 2 - SIGNIFICANT ACCOUNTING
POLICIES (CONT.):</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_ProvisionsPolicyTextBlock-c0_cont_1" escape="true" name="gmvd:ProvisionsPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>N.</b></td><td style="text-align: justify"><b>Provisions</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59"><ix:continuation id="gmvd_ProvisionsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Provisions are recognized when the
Company has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits
will result and that outflow can be reliably measured. Provisions are measured using the best estimate of the amounts required to settle
the obligation at the end of the reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>O.</b></td><td style="text-align: justify"><b>Fair value measurement</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Fair value is the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place
either:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">In the principal market
                                            for the asset or liability, or</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: justify">In the absence of a
                                            principal market, in the most advantageous market for the asset or liability.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The principal or the most advantageous
market must be accessible to the Company. The fair value of an asset or a liability is measured using the assumptions that market participants
would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement
of a non-financial asset takes into account a market participant&#8217;s ability to generate economic benefits by using the asset in
its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company uses valuation techniques
that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant
observable inputs and minimizing the use of unobservable inputs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Classification of fair value
hierarchy </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The financial instruments presented
in the statement of financial position at fair value are grouped into classes with similar characteristics using the following fair value
hierarchy which is determined based on the source of input used in measuring fair value:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68"><ix:continuation id="_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="padding-left: 0.25in; width: 12%; text-align: left">Level 1</td>
    <td style="width: 3%; text-align: left">-</td>
    <td style="width: 85%; text-align: left">Quoted prices (unadjusted) in active markets for identical assets or liabilities.</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 0.25in; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 0.25in; text-align: left">Level 2</td>
    <td style="text-align: left">-</td>
    <td style="text-align: justify">Inputs other than quoted prices included within Level 1 that are observable either directly or indirectly.</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 0.25in; text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 0.25in; text-align: left">Level 3</td>
    <td style="text-align: left">-</td>
    <td style="text-align: justify">Inputs that are not based on observable market data (valuation techniques which use inputs that are
    not based on observable market data).</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>
</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 16; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.):</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>P.</b></td><td style="text-align: justify"><b>Financial instruments</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Financial assets</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company classifies its financial
assets into the following category, based on the business model for managing the financial asset and its contractual cash flow characteristics.
The Company&#8217;s accounting policy for the relevant category is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Amortized cost: These assets arise
principally from the services rendered to customers (e.g. trade receivables), but also incorporate other types of financial assets where
the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of
principal and interest. They are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition
or issue and are subsequently carried at amortized cost using the effective interest rate method, less provision for impairment. Impairment
provisions for trade receivables are recognized based on the simplified approach within IFRS 9 using a provision matrix in the determination
of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed.
This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit
loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in a separate provision account
with the loss being recognized within general and administrative expenses in the consolidated statements of comprehensive income. On
assessment that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated
provision.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 39.3pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Financial liabilities</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company&#8217;s accounting policy
for its financial liabilities is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Fair value through profit or loss: This category comprises of convertible
securities and warrants which are carried in the consolidated statement of financial position at fair value with changes in fair value
recognized in the consolidated statement of comprehensive income. The treatment of the changes in the credit risk of those items were
designated for being recognized in other comprehensive income. Amortized cost: Other financial liabilities include bank borrowings, loans
from banks, trade payables, loans from major shareholders, leases and financial liability are initially recognized at fair value less
any transaction costs directly attributable to the issue of the instrument. Such liabilities are subsequently measured at amortized cost
using the effective interest method, which ensures that any interest expense over the period is at a constant interest rate on the balance
of the liability carried in the statement of financial position. Interest expense in this context includes initial transaction costs,
as well as any interest or coupon payable while the liability is outstanding.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">De-recognition</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Financial assets - The Company derecognizes
a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the rights to receive
the contractual cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Financial Liabilities - The Company
derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -14.2pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -14.2pt"></p><div>

</div><!-- Field: Page; Sequence: 17; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">NOTE 2
- SIGNIFICANT ACCOUNTING POLICIES (CONT.):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>P.</b></td><td style="text-align: justify"><b>Financial instruments (cont.)</b></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Impairment of financial assets</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Expected credit losses (&#8220;ECL&#8221;)
and their measurement:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">In order to manage the credit risks
associated with customer receivables, the Company aims to secure certain financial guarantees prior to entering into business relationship
with its customers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">To this end, the Company has developed
a four-level matrix, which is based on past experience and historical data along with projections of the future into consideration, in
order to group the ECL:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">Receivable from sale
                                            of products &#8211; prepayment by credit card on the Company&#8217;s website.</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">2.</td><td style="text-align: justify">Receivables from Medicare and Medicaid
                                            Services (&#8220;CMS&#8221;) &#8211; reimbursement, which the Company receives per the relevant
                                            Current Procedural Terminology (&#8220;CPT&#8221;) code rate for the services rendered to
                                            the patient covered by CMS.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">3.</td><td style="text-align: justify">Receivables from contracted third-party
                                            payors &#8211; the Company has negotiated amounts for its monitoring services provided to
                                            patients covered by commercial healthcare insurance carriers.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">4.</td><td style="text-align: justify">Receivables from non-contracted payors
                                            - non-contracted commercial and government insurance carriers often reimburse out of network
                                            rates provided for under the relevant CPT codes on a case rate basis. The transaction price
                                            is based on an average of the Company&#8217;s historical collection experience, and it is
                                            reviewed quarterly.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">ECL are measured as the unbiased
probability-weighted present value of all cash shortfalls over the expected life of each financial asset. For receivables from services,
ECL are mainly calculated with a statistical model using three major risk parameters: probability of default, loss given default, and
exposure at default. The estimation of these risk parameters incorporates all available relevant information, not only historical and
current loss data, but also reasonable and supportable forward-looking information reflected by the future expectation factors. This
information includes macroeconomic factors (e.g., gross domestic product growth, unemployment rate, cost performance index) and forecasts
of future economic conditions. For receivables from services, these forecasts are performed using a scenario analysis (base case, adverse,
and optimistic scenarios).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_20" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The expected credit loss for customer
receivables is measured using the simplified method in accordance with IFRS 9, which requires estimation of the life-time expected credit
loss for trade receivables.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_21" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">As of December 31, 2022 and December
31, 2021, ECL for trade and other account receivables were $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:OtherAccountReceivables" scale="3" unitRef="usd">450</ix:nonFraction> and $<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:OtherAccountReceivables" scale="3" unitRef="usd">464</ix:nonFraction> respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_22" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><i>Definition of default, including
reasons for selecting the definition</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_23" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">For the contracted and CMS portfolios,
the Company has historical experience of collecting substantially most of the negotiated contractual rates and determined at contract
inception that these customers, and or their related third-party payor that pays the Company on their behalf, have the intention and
ability to pay the promised consideration. As such, the Company is not providing an implicit price concession but, rather, have chosen
to accept the risk of default, and adjustments to the transaction price are recorded as bad debt expense. For non-contracted portfolios,
the Company is providing an implicit price concession because the Company does not have a contract with the underlying payor, the result
of which requires us to estimate transaction price based on historical cash collections utilizing the expected value method. Subsequent
adjustments to the transaction price are recorded as an adjustment to revenue and not as an expense.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&#160;</p></ix:continuation></ix:continuation><div>



</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"></p><div>

</div><!-- Field: Page; Sequence: 18; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">NOTE 2
- SIGNIFICANT ACCOUNTING POLICIES (CONT.):</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>P.</b></td><td style="text-align: justify"><b>Financial instruments (cont.)</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_24" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><i>Write-off policy</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_25" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company writes off its financial
assets if any of the following occur:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_26" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_25"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Inability to locate
                                            the debtor.</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_27" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_26"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Discharge of the debt in a bankruptcy.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_28" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_27"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">It is determined that the efforts
                                            to collect the debt are no longer cost effective given the size of receivable.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_29" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_28"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Open debts over 18 months.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98"><ix:continuation id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The collections department must
comply with the collection efforts outlined in the policy to collect on delinquent customer accounts before any write-offs are made.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>Q.</b></td><td style="text-align: justify"><b>Impairment of non-financial assets</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Goodwill and other intangible assets
that have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more frequently if events
or changes in circumstances indicate that they might be impaired. Other non-financial assets are reviewed for impairment whenever events
or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount
by which the asset&#8217;s carrying amount exceeds its recoverable amount. Recoverable amount is the higher of an asset&#8217;s fair
value less costs of disposal and value-in-use.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101"><ix:continuation id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The value-in-use is the present
value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating
unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.
A cash-generating unit is the smallest group of assets that independently generates cash flow and whose cash flow is largely independent
of the cash flows generated by other assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>R.</b></td><td style="text-align: justify"><b>Property, plant, and equipment</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Items of property, plant, and equipment
are initially recognized at cost. Cost includes directly attributable costs and the estimated present value of any future costs of dismantling
and removing items. Depreciation is computed by the straight-line method, based on the estimated useful lives of the assets, as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104"><ix:nonNumeric contextRef="c0" escape="true" name="gmvd:DisclosureOfEstimatedUsefulLives"><ix:continuation id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Estimated useful lives</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left">Computers and electronic equipment</td><td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: center"><ix:nonNumeric contextRef="c80" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">3</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Furniture and equipment</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c81" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">7</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Vehicles</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c82" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">6</ix:nonNumeric>-<ix:nonNumeric contextRef="c83" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">7</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Leasehold Improvement</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c84" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">3</ix:nonNumeric>-<ix:nonNumeric contextRef="c85" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">7</ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Lab equipment</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c86" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">5</ix:nonNumeric></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 19; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b>NOTE 2
- SIGNIFICANT ACCOUNTING POLICIES (CONT.):</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>S.</b></td><td style="text-align: justify"><b>Revenue recognition</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Service revenue</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company&#8217;s revenue is generated primarily from providing cardiac
monitoring services. Revenue is recognized when the Company satisfies a performance obligation by transferring service to a customer,
and collectability of the contract consideration is probable. The Company&#8217;s revenue is measured based on consideration specified
in the contract with each customer. Revenue is only recognized if it is highly probable that a subsequent change in its estimate would
not result in a significant revenue reversal.&#160; The Company provides cardiac services using four types of monitors: Mobile Cardiac
Telemetry (&#8220;MCT&#8221;), Event Extended Holter, Holter, and Prizma device&#8217;s RPM of vital signs. The Company&#8217;s services
consist of the delivery of reports containing analysis of data captured by the physical device to the prescribing physician and the revenue
is recognized upon the delivery of the customer&#8217;s report.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Billings for services reimbursed
by third party payers, including Medicare and Medicaid, are recorded as revenue net of contractual allowances.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Contractual allowances are
estimated based on historical collections by CPT code (Current Procedural Terminology) <span style="font-size: 10pt">&#160;</span>for
specific payers or class of payers and represent the difference between the list price (the billing rate) and the reimbursement rate
for each payer.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">All of the Company&#8217;
Service Revenue are generated from service provided through an independent diagnostic testing facility model which allows the
Company to bill Medicare, Medicaid, or one of the third-party healthcare insurers directly for services provided. The Company also
receives reimbursement directly from patients through co-pays and self-pay arrangements.<span style="font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">A summary of the payment arrangements
with payers is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">CMS (Centers for
                                            Medicare &amp; Medicaid Services) - the Company receive reimbursement per the relevant CPT
                                            (Current Procedural Terminology) code rate for the services rendered to the patient covered
                                            by CMS.</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Contracted third-party
                                            payers &#8211; the Company has negotiated amounts for its monitoring services provided to
                                            patients covered by commercial healthcare insurance carriers.</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Non-contracted
                                            payers - non-contracted commercial and government insurance carriers often reimburse out
                                            of network rates provided for under the relevant CPT codes on a case rate basis. The transaction
                                            price is based on an average of the Company&#8217;s historical collection experience, and
                                            it is reviewed quarterly. <span style="font-size: 10pt">&#160;</span>For the contracted and
                                            CMS portfolios the Company has historical experience of collecting most of the negotiated
                                            contractual rates and determined at contract inception that these customers, and or their
                                            related third-party payer that pays the Company on their behalf, have the intention and ability
                                            to pay the promised consideration. As such, the Company is not providing an implicit price
                                            concession but, rather, have chosen to accept the risk of default, and adjustments to the
                                            transaction price are recorded as bad debt expense. <span style="font-size: 10pt">&#160;&#160;</span>For
                                            non-contracted portfolios, the Company is providing an implicit price concession because
                                            the Company does not have a contract with the underlying payer, the result of which requires
                                            us to estimate transaction price based on historical cash collections utilizing the expected
                                            value method. Subsequent adjustments to the transaction price are recorded as an adjustment
                                            to revenue and not as bad debt expense.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Covid-19 services</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">In December 2021 the Company started
a new business activity of COVID-19 testing in the State of California, providing its COVID-19 testing services. There are two groups
of payors from which the Company seeks payment for testing services provided to patients:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">US federal government&#8217;s Health
Resources &amp; Services Administration program (&#8220;HRSA&#8221;). and&#160;Insurance companies.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 20; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">NOTE 2
- SIGNIFICANT ACCOUNTING POLICIES (CONT.):</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>S.</b></td><td style="text-align: justify"><b>Revenue recognition
                                            (cont.)</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_14" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">US federal government&#8217;s Health
Resources &amp; Services Administration program (&#8220;HRSA&#8221;)</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_15" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">On March 22, 2022, the HRSA program
stopped accepting claims for Covid-19 testing and treatment due to lack of sufficient funds. Despite requests from the Acting Director
of the Office of Management and Budget and the White House Coordinator for Covid-19 Response for additional emergency funding for the
uninsured program, emergency funding has not been allocated to the HRSA uninsured program as of the financial statement issuance date.&#160;If
funding for the HRSA program is reinstituted in the future, the Company will submit eligible claims for reimbursement to HRSA.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_16" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">For the twelve months ended December 31, 2022, the Company recognized
revenue in the amount of approximately $<ix:nonFraction contextRef="c65" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Revenue" scale="3" unitRef="usd">361</ix:nonFraction> for performing tests which have been collected until March 22, 2022, from HRSA, the Company
did not recognized revenue from Covid tests performed to uninsured patients after March 22, 2022 since HRSA program stopped. In case the
program will be reinstituted in the future the Company will recognize this revenue on cash basis. All costs incurred in respect of tests
provided under HRSA, have been fully charged to profit or loss (see note 22 re discontinuation of this operation).&#160;&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_17" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Insurance companies - the Company has not yet recognized
revenue due to the remaining uncertainty concerning the existence of enforceable contracts with the insurance companies in respect of
collectability as it lacks sufficient experience with private insurance companies.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_18" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">For accounting purposes, since the
Company did not meet the revenue recognition criteria in accordance with IFRS 15 the Company will recognize revenue on cash basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_19" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Sale of devices</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_20" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Sales of products consist of
revenue from the sale of Prizma Medical Smartphone Case as well as future sale of Kits. The Company recognizes revenue at the amount
to which it expects to be entitled when control of the products or services is transferred to its customers. Control is generally
transferred when the Company has a present right to payment and title and the significant risks and rewards of ownership of products
are transferred to its customers. There is limited judgement needed in identifying the point control passes: once physical delivery
of the products to the agreed location has occurred, the Company no longer has physical possession, the Company usually will have a
present right to payment (as a single payment on delivery) and retains none of the significant risks and rewards of the goods in
question.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125"><ix:continuation id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">For most of the Company&#8217;s
products sales, control transfers when products are shipped.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_1" escape="true" name="gmvd:NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>T.</b></td><td style="text-align: justify"><b>New standards, interpretations and amendments not yet effective.</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127"><ix:continuation continuedAt="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_2" id="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">There are several standards, amendments
to standards, and interpretations, which have been issued by the IASB that are effective in future accounting periods that the Company
has decided not to adopt early.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">NOTE 2
- SIGNIFICANT ACCOUNTING POLICIES (CONT.):</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-style: normal"><b>T.</b></span></td><td style="text-align: justify"><span style="font-style: normal"><b>New standards, interpretations
and amendments not yet effective (cont.)</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128"><ix:continuation continuedAt="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_3" id="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company has not early adopted any standard,
interpretation or amendment that has been issued but is not yet effective. There are a number of standards, amendments to standards, and
interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt
early.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129"><ix:continuation continuedAt="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_4" id="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The following amendments are effective for the
period beginning January 1, 2023:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130"><ix:continuation continuedAt="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_5" id="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Disclosure
                                            of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); </span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131"><ix:continuation continuedAt="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_6" id="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Definition
                                            of Accounting Estimates (Amendments to IAS 8); and </span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132"><ix:continuation continuedAt="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_7" id="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Deferred
                                            Tax Related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS
                                            12). </span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133"><ix:continuation continuedAt="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_8" id="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following amendments are effective for the
period beginning January 1, 2024:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134"><ix:continuation continuedAt="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_9" id="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">IFRS
                                            16 Leases (Amendment &#8211; Liability in a Sale and Leaseback) </span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135"><ix:continuation continuedAt="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_10" id="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">IAS
                                            1 Presentation of Financial Statements (Amendment &#8211; Classification of Liabilities as
                                            Current or Non-current) </span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136"><ix:continuation continuedAt="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_11" id="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">IAS
                                            1 Presentation of Financial Statements (Amendment &#8211; Non-current Liabilities with Covenants)
                                            </span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137"><ix:continuation continuedAt="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_12" id="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company is currently assessing the impact
of these new accounting standards and amendments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138"><ix:continuation id="gmvd_NewStandardsInterpretationsAndAmendmentsNotYetEffectivePolicyTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company does not expect any other standards
issued by the IASB, but not yet effective, to have a material impact on the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_InventoriesPolicyTextBlock-c0_cont_1" escape="true" name="gmvd:InventoriesPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>U.</b></td><td style="text-align: justify"><b>Inventories</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140"><ix:continuation id="gmvd_InventoriesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Inventories are initially recognized at cost,
and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs
incurred in bringing the inventories to their present location and condition. Weighted average cost is used to determine the cost of
ordinarily interchangeable items. A provision is made to reduce excess and obsolete inventories to net realizable value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>V.</b></td><td style="text-align: justify"><b>Post-employment benefits</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142"><ix:continuation id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">One of the Company subsidiaries, has a post-employment
benefits plan, The plan is financed by contributions to insurance companies and classified as defined contribution plans. The Company
has contributed for all of its employee&#8217;s contribution plans pursuant to Section 14 to the Severance Pay Law which the Company
pays fixed contributions and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient
amounts to pay all employee benefits relating to employee service in the current and prior periods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_TransactionsWithShareholdersPolicyTextBlock-c0_cont_1" escape="true" name="gmvd:TransactionsWithShareholdersPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>W.</b></td><td style="text-align: justify"><b>Transactions with shareholders</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144"><ix:continuation id="gmvd_TransactionsWithShareholdersPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">A loan received from the controlling shareholder is recorded on first
recognition in the financial statements of the Company as a liability according to its fair value. The difference between the amount of
the loan received or given and its fair value on the date of recognition for the first time is recognized in equity. After first recognition,
the loan is presented in the financial statements of the Company in accordance with the effective interest method.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 22; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 3 </b>- <b>CRITICAL ACCOUNTING ESTIMATES
AND JUDGEMENTS:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_2" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b>Share based compensation
</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_3" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company measures the share-based expense and the cost of equity-settled
transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The measurement
of the fair value of the share-based expense with service providers measured at the day that the service was provided. The fair value
is determined using an accepted options pricing model (Black Scholes model and Monte-Carlo). The model is based on share price, grant
date and on assumptions regarding expected volatility, expected life of the options, expected dividend, and a no risk interest rate. As
for granted options which are settled in equity instruments, the fair value of the options at the grant date is charged to the statement
of comprehensive loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity
instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognized over the vesting period is based
on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of
the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting
conditions are satisfied.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_4" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>Share based compensation
(cont.)</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_5" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">For Financial instruments recognized
in Fair Value &#8211; See note 2)P).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_6" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Financial liabilities at fair value</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_7" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The fair value of financial liabilities at fair
value was estimated by using a Black Scholes model and Monte-Carlo simulation approach, which was aimed to model the value of the Company&#8217;s
assets over time. The simulation approach was designed to take into account the terms and conditions financial liability, as well as the
capital structure of the Company and the volatility of its assets. The valuation was performed based on management&#8217;s assumptions
and projections.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_8" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Expected credit losses (&#8220;ECL&#8221;)</b></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_9" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_8"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">See accounting policy in Note 2.P.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>NOTE 4 - INVENTORY:</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="gmvd:ScheduleOfFairValueOfFinancialLiabilitiesAtFairValueTableTextBlock"><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="white-space: nowrap; text-align: justify">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">December&#160;31,<br/>
    2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">December&#160;31,</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">2021</p></td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Raw materials</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RawMaterials" scale="3" unitRef="usd">32</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RawMaterials" scale="3" unitRef="usd">116</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Finished goods</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 contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinishedGoods" scale="3" unitRef="usd">260</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinishedGoods" scale="3" unitRef="usd">239</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialLiabilities" scale="3" unitRef="usd">292</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialLiabilities" scale="3" unitRef="usd">355</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company recorded an inventory write off in
the amount of $<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InventoriesTotal" scale="3" unitRef="usd">2,084</ix:nonFraction>, $<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InventoriesTotal" scale="3" unitRef="usd">13</ix:nonFraction> and $<ix:nonFraction contextRef="c54" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InventoriesTotal" scale="3" unitRef="usd">304</ix:nonFraction> during the years ended December 31, 2022, 2021 and 2020, respectively. According to Company&#8217;s policy,
the Company recognizes inventory write-offs according to the age of the inventory as of each cut-off date.<b>&#160;</b></p></ix:nonNumeric><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p><div>

</div><!-- Field: Page; Sequence: 23; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>NOTE 5 &#8211; TRADE RECEIVABLES,
NET:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="gmvd:ScheduleOfTradeReceivablesNet"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: justify">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
    2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
    2021</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Customers</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ReceivablesFromContractsWithCustomers" scale="3" unitRef="usd">1,043</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ReceivablesFromContractsWithCustomers" scale="3" unitRef="usd">971</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Less expected credit loss<span style="font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:LessExpectedCreditLoss" scale="3" unitRef="usd">450</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:LessExpectedCreditLoss" scale="3" unitRef="usd">464</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeReceivables" scale="3" unitRef="usd">593</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="gmvd_OtherAccountsReceivableTextBlock-c0_cont_1" escape="true" name="gmvd:OtherAccountsReceivableTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 6 </b>- <b>OTHER ACCOUNTS RECEIVABLE:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="gmvd_OtherAccountsReceivableTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="gmvd:ScheduleOfOtherAccountsReceivableTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: justify">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
    2022</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
    2021</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Prepaid expenses</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentPrepaidExpenses" scale="3" unitRef="usd">505</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentPrepaidExpenses" scale="3" unitRef="usd">1,033</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Institutions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:Institutions" scale="3" unitRef="usd">46</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:Institutions" scale="3" unitRef="usd">331</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Advances to suppliers</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-97">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentAdvancesToSuppliers" scale="3" unitRef="usd">194</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">other</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 contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:OtherAccountsReceivables" scale="3" unitRef="usd">75</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:OtherAccountsReceivables" scale="3" unitRef="usd">147</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Total other accounts receivable</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 contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherPayablesToRelatedParties" scale="3" unitRef="usd">626</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: justify; padding-bottom: 4pt">Total current other accounts receivable</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">NOTE 7 <span style="font-weight: normal">-
</span>PROPERTY, PLANT AND EQUIPMENT, NET:</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_ScheduleOfPropertyPlantAndEquipmentNetTableTextBlock-c0_cont_1" escape="true" name="gmvd:ScheduleOfPropertyPlantAndEquipmentNetTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: left">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    equipment</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2"><ix:continuation continuedAt="gmvd_ScheduleOfPropertyPlantAndEquipmentNetTableTextBlock-c0_cont_2" id="gmvd_ScheduleOfPropertyPlantAndEquipmentNetTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify"><ix:footnote id="ix_6_footnote" xml:lang="en-US">See also Note 14 &#8211; Leases</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 24; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">NOTE 7 <span style="font-weight: normal">-
</span>PROPERTY, PLANT AND EQUIPMENT, NET (CONT.): </p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><ix:continuation id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_3"><ix:continuation id="gmvd_ScheduleOfPropertyPlantAndEquipmentNetTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <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; ">
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  </table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in">*</td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">See</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">also
Note 14 &#8211; Leases</span></td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_1" escape="true" name="gmvd:ConvertibleSecuritiesTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">NOTE 8 <span style="font-weight: normal">-
</span>CONVERTIBLE SECURITIES AND FINANCIAL LIABILITY AT FAIR VALUE:</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_2" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 17.45pt">A.</td><td style="text-align: justify"><span style="font-weight: normal"><ix:nonNumeric contextRef="c110" name="gmvd:ConvertibleSecuritiesAgreementDescription">In October and November 2018, the Company entered into a convertible
securities agreement (the &#8220;Convertible Securities&#8221;) with investors (the &#8220;Noteholders&#8221;), according to which the
Company issued 1,286 notes (face value of $ 3,465 per note) to the Noteholders for an aggregate principal amount of $4,050. The Convertible
Securities matured 18 months after the issuance date and are convertible into an aggregate of 5,980 ordinary shares of the Company.</ix:nonNumeric> <ix:nonNumeric contextRef="c0" name="gmvd:ConvertibleDebtDescription">Each
Convertible Security is convertible into such number of ordinary shares equal to the product of the number of Convertible Securities converted
and the face value of $3,465 per Convertible Security, divided by exchange rate of $0.727 and divided by the fixed conversion price of
AUD 1,059.1 (approximately $719.7). In addition, the Company issued to the Noteholders 276 ordinary shares of the Company and warrants
(the &#8220;Convertible Securities Warrants&#8221;) to purchase an aggregate of 1,478 ordinary shares with an exercise price of AUD 1,231.7
(approximately $836.9) per share, which will expire on October 31, 2023.</ix:nonNumeric> </span></td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_3" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-weight: normal">For
lead manager services, the Company granted a warrant to purchase an aggregate of <ix:nonFraction contextRef="c111" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">386</ix:nonFraction> ordinary shares with an exercise price of AUD <ix:nonFraction contextRef="c111" decimals="1" format="ixt:num-dot-decimal" name="ifrs-full:IssuedCapitalOrdinaryShares" scale="0" unitRef="aud">1,231.7</ix:nonFraction>
(approximately $<ix:nonFraction contextRef="c111" decimals="1" format="ixt:num-dot-decimal" name="ifrs-full:IssuedCapitalOrdinaryShares" scale="0" unitRef="usd">836.9</ix:nonFraction>), which will expire on <ix:nonNumeric contextRef="c112" format="ixt:date-monthname-day-year-en" name="gmvd:ExpireYears">October 31, 2023</ix:nonNumeric>.</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_4" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-weight: normal">The
Convertible Securities Warrants were classified as a derivative financial liability and are re-measured each reporting date, with changes
in fair value recognized in finance expense (income), net, since the exercise price is denominated in AUD and the functional currency
of the Company is the USD.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_5" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-weight: normal">The
Company designated upon initial recognition that the Convertible Securities be measured at fair value through profit or loss. The transaction
costs for lead manager services were recorded through profit or loss and equity proportionately among the fair value of the issued securities
(notes, Convertible Securities, warrants, and ordinary shares).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_6" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">As of December 31, 2020, the Company had fulfilled and repaid all its
obligations under this Convertible Securities agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_7" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-weight: normal">As
of December 31, 2022 and 2021, the fair value amount of those warrants was $<ix:nonFraction contextRef="c111" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:WarrantLiability" scale="3" unitRef="usd">0</ix:nonFraction> and $<ix:nonFraction contextRef="c113" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:WarrantLiability" scale="3" unitRef="usd">1</ix:nonFraction> respectively.<span style="font-size: 10pt">&#160;</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -21.8pt"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -21.8pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -21.8pt"><span style="font-weight: normal">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G
                                            MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -21.8pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b>NOTE 8 <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
CONVERTIBLE SECURITIES AND FINANCIAL LIABILITY AT FAIR VALUE (CONT.):</span>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -21.8pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -21.8pt"></p><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_8" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>B.</b></td><td style="text-align: justify"><span style="font-weight: normal">On December 21, 2020, the
Company entered into a CLA transaction (the &#8220;CLA Transaction&#8221;), whereby the Company entered into a securities purchase agreement,
including convertible debentures and warrants to purchase the Company&#8217;s ordinary shares, with Alpha Capital Anstalt (&#8220;Alpha&#8221;),
pursuant to which the Company obtained a convertible loan in an aggregate amount of $<ix:nonFraction contextRef="c114" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfConvertibleInstruments" scale="3" unitRef="usd">350</ix:nonFraction>, against issuance of convertible debentures
(the &#8220;December 2020 Financing Debentures&#8221;), and warrants to purchase <ix:nonFraction contextRef="c114" decimals="0" format="ixt:num-dot-decimal" name="gmvd:DebtConversionConvertedInstrumentSharesIssued" scale="0" unitRef="shares">2,277</ix:nonFraction> ordinary shares of the Company (the &#8220;December
2020 Financing Warrants&#8221;).</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -21.8pt">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_9" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-weight: normal">The
December 2020 Financing Warrants have an exercise price per share equal to the per share price of the Company&#8217;s ordinary shares in the
Nasdaq IPO in June, subject to standard adjustments and have a five-year term.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_10" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-weight: normal">Alpha
was also provided a right to purchase $<ix:nonFraction contextRef="c114" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AdditionalConvertibleDebenture" scale="3" unitRef="usd">150</ix:nonFraction> additional convertible debentures on the same terms for a period of six months from the date
of the CLA Transaction. On February 17, 2021, Alpha exercised the foregoing right to purchase $<ix:nonFraction contextRef="c115" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:IssuanceOfAdditionalConvertibleDebt" scale="3" unitRef="usd">150</ix:nonFraction> against issuance of additional convertible
debentures and warrants to purchase <ix:nonFraction contextRef="c115" decimals="0" format="ixt:num-dot-decimal" name="gmvd:DebtConversionConvertedInstrumentSharesIssued" scale="0" unitRef="shares">976</ix:nonFraction> ordinary shares, on the same terms as the CLA Transaction.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_11" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-weight: normal">In
2020, the convertible debentures, as well as the warrants and the right to purchase additional convertible debentures were classified
as a derivative financial liability. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_12" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-weight: normal">During
October 2021 the company repaid the two convertible debentures to Alpha along with the accrued interest due.</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_13" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-weight: normal">As
of December 31, 2022 and 2021, the fair value amount of those warrants was $<ix:nonFraction contextRef="c116" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:WarrantLiability" scale="3" unitRef="usd">0</ix:nonFraction> and $<ix:nonFraction contextRef="c117" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:WarrantLiability" scale="3" unitRef="usd">37</ix:nonFraction>, respectively.<span style="font-size: 10pt">&#160;</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -21.8pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_14" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>C.</b></td><td style="text-align: justify">In April 2021, the Company entered into a securities purchase
agreement, including convertible debentures and warrants to purchase the Company&#8217;s ordinary shares, with Jonathan B. Rubini (&#8220;Rubini&#8221;),
pursuant to which the Company obtained a convertible loan in an aggregate amount of $<ix:nonFraction contextRef="c118" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfConvertibleInstruments" scale="3" unitRef="usd">600</ix:nonFraction>, against issuance of convertible debentures,
and warrants to purchase <ix:nonFraction contextRef="c118" decimals="0" format="ixt:num-dot-decimal" name="gmvd:DebtConversionConvertedInstrumentSharesIssued" scale="0" unitRef="shares">3,903</ix:nonFraction> ordinary shares with an exercise price equal to the per share price of the Company&#8217;s ordinary shares
in the Nasdaq IPO in June 2021 and an expiration date of April <ix:nonNumeric contextRef="c118" format="ixt-sec:duryear" name="gmvd:ExpireYear">2026</ix:nonNumeric>. The debentures had a six-month term from issuance and bore interest
at <ix:nonFraction contextRef="c119" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" unitRef="pure">10</ix:nonFraction>% per annum. Since the Company did not pay the debenture within the six months term and until October 7, 2021, according to the
agreement, the interest rises to <ix:nonFraction contextRef="c120" decimals="2" format="ixt:num-dot-decimal" name="gmvd:ConvertibleInterestRate" scale="-2" unitRef="pure">12</ix:nonFraction>% per annum until April 2022 and then the interest rate will increase to <ix:nonFraction contextRef="c121" decimals="2" format="ixt:num-dot-decimal" name="gmvd:ConvertibleInterestRate" scale="-2" unitRef="pure">16</ix:nonFraction>% per annum until a repayment
date of October 7, 2023 (&#8220;repayment date&#8221;). If the Company has not paid the principal amount as of the repayment date the
conversion price shall be $<ix:nonFraction contextRef="c118" decimals="1" format="ixt:num-dot-decimal" name="gmvd:ConversionPrice" scale="0" unitRef="usdPershares">1.4</ix:nonFraction> per share. As of December 31, 2021, the total amount of this financial liability was $<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ReserveOfChangeInFairValueOfFinancialLiabilityAttributableToChangeInCreditRiskOfLiability" scale="3" unitRef="usd">648</ix:nonFraction> (including the
accrued interest) and the fair value amount of above warrants were $<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:WarrantLiability" scale="3" unitRef="usd">47</ix:nonFraction>.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -21.8pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_15" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">In June 2022, the
Company and Rubini signed an amended and restated convertible debenture which amended the terms of the original convertible debenture
agreement signed on April 7, 2021. According to the amended and restated agreement the Company promised to pay Rubini the principal sum
of $<ix:nonFraction contextRef="c122" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestPayable" scale="3" unitRef="usd">600</ix:nonFraction> on <ix:nonNumeric contextRef="c123" format="ixt:date-monthname-day-year-en" name="gmvd:DebtInstrumentMaturitiesDate">October 7, 2022</ix:nonNumeric> (the &#8220;Maturity Date&#8221;) which is a one year extension from the maturity date set forth in the original
debenture. The Company shall pay interest to the holder on the aggregate unconverted and then outstanding principal amount of this debenture
at the rate of <ix:nonFraction contextRef="c122" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" unitRef="pure">10</ix:nonFraction>% per annum, payable on the maturity date and thereafter subject to increase. In the event the Company has not paid
the principal amount of this debenture and all accrued but unpaid interest in full as of the maturity date then the interest shall increase
to <ix:nonFraction contextRef="c124" decimals="2" format="ixt:num-dot-decimal" name="gmvd:ConvertibleInterestRate" scale="-2" unitRef="pure">12</ix:nonFraction>% per annum until April 7, 2023 and then the interest rate will increase to <ix:nonFraction contextRef="c125" decimals="2" format="ixt:num-dot-decimal" name="gmvd:ConvertibleInterestRate" scale="-2" unitRef="pure">16</ix:nonFraction>% per annum until paid in full. If the Company has
not paid the principal amount as of the repayment date the conversion price shall be $<ix:nonFraction contextRef="c123" decimals="2" format="ixt:num-dot-decimal" name="gmvd:ConversionPrice" scale="0" unitRef="usdPershares">1.40</ix:nonFraction> per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_16" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">In October
2022, the Company and Rubini signed an additional amended and restated convertible debenture which amended the terms of the amended
and restated convertible debenture agreement by extending the repayment date of principal and interest. signed June 2022. According
to the amended and restated agreement the Company promised to pay Rubini the principal sum of $<ix:nonFraction contextRef="c126" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestPayable" scale="3" unitRef="usd">600</ix:nonFraction> on <ix:nonNumeric contextRef="c127" format="ixt:date-monthname-day-year-en" name="gmvd:DebtInstrumentMaturitiesDate">October 1, 2022</ix:nonNumeric> (the
&#8220;Maturity Date&#8221;) which is nearly a one year extension from the maturity date set forth in the original debenture. The
Company shall pay interest to the holder on the aggregate unconverted and then outstanding principal amount of this debenture at the
rate of <ix:nonFraction contextRef="c126" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" unitRef="pure">10</ix:nonFraction>% per annum, payable on the maturity date and thereafter subject to increase. In the event the Company has not paid the
principal amount of this debenture and all accrued but unpaid interest in full as of the maturity date then the interest shall
increase to <ix:nonFraction contextRef="c127" decimals="2" format="ixt:num-dot-decimal" name="gmvd:ConvertibleInterestRate" scale="-2" unitRef="pure">18</ix:nonFraction>% per annum until paid in full. If the Company has not paid the principal amount as of the repayment date the
conversion price shall be $<ix:nonFraction contextRef="c127" decimals="2" format="ixt:num-dot-decimal" name="gmvd:ConversionPrice" scale="0" unitRef="usdPershares">1.40</ix:nonFraction> per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_17" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">Since the amendments
of this convertible debenture were considered to be non-substantial, the Company accounted for it as an adjustment to the existing liability.
The amended convertible debenture is now measured at amortized cost using the effective interest method and as of December 31, 2022,
the total amount of this convertible debenture liability was $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:ConvertibleDebentureLiability" scale="3" unitRef="usd">737</ix:nonFraction> and the fair value on December 31, 2022 of above warrants was $<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:WarrantLiability" scale="3" unitRef="usd">1</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -21.25pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_18" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">This convertible debenture was fully repaid in April 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -21.25pt">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -21.25pt"></p><div>

</div><!-- Field: Page; Sequence: 26; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -21.25pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -21.25pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 8 <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-
CONVERTIBLE SECURITIES AND FINANCIAL LIABILITY AT FAIR VALUE (CONT.):</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -21.25pt">&#160;</p><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_19" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>D.</b></td><td style="text-align: justify">In December 2021, the Company entered into a Convertible
Loan Agreement (&#8220;Lind CLA Agreement&#8221;) transaction (the &#8220;December 2021 Note&#8221;) whereby the Company entered into
a securities purchase agreement relating to the purchase and sale of a senior convertible note for gross proceeds of US$<ix:nonFraction contextRef="c128" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:GrossProceeds" scale="3" unitRef="usd">5,000</ix:nonFraction> with Lind
Global Partners (&#8220;Lind&#8221;). The Lind CLA agreement provides for, among other things, the issuance of the December 2021 Note
with a $<ix:nonFraction contextRef="c129" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IssuedCapitalOrdinaryShares" scale="3" unitRef="usd">5,800</ix:nonFraction> face value, with a <ix:nonNumeric contextRef="c128" format="ixt-sec:durmonth" name="gmvd:ConvertibleNoteMaturityPeriod">24</ix:nonNumeric>-month maturity, and a fixed conversion price of $<ix:nonFraction contextRef="c128" decimals="1" format="ixt:num-dot-decimal" name="gmvd:FixedConversionPrice" scale="0" unitRef="usdPershares">122.5</ix:nonFraction> per share (or Conversion Price) of the Company&#8217;s
ordinary shares. At any time following the date that is earlier of <ix:nonNumeric contextRef="c130" continuedAt="gmvd_ConvertibleLoanAgreementDescription-c130_cont_1" name="gmvd:ConvertibleLoanAgreementDescription">(1) the date that is six month of the issuance date or (2) the date
of effectiveness of a registration statement covering the underlying conversion shares this Note shall be convertible. The Company is
required to make principal payments in 20 equal monthly instalments commencing 120 days after funding (the &#8220;Repayment&#8221;).</ix:nonNumeric></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_20" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_19"><ix:continuation id="gmvd_ConvertibleLoanAgreementDescription-c130_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">At the Company discretion,
the repayments can be made in: (i) cash; (ii) ordinary shares (after ordinary shares are registered) (or the Repayment Shares); or a
combination of both. Repayment Shares will be priced at 90% of the average of the five lowest daily VWAPs (Volume Weighted Average Price).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_21" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">Additionally, the
December 2021 Note ranks senior to other of the Company debt. Further, the Lind CLA Agreement provides that Lind will also receive a
common shares purchase warrant to purchase up to <ix:nonFraction contextRef="c129" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">32,766</ix:nonFraction> ordinary shares of the Company (the &#8220;December 2021 Warrant&#8221;). The
December 2021 Warrant may be exercisable with cash payment for <ix:nonNumeric contextRef="c128" format="ixt-sec:durmonth" name="gmvd:WarrantsExercisable">60</ix:nonNumeric> months with an exercise price of $<ix:nonFraction contextRef="c128" decimals="1" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" scale="0" unitRef="usdPershares">122.5</ix:nonFraction> per ordinary share (subject
to adjustments) and may be exercised on a cashless basis at any time after the earlier of (a) 120 days following the issuing date or
(b) in the event that a registration statement covering the underlying Common Shares is not deemed effective. Lind was also granted a
12-month right to participate in a future financing.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_22" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">The Company has
repaid in full the convertible loan in two instalments, an amount of $<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="gmvd:ConvertibleLoan" scale="6" unitRef="usd">2.5</ix:nonFraction> million was repaid in February 2022 and the remaining balance
was repaid in April 2022 and as part of the April 2022 private issuance described above.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_23" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">As of December 31,
2021, the fair value amount of this convertible note was $<ix:nonFraction contextRef="c129" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialLiabilitiesAtFairValue" scale="3" unitRef="usd">7,242</ix:nonFraction> and the fair value amount of the warrants was $<ix:nonFraction contextRef="c129" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:WarrantLiability" scale="3" unitRef="usd">1,174</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_24" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">Following the April
18, 2022, securities purchase agreement the warrants to purchase an aggregate of <ix:nonFraction contextRef="c131" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">32,766</ix:nonFraction> ordinary share of the Company that were issued
to Lind Global in December 2021 have been amended to have a reduced exercise price of $<ix:nonFraction contextRef="c132" decimals="1" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" scale="0" unitRef="usdPershares">52.5</ix:nonFraction> per ordinary share. In July 2022, this warrants
and other warrants which were issued to Lind Global were canceled and new warrants were issued, see below in paragraph H.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -21.25pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_25" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_24"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>E.</b></td><td style="text-align: justify">In January 2022, the Company entered into a definitive securities
purchase agreement with Armistice Capital Fund Ltd (&#8220;Armistice&#8221;) for the issuance, in a private placement, of an aggregate
of <ix:nonFraction contextRef="c133" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">68,571</ix:nonFraction> ordinary shares par value $<ix:nonFraction contextRef="c133" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">3.15</ix:nonFraction> per share or pre-funded warrants and warrants (or the &#8220;Ordinary Warrants&#8221;) to purchase
up to an aggregate of <ix:nonFraction contextRef="c134" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">68,572</ix:nonFraction> ordinary shares, at a purchase price of $<ix:nonFraction contextRef="c135" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">175</ix:nonFraction> per ordinary share (or pre-funded warrant) and associated warrant.
The gross proceeds to the Company from this private placement were $<ix:nonFraction contextRef="c136" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:GrossProceeds" scale="3" unitRef="usd">12,000</ix:nonFraction>.</td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_26" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">The Ordinary Warrants
have an exercise price of $<ix:nonFraction contextRef="c136" decimals="0" format="ixt:num-dot-decimal" name="gmvd:WarrantExercisePrice" scale="0" unitRef="usdPershares">175</ix:nonFraction> per share, were exercisable immediately upon issuance and will have a term of five (5) years. The pre-funded
warrants, and the associated Ordinary Warrant, were sold at a price of $<ix:nonFraction contextRef="c136" decimals="0" format="ixt:num-dot-decimal" name="gmvd:WarrantPrice" scale="0" unitRef="shares">175</ix:nonFraction> each, including the pre-funded warrant exercise price of
$<ix:nonFraction contextRef="c136" decimals="4" format="ixt:num-dot-decimal" name="gmvd:OrdinarySharePerUnit" scale="0" unitRef="usdPershares">0.0035</ix:nonFraction> per ordinary share. The pre-funded warrants were exercisable at any time after the date of issuance upon payment of the exercise
price.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_27" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">The Ordinary Warrants
and the pre-funded warrants were classified as a derivative financial liability.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0in">NOTE 8 <span style="font-weight: normal">-</span>
CONVERTIBLE SECURITIES AND FINANCIAL LIABILITY AT FAIR VALUE (CONT.):</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">E.</td><td style="text-align: justify">(cont.)</td>
</tr></table><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_28" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">The initial fair
value of the Ordinary Warrants and of the pre-funded warrants at issuance was $<ix:nonFraction contextRef="c136" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:WarrantsIssuance" scale="3" unitRef="usd">4,944</ix:nonFraction> and $<ix:nonFraction contextRef="c136" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:TransactionCosts" scale="3" unitRef="usd">3,440</ix:nonFraction>, respectively and transaction costs were
$<ix:nonFraction contextRef="c136" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:PaidCash" scale="3" unitRef="usd">1,993</ix:nonFraction> that were paid in cash and additional cost of $<ix:nonFraction contextRef="c136" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AdditionalCost" scale="3" unitRef="usd">248</ix:nonFraction> representing the fair value of <ix:nonFraction contextRef="c133" decimals="0" format="ixt:num-dot-decimal" name="gmvd:WarrantsGranted" scale="0" unitRef="shares">3,435</ix:nonFraction> warrants granted to the placement agent
for such private placement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_29" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">In July 2022, this
warrants and other warrants which were issued to Armistice were canceled and new warrants were issued, see below in
paragraph G.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_30" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">The Company remeasured the pre-funded warrants fair value at March
25, 2022 (date of exercise) as $<ix:nonFraction contextRef="c137" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:WarrantLiability" scale="3" unitRef="usd">1,152</ix:nonFraction> and the change in fair value was recorded in the Consolidated statement of comprehensive loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_31" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">All of those pre-funded
warrants were exercised on March 25, 2022, and <ix:nonFraction contextRef="c137" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">22,857</ix:nonFraction> ordinary shares were issued in consideration for $<ix:nonFraction contextRef="c137" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">0.0035</ix:nonFraction> per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_32" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">As a result of the
above, Lind Global Fund II LP (&#8220;Lind Global&#8221;) exercised its right of participation, and the Company entered into a definitive
securities purchase agreement with Lind Global (the &#8220;Lind SPA&#8221;) for the issuance, in a private placement, of an aggregate
of <ix:nonFraction contextRef="c138" decimals="0" format="ixt:num-dot-decimal" name="gmvd:OrdinaryShares" scale="0" unitRef="shares">571</ix:nonFraction> ordinary shares par value $<ix:nonFraction contextRef="c139" decimals="2" format="ixt:num-dot-decimal" name="gmvd:OrdinarySharesParValue" scale="0" unitRef="usdPershares">3.15</ix:nonFraction> per share and Ordinary Warrants to purchase up to an aggregate of <ix:nonFraction contextRef="c139" decimals="0" format="ixt:num-dot-decimal" name="gmvd:PurchaseOfWarrant" scale="0" unitRef="shares">572</ix:nonFraction> ordinary shares, at a purchase
price of $<ix:nonFraction contextRef="c139" decimals="0" format="ixt:num-dot-decimal" name="gmvd:PurchasePricePerOrdinaryShare" scale="0" unitRef="usdPershares">175</ix:nonFraction> per ordinary share and associated warrant.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_33" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">The terms of the
Lind SPA are substantially similar to the terms of the aforementioned securities purchase agreement, and the terms of the Ordinary Warrants
issued pursuant to the Lind SPA are substantially similar to the terms of the warrants issued pursuant to the aforementioned securities
purchase agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_34" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">The warrants were
classified as a derivative financial liability and the initial fair value of the warrants at issuance was $<ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:warrantsIsuance" scale="3" unitRef="usd">83</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_35" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">In July 2022 this
warrants and other warrants which were issued to Lind Global were canceled and new warrants were issued, see below in paragraph H.<span style="font-size: 10pt">&#160;&#160;</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_36" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">In April 2022,
the Company entered into a definitive securities purchase agreement with Armistice Capital Fund Ltd (&#8220;Armistice&#8221;) for the
issuance, in a private placement, of an aggregate of <ix:nonFraction contextRef="c140" decimals="0" format="ixt:num-dot-decimal" name="gmvd:AggregateOrdinaryShares" scale="0" unitRef="shares">142,857</ix:nonFraction> ordinary shares par value $<ix:nonFraction contextRef="c140" decimals="2" format="ixt:num-dot-decimal" name="gmvd:OrdinarySharesParValue" scale="0" unitRef="usdPershares">3.15</ix:nonFraction> per share or pre-funded warrants and
warrants (or the &#8220;Ordinary Warrants&#8221;) to purchase up to an aggregate of <ix:nonFraction contextRef="c140" decimals="0" format="ixt:num-dot-decimal" name="gmvd:PurchaseWarrantShares" scale="0" unitRef="shares">178,572</ix:nonFraction> ordinary shares, at a purchase price of
$<ix:nonFraction contextRef="c140" decimals="1" format="ixt:num-dot-decimal" name="gmvd:PurchasePricePerOrdinaryShares" scale="0" unitRef="usdPershares">52.5</ix:nonFraction> per ordinary share (or pre-funded warrant) and associated warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_37" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">The gross proceeds
to the Company from this private placement were $<ix:nonFraction contextRef="c140" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:PrivatePlacement" scale="3" unitRef="usd">7,500</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_38" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">The Ordinary Warrants
have an exercise price of $<ix:nonFraction contextRef="c140" decimals="1" format="ixt:num-dot-decimal" name="gmvd:WarrantExercisePrice" scale="0" unitRef="usdPershares">52.5</ix:nonFraction> per share, were exercisable immediately upon issuance and will have a term of five (5) years. The pre-funded
warrants, and the associated Ordinary Warrant, were sold at a price of $<ix:nonFraction contextRef="c141" decimals="1" format="ixt:num-dot-decimal" name="gmvd:OrdinaryWarrantPrice" scale="0" unitRef="usdPershares">52.5</ix:nonFraction> each, including the pre-funded warrant exercise price of
$<ix:nonFraction contextRef="c141" decimals="4" format="ixt:num-dot-decimal" name="gmvd:WarrantsExercisePrice" scale="0" unitRef="usdPershares">0.0035</ix:nonFraction> per ordinary share. The pre-funded warrants were exercisable at any time after the date of issuance upon payment of the exercise
price.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_39" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">The Ordinary Warrants
and the pre-funded warrants were classified as a derivative financial liability. The initial fair value of the Ordinary Warrants and
of the pre-funded warrants at issuance was $<ix:nonFraction contextRef="c142" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:WarrantsIssuance" scale="3" unitRef="usd">4,489</ix:nonFraction> and $<ix:nonFraction contextRef="c143" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:WarrantsIssuance" scale="3" unitRef="usd">3,160</ix:nonFraction>, respectively and transaction costs were $<ix:nonFraction contextRef="c140" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:TransactionCosts" scale="3" unitRef="usd">680</ix:nonFraction> that were paid in cash and
additional cost of $<ix:nonFraction contextRef="c140" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AdditionalCost" scale="3" unitRef="usd">254</ix:nonFraction> representing the fair value of <ix:nonFraction contextRef="c141" decimals="0" format="ixt:num-dot-decimal" name="gmvd:WarrantsGranted" scale="0" unitRef="shares">7,150</ix:nonFraction> warrants granted to the underwriters.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_40" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">In July 2022 this
warrants and other warrants which were issued to Armistice were canceled and new warrants were issued, see below in
paragraph G.<span style="font-size: 10pt">&#160;&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_41" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">All of the pre-funded
warrants were exercised on June 17, 2022 and <ix:nonFraction contextRef="c144" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">91,428</ix:nonFraction> ordinary shares were issued in consideration for $<ix:nonFraction contextRef="c144" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">0.0035</ix:nonFraction> per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -21.8pt">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -21.8pt"></p><div>

</div><!-- Field: Page; Sequence: 28; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -21.8pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -21.8pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 8 - CONVERTIBLE SECURITIES
AND FINANCIAL LIABILITY AT FAIR VALUE (CONT.):</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -21.8pt">&#160;</p><div>


</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_42" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_41"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>F.</b></td><td style="text-align: justify">In April 2022, the Company entered into an Amendment with
the holder, Armistice , of its warrants, as mentioned above in paragraph (E), to purchase up to an aggregate of <ix:nonFraction contextRef="c141" decimals="0" format="ixt:num-dot-decimal" name="gmvd:PurchasedShares" scale="0" unitRef="shares">68,572</ix:nonFraction> ordinary shares,
with a purchase price of $<ix:nonFraction contextRef="c140" decimals="0" format="ixt:num-dot-decimal" name="gmvd:PurchasePricePerOrdinaryShare" scale="0" unitRef="usdPershares">175</ix:nonFraction> per ordinary Share. The February Warrants were issued pursuant to a securities purchase agreement dated
January 30, 2021. The Amendment modified the exercise price per ordinary share of the February Warrants to $<ix:nonFraction contextRef="c140" decimals="1" format="ixt:num-dot-decimal" name="gmvd:ExercisePricePerOption" scale="0" unitRef="usdPershares">52.5</ix:nonFraction>.</td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_43" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">In July 2022 the
holder exercised its rights under the Warrants to purchase <ix:nonFraction contextRef="c145" decimals="0" format="ixt:num-dot-decimal" name="gmvd:ExercisedWarrantsPurchase" scale="0" unitRef="shares">68,072</ix:nonFraction> Ordinary shares of the Company in consideration for $<ix:nonFraction contextRef="c146" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:CompanyConsideration" scale="3" unitRef="usd">2,000</ix:nonFraction>, representing
an exercise price of $<ix:nonFraction contextRef="c146" decimals="1" format="ixt:num-dot-decimal" name="gmvd:ExercisePricePerOption" scale="0" unitRef="usdPershares">29.4</ix:nonFraction> per share. The remaining purchase rights under these Warrants were cancelled (the remaining of <ix:nonFraction contextRef="c147" decimals="0" format="ixt:num-dot-decimal" name="gmvd:PurchaseWarrantShares" scale="0" unitRef="shares">68,572</ix:nonFraction> and
<ix:nonFraction contextRef="c148" decimals="0" format="ixt:num-dot-decimal" name="gmvd:PurchaseWarrantShares" scale="0" unitRef="shares">178,572</ix:nonFraction> warrants were canceled and new warrants were issued to Armistice. See also below in paragraph (G).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_44" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">As a result of the
Prior SPA as mentioned above, on April 20, 2022, Lind Global Fund II LP (&#8220;Lind
Global&#8221;) exercised its right of participation, and the Company entered into a definitive securities purchase agreement with Lind
Global (the &#8220;Lind SPA&#8221;) for the issuance, in a private placement, of an aggregate of <ix:nonFraction contextRef="c149" decimals="0" format="ixt:num-dot-decimal" name="gmvd:AggregateOrdinaryShares" scale="0" unitRef="shares">9,523</ix:nonFraction> ordinary shares par value $<ix:nonFraction contextRef="c149" decimals="2" format="ixt:num-dot-decimal" name="gmvd:OrdinarySharesParValue" scale="0" unitRef="usdPershares">3.15</ix:nonFraction>
per share and warrants (or the &#8220;Ordinary Warrants&#8221;) to purchase up to an aggregate of <ix:nonFraction contextRef="c149" decimals="0" format="ixt:num-dot-decimal" name="gmvd:PurchaseOrdinaryShares" scale="0" unitRef="shares">11,905</ix:nonFraction> ordinary shares, at a purchase
price of $<ix:nonFraction contextRef="c149" decimals="1" format="ixt:num-dot-decimal" name="gmvd:PurchasePricePerOrdinaryShare" scale="0" unitRef="usdPershares">52.5</ix:nonFraction> per ordinary share and associated warrant. The warrants were classified as a derivative financial liability and the initial
fair value of the warrants at issuance was $<ix:nonFraction contextRef="c149" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:WarrantsIssuance" scale="3" unitRef="usd">497</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_45" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_44"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">The terms of the
Lind SPA are substantially similar to the terms of the aforementioned securities purchase agreement, and the terms of the Ordinary Warrants
issued pursuant to the Lind SPA are substantially similar to the terms of the warrants issued pursuant to the aforementioned securities
purchase agreement. Also, all the warrants to purchase an aggregate of <ix:nonFraction contextRef="c150" decimals="0" format="ixt:num-dot-decimal" name="gmvd:AggregateOrdinaryShares" scale="0" unitRef="shares">572</ix:nonFraction> ordinary shares of the Company that were issued to Lind Global
in February 2022 have been amended to have a reduced exercise price of $<ix:nonFraction contextRef="c0" decimals="1" format="ixt:num-dot-decimal" name="gmvd:WarrantExercisePrice" scale="0" unitRef="usdPershares">52.5</ix:nonFraction> per ordinary share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -21.8pt">&#160;</p></ix:continuation><div>

</div><div>


</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_46" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_45"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 21.8pt"><b>G.</b></td><td style="text-align: justify">In July 2022, the Company issued a warrant to purchase Ordinary Share to Armistice to purchase up to an
aggregate of <ix:nonFraction contextRef="c151" decimals="0" format="ixt:num-dot-decimal" name="gmvd:PurchaseOrdinaryShares" scale="0" unitRef="shares">264,150</ix:nonFraction> ordinary shares, at exercise price of $<ix:nonFraction contextRef="c151" decimals="2" format="ixt:num-dot-decimal" name="gmvd:WarrantExercisePrice" scale="0" unitRef="usdPershares">32.55</ix:nonFraction> per ordinary share. The warrant shall become vested and exercisable
in whole or in part on or after January 20, 2023 and shall be exercisable over <ix:nonNumeric contextRef="c152" format="ixt-sec:duryear" name="gmvd:ExercisableTerm">5</ix:nonNumeric>-year and <ix:nonNumeric contextRef="c153" format="ixt-sec:duryear" name="gmvd:ExercisableTerm">9</ix:nonNumeric>-months term, commencing on the grant date.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_47" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">This Warrant was
issued further to that certain Securities Purchase Agreement dated as of July 18, 2022 and replaced those certain Ordinary Share Purchase
Warrants issued to the holder in February 2022 and April 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_48" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_47"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">The Warrant was classified as a derivative financial liability. The
initial fair value of the Warrant at issuance was $<ix:nonFraction contextRef="c154" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:PurchaseOrdinaryShares" scale="3" unitRef="shares">2,712</ix:nonFraction>. The Company remeasured the Warrant fair value at December 31, 2022 as $<ix:nonFraction contextRef="c155" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:GainsOnChangeInFairValueOfDerivatives" scale="0" unitRef="usd">380</ix:nonFraction> and
the change in fair value was recorded in the Consolidated statement of comprehensive loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>



</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_49" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_48"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>H.</b></td><td style="text-align: justify">In July 2022, the Company issued an Ordinary Share Purchase
Warrant to Lind to purchase up to an aggregate of <ix:nonFraction contextRef="c156" decimals="0" format="ixt:num-dot-decimal" name="gmvd:PurchaseOrdinaryShares" scale="0" unitRef="shares">45,242</ix:nonFraction> ordinary shares, at a purchase price of $<ix:nonFraction contextRef="c156" decimals="2" format="ixt:num-dot-decimal" name="gmvd:PurchasePricePerOrdinaryShare" scale="0" unitRef="usdPershares">32.55</ix:nonFraction> per ordinary share. The warrant
shall become vested and exercisable in whole or in part on or after July 20, 2022, and shall be exercisable over <ix:nonNumeric contextRef="c157" format="ixt-sec:duryear" name="gmvd:ExercisableTerm">6</ix:nonNumeric>-year and <ix:nonNumeric contextRef="c158" format="ixt-sec:duryear" name="gmvd:ExercisableTerm">3</ix:nonNumeric>-months
term, commencing on the grant date. This Warrant was issued further to that certain Securities Purchase Agreement dated as of July 18,
2022 and replaced those certain Ordinary Share Purchase Warrants issued to the holder in December 2021, February 2022 and April 2022,
all of which have been cancelled.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_50" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_49"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">The Warrant was classified as a derivative financial liability. The
initial fair value of the Warrant at issuance was $<ix:nonFraction contextRef="c159" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:PurchaseOrdinaryShares" scale="3" unitRef="shares">465</ix:nonFraction>. The Company remeasured the Warrant fair value at December 31, 2022 as $<ix:nonFraction contextRef="c160" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:GainsOnChangeInFairValueOfDerivatives" scale="0" unitRef="usd">65</ix:nonFraction> and
the change in fair value was recorded in the Consolidated statement of comprehensive loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_51" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_50"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">As of December 31, 2022 the fair value measurement of the warrants
was determined using the Black Scholes model. a Monte-Carlo simulation model. The main assumptions used in the valuation model were:
(1) risk free rate <ix:nonFraction contextRef="c130" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" scale="-2" unitRef="pure">3.17</ix:nonFraction>%; (2) volatility of assets <ix:nonFraction contextRef="c130" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" scale="-2" unitRef="pure">100</ix:nonFraction>%; and (3) original time until expiration -<ix:nonNumeric contextRef="c130" format="ixt-sec:duryear" name="gmvd:WarrantTerm">5</ix:nonNumeric> years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 29; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 8 - CONVERTIBLE SECURITIES
AND FINANCIAL LIABILITY AT FAIR VALUE (CONT.):</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><b>&#160;</b></p><div>


</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_52" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_51"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>I.</b></td><td style="text-align: justify"><span style="font-size: 10pt">In October 2022, the Company
entered into an agreement with Jonathan B. Rubini, or the Investor, in connection with a private placement investment for <ix:nonFraction contextRef="c161" decimals="0" format="ixt:num-dot-decimal" name="gmvd:OrdinaryShares" scale="0" unitRef="shares">79,365</ix:nonFraction> Ordinary
Shares, and <ix:nonFraction contextRef="c161" decimals="0" format="ixt:num-dot-decimal" name="gmvd:WarrantsExercisables" scale="0" unitRef="usdPershares">79,366</ix:nonFraction> warrants exercisable at $<ix:nonFraction contextRef="c126" decimals="2" format="ixt:num-dot-decimal" name="gmvd:warrantsExercisable" scale="0" unitRef="usdPershares">6.30</ix:nonFraction> to purchase <ix:nonFraction contextRef="c126" decimals="0" format="ixt:num-dot-decimal" name="gmvd:PurchasedShares" scale="0" unitRef="shares">79,366</ix:nonFraction> Ordinary Shares with price of $<ix:nonFraction contextRef="c126" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">6.30</ix:nonFraction> per share and associated warrant,
for aggregate consideration of $<ix:nonFraction contextRef="c161" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:WarrantAggregateConsideration" scale="3" unitRef="usd">500</ix:nonFraction>. </span>The warrants have an exercise price of $<ix:nonFraction contextRef="c161" decimals="1" format="ixt:num-dot-decimal" name="gmvd:WarrantExercisePrice" scale="0" unitRef="usdPershares">6.3</ix:nonFraction> per share, were exercisable at any time after
November 24,2022 and will have a term of <ix:nonNumeric contextRef="c162" continuedAt="gmvd_ExercisableTerm-c162_cont_1" format="ixt-sec:durwordsen" name="gmvd:ExercisableTerm">five</ix:nonNumeric> (5)<ix:continuation id="gmvd_ExercisableTerm-c162_cont_1"> years</ix:continuation>.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_53" id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_52"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">The Warrant was classified as a derivative financial liability. The
initial fair value of the warrant at issuance was $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:InitialFairValueWarrant" scale="3" unitRef="usd">457</ix:nonFraction>. The Company remeasured the warrant fair value on December 31, 2022 as $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:GainsOnChangeInFairValueOfDerivatives" scale="0" unitRef="usd">173</ix:nonFraction> and
the change in fair value was recorded in the Consolidated statement of comprehensive loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="gmvd_ConvertibleSecuritiesTextBlock-c0_cont_53"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>J.</b></span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The warrants in this Note were classified as a derivative financial liability, since, among the rest, the exercise price might differ in some conditions.</span></td></tr>
  </table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 9 - OTHER ACCOUNTS PAYABLE:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="gmvd:ScheduleOfOtherAccountsPayableTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="gmvd_DisclosureOfMajoreShareholderBalanceTextBlock-c0_cont_1" escape="true" name="gmvd:DisclosureOfMajoreShareholderBalanceTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 10 - MAJORE SHAREHOLDER BALANCE:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfMajoreShareholderBalanceTextBlock-c0_cont_2" id="gmvd_DisclosureOfMajoreShareholderBalanceTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 29, 2022, the board of directors of
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between the Company and Dr. Yacov Geva, the Company&#8217;s Chief Executive Officer and a major shareholder (the &#8220;Major Shareholder&#8221;).
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price of $<ix:nonFraction contextRef="c164" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ExercisePriceShareOptionsGranted2019" scale="0" unitRef="usdPershares">1.94</ix:nonFraction> . The maturity of the Loan is December 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfMajoreShareholderBalanceTextBlock-c0_cont_3" id="gmvd_DisclosureOfMajoreShareholderBalanceTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company allocated the debt and equity instruments
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</div><div>

</div><ix:continuation id="gmvd_DisclosureOfMajoreShareholderBalanceTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2022 the Major Shareholder has drawn advances towards future
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfLoansAndAdvancesToCustomersExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 11 - LONG TERM LOANS:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLoansAndAdvancesToCustomersExplanatory-c0_cont_2" id="_DisclosureOfLoansAndAdvancesToCustomersExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_ScheduleOfLongTermLoans-c0_cont_1" escape="true" name="gmvd:ScheduleOfLongTermLoans"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
    2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center; padding-left: 2.85pt"><ix:nonNumeric contextRef="c170" name="gmvd:LongTermLoansDescription">US$</ix:nonNumeric></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -8.5pt; padding-left: 8.5pt">Less- Current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 2.85pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 14.2pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center; padding-bottom: 4pt; padding-left: 2.85pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 4pt; padding-left: 14.2pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLoansAndAdvancesToCustomersExplanatory-c0_cont_3" id="_DisclosureOfLoansAndAdvancesToCustomersExplanatory-c0_cont_2"><ix:continuation id="gmvd_ScheduleOfLongTermLoans-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in">*</td><td style="width: 0.25in; text-align: left"><ix:footnote continuedAt="ix_7_footnote_cont_1" id="ix_7_footnote" xml:lang="en-US">Linked</ix:footnote></td><td style="text-align: justify"><ix:continuation id="ix_7_footnote_cont_1">to the consumer price index. The maturity date of the loan
is September 2024.</ix:continuation></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 30; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 11 - LONG TERM LOANS
(CONT.):</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfLoansAndAdvancesToCustomersExplanatory-c0_cont_4" id="_DisclosureOfLoansAndAdvancesToCustomersExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>A</b>.</td><td style="text-align: justify">Upon G Medical Diagnostic Services Inc (&#8220;CardioStaff&#8221;)
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dates of these loans are between the years 2020-2023.</td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLoansAndAdvancesToCustomersExplanatory-c0_cont_5" id="_DisclosureOfLoansAndAdvancesToCustomersExplanatory-c0_cont_4"><p style="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">As of
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</div><div>


</div><ix:continuation continuedAt="_DisclosureOfLoansAndAdvancesToCustomersExplanatory-c0_cont_6" id="_DisclosureOfLoansAndAdvancesToCustomersExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>B.</b></td><td style="text-align: justify"><span style="font-weight: normal">Reconciliation of the changes
in liabilities for which cash flows have been, or will be classified as financing activities in the statement of cash flows:</span></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLoansAndAdvancesToCustomersExplanatory-c0_cont_7" id="_DisclosureOfLoansAndAdvancesToCustomersExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfCondensedCashFlowStatementTableTextBlock-c0_cont_1" escape="true" name="srt:ScheduleOfCondensedCashFlowStatementTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation id="_DisclosureOfLoansAndAdvancesToCustomersExplanatory-c0_cont_7"><ix:continuation id="_ScheduleOfCondensedCashFlowStatementTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">NOTE 12
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</div><div>

</div><ix:continuation id="_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-weight: normal">The
Israeli subsidiary&#8217;s&#8217; (G Medical Innovations Ltd) entire assets and rights were pledged as a floating charge to secure bank
borrowings.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"><span style="font-weight: normal">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_1" escape="true" name="gmvd:DisclosureOfShareholdersEquityDeficitTextBlock"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">NOTE 13 - SHAREHOLDERS&#8217; DEFICIT:</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:nonNumeric><div>

</div><div>


</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_2" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>A.</b></td><td style="text-align: justify">The ordinary shares in the Company entitle their holders
the right to receive notice to participate and vote in general meetings of the Company and the right to receive dividends, if and when
declared.</td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_3" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_ScheduleOfHoldersTheRightToReceiveNumberOfSharesTableTextBlock-c0_cont_1" escape="true" name="gmvd:ScheduleOfHoldersTheRightToReceiveNumberOfSharesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left; width: 52%">Ordinary shares of $<ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="gmvd:OrdinaryShareParValues" scale="0" unitRef="usdPershares"><ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="gmvd:OrdinarySharesParValues" scale="0" unitRef="usdPershares"><ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" id="ix_36_fact" name="gmvd:OrdinaryShareParValues" scale="0" unitRef="usdPershares"><ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" id="ix_37_fact" name="gmvd:OrdinarySharesParValues" scale="0" unitRef="usdPershares">3.15</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction> par value</td><td style="width: 1%">&#160;</td>
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    <td style="padding-bottom: 4pt; text-align: left">Warrants**</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c223" decimals="0" format="ixt:num-dot-decimal" id="ix_40_fact" name="gmvd:NumberOfShareAuthorised" scale="0" unitRef="shares">98,698</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt; font-weight: bold">&#160;</td>
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</div><div>




</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_4" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_3"><ix:continuation continuedAt="gmvd_ScheduleOfHoldersTheRightToReceiveNumberOfSharesTableTextBlock-c0_cont_2" id="gmvd_ScheduleOfHoldersTheRightToReceiveNumberOfSharesTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify"><ix:footnote id="ix_8_footnote" xml:lang="en-US">After giving effect to the reverse stock split (see also
Note 13C)</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_5" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_4"><ix:continuation id="gmvd_ScheduleOfHoldersTheRightToReceiveNumberOfSharesTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(**)</td><td style="text-align: justify">The <span style="font-size: 10pt">Warrants will be exercisable
at a price equal to $<ix:nonFraction contextRef="c62" decimals="2" format="ixt:num-dot-decimal" name="gmvd:ExercisableAtAPrice" scale="0" unitRef="usdPershares">218.75</ix:nonFraction> per share and for a period of <ix:nonFraction contextRef="c62" decimals="0" format="ixt-sec:numwordsen" name="gmvd:SharesOfPerformanceRights" scale="0" unitRef="shares">five</ix:nonFraction> years, starting </span>from June 2021.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 31; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">NOTE 13 - SHAREHOLDERS&#8217; DEFICIT (CONT.):</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_6" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>B.</b></td><td style="text-align: justify">On June 29, 2021, the Company closed its initial public offering
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only the costs in the amount of $<ix:nonFraction contextRef="c181" decimals="0" format="ixt:num-dot-decimal" name="gmvd:DeductedEquity" scale="0" unitRef="usd">1,583</ix:nonFraction> which were attributed to the offer of new shares are deducted from equity</td>
</tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_7" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">The Company also granted an option
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</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_8" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">The IPO warrants are immediately
exercisable on the date of the issuance at an exercise price of $<ix:nonFraction contextRef="c181" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ExercisePriceShareOptionsGranted2019" scale="0" unitRef="usdPershares">218.75</ix:nonFraction> per ordinary share (<ix:nonFraction contextRef="c181" decimals="2" format="ixt:num-dot-decimal" name="gmvd:PublicOfferingPercentage" scale="-2" unitRef="pure">125</ix:nonFraction>% of the public offering price per Unit)
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</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_9" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">In addition, and upon the consummation
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of outstanding debt (part of the Company&#8217;s loans) associated with the Company&#8217;s acquisition of CardioStaff in November 2017,
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</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_10" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">The Company issued <ix:nonFraction contextRef="c154" decimals="0" format="ixt:num-dot-decimal" name="gmvd:ShareIssued" scale="0" unitRef="shares">30,158</ix:nonFraction> ordinary
shares at par value of $<ix:nonFraction contextRef="c183" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">3.15</ix:nonFraction> to the Company&#8217;s CEO, Dr. Yacov Geva, as part of a bonus for completing the Company&#8217;s IPO.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>


</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_11" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>C.</b></td><td style="text-align: justify"><b>Reverse stock split:</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_12" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">On November 15, 2022, the Company&#8217;s
shareholders approved, a 35-for-1 consolidation (hereinafter referred to as a reverse stock split of 35:1) of the Company&#8217;s ordinary
shares pursuant to which holders of the Company&#8217;s ordinary shares received one ordinary share for every 35 ordinary share held.
<ix:nonNumeric contextRef="c184" name="gmvd:OrdinarySharesDescription">All ordinary shares (issued and unissued) will be consolidated on the basis that every 35 ordinary shares of par value $0.09 will be
consolidated into one ordinary share of par value $3.15, such that the authorized ordinary share capital of the Company following such
consolidation is $315,000 divided into 100,000,000 ordinary shares of a par value of $3.15 each.</ix:nonNumeric> The Company&#8217;s shareholders also approved an increase in the Company&#8217;s
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going forward ( also see note 24 <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)</span> re change of Par Value
of the Company&#8217; ordinary shares).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -0.25in"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -0.25in"></p><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_13" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 3, 2021, the Company entered into a development and distribution agreement with Heartbuds AK LLC. Following this agreement, the Company issued <ix:nonFraction contextRef="c187" decimals="0" format="ixt:num-dot-decimal" name="gmvd:ShareIssued" scale="0" unitRef="shares">3,265</ix:nonFraction> ordinary shares (see also note 13.G.11).</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_14" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2022 the Company issued <ix:nonFraction contextRef="c188" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">619,346</ix:nonFraction> ordinary shares related to: conversion of performance shares, exercise of options / warrants and pre-funded warrants, payment made to a service provider, issuances for private placement investments in the Company, issuance for ATM (at the market offering) and issuance to the Company&#8217;s CEO.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_15" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>F.</b></td><td style="text-align: justify">The warrants that were granted to financial advisors and
consultants during 2022 and 2021 are as follows:</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_16" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_15"><ix:nonNumeric contextRef="c0" escape="true" name="gmvd:ScheduleOfWarrantsGrantedToFinancialAdvisorsAndConsultantTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td>&#160;</td>
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    <td style="text-align: right"><ix:nonFraction contextRef="c230" decimals="2" format="ixt:num-dot-decimal" name="gmvd:ExercisePriceOfWarrants" scale="0" unitRef="usdPershares">261.45</ix:nonFraction></td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">$</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">$</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: right"><ix:nonFraction contextRef="c243" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:AmountOfWarrants" scale="3" unitRef="usd">7,143</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right"><ix:nonFraction contextRef="c244" decimals="2" format="ixt:num-dot-decimal" name="gmvd:ExercisePriceOfWarrants" scale="0" unitRef="usdPershares">140.00</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right"><ix:nonFraction contextRef="c246" decimals="2" format="ixt:num-dot-decimal" name="gmvd:ExercisePriceOfWarrants" scale="0" unitRef="usdPershares">175.00</ix:nonFraction></td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">$</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt"></p><div>

</div><!-- Field: Page; Sequence: 32; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt"><span style="font-weight: normal">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G
                                            MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt"><span style="font-weight: normal">&#160;</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">NOTE 13 - SHAREHOLDERS&#8217;
 DEFICIT (CONT.):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 21.3pt"><span style="font-weight: normal">&#160;</span></p><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_17" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>G.</b></td><td style="text-align: justify"><b>Options, warrants and shares granted to employees and
service providers:</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_18" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>1.</b></td><td style="text-align: justify"><ix:nonNumeric contextRef="c189" name="gmvd:OptionsOfWarrantsdescription">In January 2022, the Company granted 4,287 warrants to two
service providers which will become vested and exercisable over 3 years, as follows, 33.33% after one year and then 8.33% per quarter
following the first vesting date and for a period of eight consecutive quarterly periods. The warrants have an exercise price of $122.5
per option share. The total fair value of the warrants, as measured on issuance date, amounted to $212 and the Company recorded an expense
of $138 through profit and loss in the twelve month ended December 31, 2022.</ix:nonNumeric></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_19" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>2.</b></td><td style="text-align: justify">In July 2021, the Company signed an agreement with a service
provider to provide consulting services. As part of the consideration, on April 8, 2022, the Company issued to the service provider <ix:nonFraction contextRef="c190" decimals="0" format="ixt:num-dot-decimal" name="gmvd:IssuedShares" scale="0" unitRef="shares">1,428</ix:nonFraction>
of the Company&#8217;s ordinary shares. The Company&#8217;s share price on the date of issuance was $<ix:nonFraction contextRef="c191" decimals="2" format="ixt:num-dot-decimal" name="gmvd:PricePerShare" scale="0" unitRef="usdPershares">45.15</ix:nonFraction> per share and the Company
recorded an expense of $<ix:nonFraction contextRef="c191" decimals="0" format="ixt:num-dot-decimal" name="gmvd:OtherExpense" scale="0" unitRef="usd">64</ix:nonFraction> through profit and loss in the twelve month ended December 31, 2022.</td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_20" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>3.</b></td><td style="text-align: justify">In June 2022, the Company issued warrants to purchase <ix:nonFraction contextRef="c192" decimals="0" format="ixt:num-dot-decimal" name="gmvd:PurchaseOfOrdinaryShare" scale="0" unitRef="shares">1,429</ix:nonFraction> ordinary shares to a service provider with an exercise price of $<ix:nonFraction contextRef="c192" decimals="0" format="ixt:num-dot-decimal" name="gmvd:ExercisePricePerOption" scale="0" unitRef="usdPershares">70</ix:nonFraction> per share. The warrants shall become vested and exercisable commencing two years after the grant date, and shall be exercisable over <ix:nonNumeric contextRef="c192" format="ixt-sec:duryear" name="gmvd:ExercisableOverTerm">5</ix:nonNumeric>-year term, commencing on the grant date. The total fair value of the warrants, as measured on issuance date, amounted to $<ix:nonFraction contextRef="c192" decimals="0" format="ixt:num-dot-decimal" name="gmvd:WarrantAmount" scale="0" unitRef="usd">21</ix:nonFraction> and the Company recorded it as an expense profit and loss.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_21" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>4.</b></td><td style="text-align: justify">In January 2017, the Board of Directors approved a Global
Equity Incentive Plan (the &#8220;Plan&#8221;). The Plan will expire in December 2026. As of the December 31, 2022, the number of ordinary
shares reserved for the exercise of options granted under the Plan is <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" scale="0" unitRef="shares">31,663</ix:nonFraction>.</td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>
</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_22" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>5.</b></td><td style="text-align: justify">The Company and the Company&#8217;s subsidiaries employees, directors,
officers, and service providers, including major shareholder are eligible to participate in this Plan and receive awards of options,
share appreciation rights (&#8220;SARs&#8221;), restricted shares, restricted share units (&#8220;RSUs&#8221;), and any other share-based
grant, referred to as, individually or collectively. A summary of the status of the Company&#8217;s option plan granted to employees as of
December&#160;31, 2022, and changes during the relevant period ended on that date is presented below:</td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_23" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_22"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_ScheduleOfOptionPlanGrantedToEmployeesTextBlock-c0_cont_1" escape="true" name="gmvd:ScheduleOfOptionPlanGrantedToEmployeesTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><b>Number <br/>of options</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><b>Weighted average <br/>Exercise price</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left; padding-left: 1.1pt">Outstanding at beginning of year</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 1.1pt">Granted</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 contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="gmvd:NumberOfOptionsGranted" scale="0" unitRef="shares">63,578</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_24" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_23"><ix:continuation id="gmvd_ScheduleOfOptionPlanGrantedToEmployeesTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-weight: normal">*</span></td><td style="text-align: justify"><ix:footnote id="ix_10_footnote" xml:lang="en-US"><span style="font-weight: normal">After giving effect to
the reverse stock split</span></ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p><div>

</div><!-- Field: Page; Sequence: 33; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G
                                            MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 13 -
SHAREHOLDERS&#8217; DEFICIT (CONT.):</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p><div>


</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">G.</td><td style="text-align: justify">Options, warrants and shares granted to employees and service
providers (Cont.):</td>
</tr></table><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>5.</b></td><td style="text-align: justify"><b>(cont.)</b></td>
</tr></table><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_25" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The options to employees
outstanding as of December 31, 2022, are comprised, as follows:</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

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  <tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
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 remaining <br/>
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    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td colspan="2" style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%">&#160;</td>
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    <td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <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>
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</div><div>


</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_27" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_26"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>6.</b></td><td style="text-align: justify">On September 5, 2021, the Board of Directors approved to
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of <ix:nonNumeric contextRef="c193" format="ixt-sec:durwordsen" name="gmvd:ExpiryPeriod">five years</ix:nonNumeric> and an exercise price per Option of $ <ix:nonFraction contextRef="c193" decimals="2" format="ixt:num-dot-decimal" name="gmvd:ExercisePricePerOption" scale="0" unitRef="usdPershares">114.45</ix:nonFraction>.</td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>


</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_28" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_27"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>7.</b></td><td style="text-align: justify">On November 15, 2021, the Board of Directors approved to
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of <ix:nonNumeric contextRef="c194" format="ixt-sec:durwordsen" name="gmvd:ExpiryPeriod">five years</ix:nonNumeric> and an exercise price per Option of $ <ix:nonFraction contextRef="c194" decimals="1" format="ixt:num-dot-decimal" name="gmvd:ExercisePricePerOption" scale="0" unitRef="usdPershares">73.5</ix:nonFraction>.</td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>


</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_29" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_28"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>8.</b></td><td style="text-align: justify">On December 23, 2021, the Board of Directors approved to
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an exercise price per Option of $ <ix:nonFraction contextRef="c195" decimals="1" format="ixt:num-dot-decimal" name="gmvd:ExercisePricePerOption" scale="0" unitRef="usdPershares">69.3</ix:nonFraction>.</td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_30" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_29"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>9.</b></td><td style="text-align: justify">On June 16, 2022, the Board of Directors approved to issue
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</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_31" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_30"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>10.</b></td><td style="text-align: justify">On November 30, 2021, the Company entered a joint development,
licensing, and distribution agreement with Heartbuds AK, LLC. Pursuant to the joint development agreement, the company and Heartbuds
will jointly develop a newer, enhanced model or generation of Heartbuds product to be included with the sale and distribution of the
company&#8217;s Prisma devise (the &#8220;HB2&#8221;).</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_32" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On the date of the agreement, the Company
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</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_33" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">From the date that the HB2 is approved
by the FDA until the last day of the 18-calendar month thereafter the warrants shall vest on a pro rata basis based on the actual number
of devices that Heartbuds will sell to be calculated relative to the agreed target of <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="gmvd:DevicesShares" scale="0" unitRef="shares">20,000</ix:nonFraction> devices.<span style="font-size: 10pt">&#160;&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_34" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_33"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>11.</b></td><td style="text-align: justify">In December 2021, <ix:nonNumeric contextRef="c6" continuedAt="gmvd_WarrantsPurchaseAndEmployeesServiceDescription-c6_cont_1" name="gmvd:WarrantsPurchaseAndEmployeesServiceDescription">the Company issued warrants to purchase
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</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_35" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_34"><ix:continuation id="gmvd_WarrantsPurchaseAndEmployeesServiceDescription-c6_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">All the options and
shares granted during 2021 to employees and service providers were valued using a Black Scholes model based, which is designed to model
the Company&#8217;s equity value over time. The main assumptions used were: (1) risk-free rate: 0.78-1.27%; (2) volatility: 50%-60%;
and (3) time until expiration: 5 years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_36" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">During 2022 all the
options and shares granted to employees and service providers were valued using a Black Scholes model based, which is designed to model
the Company&#8217;s equity value over time. The main assumptions used were: (1) risk-free rate: <ix:nonFraction contextRef="c197" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" scale="-2" unitRef="pure">1.49</ix:nonFraction>-3.37%; (2) volatility: <ix:nonFraction contextRef="c197" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" scale="-2" unitRef="pure">60</ix:nonFraction>%-<ix:nonFraction contextRef="c198" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" scale="-2" unitRef="pure">96</ix:nonFraction>%; and
(3) time until expiration: <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="gmvd:LeaseExpiration">5</ix:nonNumeric> years.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p><div>

</div><!-- Field: Page; Sequence: 34; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 13 - SHAREHOLDERS&#8217; DEFICIT (CONT.):</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>G.</b></td><td style="text-align: justify"><b>Options, warrants and shares granted to employees and
service providers (Cont.):</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p><div>




</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_37" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_36"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>12.</b></td><td style="text-align: justify"><b>Performance rights:</b></td>
</tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_38" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">During July 2020
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and service providers as incentive securities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_39" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The performance rights
are convertible into ordinary shares of the Company on a 1:1 basis, upon the occurrence of the following vesting milestones for each
class of performance rights:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>


</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_40" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_39"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#9632;</span></td><td style="text-align: justify">Class A incentive performance right &#8211; <ix:nonFraction contextRef="c200" decimals="0" format="ixt:num-dot-decimal" name="gmvd:SharesOfPerformanceRights" scale="0" unitRef="shares">1,594</ix:nonFraction> incentive performance rights, which vests upon achieving
a market capitalization of greater than $<ix:nonFraction contextRef="c200" decimals="0" format="ixt:num-dot-decimal" name="gmvd:MarketCapitalization" scale="0" unitRef="usd">100,000</ix:nonFraction>, which will be calculated based on:</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_41" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_40"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left">i.</td><td style="text-align: justify">The Company&#8217;s 20-day VWAP of ordinary shares of the
Company on the ASX (adjusted by the AUD/USD exchange rate quoted on the Reserve Bank of Australia prior to the last trading day pursuant
to which the Company&#8217;s VWAP of ordinary shares is being calculated); or</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_42" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_41"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left">ii.</td><td style="text-align: justify">If applicable, the Company&#8217;s closing market price on
a trading day on Nasdaq, (Conversion Price) multiplied by the total issued share capital of the Company.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation><div>

</div><div>
</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_43" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_42"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#9632;</span></td><td style="text-align: justify">Class B incentive performance right &#8211; <ix:nonFraction contextRef="c201" decimals="0" format="ixt:num-dot-decimal" name="gmvd:SharesOfPerformanceRights" scale="0" unitRef="shares">4,767</ix:nonFraction> incentive performance rights, which vests upon achieving
a market capitalization of greater than $<ix:nonFraction contextRef="c201" decimals="0" format="ixt:num-dot-decimal" name="gmvd:MarketCapitalization" scale="0" unitRef="usd">150,000</ix:nonFraction>.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_44" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_43"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font: normal 10pt Times New Roman, Times, Serif">&#9632;</span></td><td style="text-align: justify">Class C incentive performance right &#8211; <ix:nonFraction contextRef="c202" decimals="0" format="ixt:num-dot-decimal" name="gmvd:SharesOfPerformanceRights" scale="0" unitRef="shares">6,351</ix:nonFraction> incentive
performance rights, vests upon achieving a market capitalization of greater than $<ix:nonFraction contextRef="c202" decimals="0" format="ixt:num-dot-decimal" name="gmvd:MarketCapitalization" scale="0" unitRef="usd">200,000</ix:nonFraction>.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_45" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_44"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font: normal 10pt Times New Roman, Times, Serif">&#9632;</span></td><td style="text-align: justify">Class D incentive performance right &#8211; <ix:nonFraction contextRef="c203" decimals="0" format="ixt:num-dot-decimal" name="gmvd:SharesOfPerformanceRights" scale="0" unitRef="shares">8,573</ix:nonFraction> incentive
performance rights, vests upon achieving a market capitalization of greater than $<ix:nonFraction contextRef="c203" decimals="0" format="ixt:num-dot-decimal" name="gmvd:MarketCapitalization" scale="0" unitRef="usd">250,000</ix:nonFraction>.</td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_46" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_45"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">All the above incentive performance rights were valued using a Monte-Carlo
based risk-neutral valuation model, which is designed to model the Company&#8217;s equity value over time. <ix:nonNumeric contextRef="c0" name="gmvd:IncentivePerformanceRightsDescription">The main assumptions used in
the valuation model were: (1) risk-free rate: 0.27%; (2) volatility: 88%: (3) time until expiration: 3 years; and (4) the AUD/USD rate:
0.71245. The total fair value of the incentive performance rights amounted to $635. The total value of ordinary shares issued was $380.
The Company recorded an expense amounted to $1,015 through Consolidated statement of comprehensive loss at grant date.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_47" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">In January 2022,
the Company granted four series of performance shares in a total amount of <ix:nonFraction contextRef="c189" decimals="0" format="ixt:num-dot-decimal" name="gmvd:SaleOfStockNumberOfSharesIssuedInTransactions" scale="0" unitRef="shares">57,150</ix:nonFraction> units to directors, officers and certain employees
of the Company to be exercised upon achieving certain market capitalization of the Company. The Performance shares units will expire
<ix:nonNumeric contextRef="c189" format="ixt-sec:durwordsen" name="gmvd:ExpiresYear">two years</ix:nonNumeric> from the date of issuance. <ix:nonFraction contextRef="c204" decimals="2" format="ixt:num-dot-decimal" name="gmvd:DeferredCompensationArrangementsWithIndividualCashAwardsGrantedPercentage" scale="-2" unitRef="pure">50</ix:nonFraction>% of the units granted will become vested and exercisable when the company market cap reaches
$<ix:nonFraction contextRef="c204" decimals="0" format="ixt:num-dot-decimal" name="gmvd:ShareBasedCompensationsArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableValue" scale="0" unitRef="usd">75,000</ix:nonFraction> (&#8220;Series E&#8221;), <ix:nonFraction contextRef="c205" decimals="4" format="ixt:num-dot-decimal" name="gmvd:DeferredCompensationArrangementsWithIndividualCashAwardsGrantedPercentage" scale="-2" unitRef="pure">16.67</ix:nonFraction>% of the units granted will become vested and exercisable when the company market cap reaches
$<ix:nonFraction contextRef="c205" decimals="3" format="ixt:num-dot-decimal" name="gmvd:ShareBasedCompensationsArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableValue" scale="0" unitRef="usd">100.000</ix:nonFraction> (&#8220;Series F&#8221;), <ix:nonFraction contextRef="c206" decimals="4" format="ixt:num-dot-decimal" name="gmvd:DeferredCompensationArrangementsWithIndividualCashAwardsGrantedPercentage" scale="-2" unitRef="pure">16.67</ix:nonFraction>% of the units granted will become vested and exercisable when the company market cap reaches
$<ix:nonFraction contextRef="c206" decimals="0" format="ixt:num-dot-decimal" name="gmvd:ShareBasedCompensationsArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableValue" scale="0" unitRef="usd">125,000</ix:nonFraction> (&#8220;Series G&#8221;) and <ix:nonFraction contextRef="c207" decimals="4" format="ixt:num-dot-decimal" name="gmvd:DeferredCompensationArrangementsWithIndividualCashAwardsGrantedPercentage" scale="-2" unitRef="pure">16.67</ix:nonFraction>% of the units granted will become vested and exercisable when the company market cap reaches
$<ix:nonFraction contextRef="c207" decimals="0" format="ixt:num-dot-decimal" name="gmvd:ShareBasedCompensationsArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableValue" scale="0" unitRef="usd">150,000</ix:nonFraction> (&#8220;Series H&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_48" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_47"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">In January 2022,
the Company&#8217;s market value reached $<ix:nonFraction contextRef="c204" decimals="0" format="ixt:num-dot-decimal" name="gmvd:MarketValue" scale="0" unitRef="usd">75,000</ix:nonFraction> and therefore Series E units were exercised to <ix:nonFraction contextRef="c208" decimals="0" format="ixt:num-dot-decimal" name="gmvd:IssuedShares" scale="0" unitRef="shares">28,575</ix:nonFraction> ordinary shares of the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_49" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_48"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">On January 19, 2022,
the Company granted two additional series of performance shares in a total amount of <ix:nonFraction contextRef="c209" decimals="0" format="ixt:num-dot-decimal" name="gmvd:SaleOfStockNumberOfSharesIssuedInTransactions" scale="0" unitRef="shares">75,718</ix:nonFraction> units to directors, officers and certain
employees of the Company to be exercised upon achieving certain market capitalization of the Company. The Performance shares units will
expire five years from the date of issuance. <ix:nonFraction contextRef="c210" decimals="2" format="ixt:num-dot-decimal" name="gmvd:DeferredCompensationArrangementsWithIndividualCashAwardsGrantedPercentage" scale="-2" unitRef="pure">50</ix:nonFraction>% of the units granted will become vested and exercisable when the company market cap
reaches $<ix:nonFraction contextRef="c210" decimals="0" format="ixt:num-dot-decimal" name="gmvd:ShareBasedCompensationsArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableValue" scale="0" unitRef="usd">175,000</ix:nonFraction> (&#8220;Series I&#8221;), and the remaining <ix:nonFraction contextRef="c211" decimals="2" format="ixt:num-dot-decimal" name="gmvd:DeferredCompensationArrangementsWithIndividualCashAwardsGrantedPercentage" scale="-2" unitRef="pure">50</ix:nonFraction>% of the units granted will become vested and exercisable when the company
market cap reaches $<ix:nonFraction contextRef="c211" decimals="0" format="ixt:num-dot-decimal" name="gmvd:ShareBasedCompensationsArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableValue" scale="0" unitRef="usd">200,000</ix:nonFraction> (&#8220;Series J&#8221;). <ix:nonNumeric contextRef="c209" name="gmvd:EmployeesServiceDescription">All the incentive performance rights were valued using a Monte-Carlo based risk-neutral
valuation model, which is designed to model the Company&#8217;s equity value over time. The total fair value of the performance shares,
as measured on issuance date, amounted to $10,927 and the Company recorded an expense amounted to $3,321 through profit and loss in the
twelve months period ended December 31, 2022. The key inputs that were used in the valuations of the Performance shares were: risk-free
interest rate of 0.895% and expected volatility of 60% for Series E, F, G and H; and risk-free interest rate of 1.62% and expected volatility
of 60% for Series I and J.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_50" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_49"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">In 2022, 2021 and
2020 the Company recorded an expense related to options performance shares and shares granted at the amount of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="gmvd:RecordedAnExpense" scale="0" unitRef="usd">12,488</ix:nonFraction>, $<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="gmvd:RecordedAnExpense" scale="0" unitRef="usd">648</ix:nonFraction> and $<ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="gmvd:RecordedAnExpense" scale="0" unitRef="usd">2,872</ix:nonFraction>
respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 13 - SHAREHOLDERS&#8217; DEFICIT (CONT.):</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: 0in">&#160;</p><div>


</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_51" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_50"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>H.</b></td><td style="text-align: justify"><b>Share repurchase program</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_52" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_51"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">On May 20, 2022,
the Company announced that its board of directors authorized a share repurchase program to acquire up to $<ix:nonFraction contextRef="c212" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:SharePremium" scale="6" unitRef="usd">1</ix:nonFraction> million of the Company&#8217;s
ordinary shares. Until December 31, 2022, the Company purchased <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="gmvd:SharesOfExercisePrice" scale="0" unitRef="shares">5,699</ix:nonFraction> ordinary shares in consideration for $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="gmvd:ConsiderationAmount" scale="0" unitRef="usd">121</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_53" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_52"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>I.</b></td><td style="text-align: justify"><b>Exercise of
                                            ordinary shares purchase warrants</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_54" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_53"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">On July 18, 2022
<ix:nonNumeric contextRef="c213" continuedAt="gmvd_EmployeesBoardMembersDescription-c213_cont_1" name="gmvd:EmployeesBoardMembersDescription">the Company and Armistice Capital Fund Ltd (&#8220;Armistice&#8221;) entered into an agreement according which in consideration for Armistice
agreeing to exercise $2,000 on of its existing warrants which equals warrants to purchase 68,027 of the Company&#8217;s ordinary shares
at a reduced exercise price of $29.4, the Company agreed to issue a new ordinary warrant for 264,150 warrant shares equal to the aggregate
of (a) 85,034 warrant shares (125% of the 68,027 ordinary shares issued as a result of the Existing Warrant Exercise) and (b) the balance
of 179,116 warrants held by Armistice in the Company whose exercise price will be reduced to $32.55. The 179,116 currently outstanding
warrants held by Armistice will be cancelled. The 264,150 warrants will be initially exercisable commencing 6 months following July 18,
2022, have a term of exercise until April 20, 2028 and an exercise price of $32.55. (See also notes 8(E), 8(G)).</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_55" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_54"><ix:continuation id="gmvd_EmployeesBoardMembersDescription-c213_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">In connection with
the agreement with Armistice the exercise price of 45,242 Ordinary Warrants held by Lind Global will be reduced to an exercise price
equal to $32.55 and have a term of exercise until April 30, 2028. (See also note 8(H)).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_56" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_55"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>J.</b></td><td style="text-align: justify"><b>Private placement</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_57" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_56"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">On October 20, 2022,
G Medical Innovations Holdings Ltd. (the &#8220;Company&#8221;) entered into an agreement with Rubini in connection with a private placement
investment for <ix:nonFraction contextRef="c214" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOrdinaryShares" scale="0" unitRef="usd">79,365</ix:nonFraction> ordinary shares, par value $<ix:nonFraction contextRef="c214" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" scale="0" unitRef="usdPershares">3.15</ix:nonFraction> per share (&#8220;Ordinary Shares&#8221;) and warrants to purchase <ix:nonFraction contextRef="c215" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOrdinaryShares" scale="0" unitRef="usd">79,366</ix:nonFraction> Ordinary
Shares with price of $<ix:nonFraction contextRef="c215" decimals="1" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" scale="0" unitRef="usdPershares">6.3</ix:nonFraction> per share and associated warrant, for an aggregate consideration of $<ix:nonFraction contextRef="c216" decimals="0" format="ixt:num-dot-decimal" name="gmvd:AssociatedWarrant" scale="0" unitRef="usd">500</ix:nonFraction>. The warrants are exercisable at any
time beginning 30 days after issuance with a term of <ix:nonNumeric contextRef="c216" format="ixt-sec:durwordsen" name="gmvd:IssuanceTerm">five years</ix:nonNumeric> from issuance. In connection with this private placement investment,
Rubini and Company agreed, inter alia, to amend the applicable interest rate and conversion price adjustment date of the <ix:nonFraction contextRef="c216" decimals="2" format="ixt:num-dot-decimal" name="gmvd:ConvertibleDebenture" scale="-2" unitRef="pure">10</ix:nonFraction>% Convertible
Debenture, originally dated April 7, 2021, as amended and restated on June 1, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_58" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_57"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">The initial fair value of the Ordinary Warrants at issuance was $<ix:nonFraction contextRef="c217" decimals="0" format="ixt:num-dot-decimal" name="gmvd:OrdinaryWarrantsAtIssuance" scale="0" unitRef="usd">457</ix:nonFraction>.
The Company remeasured the Ordinary Warrants fair value at December 31, 2022 as $<ix:nonFraction contextRef="c218" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:GainsOnChangeInFairValueOfDerivatives" scale="0" unitRef="usd">172</ix:nonFraction> and the change in fair value was recorded in the
Consolidated statement of comprehensive loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_59" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_58"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>K.</b></td><td style="text-align: justify"><b>&#8220;At The Market&#8221; offering</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_60" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_59"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">In September 2022
<ix:nonNumeric contextRef="c219" continuedAt="gmvd_AtTheMarketOfferingDescription-c219_cont_1" name="gmvd:AtTheMarketOfferingDescription">the Company entered into a sales agreement with its sales agent pursuant to which the Company may offer and sell, from time to time,
to or through the Sales Agent as agent or principal, ordinary shares, par value $3.15 per share in sales deemed to be &#8220;at the market&#8221;
(&#8220;ATM&#8221;) offerings, having an aggregate offering price of up to $3,000.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_61" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_60"><ix:continuation id="gmvd_AtTheMarketOfferingDescription-c219_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">As of December 31,
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</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"></p><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_62" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_61"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>L.</b></td><td style="text-align: justify"><b>Capital Commitment
                                            Agreement with GEM:</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_63" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_62"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">In November 2019,
the Company entered into the Capital Commitment Agreement with GEM Yield Fund LLC SCS and GEM Yield Bahamas Ltd (&#8220;GEM&#8221;) (the &#8220;Capital Commitment Agreement&#8221;). The Capital Commitment Agreement secures a capital commitment of up to approximately A$<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="gmvd:CapitalCommitment" scale="0" unitRef="aud">30,000</ix:nonFraction>
over a <span style="-sec-ix-hidden: hidden-fact-104">three</span>-year period from GEM. As of October 2020 (when the Company was delisted from the ASX -see below), the Company had drawn
down A$ <ix:nonFraction contextRef="c220" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:UndrawnBorrowingFacilities" scale="0" unitRef="cad">1,283</ix:nonFraction> (approx. $<ix:nonFraction contextRef="c220" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:UndrawnBorrowingFacilities" scale="0" unitRef="usd">840</ix:nonFraction>). Subject to the terms of the Capital Commitment Agreement, the Company may choose to, on one or more occasions
within the three-year period, and subject to conditions precedent, draw down on the facility by giving GEM a 15 trading days&#8217; notice
to subscribe for fully paid ordinary shares. The number of ordinary shares which the Company may draw down under a notice is capped at
<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="gmvd:PercentageOrDrawn" scale="-2" unitRef="pure">1,000</ix:nonFraction>% of the average daily number of the Company shares traded on ASX during the 15 trading days prior to that draw down notice, subject
to adjustments. If the Company issue a draw down notice, the subscription price of the ordinary shares to be issued to GEM (or its nominees)
will be <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="gmvd:OrdinarySharesPercent" scale="-2" unitRef="pure">90</ix:nonFraction>% of the higher of the average closing bid price of the Company ordinary shares as quoted by ASX over the pricing period, being
the 15 consecutive trading days after the Company give the draw down notice to GEM (subject to certain adjustments), or a fixed floor
price nominated by us in it draw down notice. In addition, the Company issued to GEM warrants to purchase <ix:nonFraction contextRef="c221" decimals="0" format="ixt:num-dot-decimal" name="gmvd:SharesOfExercisePrice" scale="0" unitRef="shares">7,937</ix:nonFraction> ordinary shares at an
exercise price of A$<ix:nonFraction contextRef="c222" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="audPershares">834.75</ix:nonFraction> per share, on or before November 29, 2024. As of December 31, 2020, the Company drew down a total of A$<ix:nonFraction contextRef="c54" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NetDebt" scale="0" unitRef="aud">1,283</ix:nonFraction>
(approx. $<ix:nonFraction contextRef="c54" decimals="0" format="ixt:num-dot-decimal" name="gmvd:TotalNetDebt" scale="0" unitRef="usd">840</ix:nonFraction>) and issued <ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="gmvd:SharesOfGEM" scale="0" unitRef="shares">5,794</ix:nonFraction> ordinary shares to GEM in consideration for its services. &#160;The Company will not be able to make
drawdowns under the Capital Commitment Agreement with GEM following the Company delisting from the ASX in October 2020 and the Company
Capital Commitment Agreement with GEM will not apply to the Company ordinary shares listed on the Nasdaq Capital Market.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>


</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_64" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_63"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 18pt"><b>M.</b></td><td style="text-align: justify">The Convertible Securities Warrants were classified as a derivative financial liability and measured with
changes in fair value recognized in finance expense (income), net.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt"></p><div>

</div><!-- Field: Page; Sequence: 36; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 13 - SHAREHOLDERS&#8217; DEFICIT (CONT.):</b></p><div>



</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">&#160;</p><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_65" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_64"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 18pt"><b>N.</b></td><td style="text-align: justify">During 2022 the Company issued <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="gmvd:NumberOfSharesIssue" scale="0" unitRef="shares">128,570</ix:nonFraction> shares and <ix:nonFraction contextRef="c223" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">128,572</ix:nonFraction> warrants to its major shareholder in return
for his commitment to support financing the operation (see also note 20, 24 D)</td></tr></table><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_66" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_65"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">The December 2022 and 2021 measurement was applied using a Monte -Carlo
simulation model for Lind. The Black Scholes model was applied for all others below and the key parameters used were as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_67" id="gmvd_DisclosureOfShareholdersEquityDeficitTextBlock-c0_cont_66"><ix:nonNumeric contextRef="c0" continuedAt="gmvd_ScheduleOfMeasurementWasAppliedUsingAMontCarloSimulationModelTableTextBlock-c0_cont_1" escape="true" name="gmvd:ScheduleOfMeasurementWasAppliedUsingAMontCarloSimulationModelTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value as at December&#160;31,<br/>
 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    free rate</b></span></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<b>&#160;Volatility
    of assets</b></span></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<b>&#160;Expected
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<b>&#160;Expected
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 36%; text-align: left">Armistice warrants</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>


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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfLeasesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 14 - LEASES:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_2" id="_DisclosureOfLeasesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has lease contracts for office facilities
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_3" id="_DisclosureOfLeasesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company also has certain leases of office
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_4" id="_DisclosureOfLeasesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year the Company entered into two new
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asset &#8211; property, plant and equipment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_6" id="_DisclosureOfLeasesExplanatory-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="gmvd:ScheduleOfCarryingAmountsOfRightofuseAssetsRecognizedAndTheMovementsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cancellations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c287" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:CancellationsOfCarryingAmountOfRightUseOfAssets" scale="3" sign="-" unitRef="usd">886</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-105">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:CancellationsOfCarryingAmountOfRightUseOfAssets" scale="3" sign="-" unitRef="usd">886</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Depreciation expense</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">As at December 31, 2022</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 37; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 14 - LEASES (CONT.):</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_7" id="_DisclosureOfLeasesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Set out below are the carrying amounts of lease
liabilities and the movements during the period:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_8" id="_DisclosureOfLeasesExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="gmvd:ScheduleOfCarryingAmountsOfLeaseLiabilitiesAndTheMovementsTableTextBlocl"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" 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: rgb(204,238,255)">
    <td style="width: 88%; text-align: left">At January 1, 2022</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Additions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsInvestmentProperty" scale="3" unitRef="usd">1,321</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cancellations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:CancellationsOfCarryingAmountOfLeaseLiabilities" scale="3" sign="-" unitRef="usd">934</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Payments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ExpenseRelatingToVariableLeasePaymentsNotIncludedInMeasurementOfLeaseLiabilities" scale="3" unitRef="usd">366</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Linked exchange rate</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 contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="gmvd:LinkedExchangeRate" scale="-2" sign="-" unitRef="pure">13</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">As at December 31,
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LeaseLiabilities" scale="3" unitRef="usd">393</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="3" unitRef="usd">163</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Non-current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLeaseLiabilities" scale="3" unitRef="usd">230</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_9" id="_DisclosureOfLeasesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following are the amounts recognized in profit
or loss:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_10" id="_DisclosureOfLeasesExplanatory-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="gmvd:ScheduleOfAmountsRecognizedInProfitOrLossTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left">Depreciation expense of right-of-use assets</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" scale="3" unitRef="usd">454</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Interest expense on lease liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpenseOnLeaseLiabilities" scale="3" unitRef="usd">67</ix:nonFraction></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="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total amount recognized in profit or loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfLeasesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company had total cash outflows for leases
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfProductsAndServicesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfProductsAndServicesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 15 &#8211; COST OF SERVICES:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DisclosureOfProductsAndServicesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="gmvd:ScheduleOfCostOfServicesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">Year ended</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Year ended</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: center">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Subcontractors</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssets" scale="3" unitRef="usd">505</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssets" scale="3" unitRef="usd">657</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c54" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssets" scale="3" unitRef="usd">902</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfResearchAndDevelopmentExpenseExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 16 - RESEARCH AND DEVELOPMENT EXPENSES:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DisclosureOfResearchAndDevelopmentExpenseExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="gmvd:ResearchAndDevelopmentArrangementContractToPerformForOthersTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="white-space: nowrap; text-align: center">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:nonNumeric></ix:continuation><div>



</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p><div>

</div><!-- Field: Page; Sequence: 38; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGeneralAndAdministrativeExpenseExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 17.A - SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DisclosureOfGeneralAndAdministrativeExpenseExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">Year ended</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Year ended</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c291" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:PayrollAndRelated" scale="3" unitRef="usd">5,562</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Convertible transaction costs</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-108">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-109">-</div></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">Depreciation and amortization</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c294" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationAndAmortisationExpense" scale="3" unitRef="usd">487</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Insurance</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c294" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InsuranceExpense" scale="3" unitRef="usd">557</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c295" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InsuranceExpense" scale="3" unitRef="usd">396</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c296" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InsuranceExpense" scale="3" unitRef="usd">161</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Share based compensation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c294" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForSharebasedPayments" scale="3" unitRef="usd">6,876</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c295" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForSharebasedPayments" scale="3" unitRef="usd">360</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c296" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForSharebasedPayments" scale="3" unitRef="usd">2,978</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Rent and office maintenance</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c294" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RentalExpense" scale="3" unitRef="usd">342</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c295" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RentalExpense" scale="3" unitRef="usd">314</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c296" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RentalExpense" scale="3" unitRef="usd">321</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Travel expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c294" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TravelExpense" scale="3" unitRef="usd">685</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c295" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TravelExpense" scale="3" unitRef="usd">262</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c296" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TravelExpense" scale="3" unitRef="usd">102</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Others</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 contextRef="c294" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherIncome" scale="3" unitRef="usd">607</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.125in">Total</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>


</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>


</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFinanceIncomeExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFinanceIncomeExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 17.B &#8211; FINANCIAL INCOME (EXPENSES), NET</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_DisclosureOfFinanceIncomeExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Year ended</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Year ended</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Year ended</td><td style="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">December&#160;31,<br/>
 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">December&#160;31,<br/>
 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">December&#160;31,<br/>
 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Share based compensation expenses</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c297" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForSharebasedPayments" scale="3" unitRef="usd">5,297</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-110">-</div></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-111">-</div></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Other Financial expenses</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 contextRef="c297" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherExpenseByNature" scale="3" unitRef="usd">4,078</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c299" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherExpenseByNature" scale="3" unitRef="usd">750</ix:nonFraction></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-left: 0.25in; text-align: left">Total Financial expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c297" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinanceCosts" scale="3" unitRef="usd">9,375</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Gain due to change in fair value of derivative liability and warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c297" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" scale="3" unitRef="usd">11,553</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c298" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" scale="3" unitRef="usd">311</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c299" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" scale="3" unitRef="usd">240</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Other Financial income</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 contextRef="c297" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherFinanceIncome" scale="3" unitRef="usd">5,993</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt">Total Financial income</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 contextRef="c297" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherFinanceCost" scale="3" unitRef="usd">17,546</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 4pt">Financial income (expense), net</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c297" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:FinancialIncomeexpenseNet" scale="3" unitRef="usd">8,171</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c299" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:FinancialIncomeexpenseNet" scale="3" sign="-" unitRef="usd">406</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
  </table></ix:nonNumeric></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_EarningsPerShareExplanatory-c0_cont_1" escape="true" name="ifrs-full:EarningsPerShareExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">NOTE 18 <span style="font-family: Times New Roman, Times, Serif; font-weight: normal">&#8211;
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</div><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p><div>

</div><ix:continuation continuedAt="_EarningsPerShareExplanatory-c0_cont_3" id="_EarningsPerShareExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="padding-bottom: 1.5pt; text-indent: -0.25in; padding-left: 0.25in; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
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                                                                                 December&#160;31,<br/>
 2022</b></p></td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
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December&#160;31,<br/>
 2020*</b></p></td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr>
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    <td style="text-indent: -0.25in; padding-left: 0.25in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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</div><div>


</div><ix:continuation id="_EarningsPerShareExplanatory-c0_cont_3"><ix:continuation id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify"><ix:footnote id="ix_12_footnote" xml:lang="en-US">After giving effect to the reverse stock split (see also
Note 13C)</ix:footnote></td>
</tr></table></ix:continuation></ix:continuation><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 39; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">NOTE 19 - TAX ON INCOME:</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_2" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">A.</td><td style="text-align: justify">Taxes on income:</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_3" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_2"><p style="margin: 0pt 0 0pt 0.25in; font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Cayman Islands:</p><p style="margin: 0pt 0 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_4" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_3"><p style="margin: 0pt 0 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify">The Company has incorporated in the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_5" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_4"><p style="margin-left: 0.25in; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Israel:</p><p style="margin: 0pt 0 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_6" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_5"><p style="margin: 0pt 0 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-weight: normal">Israeli
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_7" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_6"><p style="margin: 0pt 0 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><b>United States of America:</b></p><p style="margin: 0pt 0 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_8" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_7"><p style="margin: 0pt 0 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify">The U.S. subsidiary incorporated in
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_9" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><div>

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    <td>&#160;</td>
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</div><div>

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</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p><div>

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</div><div>

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<td style="width: 0"></td><td style="width: 21.3pt"><b>D.</b></td><td style="text-align: justify"><b>Net losses carry forwards:</b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfIncomeTaxExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">As of December 31, 2022, the Israeli
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statements because their utilization in the foreseeable future is not probable.<span style="font-size: 10pt">&#160;&#160;</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

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</div><div>

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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
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</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_4" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_3"><ix:continuation id="gmvd_ScheduleOfTransactionsAroseWithRelatedPartiesTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><div>

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</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_7" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In April 2022 the Company&#8217;s
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long as the Company&#8217;s CEO continues to be a controlling shareholder and/or the Company cannot be financed externally from any other
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_8" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In exchange, for providing the required security, the Company allotted
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_9" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">On October 6, 2022, the
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and as long as the major shareholder continue to be a controlling shareholder and/or the Company cannot be financed externally from any
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Yacov Geva extended his commitment to finance our operations up to May 30, 2024 provided and as long as the Company cannot be financed
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</div><div>

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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">As the Company&#8217;s CODM, the CEO
receives information on a segregated basis (for review on a regular basis) for each business unit, i.e. services, products and kits.
The consolidated financial statements present the statements of comprehensive loss revenues from each segment on a standalone basis as
well as cost of sale of each segment &#8211; i.e. there are no transactions between segments. The information as presented in the consolidated
financial statements is essentially the same information provided to the CODM and the same information regarding decisions about allocating
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">&#160;The Company accounts for its
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">Products: Development, manufacture
and marketing of wireless diagnostic equipment for the medical industry and consumer market.</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">Covid -19 testing: three kinds of
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">Kits &#8211; direct-To-Customer health testing kits health issues ranging
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</div><div>

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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="text-decoration:underline">For the year ended December
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</div><div>

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    <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt; text-align: right">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">In the discontinued operation the revenues from external customers was $<ix:nonFraction contextRef="c310" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:DiscontinuedOperationTheRevenues" scale="3" unitRef="usd">361</ix:nonFraction> and the loss was $<ix:nonFraction contextRef="c310" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossFromDiscontinuedOperations" scale="3" unitRef="usd">11,108</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"></p><div>

</div><!-- Field: Page; Sequence: 42; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>NOTE 21 - SEGMENT REPORTING
(CONT.):</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="text-decoration:underline">For the year ended December
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_16"><ix:continuation continuedAt="gmvd_ScheduleOfSegmentReportingInformationTableTextBlock-c0_cont_2" id="gmvd_ScheduleOfSegmentReportingInformationTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="text-decoration:underline;text-decoration: none">In the discontinued operation
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>&#160;&#160;&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>NOTE 22 &#8211; DISOCNTINUED
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_2" id="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">During the first half of 2022,
the Company operated six locations performing point-of-care tests in communities in Southern and Northern California. The volume of COVID-19
testing has decreased significantly since April 2022.&#160; Given the decrease in COVID-19 cases, in the second half of fiscal year 2022
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_3" id="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The consolidated statements of comprehensive loss included a net loss from discontinued operations in the amount of $<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossFromDiscontinuedOperations" scale="3" sign="-" unitRef="usd">11,108</ix:nonFraction>. <span style="font-size: 10pt">&#160;&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_4" id="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Below are the results of the discontinued
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_5" id="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfOperatingSegmentsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_6" id="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Below are the cash flow amounts
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</div><div>

</div><ix:continuation id="_DisclosureOfDiscontinuedOperationsExplanatory-c0_cont_6"><ix:continuation id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>&#160;&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"></p><div>

</div><!-- Field: Page; Sequence: 43; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>&#160;</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G
                                            MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>NOTE 23 - FINANCIAL INSTRUMENTS
AND RISK MANAGEMENT:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_2" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is exposed to a variety of financial
risks, which results from its financing, operating and investing activities. The objective of financial risk management is to contain,
where appropriate, exposures in these financial risks to limit any negative impact on the Company&#8217;s financial performance and position.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_3" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company&#8217;s financial instruments
are its cash and cash equivalents, restricted deposit, trade receivables, bank loans and short-term bank credit, trade payables, loans
from major shareholder, convertible securities, derivative liabilities and financial liability at fair value. The main purpose of these
financial instruments is to finance the Company&#8217;s operation. The Company actively measures, monitors and manages its financial risk exposures
by various functions pursuant to the segregation of duties and principals. The risks arising from the Company&#8217;s financial instruments
are mainly credit risk, currency risk and liquidity risk. The risk management policies employed by the Company to manage these risks
are discussed below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_4" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>Credit risk:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_5" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit risk arises when a failure by counterparties
to discharge their obligations could reduce the amount of future cash inflows from financial assets on hand at the balance sheet date.
The Company closely monitors the activities of its counterparties and controls the access to its intellectual property which enables
it to ensure the prompt collection of customers&#8217; balances. The Company&#8217;s main financial assets are cash and cash equivalents as
well as restricted deposit and trade receivables that represent the Company&#8217;s maximum exposure to credit risk in connection with its
financial assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_6" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amount of financial assets represents
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_7" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="gmvd:CarryingAmountOfFinancialAssetsRepresentsTheMaximumCreditExposureTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_8" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>Currency risk:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_9" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currency risk is the risk that the value of financial
instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognized
assets and liabilities are denominated in a currency that is not the Company&#8217;s functional currency. The Company is exposed to foreign
exchange risk arising from various currency exposures primarily with respect to the New Israeli Shekel, the RMB and the AUD. The Company&#8217;s
policy is not to enter into any currency hedging transactions. The carrying amounts of the Company&#8217;s foreign currency denominated monetary
assets and monetary liabilities at the reporting date are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_10" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_9"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <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>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Restricted deposit</td>
    <td>&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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    <td style="text-align: left"></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-align: justify">Accounts receivable other</td>
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    <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">&#160;</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">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td style="text-align: left"></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_11" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_10"><ix:continuation continuedAt="_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory-c0_cont_2" id="_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">NIS</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; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;<b>&#160;</b></p></ix:continuation></ix:continuation><div>


</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 44; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G
                                            MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 23 - FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONT.):</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Currency risk (Cont.):</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_12" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_11"><ix:continuation continuedAt="_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory-c0_cont_3" id="_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: justify">Assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">NIS</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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">AUD</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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</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="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">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: 52%; text-align: left">Cash and cash equivalents</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Restricted deposit</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">&#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"><ix:nonFraction contextRef="c333" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherFinancialAssets" scale="3" unitRef="aud">5</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c334" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherFinancialAssets" scale="3" unitRef="cny">35</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherFinancialAssets" scale="3" unitRef="usd">166</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_13" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_12"><ix:continuation id="_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="10" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_14" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A 10% strengthening of the United States Dollar
against the following currencies would have increased (decreased) equity and the income statement by the amounts shown below. This analysis
assumes that all other variables, in particular interest rates, remain constant. For a <ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="gmvd:BorrowingInterestRate" scale="-2" unitRef="pure">10</ix:nonFraction>% weakening of the United States Dollar against
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_15" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_14"><ix:nonNumeric contextRef="c0" escape="true" name="gmvd:ScheduleOfSensitivityAnalysisTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_16" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>Liquidity risks:</b><span style="font-size: 10pt">&#160;&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_17" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Liquidity risk is the risk that arises when the
maturity of assets and the maturity of liabilities do not match. An unmatched position potentially enhances profitability but can also
increase the risk of loss. The Company has procedures with the object of minimizing such loss by maintaining sufficient cash and other
highly liquid current assets and by having available an adequate amount of committed credit facilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_18" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables detail the Company&#8217;s remaining
contractual maturity for its financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities
based on the earliest date on which the Company can be required to pay.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_19" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_18"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DescriptionOfManagingLiquidityRisk"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: left">&#160;</td><td>&#160;</td><td>&#160;</td>
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</td><td>&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 45; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G
                                            MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 23 - FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
(CONT.):</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_20" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fair value of financial instrument:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_21" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_20"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFairValueOfFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair value measurements using input
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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 colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 2</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; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c343" decimals="-3" format="ixt:num-dot-decimal" name="gmvd:FairValueMeasurementsNet" scale="3" unitRef="usd">1,355</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>


</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_22" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_21"><ix:continuation id="_DisclosureOfFairValueOfFinancialInstrumentsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative liabilities &#8211; warrants</span></td>
    <td style="width: 1%">&#160;</td>
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    <td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-142; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_23" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At December 31, 2022, the fair value measurement
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on a variety of significant unobservable inputs and thus represents a level 3 measurement within the fair value hierarchy including:
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_24" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At December 31, 2022, the fair value measurement,
of the Rubini convertible debenture was estimated using the Monte Carlo simulation analysis based on a variety of significant unobservable
inputs and thus represents a level 3 measurement within the fair value hierarchy. The key inputs that were used in the valuation were:
risk-free interest rate of <ix:nonFraction contextRef="c324" decimals="4" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" scale="-2" unitRef="pure">4.73</ix:nonFraction>% and expected volatility of <ix:nonFraction contextRef="c324" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" scale="-2" unitRef="pure">100</ix:nonFraction>%.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_25" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At December 31, 2021, the fair value measurement
of the warrants in the table above is related to Alpha and Rubini, was estimated using the Black Scholes model, based on a variety of
significant unobservable inputs and thus represents a level 3 measurement within the fair value hierarchy including: risk-free interest
rate of <ix:nonFraction contextRef="c325" decimals="5" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" scale="-2" unitRef="pure">1.265</ix:nonFraction>%, expected volatility <ix:nonFraction contextRef="c325" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" scale="-2" unitRef="pure">60</ix:nonFraction>%.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_26" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At December 31, 2021, the fair value measurement,
of the Lind convertible debentures and warrant was estimated using the Monte Carlo simulation analysis based on a variety of significant
unobservable inputs and thus represents a level 3 measurement within the fair value hierarchy. The key inputs that were used in the valuation
were: risk-free interest rate of <ix:nonFraction contextRef="c6" decimals="5" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfRiskFreeInterestRateShareOptionsGranted" scale="-2" unitRef="pure">1.265</ix:nonFraction>%, expected volatility <ix:nonFraction contextRef="c6" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" scale="-2" unitRef="pure">60</ix:nonFraction>%.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_27" id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_26"><ix:nonNumeric contextRef="c0" escape="true" name="gmvd:ScheduleOfDerivativeLiabilityTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation id="_DisclosureOfInformationAboutEffectOfInterestRateBenchmarkReformOnEntitysFinancialInstrumentsAndRiskManagementStrategyExplanatory-c0_cont_27"><ix:nonNumeric contextRef="c0" escape="true" name="gmvd:ScheduleOfConvertibleSecuritiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left">Convertible securities as of January 1, 2021</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left">Issuance of convertible securities</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Payments of convertible securities</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Convertible securities as of&#160;December 31, 2022</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-148">-</div></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 46; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G
                                            MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 24 - SUBSEQUENT EVENTS:</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -14.2pt"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_2" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>A.</b></td><td style="text-align: justify"><b>Nasdaq staff
                                            listing determination:</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_3" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On February 17, 2023, the Company
announced that on February 16, 2023, the Company received notice from the Listing Qualifications Department (the &#8220;Staff&#8221;)
of The Nasdaq Stock Market LLC (&#8220;Nasdaq&#8221;) that, based upon the Company&#8217;s non-compliance with the stockholders&#8217;
equity requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(b) (the &#8220;Equity
Rule&#8221;), the Company is subject to delisting from Nasdaq unless the Company timely requests a hearing before a Nasdaq Hearings Panel
(the &#8220;Panel&#8221;). Accordingly, the Company has requested a hearing before the Panel, which will stay any delisting or suspension
action pending the hearing and the expiration of any additional extension period granted by the Panel following the hearing. The Hearing
was held on April 13, 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_4" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On May 11, 2023, the Panel granted
the request for continued listing on Nasdaq subject to the requirement that the Company, by no later than August 4, 2023 (or the Exception
Period), provide the Panel with unaudited interim financial statements for the second quarter of 2023 and demonstrate to the Panel that
the Company continue to meet the equity requirement. Upon review of Company&#8217;s interim financial statements for the second quarter
of 2023, the Panel will decide if the Company demonstrated an ability to maintain compliance with the continued listing requirements on
a long-term basis. In addition, from May 11, 2023 until the end of the Exception Period, the Panel reserves the right to reconsider the
terms of this exception based on any event, condition or circumstance that exists or develops that would, in the opinion of the Panel,
make the continued listing of the Company&#8217;s securities on Nasdaq inadvisable or unwarranted. Until the end of the Exception Period,
the Company required to provide prompt notification to the Panel of any significant events that may affect the Company&#8217;s compliance
with Nasdaq requirements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_5" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>B.</b></td><td style="text-align: justify"><b>At-The-Market
                                            offering (&#8220;ATM&#8221;):</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_6" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As described in Note 14(K) above,
in September 2022 the Company entered into a sales agreement with its sales agent pursuant to which the Company may offer and sell, from
time to time, to or through the Sales Agent as agent or principal, ordinary shares, par value $<ix:nonFraction contextRef="c350" decimals="2" format="ixt:num-dot-decimal" name="gmvd:WarrantExercisePrice" scale="0" unitRef="usdPershares">3.15</ix:nonFraction> per share in sales deemed to be &#8220;at
the market&#8221; (&#8220;ATM&#8221;) offerings, having an aggregate offering price of up to <span style="-sec-ix-hidden: hidden-fact-149">$3,000,000</span>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_7" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In January 2023 the Company has sold
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_8" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>C.</b></td><td style="text-align: justify"><b>Share capital
                                            reduction:</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_9" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Under Cayman Islands law, we may not
issue Ordinary Shares at a price under the par value for our Ordinary Shares except in accordance with the provisions of the Companies
Act (as revised) of the Cayman Islands (which, amongst other things, requires a sanction of the Grand Court of the Cayman Islands). Our
Amended and Restated Memorandum and Articles of Association permit us to reduce our share capital in any way, including by reducing the
par value of our issued share capital, cancelling any paid-up share capital which is lost or unrepresented by available assets, and extinguishing
or reducing the liability of any of our shares, by way of special resolution and by order from the Grand Court of the Cayman Islands
confirming such reduction.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_10" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On December 23, 2022, the Company
had an extraordinary general meeting of shareholders to effect a reduction of its share capital and adopt a new Amended and Restated
Memorandum and Articles of Association, which would become effective simultaneously with the Capital Reduction becoming effective
(the &#8220;Post-Reduction Amended and Restated Memorandum and Articles of Association&#8221;). All resolutions proposed, as
described herein, were passed. Namely, shareholders approved to reduce the issued share capital of the Company by the cancellation
of $<ix:nonFraction contextRef="c352" decimals="1" format="ixt:num-dot-decimal" name="gmvd:CancellationPaid" scale="3" unitRef="usd">3.1499</ix:nonFraction> paid up capital on each issued share so that each issued share shall be treated as one fully paid-up share of $<ix:nonFraction contextRef="c353" decimals="4" format="ixt:num-dot-decimal" name="gmvd:SharePrice1" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction>
each in the capital of the Company, or the Capital Reduction. The Capital Reduction is subject to (i) the approval of the Grand
Court of the Cayman Islands, which may impose any condition in relation to the Capital Reduction, (ii) compliance with any
conditions which the Court may impose in relation to the Capital Reduction, and (iii) the registration by the Registrar of Companies
of the Cayman Islands of the order of the Grand Court of the Cayman Islands confirming the Capital Reduction and the minutes
approved by the Grand Court of the Cayman Islands containing the particulars required under the Companies Act (as revised) of the
Cayman Islands with respect to the Capital Reduction; until such conditions are met and/or satisfied, we cannot issue Ordinary
Shares for less than $<ix:nonFraction contextRef="c352" decimals="2" format="ixt:num-dot-decimal" name="gmvd:OrdinarySharesParValue" scale="0" unitRef="usdPershares">3.15</ix:nonFraction> per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_11" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Following the meeting, it became apparent that the notice calling the
general meeting on&#160;December&#160;23, 2022 was only posted to shareholders on December&#160;19, 2022 and shareholders may not have
received sufficient notice of that meeting. In order for there to be sufficient notice under our Amended and Restated Memorandum and Articles
of Association, there needs to be five days&#8217; clear notice of the meeting. The result of this procedural irregularity is that the
adjourned meeting on December&#160;28, 2022 and the resolutions passed at that meeting are considered to have a defect. To cure the irregularity,
on January 24, 2023, the Company called a further general meeting for our shareholders to reconsider and, if thought fit, re-approve&#160;the
matters set out in the December 28, 2022 meeting and certain other matters (including amendments to our Amended and Restated Memorandum
and Articles of Association). This meeting was scheduled for February 9, 2023 and, on such date, the meeting was adjourned to February
16, 2023 due a lack of an effective quorum. The adjourned meeting was convened on February 16, 2023, a quorum was present and our shareholders
voted upon and approved all agenda items.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 47; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>G MEDICAL INNOVATIONS HOLDINGS LTD.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(US$ in thousands)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>NOTE 24 - SUBSEQUENT EVENTS
(CONT.):</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>C.</b></td><td style="text-align: justify"><b>Share capital
reduction (cont.)</b></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_12" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On March 6, 2023, we filed our application
to seek an order of the Grand Court of the Cayman Islands for confirmation and approval of the Capital Reduction, which was approved
by the Grand Court of the Cayman Islands on March 23, 2023, with no conditions attached. The Capital Reduction will therefore become
effective upon registration by the Registrar of Companies of the Cayman Islands of (1) the order of the Grand Court of the Cayman Islands
confirming the Capital Reduction and (2) the minutes approved by the Grand Court of the Cayman Islands containing the particulars required
under the Companies Act (as revised) of the Cayman Islands (together the &#8220;Capital Reduction Documents&#8221;). On March 24, 2023,
we filed the Capital Reduction Documents with the Registrar of Companies of the Cayman Islands and the Capital Reduction became effective.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_13" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>D.</b></td><td style="text-align: justify"><b>Major shareholder
                                            commitment</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_14" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On May 15, 2023, the major shareholder and Chief Executive Officer
of the Company, extended his commitment to finance the Company up to May 30, 2024, provided and as long as, the Company cannot be finance
externally from any other sources and/ or until a sum of $ <ix:nonFraction contextRef="c354" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClosedBlockOperationsRevenue" scale="0" unitRef="usd">10,000</ix:nonFraction> be received in the Company for its operations, whichever is earlier.
(See also note 20).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_15" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>E.</b></td><td style="text-align: justify"><b>Public offering</b></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_16" id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 3, 2023 the Company completed a public offering of <ix:nonFraction contextRef="c355" decimals="0" format="ixt:num-dot-decimal" name="gmvd:OrdinaryShares" scale="0" unitRef="shares">5,470,000</ix:nonFraction>
ordinary shares at a price of $<ix:nonFraction contextRef="c355" decimals="1" format="ixt:num-dot-decimal" name="gmvd:AggregateOrdinaryShares" scale="0" unitRef="shares">0.8</ix:nonFraction> per share and <ix:nonFraction contextRef="c356" decimals="0" format="ixt:num-dot-decimal" name="gmvd:OrdinaryShares" scale="0" unitRef="shares">6,530,000</ix:nonFraction> pre-funded warrants at a price of $<ix:nonFraction contextRef="c356" decimals="3" format="ixt:num-dot-decimal" name="gmvd:AggregateOrdinaryShares" scale="0" unitRef="shares">0.799</ix:nonFraction> per pre funded warrant for gross proceeds
of approximately $<ix:nonFraction contextRef="c356" decimals="-5" format="ixt:num-dot-decimal" name="gmvd:GrossProceeds" scale="6" unitRef="usd">9.6</ix:nonFraction> million (net proceeds were approximately $<ix:nonFraction contextRef="c357" decimals="-5" format="ixt:num-dot-decimal" name="gmvd:NetProceedsAmount" scale="6" unitRef="usd">8.6</ix:nonFraction> million), before deducting underwriting discounts and offering expenses.
In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional <ix:nonFraction contextRef="c358" decimals="0" format="ixt:num-dot-decimal" name="gmvd:NumberOfOutstandingSharesOption" scale="0" unitRef="shares">1,800,000</ix:nonFraction> shares and/or Pre-Funded
Warrants to cover over-allotments at the public offering price, less the underwriting discount.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfEventsAfterReportingPeriodExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As part of the Public Offering the
Company&#8217;s CEO, Dr. Yacov Geva purchased <ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="gmvd:PurchasedShares" scale="0" unitRef="shares">1,250,000</ix:nonFraction> shares for the amount of $ <ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" scale="6" unitRef="usd">1</ix:nonFraction> million.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">F-47</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>




































































































































































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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
20-F
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
December 31
,
2022
Commission File No.:
001-39674
G Medical Innovations Holdings Ltd.
(Exact name of registrant as specified in its
charter)
Translation of registrant's name into
English:
Not applicable
Cayman Islands
5 Oppenheimer,
Rehovot
7670105
,
Israel
Tel: +
972
8 958 4777
(Jurisdiction of incorporation or organization)
(Address of principal executive offices)
Dr. Yacov Geva
President and Chief Executive Officer
+972 8 958 4777
Yacovg@Gmedinnovations.com
5 Oppenheimer
,
Rehovot
7670105
,
Israel
(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 to be registered
Trading Symbol(s)
Name of each exchange on which each
class is to be registered
Ordinary Shares, par value $0.0001 per share
GMVD
Nasdaq
Capital Market
Warrants to purchase Ordinary Shares, par value $0.0001 per share
GMVDW
Nasdaq
Capital Market
Securities registered or to be registered pursuant
to Section 12(g) of the Act: None
Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act: None
Number of outstanding shares
of each of the issuer's classes of capital or common stock as of December 31, 2022:
1,532,794
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
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 Exchange Act 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
during the preceding 12 months.
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.
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 7(a)(2)(B)
of the Securities Act.
☐
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.
Yes
☐
No
☒
TABLE OF CONTENTS
Page
INTRODUCTION
ii
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
iii
EXPLANATORY NOTE
v
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
A.
Reserved
1
B.
Capitalization and Indebtedness
1
C.
Reasons for the Offer and Use of Proceeds
1
D.
Risk Factors
1
ITEM 4.
INFORMATION ON THE COMPANY
32
A.
History and Development of the Company
32
B.
Business Overview
33
C.
Organizational Structure
69
D.
Property, Plants and Equipment
70
ITEM 4A.
UNRESOLVED STAFF COMMENTS
70
ITEM 5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
71
A.
Operating Results
71
B.
Liquidity and Capital Resources
74
D.
Trend Information
80
E.
Critical Accounting Estimates
80
ITEM 6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
81
A.
Directors and Senior Management
81
B.
Compensation
84
C.
Board Practices
86
D.
Employees
90
E.
Share Ownership
90
ITEM 7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
93
A.
Major Shareholders
93
B.
Related Party Transactions
95
C.
Interests of Experts and Counsel
97
ITEM 8.
FINANCIAL INFORMATION
97
A.
Consolidated Statements and Other Financial Information
97
B.
Significant Changes
97
ITEM 9.
THE OFFER AND LISTING
98
A.
Offer and Listing Details
98
B.
Plan of Distribution
98
C.
Markets
98
D.
Selling Shareholders
98
E.
Dilution
98
F.
Expenses of the Issue
98
ITEM 10.
ADDITIONAL INFORMATION
98
A.
Share Capital
98
B.
Memorandum and Articles of Association
98
C.
Material Contracts
98
D.
Exchange Controls
98
E.
Taxation
98
F.
Dividends and Paying Agents
102
G.
Statement by Experts
103
H.
Documents on Display
103
I.
Subsidiary Information
103
J.
Annual Report to Security Holders
103
ITEM 11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
103
ITEM 12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
104
A.
Debt Securities
104
B.
Warrants and rights
104
C.
Other Securities
104
D.
American Depositary Shares
104
PART II
105
ITEM 13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
105
ITEM 14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
105
ITEM 15.
CONTROLS AND PROCEDURES
105
ITEM 16.
RESERVED
106
ITEM 16A.
AUDIT AND RISK COMMITTEE FINANCIAL EXPERT
106
ITEM 16B.
CODE OF ETHICS
106
ITEM 16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
106
ITEM 16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT AND RISK COMMITTEES
107
ITEM 16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
107
ITEM 16F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
107
ITEM 16G.
CORPORATE GOVERNANCE
108
ITEM 16H.
MINE SAFETY DISCLOSURE
108
ITEM 16I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
108
PART III
109
ITEM 17.
FINANCIAL STATEMENTS
109
ITEM 18.
FINANCIAL STATEMENTS
109
ITEM 19.
EXHIBITS
109
SIGNATURES
111
i
INTRODUCTION
We are a next-generation mobile
health, or mHealth, and digital health company that develops and markets clinical and consumer medical-grade health monitoring solutions
and offers end-to-end support for remote monitoring and telemedicine projects. With extensive experience in the field of medical devices,
digital health and patients monitoring, we are committed to raising the global level of healthcare by empowering caregivers and patients
to better monitor, manage and improve clinical and personal health outcomes. We believe that we are at the forefront of the digital health
revolution in developing the next generation of mobile technologies and services that are designed to empower consumers, patients, and
providers to better monitor, manage and improve clinical and personal health outcomes, especially for those who suffer from cardiovascular
disease, or CVD, pulmonary disease and diabetes. Our business and future revenue stream can be broken down into two business areas: monitoring
services and home collection kits for lab testing.
Unless the context requires
otherwise, the terms "G Medical Innovations Holdings," "we," "us," "our," the "Company"
and "G Medical Innovations Holdings" refer to G Medical Innovations Holdings Ltd., a Cayman Islands exempted company, and
its subsidiaries: G Medical Innovations Ltd., an Israeli corporation, G Medical Innovations USA Inc., a Delaware corporation, G Medical
Health and Wellness, Inc, a Delaware corporation, G Medical Health and Wellness Lab, Inc., a Delaware corporation, G Medical Innovations
MK Ltd., a Macedonian corporation, G Medical Innovations Asia Limited, a Hong Kong corporation, G Medical Diagnostic Services, Inc., a
Texas corporation, G Medical Mobile Health Solutions, Inc., an Illinois corporation, Telerhythmics, LLC , a company formed under the laws
of the state of Tennessee, G Medical Tests and Services, Inc., a Delaware corporation, G Medical Lab Services, Inc. a Delaware corporation,
G Medical Innovations UK Ltd., a UK corporation, all of which are wholly-owned subsidiaries, G-Medical Lab Services Inc., a Delaware corporation
and 80%-owned subsidiary, and Guangzhou Yimei Innovative Medical Science and Technology Co., Ltd., or G Medical China, a 70%-owned subsidiary
of G Medical Innovations Asia Limited.
References to "Ordinary
Shares", "warrants" and "share capital" refer to our ordinary shares, warrants and share capital, respectively,
of G Medical Innovations Holdings.
Our reporting currency and
functional currency is the U.S. dollar. Unless otherwise expressly stated or the context otherwise requires, references in this annual
report to "dollars" or "$" mean U.S. dollars, and references to "A$" are to Australian dollars. Unless
derived from our consolidated financial statements or otherwise indicated, U.S. dollar translations of A$ amounts presented in this annual
report are translated using the rate of A$1.469 to $1.00, based on the exchange rates certified for customs purposes by the Federal Reserve
Bank of New York on December 31, 2022.  References to "Ordinary Shares" are to our ordinary shares, par value $3.15 per
share. We report under International Financial Reporting Standards (or IFRS), as issued by the International Accounting Standards Board
(or the IASB). None of the financial statements were prepared in accordance with generally accepted accounting principles in the United
States.
Our shareholders have approved
three reverse stock splits since 2020: on October 29, 2020, our shareholders approved, at an extraordinary general shareholders meeting,
a one-for-18 consolidation (the "October 2020 Reverse Stock Split") of our Ordinary Shares pursuant to which holders of our
Ordinary Shares received one Ordinary Share for every 18 Ordinary Shares held; on March 25, 2021, our shareholders approved, at an extraordinary
general shareholders meeting, a one-for-five consolidation (the "March 2021 Reverse Stock Split") of our Ordinary Shares pursuant
to which holders of our Ordinary Shares received one Ordinary Share for every five Ordinary Shares held; and on November 15, 2022, our
shareholders approved, at an extraordinary general shareholders meeting, a 35-for-one consolidation of our Ordinary Shares pursuant to
which holders of our Ordinary Shares received one Ordinary Share for every 35 Ordinary Shares held which took effect on November 16, 2022
(the "November 2022 Reverse Stock Split"). Unless the context expressly dictates otherwise, all reference to share and per
share amounts referred to herein reflect the October 2020 Reverse Stock Split, the March 2021 Reverse Stock Split and the November 2022
Reverse Stock Split.
ii
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information included
or incorporated by reference in this annual report on Form 20-F may be deemed to be "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Forward-looking statements are often characterized
by the use of forward-looking terminology such as "may," "will," "expect," "anticipate,"
"estimate," "continue," "believe," "should," "intend," "project"
or other similar words, but are not the only way these statements are identified.
These forward-looking statements
may include, but are not limited to, statements relating to our objectives, plans and strategies, statements that contain projections
of results of operations or of financial condition, expected capital needs and expenses, statements relating to the research, development,
completion and use of our products, and all statements (other than statements of historical facts) that address activities, events or
developments that we intend, expect, project, believe or anticipate will or may occur in the future.
Forward-looking statements
are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements on
assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions,
expected future developments and other factors they believe to be appropriate.
Important factors that could
cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements
include, among other things:
●
our expectation regarding the sufficiency of our existing cash and cash equivalents to fund our current operations;
●
our ability and plans to manufacture, market and sell our products and services, including those related to our new direct to customer at-home health testing kit business;
●
our expectation regarding government and third-party payors providing adequate coverage and reimbursement for the use of our products and services, including our testing services;
●
the commercial launch and future sales of our existing products or services or any other future potential product candidates or services;
●
planned pilot programs with healthcare providers for our products;
●
our plan to further expand by targeting healthcare providers who can benefit from our comprehensive service offerings;
●
our intention to drive multiple recurring revenue streams, across consumer and professional healthcare verticals and in geographical territories;
●
our expectations regarding future growth;
●
our planned level of capital expenditures;
●
our plans to continue to invest in research and development to develop technology for both existing and new products;
●
our anticipation that we will penetrate a higher number of distribution channels and markets with a relatively low overhead;
iii
●
our anticipation that the monitoring services will continue to grow thereby increasing monthly recurring revenues payable to us;
●
anticipated actions of the U.S. Food and Drug Administration, or the U.S. FDA, state regulators, if any, or other similar foreign regulatory agencies, including approval to conduct clinical trials, the timing and scope of those trials and the prospects for regulatory approval or clearance of, or other regulatory action with respect to our products or services;
●
our ability to launch and penetrate markets in new locations, including taking steps to expand our activities;
●
our ability to retain key executive members;
●
our ability to internally develop new inventions and intellectual property;
●
interpretations of current laws and the passages of future laws;
●
acceptance of our business model by investors; and
●
those factors referred to in "Item 3.D. Risk Factors," "Item 4. Information on the Company," and "Item 5. Operating and Financial Review and Prospects", as well as in this annual report on Form 20-F generally.
Readers are urged to carefully
review and consider the various disclosures made throughout this annual report on Form 20-F which are designed to advise interested parties
of the risks and factors that may affect our business, financial condition, results of operations and prospects.
You should not put undue reliance
on any forward-looking statements. Any forward-looking statements in this annual report on Form 20-F are made as of the date hereof and
are expressly qualified in their entirety by the cautionary statements included in this annual report. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required
by law.
In addition, the section of
this annual report on Form 20-F entitled "Item 4. Information on the Company" contains information obtained from independent
industry sources and other sources that we have not independently verified.
iv
EXPLANATORY NOTE
Market data and certain industry
data and forecasts used throughout this annual report on Form 20-F were obtained from internal company surveys, market research, publicly
available information, reports of governmental agencies and industry publications and surveys. Industry surveys, publications and forecasts
generally state that the information contained therein has been obtained from sources believed to be reliable. However, this information
may prove to be inaccurate because of the method by which some of the data for the estimates is obtained or because this information cannot
always be verified with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of
the data gathering process and other limitations and uncertainties. As a result, the market and industry data and forecasts included or
incorporated by reference in this annual report, and estimates and beliefs based on that data, may not be reliable. We have relied on
certain data from third-party sources, including internal surveys, industry forecasts and market research, which we believe to be reliable
based on our management's knowledge of the industry. However, we have not ascertained the underlying economic assumptions relied
upon therein. Forecasts are particularly likely to be inaccurate, especially over long periods of time. In addition, we do not necessarily
know what assumptions regarding general economic growth were used in preparing the forecasts we cite. Statements as to our market position
are based to the best of our knowledge on the most currently available data. While we are not aware of any misstatements regarding the
industry data presented in this annual report, our estimates involve risks and uncertainties and are subject to change based on various
factors, including those discussed under the heading "Risk Factors" in this annual report.
Statements made in this annual
report on Form 20-F concerning the contents of any agreement, contract or other document are summaries of such agreements, contracts or
documents and are not a complete description of all of their terms. If we filed any of these agreements, contracts or documents as exhibits
to this Report or to any previous filing with the Securities and Exchange Commission (or the SEC), you may read the document itself for
a complete understanding of its terms.
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
You should carefully consider
the risks described below, together with all of the other information in this annual report on Form 20-F. The risks and uncertainties
described below are those significant risk factors, currently known and specific to us, that we believe are relevant to an investment
in our securities. Additional risks and uncertainties not currently known to us or that we now deem immaterial may also harm us. If any
of these risks materialize our business, results of operations or financial condition could suffer, and the price of our Ordinary Shares
could decline substantially.
Summary Risk Factors
Our business is subject to numerous risks, as more
fully described in the section entitled "Risk Factors" immediately following this annual report summary. You should read these
risks before you invest in the Securities. In particular, our risks include, but are not limited to, the following:
●
we have identified material weaknesses in our internal control over financial reporting that could, if not remediated, result in material misstatements in our financial statements. If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, shareholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our Ordinary Shares;
●
we have a limited operating history on which to assess the prospects for our business, have generated little revenue from sales of our products, have incurred losses since inception and we anticipate that we will continue to incur significant losses until we are able to successfully commercialize our products and services globally;
●
we expect that we will need to raise substantial additional funding before we can expect to become profitable from sales of our products and services and this additional financing may not be available on acceptable terms, or at all;
●
raising additional capital would cause dilution to holders of our equity securities, and may affect the rights of existing holders of equity securities;
●
we may not succeed in completing the development and commercialization of our products and services and generating significant revenues;
●
the expansion of our home testing kit business presents important challenges to our ability to manage our business;
●
our success depends upon market acceptance of our products and services, our ability to develop and commercialize new products and services and generate revenues and our ability to identify new markets for our technology;
●
medical device development is costly and involves continual technological change which may render our current or future products obsolete;
●
we will be dependent upon success in our customer acquisition strategy and successfully integrating acquired companies and technology;
1
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we have recently invested significant capital in our COVID-19 related services, including the purchase of COVID-19 testing kits, however, the future of COVID-19 related services is uncertain and we have stopped operations in our COVID-19 testing related business, which has led to the write off of inventory and fixed assets in our fiscal year ended December 31, 2022;
●
we are dependent upon third-party manufacturers and suppliers making us vulnerable to supply shortages and problems and price fluctuations, which could harm our business, and we have no timely ability to replace our current manufacturing capabilities;
●
we have limited manufacturing history on which to assess the prospects for our business, and we anticipate that we will incur significant losses once we initiate our in-house manufacturing until we are able to successfully commercialize our products globally;
●
we have applied for various patents, but there is a risk that our patent applications will not be granted or that we will receive enforceable patent rights, which could leave us at a competitive disadvantage;
●
we face intense competition in the market, and as a result we may be unable to effectively compete in our industry;
●
the level of our commercial success will depend in part on our ability to generate and grow sales with our sales and marketing team, strategies and partnerships, and we may be unsuccessful in these efforts;
●
if third-party payors do not provide adequate coverage and reimbursement for the use of our products and services, our revenue will be negatively impacted;
●
we may not be able to obtain the necessary clearance(s) or approval(s) of the U.S. FDA or any applicable state equivalents, or similar foreign regulatory agencies, such as European Economic Area (or EEA) Notified Bodies, or the NMPA or may not be able to obtain such approvals in a timely fashion;
●
the operation of our monitoring centers is subject to rules and regulations governing Independent Diagnostic Testing Facility (or IDTF) and state licensure requirements; failure to comply with these rules could prevent us from receiving reimbursement from Medicare and some commercial payors;
●
changes in the regulatory environment may constrain or require us to restructure our operations, which may delay or prevent us from marketing our products and services and as a result harming our revenue and operating results;
●
we may be party to or target of lawsuits, investigations and proceedings arising out of claims alleging negligence, product liability, breach of warranty or malpractice that may involve large claims and significant defense costs whether or not such liability is imposed. Such potential claims may be costly to defend, could consume management resources and could adversely affect our reputation and business;
●
we are a Cayman Islands exempted company with limited liability. The rights of our shareholders may be different from the rights of shareholders governed by the laws of U.S. jurisdictions. In addition, our shareholders may face difficulties in protecting their interests because we are a Cayman Islands exempted company and United States civil liabilities and certain judgments obtained against us by our shareholders may not be enforceable;
2
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failure to meet Nasdaq's continued listing requirements could result in the delisting of our Ordinary Shares, negatively impact the price of our Ordinary Shares and negatively impact our ability to raise additional capital;
●
our principal manufacturing facility is located in China and we plan to operate in the Chinese market. Changes in the Chinese government's macroeconomic policies or its public policy could have a negative effect on our business and results of operations. The Chinese government exerts substantial influence over the manner in which we must conduct our business activities. In addition, uncertainties with respect to the Chinese legal system could adversely affect us;
●
we maintain material operations in Israel. It may be difficult to enforce a judgment of a U.S. court against us and our officers and directors and the Israeli experts named in this annual report in Israel or the United States, to assert U.S. securities laws claims in Israel or to serve process on our officers and directors and these experts. In addition, potential political, economic and military instability in the State of Israel, where our management team and our research and development facilities are located, may adversely affect our results of operations; and
●
we may be required to pay monetary remuneration to our Israeli employees for their inventions, even if the rights to such inventions have been duly assigned to us.
Risks Related to Our Financial Condition and
Capital Requirements
We have identified material weaknesses in
our internal control over financial reporting that could, if not remediated, result in material misstatements in our financial statements.
If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial
results or prevent fraud. As a result, shareholders could lose confidence in our financial and other public reporting, which would harm
our business and the trading price of our Ordinary Shares.
Effective internal controls
over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and
procedures are designed to prevent fraud. Our management will be required to assess the effectiveness of our internal controls and procedures
and disclose changes in these controls on an annual basis. However, for as long as we are an "emerging growth company" under
the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness of our internal controls
over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act (or Section 404).
Any failure to implement required
new or improved controls, or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations.
In addition, any testing by us conducted in connection with Section 404, or any subsequent testing by our independent registered public
accounting firm, may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses or
that may require prospective or retroactive changes to our financial statements or identify other areas for further attention or improvement.
Inferior internal controls could also cause investors to lose confidence in our reported financial information, which could have a negative
effect on the trading price of our Ordinary Shares.
We have identified material
weaknesses in our internal control over financial reporting as of December 31, 2022. As defined in Regulation 12b-2 under the Exchange
Act, a "material weakness" is a deficiency, or combination of deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material misstatement of our annual financial statements will not be prevented or detected
on a timely basis. Specifically, we determined that the material weaknesses are related to having an insufficient number of financial
reporting personnel with an appropriate level of knowledge, experience and training in the application of IFRS and SEC rules and regulations
commensurate with our reporting requirements.
We have taken action toward
remediating these material weaknesses by providing enhanced training to existing financial and accounting employees on related IFRS issues.
In addition, to remediate these material weaknesses, we are implementing measures and developing, communicating, and implementing an accounting
policy manual for our financial reporting personnel for recurring transactions, period-end closing processes and policy relating to segregation
of duties.
If we are unable to certify
that our internal control over financial reporting is effective and in compliance with Section 404, we may be subject to sanctions or
investigations by regulatory authorities, such as the SEC or stock exchanges, and we could lose investor confidence in the accuracy and
completeness of our financial reports, which could hurt our business, the price of our Ordinary Shares and our ability to access the capital
market.
We have a limited operating history on which
to assess the prospects for our business, have generated little revenue from sales of our products, and have incurred losses since inception.
We anticipate that we will continue to incur significant losses until we are able to successfully commercialize our products and services
globally.
Since inception, we have
devoted substantially all of our financial resources to develop our products and their related services. We have financed our
operations primarily through the issuance of equity securities and loans, have incurred losses since inception including net losses
of approximately $25.1 million in 2022 and $14.9 million in 2021 and $12.7 million in 2020. Our accumulated deficit as of December
31, 2022 was $115,263 thousand. We have financed our operations primarily through the issuance of equity securities. We have
generated little revenue from the sale of our products to date and have incurred significant losses. The amount of our future net
losses will depend, in part, on on-going development of our products and their related services, the success of our new home testing
kit related business, the rate of our future expenditures and our ability to obtain funding through the issuance of our securities,
strategic collaborations or grants. We expect to continue to incur significant losses until we are able to successfully
commercialize our products and services globally. We anticipate that our expenses will increase substantially if and as we:
●
continue the development of our products and services, including with respect to our new home testing kit business;
3
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establish a sales, marketing and distribution infrastructure to commercialize our products and services;
●
seek to identify, assess, acquire, license and/or develop other products and services and subsequent generations of our current products and services;
●
seek to maintain, protect and expand our intellectual property portfolio;
●
seek to attract and retain skilled personnel; and
●
continue to support our operations as a public company, our product development and planned future commercialization efforts.
Our ability to generate future revenue from product and service sales depends heavily on our success in many areas, including but not limited to:
●
Successfully establishing and our ability to manage our home testing kit business;
●
addressing any competing technological and market developments;
●
negotiating favorable terms in any collaboration, licensing or other arrangements into which we may enter;
●
establishing and maintaining resale and distribution relationships with third-parties that can provide adequate (in amount and quality) infrastructure to support market demand for our products;
●
launching and commercializing current and future products and services, either directly or with a collaborator or distributor; and
●
maintaining, protecting and expanding our portfolio of intellectual property rights, including patents, trade secrets and know-how.
We expect that
we will need to raise substantial additional funding before we can expect to become profitable from sales of our products and services.
This additional financing may not be available on acceptable terms, or at all. Failure to obtain this necessary capital when needed may
force us to delay, limit or terminate our product development efforts or other operations.
As
of December 31, 2022, we had approximately $0.295 million in cash and cash equivalents and an accumulated deficit of $115,263 thousands.
Based upon our currently expected level of operating expenditures, we expect that our current existing cash and cash equivalents, future
fund raisings and the Company's major shareholder commitment to continue and support the Company's ongoing operation for the
foreseeable future (if other sources of funding would not be available to the Company and under certain conditions) will be sufficient
to fund our current operations for the foreseeable future. We will require substantial additional capital to fund our current operation
and to grow our business and commercialize our products and services. In addition, our operating plans may change as a result of many
factors that may currently be unknown to us, and we may need to seek additional funds sooner than planned.
We
cannot guarantee that future financing will be available in sufficient amounts or on terms acceptable to us, if at all. Moreover, the
terms of any financing may adversely affect the holdings or the rights of our stockholders and the issuance of additional securities,
whether equity or debt, by us, or the possibility of such issuance, may cause the market price of our Ordinary Shares to decline. The
incurrence of indebtedness could result in increased fixed payment obligations, and we may be required to agree to certain restrictive
covenants, such as limitations on our ability to incur additional debt, limitations on our ability to acquire, sell or license intellectual
property rights and other operating restrictions that could adversely impact our ability to conduct our business. We could also be required
to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable, and
we may be required to relinquish rights to some of our technologies or products or otherwise agree to terms unfavorable to us, any of
which may have a material adverse effect on our business, operating results and prospects. Even if we believe that we have sufficient
funds for our current or future operating plans, we may seek additional capital if market conditions are favorable or if we have specific
strategic considerations.
Raising additional
capital would cause dilution to holders of our equity securities, and may affect the rights of existing holders of equity securities.
We
may seek additional capital through a combination of private and public equity offerings, debt financings and collaborations and strategic
and licensing arrangements. To the extent that we raise additional capital through the issuance 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 the Ordinary Shares.
4
Risks
Related to Our Business
We may not succeed
in completing the development and commercialization of our products and services and generating significant revenues.
While
we recently expanded our business to provide home test kits related services, including hormones, sexual transmitted diseases, nutrition,
colon cancer, food sensitivity and allergies testing, since commencing our operations, we have focused on the research and development
and limited clinical trials of our products and services. Some of our products and services are not approved for commercialization and
have never generated any revenues. Our ability to generate revenues and achieve profitability depends on our ability to successfully complete
the development of these products and services, obtain regulatory approvals and generate significant revenues. The future success of our
business cannot be determined at this time, and we do not anticipate generating revenues from some of our products and services for the
foreseeable future. In addition, we have limited experience in commercializing our products and services and we may face several challenges
with respect to our commercialization efforts, including, among others, that:
●
we may not have adequate financial or other resources to complete the development of our products or services associated with a given product;
●
we may not have adequate financial or other resources to complete the development of our lab and the equipment involved for such operations;
●
we may not have adequate financial or other resources to support the ongoing operation of our lab, including materials required for the tests analysis, physician network costs and other unforeseen expenses
●
we may not be able to manufacture our products in commercial quantities, at an adequate quality or at an acceptable cost;
●
we may not be able to establish adequate sales, marketing and distribution channels;
●
healthcare professionals and patients may not accept our products or fully utilize our products' services;
●
we may not be aware of possible complications from the continued use of our products or services since we have limited clinical experience with respect to the actual use of our products and services;
●
technological breakthroughs in the mobile and e-health solutions and services may reduce the demand for our products;
●
changes in the market for mobile and e-health solutions and services, new alliances between existing market participants and the entrance of new market participants may interfere with our market penetration efforts;
●
third-party payors may not agree to reimburse patients for any or all of the purchase price of our products, which may adversely affect patients' willingness to purchase our products;
●
uncertainty as to market demand may result in inefficient pricing of our products and services;
●
we may face third-party claims of intellectual property infringement for any of our technologies, services and at home testing kits; and
●
we may fail to obtain or maintain regulatory approvals for our products or services in our target markets or may face adverse regulatory or legal actions relating to our products or services even if regulatory approval is obtained.
5
If
we are unable to meet any one or more of these challenges successfully, our ability to effectively commercialize our products and services
could be limited, which in turn could have a material adverse effect on our business, financial condition and results of operations.
The expansion of
our home testing kit business presents important challenges to our ability to manage our business.
In
July 2022, we launched our home testing kit related business with seven types of at home testing kits. In October 2022, we expanded our
business to offer an additional 24 different at-home health tests kits. Since the COVID-19 pandemic, there has been an increase in home
testing for medical conditions and there is existing competition in the home testing kit market and we expect new entrants to enter the
market, and these competitors may cause price declines or reduced market share for us. We expect this competition to intensify in the
future. We face competition from a variety of sources, including, among others, an increasing number of companies seeking to develop and
commercialize, or who have developed and commercialized home testing kit services, such as specialty and reference laboratories, and established
and emerging healthcare, information technology and service companies that may develop and sell competitive products or services. There
can be no assurance that our investments in our home testing kit business and capabilities will result in desirable returns, and if our
operating results continue to decline as a result of decreased demand, our stock price could decline.
We may be subject
to liability and our insurance may not be sufficient to cover damages.
Our
business exposes us to potential liability risks that are inherent in the marketing and sale of testing kits and diagnostics. The use
of our products may expose us to professional and product liability claims and possible adverse publicity. We may be subject to claims
resulting from incorrect results of analysis with respect to our products and services. Litigation of such claims could be costly. Further,
if a court were to require us to pay damages to a plaintiff, the amount of such damages could be significant and severely damage our financial
condition. Although we have public and product liability insurance coverage under broad form liability and professional indemnity policies,
the level or breadth of our coverage may not be adequate to fully cover any potential liability claims. In addition, we may not be able
to obtain additional liability coverage in the future at an acceptable cost. A successful claim or series of claims brought against us
in excess of our insurance coverage and the effect of professional and/or product liability litigation upon the reputation and marketability
of our technology and products, together with the diversion of the attention of key personnel, could negatively affect our business.
Our success depends
upon market acceptance of our products and services, our ability to develop and commercialize new products and services and generate revenues
and our ability to identify new markets for our technology.
We
have developed, and are engaged in the development of, mobile and e-health solutions and services using our suite of devices and software
solutions. Our success will depend on the acceptance of our products and services in the healthcare market. We are faced with the risk
that the marketplace will not be receptive to our products and services over competing products and that we will be unable to compete
effectively. Factors that could affect our ability to successfully commercialize our current and any potential future products and services
include:
●
the challenges of developing (or acquiring externally) technology solutions that are adequate and competitive in meeting the requirements of next-generation design challenges;
●
our ability to successfully complete the validation process of each home test kit to be able to launch it to the market. Delays in launching kits might affect our ability to meet the sales forecast;
●
the dependence upon physicians' acceptance of our products and their willingness to prescribe our product to their patients for the sale of our products and provision of our services; and
●
retailer acceptance of our products and their interest in selling it in their stores. There might be cases that due to private labelling of home testing kits by the retailer, the retailers won't be interested in promoting our product but its own product, or in case a retailer signed an exclusive agreement with a large competitor, we might receive a negative response to our interest to work with a retailer in a specific area or stores.
We
cannot assure that our current products or any future products, and services, will gain broad market acceptance. If the market for our
current products in development fails to develop or develops more slowly than expected, or if any of the services and standards supported
by us do not achieve or sustain market acceptance, our business and operating results would be materially and adversely affected.
6
Medical device
development is costly and involves continual technological change which may render our current or future products obsolete.
The
market for monitoring services and products is characterized by rapid technological change, medical advances, changing consumer requirements,
short device lifecycles and evolving industry standards. Any one of these factors could reduce the demand for our services and devices
or require substantial resources and expenditures for research, design and development to avoid technological or market obsolescence.
Our
success will depend on our ability to enhance our current technology, services and systems and develop or acquire and market new technologies
to keep pace with technological developments and evolving industry standards, while responding to changes in customer needs. A failure
to adequately develop or acquire device enhancements or new devices that will address changing technologies and customer requirements
adequately, or to introduce such devices on a timely basis, may have a material adverse effect on our business, financial condition and
results of operations.
We
might have insufficient financial resources to improve existing devices, advance technologies and develop new devices at competitive prices.
Technological advances by one or more competitors or future entrants into the field may result in our present services or devices becoming
non-competitive or obsolete, which may decrease revenues and profits and adversely affect our business and results of operations.
We
will encounter significant competition across our product lines and in each market in which we will sell our products and services from
various companies, some of which may have greater financial and marketing resources than we do. Our primary competitors include Biotelemetry,
Inc., iRhythm Technologies, Preventice Solutions, Inc., Bardy Diagnostics, Inc. and other arrhythmia service providers, as well as a wide
range of medical device companies that sell a single or limited number of competitive products and services, such as Teledoc Health, Inc.,
DarioHealth Corp. and Itamar Medical, Inc., or participate in only a specific market segment.
We will be dependent
upon success in our customer acquisition strategy.
Our
business will be dependent upon success in our customer acquisition strategy. If we fail to maintain a high quality of service or a high
quality of device technology, we may fail to retain existing users or add new users. If users decrease their level of engagement, our
revenue, financial results and business may be significantly harmed. Our future success depends upon building a commercial operation in
the United States and China, as well as entering additional markets to commercialize our products and services. We believe that our expanded
growth will depend on the further development, regulatory approval and commercialization of our products and services, which we anticipate
that can be used by nearly all targeted individuals. If we fail to expand the use of our product and services in a timely manner, we may
not be able to expand our markets or to grow our revenue, and our business may be adversely impacted. The size of our user base and our
users' level of engagement are critical to our success. Our financial performance will be significantly determined by our success
in adding, retaining and engaging active users. If people do not perceive our products or services to be useful, reliable and trustworthy,
we may not be able to attract or retain users or otherwise maintain or increase the frequency and duration of their engagement. A decrease
in user retention, growth or engagement could render less attractive to developers, which may have a material and adverse impact on our
revenue, business, financial condition and results of operations.
Any
number of factors could negatively affect user retention, growth and engagement, including:
●
users increasingly engaging with competing products;
●
users not actively using the services associated with each of our respective services;
●
failure to introduce new and improved products and services;
7
●
inability to successfully balance efforts to provide a compelling user experience with the decisions made with respect to the added value services provided;
●
inability to continue to develop products for mobile devices that users find engaging, that work with a variety of mobile operating systems and networks and that achieve a high level of market acceptance;
●
changes in user sentiment about the quality or usefulness of our products and services or concerns related to privacy and sharing, safety, security or other factors;
●
inability to manage and priorities information to ensure users are presented with content that is interesting, useful and relevant to them;
●
adverse changes in our products that are mandated by legislation or regulatory agencies, both in the United States and across the globe; or
●
technical or other problems preventing us from delivering products or services in a rapid and reliable manner or otherwise affecting the user experience.
We have recently
invested significant capital in our COVID-19 related services, including the purchase of COVID-19 testing kits, however, the future of
COVID-19 related services is uncertain and we have stopped operations in our COVID-19 testing related business, which has led to the write
off of inventory and fixed assets in our fiscal year ended December 31, 2022.
In December 2021 we launched
our COVID-19 testing business, which entailed a significant investment of capital, including, among others, to establish several of testing
facilities and laboratories throughout the state of California and the purchase of COVID-19 testing kits. We also entered into various
agreements and arrangements regarding our COVID-19 testing business. The level of demand for COVID-19 testing has varied depending on,
among other things, changes in the number of reported cases of COVID-19, discoveries of new variants or subvariants of the virus, different
COVID-19 mitigation efforts and policies adopted by various governments or businesses, all of which are subject to change and beyond our
control. Moreover, the future of COVID-19 related services may be dependent on changes to laws and regulations governing healthcare
service providers, including measures to control costs, or reductions in reimbursement levels from government payors or insurance companies.
These changes are difficult to predict and may also impact our revenue recognition or collecting accounts receivables. We currently
have no expectations to open any new COVID-19 testing centers as the volume of COVID-19 testing has decreased significantly since April
2022. Given the decrease in COVID-19 cases, in the second half of fiscal year 2022 we decided to stop our COVID-19 testing related business
and have closed all the locations performing point-of-care tests in communities in Southern and Northern California. We have incurred
a write off charge of approximately $2.1 million related to our COVID-19 test inventory and fixed assets in our audited financial statements
for the year ended December 31, 2022.
If we are unable
to successfully integrate acquired companies and technology, we may not realize the benefits anticipated and our future growth may be
adversely affected.
We
have grown through acquisitions of companies and technology, including our acquisitions of CardioStaff, in November 2017 and Telerhythmics
in November 2018. Acquisitions bring risks associated with our assumption of the liabilities of an acquired company, which may be liabilities
that we were or are unaware of at the time of the acquisition, potential write-offs of acquired assets and potential loss of the acquired
company's key employees or customers. Physician, patient and customer satisfaction or performance problems with an acquired business,
technology, service or device could also have a material adverse effect on our reputation. Additionally, potential disputes with the seller
of an acquired business or its employees, suppliers or customers could adversely affect our business, operating results and financial
condition. If we fail to properly evaluate and execute acquisitions, our business may be disrupted and our operating results and prospects
may be harmed.
8
Furthermore,
integrating acquired companies or new technologies into our business may prove more difficult than we anticipate. We may encounter difficulties
in successfully integrating our operations, technologies, services and personnel with that of the acquired company, and our financial
and management resources may be diverted from our existing operations. Offices in multiple states create a strain on our ability to effectively
manage our operations and key personnel. If we elect to consolidate our facilities, we may lose key personnel unwilling to relocate to
the consolidated facility, may have difficulty hiring appropriate personnel at the consolidated facility and may have difficulty providing
continuity of service through the consolidation.
We are dependent
upon third-party manufacturers and suppliers making us vulnerable to supply shortages and problems and price fluctuations, which could
harm our business.
We
do not manufacture our products in-house. Rather, we rely on a limited number of third parties to manufacture and assemble our products.
Our suppliers and manufacturers may encounter problems during manufacturing for a variety of reasons, including, for example, failure
to follow specific protocols and procedures, failure to comply with applicable legal and regulatory requirements, equipment malfunction
and environmental factors, failure to properly conduct their own business affairs, and infringement of third-party intellectual property
rights, any of which could delay or impede their ability to meet our requirements. Our reliance on these third-party suppliers also subjects
us to other risks that could harm our business, including:
●
we are not a major customer of many of our suppliers and manufacturers, and these third parties may therefore give other customers' needs higher priority than ours;
●
third parties may threaten or enforce their intellectual property rights against our suppliers, which may cause disruptions or delays in shipment, or may force our suppliers to cease conducting business with us;
●
we may not be able to obtain an adequate supply in a timely manner or on commercially reasonable terms;
●
our suppliers and manufacturers, especially new suppliers and manufacturers, may make errors in manufacturing that could negatively affect the efficacy or safety of our products or cause delays in shipment;
●
we may have difficulty locating and qualifying alternative suppliers and manufacturers;
●
switching components, suppliers or manufacturers may require product redesign and possibly submission to the U.S. FDA, the European Medicines Agency, EEA Notified Bodies, and the Chinese National Medical Products Administration (or NMPA) or other similar foreign regulatory agencies, which could significantly impede or delay our commercial activities;
●
the occurrence of a fire, natural disaster or other catastrophe impacting one or more of our suppliers and manufacturers may affect their ability to deliver products to us in a timely manner; and
●
our suppliers and manufacturers may encounter financial or other business hardships unrelated to our demand, which could inhibit their ability to fulfill our orders and meet our requirements.
We
expect that our Prizma device and Extended Holter Patch System will be primarily manufactured by a third party in China. However, due
to the current complexities of traveling to China as a result of the COVID-19 pandemic, we use a contract manufacturer in Israel to meet
our manufacturing requirements. Manufacturers in Israel are generally more expensive that in China. In the future, we may not be able
to quickly establish additional or alternative suppliers and manufacturers if necessary, in part because we may need to undertake additional
activities to establish such suppliers as required by the regulatory approval process. Any interruption or delay in obtaining products
from our third-party suppliers, or our inability to obtain products from qualified alternate sources at acceptable prices in a timely
manner, could impair our ability to meet the demand of our customers and cause them to switch to competing products.
9
Regarding
our home testing kits, our sole manufacturer is currently located in China and the current COVID-19 situation in China might pose delays
on supply chain interruptions which might have an adverse effect on our revenues. We are exploring other supplier located in North America
to reduce such possible delays and interruptions. In addition, government restrictions on goods originating from China and increase of
import fees might lead to delays in goods delivered to the United States and adversely affect the Company's operations and revenues.
We are dependent
upon third-party service providers for the provision of certain services that we provide. Interruptions or delays in the services provided
by these third-parties could impair the delivery of certain services and utility of our products, which could adversely affect the penetration
of our products and services, our business, operating results and reputation.
The
success of certain services that we provide are dependent upon third-party service providers. For instance, we are dependent upon third-party
service providers to provide analysis of medical results. If we fail to maintain these relationships, we would be forced to seek alternative
providers to provide such analyses, which we may not find available on commercially reasonable terms, or at all.
As
we expand our commercial activities, an increased burden will be placed upon the quality of medical results analyses. Interruptions or
delays, for any length of time, could have a material adverse effect on our business and operating results. Frequent or persistent interruptions
in our ability to provide quality and timely analyses could cause permanent harm to our reputation and could cause current or potential
users of our products and services, or prescribing physicians, to believe that our systems are unreliable, leading them to switch to our
competitors. Such interruptions could result in liability claims and litigation against us for damages or injuries resulting from the
disruption in service.
We expect to be
exposed to fluctuations in currency exchange rates, which could adversely affect our results of operations.
We
incur expenses in U.S. dollars, NIS, Chinese yuan (RMB), and Macedonian denars, but our financial statements are denominated in U.S. dollars.
Accordingly, we face exposure to adverse movements in currency exchange rates. Our foreign operations will be exposed to foreign exchange
rate fluctuations as the financial results are translated from the local currency into U.S. dollars upon consolidation. Specifically,
the U.S. dollar cost of our operations in Israel is influenced by any movements in the currency exchange rate of the NIS. Such movements
in the currency exchange rate may have a negative effect on our financial results. If the U.S. dollar weakens against foreign currencies,
the translation of these foreign currency denominated transactions will result in increased operating expenses. Similarly, if the U.S.
dollar strengthens against foreign currencies, the translation of these foreign currency denominated transactions will result in decreased
operating expenses. As exchange rates vary, operating results, when translated, may differ materially from our or the capital market's
expectations.
Non-U.S. governments
often impose strict price controls, which may adversely affect our future profitability.
We
intend to seek approval to market products and their associated services in both the United States and in non-U.S. jurisdictions. Accordingly,
we are subject to rules and regulations in those jurisdictions relating to our products and services. In some countries, particularly
countries of the European Union (or the EU) and those of the EEA and China, each of which has developed its own rules and regulations,
pricing may be subject to governmental control under certain circumstances. In these countries, pricing negotiations with governmental
agencies can take considerable time after the receipt of marketing approval for a medical device candidate. To obtain reimbursement or
pricing approval in some countries, we may be required to conduct a clinical trial that compares the cost-effectiveness of our product
to other available products. If reimbursement of our products is unavailable or limited in scope or amount, or if pricing is set at unsatisfactory
levels, we may be unable to achieve or sustain profitability.
10
We are dependent
on our employees, including notably our Chief Executive Officer, the loss of whom could have an adverse effect on our company.
As of May 15, 2023, we had
85 employees. Our future performance depends to a large extent on the continued services of members of our current management including,
in particular, Dr. Yacov Geva, our Chief Executive Officer. Any of our employees and consultants may leave our company at any time, subject
to certain notice periods. The loss of the services of any of our executive officers or any key employees or consultants would adversely
affect our ability to execute our business plan and harm our operating results.
International expansion
of our business exposes us to business, regulatory, political, operational, financial and economic risks associated with doing business
outside of the United States or Cayman Islands.
We
currently have significant international operations, and our business strategy incorporates additional significant international expansion,
particularly in anticipated expansion of regulatory approvals of our products. Doing business internationally involves a number of risks,
including but not limited to:
multiple,
conflicting and changing laws and regulations such as privacy regulations, tax laws, export and import restrictions, employment laws,
regulatory requirements and other governmental approvals, permits and licenses;
●
failure by us to obtain regulatory approvals for the use of our products and services in various countries;
●
additional potentially relevant third-party patent rights;
●
complexities and difficulties in obtaining protection and enforcing our intellectual property;
●
difficulties in staffing and managing foreign operations;
●
complexities associated with managing multiple regulatory, governmental and reimbursement regimes;
●
limits in our ability to penetrate international markets;
●
financial risks, such as longer payment cycles, difficulty collecting accounts receivable, the impact of local and regional financial crises on demand and payment for our products and exposure to foreign currency exchange rate fluctuations;
●
natural disasters, political and economic instability, including wars, terrorism and political unrest, outbreak of disease, boycotts, curtailment of trade and other business restrictions;
●
an outbreak of a contagious disease, such as the novel coronavirus pandemic of 2019 which may cause us, third party vendors and manufacturers and/or customers to temporarily suspend our or their respective operations in the affected city or country;
●
certain expenses including, among others, expenses for travel, translation and insurance; and
●
regulatory and compliance risks that relate to maintaining accurate information and control over sales and activities that may fall within the purview of the U.S. Foreign Corrupt Practices Act, its books and records provisions or its anti-bribery provisions.
Any
of these factors could significantly harm our future international expansion and operations and, consequently, our results of operations.
11
We face intense
competition in the market, and as a result we may be unable to effectively compete in our industry.
With
respect to our products and monitoring services we compete directly and primarily with arrhythmia monitoring providers such as Philips
Healthcare, iRhythm Technologies and other smaller companies. These companies hold significant market share in the United States. Their
dominant market position and significant control over the market could significantly limit our ability to introduce or effectively market
and generate sales of our products and service offerings. We will also compete with numerous second-tier and third-tier competitors, such
as Teledoc Health, Inc., DarioHealth Corp. and Itamar Medical, Inc., and may in the future face further competition from smartwatch makers
such as Apple and Samsung, and app developers using the smartwatch platforms for products that will compete with our current and future
products.
Many
of our competitors have long histories and strong reputations within the industry. They have significantly greater brand recognition,
financial and human resources than we do. They also have more experience and capabilities in researching and developing testing devices,
obtaining and maintaining regulatory clearances and other requirements, manufacturing and marketing those products than we do. There is
a significant risk that we may be unable to overcome the advantages held by our competition, and our inability to do so could lead to
the failure of our business and the loss of your investment.
Competition
in the electronic health devices and more specifically mobile health devices markets is extremely intense, which can lead to, among other
things, price reductions, longer selling cycles, lower product margins, loss of market share and additional working capital requirements.
To succeed, we must, among other critical matters, gain consumer acceptance for our minimally invasive solutions as compared to other
solutions currently available in the market, and potential future devices incorporating our principal technology and offer better strategic
concepts, technical solutions, prices and response time, or a combination of these factors, than those of other competitors. If our competitors
offer significant discounts on certain products or services, we may need to lower our prices or offer other favorable terms in order to
compete successfully. Moreover, any broad-based changes to our prices and pricing policies could make it difficult to generate revenues
or cause our revenues to decline. Moreover, if our competitors develop and commercialize products and services that are more effective
or desirable than products and services that we may develop, we may not convince our customers to use our products and services. Any such
changes would likely reduce our commercial opportunity and revenue potential and could materially adversely impact our operating results.
In
addition, the home kit testing market has become increasingly competitive and, following the COVID-19 pandemic, competitive home kit testing
solutions have entered and may continue to enter the market. We expect this competition to intensify in the future. We face competition
from a variety of sources, including, among others, an increasing number of companies seeking to develop and commercialize, or who have
developed and commercialized home testing services, such as specialty and reference laboratories, and established and emerging healthcare,
information technology and service companies that may develop and sell competitive products or services.
The level of our
commercial success will depend in part on our ability to generate and grow sales with our sales and marketing team, strategies and partnerships,
and we may be unsuccessful in these efforts.
We
may not be able to market or sell our testing and services in order to drive demand sufficiently to support our desired growth. We are
currently marketing our testing and services through a small internal sales team. Although we have made efforts to enhance and improve
our internal sales department, it remains significantly smaller than many of our competitors' sales teams. We have historically
relied significantly on organic growth but our ability to rely on this type of interest in future periods is uncertain.
12
We
believe our ability to maintain and grow sales volume in the future will depend in large part on our ability to further develop our sales
team and create and implement effective sales and marketing strategies. We plan to focus on these objectives and to take steps to pursue
them, including hiring new key members and restructuring the organization of our sales and marketing team, re-focusing our sales and marketing
initiatives and strategies, and increasing the overall scope of our marketing activities. These efforts will require and involve significant
time and expense. Moreover, these efforts may be unsuccessful. For instance, we may not be able to attract and hire the qualified personnel
we need to grow or otherwise improve our sales and marketing team for our testing services as quickly or as successfully as we would like
for various reasons, including intense competition in our industry for qualified personnel and our relative lack of experience selling
and marketing our tests. Even if we are able to further develop our sales and marketing team and strategy, we may not be successful in
growing our customer base or increasing testing volumes from our existing customers.
If third-party
payors do not provide adequate coverage and reimbursement for the use of our products and services, our revenue will be negatively impacted.
We
will be highly dependent on reimbursement by third parties in relation to our revenue streams. Such reimbursement may vary based on the
particular service or device used in providing services and is based on the identity of the third-party. Our ability to maintain a leading
position in the monitoring market depends on our relationships with private third parties.
We
expect to engage with private third parties to allow us to receive reimbursement from insurance companies for monitoring fees. The loss
of a significant number of private third-party contracts may have an adverse effect on our revenues that derives from monitoring services,
which could have an adverse effect on our business, financial condition and results of operations.
Over
the past few years, reimbursement rates from certain third parties have declined, in some cases significantly. There can be no assurance
that this trend will not continue or apply on more third parties. In addition, there is no assurance that third parties' reimbursement
will continue to cover our monitoring services at all, or, if covered, will reimburse us at commercially viable rates.
In
addition, private third parties may not reimburse any new services offered by us or reimburse those new services at commercially viable
rates. The failure to receive reimbursement at adequate levels for our existing or future services may adversely affect demand for those
services, our products, our revenues and expected growth. This could have an adverse effect on our business, financial condition and results
of operations.
In
addition, collecting revenue from third party payors can be time consuming, may be subject to delays and invoicing third parties may not
lead to immediate revenue recognition in connection with tests that have been performed. The timing of invoicing and collection of
payments from third party payors may have a material adverse effect on our business, financial condition and results of operations. For
example, during the six month period ended June 30, 2022, we performed over 100,000 tests, for which we expected to submit approximately
$5 million in invoices related to COVID-19 to collection from payors; however, as of December 31, 2022, we recorded only $200,000 in recorded
revenue from COVID-19 tests performed during the period.
Risks Related to Product
Development and Regulatory Approval
The regulatory
clearance process which we must navigate is expensive, time-consuming, and uncertain and may prevent us from obtaining clearance for the
commercialization of our current products and services in additional jurisdictions, or any future product.
We
are not permitted to market our products and their associated services until we receive regulatory clearance. For example, we have applied
for NMPA clearance for our Prizma device in China, but we may not commence marketing or sales activity until such time that we receive
NMPA clearance.
The
research, design, testing, manufacturing, labelling, selling, marketing and distribution of medical devices, such as our products and
product candidates, are subject to extensive regulation by the U.S. FDA and similar foreign regulatory agencies, with regulations that
differ from country to country. There can be no assurance that, even after such time and expenditures, we will be able to obtain necessary
regulatory clearances or approvals for our products and product candidates. In addition, during the regulatory process, other companies
may develop other technologies with the same intended use as our products.
13
We
are also subject to numerous post-marketing regulatory requirements, which include labelling regulations and medical device reporting
regulations, which may require us to report to different regulatory agencies if our device causes or contributes to a death or serious
injury, or malfunctions in a way that would likely cause or contribute to a death or serious injury. In addition, these regulatory requirements
may change in the future in a way that adversely affects us. If we fail to comply with present or future regulatory requirements that
are applicable to us, we may be subject to enforcement action by regulatory agencies, which may include, among others, any of the following
sanctions:
●
untitled letters, warning letters, fines, injunctions, consent decrees and civil penalties;
●
customer notification, or orders for repair, replacement or refunds;
●
voluntary or mandatory recall or seizure of our current or future products;
●
imposing operating restrictions, suspension or shutdown of production;
●
refusing our requests for 510(k) and CE clearances or pre-market approval of new products, new intended uses or modifications to existing products or future products;
●
rescinding 510(k) and CE clearances or suspending or withdrawing pre-market approvals that have already been granted; and
●
criminal prosecution.
The
occurrence of any of these events may have a material adverse effect on our business, financial condition and results of operations.
Changes in the
regulatory environment may constrain or require us to restructure our operations, which may delay or prevent us from marketing our products
and services and as a result harming our revenue and operating results.
Healthcare
laws and regulations and review procedures change frequently and may change significantly in the future. We may not be able to adapt our
operations to address every new regulation, and new regulations may adversely affect our business. For instance, although our Chinese
subsidiary was granted acceptance to the "Green Channel" expedited Guangdong Provincial NMPA regulatory approval process for
the Prizma device, if the process becomes more onerous, costly or time-consuming, we will need to re-evaluate our Chinese commercialization
strategy and may need to invest more of our limited resources before even entering the Chinese market with our products. Our products
and product candidates are also subject to the European Union Medical Device Regulations. We cannot assure you that a review of our business
by courts or regulatory agencies would not result in a determination that adversely affects our revenue and operating results, or that
the healthcare regulatory environment review procedures of the U.S. FDA, NMPA and EEA Notified Bodies, among other similar foreign regulatory
agencies, will not change in a way delays or prevents us from marketing our products and services and as a result harming our revenue
and operating results.
In
addition, there is risk that the U.S. Congress may implement changes in laws and regulations governing healthcare service providers, including
measures to control costs, or reductions in reimbursement levels, which may adversely affect our business and results of operations.
Government
payors, such as CMS as well as insurers, have increased their efforts to control the cost, utilization and delivery of healthcare services.
From time to time, the U.S. Congress has considered and implemented changes in the CMS fee schedules in conjunction with budgetary legislation.
Further reductions of reimbursement by CMS for services or changes in policy regarding coverage of tests or other requirements for payment,
such as prior authorization or a physician or qualified practitioner's signature on test requisitions, may be implemented from time
to time. Reductions in the reimbursement rates and changes in payment policies of other third-party payors may occur as well. Similar
changes in the past have resulted in reduced payments as well as added costs and have added more complex regulatory and administrative
requirements. Further changes in federal, state, local and third-party payor regulations or policies in the United States or our primary
foreign markets may have a material adverse impact on our business. Actions by the U.S. FDA, CMS, and similar foreign regulatory agencies
regulating insurance or changes in other laws, regulations, or policies may also have a material adverse effect on our business.
14
Moreover,
changes in regulation associated with operation of labs, might also lead to interruptions in the operation of the Company's lab
and/or generate revenues and profit.
If we, our affiliates,
manufacturers or suppliers fail to comply with the U.S. FDA's Quality System Regulation, or QSR, or any applicable state or foreign
equivalent, our operations could be interrupted and our operating results could suffer.
We,
our affiliates, manufacturers and suppliers must, unless specifically exempt by regulation, follow the QSR and, to the extent required,
the equivalent regulation enacted in other foreign jurisdictions, such as the EU (and if necessary, the regulations of its member states)
and China, regarding the manufacturing process. If we, our affiliates, our manufacturers or suppliers are found to be in significant non-compliance
or fail to take satisfactory corrective action in response to adverse QSR inspectional findings, or to findings of similar foreign regulatory
agencies, the U.S. FDA and these other similar foreign regulatory agencies could take enforcement actions against us, our affiliates,
manufacturers and suppliers which could impair our ability to produce our products in a cost-effective and timely manner in order to meet
our customers' demands. Accordingly, our operating results could suffer.
Product and services
liability suits, whether or not meritorious, could be brought against us. These suits could result in expensive and time-consuming litigation,
payment of substantial damages and an increase in our insurance rates.
If
any of our current or future products and services that we make or sell (including items that we source from third-parties) are defectively
designed or manufactured contain defective components, are misused, have safety or quality issues, have inadequate operating guidelines,
or if someone claims any of the foregoing, whether or not meritorious, we may become subject to substantial and costly litigation. Misusing
our devices or their services or failing to adhere to the operating guidelines could cause significant harm to patients, including death.
The foregoing events could lead to recalls or safety alerts, result in the removal of a product or service from the market and result
in product liability or similar claims being brought against us.
Any
product liability claims brought against us could divert management's attention from our core business, be expensive to defend and
result in sizable damage awards against us. While we maintain product liability insurance, we may not have sufficient insurance coverage
for all future claims. Any product liability claims brought against us, with or without merit, could increase our product liability insurance
rates or prevent us from securing continuing coverage, could harm our reputation in the industry and could reduce revenue. Product and
services liability claims in excess of our insurance coverage would be paid out of cash reserves harming our financial condition and adversely
affecting our results of operations.
Broad-based domestic
and international government initiatives to reduce spending, particularly those related to healthcare costs may reduce reimbursement rates
for medical procedures, which will reduce the cost-effectiveness of our products and services.
Healthcare
reforms, changes in healthcare policies and changes to third-party coverage and reimbursements, including legislation enacted reforming
the U.S. healthcare system, and any future changes to such legislation, may affect demand for our products and services and may have a
material adverse effect on our financial condition and results of operations. There can be no assurance that current levels of reimbursement
will not be decreased in the future, or that future legislation, regulation, or reimbursement policies of third-parties will not adversely
affect the demand for our products and services or our ability to sell products and provide services on a profitable basis. The adoption
of significant changes to the healthcare system in the United States, Europe, the EEA or other jurisdictions in which we may market our
products and services, could limit the prices we are able to charge for our products and services or the amounts of reimbursement available
for our products and services, could limit the acceptance and availability of our products and services, reduce medical procedure volumes
and increase operational and other costs. President Trump has stated that he intends to "repeal and replace" the Affordable
Care Act, and Congress has taken initial steps to repeal the law. In December 2017, Congress passed and the President signed into law
tax reform legislation that made significant changes to the Affordable Care Act including the repeal of the "individual mandate"
that was in place to strongly encourage broad participation in the health insurance markets. Given these changes and other statements
of political leaders, we cannot predict the ultimate impact on the Affordable Care Act and the subsequent effect on our business at this
time. While we are unable to predict what changes may ultimately be enacted, to the extent that future changes affect how our products
and services are paid for and reimbursed by government and private payers our business could be adversely impacted.
15
We
cannot predict whether future healthcare initiatives will be implemented at the federal or state level or internationally, or the effect
that any future legislation or regulation will have on us. The expansion of government's role in any country's healthcare
industry may result in decreased profits to us, lower reimbursements by third-parties for procedures in which our products and services
are used, and reduced medical procedure volumes, all of which may adversely affect our business, financial condition and results of operations.
We are or may be
subject to federal, state and foreign healthcare fraud and abuse laws and regulations.
Many
federal, state and foreign healthcare laws and regulations apply to medical devices. We are or may be subject to certain federal and state
regulations, including the federal Anti-Kickback Statute, which prohibits, among other things, knowingly and willfully soliciting, offering,
receiving, or paying any remuneration, directly or indirectly, in cash or in kind, to induce or reward purchasing, ordering or arranging
for or recommending the purchase or order of any item or service for which payment may be made, in whole or in part, under a federal healthcare
program such as Medicare and Medicaid; HIPAA which imposes criminal and civil liability for knowingly and willfully executing, or attempting
to execute, a scheme to defraud any healthcare benefit program, or knowingly and willfully falsifying, concealing or covering up a material
fact or making any materially false statement in connection with the delivery of, or payment for, healthcare benefits, items or services;
the federal Civil Monetary Penalties Law, which authorizes the imposition of substantial civil monetary penalties against an entity that
engages in activities including, among others (1) knowingly presenting, or causing to be presented, a claim for services not provided
as claimed or that is otherwise false or fraudulent in any way; (2) arranging for or contracting with an individual or entity that is
excluded from participation in federal healthcare programs to provide items or services reimbursable by a federal healthcare program;
(3) violations of the federal Anti-Kickback Statute; or (4) failing to report and return a known overpayment; the federal False Statements
Statute, which prohibits knowingly and willfully falsifying, concealing, or covering up a material fact or making any materially false,
fictitious or fraudulent statement or representation, or making or using any false writing or document knowing the same to contain any
materially false, fictitious or fraudulent statement or entry, in connection with the delivery of or payment for healthcare benefits,
items, or services; the federal civil False Claims Act (or FCA) which prohibits, among other things, knowingly presenting, or causing
to be presented claims for payment of government funds that are false or fraudulent, or knowingly making, using or causing to be made
or used a false record or statement material to such a false or fraudulent claim, or knowingly concealing or knowingly and improperly
avoiding, decreasing, or concealing an obligation to pay money to the federal government; and other federal and state false claims laws.
The FCA prohibits anyone from knowingly presenting, conspiring to present, making a false statement in order to present, or causing to
be presented, for payment to federal programs (including Medicare and Medicaid) claims for items or services, including medical devices,
that are false or fraudulent, claims for items or services not provided as claimed, or claims for medically unnecessary items or services.
This law also prohibits anyone from knowingly underpaying an obligation owed to a federal program. Increasingly, U.S. federal agencies
are requiring nonmonetary remedial measures, such as corporate integrity agreements in FCA settlements. The U.S. Department of Justice
announced in 2016 its intent to follow the "Yates Memo," taking a far more aggressive approach in pursuing individuals as
FCA defendants in addition to the corporations.
The
majority of states also have statutes similar to the federal anti-kickback law and false claims laws that apply to items and services
reimbursed under Medicaid and other state programs, or, in several states, that apply regardless of whether the payer is a government
entity or a private commercial entity. The Federal Open Payments, or Physician Payments Sunshine Act, program requires manufacturers of
products for which payment is available under Medicare, Medicaid or the State Children's Health Insurance Program, to track and
report annually to the federal government (for disclosure to the public) certain payments and other transfers of value made to physicians
and teaching hospitals as well as disclosure of payments and other transfers of value provided to physicians and teaching hospitals, and
ownership and investment interests held by physicians and other healthcare providers and their immediate family members and applicable
group purchasing organizations. Our failure to appropriately track and report payments to the government could result in civil fines and
penalties, which could adversely affect the results of our operations. In addition, several U.S. states and localities have enacted legislation
requiring medical device companies to establish marketing compliance programs, file periodic reports with the state, and/or make periodic
public disclosures on sales, marketing, pricing, clinical trials, and other activities. Other state laws prohibit certain marketing-related
activities including the provision of gifts, meals or other items to certain healthcare providers. Many of these laws and regulations
contain ambiguous requirements that government officials have not yet clarified. Given the lack of clarity in the laws and their implementation,
our reporting actions could be subject to the penalty provisions of the pertinent federal and state laws and regulations.
16
The
medical device industry has been under heightened scrutiny as the subject of government investigations and enforcement actions involving
manufacturers who allegedly offered unlawful inducements to potential or existing customers in an attempt to procure their business, including
arrangements with physician consultants. If our operations or arrangements are found to be in violation of such governmental regulations,
we may be subject to civil and criminal penalties, damages, fines, exclusion from the Medicare and Medicaid programs and the curtailment
of our operations. All of these penalties could adversely affect our ability to operate our business and our financial results.
The operation of
our monitoring centers is subject to rules and regulations governing IDTF and state licensure requirements; failure to comply with these
rules could prevent us from receiving reimbursement from Medicare and some commercial payors.
We
operate two monitoring centers in the United States that receive and analyze the data obtained from our patient monitors and generate
preliminary reports that are delivered to physicians. To receive reimbursement from Medicare and some commercial payors, our monitoring
centers must be certified as IDTFs. As a certified IDTF, we must adhere to strict regulations governing how our monitoring centers operate,
and how our technicians are trained and certified on analyzing the data received from our monitors. These rules and regulations are subject
to change, and vary from location to location. Changes may require modifications at our monitoring centers, which could increase our costs
significantly. If we fail to maintain IDTF certification, our services may no longer be reimbursed by Medicare and some commercial payors,
which could have a material adverse impact on our business.
Audits or denials
of our claims by government agencies and private payors could reduce our revenue and have an adverse effect on our results of operations.
Our
business operations submit claims on behalf of patients to, and receive payments from, Medicare, Medicaid and other third-party payors.
We must submit reimbursement claims under appropriate codes and maintain certain documentation to support our claims. Medicare contractors
and Medicaid agencies periodically conduct reviews and other audits of claims and are under increasing pressure to more closely scrutinize
health care claims and supporting documentation. Such reviews and similar audits of our claims could result in material delays in payment,
as well as material recoupments or denials, which would reduce our net sales and profitability, or may result in our exclusion from participation
in the Medicare or Medicaid programs. We are also subject to similar review and audits from private payors, which may result in material
delays in payment and material recoupments and denials. In addition, state agencies may conduct investigations or submit requests for
information relating to claims data submitted to private payors.
Losing a payor
would impact our sales and adversely affect our business and operating results.
Our
three largest payors in the aggregate accounted for approximately 50% of our monitoring service revenue for the year ended December 31,
2022. Our contracts with commercial payors may allow either party to terminate the agreement by providing between 60 and 120 days'
prior written notice to the other party at any time following the end of the initial term of the contract. Commercial payors may choose
to terminate or not renew their contracts with us for any reason and, in some instances, can change the reimbursement rates they agree
to pay. A commercial payor who terminates or does not renew their contract with us may, or may not, alter their coverage of our services.
In the event any of our key commercial payors terminate their agreements with us, elect not to renew or enter into new agreements with
us upon expiration of their current agreements, or do not renew or establish new agreements on terms as favorable as are currently contracted,
our business, operating results and prospects would be adversely affected.
17
If we are found
to have violated laws protecting the confidentiality and privacy of patient health information, we could be subject to civil or criminal
penalties, which could increase our liabilities and harm our reputation or our business.
As
part of our clinical trials and the use of our products, we may have access to medical data of patients. There are a number of federal
and state laws protecting the confidentiality and privacy of certain patient health information, including patient records, and restricting
the use and disclosure of that protected information. In particular, the U.S. Department of Health and Human Services promulgated patient
privacy and security rules under the HIPAA. These privacy and security rules protect medical records and other personal health information
by limiting their use and disclosure, giving individuals the right to access, amend and seek accounting of their own health information
and limiting most use and disclosures of health information to the minimum amount reasonably necessary to accomplish the intended purpose.
We may face difficulties in holding such information in compliance with applicable law. If we are found to be in violation of the privacy
and security rules under HIPAA, we could be subject to civil or criminal penalties, which could increase our liabilities, harm our reputation
and have a material adverse effect on our business, financial condition and results of operations.
Risks Related to Our
Intellectual Property
If we are unable
to obtain and maintain effective patent rights for our products and services, we may not be able to compete effectively in our markets.
If we are unable to protect the confidentiality of our trade secrets or know-how, such proprietary information may be used by others to
compete against us.
We
have applied for various patents, in different territories. We presently have seven patents that have been granted or allowed and four
patent applications which are still pending. In addition to the protection afforded by any patents that may be granted, historically,
we have relied on trade secret protection and confidentiality agreements to protect proprietary know-how that is not patentable or that
we elect not to patent, processes that are not easily known, knowable or easily ascertainable, and for which patent infringement is difficult
to monitor and enforce and any other elements of our product candidate discovery and development processes that involve proprietary know-how,
information or technology that is not covered by patents. However, trade secrets can be difficult to protect. We seek to protect our proprietary
technology and processes, in part, by entering into confidentiality agreements with our employees, consultants, scientific advisors, and
contractors. We also seek to preserve the integrity and confidentiality of our data, trade secrets and intellectual property by maintaining
physical security of our premises and physical and electronic security of our information technology systems. Agreements or security measures
may be breached, and we may not have adequate remedies for any breach. In addition, our trade secrets and intellectual property may otherwise
become known or be independently discovered by competitors.
Also,
there is a risk that the patent applications that were submitted by us with regards to our technologies will not be granted. In the event
of failure to obtain granted patents, our developments will not be proprietary, subject to publication, which might allow other entities
to manufacture our products or develop our methods of use as services and compete with our products, technologies, and/or services, which
could leave us at a competitive disadvantage.
Further,
there is no assurance that all potentially relevant prior art relating to our patent applications has been found, which can invalidate
a patent or prevent a patent from issuing from a pending patent application. Even if patents do successfully issue, and even if such patents
cover our products or services, third parties may challenge their validity, enforceability, or scope, which may result in such patents
being narrowed, found unenforceable or invalidated. Furthermore, even if they are unchallenged, our patent applications and any future
patents may not adequately protect our products or services and provide patent exclusivity for our new products or services, or prevent
others from designing around our claims. Any of these outcomes could impair our ability to prevent competition from third parties, which
may have an adverse impact on our business.
If
we cannot obtain and maintain effective patent rights for our products and services, we may not be able to compete effectively, and our
business and results of operations would be harmed.
We
cannot provide any assurances that our trade secrets and other confidential proprietary information will not be disclosed in violation
of our confidentiality agreements or that competitors will not otherwise gain access to our trade secrets or independently develop substantially
equivalent information and techniques. Also, misappropriation or unauthorized and unavoidable disclosure of our trade secrets and intellectual
property could impair our competitive position and may have a material adverse effect on our business. Additionally, if the steps taken
to maintain our trade secrets and intellectual property are deemed inadequate, we may have insufficient recourse against third parties
for misappropriating any trade secret.
18
Intellectual property
rights of third parties could adversely affect our ability to commercialize our products and services, and we might be required to litigate
or obtain licenses from third parties in order to develop or market our product candidates. Such litigation or licenses could be costly
or not available on commercially reasonable terms.
It
is inherently difficult to conclusively assess our freedom to operate without infringing on third-party rights. Our competitive position
may be adversely affected if existing patents or patents resulting from patent applications issued to third parties or other third-party
intellectual property rights are held to cover our products or services or elements thereof, or our manufacturing or uses relevant to
our development plans. In such cases, we may not be in a position to develop or commercialize products or services or our product candidates
(and any relevant services) unless we successfully pursue litigation to nullify or invalidate the third-party intellectual property right
concerned, or enter into a license agreement with the intellectual property right holder, if available on commercially reasonable terms.
There may also be pending patent applications that if they result in issued patents, could be alleged to be infringed by our new products
or services. If such an infringement claim should be brought and be successful, we may be required to pay substantial damages, be forced
to abandon our new products or services or seek a license from any patent holders. No assurances can be given that a license will be available
on commercially reasonable terms, if at all.
It
is also possible that we have failed to identify relevant third-party patents or applications. For example, U.S. patent applications filed
before November 29, 2000 and certain U.S. patent applications filed after that date that will not be filed outside the United States remain
confidential until patents issue. Patent applications in the United States and elsewhere are published approximately 18 months after the
earliest filing for which priority is claimed, with such earliest filing date being commonly referred to as the priority date. Therefore,
patent applications covering our new products or services could have been filed by others without our knowledge. Additionally, pending
patent applications which have been published can, subject to certain limitations, be later amended in a manner that could cover our services,
our new products or the use of our new products. Third-party intellectual property right holders may also actively bring infringement
claims against us. We cannot guarantee that we will be able to successfully settle or otherwise resolve such infringement claims. If we
are unable to successfully settle future claims on terms acceptable to us, we may be required to engage in or continue costly, unpredictable
and time-consuming litigation and may be prevented from or experience substantial delays in pursuing the development of and/or marketing
our new products or services. If we fail in any such dispute, in addition to being forced to pay damages, we may be temporarily or permanently
prohibited from commercializing our new products or services that are held to be infringing. We might, if possible, also be forced to
redesign our new products so that we no longer infringe the third-party intellectual property rights. Any of these events, even if we
were ultimately to prevail, could require us to divert substantial financial and management resources that we would otherwise be able
to devote to our business.
Third-party claims
of intellectual property infringement may prevent or delay our development and commercialization efforts.
Our
commercial success depends in part on our avoiding infringement of the patents and proprietary rights of third parties. Numerous U.S.
and foreign issued patents and pending patent applications, which are owned by third parties, exist in the fields in which we are developing
new products and services. As our industries expand and more patents are issued, the risk increases that our products and services may
be subject to claims of infringement of the patent rights of third parties.
Third
parties may assert that we are employing their proprietary technology without authorization. There may be third-party patents or patent
applications with claims to materials, designs or methods of manufacture related to the use or manufacture of our products or services.
There may be currently pending patent applications or continued patent applications that may later result in issued patents that our products
or services may infringe. In addition, third parties may obtain patents or services in the future and claim that use of our technologies
infringes upon these patents.
If
any third-party patents were held by a court of competent jurisdiction to cover aspects of our processes for designs, or methods of use,
the holders of any such patents may be able to block our ability to develop and commercialize the applicable product candidate unless
we obtain a license or until such patent expires or is finally determined to be invalid or unenforceable. In either case, such a license
may not be available on commercially reasonable terms or at all.
Parties
making claims against us may obtain injunctive or other equitable relief, which could effectively block our ability to further develop
and commercialize one or more of our products or services. Defense of these claims, regardless of their merit, would involve substantial
litigation expense and would be a substantial diversion of employee resources from our business. In the event of a successful claim of
infringement against us, we may have to pay substantial damages, including treble damages and attorneys' fees for willful infringement,
pay royalties, redesign our infringing products or services, or obtain one or more licenses from third parties, which may be impossible
or require substantial time and monetary expenditure.
19
Patent policy and
rule changes could increase the uncertainties and costs surrounding the prosecution of our patent applications and the enforcement or
defense of any issued patents.
Changes
in either the patent laws or interpretation of the patent laws in the United States and other countries may diminish the value of any
patents that may issue from our patent applications, or narrow the scope of our patent protection. The laws of foreign countries may not
protect our rights to the same extent as the laws of the United States. Publications of discoveries in the scientific literature often
lag behind the actual discoveries, and patent applications in the United States and other jurisdictions are typically not published until
18 months after filing, or in some cases not at all. We therefore cannot be certain that we were the first to file the invention claimed
in our owned and licensed patent or pending applications, or that we or our licensor were the first to file for patent protection of such
inventions. Assuming all other requirements for patentability are met, in the United States prior to March 15, 2013, the first to make
the claimed invention without undue delay in filing, is entitled to the patent, while generally outside the United States, the first to
file a patent application is entitled to the patent. After March 15, 2013, under the Leahy-Smith America Invents Act (or the Leahy-Smith
Act) enacted on September 16, 2011, the United States has moved to a first to file system. The Leahy-Smith Act also includes a number
of significant changes that affect the way patent applications will be prosecuted and may also affect patent litigation. In general, the
Leahy-Smith Act and its implementation could increase the uncertainties and costs surrounding the prosecution of our patent applications
and the enforcement or defense of any issued patents, all of which could have a material adverse effect on our business and financial
condition.
We may be involved
in lawsuits to protect or enforce our intellectual property, which could be expensive, time consuming, and unsuccessful.
Competitors
may infringe our intellectual property. If we were to initiate legal proceedings against a third-party to enforce a patent covering one
of our new products or services, the defendant could counterclaim that the patent covering our product candidate is invalid and/or unenforceable.
In patent litigation in the United States, defendant counterclaims alleging invalidity and/or unenforceability are commonplace. Grounds
for a validity challenge could be an alleged failure to meet any of several statutory requirements, including lack of novelty, obviousness,
or non-enablement. Grounds for an unenforceability assertion could be an allegation that someone connected with prosecution of the patent
withheld relevant information from the United States Patents Trademarks Office (or USPTO), or made a misleading statement, during prosecution.
Under the Leahy-Smith Act, the validity of U.S. patents may also be challenged in post-grant proceedings before the USPTO. The outcome
following legal assertions of invalidity and unenforceability is unpredictable.
Derivation
proceedings initiated by third parties or brought by us may be necessary to determine the priority of inventions and/or their scope with
respect to our patent or patent applications or those of our licensors. An unfavorable outcome could require us to cease using the related
technology or to attempt to license rights to it from the prevailing party. Our business could be harmed if the prevailing party does
not offer us a license on commercially reasonable terms. Our defense of litigation or interference proceedings may fail and, even if successful,
may result in substantial costs and distract our management and other employees. In addition, the uncertainties associated with litigation
could have a material adverse effect on our ability to raise the funds necessary to continue our clinical trials, continue our research
programs, license necessary technology from third parties, or enter into development partnerships that would help us bring our new products
or services to market.
Furthermore,
because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some
of our confidential information could be compromised by disclosure during this type of litigation. There could also be public announcements
of the results of hearings, motions, or other interim proceedings or developments. If securities analysts or investors perceive these
results to be negative, it could have a material adverse effect on the price of the Ordinary Shares.
20
We may be subject
to claims challenging the inventorship of our intellectual property.
We
may be subject to claims that former employees, collaborators or other third parties have an interest in, or right to compensation, with
respect to our current patent and patent applications, future patents or other intellectual property as an inventor or co-inventor. For
example, we may have inventorship disputes arise from conflicting obligations of consultants or others who are involved in developing
our products or services. Litigation may be necessary to defend against these and other claims challenging inventorship or claiming the
right to compensation. If we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual
property rights, such as exclusive ownership of, or right to use, valuable intellectual property. Such an outcome could have a material
adverse effect on our business. Even if we are successful in defending against such claims, litigation could result in substantial costs
and be a distraction to management and other employees.
We may not be able
to protect our intellectual property rights throughout the world.
Filing,
prosecuting, and defending patents on products and services, as well as monitoring their infringement in all countries throughout the
world would be prohibitively expensive, and our intellectual property rights in some countries can be less extensive than those in the
United States. In addition, the laws of some foreign countries do not protect intellectual property rights to the same extent as federal
and state laws in the United States.
Competitors
may use our technologies in jurisdictions where we have not obtained patent protection to develop their own products or services and may
also export otherwise infringing products or services to territories where we have patent protection, but enforcement is not as strong
as that in the United States. These products or services may compete with our products or services. Future patents or other intellectual
property rights may not be effective or sufficient to prevent them from competing.
Many
companies have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions. The
legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents, trade secrets,
and other intellectual property protection, which could make it difficult for us to stop the marketing of competing products or services
in violation of our proprietary rights generally. Proceedings to enforce our patent rights in foreign jurisdictions, whether or not successful,
could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our future patents
at risk of being invalidated or interpreted narrowly and our patent applications at risk of not issuing and could provoke third parties
to assert claims against us. We may not prevail in any lawsuits that we initiate and the damages or other remedies awarded, if any, may
not be commercially meaningful. Accordingly, our efforts to monitor and enforce our intellectual property rights around the world may
be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.
Risks Related to Cayman
Law and Our Incorporation in the Cayman Islands
We are a Cayman
Islands exempted company with limited liability. The rights of our shareholders may be different from the rights of shareholders governed
by the laws of U.S. jurisdictions.
We
are a Cayman Islands exempted company with limited liability. Our corporate affairs are governed by our Amended and Restated Memorandum
and Articles of Association adopted by special resolution passed on February 16, 2023 (or the Amended and Restated Memorandum and Articles
of Association) and by the laws of the Cayman Islands. The rights of shareholders and the responsibilities of members of our board of
directors may be different from the rights of shareholders and responsibilities of directors in companies governed by the laws of U.S.
jurisdictions. In the performance of its duties, the board of directors of a solvent Cayman Islands exempted company is required to consider
that company's interests, and the interests of its shareholders as a whole, which may differ from the interests of one or more of
its individual shareholders.
21
Our shareholders
may face difficulties in protecting their interests because we are a Cayman Islands exempted company.
Our
corporate affairs are governed by our Amended and Restated Memorandum and Articles of Association, by the Companies Act (as amended) of
the Cayman Islands (or the Cayman Islands Companies Act) and the common law of the Cayman Islands. The rights of our shareholders and
the fiduciary responsibilities of our directors under the laws of the Cayman Islands are not as clearly defined as under statutes or judicial
precedent in existence in jurisdictions in the United States. Therefore, you may have more difficulty protecting your interests than would
shareholders of a corporation incorporated in a jurisdiction in the United States, due to the comparatively less formal nature of Cayman
Islands law in this area.
While
Cayman Islands law allows a dissenting shareholder to express the shareholder's view that a court-sanctioned reorganization of a
Cayman Islands company would not provide fair value for the shareholder's shares, Cayman Islands statutory law does not specifically
provide for shareholder appraisal rights in connection with a merger or consolidation of a company. This may make it more difficult for
you to assess the value of any consideration you may receive in a merger or consolidation or to require that the acquirer gives you additional
consideration if you believe the consideration offered is insufficient. However, Cayman Islands statutory law provides a mechanism for
a dissenting shareholder in a merger or consolidation to apply to the Grand Court of the Cayman Islands (or the Grand Court) for a determination
of the fair value of the dissenter's shares if it is not possible for the company and the dissenter to agree on a fair price within
the time limits prescribed.
Shareholders
of Cayman Islands exempted companies (such as ours) have no general rights under Cayman Islands law to inspect corporate records and accounts
or to obtain copies of lists of shareholders. This may make it more difficult for you to obtain information needed to establish any facts
necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.
Under
Cayman Islands' law, a minority shareholder may bring a derivative action against the board of directors only in very limited circumstances,
or seek to wind up the company on the just and equitable ground. Class actions are not recognized in the Cayman Islands, but groups of
shareholders with identical interests may bring representative proceedings, which are similar.
Under
Cayman Islands statutory law, a transferee to a scheme or contract involving the transfer of shares in a Cayman Islands company, which
has been approved by holders of not less than 90% in value of the shares affected, has the power to compulsorily acquire the shares of
any dissenting shareholders. An objection to such acquisition can be made to the Grand Court by any dissenting shareholder but this is
unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion. A Cayman
Islands company may also propose a compromise or arrangement with its shareholders or any class of them. If a majority in number, representing
at least 75% in value, of shareholders agrees to the compromise or arrangement then, subject to Grand Court approval of the same, it is
binding on all of the shareholders. A shareholder may appear at the Grand Court hearing by which the company seeks the Grand Court's
approval of the compromise or arrangement to oppose it.
United States civil
liabilities and certain judgments obtained against us by our shareholders may not be enforceable.
We
are a Cayman Islands exempted company and substantially all of our assets are located outside the United States. In addition, the majority
of our directors and officers are nationals and residents of countries other than the United States. A substantial portion of the assets
of these persons is located outside the United States. As a result, it may be difficult to effect service of process within the United
States upon these persons. It may also be difficult to enforce in judgments obtained in U.S. courts based on the civil liability provisions
of U.S. federal securities laws against us and our officers and directors who are not resident in the United States.
Further,
it is unclear if original actions predicated on civil liabilities based solely upon U.S. federal securities laws are enforceable in courts
outside the United States, including in the Cayman Islands. Courts of the Cayman Islands may not, in an original action in the Cayman
Islands, recognize or enforce judgments of U.S. courts predicated upon the civil liability provisions of the securities laws of the United
States or any state of the United States on the grounds that such provisions are penal in nature. Although there is no statutory enforcement
in the Cayman Islands of judgments obtained in the United States, courts of the Cayman Islands will recognize and enforce a foreign judgment
of a court of competent jurisdiction if such judgment is final, for a liquidated sum, provided it is not in respect of taxes or a fine
or penalty, is not inconsistent with a Cayman Islands' judgment in respect of the same matters, and is not impeachable under Cayman
Islands law for fraud, being in breach of public policy of the Cayman Islands or being contrary to natural justice. In addition, a Cayman
Islands court may stay proceedings if concurrent proceedings are being brought elsewhere.
22
Risks Related to Conducting
Business in China
We
expect that our Prizma will be manufactured by a third party in China. Operating in the Chinese market subjects us to the following and
similar risks:
Changes in the
Chinese government's macroeconomic policies or its public policy could have a negative effect on our business and results of operations.
The
Chinese government has implemented various measures to control the rate of economic growth in China. Some of these measures may have a
negative effect on us over the short or long term. Previously, to cope with high inflation and financial imbalances, the Chinese government
sharply tightened monetary policy and, in addition, enacted a series of social programs and anti-inflationary measures. These measures
have, in conjunction, increased the costs on the financial and manufacturing sectors, destabilized the real estate sector and significantly
slowed down the rate of economic growth in China. The Chinese government may be forced to engage in further macroeconomic policy shifts
in order to limit instability and/or damage to certain business models or markets, or engage other, new practices in order to re-stimulate
the rate of economic growth in China. The Chinese government's continued attempts at managing the Chinese economy through a variety
of macroeconomic policies, even if effected properly, or new practices, which the Chinese government does not have experience with, may
further slow China's economy growth and/or cause great social unrest, all of which would have a negative effect on our business
and results of operations.
The Chinese government
exerts substantial influence over the manner in which we must conduct our business activities.
China
has recently only permitted provincial and local economic autonomy and private economic activities. The Chinese government has exercised
and continues to exercise substantial control over virtually every sector of the Chinese economy through regulation and state ownership.
Our ability to operate in China may be harmed by changes in its economic policies and regulations, including those relating to taxation,
import and export tariffs, environmental regulations, land use rights, property and other matters. We believe that our operations in China
are in material compliance with all applicable legal and regulatory requirements. However, the central or local governments of these jurisdictions
may impose new, stricter regulations or interpretations of existing regulations that would require additional expenditures and efforts
on our part to ensure compliance with such regulations or interpretations.
Accordingly,
government actions in the future, including any decision not to continue to support recent economic reforms and to return to a more centrally
planned economy or regional or local variations in the implementation of economic policies, could have a significant effect on economic
conditions in China or particular regions thereof, and could require us to divest of any interest we hold in Chinese properties or joint
ventures.
Uncertainties with
respect to the Chinese legal system could adversely affect us.
The
Chinese legal system is a civil law system based on written statutes. Unlike the common law system, prior court decisions under the civil
law system may be cited for reference but have limited precedential value. Since these laws and regulations are relatively new and the
Chinese legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and the
enforcement of these laws, regulations and rules involves uncertainties.
In
1979, the Chinese government began to promulgate a comprehensive system of laws and regulations governing economic matters in general.
The overall effect of legislation over the past three decades has significantly enhanced the protections afforded to various forms of
foreign investments in China. However, China has not developed a fully integrated legal system, and recently enacted laws and regulations
may not sufficiently cover all aspects of economic activities in China. In particular, the interpretation and enforcement of these laws
and regulations involve uncertainties. Since Chinese administrative and court authorities have significant discretion in interpreting
and implementing statutory provisions and contractual terms, it may be difficult to evaluate the outcome of administrative and court proceedings
and the level of legal protection we enjoy. These uncertainties may affect our judgment on the relevance of legal requirements and our
ability to enforce our contractual rights or tort claims. In addition, the regulatory uncertainties may be exploited through unmerited
or frivolous legal actions or threats in attempts to extract payments or benefits from us.
23
Risks Related to Our
Operations in Israel
We
maintain material operations in Israel, which subjects us to the following and similar risks:
It may be difficult
to enforce a judgment of a U.S. court against us and our officers and directors and the Israeli experts named in this annual report in
Israel or the United States, to assert U.S. securities laws claims in Israel or to serve process on our officers and directors and these
experts.
The
vast majority of our executive officers and directors and the Israeli experts named in this annual report are located in Israel. All of
our assets and most of the assets of these persons are located in Israel. Therefore, a judgment obtained against us, or any of these persons,
including a judgment based on the civil liability provisions of the U.S. federal securities laws, may not be collectible in the United
States and may not necessarily be enforced by an Israeli court. It also may be difficult to affect service of process on these persons
in the United States or to assert U.S. securities law claims in original actions instituted in Israel. Additionally, it may be difficult
for an investor, or any other person or entity, to initiate an action with respect to U.S. securities laws in Israel. Israeli courts may
refuse to hear a claim based on an alleged violation of U.S. securities laws reasoning that Israel is not the most appropriate forum in
which to bring such a claim. In addition, even if an Israeli court agrees to hear a claim, it may determine that Israeli law and not U.S.
law is applicable to the claim. If U.S. law is found to be applicable, the content of applicable U.S. law must be proven as a fact by
expert witnesses, which can be a time consuming and costly process. Certain matters of procedure will also be governed by Israeli law.
There is little binding case law in Israel that addresses the matters described above. As a result of the difficulty associated with enforcing
a judgment against us in Israel, you may not be able to collect any damages awarded by either a U.S. or foreign court.
Potential political,
economic and military instability in the State of Israel, where our management team and our research and development facilities are located,
may adversely affect our results of operations.
Our
operating subsidiary, along with our management team and our research and development facilities are located in Israel. In addition, the
vast majority of our officers and directors are residents of Israel. Accordingly, political, economic and military conditions in Israel
and the surrounding region may directly affect our business. Since the establishment of the State of Israel in 1948, a number of armed
conflicts have taken place between Israel and its neighboring Arab countries, the Hamas militant group and the Hezbollah. Any hostilities
involving Israel or the interruption or curtailment of trade between Israel and its trading partners could adversely affect our operations
and results of operations. Ongoing and revived hostilities or other Israeli political or economic factors, such as, an interruption of
operations at the Tel Aviv airport, could prevent or delay our regular operation, product development and delivery of products. If continued
or resumed, these hostilities may negatively affect business conditions in Israel in general and our business in particular. In the event
that hostilities disrupt the ongoing operation of our facilities and our operations may be materially adversely affected.
In
addition, since 2010 political uprisings and conflicts in various countries in the Middle East, including Egypt and Syria, are affecting
the political stability of those countries. It is not clear how this instability will develop and how it will affect the political and
security situation in the Middle East. This instability has raised concerns regarding security in the region and the potential for armed
conflict. In Syria, a country bordering Israel, a civil war is taking place. In addition, it is widely believed that Iran, which has previously
threatened to attack Israel, has been stepping up its efforts to achieve nuclear capability. Iran is also believed to have a strong influence
among extremist groups in the region, such as Hamas in Gaza and Hezbollah in Lebanon. Additionally, the Islamic State of Iraq and Levant,
a violent jihadist group, is involved in hostilities in Iraq and Syria. The tension between Israel and Iran and/or these groups may escalate
in the future and turn violent, which could affect the Israeli economy in general and us in particular. Any potential future conflict
could also include missile strikes against parts of Israel, including our offices and facilities. Such instability may lead to deterioration
in the political and trade relationships that exist between the State of Israel and certain other countries. Any armed conflicts, terrorist
activities or political instability in the region could adversely affect business conditions, could harm our results of operations and
could make it more difficult for us to raise capital. Parties with whom we do business may sometimes decline to travel to Israel during
periods of heightened unrest or tension, forcing us to make alternative arrangements when necessary in order to meet our business partners
face to face. Several countries, principally in the Middle East, still restrict doing business with Israel and Israeli companies, and
additional countries may impose restrictions on doing business with Israel and Israeli companies if hostilities in Israel or political
instability in the region continues or increases. Similarly, Israeli companies are limited in conducting business with entities from several
countries. For instance, the Israeli legislature passed a law forbidding any investments in entities that transact business with Iran.
In addition, the political and security situation in Israel may result in parties with whom we have agreements involving performance in
Israel claiming that they are not obligated to perform their commitments under those agreements pursuant to force majeure provisions in
such agreements.
24
Our
employees and consultants in Israel, including members of our senior management, may be obligated to perform one month, and in some cases
longer periods, of military reserve duty until they reach the age of 40 (or older, for citizens who hold certain positions in the Israeli
armed forces reserves) and, in the event of a military conflict or emergency circumstances, may be called to immediate and unlimited active
duty. In the event of severe unrest or other conflict, individuals could be required to serve in the military for extended periods of
time. In response to increases in terrorist activity, there have been periods of significant call-ups of military reservists. It is possible
that there will be similar large-scale military reserve duty call-ups in the future. Our operations could be disrupted by the absence
of a significant number of our officers, directors, employees and consultants related to military service. Such disruption could materially
adversely affect our business and operations. Additionally, the absence of a significant number of the employees of our Israeli suppliers
and contractors related to military service or the absence for extended periods of one or more of their key employees for military service
may disrupt their operations.
Our
insurance does not cover losses that may occur as a result of an event associated with the security situation in the Middle East or for
any resulting disruption in our operations. Although the Israeli government has in the past covered the reinstatement value of direct
damages that were caused by terrorist attacks or acts of war, we cannot assure you that this government coverage will be maintained or,
if maintained, will be sufficient to compensate us fully for damages incurred and the government may cease providing such coverage or
the coverage might not suffice to cover potential damages. Any losses or damages incurred by us could have a material adverse effect on
our business. Any armed conflicts or political instability in the region would likely negatively affect business conditions generally
and could harm our results of operations and product development.
Further,
in the past, the State of Israel and Israeli companies have been subjected to economic boycotts. Several countries still restrict business
with the State of Israel and with Israeli companies. These restrictive laws and policies may have an adverse impact on our operating results,
financial conditions or the expansion of our business. Similarly, Israeli corporations are limited in conducting business with entities
from several countries.
Additionally, the newly elected
Israeli government has announced plans to significantly reduce the Israeli Supreme Court's judicial oversight, including reducing its
ability to strike down legislation that it deems unreasonable, and plans to increase political influence over the selection of judges.
These plans have prompted protests of Israeli citizens and criticism of leading Israeli business leaders as well as some foreign leaders.
If such government plans are eventually enacted, they may cause operational challenges for us since we are headquartered in Israel and
almost all of our employees are located in Israel. In addition, if foreign policy is negatively impacted with regard to Israel, this could
impact our business with suppliers and customers which could in turn adversely impact our reputation, results of operations or financial
condition.
We may be required
to pay monetary remuneration to our Israeli employees for their inventions, even if the rights to such inventions have been duly assigned
to us.
We
enter into agreements with our Israeli employees pursuant to which such individuals agree that any inventions created in the scope of
their employment are assigned to us or owned exclusively by us, depending on the jurisdiction, without the employee retaining any rights.
A significant portion of our intellectual property has been developed by our Israeli employees during the course of their employment for
us. Under the Israeli Patent Law, 5727-1967 (or the Patent Law) inventions conceived by an employee during the scope of his or her employment
with a company, and as a consequence of such employment, are regarded as "service inventions," which belong to the employer
by default, absent a specific agreement between the employee and employer giving the employee ownership rights. The Patent Law also provides
that if there is no agreement between an employer and an employee, regarding the remuneration for the service inventions, even if the
ownership rights were assigned to the employer, the Israeli Compensation and Royalties Committee (or the Committee), a body constituted
under the Patent Law, shall determine whether the employee is entitled to remuneration for these inventions. The Committee has not yet
determined the method for calculating this Committee-enforced remuneration. While it has been held that an employee may waive his or her
rights to remuneration, and that a waiver of such rights may be concluded like any other agreement, in writing, orally or by conduct,
pending litigation in the Israeli labor court is questioning whether such waiver under an employment agreement is enforceable. Although
our Israeli employees have agreed that any rights related to their inventions are owned exclusively by us, we may face claims demanding
remuneration in consideration for employees' service inventions. As a consequence of such claims, we could be required to pay additional
remuneration or royalties to our current and/or former employees, or be forced to litigate such claims, which could negatively affect
our business.
25
Risks Related to the Ownership of our Ordinary
Shares
Failure to meet Nasdaq's continued
listing requirements could result in the delisting of our Ordinary Shares, negatively impact the price of our Ordinary Shares and negatively
impact our ability to raise additional capital.
On November 22, 2022, we received
deficiency letter from the Listing Qualifications Department of the Nasdaq Stock Market (or the Staff) notifying us that, based on our
shareholders' deficit of $1,240 thousand as of June 30, 2022, as reported in our Report of Foreign Private Issuer on Form 6-K on
November 18, 2022, we were no longer in compliance with the minimum shareholders' equity requirement for continued listing on the
Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(1), which requires listed companies to maintain shareholders' equity of
at least $2.5 million. We had 45 calendar days, or until January 6, 2023, to submit a plan to regain compliance. We submitted our compliance
plan on January 6, 2023 and made a subsequent submission on January 19, 2023.
On February 16, 2023, we received
a letter from the Staff of the Nasdaq notifying us that Nasdaq had determined to delist our Ordinary Shares and tradeable warrants from
Nasdaq based on (i) our non-compliance with the minimum $2,500,000 stockholders' equity requirement for continued listing set forth
in Nasdaq Listing Rule 5550(b) and (ii) providing the Staff a submission of information that contained material misrepresentations, in
violation of Nasdaq Listing Rule 5250(a)(1), in relation to our extraordinary general meeting of shareholders, which was adjourned on
February 9, 2023 and ultimately held and concluded on February 16, 2023. On February 23, 2023, we requested a hearing before a Nasdaq
Hearings Panel (or the Panel), which stays any delisting or suspension action pending the hearing and the expiration of any additional
extension period granted by the Panel following the hearing.
On May 11, 2023, the Panel granted the request
for continued listing on Nasdaq subject to the requirement that we, by no later than August 4, 2023 (or the Exception Period), provide
the Panel with unaudited interim financial statements for the second quarter of 2023 and demonstrate to the Panel that we continue to
meet the equity requirement. Upon review of our interim financial statements for the second quarter of 2023, the Panel will decide if
we demonstrated an ability to maintain compliance with the continued listing requirements on a long-term basis. In addition, from May
11, 2023 until the end of the Exception Period, the Panel reserves the right to reconsider the terms of this exception based on any event,
condition or circumstance that exists or develops that would, in the opinion of the Panel, make the continued listing of our securities
on Nasdaq inadvisable or unwarranted. Until the end of the Exception Period, we are required to provide prompt notification to the Panel
of any significant events that may affect our compliance with Nasdaq requirements.
In addition, on May 15, 2023 we received a written notice from the Staff indicating that we were no longer in compliance with the minimum
bid price requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain
a minimum bid price of $1.00 per share. Under Nasdaq Listing Rule 5810(c)(3)(A), we have been granted a period of 180 calendar days, which
can be extended by Nasdaq, to regain compliance with the minimum bid price requirement.
There can be no assurance
that we will ultimately regain compliance with all applicable requirements for continued listing on the Nasdaq Capital Market in the future.
If our Ordinary Shares are delisted from Nasdaq, it will have material negative impact on the actual and potential liquidity of our securities,
as well as material negative impact on our ability to raise future capital.
If, for any reason, Nasdaq
should delist our Ordinary Shares from trading on its exchange and we are unable to obtain listing on another national securities exchange
or take action to restore our compliance with the Nasdaq continued listing requirements, a reduction in some or all of the following may
occur, each of which could have a material adverse effect on our shareholders:
●
the liquidity of our Ordinary Shares;
●
the market price of our Ordinary Shares;
●
our ability to obtain financing for the continuation of our operations;
●
the number of institutional and general investors that will consider investing in our Ordinary Shares;
●
the number of investors in general that will consider investing in our Ordinary Shares;
●
the number of market makers in our Ordinary Shares;
●
the availability of information concerning the trading prices and volume of our Ordinary Shares; and
●
the number of broker-dealers willing to execute trades in shares of our Ordinary Shares.
Further, we would likely become
a "penny stock", which would make trading of our Ordinary Shares much more difficult.
We do not know
whether a market for the Ordinary Shares will be sustained or what the trading price of the Ordinary Shares will be and as a result it
may be difficult for you to sell your Ordinary Shares.
Although
our Ordinary Shares are listed on the Nasdaq Capital Market, an active trading market for the Ordinary Shares may not be sustained. It
may be difficult for you to sell your Ordinary Shares without depressing the market price for the Ordinary Shares. As a result of these
and other factors, you may not be able to sell your Ordinary Shares. Further, an inactive market may also impair our ability to raise
capital by selling Ordinary Shares and may impair our ability to enter into strategic partnerships or acquire companies, products, or
services by using our equity securities as consideration.
26
We have never paid
cash dividends on our share capital, and we do not anticipate paying any cash dividends in the foreseeable future.
We
have never declared or paid cash dividends, and we do not anticipate paying cash dividends in the foreseeable future. Therefore, you should
not rely on an investment in Ordinary Shares as a source for any future dividend income. Our board of directors has complete discretion
as to whether to distribute dividends. Even if our board of directors decides to declare and pay dividends, the timing, amount and form
of future dividends, if any, will depend on our future results of operations and cash flow, our capital requirements and surplus, the
amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors
deemed relevant by our board of directors.
Our principal shareholders, officers and
directors currently beneficially own approximately 14.7
%  of our Ordinary Shares
. They will
therefore be able to exert significant control over matters submitted to our shareholders for approval.
As of the date of this annual
report, our principal shareholders, officers and directors beneficially own approximately 14.7% of our Ordinary Shares. This significant
concentration of share ownership may adversely affect the trading price for our Ordinary Shares because investors often perceive disadvantages
in owning shares in companies with controlling shareholders. As a result, these shareholders, if they acted together, could significantly
influence or even unilaterally approve matters requiring approval by our shareholders, including the election of directors and the approval
of mergers or other business combination transactions. The interests of these shareholders may not always coincide with our interests
or the interests of other shareholders.
The market price of our Ordinary Shares
may be highly volatile and such volatility could cause you to lose some or all of your investment and also subject us to litigation.
The market price of our Ordinary
Shares may fluctuate significantly in response to numerous factors, some of which are beyond our control, such as:
●
the announcement of new products or product enhancements by us or our competitors;
●
government and third-party payors providing adequate coverage and reimbursement
for the use of our products and services;
●
developments concerning intellectual property rights;
●
changes in legal, regulatory, and enforcement frameworks impacting our technology or the application of our technology;
●
variations in our and our competitors' results of operations;
●
fluctuations in earnings estimates or recommendations by securities analysts, if our securities are covered by analysts;
●
the results of product liability or intellectual property lawsuits;
●
future issuances of securities;
●
the addition or departure of key personnel;
●
announcements by us or our competitors of acquisitions, investments or strategic alliances; and
●
general market conditions and other factors, including factors unrelated to our operating performance.
●
other events or factors, including those resulting from war, incidents of terrorism or responses to these events; and
●
general economic and market conditions.
Furthermore, in recent years,
the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of
equity securities of many companies, including medical device related technology companies in particular. These fluctuations often have
been unrelated or disproportionate to the operating performance of those companies. These broad market and industry fluctuations, as well
as general economic, political and market conditions such as recessions, interest rate changes or international currency fluctuations,
may negatively impact the market price of our Ordinary Shares.
In the past, companies that
have experienced volatility in the market price of their stock have been subject to securities class action litigation. We may be the
target of this type of litigation in the future. Securities litigation against us could result in substantial costs and divert our management's
attention from other business concerns, which could also harm our business.
27
The JOBS Act will
allow us to postpone the date by which we must comply with some of the laws and regulations intended to protect investors and to reduce
the amount of information we provide in our reports filed with the SEC, which could undermine investor confidence in our company and adversely
affect the market price of the Ordinary Shares.
For
so long as we remain an "emerging growth company" as defined in the JOBS Act, we intend to take advantage of certain exemptions
from various requirements that are applicable to public companies that are not "emerging growth companies" including:
●
the provisions of the Sarbanes-Oxley Act requiring that our independent registered public accounting firm provide an attestation report on the effectiveness of our internal control over financial reporting;
●
Section 107 of the JOBS Act, which provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. This means that an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We are electing to delay such adoption of new or revised accounting standards. As a result of this adoption, our financial statements may not be comparable to companies that comply with the public company effective date;
●
any rules that may be adopted by the Public Company Accounting Oversight Board requiring mandatory audit firm rotation or a supplement to the auditor's report on the financial statements; and
●
our ability to furnish two rather than three years of income statements and statements of cash flows in various required filings.
We intend to take advantage
of these exemptions until we are no longer an "emerging growth company." We will remain an emerging growth company until the
earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the date of our first sale of common equity securities
pursuant to an effective registration statement under the Securities Act, (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 Ordinary Shares that
is held by non-affiliates exceeds $700 million as of the prior June 30, and (2) the date on which we have issued more than $1.0 billion
in non-convertible debt during the prior three-year period. We cannot predict if investors will find our securities less attractive because
we may rely on these exemptions. If some investors find our securities less attractive as a result, there may be a less active trading
market for the Ordinary Shares, and our market prices may be more volatile and may decline.
As a "foreign
private issuer" we are subject to less stringent disclosure requirements than domestic registrants and are permitted, and may in
the future elect to follow certain home country corporate governance practices instead of otherwise applicable SEC and Nasdaq requirements,
which may result in less protection than is accorded to investors under rules applicable to domestic U.S. registrants.
As
a foreign private issuer and emerging growth company, we may be subject to different disclosure and other requirements than domestic U.S.
registrants and non-emerging growth companies. For example, as a foreign private issuer, in the United States, we are not subject to the
same disclosure requirements as a domestic U.S. registrant under the Exchange Act, including the requirements to prepare and issue quarterly
reports on Form 10-Q or to file current reports on Form 8-K upon the occurrence of specified significant events, the proxy rules applicable
to domestic U.S. registrants under Section 14 of the Exchange Act or the insider reporting and short-swing profit rules applicable to
domestic U.S. registrants under Section 16 of the Exchange Act. In addition, we intend to rely on exemptions from certain U.S. rules which
will permit us to follow Cayman Islands legal requirements rather than certain of the requirements that are applicable to U.S. domestic
registrants.
We
follow Cayman Islands laws and regulations that are applicable to Cayman Islands companies. However, Cayman Islands laws and regulations
applicable to Cayman Islands companies do not contain any provisions comparable to the U.S. proxy rules, the U.S. rules relating to the
filing of reports on Form 10-Q or 8-K or the U.S. rules relating to liability for insiders who profit from trades made in a short period
of time, as referred to above.
28
Furthermore,
foreign private issuers are required to file their annual report on Form 20-F within 120 days after the end of each fiscal year, while
U.S. domestic registrants that are non-accelerated filers are required to file their annual report on Form 10-K within 90 days after the
end of each fiscal year. Foreign private issuers are also exempt from Regulation Fair Disclosure, aimed at preventing issuers from making
selective disclosures of material information, although we will be subject to Cayman Islands laws and regulations having substantially
the same effect as Regulation Fair Disclosure. As a result of the above, even though we are required to file reports on Form 6-K disclosing
the limited information which we have made or are required to make public pursuant to Cayman Islands law, or are required to distribute
to shareholders generally, and that is material to us, you may not receive information of the same type or amount that is required to
be disclosed to shareholders of a U.S. registrant. These exemptions and leniencies will reduce the frequency and scope of information
and protections to which you are entitled as an investor.
The
determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed
second fiscal quarter and, accordingly, the next determination will be made with respect to us on June 30, 2023. In the future, we would
lose our foreign private issuer status if a majority of our shareholders, directors or management are U.S. citizens or residents and we
fail to meet additional requirements necessary to avoid loss of foreign private issuer status. The regulatory and compliance costs to
us under U.S. securities laws as a U.S. domestic registrant may be significantly higher.
We may be a "passive foreign investment
company," or PFIC, for U.S. federal income tax purposes in the current taxable year or may become one in any subsequent taxable
year. There generally would be negative tax consequences for U.S. taxpayers that are holders of the Ordinary Shares if we are or were
to become a PFIC.
Based on the projected composition
of our income and valuation of our assets, we do not expect to be a PFIC for 2022, and we do not expect to become a PFIC in the future,
although there can be no assurance in this regard.  The determination of whether we are a PFIC is made on an annual basis and will
depend on the composition of our income and assets from time to time. We will be treated as a PFIC for U.S. federal income tax purposes
in any taxable year in which either (1) at least 75% of our gross income is "passive income" or (2) on average at least 50%
of our assets by value produce passive income or are held for the production of passive income. Passive income for this purpose generally
includes, among other things, certain dividends, interest, royalties, rents and gains from commodities and securities transactions and
from the sale or exchange of property that gives rise to passive income. Passive income also includes amounts derived by reason of the
temporary investment of funds, including those raised in a public offering. In determining whether a non-U.S. corporation is a PFIC, a
proportionate share of the income and assets of each corporation in which it owns, directly or indirectly, at least a 25% interest (by
value) is taken into account. The tests for determining PFIC status are applied annually, and it is difficult to make accurate projections
of future income and assets which are relevant to this determination. In addition, our PFIC status may depend in part on the market value
of the Ordinary Shares. Accordingly, there can be no assurance that we currently are not or will not become a PFIC in the future. If we
are a PFIC in any taxable year during which a U.S. taxpayer holds the Ordinary Shares, such U.S. taxpayer would be subject to certain
adverse U.S. federal income tax rules. In particular, if the U.S. taxpayer did not make an election to treat us as a "qualified
electing fund", or QEF, or make a "mark-to-market" election, then "excess distributions" to the U.S. taxpayer,
and any gain realized on the sale or other disposition of the Ordinary Shares by the U.S. taxpayer: (1) would be allocated ratably over
the U.S. taxpayer's holding period for the Ordinary Shares; (2) the amount allocated to the current taxable year and any period
prior to the first day of the first taxable year in which we were a PFIC would be taxed as ordinary income; and (3) the amount allocated
to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for
that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each
such other taxable year. In addition, if the U.S. Internal Revenue Service, or the IRS, determines that we are a PFIC for a year with
respect to which we have determined that we were not a PFIC, it may be too late for a U.S. taxpayer to make a timely QEF or mark-to-market
election. U.S. taxpayers that have held the Ordinary Shares during a period when we were a PFIC will be subject to the foregoing rules,
even if we cease to be a PFIC in subsequent years, subject to exceptions for U.S. taxpayer who made a timely QEF or mark-to-market election.
A U.S. taxpayer can make a QEF election by completing the relevant portions of and filing IRS Form 8621 in accordance with the instructions
thereto. We do not intend to notify U.S. taxpayers that hold the Ordinary Shares if we believe we will be treated as a PFIC for any taxable
year in order to enable U.S. taxpayers to consider whether to make a QEF election. In addition, we do not intend to furnish such U.S.
taxpayers annually with information needed in order to complete IRS Form 8621 and to make and maintain a valid QEF election for any year
in which we or any of our subsidiaries are a PFIC. U.S. taxpayers that hold the Ordinary Shares are strongly urged to consult their tax
advisors about the PFIC rules, including tax return filing requirements and the eligibility, manner, and consequences to them of making
a QEF or mark-to-market election with respect to the Ordinary Shares in the event that we are a PFIC (see "Item 10.E.
Taxation—U.S.
Federal Income Tax Considerations—Passive Foreign Investment Companies
" for additional information).
29
We may be subject
to securities litigation, which is expensive and could divert management attention.
In
the past, companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation.
We may be the target of this type of litigation in the future. Litigation of this type could result in substantial costs and diversion
of management's attention and resources, which could seriously hurt our business. Any adverse determination in litigation could
also subject us to significant liabilities.
If securities or
industry analysts do not publish or cease publishing research or reports about us, our business or our market, or if they adversely change
their recommendations or publish negative reports regarding our business or the Ordinary Shares, our share price and trading volume could
decline.
The
trading market for the Ordinary Shares will be influenced by the research and reports that industry or securities analysts may publish
about us, our business, our market or our competitors. We do not have any control over these analysts and we cannot provide any assurance
that analysts will cover us or provide favorable coverage. If any of the analysts who may cover us adversely change their recommendation
regarding the Ordinary Shares, or provide more favorable relative recommendations about our competitors, the price of our Ordinary Shares
would likely decline. If any analyst who may cover us were to cease coverage of our company or fail to regularly publish reports on us,
we could lose visibility in the financial markets, which in turn could cause the price of our Ordinary Shares or trading volume to decline.
Future sales of our Ordinary Shares could
reduce the market price of our Ordinary Shares.
Substantial sales of our Ordinary
Shares on Nasdaq may cause the market price of our Ordinary Shares to decline. Sales by us or our security holders of substantial amounts
of our Ordinary Shares, or the perception that these sales may occur in the future, could cause a reduction in the market price of our
Ordinary Shares.
The issuance of any additional
Ordinary Shares or any securities that are exercisable for or convertible into Ordinary Shares, may have an adverse effect on the market
price of our Ordinary Shares and will have a dilutive effect on our existing shareholders and holders of Ordinary Shares.
Other General Risk
Factors
If we are not able
to attract and retain highly skilled managerial, scientific and technical personnel, we may not be able to implement our business model
successfully.
We
believe that our management team must be able to act decisively to apply and adapt our business model in the rapidly changing markets
in which we will compete. In addition, we will rely upon technical and scientific employees or third-party contractors to effectively
establish, manage and grow our business. Consequently, we believe that our future viability will depend largely on our ability to attract
and retain highly skilled managerial, sales, scientific and technical personnel. In order to do so, we may need to pay higher compensation
or fees to our employees or consultants than we currently expect and such higher compensation payments would have a negative effect on
our operating results. Competition for experienced, high-quality personnel is intense and we cannot assure that we will be able to recruit
and retain such personnel. We may not be able to hire or retain the necessary personnel to implement our business strategy. Our failure
to hire and retain such personnel could impair our ability to develop new products and services and manage our business effectively.
30
We will need to
expand our organization and we may experience difficulties in recruiting needed additional employees and consultants, which could disrupt
our operations.
As
our development and commercialization plans and strategies develop and because we are so leanly staffed, we will need additional managerial,
operational, sales, marketing, financial, legal and other resources. The competition for qualified personnel in the medical device industry
is intense. Due to this intense competition, we may be unable to attract and retain qualified personnel necessary for the development
of our business or to recruit suitable replacement personnel.
Security breaches,
loss of data and other disruptions could compromise sensitive information related to our business or patients, or prevent us from accessing
critical information and expose us to liability, which could adversely affect our business and our reputation.
In
the ordinary course of our business, we and certain of our third-party service providers, collect, process, and store sensitive data,
including intellectual property, personal and medical information about our patients and our proprietary business information. The secure
maintenance and transmission of this information is critical to our operations and business strategy. We rely on commercially available
systems, software, tools and domestically available monitoring to provide security for processing, transmitting and storing this sensitive
data.
In
the event that patients authorize or enable us to sell their personal data to third-parties and/or access their data on our systems, we
cannot ensure the complete integrity or security of such data in our systems as we would not control that access. Third-parties may also
attempt to fraudulently induce our employees, patients or physicians who use our technology, into disclosing sensitive information. Third-parties
may also otherwise compromise our security measures in order to gain unauthorized access to the information we store. This could result
in significant legal and financial exposure, a loss in confidence in the security of our services, interruptions or malfunctions in our
services, and, ultimately, harm to our future business prospects and revenue.
A
security breach or privacy violation that leads to disclosure or modification of, or prevents access to, patient information, including
protected health information, could harm our reputation, compel us to comply with disparate state breach notification laws, require us
to verify the correctness of database contents and otherwise subject us to liability under laws that protect personal data, resulting
in increased costs or loss of revenue. If we are unable to prevent such security breaches or privacy violations or implement satisfactory
remedial measures in a timely manner, the market perception of the effectiveness of our security measures could be harmed, our operations
could be disrupted, our brand could be adversely affected, demand for our products and services may decrease, we may be unable to provide
the our service, we may lose sales and customers, and we may suffer loss of reputation, financial loss and other regulatory penalties
because of lost or misappropriated information, including sensitive patient data. We may be required to expend significant capital and
financial resources to invest in security measures, protect against such threats or to alleviate problems caused by breaches in security.
In addition, these breaches and other inappropriate access can be difficult to detect, and any delay in identifying them may lead to increased
harm. Although we have invested in our systems and the protection of our data to reduce the risk of an intrusion or interruption, and
we monitor our systems on an ongoing basis for any current or potential threats, we can give no assurances that these measures and efforts
will prevent all intrusions, interruptions, or breakdowns.
Because
techniques used to obtain unauthorized access or to sabotage systems change frequently and generally are not recognized until launched,
we may be unable to anticipate these techniques or to implement adequate preventive measures.
With
respect to medical information, we follow HIPAA guidelines and, among others, separate personal information from medical information,
and further employ additional encryption tools to protect the privacy of our patients and medical data. However, hackers may attempt to
penetrate our computer systems, and, if successful, misappropriate personal or confidential business information. In addition, an associate,
contractor or other third-party with whom we do business may attempt to circumvent our security measures in order to obtain such information,
and may purposefully or inadvertently cause a breach involving such information. While we continue to implement additional protective
measures to reduce the risk of and detect cyber incidents, cyber-attacks are becoming more sophisticated and frequent, and the techniques
used in such attacks change rapidly.
Also,
our information technology networks and infrastructure may still be vulnerable to damage, disruptions or shutdowns due to attack by hackers
or breaches, employee error or malfeasance, power outages, computer viruses, telecommunication or utility failures, systems failures,
natural disasters or other catastrophic events. Any such compromise could disrupt our operations, damage our reputation and subject us
to additional costs and liabilities, any of which could adversely affect our business.
31
Depending
on the nature of the information compromised, in the event of a data breach or other unauthorized access to or acquisition of our user
data, we may also have obligations to notify users about the incident and we may need to provide some form of remedy for the individuals
affected by the incident. A growing number of legislative and regulatory bodies have adopted consumer notification requirements in the
event of unauthorized access to or acquisition of certain types of personal data. Such breach notification laws continue to evolve and
may be inconsistent from one jurisdiction to another. Complying with these obligations could cause us to incur substantial costs and could
increase negative publicity surrounding any incident that compromises user data. In addition, the interpretation and application of consumer,
health-related and data protection laws, rules and regulations in the United States, Europe and elsewhere are often uncertain, contradictory
and in flux. It is possible that these laws, rules and regulations may be interpreted and applied in a manner that is inconsistent with
our practices or those of our distributors and partners. If we or these third parties are found to have violated such laws, rules or regulations,
it could result in government-imposed fines, orders requiring that we or these third parties change our or their practices, or criminal
charges, which could adversely affect our business. Complying with these various laws could cause us to incur substantial costs or require
us to change our business practices, systems and compliance procedures in a manner adverse to our business.
Our
management may need to divert a disproportionate amount of its attention away from our day-to-day activities and devote a substantial
amount of time to managing these growth activities. We may not be able to effectively manage the expansion of our operations, which may
result in weaknesses in our infrastructure, operational mistakes, loss of business opportunities, loss of employees and reduced productivity
among remaining employees. Our expected growth could require significant capital expenditures and may divert financial resources from
other projects, such as the development of additional medical device products. If our management is unable to effectively manage our growth,
our expenses may increase more than expected, our ability to generate and/or grow revenue could be reduced and we may not be able to implement
our business strategy. Our future financial performance and our ability to commercialize medical device products and services and compete
effectively will depend, in part, on our ability to effectively manage any future growth.
ITEM 4. INFORMATION ON THE COMPANY
A. History and Development of the Company
Our legal and commercial name
is G Medical Innovations Holdings Ltd. We were incorporated in the Cayman Islands in 2014 as an exempted company with limited liability.
Our principal offices are located at 5 Oppenheimer Street, Rehovot 7670105, Israel, and our telephone number in the United States is +1.800.595.2898.
Our internet address is http://gmedinnovations.com/. None of the information on our website is incorporated by reference herein. G Medical
Innovations USA Inc. serves as our agent for service of process in the United States for certain limited matters, and its address is 12708
Riata Vista Cir Ste A-103, Austin, TX 78727.
We use our website (http://gmedinnovations.com/)
as a channel of distribution of Company information. The information we post on our website may be deemed material. Accordingly, investors
should monitor our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. The contents
of our website are not, however, a part of this annual report.
We are an emerging growth
company, as defined in Section 2(a) of the Securities Act, as implemented under the JOBS Act. While we currently qualify as an "emerging
growth company" under the JOBS Act, we will cease to be an emerging growth company on or before June 25, 2026. As such, we are eligible
to, and intend to, take advantage of certain exemptions from reporting requirements that generally apply to public companies, including
the auditor attestation requirements with respect to internal control over financial reporting under Section 404 of the Sarbanes-Oxley
Act, compliance with new standards adopted by the Public Company Accounting Oversight Board which may require mandatory audit firm rotation
or auditor discussion and analysis, exemption from say on pay, say on frequency, and say on golden parachute voting requirements, and
reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements. We will be an emerging growth
company until the earliest of: (i) the last day of the fiscal year during which we had total annual gross revenues of $1.235 billion or
more, (ii) the last day of the fiscal year following the fifth anniversary of the date of the first sale of our common equity securities
pursuant to an effective registration statement (i.e. June 25, 2026), (iii) the date on which we have, during the previous three-year
period, issued more than $1 billion in non-convertible debt, or (iv) the date on which we are deemed a "large accelerated filer"
as defined in Regulation S-K under the Securities Act, which means the market value of our Ordinary Shares that is held by non-affiliates
exceeds $700 million as of the prior June 30th.
32
As a foreign private issuer,
we are exempt from certain rules and regulations under the Exchange Act that are applicable to other public companies that are not foreign
private issuers. For example, although we intend to report our financial results on a quarterly basis, we will not be required to issue
quarterly reports, proxy statements that comply with the requirements applicable to U.S. domestic reporting companies, or individual executive
compensation information that is as detailed as that required of U.S. domestic reporting companies. We will also have four months after
the end of each fiscal year to file our annual report with the SEC and will not be required to file current reports as frequently or promptly
as U.S. domestic reporting companies. Our senior management, directors, and principal shareholders will be exempt from the requirements
to report transactions in our equity securities and from the short-swing profit liability provisions contained in Section 16 of the Exchange
Act. As a foreign private issuer, we will also not be subject to the requirements of Regulation FD (Fair Disclosure) promulgated under
the Exchange Act.
Our capital expenditures for
December 31, 2022, 2021 and 2020 amounted to $2,121,000, $550,000, and $507,000, respectively. Our purchases of fixed assets primarily
include laboratory equipment and establishment of our production site in Rehovot, Israel. We financed these expenditures primarily from
cash on hand.
B. Business Overview
Overview
We are a next-generation
mobile health (mHealth) and digital health company that develops and markets clinical and consumer medical-grade health monitoring solutions
and offers end-to-end support for remote monitoring and telemedicine projects. With extensive experience in the field of medical devices,
digital health and patients monitoring, we are committed to raising the global level of healthcare by empowering caregivers and patients
to better monitor, manage and improve clinical and personal health outcomes. We believe that we are at the forefront of the digital health
revolution in developing the next generation of mobile technologies and services that are designed to empower consumers, patients, and
providers to better monitor, manage and improve clinical and personal health outcomes, especially for those who suffer from CVD, pulmonary
disease and diabetes. Our business and future revenue stream can be broken down into two business areas: monitoring services and home
collection kits for lab testing.
Monitoring Services
We
possess innovative MCT monitors purchased from third parties that utilize sophisticated Deep Neural Network based Artificial Intelligence
(AI) backend ECG processing software--Cardiologs, which we use as a powerful secondary analysis tool once the monitoring session ends.
This dual analysis approach is not offered by most of our competitors. Further, we have two CMS-approved IDTFs, each staffed with experienced
clinical staff and billing teams, nationwide insurance contracts, and a full portfolio of diagnostic monitoring tools, including the G-Patch
devices for extended holter (AECG), the Spider device for mobile cardiac telemetry (MCT), and the Prizma device for remote patient monitoring
(RPM).
As
medicine and technology become integrated, we believe we are well positioned to capture market share and grow in this business area. Our
product line consists of our Prizma medical device, a clinical grade device that can transform a smartphone into a medical monitoring
device, enabling both healthcare providers and individuals to monitor, manage and share a wide range of vital signs and biometric indicators.
In addition, we are developing a Wireless Vital Signs Monitoring System, which is expected to provide full, continuous, and real time
monitoring of a wide range of vital signs and biometrics. The monitoring services include Independent Diagnostic Testing Facility monitoring
services and private monitoring services.
33
Home Collection
Kits for Lab Testing
In
the second half of 2022, we took a strategic decision to divert to more comprehensive home testing solutions as an expansion of our patient
services and as part of our vision to move towards a home-based health care system. On July 13, 2022, we announced that our wholly owned
subsidiary, G Medical Health and Wellness, Inc., has developed seven different at-home tests to collect samples of blood, saliva, stool,
urine or a vaginal swab which we expect will be available to be purchased privately by the user in a retail store or online. Once purchased,
the user will be able to collect the sample in the privacy and comfort of his or her home and send the sample to our CLIA certified lab
for analysis. Once it arrives at the lab, the sample will be analyzed, and results typically will be available to the customer within
days in our secured and HIPAA compliant portal. In addition, on October 6, 2022, we introduced a Monkeypox consumer home health test kit,
along with 23 additional new direct to consumer home collection kits with 24 to 48 hours results, all of which are expected to be available
to consumers the third quarter of 2023 through popular big-box retailers, pharmacies and online. The collection kits are developed for
testing health issues related to hormones, sexual transmitted disease, nutrition, colon cancer, food sensitivity, and allergies, with
results going directly to the user within days. The entire data, from both vital signs and laboratory tests, is collected, and managed
under one database, and give the user the ability to create, manage and control their EMR, with the ability to retrieve and share it with
third parties anywhere and anytime. The prices for our at-home testing kits will range from $49 to $259.
During
the first half of 2022, we operated six locations performing point-of-care tests in communities in Southern and Northern California. The
volume of COVID-19 testing has decreased significantly since April 2022.  Given the decrease in COVID-19 cases, in the second half
of fiscal year 2022 we decided to discontinue our COVID-19 related business activities. We have written off inventory and fixed assets
related to our COVID-19 business for the fiscal year ended December 31, 2022.
Our
management team is led by individuals with over 25 years of experience in developing mobile embedded medical sensors and software, algorithms
and ambulatory medical devices, and with extensive experience filing for, and obtaining approval from, the FDA for medical devices, including
devices approved when the members of our management team were employed at other companies. Our management has proven their ability to
execute our go-to-market strategy as described below, with a proven track record medical device development and commercialization experience
in the United States, China, Europe, Australia, South Africa, Japan, the Asia Pacific region and Brazil.
Our Products and Product Candidates
Our product platforms are
positioned to reduce inefficiencies in healthcare delivery, improve access, reduce costs, increase quality of care and make healthcare
more personalized and precise. We believe that early detection and diagnosis, as well as accessibility for all patients and providers,
will positively impact the direction and cost of healthcare today.
Our current product lines
consist of our Prizma device, the G-Patch for extended holter, the Spider for MCT as well as our new Patch
which has received
an Emergency Use Authorization (or EUA) from the FDA
for QT analysis
. In addition, we are developing our VSMS.
34
Prizma Medical Device
The innovative Prizma is a
"plug-and-play" medical device that measures vital signs with electronic medical records functionality and clinical grade
reporting standards. Our Prizma can transform almost any smartphone into a medical monitoring device using wireless Bluetooth connection.
Prizma presents a comprehensive health profile of the user, measuring a wide range of vital signs and biometrics including ECG, oxygen
saturation, temperature, heart rate, pain levels and stress levels. Blood pressure, body weight and blood glucose measurements may be
entered via Bluetooth connection to the Prizma from an external device or manually entered and tracked on the Prizma app. All of the measurements
are saved and tracked on the Prizma app and on the cloud portal. Users may generate reports and share with third-parties (i.e., medical
providers, family members).
The Prizma device has been
designed as an invaluable tool to help manage an individuals' health and wellness, and allow healthcare providers to analyze the
collected data in order to make better treatment decisions for conditions such as diabetes and heart disease, and vital signs functions
for users with a range of health management needs. The Prizma app is available for download on the Apple Store and on Google Play. Prizma
is powered by an independent battery, and activated by the user when needed, making usage and transport efficient and comfortable. The
user simply places his or her index fingers on sensors embedded on the Prizma device, and the software seamlessly analyzes the data using
various measurement methods and algorithms. Prizma can be used on almost any mobile phone, allowing us to quickly adapt the application
to new smartphones.
Along with our Prizma device,
we offer a remote patient monitoring service (or RPM) for chronic patients. The Prizma device can record various vital signs as frequently
as needed on the go and such recordings are being analyzed and presented on a monthly report for physicians to keep track of their patients'
vitals. This service can be provided as a monthly recurring service as long as prescribed by the physician. Prizma is reimbursed monthly
per patient under CPT code 99453, 99454, 99457 and additional codes, at a onetime rate of approximately $17 and a monthly rate of approximately
$50 to the Company.
35
The Prizma is capable of monitoring the following:
ECG
Body
temperature
Heart rate
Sp02
Stress
Blood
pressure
Weight
Blood
glucose
36
The Prizma device is currently available as a standalone model, as
pictured below.
The Prizma platform provides
clients with a one-stop, multi-function and multi-account platform providing secure access to a private cloud healthcare solution powered
from a remote cloud infrastructure. The portal syncs all Prizma device measurements to the doctor's dashboard automatically and
notifies of any abnormalities. Patient reports can be generated and downloaded to integrate seamlessly within the physician's Electronic
Health Record. Prizma is compatible with iOS 11.0 or above, Android 6.0 or above and Smartphone Bluetooth BT SIG 4.2.
Monitoring Station:
37
Physician's Portal:
User Portal:
38
Prizma Reports:
This Prizma platform allows
our customers to enter and see all their medical information in a single platform. The information is stored on the platform and is also
accessible to physicians. In addition, the system allows users to see and print reports with personal medical information and share such
reports with third parties. This makes each interaction and use easy and simple.
Our Prizma device addresses
the monitoring needs of many individuals, including those suffering from a wide range of diseases:
In August 2017, we received
510(k) clearance (under prescription) for our Prizma device from the U.S. FDA, and in September 2017 we received CE mark. These clearances
were followed by approval received in November 2017 from the Therapeutic Goods Administration (or the TGA). In March 2020, we received
registration with the Italian Health Ministry's database of medical products. In April 2020, the U.S. FDA granted us OTC authorization
based on an EUA policy which remained in force during the public health emergency related to COVID-19 until May 11, 2023, during which
time we were allowed to sell the Prizma device directly to consumers without a physician's prescription.  In April 2020, we
received Taiwan FDA approval for our Prizma device. We are also preparing our application to the Chinese National Medical Products Administration
(or NMPA) for our Prizma device.
Despite the fact that regulatory
clearances and approvals were received in 2017, since the Prizma device is a novel and innovative product, and due to first to market
penetration, the market acceptance of the product was slow. In addition, the Current Procedural Terminology codes covering Prizma RPM
were only approved by the Centers for Medicare & Medicaid Services (or CMS) in November 2019. We intend to continue our market education
efforts for our Prizma device and other products, in order to enhance market acceptance.
39
Extended Holter Patch
System
Our Extended Holter Patch
System is a multi-channel patient-worn biosensor that captures ECG data continuously for up to 14 days. We believe that multi-channel
ECGs can deliver higher predictive values with more actionable data, which enables a more accurate diagnosis. In addition, the Extended
Holter Patch System allows patients to capture any symptomatic event by tapping a button on the recorder and documenting their activity
and symptom in the patient diary. This correlates the ECG activity and provides physicians with more contextual data to make a diagnosis.
Following the monitoring session, the device is returned to us and the data is uploaded to our secure cloud for analysis. A concise clinical
report of preliminary findings is generated by certified cardiac technicians, validated through a quality assurance (or QA) process, and
made available to the physicians on our secure physician portal.
The modular and easy-to-use
patch solution utilizes a body worn sensor, a removable recorder, a secure cloud platform and a clinical reporting system. The patch has
a very soft fabric format, and its water-resistant technology allows showering without removing the patch. These attributes encourage
patients to wear the sensor all day long, resulting in more meaningful data, enabling more accurate diagnosis and timely treatment decisions.
Clinical studies have demonstrated that wearable patch technologies can improve a physician's ability to more accurately detect
arrhythmia, allowing them to change the course of treatment. In November 2017, we received the CE mark for our Extended Holter Patch System,
and in May 2020 we received TGA approval. In May 2021, we received emergency clearance from the U.S. FDA to use our Extended Holter Patch
System for patients with suspected or identified QT prolongation syndrome.
Our Patch recorder provides
up to six channels of ECG and can be used for up to 14 days of ECG monitoring. The Patch records and transmits the ECG data to a smartphone
which acts as a gateway to our call center. The base line ECG signal, system and electrode status are verified before starting the enrollment
process. The frequency of transmissions can be set by the healthcare provider while the default setting of the device is to record and
transmit 10 minutes of ECG data every hour. The data is saved and wirelessly transmitted by the user's smartphone to our monitoring
call center for QT prolongation syndrome detection capabilities analysis. The call center in turn sends the report to the prescribing
physician at the hospital.
40
In May 2020, the U.S. FDA
approved under EUA the use of our Patch in order to detect QT prolongation syndrome in a hospital setting for remote monitoring of the
QT interval prolongation of an ECG. The EUA policy remained in force during the public health emergency related to COVID-19 until May
11, 2023.
Our Market Opportunity
Telemedicine and Mobile Health Market Opportunity
In 2019, health care spending
in the United States topped $3.8 trillion—nearly 18% of the gross domestic product, or GDP—as projected by the CMS Office
of the Actuary. Prior to the COVID-19 pandemic, Deloitte projected health spending would continue to grow at a rate of 5.3% a year, reaching
nearly $6.2 trillion by 2028. If those increases were to continue unabated over the next 20 years, health spending could reach a staggering
$11.8 trillion by 2040. Although the pandemic caused people to defer care throughout much of 2020, a rebound and then continuation of
the trends beyond 2021 would drive health care spending to historic levels in the coming years.
According to data published
by the American Hospital Association, in 2020 there were approximately 33 million admissions in all U.S. hospitals. The total expenses
for all U.S. hospitals were approximately $1 trillion.
According to data published
by the Centers for Disease Control and Prevention, in 2019 there were approximately 147 million hospital visits and approximately 884
million doctor visits in the United States alone, and an equal number of diagnostic data sets collected. Healthcare providers require
diagnostic data to evaluate patients before, during and after medical interactions. A standard set of health diagnostics data is routinely
collected at each healthcare interaction, including patients' temperature, blood pressure, weight, heartrate, SPO2, blood glucose,
ECG and stress.
Telemedicine provides potential
answers to major healthcare challenges, including improved productivity and efficiency, and better utilization of centralized assets and
scarce talent resources. A recent report by the OECD states that several elements must be in place to ensure the widespread delivery of
teleconsultations and other telemedicine applications:
●
a clearly defined regulatory environment;
●
treatment of health data;
●
medical liability;
●
policies governing the establishment and use of telemedicine services; and
●
national and regional strategies that address telemedicine.
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Recent developments in the
COVID-19 pandemic enabled the breaking of some of the barriers associated with the use of telemedicine technologies, and we believe that
telemedicine is recognized as an essential instrument in healthcare by patients and healthcare providers and it is now widely believed
that there will be a significant increase in the use of telemedicine services. While prior to COVID-19, patients and healthcare providers
often preferred in-person meetings and expressed hesitation to the use of telemedicine as a substitute, the situation created following
the spread of COVID-19, has demonstrated that telemedicine enables safe, efficient and cost-effective treatment and monitoring. Telemedicine
services have the potential to facilitate medical care for both confirmed COVID-19 patients and non-COVID-19 patients, while protecting
patients and healthcare providers. According to a consumer survey from McKinsey & Company from April 2020, consumer adoption of telehealth
products has skyrocketed in light of COVID-19, from 11% of U.S. consumers using telehealth in 2019 to 46% of consumers using telehealth
after April 2020. In addition, it is estimated that approximately $250 billion, which represents approximately 20% of all Medicare, Medicaid,
and Commercial outpatient, office, and home health spend, could potentially be virtualized.
Even before COVID-19, mHealth
was a fast-growing market, and data suggests this trend is going to continue. The World Health Organization (or WHO) defines mHealth as
"medical and public health practice supported by mobile devices such as mobile phones, patient monitoring devices, personal digital
assistants, and other wireless devices." According to a report published by research2guidnace, mHealth is projected to have the
highest positive impact on reducing costs associated with:
●
readmission in hospitals and duration of stay;
●
patients' non-adherence to treatments;
●
doctor visits and consultation costs;
●
redundant examination and medical trial costs;
●
prevention costs;
●
labor costs; and
●
investment in technologies.
With the growing penetration
of smartphones and internet connectivity, the adoption of mHealth technologies by physicians and patients has increased considerably.
According to research by Grand View Research, the global mHealth market size was valued at $56.8 billion in 2022 and is expected
to expand at a compound annual growth rate of 10.8% from 2023 to 2030. The mHealth apps segment dominated the market for
mHealth and accounted for the largest revenue share of 76.5% in 2022, that was a result of increasing penetration of the internet and
smartphones and the growing adoption of mobile health apps by healthcare professionals and the patient.
42
According to a report published
by Precedence Research in August 2022, the IoT healthcare market (meaning the market for interrelated computing devices and mechanical
and digital machines targeting healthcare such as our products) is projected to reach approximately $261.7 billion by 2023 and $960 billion
by 2030. According to SEC filings made by Fitbit, Inc., it was able to sell 16 million of its devices in 2019 alone. We believe that a
rising adoption of wearable technology and a growing geriatric population coupled with the rising prevalence of chronic conditions, which
affects six in ten Americans, are among the key factors driving the market expansion.
With the growing penetration
of smartphones and internet connectivity, the adoption of mHealth technologies by physicians and patients has increased considerably.
This specially holds true for mobile healthcare apps, including fitness and medical apps, with fitness and wellness holding a significant
share of the total mHealth apps market. Moreover, the healthcare industry exhibits a high growth potential for the IT industry due to
supportive government initiatives across all regions.
According to a March 2020
report from MarketsandMarkets, the global telehealth market is projected to reach $55.6 billion by 2025, which is a significant increase
from $25.4 billion in 2020. The growth is projected at a CAGR of 16.9% during the forecast period. According to the report, North America
dominates the telehealth market by region, due to factors such as the rising prevalence of chronic conditions, the need to reduce healthcare
expenditure, increasing overall and geriatric population. However, the Asia Pacific market is expected to grow at the highest rate during
the forecast period, owing to the prevalence of chronic diseases and the overcrowding of hospitals.
According to a May 2020 report
from McKinsey & Company, in order to realize the full potential of telehealth, the market requires, among others, increased access
to remote monitoring devices for specific clinical conditions (glucose monitoring for diabetes; heartbeat and blood pressure monitors
for cardiovascular conditions). Also, providers may be required to integrate these types of devices into care plans. Payers may need to
offer reimbursement, and solutions may need to enable integrated access between, for example, primary care physicians, care managers,
and at-home caregivers. These services could also require the deployment of supportive patient engagement tools (for example, digital
coaching, care plan navigation tools), tailored to patients' needs and integrated with communication channels to providers, care
managers, and others involved in their care.
United States
According to the Deloitte
2020 Survey of US Health Care Consumers, which surveyed 4,522 consumers between February 24 and March 14, 2020, and the Health Care Consumer
Response to COVID-19 Survey (together, the Deloitte Surveys), which surveyed 1,510 consumers about their health, experiences, and behavior
in mid-April to early May 2020, the percentage of consumers using virtual visits increased from 19% at the beginning of 2020 to 28% in
April 2020. Moreover, the data shows an increase in consumer willingness to share data in every scenario measured in the graph below.
43
44
In addition, the Deloitte
surveys reveal that about a third to half of consumers are comfortable using at-home diagnostics for various reasons, as demonstrated
in the graph below. Younger generations are more comfortable across the board. The largest gaps in comfort levels by generation are for
genetic tests (24% of seniors as opposed to 47% of Gen Z and millennials) and at-home blood tests to track overall health (28% of seniors
as opposed to 47/48% of Gen Z and millennials).
A study conducted by the Society
for Cardiovascular Angiography & Intervention, that surveyed 1,068 responses from a nationally representative sample over age 30,
found that more than 50% of Americans are avoiding care for medical emergencies such as heart attack, due to the fear of contracting COVID-19.
Health systems, independent practices and others telehealth providers are reporting 50 to 175 times more telehealth visits compared to
the number of telehealth visits pre-COVID-19. In addition, 57% of health providers view telehealth more favorably than they did before
COVID-19 and 64% are more comfortable using it.
CMS have recently expanded
access to Medicare telemedicine services on a temporary and emergency basis under the 1135 waiver authority and Coronavirus Preparedness
and Response Supplemental Appropriations Act (Phase 1), so that beneficiaries can receive a wider range of services from their physicians
without the need to attend a healthcare facility. Under the COVID-19 new guidelines, beginning March 6, 2020 and for the duration of the
COVID-19 public health emergency, Medicare is able to pay for office, hospital, and other visits furnished via telemedicine across the
country, including in patients' homes.
45
In addition, in November 2018,
CMS finalized changes to the 2019 Physician Fee Schedule and the Quality Payment Program and will now pay providers for communication
technology-based services. Through the rule, CMS is also expanding the number of Medicare-covered telemedicine services to include "prolonged
preventive service(s)". CMS will pay physicians for their time when they check in with Medicare beneficiaries via telephone or another
telecommunications device. Physicians will also be paid for the time it takes to review a video or image sent by a patient to assess whether
a visit is needed.
China
According to a March 2020
report from Statista and data from the Organization for Economic Co-operation and Development, China is facing a significant shortage
of physicians with two doctors for every 1,000 people, compared to 2.6 doctors per 1,000 people in the United States and 3.7 per 1,000
people in Australia. Accordingly, the Chinese government has made healthcare a priority.
In addition, in China the
distribution of superior medical resources is extremely uneven. More than 70% of the third-level grade-A hospitals are located in the
eastern region, making the potential demand for telemedicine in the central and western regions disproportionately much larger.
46
Data source: chyxx.com - The proportion of
third-level grade-A hospitals in the three regions in 2018
According to the China Power
Project, China's population is growing old at a faster rate than almost all other countries, due to increased life expectancy and
decreased birth rate as a result of China's 36-year one-child policy. In 2017, in China, the proportion of Chinese citizens above
60 years old obtained 17.3 percent, approximately above 241 million. It is expected that China's 65-year-old population will reach
487 million, or nearly 35 percent in 2050. China's looming demographic shift presents considerable social and economic challenges.
According to China Briefing, the changing of demographics in China have led to a population where chronic disease is more prevalent than
in the past. As a result, there is a higher demand for disease management and ongoing monitoring.
In addition, a draft of China's
Law on the Promotion of Basic Medical and Health Care approved by the National People's Congress became effective in June 2020.
The draft law contemplates the promotion of telemedicine services, which has been expedited by the COVID-19 outbreak. In 2016, the government
launched Healthy China 2030. There is currently a government mandate that prioritizes healthcare which AI and digital health will help
to fill the gap, with telemedicine making it possible to increase the number of people receiving real time consultation.
Both local and foreign companies
are investing in the development of specialized and differentiated private hospitals, along with innovative aged care. According to Research
and Markets, China, the world second largest economy, is forecast to reach an estimated mHealth market size of $25.6 billion in 2027,
representing a CAGR of 22.1% from 2020 through 2027.
mHealth is being driven by
increase in aging population over the age of 60 and a lack of access to quality healthcare-services and limited resources that hinder
a physicians' ability to provide sufficient time beyond treatment and diagnosis.
47
mHealth can also be used in
more rural parts of China to help resolve accessibility challenges. The current policy environment in China is playing an important role
in promoting industry development and facilitating medical treatment through combining Internet technology with China's health industry.
Internet hospitals have become a service platform that integrates online appointments, consultations, prescribing and delivering medicine,
and online and offline diagnosis and treatment with the help of Internet technology. Integrating physical hospitals into the platform
provides strong support for Internet hospitals in conducting consultations, follow-up visits, and chronic disease management on the Internet.
Remote monitoring and other mHealth solutions break through space limitations of physical hospitals but also work synergistically with
physical hospitals, so people in remote areas can also have access to high-quality medical treatment.
According
to a July 2020 article in the Journal of Medical Internet Research titled "The Internet Hospital as a Telehealth Model in China:
Systematic Search and Content Analysis",
b
y January 2019, the number of registered
internet hospitals expanded to approximately 130 in 25 provinces, accounting for 73.5% of all provinces or province-level municipalities
in China. Internet hospitals, as a new telehealth model, are distinct but overlap with online health, telemedicine, and mobile medical.
Source: J Med Internet Res (July 2020)
48
The
figure below, included in a September 2021 article in the Journal of Medical Internet Research titled "Running an Internet Hospital
in China: Perspective Based on a Case Study", shows the number of patients that received services from internet hospitals from October
2019 to September 2020. From January to April 2020, due to the COVID-19 epidemic, the number of patients using internet hospitals soared.
Since then, the epidemic in China has been stable, and most patients have returned to offline treatment; however, the overall number has
increased.
Source: Running an Internet Hospital in China:
Perspective Based on a Case Study. J Med Internet Res 2021
Source: Asian Hospital & Healthcare Management.
mHealth in China
49
Monitoring Services Market Opportunity
According to CMS, two-thirds
of Medicare beneficiaries have two or more chronic conditions. Such conditions often require continuous medical monitoring. In addition,
an estimated 5.86 million ambulatory ECG diagnostic tests were prescribed by physicians in the United States in 2020, which represents
a $2.21 billion market opportunity. With an estimated 13% CAGR (from 2015 to 2025), this represents a very healthy market for our arrhythmia
monitoring technologies and service platform. Although there is little data outside of the United States, we believe additional markets
exist due to an ageing global population, unhealthy lifestyles and prevalence of Atrial fibrillation. Clinical research has also shown
that traditional ambulatory cardiac monitoring tools, such as Holter and event monitors, do not collect the required amount of data for
making a definitive diagnosis, as these older devices may have too short of a monitoring time, may not continuously collect ECG data,
or patients will not wear the device (low patient compliance). Hospitals and physicians are also outsourcing more of their ambulatory
ECG monitoring needs, in order to minimize costs and workflow burden. According to a report on Mobile Cardiac Telemetry Systems Market
Size, Share and Trends by Grand View Research,
the global mobile cardiac telemetry systems market
size was estimated at $833.8 million in 2021 and is expected to register a compound annual growth rate (CAGR) of 12.1% from 2022 to 2030.
Our innovative technologies
and proprietary software and algorithms have the ability to improve patient compliance, provides continuous monitoring and multiple channels
of ECG, which ensures higher diagnostic yields that can deliver better clinical outcomes.
Integrated Delivery Networks
Third-party research estimates
that the global healthcare big data analytics market was worth $19.6 billion in 2018 and is projected to reach a value of $47.7 billion
by 2024, registering a CAGR of around 16% from 2019 to 2024. This data will be augmented by patient-generated health data (or PGHD), which
is data primarily captured and recorded by the patient themselves, allowing them greater ownership over their own health. Integrating
PGHD into electronic health records will help providers understand the patient experience, increase efficiency and productivity of clinical
trials, improve the prediction of addressable treatment toxicities, and ultimately improve quality of care and clinical outcomes. The
United States could reach a "critical mass" of physicians using PGHD from devices such as wearables by 2020, according to
new research released by the Consumer Technology Association. Additionally, insurers are offering free remote monitors/wearables and cash
incentives to subscribers who meet certain health goals.
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Concierge Medicine
Concierge medicine can be
defined as a B2B2C model. Currently, about 12,000 physicians in the United States offer concierge healthcare services. This niche market
is growing due in part to organizations that recruit physicians to manage concierge practices. Concierge physicians have fewer patients,
offer same-day appointments and longer office visits, and participate in email and phone communication. Studies have found that patients
with concierge medicine physicians are more satisfied and have fewer visits to ERs and specialists, thus resulting fewer hospitalizations,
fewer emergency department visits, and better control of hypertension and diabetes. A study published in The American Journal of Managed
Care, found a 79% reduction in hospital admissions for Medicare patients in concierge medicine affiliated practices, compared with those
in traditional practices.
Direct Primary Care
Direct primary care (or DPC)
can also be defined as a B2C model. DPC practices have a direct financial relationship with patients and provide comprehensive care and
preventive services. This is a mass-market variant of concierge medicine, with the biggest difference being that the DPC model charges
a flat rate fee that often includes most or all physician services. The monthly fee typically includes basic checkups, same-day or next-day
appointments, and the ability to obtain medications and lab tests at or near wholesale prices. The DPC model does not rely on insurance
co-pays, deductibles or co-insurance fees. All DPC providers recommended patients have some form of insurance, or take part in a healthcare
sharing plan that functions like insurance, as a patient is not protected financially if they have a health issue outside the scope of
primary care.
Our Ecosystem
The following is a depiction
of the ecosystem in which our products and services are intended to play a role:
We anticipate that our next
generation mobile technologies will empower both users and businesses to better utilize their business processes by merging them into
a coherent ecosystem. We plan to provide users (individuals or families) products and services, and collect valuable data and monetary
inflows at the same time. We also plan to serve businesses (including hospitals, pharmacies, elderly care institutions, research institutions,
etc.) by establishing a direct linkage using mobile technology to maximize the value of user data, which is more than ever needed by businesses.
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Our Strategy
Our strategic objective is
to participate in the large and growing worldwide mHealth marketplace by developing and commercializing innovative next generation telemedicine
solutions and monitoring service platforms. Using our proprietary and patented suite of devices and software solutions, we are implementing
a go-to-market strategy aimed at establishing and growing multiple recurring revenue streams across consumer and professional healthcare
verticals, with a primary geographical focus on the United States and China. Our business activities in the United Kingdom, Europe, Australia
and elsewhere in Asia have been paused to focus on the United States and China.
Our current strategic commercial
activities are focused on:
●
investing in cardiac monitoring service centers in the United States;
●
commercializing the Prizma device and Patch Extended Holter Patch System monitoring solution in the United States, China and other markets;
●
completing the development of our VSMS; and
●
cultivating various channels of distribution. Such channels include hospitals, insurance companies, chronic care management companies, concierge medicine groups, Telcos, specialized mobile virtual network operators (or MVNOs) distribution houses, original design manufacturer (or ODM) handsets and wireless design centers.
●
Hospitals, Clinics and Physician Practices
. Our cardiac monitoring services are marketed to healthcare institutions, hospitals, clinics and physician practices. We employ highly educated sales professionals in the United States who regularly call on these stakeholders and educate them on the clinical value of multi-lead ECG monitoring solutions. We believe our comprehensive range of technologies appeals to many healthcare providers, as they can order the right device for each patient.
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We will lease the Vital Signs
System to hospitals on a per day fee model. The device can then be prescribed by a physician for monitoring patients in the hospital,
and in pre-admission and post discharge programs. Once a patient is discharged, we anticipate that patients may continue monitoring services
by using the Prizma device.
●
Insurance Companies
. We propose to sell the Prizma device and lease the monitoring center diagnostic services on a monthly fee per patient. Healthcare insurers typically have high-acuity patients who would benefit from participation in chronic care management programs.
●
Chronic Care Management
. We propose to sell the Prizma device and lease customized back end analytics platforms to these companies who manage high-acuity patients of healthcare insurers, homecare agencies, nursing homes, and skilled nursing facilities (SNFs).
●
Concierge medicine
. We will explore purchase and lease programs of the Prizma solution to concierge medicine practices. This model may resemble those provided to healthcare insurers or chronic care management companies.
In addition, cloud monitoring
services from the Prizma device are anticipated to be offered based on a two tier program: monitoring over the cloud by sending the data
and receiving automatic feedback; and monitoring with access to a professional clinical call center that can provide real time feedback
to the customer and ability to triage with a healthcare professional.
Implementation of Our Strategy in the United
States
Our monitoring center strategy
is to be the go-to provider of innovative cardiac monitoring services in the United States. We plan to further expand by targeting all
healthcare providers who can benefit from our comprehensive service offerings, which include our Extended Holter Patch System, MCT, event
and traditional Holter devices. Our customers demand a wider range of offerings as one device type does not fit all needs.
To penetrate this market and drive growth, we
plan to:
●
educate stakeholders in the healthcare environment on the benefits of multi-lead technologies that deliver more comprehensive clinical results and high-patient compliance;
●
provide in-house clinical evidence of diagnostic results generated from our service platform;
●
contract with more commercial payors in order to increase patient access. We currently have contracts with CMS, some Blue Cross Blue Shield entities, a key veterans affairs medical center, and other commercial payors across the country;
●
offer our clinical expertise and patient-centric services 24/7;
●
expand our sales force to drive growth in targeted territories; and
●
utilize our platform to introduce innovative solutions such as the Prizma device, Extended Holter Patch System and VSMS.
In addition to the 2017 acquisition
of CardioStaff, in November 2018 we executed on our acquisition strategy with the purchase of Tennessee-based Telerhythmics, in the amount
of $1.95 million. Founded in 1996, Telerhythmics provides on-site and remote arrhythmia-monitoring services to doctors and physicians.
These services include MCT, event and Holter monitoring. The acquisition brings additional payer contracts, clinical and logistical scalability,
access to additional monitoring technologies and an existing platform for launching our proprietary technologies into the important digital
health space. We are working on a smooth integration and will disclose these plans in the coming months. For the foreseeable future, Telerhythmics,
a wholly-owned subsidiary of G Medical Innovations USA Inc., will run operations in a separate facility, but with synergistic opportunities
that will help us achieve higher profitability.
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In April 2020, we entered
into a distribution agreement with LiveCare Corp. (or LiveCare), a U.S.-based remote patient solutions company. Pursuant to the agreement,
LiveCare will promote the sale of and distribute our Prizma device in the United States. As part of the agreement, we will work with LiveCare
to integrate the Prizma device into LiveCare's Link+ platform, which will be offered directly to consumers. The Link+ platform is
a 4G smart home gateway that integrates an array of medical devices into a patient's home using a simple, touch-free syncing process.
The agreement is for an initial period of three years, unless notice of termination is provided by either party, and will automatically
renew for successive one year terms thereafter, unless either party provides notice of its intent not to renew the agreement at least
30 days prior to the applicable anniversary date. There are no minimum sales commitments under the agreement.
In April 2020, we entered
into a distribution agreement with All County Health Care Inc. (or All County), a Medicare certified home health company specializes in
the provision of quality home-based healthcare services. Under the agreement, All County will distribute our Prizma in the United States
and will offer customers certain additional Prizma related services. The agreement does not provide for a term. In addition, there are
no minimum sales commitments under the agreement.
GRS Marketing Services Agreement
On September 30, 2020, we
entered into a media and marketing service agreement (which we refer to as the GRS Agreement) with GRS, an affiliate of Guthy-Renker,
LLC. Guthy-Renker is one of the largest and most respected direct marketing companies in the world. Since 1988, Guthy-Renker has discovered
and developed dozens of consumer products in the beauty, skincare, and wellness categories.
Pursuant to the GRS Agreement,
GRS will, for a three-year term, exclusively oversee all television production, radio creative and social media for our company in the
United States, including our Prizma mobile medical monitor and other consumer products and services. GRS will manage all television advertising,
social and radio media buying, based on approved monthly budgets.
In consideration of GRS'
marketing advisory and creative services, we shall pay to GRS a low five-digit monthly retainer and a low single digit percentage gross
sales commission on all of our U.S. sales of consumer products and services, but excluding IDTF revenue. We have also agreed to issue
to GRS the GRS Warrant, which is a nine year warrant exercisable for 526,338 Ordinary Shares (after giving effect to adjustments including
the November 2022 Reverse Split). The GRS Warrant vested in two equal tranches, the first immediately (with such warrant having an exercise
price of A$4.5 (approximately $3.15) and the second on the first anniversary of the execution of the GRS Agreement (with such warrant
to have an exercise price the lesser of a fifty percent discount to the price to the public in our initial public offering or fifty percent
discount to the price of our Ordinary Shares on the date of vesting).
Under the GRS Agreement, if
we terminate the GRS Agreement within twelve months from signing a definitive agreement, then we will be restricted from using or buying
any television, radio, digital or social media advertising in the United States for twelve months following the date of termination. Such
restriction will not apply if we choose to accelerate the vesting of the GRS Warrant. In addition, such restriction will not apply if
we and GRS fulfill their respective obligations under the GRS Agreement through the end of the three-year term.
We have suspended our obligations
under the GRS Agreement due to a failure by GRS to fulfill its obligations. We have begun to evaluate our options for legal recourse against
GRS to obtain fulfilment of GRS's obligations or to receive amounts that were previously paid by us to GRS.
UnityPoint Health Pilot
On April 16, 2021, we were notified that the Cardiovascular
Services arm of UnityPoint Health Methodist (or UnityPoint) in Peoria, Illinois was entering into a pilot program with us, for using our
Prizma device on cardiac patients. We were advised that the pilot will initially include 500 patients, who will be monitored remotely
to detect abnormal heart rate and conditions associated with a decrease in the oxygenation of the lungs such as worsening hear failure.
As part of the pilot, our monitoring call centers will provide constant reporting and will use our device to detect any cases of emergent
need for cardiac care. It is intended that in the event that an abnormality will be detected, the patient will be seen by a cardiology
provider at UnityPoint's Peoria clinic, potentially preventing unnecessary visits to the emergency room and hospitalization.
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Heartbuds Collaboration
On November 30, 2021, we entered
into a joint development, licensing and distribution agreement with Heartbuds AK, LLC. Heartbuds is a medical device company that developed
a medical device used with a smart phone to enable doctors and others to listen to and record a patient's heart and lungs (or HB1).
Pursuant to the joint development
agreement, we and Heartbuds will jointly develop a newer, enhanced model or generation of the HB1 to be included with the sale and distribution
of our Prisma (or HB2). According to the agreement, Heartbuds has the right to develop, promote, market, license, sell and distribute
the HB1, the HB2 and any other newer models and generations thereafter (or collectively the HB Devices), independent of the Prisma.
In consideration for the licensing
rights and distribution, we will pay to Heartbuds the following royalties with respect to each subscription, lease, sale or other similar
transaction involving the Prisma that includes any HB Device: (i) a recurring $0.25 per month royalty for each lease or subscription;
and (ii) a one-time royalty of $2.50 for each sale. In return, Heartbuds will pay us the following royalties with respect to each subscription,
lease, sale or other similar transaction of an HB Device that does not include a Prisma unit and is with a party that is unaffiliated
with our marketing or sales: (i) a recuring monthly royalty of 5% of lease or subscription fees for each lease or subscription and (ii)
a one-time royalty of 5% of the sales price for each sale. In addition, on the date of the agreement, we provided Heartbuds with the following
additional consideration: (i) 3,265 of our Ordinary Shares, and (ii) $1,000,000 in options to acquire our Ordinary Shares at an exercise
price of $114.45 per share. From the date that the HB2 will be approved by the U.S. FDA until the last day of the 18-calendar month thereafter,
the options shall vest on a pro rata basis based on the actual number of devices that Heartbuds will sell to be calculated relative to
the agreed target of 20,000 devices.
Both we and Heartbuds may
terminate the agreement if the U.S. FDA has not approved the HB2 on or before the third anniversary date of the agreement.
Implementation of Our Strategy in China
Since May 2018, we have been
in contact with Dongtai City Internet Hospital (or the Dongtai Hospital) on several occasions. The Dongtai Hospital provides patients
with various remote health services including online medical consultation, health monitoring, extension of prescriptions and more. The
Dongtai Hospital has purchased 100 Prizma devices to be used as part of a pilot for their Citizen Health System Program which is aimed
at connecting the clinics located in villages, district hospitals and the City Third Grade Class-A hospital together through the internet.
The Prizma devices purchased
by the Dongtai Hospital will be used by nursing homes, allowing the collection of residents' vital signs data without having them
to visit a medical institution, and storing the data in the database system. The sharing of data will enable efficiency in monitoring
and treatment, and will allow doctors from the lower level hospitals to consult with doctors form the higher-level hospitals at any time.
During the outbreak of COVID-19,
we received positive feedback from the Dongtai Hospital team that indicated that our Prizma device may provide an efficient solution that
fits their need to monitor patients' body temperature and blood oxygen remotely. Commercialization of the project is on hold and
dependent upon NMPA approval being granted.
We have commenced the process
of penetrating the Chinese market. To this end, we:
●
submitted the NMPA files; and
●
are in process NMPA approval process for the Extended Holter Patch System.
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Our Home Testing Kits Business
In
summer 2022, we took a strategic decision to divert to more comprehensive home testing solutions as an expansion of our patient services
and as part of our vision to move towards a home-based health care system. On July 13, 2022, we announced that out wholly owned subsidiary,
G Medical Health and Wellness, Inc., has developed seven different at-home tests. In addition, on October 6, 2022, we introduced a Monkeypox
consumer home health test kit, along with 23 additional new direct to consumer home collection kits with 24 to 48 hours results, all of
which are expected to be available to consumers during the third quarter of 2023 through popular big-box retailers, pharmacies and online.
The tests are developed for testing health issues related to hormones, sexual transmitted disease, nutrition, colon cancer, food sensitivity,
and allergies, with results going directly to the user within days. The prices for our at-home testing kits will range from $49 to
$259.
On June 27, 2022, we entered
into a wholesale sales consulting agreement with Ideaology 360, LLC ("Ideaology 360") to engage Ideaology 360 to serve as
our exclusive wholesale sales representative in the United States to assist us with, among other things, developing and implementing our
overall strategic plan for online and retail sales of our at-home test kits, developing marketing and advertising campaigns to create
awareness and drive sales of our at-home test kits as well as educating a national sales broker team about our at-home test kits. The
term of our agreement with Ideaology 360 is one year and automatically renewable for successive one year terms, unless either of us provides
the other party with 60 days written notice prior to the end of the relevant term. Ideaology 360 will be paid a monthly fee plus sales
commission for its services to us.
Our COVID-19 Testing and Laboratories Services
In December 2021, we launched
our COVID-19 testing business in the State of California, providing four kinds of diagnostic tests –Rapid Antigen, A/B Flu, PCR
and Antibody tests and operated in six locations performing point-of-care tests in communities in communities in Southern and Northern
California. The volume of COVID-19 testing has decreased significantly since April 2022.  Given the decrease in COVID-19 cases, in
the second half of fiscal year 2022 we decided to discontinue our COVID-19 related business activities. We have written off inventory
and fixed assets related to our COVID-19 business for the fiscal year ended December 31, 2022.
Our Monitoring Services
Our monitoring services in
the United States focus on two main verticals:
●
IDTF Monitoring Services (B2B): CPT based services; and
●
Private Monitoring Services (B2B, B2C and B2B2C): services provided by a different entity, independent to the IDTF
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Independent Diagnostic Testing Facility (IDTF)
Monitoring Services
Our provision of IDTF monitoring
services is comprised of arrhythmia monitoring services for patients (including MCT, extended Holter and CEM), and use our Prizma device's
RPM of vital signs on a daily basis and generating reports that allow physicians to track their patients' health condition.
The graphic below represents
the workflow being done by our medical monitoring service centers, from the moment a single patient is enrolled in the service until a
summary medical report is delivered to the prescribing physician.
An IDTF can sell services
as a provider to physicians, hospitals and patients. All services are provided according to physician's prescription done through
the enrollment form on our proprietary website. After receiving an enrollment form, we will verify that the patient has an insurance coverage
for the service requested by the physician and then will provide the patient, directly or through a physician, with the monitoring device.
The patient will wear the monitoring device during the total service monitoring time, and we will monitor and support the patient and
send medical notifications to the patient's physician, according to the type of service provided. Once service is completed, we
will send the physician an end-of-session report with a summary of all relevant information detected during the service period. We will
also send the bill out to the relevant insurance company and collect the money according to the specific CPT code and monitoring services
that were provided.
Under the IDTF umbrella, we
offer four types of services for remote cardiac monitoring:
●
MCT: a 24/7 remote cardiac monitoring and transmission in near-real time of specific arrhythmias recognized by the algorithm. This service can be provided to patients for up to 30 days and is reimbursed for up to twice a year per patient. The reimbursement under CPT code 93229 will range from $400 to $1,000 depending on the insurance company, locality, and coverage. Our MCT product's marketing name is the Spider.
●
Extended Holter (AECG): cardiac recording 24/7 for more than 48 hours and up to 14 days. Analysis is done off-line when the device is returned to the physician's office and data is uploaded. This service can be reimbursed multiple times a year per patient. Reimbursement under CPT codes 93243 and 93247 will range from $36 to $300 depending on the insurance company, locality and coverage. Our AECG product's marketing name is the Gpatch.
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●
Cardiac Event Monitor (CEM): cardiac monitoring and recording only when the patient has an arrhythmia. This service is available for up to 30 days and reimbursed per patient multiple times a year. Reimbursement under CPT code 93271 will range from $150 to $250 depending on the insurance company, locality and coverage.
●
24/48 Hours Holter Monitoring: cardiac recording for up to 24-48 hours only. This service can be provided per patient, multiple times per year. Reimbursement under CPT code 93226 will range from $38 to $55 depending on the insurance company, locality and coverage.
We entered the U.S. arrhythmia
monitoring services industry through our December 2017 acquisition of CardioStaff, an IDTF based in Austin, Texas. The IDTF provides physicians
and hospitals with 24/7 remote cardiac monitoring services which utilize our Holter, extended Holter, MCT and event monitoring devices.
CardioStaff was rebranded as GMedDx and is expected to serve as a platform for introducing our innovative suite of clinical-grade products
into outpatient settings, physician practices, hospitals and senior care facilities in the United States.
In November 2018, we acquired
a second IDTF, Telerhythmics, based in Memphis, Tennessee. Telerhythmics operates mainly across the Southeastern United States, and provides
hospitals and physicians with cardiac monitoring services including MCT, Holter and event monitoring. In addition to its traditional activities,
Telerhythmics will utilize the Prizma device for RPM services.
We have entered into approximately
140 commercial payor agreements across local, regional and national markets as well as an agreement with CMS, which provides health coverage
to more than 100 million people.
In May 2019, we entered into
PPAs with Prime Health Services, Inc and Ancillary Care Services, Inc. The PPAs have further and significantly increased our footprint
in the healthcare delivery system of cardiac monitoring and provide more exposure to our future patient base and third-party payer populations.
We have been approved and
CPT-coded with more than 150 healthcare insurance providers to be reimbursed by our services.
Private Monitoring Services
In addition to IDTF monitoring
services, we will provide private monitoring services, utilizing our Prizma device. Under the private service umbrella, we offer three
main lines of services:
●
Prizma OTC: sales of the Prizma device to consumers with a user portal service which will allow them to save their medical tests and create their own medical information reports and share such reports remotely or when visiting their physicians.
●
Prizma Concierge Medicine Services: a 24/7 call center service that allows subscribers to speak directly with a physician regarding the collected data.
●
Prizma Care Facility/Nursing Home Services: a 24/7 service that assists care facilities and nursing homes to track diagnostic information for patients and residents.
Manufacturing
Our Prizma device and Extended
Holter Patch System are expected to be manufactured by a high quality third party in China, which has all the applicable regulatory approvals.
The third party also has manufacturing sites in the United States. Currently, we use contract manufacturers in Israel to meet our manufacturing
requirements.
Our Home Collection Kits are expected to be manufactured
by a high quality third party in China, which has all the applicable regulatory approvals in order to distribute the products in the US.
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Competition and Competitive Advantages
The monitoring services industry
is very competitive and characterized by rapidly advancing technologies with a strong emphasis on proprietary products and software. We
recognize that our competitive success will depend upon constant investments in innovative, pioneering technological solutions. We believe
that many of our competitors only offer one narrow scope of capabilities and are not perceived as convenient for all monitoring scenarios,
or have not received regulatory approvals for product enhancements. We believe that our competitive advantages include:
●
Strong research and development capabilities: our management team is led by individuals with over 25 years of experience in developing mobile embedded medical sensors and software;
●
Existing regulatory approvals: currently, we have the CE mark for our Prizma device and Extended Holter Patch System, U.S. FDA clearance for our Prizma device, and OTC authorization for our Prizma device and Extended Holter Patch System based on an EUA policy (QT prolongation syndrome in hospitals). We have also been granted Australian regulatory approval by the TGA for our Prizma device and Extended Holter Patch System. We received registration with the Italian Health Ministry's database of medical products and were granted our Permit License by the Taiwan FDA for our Prizma device. We are also preparing our application to the Chinese NMPA for our Prizma device;
●
Go-to-market strategy: our management has proven their ability to execute our go-to-market strategy as described below, with over 25 years of medical device development and commercialization experience in the United States, China, parts of Europe, Australia, South Africa, Japan, the Asia Pacific region and Brazil;
●
A one-stop multi-function and multi-account platform: with extensive experience in developing mobile embedded medical sensors, we offer multi-function devices with quick upgrades, more add-ins and multi-accounts for all family members;
●
An extensive ecosystem with greatest data monetization potential: we provide companies with medical grade solutions, efficient healthcare delivery and potential for collaboration, and enable consumers to access real-time monitoring, accurate medical data and a resource sharing platform.
United States Competitive Review
Our arrhythmia monitoring
service primary competitors in the U.S. include iRhythm Technologies, Inc. (Nasdaq: IRTC), and  Philips Healthcare. These companies
have either developed or acquired patch-based mobile cardiac monitors. iRhythm Technologies, Inc. became a public company in late 2016
with their proprietary ZIO patch, a single lead ECG wearable that is worn for up to 14 days. Several small start-ups are also trying to
compete in the cardiac monitoring space, either with an MCT device or a patch-based service.
Other competitors are companies
that sell standard Holter monitors and analysis systems including GE Healthcare, Philips Healthcare, Mortara Instrument, Inc., and Welch
Allyn Holdings, Inc. (now part of Hill-Rom Holdings, Inc.).
We believe that the principal
competitive strength of our arrhythmia monitoring service derives from the combination of several factors including: a range of monitoring
modalities to meet a variety of patients' needs; multi-lead ECG configurations that provide greater diagnostic yields; quality of
our clinical staff to accurately detect and identify arrhythmias; clear and comprehensive reports for physician interpretation; contracted
rates with third-party payors; government reimbursement for our products and services; experience, knowledge and availability of our account
representative and customer support services; flexible workflow protocols to address account methodologies; and our relationships with
physicians, hospitals, insurers, and other third-party payors.
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Our competitors in the mHealth space include,
among others, AliveCor (ECG only), Qardia (more geared to fitness) and Tytocare (home care device with various attachments for examining
ears, throat, heart, lungs, abdomen, skin, and capturing heart rate and temperature data).
In the mHealth space, we may
compete directly or indirectly with companies such as Teledoc Health, Inc., DarioHealth Corp. and Itamar Medical, Inc., however, we believe
that our Prizma clinical grade solution has several differentiators that elevate its market position and our competitive advantage, including
multiple measurements on one application (ECG, temperature, Sp02, stress analysis, etc.) and an easy to use platform which provides more
value to a greater range of markets (consumer, medical clinics, chronic care).
China Competition Review
The graphic below represents
the primary companies and their respective products that compete, or have the potential to compete, with our products and services in
the Chinese market:
Product
Tests
Regulatory Approval
Comments
Products of Company A
Body temperature, blood pressure and glucose level measurement
New models of blood pressure monitors completed clinical trials
Various product types
Products of Company B
24 hours of continuous accurate temperature measurement and high temperature alarm; Accurate monitoring of blood oxygen, heartbeat, blood circulation; Intelligent management of blood pressure
One product is in registration application for Certificate for Medical Device; another product obtained the Medical Device Registration Certificate
Various product types
Products of Company C
Multiple diabetes indicators such as glucose level, blood lipids, glycated hemoglobin, uric acid, etc.
One product received valid Medical Device Registration Certificate; another product is applying for Medical Device Registration Certificate
Single product line for diabetes monitoring and related chronic disease detection
Products of Company D
Changes in blood oxygen and body temperature monitoring, blood pressure measurement, sleep improvement
In the type examination stage
Various devices with different functions
Products of Company E
Blood pressure measurement, heart rate monitoring
Have obtained the second-class Medical Device Registration Certificate
Limited tests
Product of Company F
Heart rate measurement;
Designed for users to track daily activities
including distance, calories burned, sleep quality, steps, and time
No regulatory approvals
Not for clinical use
In China, we believe that
our competitive advantage lies in our technology, products and services which offer health care providers and patients an all-inclusive
solution for remote health monitoring, as opposed to only one narrow scope of capabilities. Thus, we believe that due to our strong technology
and our experience and know-how in monitoring patients remotely, G Medical China is well positioned to gain a significant market share
in China.
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Intellectual Property
We have made significant investments
in the development of our patent portfolio to protect our technologies and programs, and we intend to continue to do so. Our intellectual
property portfolio consists of seven granted patents as well as five patent applications which are still pending approval by the USPTO.
Patents
The following table sets forth
our patent portfolio as of the date of this annual report:
Patent Name
Jurisdiction
Product
Type of Protection
Expiration Date
Systems and Methods for Vital Signs Monitoring with Ear Piece
United States
VSMS
Utility Patent
February 28, 2036
Jacket for Medical Module
China
Prizma
Utility Model
January 30, 2028
Health Monitoring Device that Includes A Compact Oximeter
China
Prizma
Utility Model
January 30, 2028
Jacket for Medical Module Methods and Systems for Vital Signs
United States
Prizma
Utility Patent
February 14, 2039
Methods and Systems For Vital Signs Monitoring with Ear Piece
United States
VSMS
Utility Patent
February 28, 2036
Method and System for Locating a Defibrillator
United States
VSMS
Utility Patent
August 7, 2039
Method, Device and System for Non-Invasively Monitoring Physiological Parameters
United States
VSMS, Prizma
Utility Patent
February 8, 2036
Health Monitoring Devices that Includes A Compact Oximeter(1)
United States
Prizma
Utility Patent
May 15, 2040
A Robust Medical Device and Method
(2)
United States
Prizma
Utility Patent
October 27, 2040
Coating Electrodes of Medical Devices
(2)
United States
Prizma
Utility Patent
February 8, 2042
Method and System for Obtaining Physical Condition That Lead to a Defibrillator Countershock
(2)
United States
VSMS
Utility Patent
September 25, 2027
Methods and Systems For Vital Signs Monitoring with Ear Piece
(2)
United States
VSMS
Utility Patent
February 28, 2036
(1)
Patent allowed.
(2)
Patent pending.
On
January 30, 2023, we announced that we received a patent issue notification from the USPTO for a patent, which was issued on February
7, 2023, called "Method and System for Vital Signs Monitoring with Earpiece", which covers the vital signs monitoring system
that we are developing using multiple sensing mechanisms to be used on different body locations. This vital sign monitoring system will
potentially provide physicians more versatility in patients' monitoring and would simplify in and out-patients' monitoring.
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Other Intellectual Property
On August 4, 2016, our subsidiary,
G Medical Israel, and Mennen Medical Ltd. (or Mennen) (a company incorporated in Israel), entered into a software licensing agreement
pursuant to which we were granted a worldwide, perpetual, irrevocable (other than in case of breach), royalty-free, non-exclusive license
to use the arrhythmia software and high risk detection application (including all existing preprocessing) and respiration module manufactured
and developed by Mennen (including subject to certain conditions, any updates, upgrades, modification and customizations, if requested
by us, which shall be priced separately) and to incorporate and integrate the arrhythmia software and high risk detection application
with our ECG wireless devices. Pursuant to the terms of the software licensing agreement, Mennen was paid $110,000.
Trademarks
We own one U.S. trademark
and one U.S. trademark application:
●
PRIZMA - US trademark 87815896 allowed April 9, 2019
●
PRIZMA-CARE - US trademark application filed December 22, 2021 serial number 97/184615
Trade Secrets and Know-How
We also rely on trade secrets,
know-how, and continuing innovation to develop and maintain our competitive position. We cannot be certain that patents will be granted
with respect to any of our pending patent applications or with respect to any patent applications filed by us in the future, nor can we
be sure that any of our existing patents or any patents granted to us in the future will be commercially useful in protecting our technology.
Our success depends, in part,
on an intellectual property portfolio that supports future revenue streams and erects barriers to our competitors. We are maintaining
and building our patent portfolio through filing new patent applications, prosecuting existing applications, and licensing and acquiring
new patents and patent applications.
Despite these measures, any
of our intellectual property and proprietary rights could be challenged, invalidated, circumvented, infringed or misappropriated. Intellectual
property and proprietary rights may not be sufficient to permit us to take advantage of current market trends or otherwise to provide
competitive one. For more information, see "
Item 3.D. Risk Factors-Risks Related to our Intellectual Property
."
Government Regulation
The principal markets that
we have targeted for our medical devices are the United States, the EU, Australia, New Zealand and China. The following is an overview
of the regulatory regimes in these jurisdictions.
General Overview of United States Medical Device
Regulation
Under Section 201(h) of the
Federal Food, Drug, and Cosmetic Act (or the FDC Act), a medical device is an article, which, among other things, is intended for use
in the diagnosis of disease or other conditions, or in the cure, mitigation, treatment or prevention of disease, in man or other animals.
Medical devices sold in the
United States are subject to varying levels of regulatory control, the most comprehensive of which requires that a clinical trial may
need to be conducted before a device receives clearance for commercial distribution.
Our current devices are classified
as medical devices and are subject to regulation by numerous agencies and legislative bodies, including the U.S. FDA, and its foreign
counterparts.
U.S. FDA regulations govern
product design and development, pre-clinical and clinical testing, manufacturing, labeling, storage, pre-market clearance or approval,
advertising and promotion, sales, distribution, device recalls and other similar matters.
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Specifically, the U.S. FDA
classifies medical devices into one of three classes:
●
Class I devices are relatively simple and can be manufactured and distributed in the United States with general controls;
●
Class II devices are more complex and require greater scrutiny, with most Class II devices requiring regulatory clearance by the U.S. FDA before being distributed in the United States; or
●
Class III devices are new and frequently help sustain life or are high-risk devices and usually approved through pre-market approval (or PMA).
Summary of the Medical Device Distribution
Process in the United States
Unless an exemption applies,
medical devices commercially distributed in the United States require a 510(k) clearance, or a 510(k)+ "de-novo" clearance,
or PMA from the U.S. FDA. Our current devices fall into the classification of a Class II device.
510(k) Clearance Process.
After a device receives 510(k) clearance, any modification that could significantly affect its safety or effectiveness, or that would
constitute a major change in its intended use or indications for use, requires a new 510(k) clearance or could even require a premarket
application approval. The U.S. FDA requires each manufacturer to assess whether the proposed changes to the medical device are substantial
or not; if the change is not substantial, then the manufacturer can issue an internal Letter to File (also called Memo to File) exempting
the device from a new 510(k) clearance or a supplement submission, however the U.S. FDA has the right to review any such assessment. If
the U.S. FDA disagrees with the determination, then the agency may retroactively require the manufacturer to seek 510(k) clearance. The
U.S. FDA can also require the manufacturer to cease marketing and/or recall the modified device until 510(k) clearance or premarket application
approval is obtained.
De Novo Classification. If
the U.S. FDA denies 510(k) clearance of a device because it is novel and because an adequate predicate device does not exist (resulting
in a determination of non- substantial equivalence), then the "de novo classification" procedure can be invoked based upon
reasonable assurance that the device is safe and effective for its intended use. This procedure approximates the level of scrutiny in
the 510(k) process but may add several months to the clearance process. If the U.S. FDA approves the "de novo" request, then
the device is permitted to enter commercial distribution in the same manner as if 510(k) clearance had been granted.
PMA Process. After the U.S.
FDA approves a Class III medical device via the PMA route, a new premarket application or premarket application supplement is required
in the event of a modification to the device, its labeling or its manufacturing process. The premarket application approval pathway is
much more costly, lengthy and uncertain; it generally takes from one to three years or longer.
Coronavirus Disease 2019 (COVID-19) Emergency
Use Authorizations for Medical Devices
On February 4, 2020, the U.S.
Secretary of the Department of Health and Human Services (HHS) determined, pursuant to section 564 of the FDC, that there was a significant
potential for a public health emergency that has a significant potential to affect national security or the health and security of United
States citizens living abroad and that involves COVID-19. The virus which causes the illness COVID-19was named SARS-CoV-2. Based on the
EUA policy, which remained in force during the public health emergency related to COVID-19, the U.S. FDA granted us OTC authorization
for our Prizma device and Extended Holter Patch. On May 11, 2023, the COVID-19 public health emergency ended.
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Laboratory Registration, Accreditation and
Licensing Requirements
We are subject to federal
and state regulation of laboratory licensure. Congress passed the CLIA, which establishes quality standards for all laboratory testing
designed to ensure the accuracy, reliability and timeliness of patient test results. Under CLIA, a laboratory is any facility that performs
laboratory testing on specimens derived from humans for the purpose of providing information for the diagnosis, prevention or treatment
of disease or the impairment or assessment of health. CLIA requires that we hold a certificate applicable to the type of laboratory examinations
we perform and that we comply with various standards with respect to personnel qualifications, facility administration, proficiency testing,
quality control and assurance and inspections. Laboratories must register and list their tests with Centers for Medicare & Medicaid
Services, or CMS, the agency that oversees CLIA, and CLIA compliance and certification is a prerequisite to be eligible to bill government
payors and many private payors for our tests. We are subject to survey and inspection every two years to assess compliance with CLIA's
program standards, and we are subject to additional unannounced inspections. Laboratories performing high complexity testing are required
to meet more stringent requirements than laboratories performing less complex tests. In addition, a laboratory like that is certified
as "high complexity" under CLIA may obtain analyte specific reagents, which are used as the basis for diagnostic tests that
are developed and validated for use in examinations the laboratory performs itself known as LDTs.
In addition, we may in the
future elect to participate in the accreditation program of CAP. CMS has deemed CAP standards to be equally or more stringent than CLIA
regulations and has approved CAP as a recognized accrediting organization. Inspection by CAP is performed in lieu of inspection by CMS
for CAP-accredited laboratories.
General Overview of European and Non-European
Medical Device Regulation
Regulatory approval and sales
of medical devices outside the United States are subject to foreign regulatory requirements that may vary widely from country to country.
These laws and regulations range from simple product registration requirements in some countries to complex clearance and production controls
in others. As a result, the processes and time periods required to obtain foreign marketing clearance may be longer or shorter than those
necessary to obtain U.S. FDA clearance.
Commercialization of medical
devices in Europe is regulated by the EU. The EU presently requires that all medical products bear the CE mark, an international symbol
of adherence to quality assurance standards and demonstrated clinical effectiveness. Compliance with the Medical Device Directive (or
MDD), or the Active Implantable Medical Device Directive, or the In Vitro Diagnostic Medical Device Directive, as audited by an EEA Notified
Body and certified by a recognized European Competent Authority, permits the manufacturer to affix the CE mark on its products. If the
medical device is classified as a Class I device per the MDD, and is not provided sterile, then the manufacturer can affix the CE mark
to its Class I devices by means of a self-declaration only, without the need for approval by the EEA Notified Body.
On October 1, 2016, we obtained
ISO 13485 certification for our quality management system. In addition, in September 2017 we received CE mark certification for our Prizma
device, and in November 2017 we received CE mark certification for the Extended Holter Patch System. CE certification allows the devices
to be marketed and sold in all the member states of the EEA as well as in certain other countries worldwide. (The CE certification ended
on January 9, 2022. From May 2022 we will have to comply with the Medical Device Regulation and not Medical Device Directive.)
In addition, in November 2017,
we obtained regulatory clearance (TGA) to market the Prizma device in Australia. In April 2020, we received Taiwan FDA approval to market
the Prizma device.
To the extent that in the
future we seek to market our products outside of countries in the EEC, we may be required to comply with the applicable regulatory requirements
in each such country. Such regulatory requirements vary by country and may be tedious. As a result, no assurance can be given that we
will be able to satisfy the regulatory requirements to market or sell our products in any such country.
Registration of Medical Devices in China
Registration of medical devices
in China is handled and approved by the NMPA. In order to apply for NMPA registration for a medical device, a non-Chinese manufacturer
is required to appoint a local Chinese agent who will coordinate the NMPA device registration and assist in determining the classification
of the medical device in China, using NMPA Order No. 15 and the NMPA's classification database. Class II and III device manufacturers
should also identify predicates and determine the clinical data requirements for their device and how to satisfy them. Our products fall
under Class II (non-invasive) devices.
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Registration in China may
be a longer process than registration in other countries, as the NMPA does usually not recognize a clinical trial or device testing performed
outside of China. As a result, a clinical trial and/or device testing is usually required to be performed or repeated in China. In addition,
currently all regulatory documentation needs to be submitted in Chinese.
In February 2018, our subsidiary
Guangzhou Yimei Innovative Medical Science and Technology Co., Ltd. was granted acceptance to the Green Channel expedited Guangdong Provincial
NMPA regulatory approval process for the Prizma medial smartphone case. The special review and approval procedures for innovative medical
devices ensures the safety and effectiveness of products and services for the Chinese market.
Clinical Studies in the United States
Even when a clinical study
has an approved Investigational Device Exemption from the U.S. FDA under significant risk determination, and has been approved by an Institutional
Review Board under non-significant risk determination and/or has been approved by a local or regional Ethics Committee, the study is subject
to factors beyond a manufacturer's control, including, but not limited to the fact that the institutional review board at a given
clinical site might not approve the study, might decline to renew approval (required annually), or might suspend or terminate the study
before the study has been completed. There is no assurance that a clinical study at any given site will progress as anticipated; the interim
results of a study may not be satisfactory leading the sponsor or others to terminate the study, there may be an insufficient number of
patients who qualify for the study or who agree to participate in the study, or the investigator at the site may have priorities other
than the study. Also, there can be no assurance that the clinical study will provide sufficient evidence to assure the U.S. FDA that the
product is safe, effective and performs as intended as a prerequisite for granting market clearance.
Post-Clearance Matters
Even if the U.S. FDA or other
similar non-U.S. regulatory agencies clears or approves a medical device for use, the regulatory agency may limit the intended uses of
the device in such a way that manufacturing and distributing the device may not be commercially feasible. After clearance or approval
to market is given, the U.S. FDA and similar foreign regulatory agencies, upon the occurrence of certain events, are authorized under
various circumstances to withdraw the clearance or approval or require changes to a device, its manufacturing process or its labeling
or additional proof that regulatory requirements have been met.
In the United States, a manufacturer
of a device approved through the premarket approval application process is not permitted to make changes to the device which affects its
safety or effectiveness without first submitting a supplement application to its premarket approval application and obtaining U.S. FDA
clearance for that supplement. In some instances, the U.S. FDA may require a clinical trial to support a supplement application.
A manufacturer of a device
cleared through a 510(k) submission or a 510(k)+ "de-novo" submission must submit another premarket notification if it intends
to make a change or modification in the device that could significantly affect the safety or effectiveness of the device, such as a significant
change or modification in design, material, chemical composition, energy source or manufacturing process.
Any change in the intended
uses of a premarket approval application device or a 510(k) device requires an approval supplement or cleared premarket notification.
Exported devices are subject to the regulatory requirements of each country to which the device is exported, as well as certain U.S. FDA
export requirements.
65
Mobile Medical Applications Guidance in the
United States
On February 9, 2015, the U.S.
FDA issued final guidance for developers of mobile medical applications, or apps, which are software programs that run on mobile communication
devices and perform the same functions as traditional medical devices. The guidance outlines the U.S. FDA's tailored approach to
mobile apps. The U.S. FDA plans to exercise enforcement discretion (meaning it may choose not to enforce all requirements under the FDC
Act) for the majority of mobile apps, as they pose minimal risk to consumers. The U.S. FDA currently plans to focus its regulatory oversight
on a subset of mobile medical apps that present a greater risk to patients if they do not work as intended, such as mobile medical apps
that:
●
are intended to be used as an accessory to a regulated medical device - for example, an application that allows a health care professional to make a specific diagnosis by viewing a medical image from a picture archiving and communication system on a smart mobile device or a mobile tablet; or
●
transform a mobile platform into a regulated medical device - for example, an application that turns a smart mobile device into an ECG machine to detect abnormal heart rhythms or determine if a patient is experiencing a heart attack.
While some features of the
Prizma device are classified by the U.S. FDA as medical functions and require regulatory clearance by the U.S. FDA, other features may
be classified as wellness functions following the guidelines set out in U.S. FDA Guidance document, "Multiple Function Products,"
dated April 27, 2018 (draft guidance at this stage).
Ongoing Regulation by the U.S. FDA
Even after a device receives
clearance or approval and is placed on the market, numerous regulatory requirements apply. These include:
●
establishment registration and device listing;
●
quality system regulation, which requires manufacturers, including third-party manufacturers, to follow stringent design, testing, control, documentation and other quality assurance procedures during all phases of the product life-cycle;
●
labeling regulations and U.S. FDA prohibitions against the promotion of products for uncleared, unapproved or "off-label" uses, and other requirements related to promotional activities;
●
medical device reporting regulations, which require that manufacturers report to the U.S. FDA if their device may have caused or contributed to a death or serious injury or malfunctioned in a way that would likely cause or contribute to a death or serious injury if the malfunction were to recur;
●
corrections and removals reporting regulations, which require that manufacturers report to the U.S. FDA field corrections and product recalls or removals if undertaken to reduce a health risk posed by the device or to remedy a violation of the FDC Act that may present a health risk; and
●
post-market surveillance regulations, which apply when necessary to protect the health of the general public or to provide additional safety and effectiveness data for the device.
Failure to comply with applicable
regulatory requirements can result in enforcement action by the U.S. FDA, which may include any of the following sanctions: fines, injunctions,
civil or criminal penalties, recall or seizure of our current or future products, operating restrictions, partial suspension or total
shutdown of production, refusing our request for 510(k) clearance or PMA approval of new products, rescinding previously granted 510(k)
clearances or withdrawing previously granted PMA approvals.
We may be subject to announced
and unannounced inspections by the U.S. FDA, and these inspections may include the manufacturing facilities of our subcontractors. If,
as a result of these inspections, the U.S. FDA determines that our or our subcontractors' equipment, facilities, laboratories or
processes do not comply with applicable U.S. FDA regulations and conditions of product clearance, the U.S. FDA may seek civil, criminal
or administrative sanctions and/or remedies against us, including the suspension of our manufacturing and selling operations.
66
Ongoing Regulation by International Regulators
International sales of medical
devices are subject to foreign government regulations, which may vary substantially from country to country.
In order to maintain the right
to affix the CE mark to market medical devices in the EEA, the notified body needs to perform an annual surveillance audit of a company's
premises and, if needed, also of the premises of critical subcontractors of the manufacturer.
Additionally, the EU Directives
dictate the following requirements:
●
vigilance system, which requires the manufacturer to immediately notify the relevant competent authority when a company product has been involved in an incident that (i) led to death, a serious injury, or serious deterioration in the state of health of a patient, user or other, third-party; or (ii) may have led to death, serious injury or serious deterioration in the state of health of a patient, user or other, third-party; and
●
post-market surveillance including a documented procedure to review experience gained from medical devices on the market and to implement any necessary corrective action that would be commensurate with the nature and risks involved with the given product.
Failure to comply with applicable
regulatory requirements can result in enforcement action by the regulatory agency, which may include any of the following sanctions: fines,
injunctions, civil or criminal penalties, recall or seizure of our current or future products, shutting down all or certain of our services,
operating restrictions, partial suspension or total shutdown of production, refusing our request for renewing clearance and/or registration
of our products or granting clearance/registration for new products.
State Licensure Requirements
Several U.S. states require
that Durable Medical Equipment (or DME) providers should be licensed in order to sell products to patients in that state. Certain of these
states require that DME providers maintain an in-state location. If these rules are determined to be applicable to us and if we were found
to be noncompliant, we could lose our licensure in that state, which could prohibit us from selling our current or future products to
patients in that state.
Federal Anti-Kickback and Self-Referral Laws
The U.S. Federal Anti-Kickback
Statute prohibits the knowing and willful offer, payment, solicitation or receipt of any form of remuneration in return for, or to induce
the:
●
referral of a person;
●
furnishing or arranging for the furnishing of items or services reimbursable under Medicare, Medicaid or other governmental programs; or
●
purchase, lease, or order of, or the arrangement or recommendation of the purchasing, leasing, or ordering of any item or service reimbursable under Medicare, Medicaid or other governmental programs.
To the extent we are required to comply with these
regulations, it is possible that regulatory agencies could allege that we have not complied, which could subject us to certain sanctions.
Noncompliance with the federal anti-kickback legislation can result in exclusion from Medicare, Medicaid or other governmental programs,
restrictions on our ability to operate in certain jurisdictions, as well as civil and criminal penalties, any of which could have an adverse
effect on our business and results of operations.
67
Federal law also includes a provision commonly
known as the "Stark Law," which prohibits a physician from referring Medicare or Medicaid patients to an entity providing
"designated health services," including a company that furnishes durable medical equipment, in which the physician has an
ownership or investment interest or with which the physician has entered into a compensation arrangement. Violation of the Stark Law could
result in denial of payment, disgorgement of reimbursements received under a noncompliant arrangement, civil penalties, and exclusion
from Medicare, Medicaid or other governmental programs.
Federal False Claims Act (or the FCA)
The FCA provides, in part,
that the federal government may bring a lawsuit against any person whom it believes has knowingly presented, or caused to be presented,
a false or fraudulent request for payment from the federal government, or who has made a false statement or used a false record to get
a claim approved. In addition, amendments in 1986 to the FCA have made it easier for private parties to bring "qui tam" whistleblower
lawsuits against companies. Penalties include civil penalties ranging from $11,463 to $22,927 for each false claim, subject to yearly
inflation adjustment, plus three times the amount of damages that the federal government sustained because of the act of that person.
Civil Monetary Penalties Law
The U.S. Federal Civil Monetary
Penalties Law prohibits the offering or transferring of remuneration to a Medicare or Medicaid beneficiary that the person knows or should
know is likely to influence the beneficiary's selection of a particular supplier of Medicare or Medicaid payable items or services.
Noncompliance can result in civil monetary penalties of up to $10,000, subject to inflation adjustment, for each wrongful act, assessment
of three times the amount claimed for each item or service and exclusion from the Federal healthcare programs.
State Fraud and Abuse Provisions
Many states have also adopted
some form of anti-kickback and anti-referral laws and false claims acts. A determination of liability under such laws could result in
fines and penalties and restrictions on our ability to operate in these jurisdictions.
Administrative Simplification of the Health
Insurance Portability and Accountability Act of 1996
HIPAA mandated the adoption
of standards for the exchange of electronic health information in an effort to encourage overall administrative simplification and enhance
the effectiveness and efficiency of the healthcare industry. Ensuring privacy and security of patient information is one of the key factors
driving the legislation.
Clinical Trials
Clinical trials are generally
required to support a premarket approval application and are sometimes required for 510(k) clearance, CE marking and NMPA approval.
We have undertaken clinical
trials and performance tests in Israel and China in order to validate the accuracy, quality of measurements and usability of our products
and services. The results from the trials and performance tests have already been used to support the regulatory submissions for CE marking
for the Prizma device. In the future, we intend to use clinical trial data with respect to obtaining the CE mark for our VSMS and for
NMPA approval in relation to the Prizma device and Vital Signs System. Results from the clinical trials are not required by us to obtain
U.S. FDA clearance through the 510(k) process.
Israel Clinical Trial
We completed clinical evaluation
and performance tests in Israel, which consisted of measuring temperature, ECG, oxygen saturation, stress level and heart rate using the
Prizma device and Vital Signs System.
A total of 32 patients were
recruited for the trial during their hospitalization period at the Assaf Harofeh University Medical Center in Israel. During the trial,
measurements were taken three times a day from each participant throughout the duration of hospitalization (10 days). These measurements
were taken using our devices, and in parallel were taken with the hospital's approved equipment as a benchmark.
68
The results of the trial demonstrate
that the measurements taken with our Prizma device and Vital Signs System fall within NMPA approval and CE "pass" criteria,
meaning that the results taken from our devices fell within the acceptance criteria set out by the relevant technical standards for both
safety and accuracy in each of the measurement parameters.
China Clinical Trial
We completed a clinical trial
at a NMPA and U.S. FDA certified laboratory in China measuring oxygen saturation (Spo2). The purpose of the trial was to compare the quality
and accuracy of the Prizma device to the laboratory's approved equipment as a benchmark.
A total of 16 patients were
recruited for the trial who fell within the testing criteria, which required healthy subjects capable of undergoing controlled hypoxemia
(low oxygen saturation). During the trial, participants were subjected to controlled decreases of oxygen saturation in their blood, with
24 separate samples taken from each participant to measure the oxygen saturation using the Prizma device. The trial was conducted by taking
a blood test from patients to measure their oxygen saturation, while also taking measurements of oxygen saturation using the Prizma device
and a reference gold standard device approved by the NMPA and U.S. FDA that is currently used in hospitals to measure oxygen saturation.
The results of the trial demonstrate
that the Prizma oxygen saturation measurements fall within the standards "pass" criteria in relation to the measurement taken
from the laboratory's standard oxygen saturation measurement devices, meaning that the mean deviation from the reference device
did not exceed 1.3%. The results from this trial were part of our application for NMPA approval.
Future Clinical Trial
We are starting a clinical trial in Israel to test
the adhesive quality and signal absorption performance of the VSMS Extended Holter Patch. The trial is being conducted by a well-known
dermatologist and a team of investigators and will involve 30 recruits.
C. Organizational Structure
We have 13 wholly-owned subsidiaries:
G Medical Innovations Ltd., G Medical Innovations USA Inc., G Medical Health and Wellness, Inc, G Medical Health and Wellness Lab, Inc.,
G Medical Innovations MK Ltd., G Medical Innovations Asia Limited, G Medical Diagnostic Services, Inc, G Medical Mobile Health Solutions,
Inc, Telerhythmics LLC, G Medical Tests and Services, Inc, G Medical Lab Services, Inc., G Medical Innovations UK Ltd., and Guangzhou
Yimei Innovative Medical Science and Technology Co., Ltd.
In addition, G Medical Tests
and Services Inc. holds 80% of G Medical Lab Services, Inc. G Medical Innovations Asia Limited wholly-owns two subsidiaries: G Medical
Innovations UK Ltd and 70% of Guangzhou Yimei Innovative Medical Science and Technology Co., Ltd.
69
A diagram of our organizational
structure as of the date of this annual report is below:
D. Property, Plant and Equipment
Our corporate headquarters is located at 5 Oppenheimer
St., Rehovot 7670105, Israel, where we currently occupy approximately 3,229 square feet. We lease our facilities and our lease ends on
December 31, 2023. Our current monthly rent payment is NIS 20,074 (approximately $5,900). In the United States, our primary facility is
located at 12708 Riata Vista Cir Ste A-103, Austin, TX 78727, where we currently occupy approximately 3,202 square feet. We lease our
facilities, and the monthly rent payment is $6,537. Our lease ends on April 30, 2026.
We consider that our current office space is sufficient
to meet our anticipated needs for the foreseeable future and is suitable for the conduct of our business.
ITEM 4A. UNRESOLVED STAFF COMMENTS
Not applicable.
70
ITEM 5. OPERATING AND FINANCIAL REVIEW AND
PROSPECTS
A. Operating Results.
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated
financial statements and the related notes included elsewhere in this annual report on Form 20-F. The discussion below contains forward-looking
statements that are based upon our current expectations and are subject to uncertainty and changes in circumstances. Actual results may
differ materially from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties, including those
identified in "Cautionary Note Regarding Forward-Looking Statements" and under "Risk Factors" elsewhere in this
annual report on Form 20-F. Our discussion and analysis for the year ended December 31, 2021 compared to the year ended December 31, 2020
can be found in our annual report on Form 20-F for the fiscal year ended December 31, 2021, filed with the SEC on April 29, 2022.
Overview
We
are a mHealth and digital health company that develops and markets clinical and consumer medical-grade health monitoring solutions and
offers end-to-end support for remote monitoring and telemedicine projects. With extensive experience in the field of medical devices,
digital health and patients monitoring, we are committed to raising the global level of healthcare by empowering caregivers and patients
to better monitor, manage and improve clinical and personal health outcomes. We believe that we are at the forefront of the digital health
revolution in developing the next generation of mobile technologies and services that are designed to empower consumers, patients, and
providers to better monitor, manage and improve clinical and personal health outcomes, especially for those who suffer from CVD, pulmonary
disease and diabetes. Our business and future revenue stream can be broken down into two business areas: monitoring services and home
collection kits for lab testing.
Monitoring Services
We
possess innovative MCT monitors purchased from third parties that utilize sophisticated Deep Neural Network based Artificial Intelligence
(AI) backend ECG processing software—Cardiologs, which we use as a powerful secondary analysis tool once the monitoring session
ends. This dual analysis approach is not offered by most of our competitors. Further, we have two CMS-approved IDTFs, each staffed with
experienced clinical staff and billing teams, nationwide insurance contracts, and a full portfolio of diagnostic monitoring tools, including
the G-Patch devices for extended holter (AECG), the Spider device for mobile cardiac telemetry (MCT), and the Prizma device for remote
patient monitoring (RPM).
As
medicine and technology become integrated, we believe we are well positioned to capture market share and grow in this business area. Our
product line consists of our Prizma medical device, a clinical grade device that can transform a smartphone into a medical monitoring
device, enabling both healthcare providers and individuals to monitor, manage and share a wide range of vital signs and biometric indicators.
In addition, we are developing a Wireless Vital Signs Monitoring System, which is expected to provide full, continuous, and real time
monitoring of a wide range of vital signs and biometrics. The monitoring services include IDTF monitoring services and private monitoring
services.
Home Collection
Kits for Lab Testing
In the second half of 2022,
we took a strategic decision to divert to more comprehensive home testing solutions as an expansion of our patient services and as part
of our vision to move towards a home-based health care system. On July 13, 2022, we announced that our wholly owned subsidiary, G Medical
Health and Wellness, Inc., has developed seven different at-home tests to collect samples of blood, saliva, stool, urine or a vaginal
swab each of which we expect will be available to be purchased privately by the user in a retail store or online. Once purchased, the
user will be able to collect the sample in the privacy and comfort of his or her home and send the sample to our CLIA certified lab for
analysis. Once it arrives at the lab, the sample will be analyzed, and results typically will be available to the customer within days
in our secured and HIPAA compliant portal. In addition, on October 6, 2022, we introduced a Monkeypox consumer home health test kit, along
with 23 additional new direct to consumer home collection kits with 24 to 48 hours results, all of which are expected to be available
to consumers the third quarter of 2023 through popular big-box retailers, pharmacies and online. The collection kits are developed for
testing health issues related to hormones, sexual transmitted disease, nutrition, colon cancer, food sensitivity, and allergies, with
results going directly to the user within days. The entire data, from both vital signs and laboratory tests, is collected, and managed
under one database and give the user the ability to create, manage and control their EMR, with the ability to retrieve and share it with
third parties anywhere and anytime.
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Our management team is led
by individuals with over 25 years of experience in developing mobile embedded medical sensors and software, algorithms and ambulatory
medical devices, and with extensive experience filing for, and obtaining approval from, the FDA for medical devices, including devices
approved when the members of our management team were employed at other companies. Our management has proven their ability to execute
our go-to-market strategy as described below, with over 25 years of medical device development and commercialization experience in the
United States, China, Europe, Australia, South Africa, Japan, the Asia Pacific region and Brazil.
Results of Operations
Revenues and Cost of Revenues
Our total revenue consists
of services and sale of products and our cost of revenues consists of cost of services and cost of products. Currently, vast majority
of our business activity is in the USA. As such, most of our revenues are from services and Current Procedural Terminology (or CPT) reimbursements
from our medical call centers (IDTF). Those includes revenues from our cardiac monitoring services as MCT, CEM, Extended Holters and Holters
services.
The following table discloses
the breakdown of revenues and costs of revenues:
Year Ended
December 31,
U.S. dollars in thousands, except share and per share data
2022
2021
Revenues
Services
4,404
4,911
Products
16
50
Total revenues
4,420
4,961
Cost of revenues
Cost of services
3,523
3,386
Cost of sales of products
113
66
Total cost of revenues
3,636
3,452
Gross profit (loss)
784
1,509
Operating Expenses
Our current operating expenses
consist of two components - research and development expenses, and selling, general and administrative expenses.
Our research and development
expenses consist primarily of salaries and related personnel expenses, subcontractor's expenses and other related research and development
expenses.
Selling, general and administrative
expenses consist primarily of salaries and related expenses, share based compensation, professional service fees for accounting, legal
and bookkeeping, facilities, travel expenses and other general and administrative expenses.
72
Comparison of the Year Ended December 31,
2022 and the Year Ended December 31, 2021
The table below provides our
results of operations for the years ended December 31, 2022 and 2021.
Year Ended
December 31,
U.S. dollars in thousands
2022
2021
Revenues
Services
4,404
4,911
Products
16
50
Total revenues
4,420
4,961
Cost of revenues
Cost of services
3,523
3,386
Cost of sales of products
113
66
Total cost of revenues
3,636
3,452
Gross profit (loss)
784
1,509
Operating expenses:
Research and development expenses
2,292
1,680
Selling, general and administrative expenses
20,605
10,797
Operating loss
22,113
10,968
Financial income (expenses), net
8,171
(3,622
)
Loss before taxes on income
13,942
14,590
Income tax expense (benefit)
16
(3
)
Loss for the year from continuing operation
13,958
14,587
Loss from discontinued operations
11,108
301
Total loss for the year
25,066
14,888
Revenues and Cost of Revenues
Our total revenues for the
year ended December 31, 2022 amounted to $4,420 thousand, which consists primarily of services (approximately 99% of total revenues),
representing a decrease of $541 thousand or 11%, compared to $4,961 thousand for the year ended December 31, 2021.
Our cost of revenues for the
year ended December 31, 2022 amounted to $3,636 thousand, which consists primarily of cost of services (96% of cost of revenues), representing
an increase of $184 thousand, or 5.3%, compared to $3,452 thousand for the year ended December 31, 2021. The increase of cost of revenues
was mainly related to an increase in payroll and related expenses.
Research and Development Expenses
Our research and development
expenses for the year ended December 31, 2022 amounted to $2,292 thousand representing an increase of $612 thousand, or 36%, compared
to $1,680 thousand, for the year ended December 31, 2021. The increase was primarily attributable to increase in subcontractors'
expenses, payroll and related expenses.
Selling, General and Administrative Expenses
Our selling, general and administrative
expenses for the year ended December 31, 2022 amounted to $20,605 thousand, representing an increase of $9,808 thousand, or 91%, compared
to $10,797 thousand for the year ended December 31, 2021. The increase was primarily attributable to an increase in (i) share-based compensation
expenses; (ii) shares issuance costs; and (iii) payroll and related expenses in 2022 compared to 2021.
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Operating loss
As a result of the foregoing,
our operating loss for the year ended December 31, 2022 amounted to $22,113 thousand compared to an operating loss of $10,968 thousand,
for the year ended December 31, 2021, an increase of $11,145 thousand or 102%. The increase reflects the increase in selling, general
and administrative expenses, and the increase in research and development expenses for 2022 compared to 2021.
Financial Expense and Income
Financial expense and income
consist of interest, bank fees, revaluation of the derivative liability and exchange rate differences.
We recognized net financial
income for the year ended December 31, 2022 of $8,171 thousand compared to net financial expenses of $3,622 thousand for the year ended
December 31, 2021. The increase was primarily attributable to increase in financials expenses resulted from  derivative liabilities
– warrants revaluation.
Loss for the year from continuing operations
As a result of the foregoing,
our total loss from continuing operations for the year ended December 31, 2022 was $13,958 thousand, compared to $14,587 thousand for
the year ended December 31, 2021, a decrease of $629 thousand, or 4%.
B. Liquidity and Capital Resources
As of December 31, 2022, we
had $295 thousand in cash and cash equivalents.
We
expect that our sources of liquidity for the remainder of 2023 will be fund raisings and a commitment from our Chief Executive Officer
(who is our major shareholder) to continue and support our ongoing operation for the foreseeable future (if other sources of funding are
not available to us and under certain conditions).
The table below presents our
cash flows for the periods indicated:
Year Ended
December 31,
U.S. dollars in thousands
2022
2021
Operating activities
(18,479
)
(11,494
)
Investing activities
(2,123
)
(17
)
Financing activities
14,863
17,267
Net increase (decrease) in cash and cash equivalents
(5,739
)
5,756
Cash Flows Used in Operating Activities
Net cash used in operating
activities was $18,479 thousand, during the year ended December 31, 2022, compared to net cash used in operating activities of $11,494
thousand during the year ended December 31, 2021, primarily resulted from (i) an increase in trade payables in the amount of $2,323 thousand
during 2022 compared to decrease in trade payables of $1,736 thousand during 2021, (ii) an increase in net loss during 2022 compared to
2021 of $10,178 thousand, (iii) an increase in equity-based compensation expenses of $11,840 thousand compared to 2021, (iv) a decrease
in derivatives in the amount of $10,232 thousand during 2022 compared to decrease in derivatives of $311 thousand during 2021, and (v)
a decrease in fair value of convertible loans in the amount of $1,321 thousand during 2022 compared to increase in fair value of convertible
securities of $3,677 thousand during 2021.
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Cash Flows Used in Investing Activities
Net cash used in investing
activities was $2,123 thousand during the year ended December 31, 2022, compared to net cash used in investing activities of $17 thousand
during the year ended December 31, 2021, primarily resulted from purchase of property, plant and equipment of $2,121 thousand during 2022
compared to $550 thousand during 2021.
Cash Flows Provided by Financing Activities
Net cash provided by
financing activities was $14,863 thousand for the year ended December 31, 2022, compared to net cash provided by financing
activities of $17,267 thousand for the year ended December 31, 2021. The decrease in net cash provided by financing activities was
primarily resulted from (i) issuance of shares and warrants in the amount of $3,442 thousand during 2022 compared to issuance of
shares and warrants in the amount of $13,417 thousand during 2021, (ii) issuance of convertible securities and warrants in the
amount of $14,851 thousand during 2022 compared to $5,750 thousand during 2021 and (iii) repayment of convertible securities and
financial liability of $5,921 thousand during 2022 compared to$536 thousand during 2021.
Current Outlook
To
date, we have not achieved profitability and have sustained net losses in every fiscal year since our inception, and we have financed
our operations primarily through proceeds from issuance of our Ordinary Shares and warrants, loans from our controlling shareholder and
other convertible debenture. We expect to generate revenues from our existing business activities and incur costs of revenues related
to those activities.
We expect to generate revenues
from the sale of our products and other revenues in the future. However, we do not expect these revenues to support all of our operations
in the near future. We expect our expenses to increase in connection with our activities, particularly as we continue the development
of our products, and continue our commercialization efforts. Accordingly, we expect that we will require substantial additional funding
in connection with the growth of our operations, continuing our research and development activity, commercializing our products and to
proceed with pilot projects that partly will have to be financed by us in order to penetrate relevant markets. Until we can generate significant
recurring revenues and achieve profitability, we will need to seek additional sources of funds through the sale of additional equity securities,
debt or other securities. However, there is no assurance that we will be successful accomplishing these plans. Any required additional
capital, whether forecasted or not, may not be available on reasonable terms, or at all. If we are unable to obtain additional financing
or are unsuccessful in commercializing our products and securing sufficient funding, we may be required to reduce activities, curtail
or even cease operations. We expect to continue incurring losses and negative cash flows from operations until our products reach profitability.
Financial Arrangements
In April 2020, we entered
into a loan agreement (or the PPP Loan) with Bank of America, NA pursuant to the Paycheck Protection Program under the Coronavirus Aid,
Relief, and Economic Security Act (the Cares Act). The PPP Loan provided us with $873,487 and required no collateral or personal guarantees.
We applied for Forgiveness for the PPP Loan and on April 3, 2021, we received approval for a full forgiveness from the SBA and the loan
was fully paid from SBA to Bank of America. We have used all of the $873,487, extended to us under the PPP Loan, for business-related
purposes, such as to retain workers and maintain payroll, make lease and utility payments.
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In August 2020, we secured
firm commitments from institutional and professional investors to raise A$5,000,000 through the issue of 31,746 fully paid Ordinary Shares
in our company at an issue price of A$157 per Ordinary Share (or the Placement). We engaged MST Financial as sole lead manager and bookrunner
to the Placement. On August 13, 2020, we issued the 31,746 fully paid Ordinary Shares to the investors pursuant to the Placement.
On September 27, 2020, ASX
resolved to remove our company from the Official List of ASX following the approval by our shareholders of such voluntary delisting on
September 21, 2020 in accordance with ASX Listing Rule 17.11. On October 22, 2020, our Ordinary Shares were delisted from the ASX.
On December 21, 2020, we entered
into a transaction (or the December 2020 CLA Transaction), whereby we entered into a securities purchase agreement, collectively with
the documents ancillary thereto, including convertible debentures and warrants to purchase our Ordinary Shares, with Alpha Capital Anstalt
(or Alpha), pursuant to which we obtained a convertible loan in an aggregate amount of $350,000, against issuance of convertible debentures
(or the December 2020 Financing Debentures), and warrants to purchase 2,277 Ordinary Shares (or the December 2020 Financing Warrants).
The December 2020 Financing Debentures had a six-month term from issuance and bared interest at 10% per annum. The December 2020 Financing
Debentures were convertible into our Ordinary Shares at a conversion price equal to 80% of the public offering price per share in our
initial public offering. The foregoing debentures and interest have been repaid in full.
Alpha was also granted a 12-month
participation right in a future financing equal to 50% of the subsequent financing. Alpha was also provided a right to purchase $150,000
of additional debentures on the same terms for a period of six months from the date of the December 2020 CLA Transaction. On February
17, 2021, Alpha exercised the foregoing right to purchase $150,000, against issuance of additional convertible debentures (or the February
2021 Financing Debentures) and warrants to purchase 976 Ordinary Shares (or the February 2021 Financing Warrants), on the same terms as
the December 2020 CLA Transaction. The foregoing debentures and interest have been repaid in full.
The December 2020 Financing
Warrants and the February 2021 Financing Warrants had an exercise price per share of $1.50 per share. The December 2020 Financing Warrants
and the February 2021 Financing Warrants have a five year term and will be exercisable for cash or on a cashless basis if no registration
statement is available for resale of the Ordinary Shares issuable upon exercise of the December 2020 Financing Warrants and the February
2021 Financing Warrants.
On April 7, 2021, we entered
into a transaction (or the April CLA Transaction), whereby we entered into a securities purchase agreement, collectively with the documents
ancillary thereto, including convertible debentures and warrants to purchase our Ordinary Shares, with Jonathan B. Rubini, pursuant to
which we obtained a convertible loan in an aggregate amount of $600,000, against issuance of convertible debentures (or the April 2021
Financing Debentures) and warrants to purchase 3,903 Ordinary Shares (or the April 2021 Financing Warrants). The April 2021 Financing
Debentures have a six-month term from issuance and bear interest at 10% per annum until October 7, 2021. The April 2021 Financing Debentures
are convertible into our Ordinary Shares at a conversion price equal to $140. As of October 7, 2021 the interest was increased to 12%
per annum until April 2022 and then the interest rate shall increase to 16% per annum until a repayment date of October 7, 2023. In October
2022, we agreed
inter alia
, to amend the 10% convertible debenture, originally dated April 7, 2021, as amended and restated on
June 1, 2022, such that the applicable interest rate is 18% per annum with effect from October 1, 2022 until the extended maturity date
of October 7, 2023 and to amend the conversion price adjustment date to October 7, 2023. On April 18, 2023, we repaid in full the principal
and accrued interest of the April 2021 Convertible Debentures, which amounted to $759,576.
76
The April 2021 Financing Warrants
have an exercise price per share equal to the per share price of our Ordinary Shares in our next equity financing of at least $10,000,000,
including without limitation, an initial public offering, subject to standard adjustments. The April 2021 Financing Warrants have a five-year
term and will be exercisable for cash or on a cashless basis if no registration statement is available for resale of the Ordinary Shares
issuable upon exercise of the April 2021 Financing Warrants. Jonathan B. Rubini was also granted a 12-month participation right in a future
financing equal to 50% of the subsequent financing.
In June 2021, we completed
our underwritten initial public offering of 85,714 units, each consisting of one Ordinary Share and one warrant to purchase one Ordinary
Share, at a combined public offering price of $175 per unit for aggregate gross proceeds of approximately $15.0 million, prior to deducting
underwriting discounts, commissions, and other offering expenses. In addition, and together with the closing of the offering, the underwriter
partially exercised its over-allotment offering with respect to warrants to purchase 12,858 Ordinary Shares. Such warrants were issued
at an offering price of $0.35 and have an exercise price of $218.75.
In December 2021, we entered
into a securities purchase agreement relating to the purchase and sale of a senior convertible note (or the December 2021 Note) for gross
proceeds of $5,000,000 (or the Lind Purchase Agreement) with Lind Global Fund II LP (or Lind Global). The Lind Purchase Agreement and
December 2021 Note provides for, among other things, the issuance of the December 2021 Note with a $5,800,000 face value, with a 24-month
maturity, and a fixed conversion price of $122.5 per share (or December 2021 Note Conversion Price) of the Company's Ordinary Shares.
We are required to make principal payments in 20 equal monthly installments commencing 120 days after funding (or the December 2021 Note
Repayment). At our discretion, the December 2021 Note Repayments can be made in: (i) cash; (ii) Ordinary Shares (after Ordinary Shares
are registered) (or the Repayment Shares); or a combination of both. Repayment Shares will be priced at 90% of the average of the five
lowest daily volume weighted average price (VWAPs) during the 20 trading days prior to the payment date (or the December 2021 Note Repayment
Price). We have the right to buy-back the outstanding face value of the December 2021 Note at any time with no penalty (or the Buy-Back
Right). Should We exercise our Buy-Back Right, Lind will have the option to convert up to 25% of the face value of the December 2021 Note
at the lesser of the Conversion Price or Repayment Price. Additionally, the December 2021 Note ranks senior to other of the Company debt.
Further, pursuant to the Lind
Purchase Agreement, we issued to Lind a warrant to purchase up to 32,766 Ordinary Shares (or the December 2021 Warrant). The December
2021 Warrant may be exercisable with cash payment for 60 months with an exercise price of $122.5 per Ordinary Share and may be exercised
on a cashless basis at any time after the earlier of (a) 120 days following the issuing date or (b) in the event that a registration statement
covering the underlying Ordinary Shares is not deemed effective. In addition, at any time prior to December 1, 2022, subject to the mutual
agreement the parties may carry out a second closing for an additional $5,000,000.
In February 2022, we repaid
$2,541,000 to Lind, representing $2,420,000 of the face value of the December 2021 Note, pursuant to the Lind Purchase Agreement, which
required us to repay 20% of the gross proceeds received by us from the transaction contemplated by the January 2022 SPA described below,
plus a 5% premium.
In January 2022, we entered
into a definitive securities purchase agreement (or the January 2022 SPA) with an institutional investor for the issuance, in a private
placement, of an aggregate of 68,571 Ordinary Shares par value $3.15 per share, or pre-funded warrants in lieu thereof (or each, a January
2022 Pre-Funded Warrant) and warrants (or the January 2022 Ordinary Warrants) to purchase up to an aggregate of 68,572 Ordinary Shares,
at a purchase price of $175.00 per Ordinary Share (or Pre-Funded Warrant) and associated warrant (or the January 2022 Offering). The January
2022 Ordinary Warrants have an exercise price of $175.00 per share, were exercisable immediately upon issuance and have a term of five
years. The Pre-Funded Warrants, and the associated Ordinary Warrant, were sold at a price of $175.00 each, including the Pre-Funded Warrant
exercise price of $0.0035 per Ordinary Share. The Pre-Funded Warrants are exercisable at any time after the date of issuance upon payment
of the exercise price. The Company also entered into an agreement (or the January 2022 Placement Agency Agreement) with A.G.P./Alliance
Global Partners (or A.G.P.), as sole placement agent, dated January 30, 2020, pursuant to which A.G.P. agreed to serve as the placement
agent for the Company in connection with the Offering. The Company agreed to pay the Placement Agent a cash placement fee equal to 7%
of the gross proceeds received in the Offering. In addition, the Company agreed to issue A.G.P. warrants (or the January 2022 Placement
Agent Warrants) to purchase 3,435 Ordinary Shares, or 5% of the Ordinary Shares (or Pre-Funded Warrant equivalents) issued in the Offering.
The Placement Agent Warrants are exercisable six months after their issuance, are exercisable for five years from their initial exercisability
and have an exercise price of $175.00 per share.
77
In February 2022, we entered
into a definitive securities purchase agreement with Lind Global, which exercised its right of participation in the January 2022 SPA (or
the Lind SPA), for the issuance, in a private placement, of an aggregate of 571 Ordinary Shares par value $3.15 per share and Ordinary
Warrants to purchase up to an aggregate of 572 Ordinary Shares, at a purchase price of $175.00 per Ordinary Share and associated warrant.
The terms of the Lind SPA are substantially similar to the terms of the January 2022 SPA, and the terms of the Ordinary Warrants issued
pursuant to the Lind SPA are substantially similar to the terms of the warrants issued pursuant to the January 2022 SPA.
In April 2022, we entered
into a definitive securities purchase agreement (or the April 2022 SPA) with an institutional investor for the issuance, in a private
placement, of an aggregate of 142,857 Ordinary Shares par value $3.15 per share, or pre-funded warrants in lieu thereof (or each, an April
2022 Pre-Funded Warrant) and warrants (or the April 2022 Ordinary Warrants) to purchase up to an aggregate of 178,572 Ordinary Shares,
at a purchase price of $52.50 per Ordinary Share (or the April 2022 Pre-Funded Warrant) and associated warrant (or the April 2022 Offering).
The April 2022 Ordinary Warrants have an exercise price of $52.50 per share, were exercisable immediately upon issuance and have a term
of five years. The April 2022 Pre-Funded Warrants, and the associated April 2022 Ordinary Warrant, were at a price of $52.50 each, including
the April 2022 Pre-Funded Warrant exercise price of $0.0035 per Ordinary Share. The April 2022 Pre-Funded Warrants are exercisable at
any time after the date of issuance upon payment of the exercise price. The Company also entered into an agreement (or the April 2022
Placement Agency Agreement) with A.G.P, as sole placement agent, dated April 18, 2022, pursuant to which the Placement Agent agreed to
serve as the placement agent for the Company in connection with the April 2022 Offering. The Company agreed to pay the Placement Agent
a cash placement fee equal to 7% of the gross proceeds received in the April Offering. In addition, the Company agreed to issue the Placement
Agent warrants (or the April 2022 Placement Agent Warrants) to purchase 7,150 Ordinary Shares, or 5% of the Ordinary Shares (or Pre-Funded
Warrant equivalents) issued in the April 2022 Offering. The April 2022 Placement Agent Warrants were exercisable six months after their
issuance, are exercisable for five years from their initial exercisability and have an exercise price of $52.50 per share.
In addition, we entered into
an amendment (or the Warrant Amendment) with the holder of our Ordinary Warrants to purchase up to an aggregate of 68,572 Ordinary Shares,
with a purchase price of $175 per Ordinary Share pursuant to the January 2022 SPA. The Warrant Amendment modified the purchase price per
Ordinary Share of the Ordinary Warrants to $52.50.
In April 2022, we entered
into a definitive securities purchase agreement with Lind Global, which exercised its right of participation in the April 2022 SPA (or
the April 2022 Lind SPA) for the issuance, in a private placement, of an aggregate of 9,523 Ordinary Shares par value $3.15 per share
and Ordinary Warrants to purchase up to an aggregate of 11,905 Ordinary Shares, at a purchase price of $52.50 per Ordinary Share and associated
warrant, for gross proceeds of approximately $500,000. The terms of the April 2022 Lind SPA are substantially similar to the terms of
the April 2022 SPA, and the terms of the Ordinary Warrants issued pursuant to the April 2022 Lind SPA are substantially similar to the
terms of the warrants issued pursuant to the April 2022 SPA. Also, certain warrants to purchase an aggregate of 572 Ordinary Shares of
the Company that were issued to Lind Global in February 2022 have been amended to have a reduced exercise price of $52.50 per Ordinary
Share.
In addition, on April 20,
2022, we repaid Lind Global $3,380,000 as repayment in full of that certain senior convertible note dated December 15, 2021.
On April 28, 2022, Dr. Yacov
Geva signed an undertaking whereby Dr. Geva committed to finance the Company's operations for a period of 12 months so long as he
is the Company's controlling shareholder, and/or the Company cannot be financed externally from any other sources, or until a sum
of $10 million be received by the Company for its operations during 2022. In consideration therefor, the Company agreed to issued Dr.
Geva 57,142 Ordinary Shares of the Company and an additional warrant to purchase 57,143 Ordinary Shares with an exercise price of $1.24
(the closing price of our Ordinary Shares on April 27, 2022).
78
On July 18, 2022, Armistice
Capital Fund Ltd. entered into a letter agreement with us (the "Letter Agreement"). Under the terms of the Letter Agreement,
in consideration for Armistice Capital Fund Ltd. agreeing to exercise $2.0 million of its existing warrants, which equals warrants to
purchase 68,027 of Ordinary Shares, at a reduced exercise price of $29.4 (the "Existing Warrant Exercise"), we agreed to issue
a new ordinary warrant for 264,150 warrant shares (the "New Warrant"), equal to the aggregate of (a) 85,034 warrant shares
(125% of the 68,027 Ordinary Shares issued as a result of the Existing Warrant Exercise) and (b) the balance of 179,116 warrants held
by Armistice Capital Fund Ltd. in the Company whose exercise price was reduced to $32.55. The 179,116 then outstanding warrants held by
Armistice Capital Fund Ltd. were cancelled. The New Warrant was initially exercisable commencing 6 months following the date of the issuance
thereof and has a term of exercise until April 20, 2028, and an exercise price equal to $32.55. In connection with facilitating the Existing
Warrant Exercise and the issuance of the New Warrant, we and Armistice Capital Fund Ltd. also entered into an Amendment Agreement to that
certain securities purchase agreement dated April 18, 2022 by and among the Company and Armistice Capital Fund Ltd. (the "Amendment
Agreement"). As a result of such amendment, the exercise price of 45,242 ordinary warrants held by Lind Global Fund II LP was reduced
to an exercise price equal to $32.55 and have a term of exercise until April 30, 2028.
On October 20, 2022, we
entered into an agreement with Jonathan B. Rubini (the "Investor") in connection with a private placement investment for 79,365
Ordinary Shares and warrants to purchase 79,366 Ordinary Shares with price of $6.30 per share and associated warrant, for aggregate consideration
of $500,000. The warrants are exercisable at any time beginning 30 days after issuance with a term of five years from issuance. In connection
with this private placement investment, the Investor and the Company agreed,
inter alia
, to amend the applicable interest
rate and conversion price adjustment date of the April 2021 Financing Debentures.
On September 16, 2022, we
entered into a sales agreement (the "Sales Agreement") with A.G.P./Alliance Global Partners (the "Agent") pursuant
to which we could offer and sell, from time to time, our Ordinary Shares, through the Agent in an "at-the-market" offering,
as defined in Rule 415(a)(4) promulgated under the Securities Act, for an aggregate offering price of up to $3.0 million. The Agent was
entitled to compensation at a commission rate of 3.0% of the gross sales price per share sold pursuant to the terms of the Sales Agreement.
As of January 15, 2023, sales of our Ordinary Shares under the Sales Agreement were completed and we have received net proceeds of approximately
$2.9 million and have completed this "at-the-market" offering.
On October 6, 2022, Dr.
Yacov Geva, committed to finance our operations for the next 12 months and until November 30, 2023, provided and as long as he continues
to be a controlling shareholder and/or the Company cannot be financed externally from any other sources and/or until a sum of $10 million
be received by the Company for its operations this year, whichever is earlier. In exchange, for providing this commitment, Dr. Geva was
issued 71,428 Ordinary Shares and 71,429 warrants to purchase Ordinary Shares (cashless) at an exercise price of $7.70 as of the day of
giving this commitment. On January 30, 2023, our Chief Executive Officer, Dr. Yacov Geva, extended his commitment to finance our operations
up to February 28, 2024, which, on March 24, 2023, was further extended to April 30, 2024. On May 15, 2023, Dr. Yacov Geva extended his
commitment to finance our operations up to May 30, 2024 provided and as long as the Company cannot be financed externally from any other
sources and/or until a sum of $10 million be received by the Company for its operations for the year, whichever is earlier.
On December 29, 2022, the
Board of Directors approved a loan agreement, dated December 21, 2022 (the "Loan Agreement"), between the Company and Dr.
Geva. Under the terms of the Loan Agreement, the total amount of the loan provided by Dr. Geva to the Company is $999,552, with an annual
interest rate of 12%. The following installments have been made under the terms of the Loan Agreement and advanced to the Company: $198,582
on October 9, 2022; $85,106 on October 11, 2022; $252,596 on November 10, 2022; $175,000 on December 1, 2022 (which is attributed to waived
compensation to which Dr. Geva was entitled as Chief Executive Officer of the Company); and $288,268 on December 20, 2022. In addition,
(i) Dr. Geva was granted 515,233 Ordinary Shares of the Company and (ii) Dr. Geva was granted 515,233 warrants to purchase Ordinary Shares
of the Company with an exercise price of $1.94 per Ordinary Share.
On April 4, 2023, we closed an underwritten public
offering of 5,470,000 Ordinary Shares and 6,530,000 pre-funded warrants to purchase Ordinary Shares (or each, an April 2023 Pre-Funded
Warrant),
each sold to the public at a price of $0.80 (inclusive of the exercise price of $0.001
of each April 2023 Pre-Funded Warrant) for aggregate gross proceeds of approximately $9,600,000 million, before deducting underwriting
discounts and offering expenses. In addition, we granted the underwriters a 45-day option to purchase up to an additional 1,800,000 Ordinary
Shares and/or April 2023 Pre-Funded Warrants to cover over-allotments at the public offering price, less the underwriting discount.
79
C. Research and development, patents and licenses, etc.
For a description of our research
and development programs and the amounts that we have incurred over the last two years pursuant to those programs, please see "Item
5. Operating and Financial Review and Prospects— A. Operating Results—Operating Expenses— Research and Development Expenses"
and "Item 5. Operating and Financial Review and Prospects— A. Operating Results— Comparison of the year ended December
31, 2022 to the year ended December 31, 2021— Research and Development Expenses."
D. Trend Information
On February 16, 2023, we received
a letter from the listing qualifications department staff of the Nasdaq notifying us that Nasdaq had determined to delist our Ordinary
Shares and tradeable warrants from Nasdaq based on (i) our non-compliance with the minimum $2,500,000 stockholders' equity requirement
for continued listing set forth in Nasdaq Listing Rule 5550(b) and (ii) providing the Staff a submission of information that contained
material misrepresentations, in violation of Nasdaq Listing Rule 5250(a)(1), in relation to our extraordinary general meeting of shareholders,
which was adjourned on February 9, 2023 and ultimately held and concluded on February 16, 2023. We originally believed and communicated
to the Staff that we had met the quorum requirement on February 9, 2023 and believed that an adjournment would not be necessary. However,
the meeting was adjourned due to lack of the required quorum present to open and conduct the meeting, and on February 16, 2023, a quorum
was present and our shareholders voted upon and approved all agenda items at the meeting.
On February 23, 2023, we requested
a hearing before the Panel, which stays any delisting or suspension action pending the hearing and the expiration of any additional extension
period granted by the Panel following the hearing.
On May 11, 2023, the Panel
granted the request for continued listing on Nasdaq subject to the requirement that we, by no later than August 4, 2023 provide the Panel
with unaudited interim financial statements for the second quarter of 2023 and demonstrate to the Panel that we continue to meet the
equity requirement. Upon review of our interim financial statements for the second quarter of 2023, the Panel will decide if we demonstrated
an ability to maintain compliance with the continued listing requirements on a long-term basis. In addition, from May 11, 2023 until
the end of the Exception Period, the Panel reserves the right to reconsider the terms of this exception based on any event, condition
or circumstance that exists or develops that would, in the opinion of the Panel, make the continued listing of our securities on Nasdaq
inadvisable or unwarranted. Until the end of the Exception Period, we are required to provide prompt notification to the Panel of any
significant events that may affect our compliance with Nasdaq requirements. See also "Risk Factors—Risks Related to The Ownership
of our Ordinary Shares—
Failure to meet Nasdaq's continued listing requirements could result in the delisting of our Ordinary
Shares, negatively impact the price of our Ordinary Shares and negatively impact our ability to raise additional capital
".
E. Critical Accounting Estimates
We describe our significant
accounting policies more fully in Note 2 to our consolidated financial statements included elsewhere in this annual report. We believe
that the accounting policy described in Note 2 is critical in order to fully understand and evaluate our financial condition and results
of operations.
We prepare our consolidated
financial statements in accordance with IFRS. At the time of the preparation of the consolidated financial statements, our management
is required to use estimates, evaluations and assumptions which affect the application of the accounting policy and the amounts reported
for assets, obligations, income and expenses. Any estimates and assumptions are continually reviewed. The changes to the accounting estimates
are credited during the period in which the change to the estimate is made.
80
Share-based compensation
The consolidated entity
has a share-based remuneration scheme for employees and other service providers, including options and performance rights. The fair
value of options was estimated by using the Black Scholes and Monte-Carlo simulation approach model. The simulation model was
designed to model the company's equity value over time.
The abovementioned valuation
models were designed to take into account the unique terms and conditions of the different classes of performance rights and/or options,
as well as our capital structure and the volatility of our assets, on the date of grant, based on certain assumptions.
Those conditions are described
in the share-based compensation Note 14 to our consolidated financial statements included elsewhere in this annual report. The fair value
of the equity settled options granted is charged to statement of comprehensive income over the vesting period of each tranche and the
credit is recorded to equity, based on the consolidated entity's estimate of shares that will eventually vest.
Goodwill impairment testing
We review goodwill impairment
once a year or more frequently if an event or change of circumstances indicate that there is an impairment. As of December 31, 2022, we
did not have any goodwill in our consolidated financial statements.
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A. Directors and Senior Management
The following table sets forth
certain information relating to our directors and senior management as of May 15, 2023. Unless otherwise stated, the address for our directors
and senior management is at the Company's registered address c/o 5 Oppenheimer, Rehovot 7670105, Israel.
Name
Age
Position
Dr. Kenneth R. Melani
(1)(2)(3)(6)
70
Chairman of the Board of Directors
Dr. Yacov Geva
(6)
73
President and Chief Executive Officer, Director
Igor Bluvstein
42
Chief Financial Officer
Benny Tal
64
Vice President Research and Development Corporate
Oded Shahar
63
Senior Vice President Mergers and Acquisitions Corporate
Dror Nuriel-Roth
48
Executive Vice President U.S. Operations
Dr. Yehoshua (Shuki) Gleitman
(1)(3)(6)
74
Director
Prof. Zeev Rotstein
(2)(3)(5)
73
Director
Urs Wettstein
(1)(2)(3)(5)
68
Director and Chairman of the Audit and Risk Committee
Chanan Epstein
(3)
70
Director
(1)
Member of the Nomination and Remuneration Committee
(2)
Member of the Audit and Risk Committee
(3)
Independent Director (as defined under Nasdaq Stock Market Rules)
(4)
Member of Class I with a term ending at the 2024 annual general meeting of shareholders to be held in 2025
(5)
Member of Class II with a term ending at the 2022 annual general meeting of shareholders to be held in 2023
(6)
Member of Class III with a term ending at the 2023 annual general meeting of shareholders to be held in 2024
81
Dr. Kenneth R. Melani, Chairman of the Board
of Directors
Dr. Kenneth R. Melani
has served on our board of directors as Chairman since August 2014. Dr. Melani has over 30 years of experience in the U.S. healthcare
industry, providing service as a provider, supplier and insurer. In April 2016, Dr. Melani founded Velocity Fund Partners LP and has since
served as its managing partner. Dr. Melani has been the president and principal owner of KRM Group since 2012. From 2013 to 2014, he was
the chairman of the board of directors of LifeWatch AG (previously, SIX: LIFE) (formerly Card Guard AG and Card Guard Scientific Survival
Ltd.). Prior to that, he spent 23 years at Highmark Inc. (formerly Blue Cross of Western Pennsylvania), where he served in various capacities,
including president and chief executive officer for nine years. He serves on the board of directors of EdLogics (since 2014), and since
2016, he has served as the chairman of the board of directors of DermalBiomics, Periovance, and SkinJect. Dr. Melani holds a B.A. in Chemistry
from Washington and Jefferson College (summa cum laude) and an M.D. from Wake Forest University School of Medicine. Dr. Melani is board
certified in internal medicine.
Dr. Yacov Geva, President and Chief Executive
Officer, Director
Dr. Yacov Geva
has
served as our President and Chief Executive Officer. A well-known pioneer in the industry of medical technologies and RPM services. As
the founder of LifeWatch AG (former Card Guard AG and Card Guard Scientific Survival Ltd.) he successfully led the company to its initial
public offering. From 1989 to 2014, Dr. Geva was a member and the Chairman of the Board of Directors and Corporate Chief Executive Officer
of LifeWatch AG. During 1979 to 1989, Dr. Geva served as a Chief Mechanical Engineer with Vishay Israel - a subsidiary of Vishay Intertechnology,
USA. Dr. Geva holds a B.Sc. in Mechanical and Nuclear Engineering from the Technion-Israeli Institute of Technology, a Ph.D. (with honors)
in Business Administration from the International School of Management, Paris and an honorary doctorate from Oxford Brookes University.
Dr. Geva is also a senior member of the royal society of medicine in the UK.
Igor Bluvstein, Chief Financial Officer
Mr. Igor Bluvstein
has served as our Chief Financial Officer since July 31, 2022. Mr. Bluvstein has over fifteen years of experience working in financial
leadership positions in the e-commerce, biotechnology, petrochemical, and medical cannabis industries. From 2020 through 2022, Mr. Bluvstein
served as the Chief Financial Officer and Director at MDD Group of Companies. From 2016 to 2020, he served as Regional Chief Financial
Officer at Frutarom Industries Ltd. (acquired by International Flavors & Fragrances Inc. (NYSE: IFF)). From 2015 until 2016, he served
as the Chief Financial Officer of an e-commerce retailer. From 2011 until 2015, Mr. Bluvstein served as a Financial Controller at Mirland
Development Corporation PLC. From 2008 through 2011, he served as a senior auditor at Ernst & Young Global Limited. Mr. Bluvstein
holds a Bachelor of Arts in accounting and economics from the Open University in Israel. He is a Certified Public Accountant (CPA).
Benny Tal, Vice President Research and Development
Corporate and Chief Technology Officer Corporate
Mr. Benny Tal
has served
as our Senior Vice President Research and Development since December 2017 and our Chief Technology Officer since 2021. From 2014 to 2017,
Mr. Tal was the research and development manager of Spectronix Ltd. Prior to that, from 2000 to 2014, Mr. Tal served in several electronics
engineering and operations positions in LifeWatch Services, Inc. Mr. Tal has is an experienced research and development manager with a
demonstrated history of working in the research industry. Mr. Tal holds a B.Sc. in electrical engineering and M.B.A from Ben-Gurion University,
Israel.
82
Oded Shahar, Senior Vice President Mergers
and Acquisitions Corporate
Mr. Oded Shahar
has
served as our Senior Vice President Mergers and Acquisitions since July 2017. Mr. Shahar has over 25 years of international business and
banking experience. He held senior executive positions including head of the Israeli branch of Crédit Agricole Corporate and Investment
Bank following hands-on experience in investment banking in Paris and private banking in Switzerland. From 2004 to 2007, Mr. Shahar was
the Senior Country Officer in Israel of one of the top ten global banks. From 2007 to 2017, Mr. Shahar was the Senior Partner in one of
Israel's leading law firms. Mr. Shahar is qualified as a lawyer and as a Notary and is a member of the Israel Bar Association. His
fields of expertise are banking and international investments, mergers & acquisitions and international contracts.
Dror Nuriel-Roth, EVP U.S. Operations
Ms. Dror Nuriel-Roth
has served as the Executive Vice President of U.S. Operations since January 2019. Ms. Nuriel-Roth is focused on managing all operations
aspects, including sales, clinical, logistics, reimbursements, customer service and managed care in our facilities in Memphis, Chicago
and Austin. Ms. Nuriel-Roth brings years of experience in operations management and project management in the healthcare industry. Since
2011, Ms. Nuriel-Roth has served in various capacities at LifeWatch Services Inc., including senior vice president of operations from
November 2016 to November 2017, vice president of business operations from May 2014 to November 2016 and director of reimbursement from
June 2011 to May 2014. Ms. Nuriel-Roth holds a Bachelor of Business Administration in Economy and Financing and Master of Business Administration
in Economy and Marketing from the Interdisciplinary Center in Hertzelia, Israel.
Dr. Yehoshua (Shuki) Gleitman, Director
Dr. Shuki Gleitman
has served on our board of directors since February 2017. Dr. Gleitman has served as the chairman of the Guangzhou Israel Biotech Fund
since 2016, chairman of the board of directors of Capital Point Group since 2006, a board member and chairman of the audit and financial
committees of Elbit Systems (Nasdaq, TASE: ESLT) from 2010 to March 2020, chairman of the YoYa Group since 2014, senior advisor to the
World Bank (national policy for innovation) since 2001 and senior strategy advisor to Serbia Innovation Fund since 2014 and chair of Georgia
tech investment committee. Prior to holding those positions, from 1992 to 1997, Dr. Gleitman was the Chief Scientist and Director General
of Israel's Ministry of Industry and Trade, where he managed all of the Israeli Government technological program and was responsible
for allocating over $1.5 billion in grants in the framework of promoting research and development activities in the Israeli high-tech
industry. Dr. Gleitman also served as the chief executive officer of Ampal Investment Group (Nasdaq: AMPL), in which he led a $330 million
joint venture with Motorola Israel, founding Mirs Communications Ltd., Israel's fourth largest cellular operator. Dr Gleitman is
the Honorary Consul General of Singapore in Israel (since 1999) and a member of the board of government of HUJ. Dr. Gleitman holds a Ph.D.
(with distinction), M.Sc. (with distinction) and B.Sc. in Physical Chemistry, from the Hebrew University of Jerusalem.
Prof. Zeev Rotstein, Director
Prof. Zeev Rotstein
has served on our board of directors since March 2019. Prof. Rotstein had served as the director general of Hadassah Medical Organization
between February 2016 and August 2021, and as an Associate Clinical Professor at the Hebrew University of Jerusalem and, prior to this
appointment, he was the Sackler School director general of Medicine Chaim Sheba Medical Center at Tel Hashomer and was an Associate Clinical
Professor at Tel Aviv University. Prof. Rotstein holds the degree of Doctor of Science, Honoris Causa from the University of Nicosia and
is an Honorary Fellow of the Interdisciplinary Center, Herzliya. Prof. Rotstein has acted as an expert consultant in the construction
of several medical facilities throughout the world including Centro Medico La Paz, Equatorial Guinea (major referral hospital in Equatorial
Guinea), the Lagoon Hospital, Accra, Ghana and currently the Hadassah Skolkovo, Moscow (a branch of Hadassah Medical Cluster Oncological
Centre and Polyclinic of Skolkovo, Moscow Organization). During his extensive career, Prof. Rotstein served as treasurer at the State's
Physician Organization, chairman of the World Fellowship of the Israel Medical Association (I.M.A.), and member of the Editorial Board
of Associations des Médécins Israelites de France. Prof. Rotstein served as a committee member of the I.M.A. Scientific
Committee. Most recently Prof. Rotstein served as Chairman of Israel's Drug Basket Committee for 2020, one of the most important
positions in the Israeli health system. Prof Rotstein is also a board member in NETO-MELINDA, a public company in Tel Aviv Stock Exchange.
Prof. Rotstein holds a Phan M.D. in Cardiology from the Sackler School of Medicine at the Tel- Aviv University, and an M.B.A. (cum laude)
from the Leon Recanati Graduate School of Business Administration at the Tel- Aviv University, and has held fellowships at the New York
Department of Health, Tufts University, and Johns Hopkins Medical Centre School of Hygiene and Public Health.
83
Urs Wettstein, Director
Mr. Urs Wettstein
has
served on our board of directors since February 2017. Mr. Wettstein has been an advisor and investor in numerous pre-IPO investments since.
From 2001 to 2014, he served as non-executive vice chairman of the board of directors of LifeWatch AG (previously, SIX: LIFE). From 1983
to 2007, he managed and operated his own accounting, auditing and tax consultancy firm that he founded in Zurich, Switzerland. Mr. Wettstein
is a Swiss Certified Public Accountant.
Chanan Epstein, Director
Mr. Chanan Epstein
has served on our board of directors since June 2021. Mr. Epstein is a senior technology and telecom executive with substantial experience
in domestic and international markets. Since 2000, he has served as a Senior Vice President at Amdocs (Nasdaq: DOX), a leading software
and service provider to telecom and media companies, and he began his service at Amdocs in 1995. At Amdocs, Mr. Epstein is responsible
for developing and maintaining key customer relationships worldwide. In this role, he is also instrumental in driving forward strategic
deals, leveraging his CEO/CXO relationships across the telecom industry in North America and Asia. Prior to joining Amdocs, from 1974
to 1991, Mr. Epstein served in the Israeli Air Force. Ultimately attaining the rank of Colonel, he oversaw research and development of
Command, Control, Communications and Intelligence operational systems, as well as avionics software. During his military career, Mr. Epstein
spent several years in the U.S. leading key strategic ventures between the U.S. and Israeli Air Forces, specifically heading up the F-16
avionics software project at General Dynamics. Mr. Epstein sits on the board of a number of private and public companies, including MobileSmith
Health (Nasdaq: MOS), RFCode and Copilot. He is also an active technology investor and a mentor to numerous executives. Mr. Epstein received
his BA in mathematics and computer science from Bar Ilan University in Israel, as well as participated (partially completed) in the master
program of computer science at Weizmann institute in Israel.
Arrangements for Election of Directors and
Members of Management
There are no arrangements
or understandings with major shareholders, customers, suppliers or others pursuant to which any of our executive management or our directors
were selected.
B.
Compensation
Under Cayman Islands law, we are not required to
disclose compensation paid to our senior management on an individual basis and we have not otherwise publicly disclosed this information
elsewhere. The following table presents in the aggregate all compensation we paid, or will need to pay, to all of our directors and senior
management as a group for the year ended December 31, 2022. The table does not include any amounts we paid to reimburse any of such persons
for costs incurred in providing us with services during this period.
All amounts reported in the tables below reflect
the cost to us, in thousands of U.S. dollars, for the period ended December 31, 2022.
Salary,
bonuses and
Related
Benefits
Pension,
Retirement and
Other Similar
Benefits
Share
Based
Compensation
(1)
All directors and senior management as a group, consisting of 12 persons
$
2,058
$
110
$
5,647
(1)
Represents the value of the entire grant calculated as of the grant date
84
Employment Agreements with Executive Officers
We, and through certain of
our subsidiaries, have entered into written employment or consulting agreements with each of our executive officers. All of these agreements
contain customary provisions regarding noncompetition, confidentiality of information and assignment of inventions. However, the enforceability
of the noncompetition provisions may be limited under applicable law. In addition, in accordance with our Amended and Restated Memorandum
and Articles of Association, we have entered into agreements with each executive officer and director pursuant to which we have agreed
to indemnify each of them up to a certain amount, and to the extent that these liabilities are not covered by directors and officers insurance.
See "
Item 7.B. Related Party Transactions"
for additional information.
For a description of the terms
of our options and option plan, see "
Item 6.E. Share Ownership—Equity Incentive Plan.
"
Directors' Service Contracts
The terms of the appointment
of our executive and non-executive directors are agreed upon and set out in writing at the time of their respective appointment in Director
Appointment Letters. Dr. Yacov Geva, an executive director, is not a party to a Director Appointment Letter and receives no compensation
for his service as a director. The Director Appointment Letters set out the key terms and conditions of the director's appointment,
including their duties, rights and responsibilities, time commitment and the board of directors' expectations regarding involvement
with committees of the board of directors. The Director Appointment Letters do not provide for benefits upon the conclusion of their respective
service. After the election of our directors at our 2017 annual general meeting of shareholders, held in February 2017, the Director Appointment
Letters provided that the Chairman of the board of directors and each of our other directors shall receive annual base compensation of
A$100,000 (approximately $72,000) and A$40,000 (approximately $29,000), respectively. In May 2018, our board of directors approved the
deferral of the compensation owed under the Director Appointment Letters. See "
Item 7.B. Related Party Transactions"
for additional information.
Non-Executive Director Remuneration
Our Amended and Restated Memorandum
and Articles of Association specify that the maximum aggregate remuneration of Non-Executive Directors shall be A$350,000 (approximately
$252,000). With the exception of Dr. Yacov Geva, all of our directors are Non-Executive Directors whose compensation is within the limits
of our Amended and Restated Memorandum and Articles of Association. In January 2022, our Board of Directors resolved that the monthly
base salary of Dr. Geva as our Chief Executive Officer will be $100,000, which was effective from February 2022.
Foreign Private Issuer Status and Voluntary
Compliance with Certain Nasdaq Requirements
The Sarbanes-Oxley Act, as
well as related rules subsequently implemented by the SEC, require "foreign private issuers," such as us, to comply with various
corporate governance practices. In addition, following the listing of the Ordinary Shares on the Nasdaq Capital Market, we will be required
to comply with the Nasdaq Stock Market Rules. Under those rules, we may elect to follow certain corporate governance practices permitted
under the Cayman Islands Companies Act in lieu of compliance with corresponding corporate governance requirements otherwise imposed by
the Nasdaq Stock Market Rules for U.S. domestic registrants.
85
In accordance with Cayman
law and practice and subject to the exemption set forth in Rule 5615 of the Nasdaq Stock Market Rules, we have elected to follow
the provisions of the Cayman Islands Companies Act rather than the Nasdaq Stock Market Rules, with respect to the following requirements:
●
Quorum
. While the Nasdaq Stock Market Rules require that the quorum for purposes of any meeting of the holders of a listed company's common voting stock, as specified in the company's bylaws, be no less than 33 1/3% of the company's issued and outstanding common voting stock, under Cayman Islands Companies Act there is no minimum attendance threshold for general meetings of shareholders to be quorate. Our Amended and Restated Memorandum and Articles of Association provide that twenty five percent (25%) of our issued and outstanding shares present, in person or by proxy or a duly appointed representative, who are entitled to vote on the business to be transacted, shall constitute a quorum for a general meeting. However, the quorum set forth in our Amended and Restated Memorandum and Articles of Association with respect to an adjourned meeting consists of at least one shareholder present in person or by proxy.
●
Shareholder approval
. While the Nasdaq Stock Market Rules require that issuers obtain shareholder approval prior to the issuance of securities in connection with certain acquisitions, private placements of securities, or the establishment or amendment of certain stock option, purchase or other compensation plans, under the Cayman Islands Companies Act, there is no requirement for shareholder approval of share issuances (or the terms on which shares may be issued) and no statutory pre-emption rights apply. Under our Amended and Restated Memorandum and Articles of Association, our board of directors is authorized to issue shares (or to grant warrants, options or other rights to acquire shares) subject to the restriction that the number of shares in issue may not exceed our authorized share capital set forth in our Amended and Restated Memorandum and Articles of Association and generally subject to the Cayman Islands Companies Act and our Amended and Restated Memorandum and Articles of Association.
However, we have voluntarily
elected to adhere to the Nasdaq Stock Market Rules and not the Cayman Islands Companies Act notwithstanding our status as a foreign private
issuer, with respect to the requirements of:
●
maintaining a board of directors with a majority of "independent" directors and having those directors meet regularly without other members present;
●
maintaining a compensation committee of our board of directors (which is our Nomination and Remuneration Committee) comprised solely of independent directors and governed by a committee charter; and
●
having director nominees be selected or recommended for selection by either a majority of our independent directors or a nominations committee comprised solely of independent directors, which will be undertaken by our Nomination and Remuneration Committee.
C.
Board
Practices
Committees of the Board of Directors
Our board of directors has
established two standing committees, the audit and risk committee and the nomination and remuneration committee.
86
Audit and Risk Committee
Our board of directors has
appointed an audit and risk committee, which assists our board of directors in monitoring and reviewing any matters of significance affecting
financial reporting and compliance. Our audit and risk committee, acting pursuant to a written charter, is comprised of Mr. Urs Wettstein,
Mr. Zeev Rotstein and Mr. Kenneth Melani. The chairman of this committee is Mr. Urs Wettstein. Our board of directors is primarily responsible
for the oversight of our risk management and internal compliance and control framework.
Our board of directors has
adopted an audit and risk committee charter, which sets forth, among others, the responsibilities of the audit and risk committee. Our
board of directors intends to adopt an audit (and risk) committee charter to be effective upon the listing of the Ordinary Shares on Nasdaq
setting forth, among others, the responsibilities of the audit (and risk) committee consistent with the rules of the SEC and Nasdaq Listings
Rules, including, among others, the following:
●
oversight of our independent registered public accounting firm and recommending the engagement, compensation or termination of engagement of our independent registered public accounting firm to the board of directors;
●
recommending the terms of audit and non-audit services provided by the independent registered public accounting firm for pre-approval by our board of directors; and
●
reviewing and monitoring, if applicable, legal matters with significant impact, finding of regulatory authorities' findings, receive reports regarding irregularities and legal compliance, acting according to "whistleblower policy" and recommend to our board of directors if so required.
Nasdaq Stock Market Requirements for Audit
Committee
Under the Nasdaq Stock Market
Rules, we are required to maintain an audit committee consisting of at least three members, all of whom are independent and are financially
literate and one of whom has accounting or related financial management expertise.
Our audit and risk committee
will be comprised of Mr. Urs Wettstein, Mr. Zeev Rotstein and Mr. Kenneth Melani. All of the members of our audit and risk committee are
"independent," as such term is defined under Nasdaq Stock Market Rules. All members of our audit and risk committee meet the
requirements for financial literacy under the Nasdaq Stock Market Rules.
Nomination and Remuneration Committee
Cayman Islands law does not
impose specific requirements on the establishment of a nomination and remuneration committee or nominating process.
However, our board of directors
has appointed a nomination and remuneration committee, which assists our board of directors in monitoring and reviewing any matters of
significance affecting the remuneration of our board of directors and our employees and any matters of significance affecting the composition
of our board of directors and our management. Our nomination and remuneration committee, acting pursuant to written charters, and as a
single committee, is comprised of Mr. Urs Wettstein, Mr. Shuki Gleitman and Mr. Kenneth Melani. The chairman of this committee is Mr.
Kenneth Melani.
Our nomination and remuneration
committee follows compensation committee membership and charter requirements and the director nomination requirements prescribed under
the Nasdaq Stock Market Rules.
The charters adopted by our
board of directors set forth the responsibilities of the nomination and remuneration committee in its capacity in nomination and remuneration
oversight duties, respectively.
87
The responsibilities of the
nomination and remuneration committee include, with respect to nomination oversight, among others, the following:
●
maintaining our board of directors' appropriate mix of skills and experience to be an effective decision-making body; and
●
ensuring that our board of directors is comprised of directors who contribute to our successful management and discharge their duties having regards for the law and the highest standards of corporate governance.
The responsibilities of the
nomination and remuneration committee include, with respect to compensation oversight, among others, the following:
●
review the on-going appropriateness and relevant
    of the executive remuneration policy and other executive benefit programs;
●
ensure that remuneration policies fairly and responsibly reward executives having regards to our performance, our performance as a company, the performance of the executive and prevailing remuneration expectations in the market.
●
oversee and advise on remuneration of executive directors;
●
review and approve the design of any executive incentive plans;
●
review the impact of any proposed changes in accounting policies on the financial statements; and
●
review our quarterly, half yearly and annual results.
Fiduciary Duties of Directors and Officers
As a matter of Cayman Islands
law, the duties of a director primarily derive from common law, the Cayman Islands Companies Act, and our Amended and Restated Memorandum
and Articles of Association. Under common law principles that will be applied by the Cayman Islands courts, directors have fiduciary duties
to a company including: (i) the duty to act honestly and in good faith in what he or she considers are the best interests of the company
(generally meaning the interests of the shareholders as a whole); (ii) the duty of loyalty and to avoid actual or potential conflicts
of interest arising between his or her duties to the company and his or her personal interest; (iii) a duty to exercise his or her powers
as a director under the Cayman Islands Companies Act and the articles of association of the company only for the purposes for which they
are conferred and not for a collateral or improper purpose; (iv) a duty not to fetter his or her discretion as a director; and (v) a duty
of care, diligence and skill.
Appointment and Removal of Directors
Appointment and removal by shareholders
In accordance with our Amended
and Restated Memorandum and Articles of Association, the Company may by ordinary resolution at an annual general meeting (and not at any
other general meeting) appoint a person who is willing to act to be a director either to fill a vacancy or as an addition to the existing
directors, provided that:
●
any such appointment would not cause the total number of directors to exceed any maximum number applying to us; and
●
no person other than a director seeking re-election shall be eligible for appointment by ordinary resolution unless the person or some shareholder intending to propose his or her nomination has, at least 30 business days before the meeting at which his or her proposed appointment is to be considered, left at our registered office a notice in writing duly signed by the nominee giving his or her consent to the nomination and signifying his or her candidature for the office or the intention of the shareholder to propose the person. Notice of every candidature for election as a director will be given to each shareholder with or as part of the notice of the annual general meeting at which the election is to be proposed.
Shareholders shall not be
entitled to requisition a general meeting to propose the appointment or election of a director.
88
In accordance with our Amended
and Restated Memorandum and Articles of Association, the Company may by special resolution remove any Director before the expiration of
his period of office, but without prejudice to any claim for damages which he may have for breach of any contract of service between him
and the Company.
Appointment by Directors
Under our Amended and Restated
Memorandum and Articles of Association, our board of directors has the power to appoint at any time any person who is willing to act as
a director, either to fill a vacancy or as an additional director (subject to any requirements as to minimum or maximum number of directors
then applying to us). Any director so appointed is required to retire at the next annual general meeting after such appointment and shall
be eligible to stand for re-election as a director at such meeting.
Rotational Retirement of Directors
Our Amended and Restated Memorandum
and Articles of Association provide for a split of the board of directors into three classes with staggered three-year terms. At each
annual general meeting of our shareholders, the election or re-election of directors following the expiration of the term of office of
the directors of that class of directors will be for a term of office that expires on the third annual general meeting following such
election or re-election, such that each year the term of office of only one class of directors will expire. A director who retires by
rotation at an annual general meeting may, if willing, be reappointed by ordinary resolution.
Size of the Board and Board Vacancies
Our Amended and Restated Memorandum
and Articles of Association provide that, unless determined otherwise by special resolution, there shall be a minimum of two directors
and a maximum of seven directors.
Conflicts of Interest
Cayman Islands law restricts
transactions between a company and its directors unless there are provisions in the articles of association which provide a mechanism
to alleviate possible conflicts of interest. Under our Amended and Restated Memorandum and Articles of Association, a director must disclose
the nature and extent of his or her interest in any matter, transaction or arrangement, and following such disclosure the interested director
may vote in respect of any matter, transaction or arrangement in which he or she is interested. The interested director shall be counted
in the quorum at such meeting and the resolution may be passed by a majority of the directors present at the meeting.
Indemnification of Directors and Executive
Officers and Limitation of Liability
The Cayman Islands Companies
Act does not limit the extent to which a company's articles of association may provide for indemnification of directors and officers,
except to the extent that it may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
against civil fraud or the consequences of committing a crime. Under our Amended and Restated Memorandum and Articles of Association provide
that, to the maximum extent permitted by law, every current and former director and officer (excluding an auditor) is entitled to be indemnified
out of our assets against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, which
such indemnified person may incur in that capacity unless such liability arose as a result of the actual fraud or willful default.
A Cayman Islands company may
also purchase insurance for directors and certain other officers against liability incurred as a result of any negligence, default, breach
of duty or breach of trust in relation to the company. We expect to maintain director's and officer's liability insurance
covering our (and G Medical China's) directors and officers with respect to general civil liability, including liabilities under
the Securities Act, which he or she may incur in his or her capacity as such. We have entered into indemnification agreements with all
of our directors and officers and our corporate secretary. Each such indemnification agreement provides the office holder with indemnification
permitted under applicable law and up to a certain amount, and to the extent that these liabilities are not covered by directors and officers
insurance.
89
Approval of Related Party Transactions under
Cayman Islands Law
Although Cayman Islands law
does not regulate transactions between a company and its significant shareholders, it does provide that the board of directors is required
to comply with fiduciary duties which they owe to the company under Cayman Islands law, including the duty to ensure that, in their opinion,
only such transactions entered into are in good faith in the best interests of the company are entered into for a proper corporate purpose
and not with the effect of perpetrating a fraud on the minority shareholders. In addition, in the event that any payment obligation, transfer
of property or grant of charge thereon is made to a related party that is also a creditor at a time when the company is insolvent, the
Cayman Islands Companies Act provides that such transfer is deemed to be a preference and therefore is invalid if it occurred within six
months immediately preceding the commencement of a liquidation.
D. Employees.
As of December 31, 2022, we
had 10 members of senior management (including our Chief Executive Officer), all of which are engaged on a full-time basis, and one (Oded
Shahar, our Senior Vice President Mergers and Acquisitions) is engaged as an independent contractor. In addition, we have 61 employees
located in the United States, 9 employees located in Israel and an aggregate of 4 full time employees located in China and Macedonia.
As of December 31, 2021,
we had 10 members of senior management (including our Chief Executive Officer), all of which are engaged on a full-time basis, and one
(Oded Shahar, our Senior Vice President Mergers and Acquisitions) is engaged as an independent contractor. In addition, we have 72 employees
located in the United States, 7 employees located in Israel and an aggregate of 3 full time employees located in China and Macedonia.
As of December 31, 2020,
we had 10 members of senior management (including our Chief Executive Officer), all of which are engaged on a full-time basis, and one
(Oded Shahar, our Senior Vice President Mergers and Acquisitions) is engaged as an independent contractor. In addition, we have 51 employees
located in the United States, 8 employees located in Israel and an aggregate of 7 full time employees located in China and Macedonia.
None of our employees is represented
by labor unions or covered by collective bargaining agreements. However, in Israel, we are subject to certain Israeli labor laws, regulations
and national labor court precedent rulings, as well as certain provisions of collective bargaining agreements applicable to us by virtue
of extension orders issued in accordance with relevant labor laws by the Israeli Ministry of Economy and which apply such agreement provisions
to our employees even though they are not part of a union that has signed a collective bargaining agreement.
All of our employment and
consulting agreements include employees' and consultants' undertakings with respect to non-competition and assignment to us
of intellectual property rights developed in the course of employment and confidentiality. The enforceability of such provisions is limited
by Israeli law.
E. Share Ownership.
See "Item 7.A. Major
Shareholders" below.
Equity Incentive Plan
We maintain one equity incentive
plan - the Global Equity Incentive Plan. As of the date of this annual report, the number of Ordinary Shares reserved for the exercise
of options granted under the Global Plan was 31,663.
90
Our Global Plan was adopted
by our board of directors in December 2016, and became effective immediately thereafter, and will expire in December 2026. Our and our
subsidiaries' employees, directors, officers, and service providers, including those who are our controlling shareholder are eligible
to participate in this plan and receive awards of options, share appreciation rights (or SARs), restricted shares, restricted share units
(or RSUs), and any other share-based grant, referred to as, individually or collectively, the Awards.
Our Global Plan is administered
by our board of directors and the terms of grants, including exercise price, method of payment, vesting schedule, acceleration of vesting
and the other matters necessary in the administration of the Global Plan. As a default, our Global Plan provides that upon termination
of employment for any reason, other than in the event of death, retirement, disability or cause, all unvested options and SARs will expire
and all vested options and SARS will generally be exercisable for 90 days following such termination, subject to the terms of the Global
Equity Plan and the governing option agreement. Notwithstanding the foregoing, in the event that employment is terminated for misconduct
or if an option or SAR holder engaged in misconduct after the date of the termination of their employment with us, all options and SARs
granted to such person, whether vested or unvested, shall immediately expire.
Upon termination of employment
due to death or disability, all the vested options and SARs at the time of termination of employment, will generally be exercisable for
either six or 12 months, respectively, or such shorter or longer period as determined by the plan administrator, our board of directors,
subject to the terms of the Global Equity Plan. Unless otherwise set forth in an Award agreement, or in an applicable sub-plan, upon termination
of employment due to retirement, all the vested options and SARs at the time of termination of employment, will be exercisable.
Our Global Equity Plan provides
that upon termination of employment for any reason, other than in the event of death, all RSUs vested in accordance with an RSU agreement,
shall entitle the holder of such vested RSUs to payment (whether in Ordinary Shares, cash, or otherwise, as determined by our board of
directors). Upon termination of employment due to death, we shall, upon request and payment of the aggregate purchase price therefor,
issue or transfer the Ordinary Shares related to the RSUs, which have vested at the time of the termination of employment due to death,
within six months following the termination of employment due to death.
We also have two sub-plans
to the Global Plan, one for Israeli residents (or the Israeli Sub-Plan) and the other for U.S. citizens or residents (or the U.S. Sub-Plan).
Under the Israeli Sub-Plan,
Awards issued under the Global Equity Plan to eligible Israeli employees, officers, directors, and service providers would qualify for
provisions of Section 102(b)(2) or (3) of the Israeli Income Tax Ordinance of 1961 (New Version) (or the Tax Ordinance). Pursuant to such
Section 102(b)(2) or (3), as the case may be, qualifying Awards issued under the Global Equity Plan and shares issued upon exercise of
such Awards are, in accordance with the Israeli Plan, held in trust and registered in the name of a trustee selected by the board of directors.
The trustee may not release these options or shares to the holders thereof for two years from the date of the registration of the options
in the name of the trustee. Under Section 102, any tax payable by an employee from the grant or exercise of the options is deferred until
the transfer of the options or Ordinary Shares by the trustee to the employee or upon the sale of the options or Ordinary Shares, and
gains may qualify to be taxed as capital gains at a rate equal to 25%, subject to compliance with specified conditions. Our Israeli non-employee
service providers and controlling shareholders may only be granted options under Section 3(9) of the Tax Ordinance, which does not provide
for similar tax benefits. The Global Equity Plan also permits granting options to Israeli grantees who do not qualify under Section 102(b)(2)
or (3).
Under the U.S. Sub-Plan, Awards
issued under the Global Equity Plan to eligible U.S. employees, officers, directors, and service providers shall be treated as either
nonqualified share options or incentive share options (which may be issued only to our employees and only after the U.S. Sub-Plan is approved
in accordance with Section 422(b)(1) of the Internal Revenue Code of 1986 (or the Code)). In December 2016 and April 2019, our board of
directors and shareholders, respectively, adopted the U.S. Sub-Plan for U.S. persons.
91
Performance Rights
In the last three years we
have granted 154,153 performance rights classified into ten classes to certain of our officers, directors, employees and service providers
as incentive securities. In July 2020 and in January 2022, 158 Class D performance rights and 28,575 Class E performance were vested and
converted into Ordinary Shares, respectively. In January 2023, 8,289 from these performance rights were forfeited
The performance rights convert
into Ordinary Shares on a 1:1 basis, upon the occurrence of the following vesting milestones for each class of performance rights:
●
Class A performance rights vests upon achieving a market capitalization of greater than $100,000,000, which will be calculated based on the Company's 20-day VWAP of Ordinary Shares on the ASX (adjusted by the AUD/USD exchange rate quoted on the Reserve Bank of Australia prior to the last trading day pursuant to which the Company's VWAP of Shares is being calculated) or the Company's closing market price on a trading day on Nasdaq (or the Conversion Price) multiplied by the total issued Ordinary Shares;
●
Class B performance right vests upon achieving a market capitalization of greater than $150,000,000 which will be calculated based on the Conversion Price multiplied by the total issued Ordinary Shares;
●
Class C performance right vests upon achieving a market capitalization of greater than $200,000,000, which will be calculated based on the Conversion Price multiplied by the total issued Ordinary Shares; and
●
Class D performance rights vests upon achieving a market capitalization of greater than $250,000,000, which will be calculated based on the Conversion Price multiplied by the total issued Ordinary Shares.
In January 2022, our board
approved the grant of an aggregate of 132,868 performance rights to certain of our officers, employees, directors and service provider
as incentive securities. The performance rights convert into Ordinary Shares on a 1:1 basis, upon the occurrence of the following vesting
milestones for each class of performance rights:
●
28,575 Class E performance rights vests upon achieving a market capitalization of greater than $75,000,000. On January 19, 2022, this performance milestone was achieved and 28,575 Class E performance rights were converted to Ordinary Shares;
●
9,524 Class F performance right vests upon achieving a market capitalization of greater than $100,000,000;
●
9,524 Class G performance right vests upon achieving a market capitalization of greater than $125,000,000;
●
9,527 Class H performance right vests upon achieving a market capitalization of greater than $150,000,000;
●
37,863 Class I performance right vests upon achieving a market capitalization of greater than $175,000,000 and
●
37,855 Class J performance right vests upon achieving a market capitalization of greater than $200,000,000.
In general, when we achieve
a milestone, we must notify the holder of the performance rights, in writing, that the relevant milestone has been satisfied. Thereafter,
at the election of the holder of such performance rights, within a period of three months following the satisfaction of the milestone,
each performance right shall vest and convert into one of our Ordinary Shares for no consideration.
All shares issued upon the
vesting of the performance rights will, upon their conversion, rank
pari passu
in all respects with the other Ordinary Shares.
The performance rights are not listed on any exchange. Performance rights shall be adjusted in the events of the issuance of bonus shares
are issued pro-rata to shareholders or in the event that our issued share capital is reorganized. A performance right does not confer
upon its holder an entitlement to vote or receive dividends.
92
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A. Major Shareholders
The following table sets forth
information regarding beneficial ownership of our Ordinary Shares as of the date of this annual report by:
●
each person, or group of affiliated persons, known to us to be the beneficial owner of more than 5% of our issued and outstanding Ordinary Shares;
●
each of our directors and executive officers; and
●
all of our current directors and executive officers as a group.
Beneficial ownership is determined
in accordance with the rules of the SEC, and includes voting or investment power with respect to Ordinary Shares. Ordinary Shares issuable
under share options or warrants that are exercisable within 60 days after May 15, 2023, are deemed issued and outstanding for the purpose
of computing the percentage ownership of the person holding the options or warrants but are not deemed issued and outstanding for the
purpose of computing the percentage ownership of any other person.
We are not controlled by another
corporation, by any foreign government or by any natural or legal persons except as set forth herein, and here are no arrangements known
to us which would result in a change in control of our company at a subsequent date. Except as indicated in footnotes to this table, we
believe that the shareholders named in this table have sole voting and investment power with respect to all shares shown to be beneficially
owned by them, based on information provided to us by such shareholders. Unless otherwise noted below, each beneficial owner's address
is: c/o G Medical Innovations Holdings Ltd., P.O. Box 10008, Willow House, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands.
No. of Shares
Beneficially
Owned
Percentage
Owned
Holders of more than 5% of our voting securities:
Dr. Yacov Geva
(**)(2)
2,719,734
18.6
%
Directors and executive
    officers who are not 5% holders:
Dr. Kenneth R. Melani
(**)(3)
27,204
*
%
Igor Bluvstein
-
-
%
Benny Tal
(4)
4,026
*
%
Dror Muriel – Rot
(5)
5,343
*
%
Oded Shahar
(6)
7,818
*
%
Chanan Epstein
(**)(7)
1,041
*
%
Dr. Yehoshua (Shuki) Gleitman
(**)(8)
7,173
*
%
Prof. Zeev Rotstein
(**)(9)
6,041
*
%
Urs Wettstein
(**)(10)
6,424
*
%
All directors and executive
    officers as a group (10 persons)
2,784,804
19
%
(*)
Less than one percent (1%).
(**)
Indicates director of the Company.
(1)
The percentages shown are based 13,971,492 Ordinary Shares
(
assumes
the exercise in full of pre-funded warrants) issued and outstanding as of May 15, 2023, and Ordinary Shares issuable under share options
or warrants that are exercisable within 60 days after such date.
(2)
Includes (i) 2,034,252 Ordinary Shares, and (ii) options to purchase 4,171, 3,576, 5,358 and 28,572 Ordinary Shares that are exercisable within 60 days after May 15, 2023, at an exercise price of $114.45, $73.5 $69.3 and $22,75 per share, respectively (iii) warrants to purchase 71,429, 57,143 and 515,233 Ordinary Shares that are exercisable within 60 days after May 15, 2023, at an exercise price of $7.7, $43.4 and $1.94 per share, respectively.
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(3)
Includes (i) 5,888 Ordinary Shares, and (ii) options to purchase 1,669 , 2,146 , 3,215 and 14,286 Ordinary Shares that are exercisable within 60 days after May 15, 2023, at exercise prices of $114.45, $73.5 ,$69.3 and $22,75 per share respectively.
(4)
Includes (i) 1,650 Ordinary Shares, and (ii) options to purchase 49, 1,253 and 1,074 Ordinary Shares that are exercisable within 60 days May 15, 2023, at an exercise price of $689.85, $114.45 and $73.5 per share, respectively.
(5)
Includes (i) 1,587 Ordinary Shares, and (ii) options to purchase 1,253 and 1,074 Ordinary Shares that are exercisable within 60 days after  May 15, 2023, at an exercise price of $114.45 and $73.5 per share, respectively.
(6)
Includes (i) 2,276
    Ordinary Shares, and (ii) options to purchase 1,253, 1,431 and 2,858 Ordinary Shares that are exercisable within 60 days after
    May 15, 2023, at an exercise price of $114.45, $73.5 and $22.75 per share, respectively.
(7)
Includes (i) 206 Ordinary Shares, and (ii) options to purchase 835 Ordinary Shares that are exercisable within 60 days after  May 15, 2023, at an exercise price of $114.45.
(8)
Includes (i) 1,872 Ordinary Shares, and (ii) options to purchase 835, 1,608 and 2,858 Ordinary Shares that are exercisable within 60 days after May 15, 2023, at an exercise price of $114.45, $69.3 and $22.75 per share, respectively.
(9)
Includes (i) 1,990 Ordinary Shares, and (ii) options to purchase 835, 1,073 and 2,143 Ordinary Shares that are exercisable within 60 days after May 15, 2023, at an exercise price of $114.45, $69.3 and $22.75 per share, respectively.
(10)
Includes (i) 1,658
    Ordinary Shares, and (ii) options to purchase 835, 1,073 and 2,858 Ordinary Shares that are exercisable within 60 days after May 15, 2023
    at an exercise price of $114.45, $69.3 and $22.75 per share, respectively.
Changes in Percentage Ownership by Major
Shareholders
In May 2017, we consummated
an initial public offering of A$13.5 million (approximately $9 million) on the ASX. Prior to the offering, our President and Chief Executive
Officer, Dr. Geva, held approximately 91% of our issued and outstanding share capital, and following the public offering, Dr. Geva held
approximately 57% of our issued and outstanding share capital. On October 6, 2022, in exchange for providing a commitment to finance the
Company's operations for the next 12 months and until November 30, 2023, subject to certain conditions, we issued Dr. Geva 71,428
Ordinary Shares and 71,429 warrants to purchase Ordinary Shares. On December 28, 2022, in connection with the Loan Agreement, Dr. Geva
was issued 515,233 Ordinary Shares of the Company. As of the date of this annual report, Dr. Geva holds beneficially owns 14.6% of our
Ordinary Shares.
On October 20, 2022, we
entered into an agreement with Jonathan B. Rubini (the "Investor") in connection with a private placement investment for 79,365
Ordinary Shares and warrants to purchase 79,366 Ordinary Shares with price of $6.30 per share and associated warrant, for aggregate consideration
of $500,000. The warrants are exercisable at any time beginning 30 days after issuance with a term of five years from issuance. Following
this private placement investment, the Investor held approximately 1% of our Ordinary Shares.
Record Holders
Based upon a review of the
information provided to us by our transfer agent, as of May 15, 2023, there were a total of 6,685 holders of record of our shares, of
which 2,034 record holders hold 8,757,263 of our Ordinary Shares, or approximately 68.76% of our issued and outstanding share capital,
and had a registered address in the United States. These numbers are not representative of the number of beneficial holders of our shares
nor is it representative of where such beneficial holders reside, since many of these shares were held of record by brokers or other nominees.
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We are not controlled by another
corporation, by any foreign government or by any natural or legal persons except as set forth herein, and there are no arrangements known
to us which would result in a change in control of our company at a subsequent date.
B. Related Party Transactions
The following is a description
of the material terms of those transactions with related parties to which we are party and which were in effect since January 1, 2020.
Employment Agreements
We have entered into written
employment and service agreements with each of our executive officers and have executed Director Appointment Letters with each member
of our board of directors, with the exception of Dr. Yacov Geva. All employment or consulting agreements with our executive officers contain
customary provisions regarding noncompetition, confidentiality of information and assignment of inventions. However, the enforceability
of the noncompetition provisions may be limited under applicable law. In addition, we have entered into agreements with each executive
officer and director pursuant to which we have agreed to indemnify each of them up to a certain amount and to the extent that these liabilities
are not covered by directors and officers insurance. Members of our senior management are eligible for bonuses each year. Our Director
Appointment Letters contain confidentiality clauses and entitle each director to annual cash compensation. See "
Item 6.B—Employment
Agreements with Executive Officers"
and "—
Directors' Service Contracts
."
Options
Since our inception, we have
granted options to purchase our Ordinary Shares to our officers and certain of our directors. We describe our option plans under "
Management-Equity
Incentive Plan
."
Performance Rights
Since May 2017, we have granted
performance rights to certain of our officers and directors and certain consultants whereupon achievement of certain milestones, the holder
of the performance rights may exercise their rights to receive such number of our Ordinary Shares represented by the performance rights.
We describe our performance rights under "
Management-Equity Incentive Plan-performance rights
."
Shareholder Loans
Dr. Yacov Geva, our President,
Chief Executive Officer, director, and major shareholder has provided certain interest and non-interest bearing loans to us, as disclosed
below.
On March 19, 2020, our shareholders
approved the conversion of an additional amount of $5 million of the amount outstanding under the 2018 Credit Line into 29,631 Ordinary
Shares. On July 23, 2020, we issued to Dr. Geva 14,939 Ordinary Shares as consideration for the conversion of $1.95 million owed to Dr.
Geva pursuant to the 2016 Credit Line and 2018 Credit Line. In July 2020, an additional amount of $1.95 million of the amount outstanding
under the 2018 Credit Line was converted into 14,939 Ordinary Shares and the remaining outstanding amount was paid in cash.
The Company and Dr. Geva agreed
to convert an additional amount of US$2,000,000 of the Amount Outstanding (being A$2,906,554.28, based on the AUD:USD exchange rate quoted
by the Reserve Bank of Australia on May 17, 2019 of $0.6881) (Additional Conversion Amount). The price at which the Additional Conversion
Amount converted equivalent to the issue price per share under the Company's proposed public offering in the United States, such
price to be no less than A$630 (approximately $434). The number of shares that the Company issued to Dr. Geva in respect to the Additional
Conversion Amount was 4,613 Shares.
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In addition, in April 2021
(effective January 1,2021) Dr. Geva extended a loan to us in the amount of $267,000, which bared interest at a fixed rate of 15%. The
loan and interest were repaid in full in July 2021.
On April 28, 2022, Dr. Yacov
Geva signed an undertaking whereby Dr. Geva committed to finance the Company's operations for a period of 12 months so long as he
is the Company's controlling shareholder, and/or the Company cannot be financed externally from any other sources, or until a sum
of $10 million be received by the Company for its operations during 2022. In consideration therefor, the Company agreed to issued Dr.
Geva 57,142 Ordinary Shares and an additional warrant to purchase 57,143 Ordinary Shares with an exercise price equal of $1.24 (the closing
price of the Company's Ordinary Shares on April 27, 2022).
On October 6, 2022, Dr.
Yacov Geva, committed to finance our operations for the next 12 months and until November 30, 2023, provided and as long as he continues
to be a controlling shareholder and/or the Company cannot be financed externally from any other sources and/or until a sum of $10 million
be received by the Company for its operations this year, whichever is earlier. In exchange, for providing this commitment, Dr. Geva was
issued 71,428 Ordinary Shares and 71,429 warrants to purchase Ordinary Shares (cashless) at an exercise price of $7.70 as of the day of
giving this commitment.
On December 29, 2022, the
Board of Directors approved a loan agreement, dated December 21, 2022 (the "Loan Agreement"), between the Company and Dr.
Geva. Under the terms of the Loan Agreement, the total amount of the loan provided by Dr. Geva to the Company is $999,552, with an annual
interest rate of 12%. The following installments have been made under the terms of the Loan Agreement and advanced to the Company: $198,582
on October 9, 2022; $85,106 on October 11, 2022; $252,596 on November 10, 2022; $175,000 on December 1, 2022 (which is attributed to waived
compensation to which Dr. Geva was entitled as Chief Executive Officer of the Company); and $288,268 on December 20, 2022. In addition,
(i) Dr. Geva was granted 515,233 Ordinary Shares of the Company and (ii) Dr. Geva will be granted 515,223 warrants to purchase Ordinary
Shares of the Company with an exercise price of $1.94 per Ordinary Share, conditioned upon the approval of our Capital Reduction by the
Grand Court of the Cayman Islands.
On January 30, 2023, our
Chief Executive Officer, Dr. Yacov Geva, extended his commitment to finance our operations up to February 28, 2024, which, on March 24,
2023, was further extended to April 30, 2024. On May 15, 2023, Dr. Yacov Geva extended his commitment to finance our operations up to
May 30, 2024 provided and as long as the Company cannot be financed externally from any other sources and/or until a sum of $10 million
be received by the Company for its operations for the year, whichever is earlier.
Services Agreement with Dr. Brendan De Kauwe
On February 29, 2020, we entered
into a services agreement with our former director, Dr. Brendan de Kauwe, whereby we receive business services from Dr. de Kauwe. Pursuant
to the agreement, Dr. de Kauwe will be entitled to a monthly payment of $10,000. In addition, Dr. de Kauwe will also be entitled to commission,
in an amount equal to five percent of the direct revenue actually paid to us by third parties presented to us by Dr. de Kauwe. In November
2020, the services agreement with Dr. de Kauwe was terminated. On February 27, 2023, we received notice from Dr. de Kauwe which stated
his resignation as a member of our board of directors effective on February 1, 2023.
Lease Agreement
We entered into a lease agreement
dated February 2019, through our Israeli subsidiary, with Ad Marom Assets and Initiation Ltd. (or Ad Marom), a company controlled by our
controlling shareholder, Dr. Yacov Geva. This lease agreement was to come into effect no later than January 2022, since the facility remains
under construction. According to the agreement, we were to pay Ad Marom a monthly payment of NIS 61,560 (approximately $17,000) in consideration
for approximately 11,044 square feet, for a period of 60 months from time of commencement of the lease. In May 2021, we canceled the lease
agreement with no further commitments from either party.
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C. Interests of Experts and Counsel
Not applicable.
ITEM 8. FINANCIAL INFORMATION.
A. Consolidated Statements and Other Financial Information.
See "Item 18. Financial
Statements."
Legal Proceedings
From time to time, we may
be involved in various claims and legal proceedings relating to claims arising out of our operations. As of the date of this annual report,
we are not currently a party to any legal proceedings that, in the opinion of our management, are likely to have a material adverse effect
on our business. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion
of management resources and other factors.
Dividends
We have never declared or
paid cash dividends to our shareholders. We currently intend to retain all available funds and any future earnings, if any, to fund the
development and expansion of our business and we do not anticipate paying any cash dividends in the foreseeable future. Any future determination
to pay dividends will be made at the discretion of our board of directors and will depend on various factors, including applicable laws,
our results of operations, financial condition, future prospects and any other factors deemed relevant by our board of directors.
Under the Cayman Islands Companies
Act and our Amended and Restated Memorandum and Articles of Association, a Cayman Islands company may pay a dividend out of its realized
or unrealized profit or share premium account, but a dividend may not be paid if this would result in the company being unable to pay
its debts as they fall due in the ordinary course of business. According to our Amended and Restated Memorandum and Articles of Association,
dividends can be declared and paid out of funds lawfully available to us. Dividends may be declared and paid in cash or in kind (including
paid up share capital or securities in another corporate body). Dividends, if any, would be paid in proportion to the number of Ordinary
Shares a shareholder holds. Any dividend unclaimed after a period of three years from the date the dividend became due for payment shall
be forfeited and shall revert to us.
B. Significant Changes
Other than as otherwise described
in this annual report on Form 20-F and as set forth below, no significant change has occurred in our  operations since the date of
our consolidated financial statements included in this annual report on Form 20-F.
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ITEM 9. THE OFFER AND LISTING
A. Offer and Listing Details
Our Ordinary Shares are listed
on the Nasdaq Capital Market under the symbol "GMVD".
B. Plan of Distribution
Not applicable.
C. Markets
Our Ordinary Shares are listed
on the Nasdaq Capital Market.
D. Selling Shareholders
Not applicable.
E. Dilution
Not applicable.
F. Expenses of the Issue
Not applicable.
ITEM 10. ADDITIONAL INFORMATION
A. Share Capital
Not applicable.
B. Memorandum and Articles of Association
Copies of our Memorandum of
Association and Amended and Restated Articles of Association are attached as Exhibits 1.1 and 1.2 to this annual report, respectively.
Other than as disclosed below, the information called for by this Item is set forth in Exhibit 2.1 to this annual report and is incorporated
by reference into this annual report.
C. Material Contracts
Except as set forth below,
we have not entered into any material contract within the two years prior to the date of this annual report on Form 20-F, other than contracts
entered into in the ordinary course of business, or as otherwise described herein in "Item 4.A. History and Development of the Company",
"Item 4.B. Business Overview", "Item 5C. Liquidity and Capital Resources", "Item 7A. Major Shareholders"
or "Item 7B. Related Party Transactions" above.
D. Exchange Controls
Under Cayman Islands law,
non-residents of the Cayman Islands may freely hold, vote and transfer ordinary shares in the same manner as Cayman Islands residents,
subject to the provisions of the Companies Law and our amended and restated memorandum and articles of association. There is no exchange
control legislation in the Cayman Islands or any laws or regulations which affect the remittance of dividends, interest or other payments
to non-resident holders of our securities.
E. Taxation.
The following description
is not intended to constitute a complete analysis of all tax consequences relating to the acquisition, ownership and disposition of our
Ordinary Shares. You should consult your own tax advisor concerning the tax consequences of your particular situation, as well as any
tax consequences that may arise under the laws of any state, local, foreign, or other taxing jurisdiction.
98
Cayman Islands Taxation
Prospective investors should
consult their professional advisers on the possible tax consequences of buying, holding or selling any Ordinary Shares under the laws
of their country of citizenship, residence or domicile.
The following is a discussion
on certain Cayman Islands income tax consequences of an investment in the Ordinary Shares. The discussion is a general summary of present
law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor's
particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.
No stamp duty, capital duty,
registration or other issue or documentary taxes are payable in the Cayman Islands on the creation, issuance or delivery of the Ordinary
Shares. The Cayman Islands currently have no form of income, corporate or capital gains tax and no estate duty, inheritance tax or gift
tax. There are currently no Cayman Islands' taxes or duties of any nature on gains realized on a sale, exchange, conversion, transfer
or redemption of the Ordinary Shares. Payments of dividends and capital in respect of the Ordinary Shares will not be subject to taxation
in the Cayman Islands and no withholding will be required on the payment of interest and principal or a dividend or capital to any holder
of the Ordinary Shares, nor will gains derived from the disposal of the Ordinary Shares be subject to Cayman Islands income or corporation
tax as the Cayman Islands currently have no form of income or corporation taxes.
There is no income tax treaty
or convention currently in effect between the United States and the Cayman Islands.
We are incorporated under
the laws of the Cayman Islands as an exempted company with limited liability and, as such, may apply for an undertaking from the Governor
of the Cayman Islands that no law enacted in the Cayman Islands during the period of 20 years from the date of the undertaking imposing
any tax to be levied on profits, income, gains or appreciation shall apply to us or our operations and no such tax or any tax in the nature
of estate duty or inheritance tax shall be payable (directly or by way of withholding) on the Ordinary Shares, debentures or other obligations
of ours.
Material U.S. Federal Income Tax Consequences
THE FOLLOWING SUMMARY IS INCLUDED
HEREIN FOR GENERAL INFORMATION AND IS NOT INTENDED TO BE, AND SHOULD NOT BE CONSIDERED TO BE, LEGAL OR TAX ADVICE. EACH U.S. HOLDER SHOULD
CONSULT WITH HIS OR HER OWN TAX ADVISOR AS TO THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND SALE
OF ORDINARY SHARES, INCLUDING THE EFFECTS OF APPLICABLE STATE, LOCAL, FOREIGN OR OTHER TAX LAWS AND POSSIBLE CHANGES IN THE TAX LAWS.
Subject to the limitations
described in the next two paragraphs, the following discussion summarizes the material U.S. federal income tax consequences to a "U.S.
Holder" arising from the purchase, ownership and sale of the Ordinary Shares. For this purpose, a "U.S. Holder" is a
holder of Ordinary Shares that is: (1) an individual citizen or resident of the United States, including an alien individual who is a
lawful permanent resident of the United States or meets the substantial presence residency test under U.S. federal income tax laws; (2)
a corporation (or entity treated as a corporation for U.S. federal income tax purposes) or a partnership (other than a partnership that
is not treated as a U.S. person under any applicable U.S. Treasury regulations) created or organized under the laws of the United States
or the District of Columbia or any political subdivision thereof; (3) an estate, the income of which is includable in gross income for
U.S. federal income tax purposes regardless of its source; (4) a trust if a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more U.S. persons have authority to control all substantial decisions of the
trust; or (5) a trust that has a valid election in effect to be treated as a U.S. person to the extent provided in U.S. Treasury regulations.
This summary is for general
information purposes only and does not purport to be a comprehensive description of all of the U.S. federal income tax considerations
that may be relevant to a decision to purchase our Ordinary Shares. This summary generally considers only U.S. Holders that will own our
Ordinary Shares as capital assets. Except to the limited extent discussed below, this summary does not consider the U.S. federal tax consequences
to a person that is not a U.S. Holder, nor does it describe the rules applicable to determine a taxpayer's status as a U.S. Holder.
This summary is based on the provisions of the Code, final, temporary and proposed U.S. Treasury regulations promulgated thereunder, administrative
and judicial interpretations thereof, and the United States-Israel Income Tax Treaty, all as in effect as of the date hereof and all of
which are subject to change, possibly on a retroactive basis, and all of which are open to differing interpretations. We will not seek
a ruling from the Internal Revenue Service (or IRS), with regard to the U.S. federal income tax treatment of an investment in our Ordinary
Shares by U.S. Holders and, therefore, can provide no assurances that the IRS will agree with the conclusions set forth below.
99
This discussion does not address
all of the aspects of U.S. federal income taxation that may be relevant to a particular U.S. holder based on such holder's particular
circumstances and in particular does not discuss any estate, gift, generation-skipping transfer, state, local, excise or foreign tax considerations.
In addition, this discussion does not address the U.S. federal income tax treatment of a U.S. Holder who is: (1) a bank, life insurance
company, regulated investment company, or other financial institution or "financial services entity," (2) a broker or dealer
in securities or foreign currency; (3) a person who acquired our Ordinary Shares in connection with employment or other performance of
services; (4) a U.S. Holder that is subject to the U.S. alternative minimum tax; (5) a U.S. Holder that holds our Ordinary Shares as a
hedge or as part of a hedging, straddle, conversion or constructive sale transaction or other risk-reduction transaction for U.S. federal
income tax purposes; (6) a tax-exempt entity; (7) real estate investment trusts or grantor trusts; (8) a U.S. Holder that expatriates
out of the United States or a former long-term resident of the United States; or (9) a person having a functional currency other than
the U.S. dollar. This discussion does not address the U.S. federal income tax treatment of a U.S. Holder that owns, directly or constructively,
at any time, Ordinary Shares representing 10% or more of the shares of our company. Additionally, the U.S. federal income tax treatment
of partnerships (or other pass-through entities) or persons who hold Ordinary Shares through a partnership or other pass-through entity
are not addressed.
Each prospective investor
is advised to consult his or her own tax adviser for the specific tax consequences to that investor of purchasing, holding or disposing
of our Ordinary Shares, including the effects of applicable state, local, foreign or other tax laws and possible changes in the tax laws.
Taxation of Dividends Paid on Ordinary Shares
We do not intend to pay dividends
in the foreseeable future. In the event that we do pay dividends, and subject to the discussion under the heading "Passive Foreign
Investment Companies" below and the discussion of "qualified dividend income" below, a U.S. Holder, other than certain
U.S. Holders that are U.S. corporations, will be required to include in gross income as ordinary income the amount of any distribution
paid on the Ordinary Shares (including the amount of any Israeli tax withheld on the date of the distribution), to the extent that such
distribution does not exceed our current and accumulated earnings and profits, as determined for U.S. federal income tax purposes. The
amount of a distribution which exceeds our earnings and profits will be treated first as a non-taxable return of capital, reducing the
U.S. Holder's tax basis for the Ordinary Shares to the extent thereof, and then capital gain. We do not expect to maintain calculations
of our earnings and profits under U.S. federal income tax principles and, therefore, U.S. Holders should expect that the entire amount
of any distribution generally will be reported as dividend income.
In general, preferential tax
rates for "qualified dividend income" and long-term capital gains are applicable for U.S. Holders that are individuals, estates
or trusts. For this purpose, "qualified dividend income" means, inter alia, dividends received from a "qualified foreign
corporation." A "qualified foreign corporation" is a if our Ordinary Shares are readily tradable on the Nasdaq Capital
Market or another established securities market in the United States. Dividends will not qualify for the preferential rate if we are treated,
in the year the dividend is paid or in the prior year, as a PFIC, as described below under "Passive Foreign Investment Companies."
A U.S. Holder will not be entitled to the preferential rate: (1) if the U.S. Holder has not held our Ordinary Shares for at least 61 days
of the 121 day period beginning on the date which is 60 days before the ex-dividend date, or (2) to the extent the U.S. Holder is under
an obligation to make related payments with respect to positions in substantially similar or related property. Any days during which the
U.S. Holder has diminished its risk of loss on our Ordinary Shares are not counted towards meeting the 61-day holding period. Finally,
U.S. Holders who elect to treat the dividend income as "investment income" pursuant to Section 163(d)(4) of the Code will
not be eligible for the preferential rate of taxation.
Dividends paid with respect
to our ordinary shares will be treated as foreign source income, which may be relevant in calculating the holder's foreign tax credit
limitation. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For
this purpose, dividends that we distribute generally should constitute "passive category income," or, in the case of certain
U.S. Holders, "general category income." A foreign tax credit for foreign taxes imposed on distributions may be denied if
holders do not satisfy certain minimum holding period requirements. The rules relating to the determination of the foreign tax credit
are complex, and U.S. Holders should consult their tax advisor to determine whether and to what extent such holder will be entitled to
this credit.
100
Taxation of the Sale, Exchange or other
Disposition of Ordinary Shares
Except as provided under the
PFIC rules described below under "Passive Foreign Investment Companies," upon the sale, exchange or other disposition of our
Ordinary Shares, a U.S. Holder will recognize capital gain or loss in an amount equal to the difference between such U.S. Holder's
tax basis for the Ordinary Shares, determined in U.S. dollars, and the U.S. dollar value of the amount realized on the disposition (or
its U.S. dollar equivalent determined by reference to the spot rate of exchange on the date of disposition, if the amount realized is
denominated in a foreign currency). The gain or loss realized on the sale, exchange or other disposition of Ordinary Shares will be long-term
capital gain or loss if the U.S. Holder has a holding period of more than one year at the time of the disposition. Individuals who recognize
long-term capital gains may be taxed on such gains at reduced rates of tax. The deduction of capital losses is subject to various limitations.
Passive Foreign Investment Companies
Special U.S. federal income
tax laws apply to U.S. taxpayers who own shares of a corporation that is a PFIC. We will be treated as a PFIC for U.S. federal income
tax purposes for any taxable year that either:
●
75% or more of our gross income (including our pro rata share of gross income for any company, in which we are considered to own 25% or more of the shares by value), in a taxable year is passive; or
●
At least 50% of our assets generally determined on the basis of a quarterly average and based upon fair market value (including our pro rata share of the assets of any company in which we are considered to own 25% or more of the shares by value) are held for the production of, or produce, passive income.
For this purpose, passive
income generally consists of dividends, interest, rents, royalties, gains from disposition of passive assets and gain from commodities
and securities transactions. Cash is treated as generating passive income.
We believe that we will not
be a PFIC for the current taxable year and do not expect to become a PFIC in the foreseeable future. The tests for determining PFIC status
are applied annually, and it is difficult to make accurate projections of future income and assets which are relevant to this determination.
In addition, our PFIC status may depend in part on the market value of our Ordinary Shares. Accordingly, there can be no assurance that
we currently are not or will not become a PFIC.
If we currently are or become
a PFIC, each U.S. Holder who has not elected to mark the shares to market (as discussed below), would, upon receipt of certain "excess
distributions" by us and upon disposition of our Ordinary Shares at a gain: (1) have such excess distribution or gain allocated
ratably over the U.S. Holder's holding period for the Ordinary Shares, as the case may be; (2) the amount allocated to the current
taxable year and any period prior to the first day of the first taxable year in which we were a PFIC would be taxed as ordinary income;
and (3) the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable
class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting
tax attributable to each such other taxable year. Distributions received by a U.S. Holder in a taxable year that are greater than 125%
of the average annual distributions received during the shorter of the three preceding taxable years or the U.S. Holder's holding
period for the ordinary shares will be treated as excess distributions. In addition, when shares of a PFIC are acquired by reason of death
from a decedent that was a U.S. Holder, the tax basis of such shares would not receive a step-up to fair market value as of the date of
the decedent's death, but instead would be equal to the decedent's basis if lower, unless all gain were recognized by the
decedent. Indirect investments in a PFIC may also be subject to these special U.S. federal income tax rules.
101
The PFIC rules described above
would not apply to a U.S. Holder who makes a QEF election for all taxable years that such U.S. Holder has held the Ordinary Shares while
we are a PFIC, provided that we comply with specified reporting requirements. Instead, each U.S. Holder who has made such a QEF election
is required for each taxable year that we are a PFIC to include in income such U.S. Holder's pro rata share of our ordinary earnings
as ordinary income and such U.S. Holder's pro rata share of our net capital gains as long-term capital gain, regardless of whether
we make any distributions of such earnings or gain. In general, a QEF election is effective only if we make available certain required
information. The QEF election is made on a shareholder-by-shareholder basis and generally may be revoked only with the consent of the
IRS. We do not intend to notify U.S. Holders if we believe we will be treated as a PFIC for any tax year. In addition, we do not intend
to furnish U.S. Holders annually with information needed in order to complete IRS Form 8621 and to make and maintain a valid QEF election
for any year in which we or any of our subsidiaries are a PFIC. Therefore, the QEF election will not be available with respect to our
Ordinary Shares.
In addition, the PFIC rules
described above would not apply if we were a PFIC and a U.S. Holder made a mark-to-market election. A U.S. Holder of our Ordinary Shares
which are regularly traded on a qualifying exchange, including the Nasdaq Capital Market, can elect to mark the Ordinary Shares to market
annually, recognizing as ordinary income or loss each year an amount equal to the difference as of the close of the taxable year between
the fair market value of the Ordinary Shares and the U.S. Holder's adjusted tax basis in the Ordinary Shares. Losses are allowed
only to the extent of net mark-to-market gain previously included income by the U.S. Holder under the election for prior taxable years.
U.S. Holders who hold our
Ordinary Shares during a period when we are a PFIC will be subject to the foregoing rules, even if we cease to be a PFIC. U.S. Holders
are strongly urged to consult their tax advisors about the PFIC rules.
Tax on Net Investment Income
U.S. Holders who are individuals, estates or trusts
will generally be required to pay a 3.8% Medicare tax on their net investment income (including dividends on and gains from the sale or
other disposition of our Ordinary Shares), or in the case of estates and trusts on their net investment income that is not distributed
to beneficiaries of the estate or trust. In each case, the 3.8% Medicare tax applies only to the extent the U.S. Holder's total
adjusted income exceeds applicable thresholds.
Information Reporting and Withholding
A U.S. Holder may be subject to backup withholding
at a rate of 24% with respect to cash dividends and proceeds from a disposition of Ordinary Shares. In general, backup withholding will
apply only if a U.S. Holder fails to comply with specified identification procedures. Backup withholding will not apply with respect to
payments made to designated exempt recipients, such as corporations and tax-exempt organizations. Backup withholding is not an additional
tax and may be claimed as a credit against the U.S. federal income tax liability of a U.S. Holder, provided that the required information
is timely furnished to the IRS.
Certain U.S. Holders with interests in "specified
foreign financial assets" (including, among other assets, our Ordinary Shares, unless such Ordinary Shares are held on such U.S.
Holder's behalf through a financial institution) may be required to file an information report with the IRS if the aggregate value
of all such assets exceeds $50,000 on the last day of the taxable year or $75,000 at any time during the taxable year (or such higher
dollar amount as may be prescribed by applicable IRS guidance); and may be required to file a Report of Foreign Bank and Financial Accounts,
if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. You should consult your
own tax advisor as to the possible obligation to file such information report.
F. Dividends and Paying Agents
Not applicable.
102
G. Statement by Experts
Not applicable.
H. Documents on Display
We are subject to certain
information reporting requirements of the Exchange Act, applicable to foreign private issuers and under those requirements will file reports
with the SEC. The SEC maintains an internet site at http://www.sec.gov that contains reports, proxy and information statements and other
information regarding issuers that file electronically with the SEC. Our filings with the SEC will also be available to the public through
the SEC's website at www.sec.gov.
As a foreign private issuer,
we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors
and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the
Exchange Act. In addition, we are not required under the Exchange Act to file annual, quarterly and current reports and financial statements
with the SEC as frequently or as promptly as U.S. domestic companies whose securities are registered under the Exchange Act. However,
we will file with the SEC, within 120 days after the end of each fiscal year, or such applicable time as required by the SEC, an annual
report on Form 20-F containing financial statements audited by an independent registered public accounting firm, and may submit to the
SEC, on a Form 6-K, unaudited quarterly financial information.
We maintain a corporate website
https://gmedinnovations.com/. Information contained on, or that can be accessed through, our website and the other websites referenced
above do not constitute a part of this annual report on Form 20-F. We have included these website addresses in this annual report on Form
20-F solely as inactive textual references.
I. Subsidiary Information.
Not applicable.
J. Annual Report to Security Holders.
Not applicable.
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to market risk
in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse
changes in financial market prices and rates. Our market risk exposure is primarily a result of fluctuations in foreign currency exchange
rates and interest rates.
Quantitative and Qualitative Disclosures about
Market Risk
We are exposed to market risks
in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse
changes in financial market prices and rates. Our current investment policy is to invest available cash in bank deposits with banks that
have a credit rating of at least A-minus. Accordingly, some of our cash and cash equivalents is held in deposits that bear interest. Given
the current low rates of interest we receive, we will not be adversely affected if such rates are reduced. Our market risk exposure is
primarily a result of U.S. dollar/NIS and U.S. dollar/RMB exchange rates.
103
Foreign Currency
Exchange Risk
Our functional and reporting
currency is the U.S. dollar. Our foreign currency exposures give rise to market risk associated with exchange rate movements of the NIS,
mainly against the U.S. dollar. A material portion of our expenses consist principally of payments in NIS made to employees, subcontractors
and consultants for clinical trials, other research and development activities, and purchase of new equipment. A material portion of our
research and development is conducted through collaboration agreements denominated in U.S. dollars, and therefore our net research and
development expenses are subject to significant foreign currency risk. If the NIS fluctuates significantly against either the U.S. dollar,
it may have a negative impact on our results of operations.
To date, we have not entered
into any hedging arrangements with respect to foreign currency risk or other derivative financial instruments. In the future, we may enter
into currency hedging transactions to decrease the risk of financial exposure from fluctuations in the operating currencies. These measures,
however, may not adequately protect us from the material adverse effects of such fluctuations.
Interest Rate
Risk
At present, our investments
consist primarily of cash and cash equivalents in short-term deposits. The primary objective of our investment activities is to preserve
our capital to fund our operations. Our investments are exposed to market risk due to fluctuation in interest rates, which may affect
our interest income and the fair market value of our investments, if any. We manage this exposure by performing ongoing evaluations of
our investments. Due to the short-term maturities, if any, of our investments to date, their carrying value has always approximated their
fair value. We believe that our exposure to interest rate risk is not significant and a 1% change in market interest rates would not have
a material impact on our assets.
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
A. Debt Securities.
Not applicable.
B. Warrants and rights.
Not applicable.
C. Other Securities.
Not applicable.
D. American Depositary Shares
Not applicable.
104
PART II
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
None.
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
AND USE OF PROCEEDS
In June 2021, the Company
closed its initial public offering of 3,000,000 units, each unit consisting of one ordinary share and one warrant to purchase one ordinary
share of the Company for gross proceeds of approximately $15,000 before deducting underwriting discounts and commissions and other offering-related
expenses in the amount of $2,150. The net proceeds from the offering have been used as described in the final prospectus filed with the
SEC on June 28, 2021, under File No. 333-253852.
ITEM 15. CONTROLS AND PROCEDURES
(a) Disclosure Controls and Procedures
Our disclosure controls and
procedures are designed to provide reasonable assurance of achieving the desired control objectives. Our management, including our Chief
Executive Officer and Chief Financial Officer, recognizes that any control system, no matter how well designed and operated, is based
upon certain judgments and assumptions and cannot provide absolute assurance that its objectives will be met. Similarly, an evaluation
of controls cannot provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances
of fraud, if any, have been detected.
Our management, with the participation
of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures
(as such term is defined in Rules 13a-15(d) and 15d-15(e) under the Exchange Act) as of December 31, 2022, or the Evaluation Date. Based
on such evaluation, those officers have concluded that, as of the Evaluation Date, our disclosure controls and procedures are effective
in recording, processing, summarizing and reporting, on a timely basis, information required to be included in periodic filings under
the Exchange Act and that such information is accumulated and communicated to management, including our principal executive and financial
officers, as appropriate to allow timely decisions regarding required disclosure.
(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 Rule 13a-15(f) under the Exchange Act.
Our management conducted an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2022,
based on the criteria set forth in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of
the Treadway Commission (2013 framework). Based on that assessment, our management concluded that our internal control over financial
reporting was not effective as of December 31, 2022, due to insufficient number of financial reporting personnel with an appropriate level
of knowledge, experience, and training in application of IFRS and SEC rules and regulations commensurate with our reporting requirements,
15 deficiencies identified and a large number of controls that were not performed.
As defined in Regulation 12b-2 under the Securities
Exchange Act, a "material weakness" is a deficiency, or combination of deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented
or detected on a timely basis.
We have taken action toward remediating these material
weaknesses by providing enhanced training to existing financial and accounting employees on related IFRS issues. In addition, to remediate
these material weaknesses, we are implementing measures and developing, communicating, and implementing an accounting policy manual for
our financial reporting personnel for recurring transactions, period-end closing processes and policy relating to segregation of duties.
Although we believe there has been some progress in remediating this
weakness, the implementation of these initiatives may not fully address any material weakness or other deficiencies that we may have in
our internal control over financial reporting.
(c) Attestation Report of the Registered Public
Accounting Firm
This annual report does not
include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting
due to a transition period established by rules of the SEC for newly public companies.
105
(d) Changes in Internal Control over Financial
Reporting
During the year ended December
31, 2022, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely
to materially affect, our internal control over financial reporting.
(e) Limitations on Effectiveness of Controls
and Procedures
The effectiveness of any
system of internal control over financial reporting, including ours, is subject to inherent limitations, including the exercise of judgment
in designing, implementing, operating, and evaluating the controls and procedures, and the inability to eliminate misconduct completely.
Accordingly, any system of internal control over financial reporting, including ours, no matter how well designed and operated, can only
provide reasonable, not absolute assurances. In addition, projections of any evaluation of effectiveness to future periods are subject
to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate. We intend to continue to monitor and upgrade our internal controls as necessary or appropriate for our business,
but there can be no assurance that such improvements will be sufficient to provide us with effective internal control over financial reporting.
ITEM 16. RESERVED
ITEM 16A. AUDIT AND RISK COMMITTEE FINANCIAL EXPERT
Our board of directors has
appointed an audit and risk committee, which assists our board of directors in monitoring and reviewing any matters of significance affecting
financial reporting and compliance. Our audit and risk committee, acting pursuant to a written charter, is comprised of Mr. Urs Wettstein,
Mr. Zeev Rotstein and Mr. Kenneth Melani. The chairman of this committee is Mr. Urs Wettstein, who serves as the financial expert of the
committee. Our board of directors is primarily responsible for the oversight of our risk management and internal compliance and control
framework.
ITEM 16B. CODE OF ETHICS
Our board of directors has
adopted a Code of Ethics applicable to all of our directors and employees, including our Chief Executive Officer, Chief Financial Officer,
controller or principal accounting officer, or other persons performing similar functions, which is a "code of ethics" as
defined in Item 16B of Form 20-F promulgated by the SEC. The full text of the Code of Ethics is posted on our website at
www.gmedinnovations.com
.
Information contained on, or that can be accessed through, our website does not constitute a part of this a part of this annual report
on Form 20-F and is not incorporated by reference herein. If we make any amendment to the Code of Ethics or grant any waivers, including
any implicit waiver, from a provision of the Code of Ethics, we will disclose the nature of such amendment or waiver on our website to
the extent required by the rules and regulations of the SEC. We have not granted any waivers under our Code of Business Conduct and Ethics.
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The following table provides
information regarding fees paid by us to Ziv Haft and/or other member firms of BDO for all services, including audit services, for the
years ended December 31, 2022 and 2021:
2022
2021
(USD in thousands)
Audit fees
(1)
169,000
169,000
Audit-Related Fees
-
-
Tax fees
(2)
-
-
All other fees
-
-
Total
169,000
169,000
(1)
The audit fees for the years ended December 31, 2022 and 2021 includes professional services rendered in connection with the audit of our annual consolidated financial statements and the review of our consolidated interim financial statements, statutory audits of the Company and its subsidiaries, issuance of consents and assistance with review of documents filed with the SEC.
(2)
Tax fees for the years ended December 31, 2022 and 2021 were for services related to tax advice, including assistance with tax audit.
106
Pre-Approval of Auditors' Compensation
Our audit and risk committee
has a pre-approval policy for the engagement of our independent registered public accounting firm to perform certain audit and non-audit
services. Pursuant to this policy, which is designed to assure that such engagements do not impair the independence of our auditors, the
audit and risk committee pre-approves annually a catalog of specific audit and non-audit services in the categories of audit services,
audit-related services and tax services that may be performed by our independent registered public accounting firm. If a type of service,
that is to be provided by our auditors, has not received such general pre-approval, it will require specific pre-approval by our audit
and risk committee. The policy prohibits retention of the independent registered public accounting firm to perform the prohibited non-audit
functions defined in applicable SEC rules.
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not applicable.
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS
In May 2022, our board of
directors authorized a share repurchase plan (or the Repurchase Plan), allowing the Company to invest up to $1,000,000 to repurchase our
Ordinary Shares from time to time, in open market transactions, and/or in privately negotiated transactions or in any other legally permissible
ways, depending on market conditions, share price, trading volume and other factors. Such repurchases will be made in accordance with
applicable U.S. securities laws and regulations, under the Exchange Act, and other applicable law, and are subject to the approval of
the Israeli court, which was granted in September 2022. Under the Repurchase Plan, we may repurchase all or a portion of the authorized
repurchase amount. The Repurchase Plan does not obligate us to repurchase any specific number of the ordinary shares and may be suspended
or terminated at any time at management's discretion. As of May 15, 2023, 5,699 shares have been repurchased, at an average price
per share of $21.18, under the Repurchase Plan.
ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not applicable.
107
ITEM 16G. CORPORATE GOVERNANCE
The Sarbanes-Oxley Act, as
well as related rules subsequently implemented by the SEC, require "foreign private issuers," such as us, to comply with various
corporate governance practices. In addition, following the listing of the Ordinary Shares on the Nasdaq Capital Market, we will be required
to comply with the Nasdaq Stock Market Rules. Under those rules, we may elect to follow certain corporate governance practices permitted
under the Cayman Islands Companies Act in lieu of compliance with corresponding corporate governance requirements otherwise imposed by
the Nasdaq Stock Market Rules for U.S. domestic registrants.
In accordance with Cayman
law and practice and subject to the exemption set forth in Rule 5615 of the Nasdaq Stock Market Rules, we have elected to follow
the provisions of the Cayman Islands Companies Act rather than the Nasdaq Stock Market Rules, with respect to the following requirements:
●
Quorum
. While the Nasdaq Stock Market Rules require that the quorum for purposes of any meeting of the holders of a listed company's common voting stock, as specified in the company's bylaws, be no less than 33 1/3% of the company's issued and outstanding common voting stock, under Cayman Islands Companies Act there is no minimum attendance threshold for general meetings of shareholders to be quorate. Our Post-Reduction Amended and Restated Memorandum and Articles of Association provide that twenty five percent (25%) of our issued and outstanding shares present, in person or by proxy or a duly appointed representative, who are entitled to vote on the business to be transacted, shall constitute a quorum for a general meeting. However, the quorum set forth in our Amended and Restated Memorandum and Articles of Association with respect to an adjourned meeting consists of at least one shareholder present in person or by proxy. For additional information see "Description of Share Capital and Governing Documents—Material Differences in Corporate Law."
●
Shareholder approval
. While the Nasdaq Stock Market Rules require that issuers obtain shareholder approval prior to the issuance of securities in connection with certain acquisitions, private placements of securities, or the establishment or amendment of certain stock option, purchase or other compensation plans, under the Cayman Islands Companies Act, there is no requirement for shareholder approval of share issuances (or the terms on which shares may be issued) and no statutory pre-emption rights apply. Under our Amended and Restated Memorandum and Articles of Association, our board of directors is authorized to issue shares (or to grant warrants, options or other rights to acquire shares) subject to the restriction that the number of shares in issue may not exceed our authorized share capital set forth in our Amended and Restated Memorandum and Articles of Association and generally subject to the Cayman Islands Companies Act and our Amended and Restated Memorandum and Articles of Association.
However, we have voluntarily
elected to adhere to the Nasdaq Stock Market Rules and not the Cayman Islands Companies Act notwithstanding our status as a foreign private
issuer, with respect to the requirements of:
●
maintaining a board of directors with a majority of "independent" directors and having those directors meet regularly without other members present;
●
maintaining a compensation committee of our board of directors (which is our Nomination and Remuneration Committee) comprised solely of independent directors and governed by a committee charter; and
●
having director nominees be selected or recommended for selection by either a majority of our independent directors or a nominations committee comprised solely of independent directors, which will be undertaken by our Nomination and Remuneration Committee.
ITEM 16H. MINE SAFETY DISCLOSURE
Not applicable.
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTIONS
Not applicable.
108
PART III
ITEM 17. FINANCIAL STATEMENTS
We have elected to provide
financial statements and related information pursuant to Item 18.
ITEM 18. FINANCIAL STATEMENTS
The consolidated financial
statements and the related notes required by this Item are included in this annual report on Form 20-F beginning on page F-1.
ITEM 19. EXHIBITS
Exhibit
    No.
Exhibit
    Description
1.1
Amended and Restated Memorandum and Articles of Association of G Medical Innovations Holdings Ltd. (filed as Exhibit 99.1 to Form 6-K (File No. 001-39674), submitted on March 23, 2023, and incorporated herein by reference).
1.2
Membership Interest Purchase Agreement dated October 31, 2018, by and among G Medical Innovations USA, Inc., Telerhythmics, LLC, Digirad Imaging Solutions and Digirad Corporation (filed as Exhibit 2.1 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).
2.1
Form
of Pre-Funded Warrant (filed as Exhibit 4.1 to Form F-1 (Registration No. 333-269496), and incorporated herein by reference).
2.2*
Description of Securities.
4.1
Form of Indemnification Agreement (filed as Exhibit 10.1 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).
4.2
G Medical Innovations Holdings Global Equity Plan (filed as Exhibit 10.2 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).
4.2.1
G Medical Innovations Holdings Ltd. - Israel Sub-Plan (filed as Exhibit 10.2.1 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).
4.2.2
G Medical Innovations Holdings Ltd. - U.S. Sub-Plan (filed as Exhibit 10.2.2 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).
4.3
Form of Performance Rights Agreement (filed as Exhibit 10.3 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).
4.4
Software Licensing Agreement, dated August 4, 2016, by and between the Company and Mennen Medical Ltd. (Exhibit A of this Exhibit 10.14 includes an unofficial English Translation of the Hebrew original) (filed as Exhibit 10.4 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).
4.5
Distribution Agreement, dated April 21, 2020, by and between the Company and Home Service Solutions Pty Ltd. (filed as Exhibit 10.21 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).
4.6
Addendum to Distribution Agreement, dated April 21, 2020, by and between the Company and Home Service Solutions Pty Ltd. (filed as Exhibit 10.22 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).
109
4.7^
Media and Marketing Services Agreement, dated September 30, 2020, by and between the Company and GRS, LLC (filed as Exhibit 10.23 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).
4.8
Provider Participation Agreement, dated April 2019, by and between the Company and Ancillary Care Services, Inc. (filed as Exhibit 10.24 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).
4.9
Distribution Agreement, dated April 20, 2020, by and between the Company and LiveCare Corp. (filed as Exhibit 10.25 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).
4.10
Distribution Agreement, dated April 2020, by and between the Company and All County Health Care Inc. (filed as Exhibit 10.26 to Form F-1 (Registration No. 333-253852), and incorporated herein by reference).
4.11
Securities Purchase Agreement dated October 20, 2022, between the Company and Jonathan B. Rubini (filed as Exhibit 99.1 to Form 6-K (File No. 001-39674) submitted on October 27, 2022, and incorporated herein by reference).
4.12
Second Amended And Restated Convertible Debenture dated October 20, 2022, originally issued by the Company to Jonathan B. Rubini on April 7, 2021 (filed as Exhibit 99.2 to Form 6-K (File No. 001-39674) submitted on October 27, 2022, and incorporated herein by reference).
4.13
Warrant issued by the Company to Jonathan B. Rubini under the Securities Purchase Agreement dated as of October 20, 2022 (filed as Exhibit 99.3 to Form 6-K (File No. 001-39674) submitted on October 27, 2022, and incorporated herein by reference).
4.14
Joint Development, Licensing and Distribution Agreement between the Company and Heartbuds AK, LLC., dated November 30, 2021 (filed as Exhibit 10.39 to Form F-1 (Registration No. 333-262422), and incorporated herein by reference).
4.15
Financing Commitment Extension Letter to the Board of Directors of the Company from Dr. Yacov Geva, dated January 30, 2023 (filed as Exhibit 10.15 to Form F-1 (Registration No. 333-269496), and incorporated herein by reference).
4.16
Financing Commitment Extension Letter to the Board of Directors of the Company from Dr. Yacov Geva, dated March 24, 2023 (filed as Exhibit 10.16 to Form F-1 (Registration No. 333-269496), and incorporated herein by reference).
4.17
Form of Underwriting Agreement, dated  March 31, 2023, between the Company and ThinkEquity LLC (filed as Exhibit 1.1 to Form F-1 (Registration No. 333-269496), and incorporated herein by reference).
4.18*
Financing Commitment Extension Letter to the Board of Directors of
the Company from Dr. Yacov Geva, dated May 15, 2023.
8.1
List of Subsidiaries of the Company (filed as Exhibit 21.1 to Form F-1 (Registration No. 333-269496), and incorporated herein by reference).
12.1*
Certification
    of the Chief Executive Officer pursuant to rule 13a-14(a) of the Securities Exchange Act of 1934.
12.2*
Certification
    of the Chief Financial Officer pursuant to rule 13a-14(a) of the Securities Exchange Act of 1934.
13.1&
Certification
    of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350.
13.2&
Certification
    of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350.
15.1*
Consent of Ziv Haft, a member firm of BDO.
101*
The following
    financial information from the Registrant's Annual Report on Form 20-F for the year ended December 31, 2022, formatted in XBRL
    (eXtensible Business Reporting Language): (i) Consolidated Balance sheets as of December 31, 2022, December 31, 2021 and December
    31, 2020; (ii) Consolidated Statements of Comprehensive Loss as of December 31, 2022, December 31, 2021 and December 31, 2020; (iii)
    Consolidated Statement of Changes in Shareholders' Equity as of December 31, 2022, December 31, 2021 and December 31, 2020;
    (iv) Consolidated Statements of Cash Flows as of December 31, 2022, December 31, 2021 and December 31, 2020; and (v) Notes to the
    consolidated financial statements.
104*
Cover Page Interactive
    Data File (formatted as Inline XBRL and contained in Exhibit 101).
*
Filed herewith.
&
Furnished herewith
^
Certain confidential information contained in this exhibit,
has been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K, because it (i) is not material and (ii) would be competitively harmful
if publicly disclosed.
110
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 Form 20-F filed on its behalf.
G MEDICAL INNOVATIONS HOLDINGS LTD.
Date: May 16, 2023
By:
/s/ Yacov Geva
Yacov Geva
President, CEO and Director
111
G MEDICAL INNOVATIONS HOLDINGS LTD.
CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022
GMEDICAL INNOVATIONS HOLDINGS LTD.
CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022
TABLE OF CONTENTS
Page
Report of Independent registered public accounting firm (BDO Ziv Haft; Tel-Aviv, Israel; PCAOB ID#
1185
)
F-2
Consolidated statements of financial position
F-3-F-4
Consolidated statements of comprehensive loss
F-5
Consolidated statements of changes in shareholders' deficit
F-6-F-7
Consolidated statements of cash flows
F-8-F-9
Notes to the consolidated financial statements
F-10-F-47
_______________________
________________
____________
F-
1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To The Board of Directors
and Stockholders of G Medical Innovations Holdings Ltd.
Rehovot, Israel.
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated
statements of financial position of G Medical Innovations Holdings Ltd. and its subsidiaries (the "Company") as of December 31,
2022 and 2021, the related consolidated statements of comprehensive loss, changes in shareholders' deficit, and cash flows for
each of the three years in the period ended December 31, 2022, and the related notes (collectively, the consolidated financial statements).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company
as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period
ended December 31, 2022, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards
Board.
Basis for Opinion
These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the
Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to
assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.
/s/
Ziv Haft
Certified Public Accountants (Isr.)
BDO Member Firm
We have served as the Company's auditor since
2015.
Tel-Aviv, Israel
May 16, 2023
F-
2
G MEDICAL INNOVATIONS HOLDINGS LTD.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31,
2022
December 31,
2021
Note
US$ in thousands
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
295
6,034
Restricted deposit
142
163
Inventory, net
4
292
355
Trade receivables, net
5
593
507
Other accounts receivable
6
441
1,492
Loan to major shareholder, net
10
230
-
Total current assets
1,993
8,551
NON-CURRENT ASSETS:
Other accounts receivable
6
185
213
Property, plant and equipment, net
7,14
2,647
1,753
Total non-current assets
2,832
1,966
Total assets
4,825
10,517
The accompanying notes are an integral part of
the consolidated financial statements.
F-
3
G MEDICAL INNOVATIONS HOLDINGS LTD.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31,
2022
December 31,
2021
Note
US$ in thousands
LIABILITIES AND SHAREHOLDERS' DEFICIT
CURRENT LIABILITIES:
Short term loan and current portion of long-term loans
11
144
140
Trade payables
4,655
2,332
Other accounts payable
9
2,031
1,246
Financial liability at fair value
8
-
648
Short term convertible securities at fair value
8,23
-
2,535
Convertible securities
8,23
737
-
Derivative liabilities at fair value   – warrants
8,23
618
1,261
Loan from major shareholder at fair value
10
765
-
Short term portion of lease liability
14
163
119
Total current liabilities
9,113
8,281
NON-CURRENT LIABILITIES:
Long term convertible securities at fair value
8,23
-
4,707
Long term loans
11
53
75
Long term lease liability
14
230
266
Total non-current liabilities
283
5,048
SHAREHOLDERS' DEFICIT:
13
Ordinary Shares; $
3.15
par value 100,000,000 shares authorized and
1,532,794
shares issued and outstanding as of December 31, 2022. As of December 31, 2021, 57,142,857 shares authorized and
387,972
shares issued and outstanding(*)
4,835
1,222
Other reserve
1,500
1,500
Translation reserve
2
2
Additional paid in capital
101,694
81,879
Treasury shares
(
121
)
-
Accumulated deficit
(
115,263
)
(
90,634
)
G Medical innovations holdings ltd. Shareholders' deficit
(
7,353
)
(
6,031
)
Non-controlling interest
2,782
3,219
Total shareholders' deficit
(
4,571
)
(
2,812
)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT
4,825
10,517
(*)
After giving effect to the reverse
stock split (
see also Note 13C
)
May 15, 2023
Date of approval of the financial statements
Igor Bluvstein Chief Financial Officer
Dr. Yacov Geva President and Chief Executive Officer
Dr. Kenneth R. Melani Chairman of the Board of Directors
The accompanying notes are an integral part
of the consolidated financial statements.
F-
4
G MEDICAL INNOVATIONS HOLDINGS LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Year ended
December 31,
2022
Year ended
December 31,
2021
Year ended
December 31,
2020
Note
US$ in thousands (except for share data)
Revenue:
2.S
Products
16
50
41
Services
4,404
4,911
4,859
Total revenue
4,420
4,961
4,900
Cost of revenue:
Cost of sales of products
113
66
398
Cost of services
15
3,523
3,386
3,835
Total cost of revenue
3,636
3,452
4,233
Gross profit (loss)
784
1,509
667
Operating expenses:
Research and development expenses
16
2,292
1,680
1,315
Selling, general and administrative expenses
17.A
20,605
10,797
11,652
Operating loss
22,113
10,968
12,300
Financial income
17,546
870
344
Financial expense
9,375
4,492
750
Financial income (expense), net
17.B
8,171
(
3,622
)
(
406
)
Loss before tax
13,942
14,590
12,706
Income tax expense (benefit)
19
16
(
3
)
(
18
)
Loss for the year from continuing operations
13,958
14,587
12,688
Loss from discontinued operations
22
11,108
301
-
Total Loss for the year
25,066
14,888
12,688
Loss for the year attributed to:
Non-controlling interests
437
130
152
G Medical innovations holdings ltd. shareholders'
13,521
14,457
12,536
Loss from discontinued operations
22
11,108
301
-
G Medical innovations holdings ltd. shareholders'
25,066
14,888
12,688
Basic and diluted loss per share from continuing operations
$
(
18.76
)
$
*(
44.57
)
$
*(
59.67
)
Basic and diluted loss per share from discontinued operations
$
(
15.41
)
$
(
0.92
)
-
Basic and diluted loss per share attributable to G Medical innovations holdings ltd. Shareholders in USD
18
$
(
34.17
)
$
*(
45.49
)
$
*(
59.67
)
Weighted average ordinary shares outstanding:
720,854
*
324,452
*
210,070
*
After giving effect to the reverse stock split (
see also Note 13C
)
The accompanying notes are an integral part of
the consolidated financial statements.
F-
5
G MEDICAL INNOVATIONS
HOLDINGS LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'
DEFICIT
G Medical Innovations Holdings Ltd. Shareholders'
    Deficit
Share
capital
Other
reserve
Translation
reserve
Additional
paid in
capital
Accumulated
deficit
Treasury
Shares
Total
Non-controlling
Interest
Total
shareholders'
deficit
US$ in thousands
Balance at December 31,
    2021
1,222
1,500
2
81,879
(
90,634
)
-
(
6,031
)
3,219
(
2,812
)
Changes during the year:
Issuance of ordinary shares, net
916
2,526
3,442
3,442
Issuance of ordinary shares in respect of warrants and
    pre-funded warrants exercise
574
6,690
7,264
7,264
Share-based compensation
500
11,988
12,488
12,488
Issuance of ordinary shares in return of loan from major shareholder
1,623
(
1,389
)
234
234
Treasury shares
(
121
)
(
121
)
(
121
)
Comprehensive loss for the period:
Net comprehensive loss
(
24,629
)
(
24,629
)
(
437
)
(
25,066
)
Balance at December
    31, 2022
4,835
1,500
2
101,694
(
115,263
)
(
121
)
(
7,353
)
2,782
(
4,571
)
The accompanying notes
are an integral part of the consolidated financial statements.
F-
6
G MEDICAL INNOVATIONS
HOLDINGS LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'
DEFICIT
G Medical Innovations Holdings Ltd.
    Shareholders' Deficit
Share
capital
Other
reserve
Translation
reserve
Additional
paid in
capital
Accumulated
deficit
Total
Non-controlling
Interest
Total
shareholders'
deficit
US$ in thousands
Balance at January 1, 2020
410
1,500
2
48,051
(
63,340
)
(
13,377
)
3,501
(
9,876
)
Changes during the year:
Issuance of ordinary shares, net
208
-
-
8,784
-
8,992
-
8,992
Share based compensation
40
-
-
2,832
-
2,872
-
2,872
Conversion of financial liability to shares
21
-
-
780
-
801
-
801
Conversion of loans from major shareholder into shares
140
-
-
6,810
-
6,950
-
6,950
Comprehensive loss for the period:
Net comprehensive loss
-
-
-
-
(
12,536
)
(
12,536
)
(
152
)
(
12,688
)
Balance at December
    31, 2020
819
1,500
2
67,257
(
75,876
)
(
6,298
)
3,349
(
2,949
)
Changes during the year:
Issuance of ordinary shares and warrants, net
270
-
-
13,147
-
13,417
-
13,417
Share based compensation
105
-
-
543
-
648
-
648
Conversion of loans into shares
28
-
-
932
-
960
-
960
Comprehensive loss for the period:
Net comprehensive loss
-
-
-
-
(
14,758
)
(
14,758
)
(
130
)
(
14,888
)
Balance at December
    31, 2021
1,222
1,500
2
81,879
(
90,634
)
(
6,031
)
3,219
(
2,812
)
The accompanying notes
are an integral part of the consolidated financial statements.
F-
7
G MEDICAL INNOVATIONS HOLDINGS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended
December 31,
2022
Year ended
December 31,
2021
Year ended
December 31,
2020
US$ in thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss for the year
(
25,066
)
(
14,888
)
(
12,688
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
1,212
1,362
1,418
Loss from inventory write off
2,084
-
-
Impairment of goodwill
-
-
2,844
Change in fair value of derivatives
(
10,232
)
(
311
)
(
240
)
Change in fair value of financial liability
40
-
-
Accrued interest on convertible security
49
-
-
Revaluation of restricted deposit
56
-
5
Share based compensation
12,488
648
2,872
Forgiveness of PPP loan
-
-
(
873
)
Accrued interest of long-term loans
3
89
107
Changes in deferred taxes
-
(
5
)
(
18
)
Loss from disposal equipment
422
-
579
Change in fair value of Convertible loans
(
1,321
)
3,677
289
Decrease (increase) in trade receivable, net
(
86
)
210
(
161
)
Increase in other accounts receivable
839
(
180
)
(
697
)
Increase (decrease) in inventories
(
2,021
)
(
265
)
288
Increase (decrease) in trade payables
2,323
(
1,736
)
739
Increase (decrease) in other accounts payable
785
(
129
)
591
Accrued interest on loans from major shareholder
-
-
298
Capital loss from sale of fixed assets
17
16
-
Financial expenses, net
(
71
)
18
-
Net cash used in operating activities
(
18,479
)
(
11,494
)
(
4,647
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment
(
2,121
)
(
550
)
(
507
)
Purchase of other assets
-
-
(
30
)
Proceeds from sales of property, plant and equipment
33
66
-
Change in restricted deposit
(
35
)
467
82
Net cash used in Investing activities
(
2,123
)
(
17
)
(
455
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of shares and warrants, net
3,442
13,417
8,992
Issuance of ordinary shares in respect of warrants and pre-funded warrants exercise, net
2,000
-
-
Receipts (repayment) of loan from major shareholder, net
999
(
272
)
143
Issuance of convertible securities and warrants
14,851
5,750
350
Receipts of long-term loans from bank
-
89
873
Principal paid on lease liabilities
(
366
)
(
357
)
(
529
)
Repayment of convertible securities and financial liability
(
5,921
)
(
536
)
(
3,967
)
Changes in short term bank credit
-
-
(
93
)
Purchase of Treasury Shares
(
121
)
-
-
Repayment of loans
(
21
)
(
824
)
(
389
)
Net cash provided by financing activities
14,863
17,267
5,380
Increase in cash and cash equivalents
(
5,739
)
5,756
278
Effects of exchange rate changes on cash and cash equivalents
-
-
-
Cash and cash equivalents at beginning of the year
6,034
278
-
Cash and cash equivalents at the end of the year
295
6,034
278
*
For discontinued operation see Note 22.
F-
8
G MEDICAL INNOVATIONS HOLDINGS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
APPENDIX A - AMOUNTS PAID DURING THE YEAR FOR:
Year ended
December 31,
2022
Year ended
December 31,
2021
Year ended
December 31,
2020
US$ in thousands
Interest
4
143
557
Tax
16
-
-
APPENDIX B – NON-CASH ACTIVITIES:
Year ended
December 31,
2022
Year ended
December 31,
2021
Year ended
December 31,
2020
US$ in thousands
Conversion of convertible loan and loans into
    shares and warrants
-
960
801
Share issuance related to exercise of warrants and Pre-funded
    warrants
5,264
Convertible securities - classification into financial
    liability at fair value
648
-
Conversion of loan from major shareholder into shares
-
6,950
Recognition of right of use assets and lease liabilities
1,344
316
-
Convertible securities - classification into convertible
    financial liability at amortized cost
688
-
-
The accompanying notes are an integral part of
the consolidated financial statements.
F-
9
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 1 - DESCRIPTION OF BUSINESS:
Overview:
G Medical Innovations Holdings Ltd.
("G Medical" and together with its subsidiaries, the "Company") was incorporated in October 2014 under Cayman
Islands law. G Medical's registered address is P.O. Box 10008, Willow House, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands.
In May 2017, the Company was admitted
to the official list on the Australian Stock Exchange ("ASX") under the symbol GMV. In October 2020, the Company voluntarily
delisted itself from the official list on the ASX.
In June 2021,
the Company closed
its initial public offering of 85,714 units, each unit consisting of one ordinary share and one warrant to purchase one ordinary share
of the Company, for gross proceeds of approximately $15,000 before deducting underwriting discounts and commissions and other offering-related
expenses in the amount of $2,150.
Only the costs attributable to the issuance of new shares were deducted from the Company's equity
and listing costs were expensed. The ordinary shares and warrants of the Company began trading on the Nasdaq Capital Market on June 25,
2021, under the symbols "GMVD" and "GMVDW," respectively.
The Company is an early commercial
stage healthcare company engaged in the development of next generation mobile health (or mHealth) and telemedicine solutions, and monitoring
service platforms. The Company believes that it is at the forefront of the digital health revolution in developing the next generation
of mobile technologies and services that are designed to empower consumers, patients and providers to better monitor, manage and improve
clinical and personal health outcomes, especially for those who suffer from cardiovascular disease ("CVD"), pulmonary disease
and diabetes. In addition, in December 2021 the Company started a new business activity of COVID-19 testing, in the State of California,
providing four kinds of diagnostic tests –Rapid Antigen, A/B Flu, PCR and Antibody tests which has been discontinued during the
second half of 2022 (see Note 22).
In July 2022 the Company started a
new operations of Direct-To-Customer health testing kits health issues ranging from food sensitivity, indoor/outdoor allergies, HPV, thyroid
functioning, testosterone levels, and the hemoglobin A1C test, with results going directly to the user within days. This operation
is still in an early stage and no revenue has been recorded in 2022.
The accompanying consolidated financial statements have been prepared
assuming that the Company will continue as a going concern. The Company incurred a net loss of $
25,066
and $
14,888
for the years ended
December 31, 2022 and 2021, respectively, and generated $
115,263
and $
90,634
of accumulated deficit since inception for December 31, 2022
and 2021, respectively. The Company has incurred negative cash from operation and net losses for current and recent years. The Company
financed its operation up do date by using bank credit line, loans, issuance of shares, convertible securities, and loans from its major
shareholder. The Company's major shareholder, in return for shares and warrants (as further detailed in note 24E), has committed
to continue and support the Company's ongoing operation for the foreseeable future if other sources of funding would not be available
to the Company and under certain conditions (see also note 24 D).
These consolidated financial statements of the Company were authorized
for issue by the Board of Directors on May 15, 2023.
F-
10
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 2 - SIGNIFICANT ACCOUNTING
POLICIES:
The principal accounting policies adopted in
the preparation of the consolidated financial statements are set out below. The policies have been consistently applied to all the years
presented, unless otherwise stated.
A.
Basis of preparation
These consolidated financial statements
have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards
Board ("IASB"). The consolidated financial statements have been prepared under the historical cost convention except for
certain financial liabilities, which are measured at fair value until conversion. The Company has elected to present the consolidated
statement of comprehensive loss using the function of expense method.
B.
Basis of consolidation
Where the Company has control over
an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power
over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable
returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.
The consolidated financial statements present the results of the Company and its subsidiaries as if they formed a single entity. Intercompany
transactions and balances between group companies are therefore eliminated in full.
C.
Organizational Structure
The consolidated financial statements
of the Company include the accounts of the Company and the following subsidiaries:
Entity name
State incorporated
Percent ownership
G Medical Innovations Holdings Ltd.
Cayman Islands
Parent Company
G Medical Innovations Ltd.
Israel
100%
G Medical Innovations Asia Ltd.
Hong Kong
100%
G Medical Innovations UK Ltd.*
United Kingdom
100% - G Medical Innovations Asia Ltd.
Guangzhou Yimei Innovative Medical Science and Technology Co., Ltd.
China
70% - G Medical Innovations Asia Ltd
G Medical Innovations MK Ltd.
Macedonia
100%
G Medical Innovations USA Inc.
USA
100%
G Medical Diagnostic Services, Inc. (Formerly CardioStaff Diagnostic Services Inc)
USA
100% - G Medical Innovations USA Inc.
Telerhythmics, LLC
USA
100% - G Medical Innovations USA Inc.
G Medical Tests and Services, Inc**
USA
100% - G Medical Innovations USA Inc.
G Medical Lab Services, Inc**
USA
80% - G Medical Innovations USA Inc.
G Medical Mobile Health Solution, Inc
USA
100% - G Medical Innovations USA Inc.
G Medical Health and Wellness, Inc***
USA
100% - G Medical Innovations USA Inc.
G Medical Health and Wellness Lab, Inc***
USA
100% - G Medical Innovations USA Inc.
*
Not active
**
In December 2021 the Company started a new business activity of COVID-19 Testing operating in the State of California, under G Medical Tests and Services, Inc a wholly owned subsidiary of G Medical Innovations USA Inc. In addition, in December 2021, G Medical Lab Services, Inc. was established as a subsidiary of G Medical Tests and Services, Inc, which holds
80
% of its share capital. The Company provides laboratory testing services as part of the Company COVID-19 testing in the United States. During the second half of 2022, the business activity of the companies was discontinued. (See Note 22).
***
In July 2022 the Company established two wholly owned subsidiaries: G Medical Health and Wellness, Inc, and G Medical Health and Wellness Lab, Inc for the purpose of the new Direct-To-Customer health testing kits activity. Accordingly, consumers will be able to order tests online, perform the test in privacy and receive their results online within few days from receiving the test in the lab.
F-
11
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 2
- SIGNIFICANT ACCOUNTING POLICIES (CONT.):
C.
Organizational
                                            Structure (cont.)
The consolidated financial statements
incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquirer's
identifiable assets, liabilities and contingent liabilities are initially recognized at their fair values at the acquisition date. The
results of acquired operations are included in the consolidated statement of comprehensive loss from the date on which control is obtained.
They are deconsolidated from the date on which control ceases. The goodwill represents the excess of the costs of a business combination
over the interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. Cost of a business combination
are comprised of the fair values of assets given, liabilities assumed and equity instruments issued. Any costs of acquisition are charged
to profit or loss. The Company recognizes any non-controlling interest in its acquisitions on an acquisition-by-acquisition basis, either
at fair value or at the non-controlling interest's proportionate share of the recognized amounts of acquirer's identifiable
net assets.
D.
Transaction with Non-controlling interests
Transactions with non-controlling
interests that do not result in loss of control is accounted for as equity transactions – that is, as transactions with the owners
in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying
value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded
in equity.
E.
Use of estimates and assumptions in the preparation of the consolidated financial statements
The preparation of consolidated
financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities including estimates for transactions with the major shareholder, disclosure of contingent assets and liabilities at the
dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. By their nature,
these estimates are subject to measurement uncertainty and are reviewed periodically and adjustments, if necessary, are made in the
year which they are identified. Actual results could differ from those estimates.
The Company uses estimates that
affect the reported amounts regarding derivative liabilities – warrants, convertible securities and share based compensation (See
also Note 3).
F.
Non-controlling interests
Total comprehensive loss of non-wholly
owned subsidiaries is attributed to owners of the parent and to the non-controlling interests in proportion to their relative ownership
interests.
G.
Foreign currency
The consolidated financial statements are prepared in U.S. Dollars
(the functional currency). Transactions and balances in foreign currencies are converted into U.S. Dollars in accordance with the principles
set forth by International Accounting Standard (IAS) 21 "The Effects of Changes in Foreign Exchange Rates". Accordingly, transactions
and balances have been converted as follows:
●
Monetary assets
                                            and liabilities – at the rate of exchange applicable at the consolidated statements
                                            of financial position date.
●
Exchange gains and losses from the
                                            aforementioned conversion are recognized in the statement of comprehensive loss.
●
Expense items – at exchange
                                            rates applicable as of the date of recognition of those items.
●
Non-monetary items are converted
                                            at the rate of exchange used to convert the related consolidated statements of financial
                                            position items, i.e., at the time of the transaction.
F-
12
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 2 - SIGNIFICANT ACCOUNTING
POLICIES (CONT.):
H.
Cash and cash equivalents
Cash equivalents are considered
by the Company to be highly liquid investments, including, short-term deposits with banks and the maturity of which do not exceed three
months at the time of deposit, and which are not restricted.
I.
Restricted deposit
Restricted deposit is considered
by the Company to be deposits with banks which are used mainly as a security for guarantees provided against payable payments in advance.
J.
Research and development
Research costs are expensed as incurred.
Development expenditures on an individual project are recognized as an intangible asset when the Company can demonstrate:
●
The product is technically and commercially
                                            feasible.
●
The Company intend to complete the
                                            product so that it will be available for use or sale.
●
The Company has the ability to use
                                            the product or sell it.
●
The Company has the technical, financial
                                            and other resources to complete the development and to use or sell the product.
●
The Company can demonstrate the
                                            probability that the product will generate future economic benefits.
●
The Company is able to measure reliability
                                            the expenditure attributable to the product during the development.
During the years 2022 and 2021 the
Company did not meet the above criteria therefore all the development costs have been recognized as expenses.
K.
Leases
The Company applied the following
practical expedients when applying IFRS 16 (January 1, 2019) to leases previously classified as operating leases:
●
Applied a single discount rate to
                                            a portfolio of leases with reasonably similar characteristics.
●
Applied the exemption not to recognize
                                            right-of-use assets and liabilities for leases with less than 12 months of lease term remaining
                                            as of the date of initial application and do not contain a purchase option.
●
Applied the practical expedient
                                            provided by the standard to recognize right-of-use assets equal to the lease liability upon
                                            initial application.
Under
IFRS 16, the Company recognizes right-of-use assets and lease liabilities for most leases.
Right-of-use assets:
The Company recognizes right-of-use
assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured
at cost, less any accumulated depreciation and any accumulated impairment losses, and adjusted for any re-measurement of lease liabilities.
The cost of right-of-use assets comprises the amount of the initial measurement of the lease liability; lease payments made at or before
the commencement date less any lease incentives received; and initial direct costs incurred. The recognized right-of-use assets are depreciated
on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.
The right-of-use assets are presented within property, plant and equipment.
F-
13
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 2
- SIGNIFICANT ACCOUNTING POLICIES (CONT.):
K.
Leases (cont.)
Lease liabilities:
At the commencement date of the
lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease
payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments
that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the
exercise price of a purchase option that is reasonably certain to be exercised by the Company and payments of penalties for terminating
a lease, if the lease term reflects the Company exercising the option to terminate. The variable lease payments that do not depend on
an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs.
Lease term:
The term of a lease is determined
as the non-cancellable period for which a lessee has the right to use an underlying asset, together with periods covered by an option
to extend the lease if the lessee is reasonably certain to exercise that option periods.
L.
Earnings per share
Basic and diluted earnings per share
is calculated as net loss attributable to the shareholders of the Company, divided by the weighted average number of ordinary shares
in circulation during the year.
M.
Government grant
Government grants are not recognized
before there is reasonable assurance that the Company would comply with the conditions attached and that the grants would be accepted.
When entitlement to a government
grant is created as compensation for expenses or losses already incurred or in order to provide immediate support to the Company without
any future reference costs, the Company recognized the grant in profit or loss during the period in which entitlement to the grant was
created.
In cases other than the above, government
grants have been recognized in profit or loss on a systematic basis over periods that the Company recognizes costs that are referred
to as expenses for which the grants are intended to provide compensation.
Grants relating to the expense were
recorded in the statement of comprehensive loss less the related expenses. In April 2020, under the Coronavirus Aid, Relief, and Economic
Security Act (the "CARES Act") in the United States the U.S subsidiary signed an agreement with Small Business Administration
("SBA") receive a loan according to the Paycheck Protection Program ("PPP") in the amount of approximately $
900
from Bank of America. According to the terms of the PPP loan, the payments were deferred for six months from the funding date and no
collateral or personal guarantees are required. The PPP loan had a maturity of two years and bore an interest rate of
1
%. A borrower
can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. The Company applied
for forgiveness for the PPP loan. The PPP loan was accounted for as a deduction from wage expenses in 2020 and not as a loan liability
since all conditions for waiver were met as of December 31, 2020. On April 3, 2021, the Company received approval for a full forgiveness
from the SBA and the loan was fully paid from SBA to Bank of America.
F-
14
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 2 - SIGNIFICANT ACCOUNTING
POLICIES (CONT.):
N.
Provisions
Provisions are recognized when the
Company has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits
will result and that outflow can be reliably measured. Provisions are measured using the best estimate of the amounts required to settle
the obligation at the end of the reporting period.
O.
Fair value measurement
Fair value is the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place
either:
1.
In the principal market
                                            for the asset or liability, or
2.
In the absence of a
                                            principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous
market must be accessible to the Company. The fair value of an asset or a liability is measured using the assumptions that market participants
would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement
of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in
its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The Company uses valuation techniques
that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant
observable inputs and minimizing the use of unobservable inputs.
Classification of fair value
hierarchy
The financial instruments presented
in the statement of financial position at fair value are grouped into classes with similar characteristics using the following fair value
hierarchy which is determined based on the source of input used in measuring fair value:
Level 1
-
Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2
-
Inputs other than quoted prices included within Level 1 that are observable either directly or indirectly.
Level 3
-
Inputs that are not based on observable market data (valuation techniques which use inputs that are
    not based on observable market data).
F-
15
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (CONT.):
P.
Financial instruments
Financial assets
The Company classifies its financial
assets into the following category, based on the business model for managing the financial asset and its contractual cash flow characteristics.
The Company's accounting policy for the relevant category is as follows:
Amortized cost: These assets arise
principally from the services rendered to customers (e.g. trade receivables), but also incorporate other types of financial assets where
the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of
principal and interest. They are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition
or issue and are subsequently carried at amortized cost using the effective interest rate method, less provision for impairment. Impairment
provisions for trade receivables are recognized based on the simplified approach within IFRS 9 using a provision matrix in the determination
of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed.
This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit
loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in a separate provision account
with the loss being recognized within general and administrative expenses in the consolidated statements of comprehensive income. On
assessment that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated
provision.
Financial liabilities
The Company's accounting policy
for its financial liabilities is as follows:
Fair value through profit or loss: This category comprises of convertible
securities and warrants which are carried in the consolidated statement of financial position at fair value with changes in fair value
recognized in the consolidated statement of comprehensive income. The treatment of the changes in the credit risk of those items were
designated for being recognized in other comprehensive income. Amortized cost: Other financial liabilities include bank borrowings, loans
from banks, trade payables, loans from major shareholders, leases and financial liability are initially recognized at fair value less
any transaction costs directly attributable to the issue of the instrument. Such liabilities are subsequently measured at amortized cost
using the effective interest method, which ensures that any interest expense over the period is at a constant interest rate on the balance
of the liability carried in the statement of financial position. Interest expense in this context includes initial transaction costs,
as well as any interest or coupon payable while the liability is outstanding.
De-recognition
Financial assets - The Company derecognizes
a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the rights to receive
the contractual cash flows.
Financial Liabilities - The Company
derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire.
F-
16
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 2
- SIGNIFICANT ACCOUNTING POLICIES (CONT.):
P.
Financial instruments (cont.)
Impairment of financial assets
Expected credit losses ("ECL")
and their measurement:
In order to manage the credit risks
associated with customer receivables, the Company aims to secure certain financial guarantees prior to entering into business relationship
with its customers.
To this end, the Company has developed
a four-level matrix, which is based on past experience and historical data along with projections of the future into consideration, in
order to group the ECL:
1.
Receivable from sale
                                            of products – prepayment by credit card on the Company's website.
2.
Receivables from Medicare and Medicaid
                                            Services ("CMS") – reimbursement, which the Company receives per the relevant
                                            Current Procedural Terminology ("CPT") code rate for the services rendered to
                                            the patient covered by CMS.
3.
Receivables from contracted third-party
                                            payors – the Company has negotiated amounts for its monitoring services provided to
                                            patients covered by commercial healthcare insurance carriers.
4.
Receivables from non-contracted payors
                                            - non-contracted commercial and government insurance carriers often reimburse out of network
                                            rates provided for under the relevant CPT codes on a case rate basis. The transaction price
                                            is based on an average of the Company's historical collection experience, and it is
                                            reviewed quarterly.
ECL are measured as the unbiased
probability-weighted present value of all cash shortfalls over the expected life of each financial asset. For receivables from services,
ECL are mainly calculated with a statistical model using three major risk parameters: probability of default, loss given default, and
exposure at default. The estimation of these risk parameters incorporates all available relevant information, not only historical and
current loss data, but also reasonable and supportable forward-looking information reflected by the future expectation factors. This
information includes macroeconomic factors (e.g., gross domestic product growth, unemployment rate, cost performance index) and forecasts
of future economic conditions. For receivables from services, these forecasts are performed using a scenario analysis (base case, adverse,
and optimistic scenarios).
The expected credit loss for customer
receivables is measured using the simplified method in accordance with IFRS 9, which requires estimation of the life-time expected credit
loss for trade receivables.
As of December 31, 2022 and December
31, 2021, ECL for trade and other account receivables were $
450
and $
464
respectively.
Definition of default, including
reasons for selecting the definition
For the contracted and CMS portfolios,
the Company has historical experience of collecting substantially most of the negotiated contractual rates and determined at contract
inception that these customers, and or their related third-party payor that pays the Company on their behalf, have the intention and
ability to pay the promised consideration. As such, the Company is not providing an implicit price concession but, rather, have chosen
to accept the risk of default, and adjustments to the transaction price are recorded as bad debt expense. For non-contracted portfolios,
the Company is providing an implicit price concession because the Company does not have a contract with the underlying payor, the result
of which requires us to estimate transaction price based on historical cash collections utilizing the expected value method. Subsequent
adjustments to the transaction price are recorded as an adjustment to revenue and not as an expense.
F-
17
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 2
- SIGNIFICANT ACCOUNTING POLICIES (CONT.):
P.
Financial instruments (cont.)
Write-off policy
The Company writes off its financial
assets if any of the following occur:
●
Inability to locate
                                            the debtor.
●
Discharge of the debt in a bankruptcy.
●
It is determined that the efforts
                                            to collect the debt are no longer cost effective given the size of receivable.
●
Open debts over 18 months.
The collections department must
comply with the collection efforts outlined in the policy to collect on delinquent customer accounts before any write-offs are made.
Q.
Impairment of non-financial assets
Goodwill and other intangible assets
that have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more frequently if events
or changes in circumstances indicate that they might be impaired. Other non-financial assets are reviewed for impairment whenever events
or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount
by which the asset's carrying amount exceeds its recoverable amount. Recoverable amount is the higher of an asset's fair
value less costs of disposal and value-in-use.
The value-in-use is the present
value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or cash-generating
unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit.
A cash-generating unit is the smallest group of assets that independently generates cash flow and whose cash flow is largely independent
of the cash flows generated by other assets.
R.
Property, plant, and equipment
Items of property, plant, and equipment
are initially recognized at cost. Cost includes directly attributable costs and the estimated present value of any future costs of dismantling
and removing items. Depreciation is computed by the straight-line method, based on the estimated useful lives of the assets, as follows:
Estimated useful lives
Computers and electronic equipment
3
Furniture and equipment
7
Vehicles
6
-
7
Leasehold Improvement
3
-
7
Lab equipment
5
F-
18
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 2
- SIGNIFICANT ACCOUNTING POLICIES (CONT.):
S.
Revenue recognition
Service revenue
The Company's revenue is generated primarily from providing cardiac
monitoring services. Revenue is recognized when the Company satisfies a performance obligation by transferring service to a customer,
and collectability of the contract consideration is probable. The Company's revenue is measured based on consideration specified
in the contract with each customer. Revenue is only recognized if it is highly probable that a subsequent change in its estimate would
not result in a significant revenue reversal.  The Company provides cardiac services using four types of monitors: Mobile Cardiac
Telemetry ("MCT"), Event Extended Holter, Holter, and Prizma device's RPM of vital signs. The Company's services
consist of the delivery of reports containing analysis of data captured by the physical device to the prescribing physician and the revenue
is recognized upon the delivery of the customer's report.
Billings for services reimbursed
by third party payers, including Medicare and Medicaid, are recorded as revenue net of contractual allowances.
Contractual allowances are
estimated based on historical collections by CPT code (Current Procedural Terminology)
for
specific payers or class of payers and represent the difference between the list price (the billing rate) and the reimbursement rate
for each payer.
All of the Company'
Service Revenue are generated from service provided through an independent diagnostic testing facility model which allows the
Company to bill Medicare, Medicaid, or one of the third-party healthcare insurers directly for services provided. The Company also
receives reimbursement directly from patients through co-pays and self-pay arrangements.
A summary of the payment arrangements
with payers is as follows:
●
CMS (Centers for
                                            Medicare & Medicaid Services) - the Company receive reimbursement per the relevant CPT
                                            (Current Procedural Terminology) code rate for the services rendered to the patient covered
                                            by CMS.
●
Contracted third-party
                                            payers – the Company has negotiated amounts for its monitoring services provided to
                                            patients covered by commercial healthcare insurance carriers.
●
Non-contracted
                                            payers - non-contracted commercial and government insurance carriers often reimburse out
                                            of network rates provided for under the relevant CPT codes on a case rate basis. The transaction
                                            price is based on an average of the Company's historical collection experience, and
                                            it is reviewed quarterly.
For the contracted and
                                            CMS portfolios the Company has historical experience of collecting most of the negotiated
                                            contractual rates and determined at contract inception that these customers, and or their
                                            related third-party payer that pays the Company on their behalf, have the intention and ability
                                            to pay the promised consideration. As such, the Company is not providing an implicit price
                                            concession but, rather, have chosen to accept the risk of default, and adjustments to the
                                            transaction price are recorded as bad debt expense.
For
                                            non-contracted portfolios, the Company is providing an implicit price concession because
                                            the Company does not have a contract with the underlying payer, the result of which requires
                                            us to estimate transaction price based on historical cash collections utilizing the expected
                                            value method. Subsequent adjustments to the transaction price are recorded as an adjustment
                                            to revenue and not as bad debt expense.
Covid-19 services
In December 2021 the Company started
a new business activity of COVID-19 testing in the State of California, providing its COVID-19 testing services. There are two groups
of payors from which the Company seeks payment for testing services provided to patients:
US federal government's Health
Resources & Services Administration program ("HRSA"). and Insurance companies.
F-
19
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 2
- SIGNIFICANT ACCOUNTING POLICIES (CONT.):
S.
Revenue recognition
                                            (cont.)
US federal government's Health
Resources & Services Administration program ("HRSA")
On March 22, 2022, the HRSA program
stopped accepting claims for Covid-19 testing and treatment due to lack of sufficient funds. Despite requests from the Acting Director
of the Office of Management and Budget and the White House Coordinator for Covid-19 Response for additional emergency funding for the
uninsured program, emergency funding has not been allocated to the HRSA uninsured program as of the financial statement issuance date. If
funding for the HRSA program is reinstituted in the future, the Company will submit eligible claims for reimbursement to HRSA.
For the twelve months ended December 31, 2022, the Company recognized
revenue in the amount of approximately $
361
for performing tests which have been collected until March 22, 2022, from HRSA, the Company
did not recognized revenue from Covid tests performed to uninsured patients after March 22, 2022 since HRSA program stopped. In case the
program will be reinstituted in the future the Company will recognize this revenue on cash basis. All costs incurred in respect of tests
provided under HRSA, have been fully charged to profit or loss (see note 22 re discontinuation of this operation).
Insurance companies - the Company has not yet recognized
revenue due to the remaining uncertainty concerning the existence of enforceable contracts with the insurance companies in respect of
collectability as it lacks sufficient experience with private insurance companies.
For accounting purposes, since the
Company did not meet the revenue recognition criteria in accordance with IFRS 15 the Company will recognize revenue on cash basis.
Sale of devices
Sales of products consist of
revenue from the sale of Prizma Medical Smartphone Case as well as future sale of Kits. The Company recognizes revenue at the amount
to which it expects to be entitled when control of the products or services is transferred to its customers. Control is generally
transferred when the Company has a present right to payment and title and the significant risks and rewards of ownership of products
are transferred to its customers. There is limited judgement needed in identifying the point control passes: once physical delivery
of the products to the agreed location has occurred, the Company no longer has physical possession, the Company usually will have a
present right to payment (as a single payment on delivery) and retains none of the significant risks and rewards of the goods in
question.
For most of the Company's
products sales, control transfers when products are shipped.
T.
New standards, interpretations and amendments not yet effective.
There are several standards, amendments
to standards, and interpretations, which have been issued by the IASB that are effective in future accounting periods that the Company
has decided not to adopt early.
F-
20
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 2
- SIGNIFICANT ACCOUNTING POLICIES (CONT.):
T.
New standards, interpretations
and amendments not yet effective (cont.)
The Company has not early adopted any standard,
interpretation or amendment that has been issued but is not yet effective. There are a number of standards, amendments to standards, and
interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt
early.
The following amendments are effective for the
period beginning January 1, 2023:
●
Disclosure
                                            of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2);
●
Definition
                                            of Accounting Estimates (Amendments to IAS 8); and
●
Deferred
                                            Tax Related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS
                                            12).
The following amendments are effective for the
period beginning January 1, 2024:
●
IFRS
                                            16 Leases (Amendment – Liability in a Sale and Leaseback)
●
IAS
                                            1 Presentation of Financial Statements (Amendment – Classification of Liabilities as
                                            Current or Non-current)
●
IAS
                                            1 Presentation of Financial Statements (Amendment – Non-current Liabilities with Covenants)
The Company is currently assessing the impact
of these new accounting standards and amendments.
The Company does not expect any other standards
issued by the IASB, but not yet effective, to have a material impact on the Company.
U.
Inventories
Inventories are initially recognized at cost,
and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs
incurred in bringing the inventories to their present location and condition. Weighted average cost is used to determine the cost of
ordinarily interchangeable items. A provision is made to reduce excess and obsolete inventories to net realizable value.
V.
Post-employment benefits
One of the Company subsidiaries, has a post-employment
benefits plan, The plan is financed by contributions to insurance companies and classified as defined contribution plans. The Company
has contributed for all of its employee's contribution plans pursuant to Section 14 to the Severance Pay Law which the Company
pays fixed contributions and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient
amounts to pay all employee benefits relating to employee service in the current and prior periods.
W.
Transactions with shareholders
A loan received from the controlling shareholder is recorded on first
recognition in the financial statements of the Company as a liability according to its fair value. The difference between the amount of
the loan received or given and its fair value on the date of recognition for the first time is recognized in equity. After first recognition,
the loan is presented in the financial statements of the Company in accordance with the effective interest method.
F-
21
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 3
-
CRITICAL ACCOUNTING ESTIMATES
AND JUDGEMENTS:
Share based compensation
The Company measures the share-based expense and the cost of equity-settled
transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The measurement
of the fair value of the share-based expense with service providers measured at the day that the service was provided. The fair value
is determined using an accepted options pricing model (Black Scholes model and Monte-Carlo). The model is based on share price, grant
date and on assumptions regarding expected volatility, expected life of the options, expected dividend, and a no risk interest rate. As
for granted options which are settled in equity instruments, the fair value of the options at the grant date is charged to the statement
of comprehensive loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity
instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognized over the vesting period is based
on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of
the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting
conditions are satisfied.
Share based compensation
(cont.)
For Financial instruments recognized
in Fair Value – See note 2)P).
Financial liabilities at fair value
The fair value of financial liabilities at fair
value was estimated by using a Black Scholes model and Monte-Carlo simulation approach, which was aimed to model the value of the Company's
assets over time. The simulation approach was designed to take into account the terms and conditions financial liability, as well as the
capital structure of the Company and the volatility of its assets. The valuation was performed based on management's assumptions
and projections.
Expected credit losses ("ECL")
See accounting policy in Note 2.P.
NOTE 4 - INVENTORY:
December 31,
2022
December 31,
2021
Raw materials
32
116
Finished goods
260
239
Total
292
355
The Company recorded an inventory write off in
the amount of $
2,084
, $
13
and $
304
during the years ended December 31, 2022, 2021 and 2020, respectively. According to Company's policy,
the Company recognizes inventory write-offs according to the age of the inventory as of each cut-off date.
F-
22
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 5 – TRADE RECEIVABLES,
NET:
December 31,
2022
December 31,
2021
Customers
1,043
971
Less expected credit loss
(
450
)
(
464
)
Total
593
507
NOTE 6
-
OTHER ACCOUNTS RECEIVABLE:
December 31,
2022
December 31,
2021
Prepaid expenses
505
1,033
Institutions
46
331
Advances to suppliers
-
194
other
75
147
Total other accounts receivable
626
1,705
Less long-term portion of prepaid expenses
(
185
)
(
213
)
Total current other accounts receivable
441
1,492
NOTE 7
-
PROPERTY, PLANT AND EQUIPMENT, NET:
Computers and
electronic
equipment
Furniture
and
equipment
Vehicles
Leasehold
Improvements
Right of
use assets *
Total
Cost:
Balance at January 1, 2021
3,693
451
148
210
1,252
5,754
Additions in 2021
435
-
115
-
316
866
Disposals in 2021
(
619
)
(
6
)
(
148
)
(
149
)
(
41
)
(
963
)
Balance at December 31, 2021
3,509
445
115
61
1,527
5,657
Accumulated depreciation:
As of January 1, 2021
2,232
186
62
95
864
3,439
Additions
793
62
8
27
324
1,214
Disposals
(
575
)
(
2
)
(
66
)
(
65
)
(
41
)
(
749
)
As of December 31, 2021
2,450
246
4
57
1,147
3,904
Net Book Value:
As of December 31, 2021
1,059
199
111
4
380
1,753
*
See also Note 14 – Leases
F-
23
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 7
-
PROPERTY, PLANT AND EQUIPMENT, NET (CONT.):
Computers and
electronic
equipment
Furniture
and
equipment
Vehicles
Leasehold
Improvements
Right of
use assets
Total
Cost:
As of January 1, 2022
3,509
445
115
61
1,527
5,657
Additions
1,997
24
57
43
1,344
3,465
Disposals
(
2,089
)
(
169
)
(
57
)
(
51
)
(
1,182
)
(
3,548
)
As of December 31, 2022
3,417
300
115
53
1,689
5,574
Accumulated depreciation:
As of January 1, 2022
2,450
246
4
57
1,147
3,904
Additions
671
60
23
4
454
1,212
Disposals
(
1,756
)
(
100
)
(
6
)
(
31
)
(
296
)
(
2,189
)
As of December 31, 2022
1,365
206
21
30
1,305
2,927
Net Book Value:
As of December 31, 2022
2,052
94
94
23
384
2,647
*
See
also
Note 14 – Leases
NOTE 8
-
CONVERTIBLE SECURITIES AND FINANCIAL LIABILITY AT FAIR VALUE:
A.
In October and November 2018, the Company entered into a convertible
securities agreement (the "Convertible Securities") with investors (the "Noteholders"), according to which the
Company issued 1,286 notes (face value of $ 3,465 per note) to the Noteholders for an aggregate principal amount of $4,050. The Convertible
Securities matured 18 months after the issuance date and are convertible into an aggregate of 5,980 ordinary shares of the Company.
Each
Convertible Security is convertible into such number of ordinary shares equal to the product of the number of Convertible Securities converted
and the face value of $3,465 per Convertible Security, divided by exchange rate of $0.727 and divided by the fixed conversion price of
AUD 1,059.1 (approximately $719.7). In addition, the Company issued to the Noteholders 276 ordinary shares of the Company and warrants
(the "Convertible Securities Warrants") to purchase an aggregate of 1,478 ordinary shares with an exercise price of AUD 1,231.7
(approximately $836.9) per share, which will expire on October 31, 2023.
For
lead manager services, the Company granted a warrant to purchase an aggregate of
386
ordinary shares with an exercise price of AUD
1,231.7
(approximately $
836.9
), which will expire on
October 31, 2023
.
The
Convertible Securities Warrants were classified as a derivative financial liability and are re-measured each reporting date, with changes
in fair value recognized in finance expense (income), net, since the exercise price is denominated in AUD and the functional currency
of the Company is the USD.
The
Company designated upon initial recognition that the Convertible Securities be measured at fair value through profit or loss. The transaction
costs for lead manager services were recorded through profit or loss and equity proportionately among the fair value of the issued securities
(notes, Convertible Securities, warrants, and ordinary shares).
As of December 31, 2020, the Company had fulfilled and repaid all its
obligations under this Convertible Securities agreement.
As
of December 31, 2022 and 2021, the fair value amount of those warrants was $
0
and $
1
respectively.
F-
24
G
                                            MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 8
-
CONVERTIBLE SECURITIES AND FINANCIAL LIABILITY AT FAIR VALUE (CONT.):
B.
On December 21, 2020, the
Company entered into a CLA transaction (the "CLA Transaction"), whereby the Company entered into a securities purchase agreement,
including convertible debentures and warrants to purchase the Company's ordinary shares, with Alpha Capital Anstalt ("Alpha"),
pursuant to which the Company obtained a convertible loan in an aggregate amount of $
350
, against issuance of convertible debentures
(the "December 2020 Financing Debentures"), and warrants to purchase
2,277
ordinary shares of the Company (the "December
2020 Financing Warrants").
The
December 2020 Financing Warrants have an exercise price per share equal to the per share price of the Company's ordinary shares in the
Nasdaq IPO in June, subject to standard adjustments and have a five-year term.
Alpha
was also provided a right to purchase $
150
additional convertible debentures on the same terms for a period of six months from the date
of the CLA Transaction. On February 17, 2021, Alpha exercised the foregoing right to purchase $
150
against issuance of additional convertible
debentures and warrants to purchase
976
ordinary shares, on the same terms as the CLA Transaction.
In
2020, the convertible debentures, as well as the warrants and the right to purchase additional convertible debentures were classified
as a derivative financial liability.
During
October 2021 the company repaid the two convertible debentures to Alpha along with the accrued interest due.
As
of December 31, 2022 and 2021, the fair value amount of those warrants was $
0
and $
37
, respectively.
C.
In April 2021, the Company entered into a securities purchase
agreement, including convertible debentures and warrants to purchase the Company's ordinary shares, with Jonathan B. Rubini ("Rubini"),
pursuant to which the Company obtained a convertible loan in an aggregate amount of $
600
, against issuance of convertible debentures,
and warrants to purchase
3,903
ordinary shares with an exercise price equal to the per share price of the Company's ordinary shares
in the Nasdaq IPO in June 2021 and an expiration date of April
2026
. The debentures had a six-month term from issuance and bore interest
at
10
% per annum. Since the Company did not pay the debenture within the six months term and until October 7, 2021, according to the
agreement, the interest rises to
12
% per annum until April 2022 and then the interest rate will increase to
16
% per annum until a repayment
date of October 7, 2023 ("repayment date"). If the Company has not paid the principal amount as of the repayment date the
conversion price shall be $
1.4
per share. As of December 31, 2021, the total amount of this financial liability was $
648
(including the
accrued interest) and the fair value amount of above warrants were $
47
.
In June 2022, the
Company and Rubini signed an amended and restated convertible debenture which amended the terms of the original convertible debenture
agreement signed on April 7, 2021. According to the amended and restated agreement the Company promised to pay Rubini the principal sum
of $
600
on
October 7, 2022
(the "Maturity Date") which is a one year extension from the maturity date set forth in the original
debenture. The Company shall pay interest to the holder on the aggregate unconverted and then outstanding principal amount of this debenture
at the rate of
10
% per annum, payable on the maturity date and thereafter subject to increase. In the event the Company has not paid
the principal amount of this debenture and all accrued but unpaid interest in full as of the maturity date then the interest shall increase
to
12
% per annum until April 7, 2023 and then the interest rate will increase to
16
% per annum until paid in full. If the Company has
not paid the principal amount as of the repayment date the conversion price shall be $
1.40
per share.
In October
2022, the Company and Rubini signed an additional amended and restated convertible debenture which amended the terms of the amended
and restated convertible debenture agreement by extending the repayment date of principal and interest. signed June 2022. According
to the amended and restated agreement the Company promised to pay Rubini the principal sum of $
600
on
October 1, 2022
(the
"Maturity Date") which is nearly a one year extension from the maturity date set forth in the original debenture. The
Company shall pay interest to the holder on the aggregate unconverted and then outstanding principal amount of this debenture at the
rate of
10
% per annum, payable on the maturity date and thereafter subject to increase. In the event the Company has not paid the
principal amount of this debenture and all accrued but unpaid interest in full as of the maturity date then the interest shall
increase to
18
% per annum until paid in full. If the Company has not paid the principal amount as of the repayment date the
conversion price shall be $
1.40
per share.
Since the amendments
of this convertible debenture were considered to be non-substantial, the Company accounted for it as an adjustment to the existing liability.
The amended convertible debenture is now measured at amortized cost using the effective interest method and as of December 31, 2022,
the total amount of this convertible debenture liability was $
737
and the fair value on December 31, 2022 of above warrants was $
1
.
This convertible debenture was fully repaid in April 2023.
F-
25
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 8
-
CONVERTIBLE SECURITIES AND FINANCIAL LIABILITY AT FAIR VALUE (CONT.):
D.
In December 2021, the Company entered into a Convertible
Loan Agreement ("Lind CLA Agreement") transaction (the "December 2021 Note") whereby the Company entered into
a securities purchase agreement relating to the purchase and sale of a senior convertible note for gross proceeds of US$
5,000
with Lind
Global Partners ("Lind"). The Lind CLA agreement provides for, among other things, the issuance of the December 2021 Note
with a $
5,800
face value, with a
24
-month maturity, and a fixed conversion price of $
122.5
per share (or Conversion Price) of the Company's
ordinary shares. At any time following the date that is earlier of
(1) the date that is six month of the issuance date or (2) the date
of effectiveness of a registration statement covering the underlying conversion shares this Note shall be convertible. The Company is
required to make principal payments in 20 equal monthly instalments commencing 120 days after funding (the "Repayment").
At the Company discretion,
the repayments can be made in: (i) cash; (ii) ordinary shares (after ordinary shares are registered) (or the Repayment Shares); or a
combination of both. Repayment Shares will be priced at 90% of the average of the five lowest daily VWAPs (Volume Weighted Average Price).
Additionally, the
December 2021 Note ranks senior to other of the Company debt. Further, the Lind CLA Agreement provides that Lind will also receive a
common shares purchase warrant to purchase up to
32,766
ordinary shares of the Company (the "December 2021 Warrant"). The
December 2021 Warrant may be exercisable with cash payment for
60
months with an exercise price of $
122.5
per ordinary share (subject
to adjustments) and may be exercised on a cashless basis at any time after the earlier of (a) 120 days following the issuing date or
(b) in the event that a registration statement covering the underlying Common Shares is not deemed effective. Lind was also granted a
12-month right to participate in a future financing.
The Company has
repaid in full the convertible loan in two instalments, an amount of $
2.5
million was repaid in February 2022 and the remaining balance
was repaid in April 2022 and as part of the April 2022 private issuance described above.
As of December 31,
2021, the fair value amount of this convertible note was $
7,242
and the fair value amount of the warrants was $
1,174
.
Following the April
18, 2022, securities purchase agreement the warrants to purchase an aggregate of
32,766
ordinary share of the Company that were issued
to Lind Global in December 2021 have been amended to have a reduced exercise price of $
52.5
per ordinary share. In July 2022, this warrants
and other warrants which were issued to Lind Global were canceled and new warrants were issued, see below in paragraph H.
E.
In January 2022, the Company entered into a definitive securities
purchase agreement with Armistice Capital Fund Ltd ("Armistice") for the issuance, in a private placement, of an aggregate
of
68,571
ordinary shares par value $
3.15
per share or pre-funded warrants and warrants (or the "Ordinary Warrants") to purchase
up to an aggregate of
68,572
ordinary shares, at a purchase price of $
175
per ordinary share (or pre-funded warrant) and associated warrant.
The gross proceeds to the Company from this private placement were $
12,000
.
The Ordinary Warrants
have an exercise price of $
175
per share, were exercisable immediately upon issuance and will have a term of five (5) years. The pre-funded
warrants, and the associated Ordinary Warrant, were sold at a price of $
175
each, including the pre-funded warrant exercise price of
$
0.0035
per ordinary share. The pre-funded warrants were exercisable at any time after the date of issuance upon payment of the exercise
price.
The Ordinary Warrants
and the pre-funded warrants were classified as a derivative financial liability.
F-
26
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 8
-
CONVERTIBLE SECURITIES AND FINANCIAL LIABILITY AT FAIR VALUE (CONT.):
E.
(cont.)
The initial fair
value of the Ordinary Warrants and of the pre-funded warrants at issuance was $
4,944
and $
3,440
, respectively and transaction costs were
$
1,993
that were paid in cash and additional cost of $
248
representing the fair value of
3,435
warrants granted to the placement agent
for such private placement.
In July 2022, this
warrants and other warrants which were issued to Armistice were canceled and new warrants were issued, see below in
paragraph G.
The Company remeasured the pre-funded warrants fair value at March
25, 2022 (date of exercise) as $
1,152
and the change in fair value was recorded in the Consolidated statement of comprehensive loss.
All of those pre-funded
warrants were exercised on March 25, 2022, and
22,857
ordinary shares were issued in consideration for $
0.0035
per share.
As a result of the
above, Lind Global Fund II LP ("Lind Global") exercised its right of participation, and the Company entered into a definitive
securities purchase agreement with Lind Global (the "Lind SPA") for the issuance, in a private placement, of an aggregate
of
571
ordinary shares par value $
3.15
per share and Ordinary Warrants to purchase up to an aggregate of
572
ordinary shares, at a purchase
price of $
175
per ordinary share and associated warrant.
The terms of the
Lind SPA are substantially similar to the terms of the aforementioned securities purchase agreement, and the terms of the Ordinary Warrants
issued pursuant to the Lind SPA are substantially similar to the terms of the warrants issued pursuant to the aforementioned securities
purchase agreement.
The warrants were
classified as a derivative financial liability and the initial fair value of the warrants at issuance was $
83
.
In July 2022 this
warrants and other warrants which were issued to Lind Global were canceled and new warrants were issued, see below in paragraph H.
In April 2022,
the Company entered into a definitive securities purchase agreement with Armistice Capital Fund Ltd ("Armistice") for the
issuance, in a private placement, of an aggregate of
142,857
ordinary shares par value $
3.15
per share or pre-funded warrants and
warrants (or the "Ordinary Warrants") to purchase up to an aggregate of
178,572
ordinary shares, at a purchase price of
$
52.5
per ordinary share (or pre-funded warrant) and associated warrants.
The gross proceeds
to the Company from this private placement were $
7,500
.
The Ordinary Warrants
have an exercise price of $
52.5
per share, were exercisable immediately upon issuance and will have a term of five (5) years. The pre-funded
warrants, and the associated Ordinary Warrant, were sold at a price of $
52.5
each, including the pre-funded warrant exercise price of
$
0.0035
per ordinary share. The pre-funded warrants were exercisable at any time after the date of issuance upon payment of the exercise
price.
The Ordinary Warrants
and the pre-funded warrants were classified as a derivative financial liability. The initial fair value of the Ordinary Warrants and
of the pre-funded warrants at issuance was $
4,489
and $
3,160
, respectively and transaction costs were $
680
that were paid in cash and
additional cost of $
254
representing the fair value of
7,150
warrants granted to the underwriters.
In July 2022 this
warrants and other warrants which were issued to Armistice were canceled and new warrants were issued, see below in
paragraph G.
All of the pre-funded
warrants were exercised on June 17, 2022 and
91,428
ordinary shares were issued in consideration for $
0.0035
per share.
F-
27
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 8 - CONVERTIBLE SECURITIES
AND FINANCIAL LIABILITY AT FAIR VALUE (CONT.):
F.
In April 2022, the Company entered into an Amendment with
the holder, Armistice , of its warrants, as mentioned above in paragraph (E), to purchase up to an aggregate of
68,572
ordinary shares,
with a purchase price of $
175
per ordinary Share. The February Warrants were issued pursuant to a securities purchase agreement dated
January 30, 2021. The Amendment modified the exercise price per ordinary share of the February Warrants to $
52.5
.
In July 2022 the
holder exercised its rights under the Warrants to purchase
68,072
Ordinary shares of the Company in consideration for $
2,000
, representing
an exercise price of $
29.4
per share. The remaining purchase rights under these Warrants were cancelled (the remaining of
68,572
and
178,572
warrants were canceled and new warrants were issued to Armistice. See also below in paragraph (G).
As a result of the
Prior SPA as mentioned above, on April 20, 2022, Lind Global Fund II LP ("Lind
Global") exercised its right of participation, and the Company entered into a definitive securities purchase agreement with Lind
Global (the "Lind SPA") for the issuance, in a private placement, of an aggregate of
9,523
ordinary shares par value $
3.15
per share and warrants (or the "Ordinary Warrants") to purchase up to an aggregate of
11,905
ordinary shares, at a purchase
price of $
52.5
per ordinary share and associated warrant. The warrants were classified as a derivative financial liability and the initial
fair value of the warrants at issuance was $
497
.
The terms of the
Lind SPA are substantially similar to the terms of the aforementioned securities purchase agreement, and the terms of the Ordinary Warrants
issued pursuant to the Lind SPA are substantially similar to the terms of the warrants issued pursuant to the aforementioned securities
purchase agreement. Also, all the warrants to purchase an aggregate of
572
ordinary shares of the Company that were issued to Lind Global
in February 2022 have been amended to have a reduced exercise price of $
52.5
per ordinary share.
G.
In July 2022, the Company issued a warrant to purchase Ordinary Share to Armistice to purchase up to an
aggregate of
264,150
ordinary shares, at exercise price of $
32.55
per ordinary share. The warrant shall become vested and exercisable
in whole or in part on or after January 20, 2023 and shall be exercisable over
5
-year and
9
-months term, commencing on the grant date.
This Warrant was
issued further to that certain Securities Purchase Agreement dated as of July 18, 2022 and replaced those certain Ordinary Share Purchase
Warrants issued to the holder in February 2022 and April 2022.
The Warrant was classified as a derivative financial liability. The
initial fair value of the Warrant at issuance was $
2,712
. The Company remeasured the Warrant fair value at December 31, 2022 as $
380
and
the change in fair value was recorded in the Consolidated statement of comprehensive loss.
H.
In July 2022, the Company issued an Ordinary Share Purchase
Warrant to Lind to purchase up to an aggregate of
45,242
ordinary shares, at a purchase price of $
32.55
per ordinary share. The warrant
shall become vested and exercisable in whole or in part on or after July 20, 2022, and shall be exercisable over
6
-year and
3
-months
term, commencing on the grant date. This Warrant was issued further to that certain Securities Purchase Agreement dated as of July 18,
2022 and replaced those certain Ordinary Share Purchase Warrants issued to the holder in December 2021, February 2022 and April 2022,
all of which have been cancelled.
The Warrant was classified as a derivative financial liability. The
initial fair value of the Warrant at issuance was $
465
. The Company remeasured the Warrant fair value at December 31, 2022 as $
65
and
the change in fair value was recorded in the Consolidated statement of comprehensive loss.
As of December 31, 2022 the fair value measurement of the warrants
was determined using the Black Scholes model. a Monte-Carlo simulation model. The main assumptions used in the valuation model were:
(1) risk free rate
3.17
%; (2) volatility of assets
100
%; and (3) original time until expiration -
5
years.
F-
28
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 8 - CONVERTIBLE SECURITIES
AND FINANCIAL LIABILITY AT FAIR VALUE (CONT.):
I.
In October 2022, the Company
entered into an agreement with Jonathan B. Rubini, or the Investor, in connection with a private placement investment for
79,365
Ordinary
Shares, and
79,366
warrants exercisable at $
6.30
to purchase
79,366
Ordinary Shares with price of $
6.30
per share and associated warrant,
for aggregate consideration of $
500
.
The warrants have an exercise price of $
6.3
per share, were exercisable at any time after
November 24,2022 and will have a term of
five
(5)
years
.
The Warrant was classified as a derivative financial liability. The
initial fair value of the warrant at issuance was $
457
. The Company remeasured the warrant fair value on December 31, 2022 as $
173
and
the change in fair value was recorded in the Consolidated statement of comprehensive loss.
J.
The warrants in this Note were classified as a derivative financial liability, since, among the rest, the exercise price might differ in some conditions.
NOTE 9 - OTHER ACCOUNTS PAYABLE:
December 31,
2022
December 31,
2021
Employees and authorities
1,050
770
Contingent liability
695
262
Others
286
214
Total
2,031
1,246
NOTE 10 - MAJORE SHAREHOLDER BALANCE:
On December 29, 2022, the board of directors of
G Medical Innovations Holdings Ltd. (the "Company") approved a loan agreement, dated December 21, 2022 (the "Loan Agreement"),
between the Company and Dr. Yacov Geva, the Company's Chief Executive Officer and a major shareholder (the "Major Shareholder").
Under the terms of the Loan Agreement, the total amount of the loan provided by the Lender to the Company is $
1,000
which is linked to
NIS, with an annual interest rate of
12
%. In addition, the Major Shareholder was granted
515,233
shares and
515,233
warrants with an exercise
price of $
1.94
. The maturity of the Loan is December 2023.
The Company allocated the debt and equity instruments
based the fair value of the debt with residual value for the equity. As of December 31, 2022, the total value of the loan was $
765
. In
April 2023, the loan has been repaid.
During 2022 the Major Shareholder has drawn advances towards future
due amounts. The Company recorded these amounts with an accrued interest rate of
12
% similar to the interest rate which is applied to
the loans from the Major Shareholder. As of December 31, 2022 this was recorded in the amount of $
230
.
NOTE 11 - LONG TERM LOANS:
Linked to
Interest rate
December 31,
2022
December 31,
2021
Long term loans
NIS
2.6
%*
66
89
Long term loans
US$
2.1
%-
12
%
131
126
Less- Current portion
(
144
)
(
140
)
Total
53
75
*
Linked
to the consumer price index. The maturity date of the loan
is September 2024.
F-
29
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 11 - LONG TERM LOANS
(CONT.):
A
.
Upon G Medical Diagnostic Services Inc ("CardioStaff")
acquisition, additional long- term loans were added to the Company. The loans bear interest of between
4
%-
12
% per annum. The maturity
dates of these loans are between the years 2020-2023.
As of
December 31, 2022 and December 31, 2021, the total amount of those US loans was $
131
and $
126
, respectively.
B.
Reconciliation of the changes
in liabilities for which cash flows have been, or will be classified as financing activities in the statement of cash flows:
Loans
As of January 1, 2022
215
Changes from financing cash flows:
Repayment of loans
(
21
)
Total changes from financing cash flows
194
Accrued interest of long-term loans
3
As of December 31, 2022
197
Loans
As of January 1, 2021
2,083
Changes from financing cash flows:
Receipts of long-term loans
89
Conversion loans to shares
(
1,222
)
Repayment of loans
(
824
)
Total changes from financing cash flows
(
1,957
)
Accrued interest of long-term loans
89
As of December 31, 2021
215
NOTE 12
- COMMITMENTS AND CONTINGENCIES:
The
Israeli subsidiary's' (G Medical Innovations Ltd) entire assets and rights were pledged as a floating charge to secure bank
borrowings.
NOTE 13 - SHAREHOLDERS' DEFICIT:
A.
The ordinary shares in the Company entitle their holders
the right to receive notice to participate and vote in general meetings of the Company and the right to receive dividends, if and when
declared.
Number of shares
December 31, 2022
December 31, 2021*
Authorized
Issued and outstanding
Authorized
Issued and outstanding
Ordinary shares of $
3.15
par value
100,000,000
1,532,794
57,142,857
387,972
Warrants**
98,698
98,698
98,698
98,698
*
After giving effect to the reverse stock split (see also
Note 13C)
(**)
The
Warrants will be exercisable
at a price equal to $
218.75
per share and for a period of
five
years, starting
from June 2021.
F-
30
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 13 - SHAREHOLDERS' DEFICIT (CONT.):
B.
On June 29, 2021, the Company closed its initial public offering
(the "IPO") of
85,714
units. Each unit consisted of one Ordinary shares and one warrant to purchase one ordinary share at
a price of $
175
per unit. The gross proceeds to the Company from the initial public offering were $
15,000
before deducting underwriting
discounts and commissions and estimated offering expenses payable by the Company. The total issuance expenses were in the amount of $
2,150
,
only the costs in the amount of $
1,583
which were attributed to the offer of new shares are deducted from equity
The Company also granted an option
to the underwriter to purchase up to
12,858
additional warrants at the public offering price less the underwriting discount. The underwriters
exercised the option to purchase the
12,858
warrants.
The IPO warrants are immediately
exercisable on the date of the issuance at an exercise price of $
218.75
per ordinary share (
125
% of the public offering price per Unit)
and will expire
four years
from the date of issuance.
In addition, and upon the consummation
of the Company's initial public offering, the Company issued
8,721
ordinary shares upon the conversion of approximately $
1,222
of outstanding debt (part of the Company's loans) associated with the Company's acquisition of CardioStaff in November 2017,
which was calculated based upon
80
% of the public offering price of $
175
per unit in the initial public offering.
The Company issued
30,158
ordinary
shares at par value of $
3.15
to the Company's CEO, Dr. Yacov Geva, as part of a bonus for completing the Company's IPO.
C.
Reverse stock split:
On November 15, 2022, the Company's
shareholders approved, a 35-for-1 consolidation (hereinafter referred to as a reverse stock split of 35:1) of the Company's ordinary
shares pursuant to which holders of the Company's ordinary shares received one ordinary share for every 35 ordinary share held.
All ordinary shares (issued and unissued) will be consolidated on the basis that every 35 ordinary shares of par value $0.09 will be
consolidated into one ordinary share of par value $3.15, such that the authorized ordinary share capital of the Company following such
consolidation is $315,000 divided into 100,000,000 ordinary shares of a par value of $3.15 each.
The Company's shareholders also approved an increase in the Company's
share capital by
42,857,143
ordinary shares such that the Company's total authorized share capital will be
100,000,000
ordinary shares
going forward ( also see note 24
(C)
re change of Par Value
of the Company' ordinary shares).
D.
On December 3, 2021, the Company entered into a development and distribution agreement with Heartbuds AK LLC. Following this agreement, the Company issued
3,265
ordinary shares (see also note 13.G.11).
E.
During the year ended December 31, 2022 the Company issued
619,346
ordinary shares related to: conversion of performance shares, exercise of options / warrants and pre-funded warrants, payment made to a service provider, issuances for private placement investments in the Company, issuance for ATM (at the market offering) and issuance to the Company's CEO.
F.
The warrants that were granted to financial advisors and
consultants during 2022 and 2021 are as follows:
Amount
Exercise price
Expiration date
668
A$
135.45
October 22, 2025
2,224
A$
157.50
October 22, 2025
1,236
A$
261.45
October 22, 2025
74
A$
173.25
October 22, 2025
13,169
A$
157.50
June 29,2030
13,169
$
43.75
June 29,2030
6,001
$
218.75
June 25,2026
13,107
$
114.45
December 03, 2026
17,143
$
122.50
December 30, 2026
7,143
$
140.00
December 30, 2026
7,143
$
175.00
December 30, 2026
3,435
$
175.00
Feb 2, 2027
7,150
$
52.50
April 20, 2027
4,287
$
122.50
January 1, 2027
1,429
$
70.00
June 16, 2027
F-
31
G
                                            MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 13 - SHAREHOLDERS'
 DEFICIT (CONT.):
G.
Options, warrants and shares granted to employees and
service providers:
1.
In January 2022, the Company granted 4,287 warrants to two
service providers which will become vested and exercisable over 3 years, as follows, 33.33% after one year and then 8.33% per quarter
following the first vesting date and for a period of eight consecutive quarterly periods. The warrants have an exercise price of $122.5
per option share. The total fair value of the warrants, as measured on issuance date, amounted to $212 and the Company recorded an expense
of $138 through profit and loss in the twelve month ended December 31, 2022.
2.
In July 2021, the Company signed an agreement with a service
provider to provide consulting services. As part of the consideration, on April 8, 2022, the Company issued to the service provider
1,428
of the Company's ordinary shares. The Company's share price on the date of issuance was $
45.15
per share and the Company
recorded an expense of $
64
through profit and loss in the twelve month ended December 31, 2022.
3.
In June 2022, the Company issued warrants to purchase
1,429
ordinary shares to a service provider with an exercise price of $
70
per share. The warrants shall become vested and exercisable commencing two years after the grant date, and shall be exercisable over
5
-year term, commencing on the grant date. The total fair value of the warrants, as measured on issuance date, amounted to $
21
and the Company recorded it as an expense profit and loss.
4.
In January 2017, the Board of Directors approved a Global
Equity Incentive Plan (the "Plan"). The Plan will expire in December 2026. As of the December 31, 2022, the number of ordinary
shares reserved for the exercise of options granted under the Plan is
31,663
.
5.
The Company and the Company's subsidiaries employees, directors,
officers, and service providers, including major shareholder are eligible to participate in this Plan and receive awards of options,
share appreciation rights ("SARs"), restricted shares, restricted share units ("RSUs"), and any other share-based
grant, referred to as, individually or collectively. A summary of the status of the Company's option plan granted to employees as of
December 31, 2022, and changes during the relevant period ended on that date is presented below:
Year ended
December 31, 2022
Year ended
December 31, 2021*
Year ended
December 31, 2020*
Number
of options
Weighted average
Exercise price
Number
of options
Weighted average
Exercise price
Number
of options
Weighted average
Exercise price
Outstanding at beginning of year
72,538
$
89.79
671
$
616.875
886
$
661.50
Exercised
(
123
)
$
0.0315
-
-
(
7
)
$
0.0315
Granted
63,578
$
22.75
72,157
$
87.5
-
-
Forfeited and cancelled
(
3,572
)
$
53.20
(
290
)
$
761.25
(
208
)
$
728.875
Outstanding at end of year
132,421
$
58.68
72,538
$
89.79
671
$
616.875
Exercisable options
28,586
$
94.32
364
$
494.90
516
$
575.05
*
After giving effect to
the reverse stock split
F-
32
G
                                            MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 13 -
SHAREHOLDERS' DEFICIT (CONT.):
G.
Options, warrants and shares granted to employees and service
providers (Cont.):
5.
(cont.)
The options to employees
outstanding as of December 31, 2022, are comprised, as follows:
Exercise price
Outstanding as of
December 31,
2022
Weighted average
remaining
contractual term
Exercisable as of
December 31,
2022
Weighted average
remaining
contractual term
(years)
(years)
762.30
214
0.2
214
0.2
689.85
49
0.4
49
0.4
114.45
26,433
3.7
11,037
3.7
73.5
27,146
3.9
9,069
3.9
69.3
16,430
4
8,217
4.0
22.75
62,149
4.5
-
-
132,421
28,586
6.
On September 5, 2021, the Board of Directors approved to
issue a total of
26,433
options to Directors and management, that will become vested over a period of
three years
, with an expiry period
of
five years
and an exercise price per Option of $
114.45
.
7.
On November 15, 2021, the Board of Directors approved to
issue a total of
29,289
options to Directors and employees that will become vested over a period of
three years
with an expiry period
of
five years
and an exercise price per Option of $
73.5
.
8.
On December 23, 2021, the Board of Directors approved to
issue a total of
16,430
options to Directors that will become vested over a period of
two years
with an expiry period of
five years
and
an exercise price per Option of $
69.3
.
9.
On June 16, 2022, the Board of Directors approved to issue
a total of
63,578
options to directors and employees that will become vested over a period of
one year
with an expiry period of
five
years
and an exercise price per Option of $
22.75
.
10.
On November 30, 2021, the Company entered a joint development,
licensing, and distribution agreement with Heartbuds AK, LLC. Pursuant to the joint development agreement, the company and Heartbuds
will jointly develop a newer, enhanced model or generation of Heartbuds product to be included with the sale and distribution of the
company's Prisma devise (the "HB2").
On the date of the agreement, the Company
issued Heartbuds
3,265
of the Company's ordinary shares, and warrants to purchase
13,107
of the Company's ordinary shares
with an exercise price of $
114.45
and expiration period of
five
years.
From the date that the HB2 is approved
by the FDA until the last day of the 18-calendar month thereafter the warrants shall vest on a pro rata basis based on the actual number
of devices that Heartbuds will sell to be calculated relative to the agreed target of
20,000
devices.
11.
In December 2021,
the Company issued warrants to purchase
31,429
ordinary shares to a service provider with an exercise price ranging from $122.5 to $175. The warrants shall become vested and
exercisable commencing one year after the grant date, and shall be exercisable over 5-year term, commencing on the grant date.
All the options and
shares granted during 2021 to employees and service providers were valued using a Black Scholes model based, which is designed to model
the Company's equity value over time. The main assumptions used were: (1) risk-free rate: 0.78-1.27%; (2) volatility: 50%-60%;
and (3) time until expiration: 5 years.
During 2022 all the
options and shares granted to employees and service providers were valued using a Black Scholes model based, which is designed to model
the Company's equity value over time. The main assumptions used were: (1) risk-free rate:
1.49
-3.37%; (2) volatility:
60
%-
96
%; and
(3) time until expiration:
5
years.
F-
33
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 13 - SHAREHOLDERS' DEFICIT (CONT.):
G.
Options, warrants and shares granted to employees and
service providers (Cont.):
12.
Performance rights:
During July 2020
the Company granted
3,178
ordinary shares and
21,285
with four classes of performance rights, to certain officers, directors, employees
and service providers as incentive securities.
The performance rights
are convertible into ordinary shares of the Company on a 1:1 basis, upon the occurrence of the following vesting milestones for each
class of performance rights:
■
Class A incentive performance right –
1,594
incentive performance rights, which vests upon achieving
a market capitalization of greater than $
100,000
, which will be calculated based on:
i.
The Company's 20-day VWAP of ordinary shares of the
Company on the ASX (adjusted by the AUD/USD exchange rate quoted on the Reserve Bank of Australia prior to the last trading day pursuant
to which the Company's VWAP of ordinary shares is being calculated); or
ii.
If applicable, the Company's closing market price on
a trading day on Nasdaq, (Conversion Price) multiplied by the total issued share capital of the Company.
■
Class B incentive performance right –
4,767
incentive performance rights, which vests upon achieving
a market capitalization of greater than $
150,000
.
■
Class C incentive performance right –
6,351
incentive
performance rights, vests upon achieving a market capitalization of greater than $
200,000
.
■
Class D incentive performance right –
8,573
incentive
performance rights, vests upon achieving a market capitalization of greater than $
250,000
.
All the above incentive performance rights were valued using a Monte-Carlo
based risk-neutral valuation model, which is designed to model the Company's equity value over time.
The main assumptions used in
the valuation model were: (1) risk-free rate: 0.27%; (2) volatility: 88%: (3) time until expiration: 3 years; and (4) the AUD/USD rate:
0.71245. The total fair value of the incentive performance rights amounted to $635. The total value of ordinary shares issued was $380.
The Company recorded an expense amounted to $1,015 through Consolidated statement of comprehensive loss at grant date.
In January 2022,
the Company granted four series of performance shares in a total amount of
57,150
units to directors, officers and certain employees
of the Company to be exercised upon achieving certain market capitalization of the Company. The Performance shares units will expire
two years
from the date of issuance.
50
% of the units granted will become vested and exercisable when the company market cap reaches
$
75,000
("Series E"),
16.67
% of the units granted will become vested and exercisable when the company market cap reaches
$
100.000
("Series F"),
16.67
% of the units granted will become vested and exercisable when the company market cap reaches
$
125,000
("Series G") and
16.67
% of the units granted will become vested and exercisable when the company market cap reaches
$
150,000
("Series H").
In January 2022,
the Company's market value reached $
75,000
and therefore Series E units were exercised to
28,575
ordinary shares of the Company.
On January 19, 2022,
the Company granted two additional series of performance shares in a total amount of
75,718
units to directors, officers and certain
employees of the Company to be exercised upon achieving certain market capitalization of the Company. The Performance shares units will
expire five years from the date of issuance.
50
% of the units granted will become vested and exercisable when the company market cap
reaches $
175,000
("Series I"), and the remaining
50
% of the units granted will become vested and exercisable when the company
market cap reaches $
200,000
("Series J").
All the incentive performance rights were valued using a Monte-Carlo based risk-neutral
valuation model, which is designed to model the Company's equity value over time. The total fair value of the performance shares,
as measured on issuance date, amounted to $10,927 and the Company recorded an expense amounted to $3,321 through profit and loss in the
twelve months period ended December 31, 2022. The key inputs that were used in the valuations of the Performance shares were: risk-free
interest rate of 0.895% and expected volatility of 60% for Series E, F, G and H; and risk-free interest rate of 1.62% and expected volatility
of 60% for Series I and J.
In 2022, 2021 and
2020 the Company recorded an expense related to options performance shares and shares granted at the amount of $
12,488
, $
648
and $
2,872
respectively.
F-
34
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 13 - SHAREHOLDERS' DEFICIT (CONT.):
H.
Share repurchase program
On May 20, 2022,
the Company announced that its board of directors authorized a share repurchase program to acquire up to $
1
million of the Company's
ordinary shares. Until December 31, 2022, the Company purchased
5,699
ordinary shares in consideration for $
121
.
I.
Exercise of
                                            ordinary shares purchase warrants
On July 18, 2022
the Company and Armistice Capital Fund Ltd ("Armistice") entered into an agreement according which in consideration for Armistice
agreeing to exercise $2,000 on of its existing warrants which equals warrants to purchase 68,027 of the Company's ordinary shares
at a reduced exercise price of $29.4, the Company agreed to issue a new ordinary warrant for 264,150 warrant shares equal to the aggregate
of (a) 85,034 warrant shares (125% of the 68,027 ordinary shares issued as a result of the Existing Warrant Exercise) and (b) the balance
of 179,116 warrants held by Armistice in the Company whose exercise price will be reduced to $32.55. The 179,116 currently outstanding
warrants held by Armistice will be cancelled. The 264,150 warrants will be initially exercisable commencing 6 months following July 18,
2022, have a term of exercise until April 20, 2028 and an exercise price of $32.55. (See also notes 8(E), 8(G)).
In connection with
the agreement with Armistice the exercise price of 45,242 Ordinary Warrants held by Lind Global will be reduced to an exercise price
equal to $32.55 and have a term of exercise until April 30, 2028. (See also note 8(H)).
J.
Private placement
On October 20, 2022,
G Medical Innovations Holdings Ltd. (the "Company") entered into an agreement with Rubini in connection with a private placement
investment for
79,365
ordinary shares, par value $
3.15
per share ("Ordinary Shares") and warrants to purchase
79,366
Ordinary
Shares with price of $
6.3
per share and associated warrant, for an aggregate consideration of $
500
. The warrants are exercisable at any
time beginning 30 days after issuance with a term of
five years
from issuance. In connection with this private placement investment,
Rubini and Company agreed, inter alia, to amend the applicable interest rate and conversion price adjustment date of the
10
% Convertible
Debenture, originally dated April 7, 2021, as amended and restated on June 1, 2022.
The initial fair value of the Ordinary Warrants at issuance was $
457
.
The Company remeasured the Ordinary Warrants fair value at December 31, 2022 as $
172
and the change in fair value was recorded in the
Consolidated statement of comprehensive loss.
K.
"At The Market" offering
In September 2022
the Company entered into a sales agreement with its sales agent pursuant to which the Company may offer and sell, from time to time,
to or through the Sales Agent as agent or principal, ordinary shares, par value $3.15 per share in sales deemed to be "at the market"
("ATM") offerings, having an aggregate offering price of up to $3,000.
As of December 31,
2022 the Company has sold 104,113 of its Ordinary shares through the ATM for a net consideration of $367.
L.
Capital Commitment
                                            Agreement with GEM:
In November 2019,
the Company entered into the Capital Commitment Agreement with GEM Yield Fund LLC SCS and GEM Yield Bahamas Ltd ("GEM") (the "Capital Commitment Agreement"). The Capital Commitment Agreement secures a capital commitment of up to approximately A$
30,000
over a
three
-year period from GEM. As of October 2020 (when the Company was delisted from the ASX -see below), the Company had drawn
down A$
1,283
(approx. $
840
). Subject to the terms of the Capital Commitment Agreement, the Company may choose to, on one or more occasions
within the three-year period, and subject to conditions precedent, draw down on the facility by giving GEM a 15 trading days' notice
to subscribe for fully paid ordinary shares. The number of ordinary shares which the Company may draw down under a notice is capped at
1,000
% of the average daily number of the Company shares traded on ASX during the 15 trading days prior to that draw down notice, subject
to adjustments. If the Company issue a draw down notice, the subscription price of the ordinary shares to be issued to GEM (or its nominees)
will be
90
% of the higher of the average closing bid price of the Company ordinary shares as quoted by ASX over the pricing period, being
the 15 consecutive trading days after the Company give the draw down notice to GEM (subject to certain adjustments), or a fixed floor
price nominated by us in it draw down notice. In addition, the Company issued to GEM warrants to purchase
7,937
ordinary shares at an
exercise price of A$
834.75
per share, on or before November 29, 2024. As of December 31, 2020, the Company drew down a total of A$
1,283
(approx. $
840
) and issued
5,794
ordinary shares to GEM in consideration for its services.  The Company will not be able to make
drawdowns under the Capital Commitment Agreement with GEM following the Company delisting from the ASX in October 2020 and the Company
Capital Commitment Agreement with GEM will not apply to the Company ordinary shares listed on the Nasdaq Capital Market.
M.
The Convertible Securities Warrants were classified as a derivative financial liability and measured with
changes in fair value recognized in finance expense (income), net.
F-
35
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 13 - SHAREHOLDERS' DEFICIT (CONT.):
N.
During 2022 the Company issued
128,570
shares and
128,572
warrants to its major shareholder in return
for his commitment to support financing the operation (see also note 20, 24 D)
The December 2022 and 2021 measurement was applied using a Monte -Carlo
simulation model for Lind. The Black Scholes model was applied for all others below and the key parameters used were as follows:
Fair Value as at December 31,
2022
Risk
    free rate
Volatility
    of assets
Expected
    Term
Expected
    dividend yield
Armistice warrants
380
4.0
%
100
%
5.31
years
0
%
Rubini warrants
173
4.0
%
100
%
3.27
-
4.82
years
0
%
Lind warrants
65
4.0
%
100
%
5.33
years
0
%
Alpha Capital, MEF and GEM warrants
(*)
4.2
%-
4.7
%
100
%
0.83
-
3.13
years
0
%
Total derivative liabilities -warrants
618
(*)
Less than $
1
.
Fair Value as at December 31, 2021 *
Risk free rate
Volatility of assets
Expected Term
Expected dividend yield
Convertible Securities Warrants and GEM Warrants
3
1.265
%
60
%
0.06
-
3
years
0
%
Rubini warrants
47
1.265
%
60
%
4
years
0
%
Alpha Capital warrants
37
1.265
%
60
%
4
years
0
%
Lind warrants
1,174
1.265
%
60
%
5
years
0
%
Total derivative liabilities -warrants
1,261
NOTE 14 - LEASES:
The Company has lease contracts for office facilities
and motor vehicles used in its operations. Leases of office facilities generally have lease terms between
1
and
4
years, motor vehicles
generally have lease terms of
3
years. The Company has several lease contracts that include extension options. These options are negotiated
by management to provide flexibility in managing the leased-asset portfolio and align with the Company's business needs. Management
exercises significant judgement in determining whether these extension and termination options are reasonably certain to be exercised
in assessing the lease terms.
The Company also has certain leases of office
facilities with lease terms of 12 months or less. The Company applies the 'short-term lease' recognition exemption for these
leases.
During the year the Company entered into two new
lease agreements in Newhall and Irvine, California, both for a period of three years, that had been presented as part of a right-of-use
asset – property, plant and equipment.
Set out below are the carrying amounts of right-of-use
assets recognized and the movements during the period:
Office
                                            facilities
Motor vehicles
Total
At January 1, 2022
378
2
380
Additions
1,204
140
1,344
Cancellations
(
886
)
-
(
886
)
Depreciation expense
(
410
)
(
44
)
(
454
)
As at December 31, 2022
286
98
384
F-
36
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 14 - LEASES (CONT.):
Set out below are the carrying amounts of lease
liabilities and the movements during the period:
2022
At January 1, 2022
385
Additions
1,321
Cancellations
(
934
)
Payments
(
366
)
Linked exchange rate
(
13
)
As at December 31,
    2022
393
Current
163
Non-current
230
The following are the amounts recognized in profit
or loss:
2022
Depreciation expense of right-of-use assets
454
Interest expense on lease liabilities
67
Total amount recognized in profit or loss
521
The Company had total cash outflows for leases
of $
380
in 2022, $
357
in 2021, and $
529
in 2020.
NOTE 15 – COST OF SERVICES:
Year ended
Year ended
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Payroll and related
1,888
1,615
1,266
Depreciation and amortization
667
746
1,161
Subcontractors
505
657
902
Freight
189
197
279
Others
274
171
227
Total
3,523
3,386
3,835
NOTE 16 - RESEARCH AND DEVELOPMENT EXPENSES:
Year ended
Year ended
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Payroll and related
944
840
607
Subcontractors and materials
755
348
147
Share based compensation
315
270
344
Depreciation and amortization
71
59
85
Patents
(
15
)
55
48
Travel expenses
48
-
4
Others
174
108
80
Total
2,292
1,680
1,315
F-
37
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 17.A - SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES:
Year ended
Year ended
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Payroll and related
5,562
3,756
2,485
Professional services
2,666
2,324
1,614
Expected credit loss
559
723
296
Convertible transaction costs
704
-
Shares issuance costs
2,172
608
-
Contingent liabilities
92
509
-
Depreciation and amortization
487
443
3,558
Insurance
557
396
161
Share based compensation
6,876
360
2,978
Rent and office maintenance
342
314
321
Travel expenses
685
262
102
Others
607
398
137
Total
20,605
10,797
11,652
NOTE 17.B – FINANCIAL INCOME (EXPENSES), NET
Year ended
Year ended
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Share based compensation expenses
5,297
-
-
Other Financial expenses
4,078
4,492
750
Total Financial expenses
9,375
4,492
750
Gain due to change in fair value of derivative liability and warrants
11,553
311
240
Other Financial income
5,993
559
55
Total Financial income
17,546
870
344
Financial income (expense), net
8,171
(
3,622
)
(
406
)
NOTE 18
–
LOSS PER SHARE:
Loss
per share have been calculated using the weighted average number of shares in issue during the relevant financial periods, the weighted
average number of equity shares in issue and loss for the period as follows:
Year ended
December 31,
2022
Year ended
December 31,
2021*
Year ended
December 31,
2020*
G Medical innovations holdings ltd. shareholders' loss from continuing operations
(
13,521
)
(
14,457
)
(
12,536
)
G Medical innovations holdings ltd. shareholders' loss from discontinued operations
(
11,108
)
(
301
)
-
Total loss for the year attributable to shareholders
(
24,629
)
(
14,758
)
(
12,536
)
Weighted average number of ordinary shares
720,854
324,452
210,070
Basic and diluted loss per share from continuing operations
$
(
18.76
)
$
*(
44.57
)
$
*(
59.67
)
Basic and diluted loss per share from discontinued operations
$
(
15.41
)
$
(
0.92
)
-
Total basic and diluted loss per share
$
(
34.17
)
$
(
45.49
)
$
(
59.67
)
*
After giving effect to the reverse stock split (see also
Note 13C)
F-
38
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 19 - TAX ON INCOME:
A.
Taxes on income:
Cayman Islands:
The Company has incorporated in the
Cayman Islands and under the local current laws; the Company is not subject to corporate income tax.
Israel:
Israeli
corporate tax rate is
23
% in 2022 and 2021.
United States of America:
The U.S. subsidiary incorporated in
2017 and is subject to local corporate tax in the United States. As of December 31, 2022, the U.S. subsidiary has not received a final
tax assessment.
B.
Reconciliation
                                            between the theoretical tax on the pre-tax income and the tax expense (benefit):
Year ended
December 31,
2022
Year ended
December 31,
2021
Year ended
December 31,
2020
Loss before income tax
25,050
14,891
12,706
Statutory tax rate
0
%
0
%
0
%
Income tax at the statutory tax rate
16
-
-
Expenses not recognized for tax purposes
-
-
-
Recondition of deferred tax asset with were not recognized on prior periods
-
(
3
)
(
18
)
Income tax benefit
16
(
3
)
(
18
)
C.
Income tax expense (benefit):
Year ended
Year ended
Year ended
December 31,
2022
December 31,
2021
December 31,
2020
Current
16
2
-
Deferred taxes, net
-
(
5
)
(
18
)
16
(
3
)
(
18
)
D.
Net losses carry forwards:
As of December 31, 2022, the Israeli
Company has estimated carry forward tax losses of approximately
$13
,732
. The USA Subsidiaries have estimated carry forward tax losses
of approximately $
39,586
. The Company did not recognize deferred tax assets relating to carry forward losses in the consolidated financial
statements because their utilization in the foreseeable future is not probable.
F-
39
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 20
- RELATED PARTIES:
The following transactions arose with
related parties:
Transaction
Year ended
December 31,
2022
Year ended
December 31,
2021
Year ended
December 31,
2020
Short term employee benefits *
2,185
1,825
1,182
Social benefits costs
148
139
118
Share based compensation) Employees)
3,823
237
1,644
Share based compensation) Directors)
1,854
127
395
*
Represent base salary, bonuses, and car allowance expenses.
Liabilities to related parties:
Name
December 31,
2022
December 31,
2021
December 31,
2020
Key management personnel
71
77
604
Loans from major shareholder
1,015
-
272
In April 2022 the Company's
CEO, Dr. Yacov Geva, committed to finance the Company's operations for the next 12 months until the end of April 2023 provided and as
long as the Company's CEO continues to be a controlling shareholder and/or the Company cannot be financed externally from any other
sources and/or until a sum of $
10
million be received by the Company for its operations this year, whichever is earlier.
In exchange, for providing the required security, the Company allotted
to the CEO
57,142
shares and
57,143
warrants (cashless) at the exercise price of $
43.4
in addition to his ordinary salary and the options
which were granted to him. The total fair value of the shares and the warrants, as measured on issuance date, amounted to $
2,480
and $
1,845
,
respectively.
On October 6, 2022, the
major shareholder of the Company, committed to finance the Company's operations for the next 12 months until November 30, 2023 provided
and as long as the major shareholder continue to be a controlling shareholder and/or the Company cannot be financed externally from any
other sources and/or until a sum of $
10
million be received by the Company for its operations this year, whichever is earlier. In exchange,
for providing this commitment, Dr. Geva was issued
71,428
million shares and
71,429
million warrants (cashless) at an exercise price of
$
7.7
as of the day of giving this commitment. On January 30, 2023, Chief Executive Officer Dr. Yacov Geva, extended his commitment to
finance our operations up to February 28, 2024, which, on March 24, 2023, was further extended to April 30, 2024. On May 15, 2023, Dr.
Yacov Geva extended his commitment to finance our operations up to May 30, 2024 provided and as long as the Company cannot be financed
externally from any other sources and/or until a sum of $
10
million be received by the Company for its operations for the year, whichever
is earlier.
The total fair value of the shares
and the warrants, as measured on issuance date, amounted to $
550
and $
420
, respectively.
See note 24.D regarding re extending for the major
shareholder of the Company commitment to finance the Company.
On December 29, 2022, our Board of
Directors approved a loan agreement, dated December 21, 2022 (the "Loan Agreement"), between the Company and Dr. Geva. Under
the terms of the loan agreement, the total amount of the loan provided by Dr. Geva to the Company is $
1,000
with an annual interest rate
of
12
%. The following installments have been made under the terms of the Loan Agreement and advanced to the Company: $
199
on September
9, 2022 ; $
85
on October 11, 2022 ; $
253
on November 10, 2022 ; $
175
on December 1, 2022 (which is attributed to waives compensation
to which Dr. Geva was entitled as Chief Executive Officer of the Company) ; and $
288
on December 20, 2022.
In addition, (i) Dr. Geva
was granted 515,233 Ordinary Shares of the company and (ii) Dr. Geva will be granted certain warrants to purchase Shares of the company
on terms to be determined by the board of directors by March 10, 2023. On March, 2023, 515,233 warrants were granted at an exercise
price of 1.94 $.
The Company accounting allocated the
debt and equity instruments based on the fair value of the debt with residual value for the equity.
F-
40
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 21 - SEGMENT REPORTING:
The Company identified the Company's
CEO as its chief operating decision maker ("CODM").
As the Company's CODM, the CEO
receives information on a segregated basis (for review on a regular basis) for each business unit, i.e. services, products and kits.
The consolidated financial statements present the statements of comprehensive loss revenues from each segment on a standalone basis as
well as cost of sale of each segment – i.e. there are no transactions between segments. The information as presented in the consolidated
financial statements is essentially the same information provided to the CODM and the same information regarding decisions about allocating
resources.
The Company accounts for its
segment information in accordance with IFRS 8 "Segment Reporting" which establishes annual and interim reporting standards
for operating segments of a Company based on the Company's internal accounting methods.
Operating segments are based upon its internal organization structure,
the manner in which our operations are managed and the availability of separate financial information. In 2022,
the Company operated through
three operating segments: products segment, Patient services segment, Kits and Covid -19 testing services segment
, as follows:
Products: Development, manufacture
and marketing of wireless diagnostic equipment for the medical industry and consumer market.
Patient Services:  Cardiac monitoring
services of MCT, Event, Holter, Extended Holter and Pacemaker
Covid -19 testing: three kinds of
diagnostic tests – (i) Rapid Antigen + A/B Flu Combo test, (ii) PCR test and (iii) Antibody test.
Kits – direct-To-Customer health testing kits health issues ranging
from food sensitivity, indoor/outdoor allergies, HPV, thyroid functioning, testosterone levels, and the hemoglobin A1C test, with results
going directly to the user within days.
During the second half of the year
2022 the Company took two strategic decisions:
1) The Company decided to discontinue
the Covid-19 activity and this segment is reported as a discontinued operation in the financial statements for the year 2022. See also
Note 22.
2) The Company decided to divert to
more comprehensive home testing solutions as an expansion of its patient services and as part of its vision to move towards a home-based
health care system.
For the year ended December
31, 2022:
Products
Kits
Patient
                                            Services
Total
Revenues from external customers
16
-
4,404
4,420
Segment loss
5,236
703
4,518
10,457
Unallocated G&A expenses
11,656
Finance income, net
8,171
Loss before income taxes
13,942
In the discontinued operation the revenues from external customers was $
361
and the loss was $
11,108
.
F-
41
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 21 - SEGMENT REPORTING
(CONT.):
For the year ended December
31, 2021:
Products
Patient Services
Total
Revenues from external customers
50
4,911
4,961
Segment loss
3,386
3,476
6,862
Unallocated G&A expenses
4,106
Finance expenses, net
3,622
Loss before income taxes from continuing operations
14,590
In the discontinued operation
the
revenues from external customers was $
97
and the loss was $
301
.
For the year ended December
31, 2020:
Products
Patient Services
Total
Revenues from external customers
41
4,859
4,900
Segment loss
4,243
4,803
9,046
Unallocated G&A expenses
3,254
Finance expenses, net
406
Loss before income taxes from continuing operations
12,706
NOTE 22 – DISOCNTINUED
OPERATION:
During the first half of 2022,
the Company operated six locations performing point-of-care tests in communities in Southern and Northern California. The volume of COVID-19
testing has decreased significantly since April 2022.  Given the decrease in COVID-19 cases, in the second half of fiscal year 2022
the Company took a strategic decision to discontinue its COVID-19 related business activities.
The consolidated statements of comprehensive loss included a net loss from discontinued operations in the amount of $
11,108
.
Below are the results of the discontinued
segment's activity for the years ended December 31, 2022 and 2021:
December 31,
2022
December 31,
2021
Revenue
361
97
Cost of revenue
8,070
104
Gross loss
7,709
7
Selling, general and administrative expenses
3,134
294
Other expense
265
-
Loss for the year
11,108
301
Below are the cash flow amounts
relating to the discontinued segment for the years ended December 31, 2022 and 2021:
December 31,
2022
December 31,
2021
Loss for the year
11,108
301
Operating activities
989
60
Investment activities
(
784
)
(
52
)
Financing activities
(
201
)
(
7
)
Net cash provided by (used in) discontinued operations
4
1
F-
42
G
                                            MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 23 - FINANCIAL INSTRUMENTS
AND RISK MANAGEMENT:
The Company is exposed to a variety of financial
risks, which results from its financing, operating and investing activities. The objective of financial risk management is to contain,
where appropriate, exposures in these financial risks to limit any negative impact on the Company's financial performance and position.
The Company's financial instruments
are its cash and cash equivalents, restricted deposit, trade receivables, bank loans and short-term bank credit, trade payables, loans
from major shareholder, convertible securities, derivative liabilities and financial liability at fair value. The main purpose of these
financial instruments is to finance the Company's operation. The Company actively measures, monitors and manages its financial risk exposures
by various functions pursuant to the segregation of duties and principals. The risks arising from the Company's financial instruments
are mainly credit risk, currency risk and liquidity risk. The risk management policies employed by the Company to manage these risks
are discussed below.
Credit risk:
Credit risk arises when a failure by counterparties
to discharge their obligations could reduce the amount of future cash inflows from financial assets on hand at the balance sheet date.
The Company closely monitors the activities of its counterparties and controls the access to its intellectual property which enables
it to ensure the prompt collection of customers' balances. The Company's main financial assets are cash and cash equivalents as
well as restricted deposit and trade receivables that represent the Company's maximum exposure to credit risk in connection with its
financial assets.
The carrying amount of financial assets represents
the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:
December 31,
2022
December 31,
2021*
Cash and Cash Equivalents
295
6,034
Restricted deposit
142
163
Trade receivables
593
507
Loan to major shareholder, net
230
-
Total
1,260
6,704
Currency risk:
Currency risk is the risk that the value of financial
instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognized
assets and liabilities are denominated in a currency that is not the Company's functional currency. The Company is exposed to foreign
exchange risk arising from various currency exposures primarily with respect to the New Israeli Shekel, the RMB and the AUD. The Company's
policy is not to enter into any currency hedging transactions. The carrying amounts of the Company's foreign currency denominated monetary
assets and monetary liabilities at the reporting date are as follows:
Assets
December 31, 2022
NIS
AUD
RMB
Total
Cash and cash equivalents
54
23
77
Restricted deposit
142
-
-
142
Loan to major shareholder, net
230
230
Accounts receivable other
52
52
478
23
501
Liabilities
NIS
AUD
RMB
Total
Trade and other payables
680
30
4
714
Loans
119
-
-
119
Loan from major shareholder
765
765
Obligation under operating leases
144
144
Derivative liabilities
-
11
-
11
1,708
41
4
1,753
Net
(
1,230
)
(
41
)
19
(
1,252
)
F-
43
G
                                            MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 23 - FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONT.):
Currency risk (Cont.):
Assets
December 31, 2021
NIS
AUD
RMB
Total
Cash and cash equivalents
116
5
35
156
Restricted deposit
10
-
-
10
126
5
35
166
Liabilities
NIS
AUD
RMB
Total
Trade and other payables
410
23
20
453
Loans
89
-
89
Derivative liabilities
-
3
-
3
499
26
20
545
Net
(
373
)
(
21
)
15
(
379
)
A 10% strengthening of the United States Dollar
against the following currencies would have increased (decreased) equity and the income statement by the amounts shown below. This analysis
assumes that all other variables, in particular interest rates, remain constant. For a
10
% weakening of the United States Dollar against
the relevant currency, there would be an equal and opposite impact on the profit and other equity.
December 31,
2022
December 31,
2021
Linked to NIS
(
1,230
)
(
373
)
10
%
10
%
(
123
)
(
37
)
Linked to AUD
(
41
)
(
21
)
10
%
10
%
(
4
)
(
2
)
Linked to RMB
19
15
10
%
10
%
2
2
Liquidity risks:
Liquidity risk is the risk that arises when the
maturity of assets and the maturity of liabilities do not match. An unmatched position potentially enhances profitability but can also
increase the risk of loss. The Company has procedures with the object of minimizing such loss by maintaining sufficient cash and other
highly liquid current assets and by having available an adequate amount of committed credit facilities.
The following tables detail the Company's remaining
contractual maturity for its financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities
based on the earliest date on which the Company can be required to pay.
December 31,
2022
December 31,
2021
Trade payables
4,655
2,332
Loans (see also note
11
)
197
215
Financial liability at fair value
-
648
Convertible Securities (see also note 8)
737
7,242
Derivative liabilities - warrants (see also note
13N
)
618
1,261
Loan from major shareholder
765
-
Lease liabilities (see also note
14
)
393
385
Total
7,365
12,083
F-
44
G
                                            MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 23 - FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
(CONT.):
Fair value of financial instrument:
Fair value measurements using input
    type
Level 1
Level 2
Level 3
Total
As of December 31, 2022
Derivative liabilities – warrants
(
618
)
(
618
)
Convertible securities
(
737
)
(
737
)
Total
(
1,355
)
(
1,355
)
Fair value measurements using input type
Level 1
Level 2
Level 3
Total
As of December 31, 2021
Derivative liabilities – warrants
-
-
(
1,261
)
(
1,261
)
Convertible securities
-
-
(
7,242
)
(
7,242
)
Total
-
-
(
8,503
)
(
8,503
)
At December 31, 2022, the fair value measurement
of the warrants in the table above is related to Alpha, Rubini, Lind and Armistice was estimated using the Black Scholes model, based
on a variety of significant unobservable inputs and thus represents a level 3 measurement within the fair value hierarchy including:
risk-free interest rate in the range of
4.00
-
4.73
% expected volatility of
100
%.
At December 31, 2022, the fair value measurement,
of the Rubini convertible debenture was estimated using the Monte Carlo simulation analysis based on a variety of significant unobservable
inputs and thus represents a level 3 measurement within the fair value hierarchy. The key inputs that were used in the valuation were:
risk-free interest rate of
4.73
% and expected volatility of
100
%.
At December 31, 2021, the fair value measurement
of the warrants in the table above is related to Alpha and Rubini, was estimated using the Black Scholes model, based on a variety of
significant unobservable inputs and thus represents a level 3 measurement within the fair value hierarchy including: risk-free interest
rate of
1.265
%, expected volatility
60
%.
At December 31, 2021, the fair value measurement,
of the Lind convertible debentures and warrant was estimated using the Monte Carlo simulation analysis based on a variety of significant
unobservable inputs and thus represents a level 3 measurement within the fair value hierarchy. The key inputs that were used in the valuation
were: risk-free interest rate of
1.265
%, expected volatility
60
%.
Derivative
liability
Derivative liability - warrants as of January 1, 2021
(
359
)
Issuance of financial instruments
(
1,213
)
Gain due to change in fair value of derivative liability
311
Derivative liability - warrants as of December 31, 2021
(
1,261
)
Issuance of financial instruments
(
14,851
)
Exercise of warrants
5,262
Gain due to change in fair value of derivative liability
10,232
Derivative liability - warrants as of December 31, 2022
(
618
)
Convertible
Securities
Convertible securities as of January 1, 2021
(
194
)
Issuance of convertible securities
(
4,537
)
Payments of convertible securities
536
Conversion of convertible securities to regular loan
630
Loss due to change in fair value of convertible securities
(
3,677
)
Convertible securities as of December 31, 2021
(
7,242
)
Payments of convertible securities
5,921
Gain due to change in fair value of convertible securities
1,321
Convertible securities as of December 31, 2022
-
F-
45
G
                                            MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 24 - SUBSEQUENT EVENTS:
A.
Nasdaq staff
                                            listing determination:
On February 17, 2023, the Company
announced that on February 16, 2023, the Company received notice from the Listing Qualifications Department (the "Staff")
of The Nasdaq Stock Market LLC ("Nasdaq") that, based upon the Company's non-compliance with the stockholders'
equity requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(b) (the "Equity
Rule"), the Company is subject to delisting from Nasdaq unless the Company timely requests a hearing before a Nasdaq Hearings Panel
(the "Panel"). Accordingly, the Company has requested a hearing before the Panel, which will stay any delisting or suspension
action pending the hearing and the expiration of any additional extension period granted by the Panel following the hearing. The Hearing
was held on April 13, 2023.
On May 11, 2023, the Panel granted
the request for continued listing on Nasdaq subject to the requirement that the Company, by no later than August 4, 2023 (or the Exception
Period), provide the Panel with unaudited interim financial statements for the second quarter of 2023 and demonstrate to the Panel that
the Company continue to meet the equity requirement. Upon review of Company's interim financial statements for the second quarter
of 2023, the Panel will decide if the Company demonstrated an ability to maintain compliance with the continued listing requirements on
a long-term basis. In addition, from May 11, 2023 until the end of the Exception Period, the Panel reserves the right to reconsider the
terms of this exception based on any event, condition or circumstance that exists or develops that would, in the opinion of the Panel,
make the continued listing of the Company's securities on Nasdaq inadvisable or unwarranted. Until the end of the Exception Period,
the Company required to provide prompt notification to the Panel of any significant events that may affect the Company's compliance
with Nasdaq requirements.
B.
At-The-Market
                                            offering ("ATM"):
As described in Note 14(K) above,
in September 2022 the Company entered into a sales agreement with its sales agent pursuant to which the Company may offer and sell, from
time to time, to or through the Sales Agent as agent or principal, ordinary shares, par value $
3.15
per share in sales deemed to be "at
the market" ("ATM") offerings, having an aggregate offering price of up to
$3,000,000
.
In January 2023 the Company has sold
additional
413,600
of its Ordinary shares through the ATM for a net consideration of $
2,528
.
C.
Share capital
                                            reduction:
Under Cayman Islands law, we may not
issue Ordinary Shares at a price under the par value for our Ordinary Shares except in accordance with the provisions of the Companies
Act (as revised) of the Cayman Islands (which, amongst other things, requires a sanction of the Grand Court of the Cayman Islands). Our
Amended and Restated Memorandum and Articles of Association permit us to reduce our share capital in any way, including by reducing the
par value of our issued share capital, cancelling any paid-up share capital which is lost or unrepresented by available assets, and extinguishing
or reducing the liability of any of our shares, by way of special resolution and by order from the Grand Court of the Cayman Islands
confirming such reduction.
On December 23, 2022, the Company
had an extraordinary general meeting of shareholders to effect a reduction of its share capital and adopt a new Amended and Restated
Memorandum and Articles of Association, which would become effective simultaneously with the Capital Reduction becoming effective
(the "Post-Reduction Amended and Restated Memorandum and Articles of Association"). All resolutions proposed, as
described herein, were passed. Namely, shareholders approved to reduce the issued share capital of the Company by the cancellation
of $
3.1499
paid up capital on each issued share so that each issued share shall be treated as one fully paid-up share of $
0.0001
each in the capital of the Company, or the Capital Reduction. The Capital Reduction is subject to (i) the approval of the Grand
Court of the Cayman Islands, which may impose any condition in relation to the Capital Reduction, (ii) compliance with any
conditions which the Court may impose in relation to the Capital Reduction, and (iii) the registration by the Registrar of Companies
of the Cayman Islands of the order of the Grand Court of the Cayman Islands confirming the Capital Reduction and the minutes
approved by the Grand Court of the Cayman Islands containing the particulars required under the Companies Act (as revised) of the
Cayman Islands with respect to the Capital Reduction; until such conditions are met and/or satisfied, we cannot issue Ordinary
Shares for less than $
3.15
per share.
Following the meeting, it became apparent that the notice calling the
general meeting on December 23, 2022 was only posted to shareholders on December 19, 2022 and shareholders may not have
received sufficient notice of that meeting. In order for there to be sufficient notice under our Amended and Restated Memorandum and Articles
of Association, there needs to be five days' clear notice of the meeting. The result of this procedural irregularity is that the
adjourned meeting on December 28, 2022 and the resolutions passed at that meeting are considered to have a defect. To cure the irregularity,
on January 24, 2023, the Company called a further general meeting for our shareholders to reconsider and, if thought fit, re-approve the
matters set out in the December 28, 2022 meeting and certain other matters (including amendments to our Amended and Restated Memorandum
and Articles of Association). This meeting was scheduled for February 9, 2023 and, on such date, the meeting was adjourned to February
16, 2023 due a lack of an effective quorum. The adjourned meeting was convened on February 16, 2023, a quorum was present and our shareholders
voted upon and approved all agenda items.
F-
46
G MEDICAL INNOVATIONS HOLDINGS LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(US$ in thousands)
NOTE 24 - SUBSEQUENT EVENTS
(CONT.):
C.
Share capital
reduction (cont.)
On March 6, 2023, we filed our application
to seek an order of the Grand Court of the Cayman Islands for confirmation and approval of the Capital Reduction, which was approved
by the Grand Court of the Cayman Islands on March 23, 2023, with no conditions attached. The Capital Reduction will therefore become
effective upon registration by the Registrar of Companies of the Cayman Islands of (1) the order of the Grand Court of the Cayman Islands
confirming the Capital Reduction and (2) the minutes approved by the Grand Court of the Cayman Islands containing the particulars required
under the Companies Act (as revised) of the Cayman Islands (together the "Capital Reduction Documents"). On March 24, 2023,
we filed the Capital Reduction Documents with the Registrar of Companies of the Cayman Islands and the Capital Reduction became effective.
D.
Major shareholder
                                            commitment
On May 15, 2023, the major shareholder and Chief Executive Officer
of the Company, extended his commitment to finance the Company up to May 30, 2024, provided and as long as, the Company cannot be finance
externally from any other sources and/ or until a sum of $
10,000
be received in the Company for its operations, whichever is earlier.
(See also note 20).
E.
Public offering
On April 3, 2023 the Company completed a public offering of
5,470,000
ordinary shares at a price of $
0.8
per share and
6,530,000
pre-funded warrants at a price of $
0.799
per pre funded warrant for gross proceeds
of approximately $
9.6
million (net proceeds were approximately $
8.6
million), before deducting underwriting discounts and offering expenses.
In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional
1,800,000
shares and/or Pre-Funded
Warrants to cover over-allotments at the public offering price, less the underwriting discount.
As part of the Public Offering the
Company's CEO, Dr. Yacov Geva purchased
1,250,000
shares for the amount of $
1
million.
F-47