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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>

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

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric>
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric>
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#160;31</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2022</ix:nonNumeric></ix:nonNumeric></span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric>
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF&#160;1934</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the transition period from __________ to __________</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric>
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of event requiring this shell company report <span style="text-decoration:underline">________</span></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
file number: <ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber"><span style="text-decoration:underline">001-34738</span></ix:nonNumeric></span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Translation
of Registrant&#8217;s name into English)</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; width: 49%; border-bottom: black 1.5pt solid; text-align: center; padding-right: 0pt; padding-left: 0pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">British Virgin Islands</span></ix:nonNumeric></td> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; width: 49%; border-bottom: black 1.5pt solid; padding-right: 0pt; padding-left: 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1">B9-8, Block B</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine2">SOHO Phase II</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine3">No. 9, Guanghua Road</ix:nonNumeric>,</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown">Chaoyang District</ix:nonNumeric>, Beijing</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">People&#8217;s Republic of <ix:nonNumeric contextRef="c0" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">China</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressPostalZipCode">100020</ix:nonNumeric></span></p></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Jurisdiction of incorporation or organization)</span></td> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of principal executive offices)</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miss.
Qinyu Zhao</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1">B9-8,
Block B</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine2">SOHO Phase II</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine3">No. 9, Guanghua Road</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown">Chaoyang District</ix:nonNumeric>, Beijing<br/>
People&#8217;s Republic of <ix:nonNumeric contextRef="c1" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">China</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:EntityAddressPostalZipCode">100020</ix:nonNumeric><br/>
Tel: <ix:nonNumeric contextRef="c1" name="dei:CityAreaCode">(86)</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:LocalPhoneNumber">10-65065217</ix:nonNumeric><br/>
(Name, telephone, Email and/or facsimile number and address of company contact person)</span></p><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; width: 34%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of each class</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 32%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading Symbol(s)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 32%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of each exchange on which registered</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:Security12bTitle"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary shares, par value $0.01 per share</span></ix:nonNumeric></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:TradingSymbol"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LKCO</span></ix:nonNumeric></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">none</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Title
of Class)</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">none</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Title
of Class)</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report. <ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">492,498,688</ix:nonFraction> Ordinary Shares of par value of US$0.01 each <ix:nonFraction contextRef="c3" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">21,794,872</ix:nonFraction> Series A Preferred Shares of par value of US$0.01
each and 2,500,000 Preferred Shares of par value of US$0.01 each outstanding as of December&#160;31, 2022.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.&#160;&#9744; Yes&#160;&#160;&#160;&#9746;
<ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. &#9744; Yes&#160;&#160;&#160;&#9746; <ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. &#9746; <ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric>&#160;&#160;&#160;&#9744; No</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files). &#9746; <ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric>&#160;&#160;&#160;&#9744; No</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an &#8220;emerging
growth company.&#8221; See definition of &#8220;accelerated filer and large accelerated filer&#8221; in Rule 12b-2 of the Exchange Act.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></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: 0.5in">&#160;</td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</span></td> <td style="width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</span></td> <td style="width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="width: 18%"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</span></ix:nonNumeric></td> <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</span></td> <td><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></ix:nonNumeric></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. &#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#160;Section 404(b) of the Sarbanes-Oxley Act&#160;(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">&#9744;</ix:nonNumeric></span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 20%; padding-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric> &#9746;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 58%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International Financial Reporting Standards as issued</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by the International Accounting Standards Board &#9744;</span></p></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other &#9744;</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Item 17 &#9744;&#160;&#160;&#160;Item 18 &#9744;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).&#160; &#9744;&#160;Yes&#160;&#160;&#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric> No</span></p><div>

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

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

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

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>References
    to the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;our&#8221; and &#8220;us&#8221; are to Luokung Technology Corp. and its consolidated
    subsidiaries;</i></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>References
    to &#8220;China&#8221; or the &#8220;PRC&#8221; are to the People&#8217;s Republic of China; &#160;</i></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>References
    to &#8220;Luokung Technology Corp.&#8221; are to our British Virgin Islands holding company;</i></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>References
    to &#8220;RMB&#8221; and &#8220;Renminbi&#8221; refer to the legal currency of China;</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;US$,&#8221;
    &#8220;U.S. dollars,&#8221; &#8220;$,&#8221; and &#8220;dollars&#8221; refer to the legal currency of the United States;&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>References
    to &#8220;variable interest entities&#8221; or &#8220;VIEs&#8221; refer to Beijing Zhong Chuan Shi Xun Technology Limited, Beijing
    BotBrain AI Technology Co., Ltd. &#160;and eMapgo Technologies (Beijing) Co., Ltd.</i></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Special
Note Regarding Forward-looking Statements</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report contains forward-looking statements that involve risks and uncertainties. These statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those
expressed or implied by the forward-looking statements. These statements are made under the &#8220;safe harbor&#8221; provisions of the
U.S. Private Securities Litigations Reform Act of 1995.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
can identify these forward-looking statements by words or phrases such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221;
&#8220;anticipate,&#8221; &#8220;aim,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221;
&#8220;likely to&#8221; or other similar expressions. We have based these forward-looking statements largely on our current expectations
and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business
strategy and financial needs. These forward-looking statements include, but are not limited to, statements about:</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    future business development, results of operations and financial condition;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expected
    changes in our net revenues and certain cost or expense items;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to attract and retain customers; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">trends
    and competition in the spatial-temporal big-data processing and interactive location-based services market.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should read this annual report and the documents that we refer to in this annual report and have filed as exhibits to this annual report
completely and with the understanding that our actual future results may be materially different from what we expect. Other sections
of this annual report discuss factors which could adversely impact our business and financial performance. Moreover, we operate in an
evolving environment. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors,
nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements
by these cautionary statements.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this annual report
relate only to events or information as of the date on which the statements are made in this annual report. Except as required by law,
we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future
events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.</span></p><div>

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

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

</div><!-- Field: Page; Sequence: 3 --><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"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_001">Part
    I</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 78%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_002">Identity
    of Directors, Senior Management and Advisers</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_003">Offer
    Statistics and Expected Timetable</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_004">Key
    Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved.]</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">8</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_006">Capitalization
    and Indebtedness</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_007">Reasons
    for the Offer and Use of Proceeds</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_008">Risk
    Factors</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_009">Information
    on the Company</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_010">History
    and Development of the Company</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_011">Business
    Overview</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_012">Organizational
    Structure</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_013">Property,
    Plants and Equipment</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    4A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_014">Unresolved
    Staff Comments</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_015">Operating
    and Financial Review and Prospects</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_016">Operating
    Results</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_017">Liquidity
    and Capital Resources</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_018">Research
    and Development, Patents and Licenses, etc.</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_019">Trend
    Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_020">Critical
    Accounting Estimates</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_021">Directors,
    Senior Management and Employees</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_022">Directors
    and Senior Management</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_023">Compensation</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_024">Board
    Practices</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_025">Employees</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_026">Share
    Ownership</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_027">Major
    Shareholders and Related Party Transactions</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_028">Major
    Shareholders</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_029">Related
    Party Transactions</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_030">Interests
    of Experts and Counsel</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_031">Financial
    Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_032">Consolidated
    Statements and Other Financial Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_033">Significant
    Changes</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_034">The
    Offer and Listing</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_035">Offer
    and Listing Details</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_036">Plan
    of Distribution</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_037">Markets</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_038">Selling
    shareholders</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_039">Dilution</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_040">Expenses
    of the issue</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_041">Additional
    Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_042">Share
    Capital</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_043">Memorandum
    and Articles of Association</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_044">Material
    Contracts</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_045">Exchange
    Controls</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_046">Taxation</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_047">Dividends
    and Paying Agents</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_048">Statement
    by Experts</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_049">Documents
    on Display</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_050">Subsidiary
    Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_051">Quantitative
    and Qualitative Disclosures about Market Risk</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

</div><!-- Field: Page; Sequence: 4; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 10%; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 78%; text-align: justify"><a href="#k_052"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Securities Other than Equity Securities</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 9%; text-align: center">103</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_053"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt Securities</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">103</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_054"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants and Rights</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">103</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_055"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Securities</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">103</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_056"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">American Depositary Shares</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">103</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#k_057"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part II </span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_058"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defaults, Dividend Arrearages and Delinquencies</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    14.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_059"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material Modifications to the Rights of Security Holders and Use of Proceeds</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    15.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_060"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Controls and Procedures</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_061"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit Committee Financial Expert</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_062"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Ethics</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_063"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Accountant Fees and Services</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_064"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exemptions from the Listing Standards for Audit Committees</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_065"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_066"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in Registrant&#8217;s Certifying Accountant</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16G.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_067"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Governance</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16H.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_068"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mine Safety Disclosure</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    16I.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_069"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure Regarding Foreign Jurisdictions That Prevent Inspections.</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#k_070">Part III</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    17.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_071"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    18.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_072"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item
    19.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_073"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#k_074"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Index to Consolidated Financial Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="k_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART
I</b></span></p><div>

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

</div><div><a id="k_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS.</b></span></p><div>

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

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

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

</div><div><a id="k_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE.</b></span></p><div>

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

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

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

</div><div><a id="k_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
3. KEY INFORMATION.</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Holding Company Structure and Contractual Arrangements with the Consolidated VIEs and their Respective Individual Shareholders</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Luokung
Technology Corp. is not a Chinese operating company, but a British Virgin Islands holding company with operations conducted by our subsidiaries
and through contractual arrangements with variable interest entities (&#8220;VIEs&#8221;) based in China. Investors in our company are
purchasing an interest in our British Virgin Islands holding company, and not in a Chinese operating company. This structure involves
unique risks to investors. The VIE structure enables investors to share economic interests in China-based companies in sectors where
foreign direct investment is prohibited or restricted under laws and regulations in the Chinese mainland, and investors in our ordinary
shares may never hold equity interests in the Chinese operating company. In addition, the legality and enforceability of the contractual
agreements between our PRC subsidiaries, the VIEs, and their nominee shareholders, as a whole, have not been tested in court. Chinese
regulatory authorities could disallow this structure, which would likely result in a material change in our operations and/or a material
change in the value of the securities we have listed, which could cause the value of such securities to significantly decline or become
worthless. See &#8220;Item 3. Key Information - D. Risk Factors &#8211; If the PRC government deems that our agreements with our variable
interest entities (our &#8220;VIEs&#8221;) do not comply with PRC regulatory restrictions on foreign investment in the relevant industries
or other laws or regulations of the PRC, or if these regulations or the interpretation of existing regulations change in the future,
we could be subject to severe penalties or be forced to relinquish our interests in those operations, which may materially reduce the
value of our ordinary shares.&#8221; for a more detailed discussion of risks we face as a result of our VIE structure.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contractual arrangements with the consolidated VIEs may not be as effective as ownership in ensuring receiving economic benefits from
the business operations in the PRC and we may incur substantial costs to enforce the terms of the arrangements. See &#8220;Item 3. Key
Information - D. Risk Factors - Risks Related to Our Corporate Structure &#8211; If the PRC government deems that our agreements with
our variable interest entities (our &#8220;VIEs&#8221;) do not comply with PRC regulatory restrictions on foreign investment in the relevant
industries or other laws or regulations of the PRC, or if these regulations or the interpretation of existing regulations change in the
future, we could be subject to severe penalties or be forced to relinquish our interests in those operations, which may materially reduce
the value of our ordinary shares.&#8221;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate structure is subject to risks associated with our contractual arrangements with the VIEs. Investors may never directly hold
equity interests in the VIEs. If the PRC government finds that the agreements that establish the structure for operating our business
do not comply with the PRC laws and regulations, or if these regulations or their interpretations change in the future, we could be subject
to severe penalties or be forced to relinquish our interests in those operations. Our holding company, our PRC subsidiaries, the VIEs,
and our investors face uncertainty about potential future actions by the PRC government that could affect the enforceability of the contractual
arrangements with the VIEs and, consequently, significantly affect the financial performance of the VIEs and our company as a whole.</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates our corporate structure and the place of formation and affiliation of each of our subsidiaries and affiliates
as of December 31, 2022.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="img_001.jpg"/><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VIE
Arrangements with VIEs and Their Respective Shareholders</b></span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contracts
    that give the Company effective control of VIEs</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
VIE equity holder has granted the Wholly Foreign-Owned Enterprises (&#8220;WFOEs&#8221;) exclusive call options to purchase the
nominal equity interest in the VIEs at an exercise price equal to (i) with regard to Zhong Chuan Shi Xun, the minimum price as
permitted by applicable PRC laws, or (ii) with regard to Beijing BotBrain, RMB10 in aggregate, or if appraisal is required as
requested by relevant PRC laws, the price as determined by the relevant parties, or (iii) with regard to eMapgo Technologies
(Beijing) Co., Ltd (&#8220;EMG&#8221;), RMB 1 in aggregate or other price as determined by the relevant parties, provided that if
required by relevant PRC laws, the minimum price as permitted by PRC laws shall apply. The WFOEs may designate another entity or
individual to purchase the nominal equity interests, if applicable, under the call options. Each call option is exercisable subject
to the condition that applicable PRC laws, rules and regulations do not prohibit completion of the transfer of the nominal equity
interests pursuant to the call option. The VIEs shall not declare any dividend or other distribution to its equity holders without
the approval of the WFOEs. With regard to Zhong Chuan Shi Xun and Beijing BotBrain, the
exclusive call option agreements remain in effect for ten (10) years and may be renewed at the election of the WFOEs. With regard to
EMG, the exclusive call option agreement shall remain in effect until all nominal equity interest under the call option has been
transferred to the WFOE or its designated entity or individual.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></span></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
for Zhong Chuan Shi Xun and Beijing BotBrain, pursuant to the relevant equity pledge agreements, the relevant VIE equity holders have
pledged all of their interests in the equity of the VIEs as a continuing security interest in favor of the corresponding WFOEs to secure
the performance of obligations by the VIEs and/or the equity holders under the exclusive business cooperation agreements. Each WFOE is
entitled to exercise its right to dispose of the VIE equity holders&#8217; pledged interests in the equity of the VIE in accordance with
applicable PRC laws in the event of any breach or default, and VIE equity holders shall cease to be entitled to any rights or interests
associated with their nominal equity interests in the VIEs. These equity pledge agreements remain in force until and unless the obligations
of the VIE equity holders to the WFOEs under the exclusive business cooperation agreements have been fulfilled.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
for EMG, pursuant to the relevant equity pledge agreement, the relevant VIE equity holder has pledged all of its nominal equity
interest in the VIE as a continuing first priority security interest in favor of the corresponding WFOE to secure the performance of
obligations by the VIE as set forth in the relevant exclusive option agreement, proxy agreement, the equity pledge agreement and the
VIE&#8217;s obligation to repay the secured indebtedness. The VIE equity holder shall not be entitled to receive any dividend
associated with its nominal equity interest without the approval of the WFOE, and the dividend received by the VIE equity holder
shall be deposited in the account designated by the WFOE and subject to the supervision of the WFOE. In the event of any breach or
default, the WFOE shall be entitled to all rights to relief, including but not limited to disposing the nominal equity interest held
by the VIE equity holder. The equity pledge agreement shall remain in force until and unless the obligations of the VIE equity
holder to the WFOE under the exclusive option agreement, proxy agreement, the equity pledge agreement have been fulfilled or all the
secured indebtedness has been paid off.</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
for Zhong Chuan Shi Xun and Beijing BotBrain, pursuant to the relevant power of attorney, each of the relevant VIE equity holders irrevocably
appoints the corresponding WFOE as its attorney-in-fact to exercise on its behalf any and all rights that such equity holder has in respect
of its nominal equity interests in the relevant VIE conferred by relevant laws and regulations and the articles of associate of such
VIE. The power of attorney shall remain effective as long as such VIE equity holder remains as a shareholder of Zhong Chuan Shi Xun or
Beijing BotBrain.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
for EMG, pursuant to the relevant power of attorney, the relevant VIE equity holder irrevocably appoints certain the person designated
by the corresponding WFOE as its attorney-in-fact to exercise on its behalf any and all rights that such equity holder has in respect
of its nominal equity interest in the relevant VIE conferred by relevant laws and regulations and the articles of associate of such VIE.
The power of attorney of EMG shall remain effective until March 11, 2044, and will be renewed automatically for another ten (10) years
unless the parties to the power of attorney agree otherwise.</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contracts
    that enable the Company to receive the certain benefits from the VIEs</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
for Zhong Chuan Shi Xun and Beijing BotBrain and EMG, each relevant VIE has entered into an exclusive business services agreement with
the corresponding WFOE, pursuant to which the relevant WFOE provides exclusive business services to the VIE. In exchange, (i) Zhong Chuan
Shi Xun pays a service fee to the corresponding WFOE which shall be no less than 80% of Zhong Chuan Shi Xun&#8217;s after-tax profits;
(ii) Beijing BotBrain pays a service fee to the corresponding WFOE which shall be reasonably determined by such WFOE based on certain
factors; (iii) EMG pays a service fee to the corresponding WFOE which shall be 20% of EMG&#8217;s annual income. Luokung exercises control
over the VIEs through a Call Option Agreement, an Equity Pledge Agreement, an Exclusive Business Cooperation Agreement and a Proxy Agreement.
The amount of service fees to be paid by EMG and BotBrain shall be determined solely by the WFOE or as mutually agreed by the WFOE and
the VIEs. Based on the control Luokung exercises through these agreements and based on its ability to determine the fees paid by EMG
and BotBrain, Luokung is considered the primary beneficiary of the VIEs.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are also substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules
regarding the status of the rights of our British Virgin Islands holding company with respect to its contractual arrangements with the
VIEs and their respective shareholders. It is uncertain whether any new PRC laws or regulations relating to variable interest entity
structures will be adopted or if adopted, what they would provide. If we or any of the VIEs is found to be in violation of any existing
or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory
authorities would have broad discretion to take action in dealing with such violations or failures. See &#8220;Item 3. Key Information
- D. Risk Factors - Risks Related to Doing Business in China &#8211; PRC laws and regulations govern our businesses. If we are found
to be in violation of such PRC laws and regulations, we could be subject to sanctions. In addition, changes in and uncertainties with
respect to such PRC laws and regulations may materially and adversely affect our business.&#8221;</span></p><div>

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

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></span></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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">On
March 15, 2019, the National People&#8217;s Congress promulgated the Foreign Investment Law of the PRC, (the &#8220;Foreign Investment
Law&#8221;), which came into effect on January 1, 2020. The Foreign Investment Law replaced the Law on Sino-Foreign Equity Joint Ventures,
the Law on Sino-Foreign Contractual Joint Ventures and the Law on Wholly Foreign-Owned Enterprises as the legal foundation for foreign
investments in China. The Foreign Investment Law stipulates certain forms of foreign investment, which do not include the contractual
arrangements as a form of foreign investment but stated that foreign investment includes &#8220;foreign investors invest through any
other methods under laws, administrative regulations or provisions prescribed by the State Council&#8221;. There are uncertainties in
determining whether our contractual arrangements constitute foreign investments and there is no guarantee that the VIE contractual arrangements
and the business of the VIEs and their subsidiaries will not be materially and adversely affected in the future.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rules
and regulations in China can change quickly with little advance notice and the PRC government may intervene or influence a registrant&#8217;s
operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers.
It is uncertain whether any new PRC laws, rules or regulations affecting the VIE structure will be adopted or if adopted, what they would
provide. See &#8220;Item 3. Key Information - D. Risk Factors - Risks Related to Doing Business in&#160;China - PRC laws and regulations
govern our businesses. If we are found to be in violation of such PRC laws and regulations, we could be subject to sanctions. In addition,
changes in and uncertainties with respect to such PRC laws and regulations may materially and adversely affect our business.&#8221; There
can be no assurance that the VIE&#160;Arrangements will be deemed by the relevant governmental or judicial authorities to be in compliance
with the existing or future applicable PRC laws and regulations, or the relevant governmental or judicial authorities may in the future
interpret the existing laws or regulations with the result that the contractual arrangements will be deemed to be in compliance of the
PRC laws and regulations.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
subsidiaries and the VIEs face various legal and operational risks and uncertainties associated with being based in or having our operations
primarily in China and the complex and evolving PRC laws and regulations. For instance, we face risks and uncertainties associated with
regulatory approvals on offerings conducted overseas by and foreign investment in China-based issuers, the use of the VIEs, anti-monopoly
regulatory actions, and oversight on cybersecurity and data privacy. These legal and operational risks and uncertainties associated with
being based in China may materially and adversely change our operations, affect the value of our ordinary shares, significantly limit
or completely hinder our ability to offer or continue to offer securities to investors could cause the value of our securities to significantly
decline or be worthless. For a detailed description of risks related to doing business in China, see &#8220;Item 3. Key Information -
D. Risk Factors - Risks Related to Doing Business in China.&#8221;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
government&#8217;s significant authority in regulating our operations and its oversight and control over offerings conducted overseas
by, and foreign investment in, China-based issuers could significantly limit or completely hinder our ability to offer or continue to
offer securities to investors. Implementation of industry-wide regulations in this nature may cause the value of such securities to significantly
decline or be of little or no value. For more details, see &#8220;Item 3. Key Information - D. Risk Factors - Risks Related to Doing
Business in China.&#8221;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, neither we nor the VIEs have been involved in any investigations initiated by any PRC regulatory authority,
nor has any of them received any inquiry, notice or sanction for the business operation, accepting foreign investment or listing on the
Nasdaq Stock Market. However, since these statements and regulatory actions by China&#8217;s government are newly published, official
guidance and related implementation rules have not been issued. It is highly uncertain what future impact such modified or new laws and
regulations will have on our daily business operations, the ability to accept foreign investments and our continued listing on the Nasdaq
Stock Market. See &#8220;Item 3. Key Information - D. Risk Factors - Risks Related to Doing Business in China - PRC laws and regulations
govern our businesses. If we are found to be in violation of such PRC laws and regulations, we could be subject to sanctions. In addition,
changes in and uncertainties with respect to such PRC laws and regulations may materially and adversely affect our business.&#8221; These
risks and uncertainties arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and
quickly evolving rules and regulations in China, could result in a material adverse change in our operations and the value of our ordinary
shares.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent
statements by the Chinese government indicate an intent to exert more oversight and more control over offerings conducted overseas and/or
foreign investment in China-based issuers. Any such actions by the Chinese government could significantly limit or completely hinder
our ability to conduct our business, accept foreign investments, or list on a U.S. or other foreign exchange, including our ability to
offer or continue to offer its securities to investors and cause the value of the securities being registered hereby to significantly
decline or become worthless. Although we believe our operating structure is legal and permissible under the Chinese law and regulations
currently in effect, Chinese regulatory authorities could take a different position on the interpretation and enforcement of laws and
regulations and disallow our holding company structure, which would likely result in a material adverse change in our operations and/or
the value of our securities being offered, including that it could cause the value of such securities to significantly decline or become
worthless. See &#8220;Item 3. Key Information - D. Risk Factors - Risks Related to Doing Business in China - Recent statements by the
Chinese government indicate an intent to exert more oversight and more control over offerings conducted overseas and/or foreign investment
in China-based issuers. Any such actions by the Chinese government could significantly limit or completely hinder our ability to conduct
our business, accept foreign investments, or list on a U.S. or other foreign exchange, including our ability to offer or continue to
offer its securities to investors and cause the value of the securities being registered hereby to significantly decline or become worthless.&#8221;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Permissions
Required from the PRC Authorities for Our Operations</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conduct our business primarily through our subsidiaries, including the VIEs, in China. Our operations in China are governed by PRC laws
and regulations. As of the date of this annual report, neither we nor the VIEs have been involved in any investigations initiated by
any PRC regulatory authority, nor has any of them received any inquiry, notice or sanction for our operations or our issuance of securities
to investors. Nevertheless, the Standing Committee of the National people&#8217;s Congress (the &#8220;SCNPC&#8221;) or PRC regulatory
authorities may in the future promulgate laws, regulations or implementing rules that requires us, our subsidiaries, the VIEs or their
subsidiaries to obtain permissions from PRC regulatory authorities to approve the VIE operations.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to Article 7 of the Measures of Cybersecurity Review (&#8220;the New CAC Measures&#8221;) which was promulgated <span>by
the Cyber Administration of China, together with 12 other departments </span>on December 28, 2021 and entered into force and effect on
February 15, 2022, a network platform operator that holds personal information of more than one million users shall report to Cybersecurity
Review Office for cybersecurity review when it seeks to list its securities overseas. During such reviews, the network platform operator
may be required to take measures to prevent and mitigate risk, and such measures could cause disruptions to our operations. Cybersecurity
review could also result in negative publicity with respect to the network platform operator and diversion of its managerial and financial
resources, which could materially and adversely affect its business, financial conditions, and results of operations. <span>The
New CAC Measures do not apply to the Company or any of its subsidiaries or the VIEs as of the date of this annual report. The Company
and any of its subsidiaries or the VIEs are not critical information infrastructure operators purchasing network products and services
or online platform operators carrying out data processing activities that affect or may affect national security. We hold less than 1
million users&#8217; personal information. We believe we are not subject to the cybersecurity review under the New CAC Measures. As of
the date of this report, we have not been involved in any investigations on cybersecurity review initiated by the CAC, and we have not
received any warning, sanction or penalty in such respect. We believe that we are compliant with the regulations or policies that have
been issued by the CAC as of the date of this annual report.</span> As of the date of this annual report, for entities that have been
listed overseas before the implementation of the New CAC Measures and intend to issue additional shares rather than doing a public listing,
the New CAC Measures do not clearly stipulate that such entities or their subsidiaries, as network platform operators, shall report to
Cybersecurity Review Office for cybersecurity review. The New CAC Measures remain unclear on whether such requirements will be applicable
to companies which are already listed in the United States, such as us. It also remains uncertain whether any future regulatory changes
would impose additional restrictions on companies like us. The aforementioned policies and any related implementation rules to be enacted
may subject us to additional compliance requirements in the future. As these opinions were recently issued, official guidance and interpretation
of the opinions remain unclear in several respects at this time. Therefore, we cannot assure you that we will remain fully compliant
with all new regulatory requirements of these opinions or any future implementation rules on a timely basis, or at all. <span>Please
see &#8220;Risk Factor - </span><b><i>Recent greater oversight by the CAC over data security, particularly for companies seeking to list
on a foreign exchange, could adversely impact our business and our offering&#8221; </i></b>for more detailed discussion.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 30, 2021, in response to the recent regulatory developments in China and actions adopted by the PRC government, the Chairman of
the SEC issued a statement asking the SEC staff to seek additional disclosures from offshore issuers associated with China-based operating
companies before their registration statements will be declared effective. On August 1, 2021, the China Securities Regulatory Commission
(the &#8220;CSRC&#8221;) stated in a statement that it had taken note of the new disclosure requirements announced by the SEC regarding
the listings of Chinese companies and the recent regulatory development in China, and that both countries should strengthen communications
on regulating China-related issuers. To the best of our knowledge, as of the date of this annual report, current Chinese laws and regulations
do not forbid us from issuing securities overseas. On December 24, 2021, the CSRC published the Administration of Overseas Securities
Offering and Listing by Domestic Companies (the &#8220;Draft Administrative Provisions&#8221;) and the Administration Measures for the
Filing of Overseas Securities Offering and Listing by Domestic Companies (the &#8220;Draft Filing Measures&#8221;). The Draft Administrative
Provisions and the Draft Filing Measures lay out requirements for filing and include unified regulation management, strengthening regulatory
coordination, and cross-border regulatory cooperation. On February 17, 2023, the CSRC promulgated the Trial Administrative Measures of
Overseas Securities Offering and Listing by Domestic Companies (the &#8220;Trial Measures&#8221;), which took effect on March 31, 2023.
On the same date, the CSRC circulated Supporting Guidance Rules No. 1 through No. 5, Notes on the Trial Measures, Notice on Administration
Arrangements for the Filing of Overseas Listings by Domestic Enterprises and relevant CSRC Answers to Reporter Questions, or collectively,
the Guidance Rules and Notice, on CSRC&#8217;s official website. The Trial Measures, together with the Guidance Rules and Notice reiterate
the basic principles of the Draft Administrative Provisions and Draft Filing Measures, and clarified and emphasized several aspects,
which include but are not limited to: (1) criteria to determine whether an issuer will be required to go through the filing procedures
under the Trial Measures; (2) exemptions from immediate filing requirements for issuers including those that have already been listed
in foreign securities markets, including U.S. markets, prior to the effective date of the Trial Measures, but these issuers shall still
be subject to filing procedures if they conduct refinancing or are involved in other circumstances that require filing with the CSRC;
(3) a negative list of types of issuers banned from listing or offering overseas, such as issuers whose affiliates have been recently
convicted of bribery and corruption; (4) issuers&#8217; compliance with web security, data security, and other national security laws
and regulations; (5) issuers&#8217; filing and reporting obligations, such as obligation to file with the CSRC after it submits an application
for initial public offering to overseas regulators, and obligation after offering or listing overseas to file with the CSRC after it
completes subsequent offerings and to report to the CSRC material events including change of control or voluntary or forced delisting
of the issuer; and (6) the CSRC&#8217;s authority to fine both issuers and their relevant shareholders for failure to comply with the
Trial Measures, including failure to comply with filing obligations or committing fraud and misrepresentation. Specifically, pursuant
to the Trial Measures, our future securities offerings in Nasdaq Capital Market where we have previously offered and listed shall also
be filed with the CSRC within 3 working days after the offering is completed. As the Trial Measures are newly issued, there remain uncertainties
regarding its interpretation and implementation. Therefore, we cannot assure you that we will be able to complete the filings for our
future offering and fully comply with the relevant new rules on a timely basis, if at all. In addition, we cannot guarantee that we will
not be subject to tightened regulatory review and we could be exposed to government interference in China.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, as of the date of this annual report, except for business license, foreign investment information report to the commerce administrative
authority and foreign exchange registration or filing, our consolidated affiliated Chinese entities are not required to obtain any other
licenses and permits from the PRC government authorities, and our holding company, our subsidiaries and the VIEs in China have obtained
all the licenses and permits that are requisite for the business operations in China. However, given the uncertainties of interpretation
and implementation of relevant laws and regulations and the enforcement practice by government authorities, we may be required to obtain
certain licenses, permits, filings, permissions or approvals for the functions and services that we provided in the future, or to offer
securities, in China.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">If
we, our </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">subsidiaries<span>,
or the VIEs (i) do not receive or maintain such permissions or approvals, should the approval be required in the future by the PRC government,
(ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations
change and we are required to obtain such permissions or approvals in the future, our operations and financial conditions could be materially
adversely affected, our ability to offer securities to investors could be significantly limited or completely hindered and our securities
may substantially decline in value or be worthless. As of the date of this annual report, our PRC legal counsel has advised us that,
based on its understanding of the current PRC laws and regulations, we will not be required to submit an application to the CSRC for
the approval under the M&amp;A Rules for our offshore offerings because (i) the CSRC currently has not issued any definitive rule or
interpretation concerning whether our offshore offerings are subject to this regulation; and (ii) no provision in the M&amp;A Rules classifies
the contractual arrangements under the VIE agreements as a type of acquisition transaction falling under the M&amp;A Rules. However,
our PRC legal counsel has further advised us that there remains some uncertainty as to how the M&amp;A Rules will be interpreted or implemented
in the context of an overseas offering, and its opinions summarized above are subject to any new laws, rules and regulations or detailed
implementations and interpretations in any form relating to the M&amp;A Rules. </span>As of the date of this annual report, according
to our PRC Counsel, as we are a listed company, we are not subject to the filing requirements as regulated by the Trial Measures. However,
pursuant to the Trial Measures, our future securities offering in the Nasdaq Capital Market where we have previously offered and listed
shall be filed with the CSRC within 3 working days after the offering is completed. As the Trial Measures are newly issued, there remain
uncertainties regarding its interpretation and implementation. Therefore, we cannot assure you that we will be able to complete the filings
for our future offering and fully comply with the relevant new rules on a timely basis, if at all. <span>These
regulatory agencies may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit
our operations in China, delay or restrict the repatriation of the proceeds into China or take other actions that could have a material
adverse effect on our business, financial condition, results of operations, as well as the trading price of our securities. The CSRC,
the Cyberspace Administration of China or other PRC regulatory agencies also may take actions requiring us, or making it advisable for
us, to halt any securities offering we may undertake in the future. Consequently, if you engage in market trading or other activities
in anticipation of and prior to settlement and delivery, you do so at the risk that settlement and delivery may not occur. In addition,
if the CSRC, the Cyberspace Administration of China or other regulatory PRC agencies later promulgate new rules requiring that we obtain
more approvals in the future, we may be unable to obtain such approvals or a waiver of such approval requirements, if and when procedures
are established to obtain such a waiver. Any uncertainties and/or negative publicity regarding such an approval requirement could have
a material adverse effect on the trading price of our securities.</span> These legal and operational risks and uncertainties associated
with being based in China may materially and adversely change our operations, affect the value of our ordinary shares, significantly
limit or completely hinder our ability to offer or continue to offer securities to investors could cause the value of our securities
to significantly decline or be worthless.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; "><b>PCAOB
and the Holding Foreign Companies Accountable Act</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">The
Holding Foreign Companies Accountable Act (the &#8220;HFCAA&#8221;), recent regulatory actions taken by the SEC and PCAOB, and proposed
rule changes submitted by U.S. stock exchanges calling for additional and more stringent criteria to be applied to China-based public
companies could add uncertainties to our capital raising activities and compliance costs. The HFCAA requires a foreign company to certify
it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company uses a foreign
auditor not subject to PCAOB inspection. If the PCAOB determines that it is unable to inspect our auditors for three consecutive years,
our securities may be prohibited to trade on a national exchange. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act, which, if enacted, would amend the HFCAA and require the SEC to prohibit an issuer&#8217;s
securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead
of three, and thus, would reduce the time before our securities may be prohibited from trading or delisted. On December 20, 2021, the
PCAOB issued a report on its determinations that the PCAOB is unable to inspect or investigate completely PCAOB-registered public accounting
firms headquartered in mainland China or Hong Kong because of positions taken by PRC authorities in those jurisdictions. Our independent
registered public accounting firm that issued the audit report for our financial statements for 2022 and 2021, as an auditor of companies
that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant
to which the PCAOB conducts regular inspections to assess our auditor&#8217;s compliance with the applicable professional standards,
and thus our auditor is not subject to the determinations announced by the PCAOB on December 16, 2021. However, we cannot be certain
whether SEC or other U.S. regulatory authorities would apply additional and more stringent criteria to Chinese issuers including us as
related to the audit of our financial statements. Trading in your securities may be prohibited under the HFCAA if the PCAOB determines
that it cannot inspect or investigate completely our auditor, and that as a result an exchange may determine to delist your securities.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 26, 2022, the PCAOB&#160;signed a Statement of Protocol with the CSRC and the Ministry of Finance of the PRC (the &#8220;Statement
of Protocol&#8221;), which is intended to enable the PCAOB to inspect and investigate completely registered public accounting firms in
mainland China&#160;and Hong Kong. According to a statement released by the PCAOB, the Statement of Protocol (i) provides the PCAOB with
sole discretion to select the firms, audit engagements and potential violations it inspects and investigates without consultation with,
nor input from, Chinese authorities, (ii) puts procedures in place for PCAOB inspectors and investigators to view complete audit work
papers with all information included and for the PCAOB to retain information as needed and (iii) provides the PCAOB with direct access
to interview and take testimony from all personnel associated with the audits the PCAOB inspects or investigates. While the Chairs of
both the PCAOB and the SEC made statements supporting the Statement of Protocol, both emphasized that this is only the first step in
the process. On December 15, 2022, the PCAOB issued a new Determination Report which: (1) vacated the December 16, 2021 Determination
Report; and (2) concluded that the PCAOB has been able to conduct inspections and investigations completely in the PRC in 2022. The December
15, 2022 Determination Report cautions, however, that authorities in the PRC might take positions at any time that would prevent the
PCAOB from continuing to inspect or investigate completely. As required by the HFCAA, if in the future the PCAOB determines it no longer
can inspect or investigate completely because of a position taken by an authority in the PRC, the PCAOB will act expeditiously to consider
whether it should issue a new determination. On December 29, 2022, the Accelerating Holding Foreign Companies Accountable Act was signed
into law, which officially reduce the number of <span>years auditor is not subject to PCAOB inspections
to two consecutive years</span>. As such, uncertainties remain regarding how it will impact China-based issuers and there is no assurance
that the PCAOB will continue being able to execute, in a timely manner, its future inspections and investigations. As required by the
HFCAA, if in the future the PCAOB determines it no longer can inspect or investigate completely because of a position taken by an authority
in the PRC, the PCAOB will act expeditiously to consider whether it should issue a new determination, and upon that time the Company
will only have two years to comply with PCAOB audits.</span></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></span></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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="k_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
[Reserved.]</b></span></p><div>

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

</div><div><a id="k_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
CAPITALIZATION AND INDEBTEDNESS.</b></span></p><div>

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

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

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

</div><div><a id="k_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
REASONS FOR THE OFFER AND USE OF PROCEEDS.</b></span></p><div>

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

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

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

</div><div><a id="k_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
RISK FACTORS.</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in our ordinary shares involves a high degree of risk. You should carefully consider the risks and uncertainties described
below together with all other information contained in this annual report, including the matters discussed under &#8220;Special Note
Regarding Forward-Looking Statements,&#8221; before you decide to invest in our ordinary shares. You should pay particular attention
to the fact that we are a holding company with substantial operations in China and are subject to legal and regulatory environments that
in many respects differ from those of the United States. If any of the following risks, or any other risks and uncertainties that are
not presently foreseeable to us, actually occur, our business, financial condition, results of operations, liquidity and our future growth
prospects would be materially and adversely affected. You should also consider all other information contained in this annual report
before deciding to invest in our ordinary shares.</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is subject to a number of risks and uncertainties from business operations, having business in China, and being incorporated
in British Virgin Islands, including the following highlighted risks:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
strategy includes plans to grow both organically and through acquisitions, participation in joint ventures or other strategic alliances.
However, such acquisitions may adversely affect our business and the acquisition may not be successful, please see &#8220;<b><i>risk
factor - We may undertake acquisitions, investments, joint ventures or other strategic alliances, which could have a material adverse
effect on our ability to manage our business. In addition, such undertakings may not be successful</i></b>&#8221; for more details.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
industry the Company participates in is competitive in recruiting highly-skilled personnel, we cannot assure we are able to cost-efficiently
find qualified employees, please see &#8220;<b><i>risk factor - Due to intense competition for highly-skilled personnel, we may fail
to attract and retain enough sufficiently trained employees to support our operations; our ability to bid for and obtain new projects
may be negatively affected and our revenues could decline as a result&#8221; </i></b>for more details.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China&#8217;s
spatial-temporal big-data processing and interactive location-based services industry, in which we operate, is characterized by rapidly
changing technology, if the Company cannot keep pace with the development, we may lose our competitiveness. Please see &#8220;<b><i>Risk
Factor - Changes in technology could adversely affect our business by increasing our costs, reducing our profit margins and causing a
decline in our competitiveness&#8221; </i></b>for more details.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual
property owned by the Company is important to our products and our business operations, if we cannot protect our intellectual property
rights, our competitiveness may be negatively influence. Please see &#8220;<b><i>Risk Factor - Our failure to protect our intellectual
property rights may undermine our competitive position, and subject us to costly litigation to protect our intellectual property rights&#8221;
</i></b>for more details.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is determined that the Company has material weakness in the ineffective disclosure controls and procedures and our internal controls
over financial reporting, which may harm our operating results. Please see &#8220;Risk Factor - <b><i>Weaknesses in our internal controls
over financial reporting or disclosure controls and procedures may have a material adverse effect on our business, the price of our ordinary
shares, operating results and financial condition&#8221; </i></b> for more details.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a foreign private issuer incorporated in British Virgin Islands, which is different from the U.S. Laws and you may receive
less protections. Please see &#8220;<b>Risk Factor - <i>As the rights of shareholders under British Virgin Islands law differ from those
under U.S. law, you may have fewer protections as a shareholder&#8221;, &#8220;</i>Risk Factor - <i>British Virgin Islands companies
may not be able to initiate shareholder derivative actions, thereby depriving shareholders of the ability to protect their interests&#8221;
</i></b>and &#8220;<b>Risk Factor - <i>The laws of the British Virgin Islands provide little protection for minority shareholders, so
minority shareholders will have little or no recourse if the shareholders are dissatisfied with the conduct of our affairs&#8221; </i></b>for
more details.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has been notified an incompliance to the continued listing requirement of Nasdaq Capital Market, which may pose additional difficulties
in future financing. Please see &#8220;Risk Factor - <b><i>If the trading price of our ordinary shares fails to comply with the continued
listing requirements of the NASDAQ Capital Market, we would face possible delisting, which would result in a limited public market for
our ordinary shares and make obtaining future debt or equity financing more difficult for us&#8221; </i></b>for more details.</span></td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></span></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 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Factors Summary &#8211; Risks Related to Doing Business in China</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is using variable interest entities in corporate structure to conduct business operations in China, this structure may be disallowed
by the unpredictable changes in PRC legal system, which may materially influence the business operation of the Company. Please see Risk
Factor - <b><i>If the PRC government deems that our agreements with our variable interest entities (our &#8220;VIEs&#8221;) do not comply
with PRC regulatory restrictions on foreign investment in the relevant industries or other laws or regulations of the PRC, or if these
regulations or the interpretation of existing regulations change in the future, we could be subject to severe penalties or be forced
to relinquish our interests in those operations, which may materially reduce the value of our ordinary shares&#8221; </i></b>for more
details.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has substantially all of the business conducted in China, therefore, as the PRC government continues to exercise significant
control over China&#8217;s economic growth through direct allocation of resources, monetary and tax policies, and a host of other government
policies, the Company&#8217;s business operations may be adversely affected by the changes in political and economic policies of the
PRC. Please see &#8220;Risk Factor - <b><i>Adverse changes in political and economic policies of the PRC government could have a material
adverse effect on the overall economic growth of China, which could reduce the demand for our services and materially and adversely affect
our competitive position&#8221; </i></b>for more details.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a company incorporated under the laws of the British Virgin Islands, we conduct all of our operations in China and all of our assets
and most of our directors are located in China, therefore, you may experience difficulties in service of legal process. Please see &#8220;<b>Risk
Factor - <i>You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in
China against us or our management named in this annual report based on foreign laws&#8221; </i></b> for more details.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the PRC legal system is drastically developing, the Company may be subject to additional regulatory review and additional compliance
requirements to do business, which may bear more cost on the Company. Please see &#8220;<b>Risk Factor - <i>Adverse regulatory developments
in China may subject us to additional regulatory review, and additional disclosure requirements and regulatory scrutiny to be adopted
by the SEC in response to risks related to recent regulatory developments in China may impose additional compliance requirements for
companies like us with significant China-based operations, all of which could increase our compliance costs, subject us to additional
disclosure requirements. In addition, uncertainties with respect to the PRC legal system could adversely affect us&#8221; </i></b>for
more details.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, the Company is not subject to the Cybersecurity Review imposed by the PRC government, however, the
Company cannot foresee the changes in interpretation of the laws, and the Company may in the future be required to timely complete such
review. Please see &#8220;<b>Risk Factor - <i>Compliance with China&#8217;s new Data Security Law, Measures on Cybersecurity Review (revised
draft for public consultation), Personal Information Protection Law (second draft for consultation), regulations and guidelines relating
to the multi-level protection scheme and any other future laws and regulations may entail significant expenses and could materially affect
our business&#8221; </i></b> and &#8220;<b>Risk Factor - <i>Recent greater oversight by the CAC over data security, particularly for
companies seeking to list on a foreign exchange, could adversely impact our business and our offering&#8221; </i></b>for more details.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
almost all of the business operations of the Company are in China, through our subsidiaries and the VIEs, the currency for business is
RMB, while our reporting currency is USD, therefore, the fluctuation of which may affect the value of your investment. Please see &#8220;<b>Risk
Factor - <i>Governmental control of currency conversion may affect the value of your investment&#8221; </i></b>and &#8220;<b>Risk Factor
- <i>Fluctuation in the value of the RMB may have a material adverse effect on the value of your investment</i></b>&#8221; for more details.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PCAOB
may issue reports or determinations analyzing their accessibility to the auditors who have branches in China or Hong Kong, as of the
date of this annual report, our auditors are subject to full inspections, but if it changes, it may adversely affect the Company&#8217;s
business. Please see &#8220;<b>Risk Factor - <i>Our auditor is headquartered in the United States, and is subject to inspection by the
PCAOB on a regular basis. To the extent that our independent registered public accounting firm&#8217;s audit documentation related to
their audit reports for our company become located in China, the PCAOB may not be able inspect such audit documentation and, as such,
you may be deprived of the benefits of such inspection and our ordinary shares could be delisted from the stock exchange pursuant to
the Holding Foreign Companies Accountable Act&#8221; </i></b>for more details.</span></td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></span></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 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may undertake acquisitions, investments, joint ventures or other strategic alliances, which could have a material adverse effect on our
ability to manage our business. In addition, such undertakings may not be successful.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
strategy includes plans to grow both organically and through acquisitions, participation in joint ventures or other strategic alliances.
Joint ventures and strategic alliances may expose us to new operational, regulatory and market risks, as well as risks associated with
additional capital requirements. We may not be able, however, to identify suitable future acquisition candidates or alliance partners.
Even if we identify suitable candidates or partners, we may be unable to complete an acquisition or alliance on terms commercially acceptable
to us. If we fail to identify appropriate candidates or partners, or complete desired acquisitions, we may not be able to implement our
strategies effectively or efficiently.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our ability to successfully integrate acquired companies and their operations may be adversely affected by several factors.
These factors include:</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">diversion
    of management&#8217;s attention;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
    in retaining customers of the acquired companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
    in retaining personnel of the acquired companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">entry
    into unfamiliar markets;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unanticipated
    problems or legal liabilities; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax
    and accounting issues.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we fail to integrate acquired companies efficiently, our earnings, revenue growth and business could be negatively affected.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Due
to intense competition for highly-skilled personnel, we may fail to attract and retain enough sufficiently trained employees to support
our operations; our ability to bid for and obtain new projects may be negatively affected and our revenues could decline as a result.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IT industry relies on skilled employees, and our success depends to a significant extent on our ability to attract, hire, train and retain
qualified employees. There is significant competition in China for professionals with the skills necessary to develop the products and
perform the services we offer to our customers. Increased competition for these professionals, in the mobile application design area
or otherwise, could have an adverse effect on us if we experience significant increase in the attrition rate among employees with specialized
skills, which could decrease our operating efficiency and productivity and could lead to a decline in demand for our services.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our ability to serve existing customers and business partners and obtain new business will depend, in large part, on our ability
to attract, train and retain skilled personnel that enable us to keep pace with growing demands for spatial-temporal big-data processing
and interactive location-based services, evolving industry standards and changing customer preferences. Our failure to attract, train
and retain personnel with the qualifications necessary to fulfill the needs of our existing and future customers or to assimilate new
employees successfully could have a material adverse effect on our business, financial condition and results of operations. Our failure
to retain our key personnel on business development or find suitable replacements of the key personnel upon their departure may lead
to shrinking new implementation projects, which could materially adversely affect our business.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></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: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></span></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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business depends substantially on the continuing efforts of our senior executives and other key personnel, and our business may be severely
disrupted if we lose their services.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future success heavily depends upon the continued services of our senior executives and other key employees, particularly since we recently
appointed a new Chairman. We are reliant on the services of Mr. Xuesong Song, our Chairman, Chief Executive Officer and member of our
board of directors. If one or more of our senior executives or key employees is unable or unwilling to continue in his or her present
position, we may not be able to replace such employee easily, or at all, we may incur additional expenses to recruit, train and retain
replacement personnel, our business may be severely disrupted, and our financial condition and results of operations may be materially
adversely affected.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business could suffer if our executives and directors compete against us and our non-competition agreements with them cannot be enforced.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of our senior executives or key employees joins a competitor or forms a competing company, we may lose customers, know-how and key
professionals and staff members to them. Also, if any of our business development managers who keep a close relationship with our customers
and business partners joins a competitor or forms a competing company, we may lose customers, and our revenues may be materially adversely
affected. Most of our executives have entered, or will soon enter, into employment agreements with us that contain or will contain non-competition
provisions. However, if any dispute arises between our executive officers and us, such non-competition provisions may not be enforceable,
especially in China, where all of these executive officers and key employees reside, in light of the uncertainties with China&#8217;s
legal system. See &#8220;Risk Factors &#8212;&#160;Risks Related to Doing Business in China&#160;&#8212;&#160;Uncertainties with respect
to the PRC legal system could adversely affect us.&#8221;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
computer networks may be vulnerable to security risks that could disrupt our services and adversely affect our results of operations.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
computer networks may be vulnerable to unauthorized access, computer hackers, computer viruses and other security problems caused by
unauthorized access to, or improper use of, systems by third parties or employees. We have been the target of attempted cyber-security
breaches in the past and expect that we will continue to be subject to such attempts in the future. A hacker who circumvents security
measures could misappropriate proprietary information or cause interruptions or malfunctions in operations. Computer attacks or disruptions
may jeopardize the security of information stored in and transmitted through computer systems and mobile devices of our customers. Actual
or perceived concerns that our systems may be vulnerable to such attacks or disruptions may deter customers from using our services.
As a result, we may be required to expend significant resources to protect against the threat of these security breaches or to alleviate
problems caused by these breaches, which could adversely affect our results of operations.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Widespread
health developments, including the recent global COVID-19 pandemic, could materially and adversely affect our business, financial condition
and results of operations.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business has been, and may continue to be, impacted by the fear of exposure to or actual effects of the COVID-19 pandemic, such as recommendations
or mandates from governmental authorities to close businesses, limit travel, avoid large gatherings or to self-quarantine. These impacts
could place limitations on our ability to execute on our business plan and could materially and adversely affect our business, financial
condition and results of operations. We continue to monitor the situation, have actively implemented policies and procedures to address
the situation, and may adjust our current policies and procedures as more information and guidance become available to address the evolving
situation. The impact of COVID-19 may also exacerbate other risks discussed in this Report, any of which could have a material effect
on us.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we do not continually enhance our solutions and service offerings, we may have difficulty in retaining existing customers and attracting
new customers.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our future success will depend, to a significant extent, upon our ability to enhance our existing technologies, applications
and platform, and to introduce new features to meet the preferences and requirements of our customers in a rapidly developing and evolving
market. Unexpected technical, operational, distribution or other problems could delay or prevent the introduction of one or more of these
products or services, or any products or services that we may plan to introduce in the future. Our present or future products may not
satisfy the evolving preferences and tastes of our customers, and these solutions and services may not achieve anticipated market acceptance
or generate incremental revenue. If we are unable to anticipate or respond adequately to the need for service or product enhancements
due to resource, technological or other constraints, our business, financial condition and results of operations could be materially
and adversely affected.</span></p><div>

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

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

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

</div><!-- Field: Page; Sequence: 16; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></span></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to develop competitive new products and service offerings our future results of operations could be adversely affected.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future revenue stream depends to a large degree on our ability to utilize our technology in a way that will allow us to offer new types
of products in relation to maps and geospatial data processing, mobile applications and services to a broader customer base. We will
be required to make investments in research and development in order to continually develop new products, software applications and related
service offerings, enhance our existing products, platform, mobile applications and related service offerings and achieve market acceptance
of our mobile applications and service offerings. We may incur problems in the future in innovating and introducing new products, mobile
applications and service offerings. Our development-stage products, mobile applications may not be successfully completed or, if developed,
may not achieve significant customer acceptance. If we are unable to successfully define, develop and introduce competitive new mobile
applications, and enhance existing mobile applications, our future results of operations would be adversely affected. The timely availability
of new applications and their acceptance by customers are important to our future success. A delay in the development of new applications
could have a significant impact on its results of operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in technology could adversely affect our business by increasing our costs, reducing our profit margins and causing a decline in our competitiveness.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China&#8217;s
spatial-temporal big-data processing and interactive location-based services industry, in which we operate, is characterized by rapidly
changing technology, evolving industry standards, frequent introductions of new services and solutions and enhancements as well as changing
customer demands. New solutions and new technologies often render existing solutions and services obsolete, excessively costly or otherwise
unmarketable. As a result, our success depends on our ability to adapt to the latest technological progress, such as the 5G standard
and technologies, and to develop or acquire and integrate new technologies into our products, mobile applications and related services.
Advances in technology also require us to commit substantial resources to developing or acquiring and then deploying new technologies
for use in our operations. We must continuously train personnel in new technologies and in how to integrate existing systems with these
new technologies. We may not be able to adapt quickly to new technologies or commit sufficient resources to compete successfully against
existing or new competitors in bringing to market solutions and services that incorporate these new technologies. We may incur problems
in the future in innovating and introducing new mobile applications and service offerings. Our development of new mobile applications
and platform enhancements may not be successfully completed or, if developed, may not achieve significant customer acceptance. If we
fail to adapt to changes in technologies and compete successfully against established or new competitors, our business, financial condition
and results of operations could be adversely affected.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Problems
with the quality or performance of our software or other systems may cause delays in the introduction of new solutions or result in the
loss of customers and revenues, which could have a material and adverse effect on our business, financial condition and results of operations.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
products are complex and may contain defects, errors or bugs when first introduced to the market or to a particular customer, or as new
versions are released. Because we cannot test for all possible scenarios, our systems may contain errors that are not discovered until
after they have been installed or implemented, and we may not be able to timely correct these problems. These defects, errors or bugs
could interrupt or delay the completion of projects or sales to our customers. In addition, our reputation may be damaged and we may
fail to acquire new projects from existing customers or new customers. Errors may occur when we provide systems integration and maintenance
services. Even in cases where we have agreements with our customers that contain provisions designed to limit our exposure to potential
claims and liabilities arising from customer problems, these provisions may not effectively protect us against such claims in all cases
and in all jurisdictions. In addition, as a result of business and other considerations, we may undertake to compensate our customers
for damages arising from the use of our solutions, even if our liability is limited by these provisions. Moreover, claims and liabilities
arising from customer problems could also result in adverse publicity and materially and adversely affect our business, results of operations
and financial condition. We currently do not carry any product or service liability insurance and any imposition of liability on us may
materially and adversely affect our business and increase our costs, resulting in reduced revenues and profitability.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
products may contain undetected software defects, which could negatively affect our revenues.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
software products are complex and may contain undetected defects. Although we test our products, it is possible that errors may be found
or occur in our new or existing products after we have delivered those products to the customers. Defects, whether actual or perceived,
could result in adverse publicity, loss of revenues, product returns, a delay in market acceptance of our products, loss of competitive
position or claims against us by customers. Any such problems could be costly to remedy and could cause interruptions, delays, or cessation
of our product sales, which could cause us to lose existing or prospective customers and could negatively affect our results of operations.</span></p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be subject to infringement, misappropriation and indemnity claims in the future, which may cause us to incur significant expenses,
pay substantial damages and be prevented from providing our services or technologies.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success depends, in part, on our ability to carry out our business without infringing the intellectual property rights of third parties.
Patent and copyright law covering software-related technologies is evolving rapidly and is subject to a great deal of uncertainty. Our
self-developed or licensed technologies, processes or methods may be covered by third-party patents or copyrights, either now existing
or to be issued in the future. Any potential litigation may cause us to incur significant expenses. Third-party claims, if successfully
asserted against us may cause us to pay substantial damages, seek licenses from third parties, pay ongoing royalties, redesign our services
or technologies, or prevent us from providing services or technologies subject to these claims. Even if we were to prevail, any litigation
would likely be costly and time-consuming and divert the attention of our management and key personnel from our business operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
failure to protect our intellectual property rights may undermine our competitive position, and subject us to costly litigation to protect
our intellectual property rights.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
misappropriation of our technology or the development of competitive technology could seriously harm our business. We regard a substantial
portion of our hardware and software systems as proprietary and rely on statutory copyright, trademark, patent, trade secret laws, customer
license agreements, employee and third-party non-disclosure agreements and other methods to protect our proprietary rights. Nevertheless,
these resources afford only limited protection and the actions we take to protect our intellectual property rights may not be adequate.
In particular, third parties may infringe or misappropriate our proprietary technologies or other intellectual property rights, which
could have a material adverse effect on our business, financial condition and results of operations. In addition, intellectual property
rights and confidentiality protection in China may not be as effective as in the United States, and policing unauthorized use of proprietary
technology can be difficult and expensive. Further, litigation may be necessary to enforce our intellectual property rights, protect
our trade secrets or determine the validity and scope of the proprietary rights of others. The outcome of any such litigation may not
be in our favor. Any such litigation may be costly and may divert management attention, as well as our other resources, away from our
business. An adverse determination in any such litigation will impair our intellectual property rights and may harm our business, prospects
and reputation. In addition, we have no insurance coverage against litigation costs and would have to bear all litigation costs in excess
of the amount recoverable from other parties. The occurrence of any of the foregoing could have a material adverse effect on our business,
financial condition and results of operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
solutions incorporate a portion of, and work in conjunction with, third-party hardware and software solutions. If these third-party hardware
or software solutions are not available to us at reasonable costs, or at all, our results of operations could be adversely impacted.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
our hardware and software systems and mobile applications primarily rely on our own core technologies, some elements of our systems incorporate
a small portion of third-party hardware and software solutions. If any third party were to discontinue making their intellectual property
available to us or our customers on a timely basis, or increase materially the cost of their licensing such intellectual property, or
if our systems or applications failed to properly function or interoperate with replacement intellectual property, we may need to incur
costs in finding replacement third-party solutions and/or redesigning our systems or applications to replace or function with or on replacement
third-party proprietary technology. Replacement technology may not be available on terms acceptable to us or at all, and we may be unable
to develop alternative solutions or redesign our systems or applications on a timely basis or at a reasonable cost. If any of these were
to occur, our results of operations could be adversely impacted.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
ability to sell our products is highly dependent on the quality of our service and support offerings, and our failure to offer high quality
service could have a material adverse effect on our ability to market and sell our products.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
customers depend upon our customer service and support staff to resolve issues relating to our products. High-quality support services
are critical for the successful marketing and sale of our products. If we fail to provide high-quality support on an ongoing basis, our
customers may react negatively and we may be materially and adversely affected in our ability to sell additional products to these customers.
This could also damage our reputation and prospects with potential customers. Our failure to maintain high-quality support services could
have a material and adverse effect on our business, results of operations and financial condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Weaknesses
in our internal controls over financial reporting or disclosure controls and procedures may have a material adverse effect on our business,
the price of our ordinary shares, operating results and financial condition.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are required to establish and maintain appropriate internal controls over financial reporting and disclosure controls and procedures.
Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 and the related rules adopted by the Securities and Exchange Commission (the
&#8220;SEC&#8221;), every public company is required to include a management report on its internal controls over financial reporting
in its annual report, which contains management&#8217;s assessment of the effectiveness of the company&#8217;s internal controls over
financial reporting. This requirement first applied to our annual report on Form 20-F for the fiscal year ended on September 30, 2011.
In connection with our assessments of our disclosure controls and procedures and internal controls over financial reporting, management
concluded that as of December&#160;31, 2021, our disclosure controls and procedures and our internal controls over financial reporting
were not effective due to lack of U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) expertise in our current accounting
team. Please refer to the discussion under Item 15, &#8220;Controls and Procedures&#8221; for further discussion of our material weakness
as of December&#160;31, 2021. Should we be unable to remediate the material weakness promptly and effectively, such weakness could harm
our operating results, result in a material misstatement of our financial statements, cause us to fail to meet our financial reporting
obligations or prevent us from providing reliable and accurate financial reports or avoiding or detecting fraud. This, in turn, could
result in a loss of investor confidence in the accuracy and completeness of our financial reports, which could have an adverse effect
on the trading price of our ordinary shares. Any litigation or other proceeding or adverse publicity relating to the material weaknesses
could have a material adverse effect on our business and operating results.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have very limited insurance coverage which could expose us to significant costs and business disruption.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not maintain any insurance coverage for our leased properties. Should any natural catastrophes such as earthquakes, floods, typhoons
or any acts of terrorism occur in Beijing, China, where our head office is located and most of our employees are based, or elsewhere
in China, we might suffer not only significant property damages, but also loss of revenues due to interruptions in our business operations,
which could have a material adverse effect on our business, operating results or financial condition.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
insurance industry in China is still at an early stage of development. Insurance companies in China offer limited business insurance
products, and do not, to our knowledge, offer business liability insurance. As a result, we do not have any business liability insurance
coverage for our operations. Moreover, while business disruption insurance is available, we have determined that the risks of disruption
and cost of the insurance are such that we do not require it at this time. Any business disruption, litigation or natural disaster might
result in substantial costs and diversion of resources, particularly if it affects our technology platforms which we depend on for delivery
of our software and services, and could have a material adverse effect on our financial condition and results of operations.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be liable to our customers for damages caused by unauthorized disclosure of sensitive and confidential information, whether through
our employees or otherwise.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are typically required to manage, utilize and store sensitive or confidential customer data in connection with the products and services
we provide. Under the terms of our customer contracts, we are required to keep such information strictly confidential. We seek to implement
specific measures to protect sensitive and confidential customer data. We require our employees to enter into non-disclosure agreements
to limit such employees&#8217; access to, and distribution of, our customers&#8217; sensitive and confidential information and our own
trade secrets. We can give no assurance that the steps taken by us in this regard will be adequate to protect our customers&#8217; confidential
information. If our customers&#8217; proprietary rights are misappropriated by our employees, in violation of any applicable confidentiality
agreements or otherwise, our customers may consider us liable for that act and seek damages and compensation from us. However, we currently
do not have any insurance coverage for mismanagement or misappropriation of such information by our employees. Any litigation with respect
to unauthorized disclosure of sensitive and confidential information might result in substantial costs and diversion of resources and
management attention.</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may face intellectual property infringement claims that could be time-consuming and costly to defend. If we fail to defend ourselves
against such claims, we may lose significant intellectual property rights and may be unable to continue providing our existing products
and services.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is critical that we use and develop our technology and products without infringing upon the intellectual property rights of third parties,
including patents, copyrights, trade secrets and trademarks. Intellectual property litigation is expensive and time-consuming and could
divert management&#8217;s attention from our business. A successful infringement claim against us, whether with or without merit, could,
among others things, require us to pay substantial damages, develop non-infringing technology, or re-brand our name or enter into royalty
or license agreements that may not be available on acceptable terms, if at all, and cease making, licensing or using products that have
infringed a third party&#8217;s intellectual property rights. Protracted litigation could also result in existing or potential customers
deferring or limiting their purchase or use of our products until resolution of such litigation, or could require us to indemnify our
customers against infringement claims in certain instances. Also, we may be unaware of intellectual property registrations or applications
relating to our services that may give rise to potential infringement claims against us. Parties making infringement claims may be able
to obtain an injunction to prevent us from delivering our services or using technology containing the allegedly infringing intellectual
property. Any intellectual property litigation could have a material adverse effect on our business, results of operations or financial
condition.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Seasonality
and fluctuations in our customers&#8217; spending cycles and other factors can cause our revenues and operating results to vary significantly
from quarter to quarter and from year to year.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenues and operating results will vary from quarter to quarter and from year to year due to a number of factors, many of which are
outside of our control. Our new lines of business acquired upon the consummation of the asset exchange transaction discussed below see
higher customer use and activity during the Chinese New Year holiday than other times during the year, which lead to higher revenue during
this period as more customers would like to place more advertising. Historically, the products of our subsidiary Superengine Graphics
Software Technology Development (Suzhou) Co., Ltd (&#8220;Superengine&#8221;) have a pattern of decreased sales in the first fiscal quarter
as a result of industry buying patterns. Due to these and other factors, our operating results may fluctuate from quarter to quarter
and from year to year. These fluctuations are likely to continue in the future, and operating results for any period may not be indicative
of our future performance in any future period.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
corporate actions are substantially controlled by Mr. Xuesong Song, our Chairman and Chief Executive Officer, who can cause us to take
actions in ways you may not agree with.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Xuesong Song, our Chairman and Chief Executive Officer, beneficially owns 7.75% of our outstanding ordinary shares and 2,500,000 preferred
shares, and each preferred share has the right to 399 votes at a meeting of the shareholders of the Company. As a result, Mr. Song has
approximately 69.51% of the voting rights of the shareholders of the Company. Mr. Song can exert control and substantial influence over
matters such as electing directors, amending our constitutional documents, and approving acquisitions, mergers or other business combination
transactions. This concentration of ownership and voting power may also discourage, delay or prevent a change in control of our company,
which could deprive our shareholders of an opportunity to receive a premium for their shares as part of a sale of our company and might
reduce the price of our shares. Alternatively, our controlling shareholders may cause a merger, consolidation or change of control transaction
even if it is opposed by our other shareholders, including those who purchase shares in this offering</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
depend on a small number of customers to derive a significant portion of our revenues. If we were to continue being dependent upon a
few customers, such dependency could negatively impact our business, operating results and financial condition.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
derived a material portion of our revenues from a small number of customers. In the years ended December&#160;31, 2022, 2021 and 2020,
our five largest customers accounted for 61.9%, 43.6% and 49.8% of our total sales, respectively. As our customer base may change from
year-to-year, during such years that the customer base is highly concentrated, the fluctuation of our sales to any of such major customers
could have a material adverse effect on our business, operating results and financial condition. Moreover, our high customer base concentration
may also adversely affect our ability to negotiate contract prices with these customers, which may in turn materially and adversely affect
our results of operations.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
historical outstanding accounts receivable have been relatively high. Inability to collect our accounts receivable on a timely basis,
if at all, could materially and adversely affect our financial condition, liquidity and results of operations.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
our outstanding accounts receivable have been relatively high. As of December&#160;31, 2022, 2021 and 2020, our outstanding accounts
receivable before impairment were $28.4 million, $38.1 million and $26.9 million, respectively. Although we conduct credit evaluations
of our customers, we generally do not require collateral or other security from our customers. In addition, we have had a relatively
high customer concentration. The largest outstanding accounts receivable balance accounted for 25.0%, 18.5% and 27.9% of our total accounts
receivable balance as of December&#160;31, 2022, 2021 and 2020, respectively. As a result, an extended delay or default in payment relating
to a significant account would likely have a material and adverse effect on the aging schedule and turnover days of our accounts receivable.
Our inability to collect our accounts receivable on a timely basis, if at all, could materially and adversely affect our financial condition,
liquidity and results of operations.</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the PRC government deems that our agreements with our variable interest entities (our &#8220;VIEs&#8221;) do not comply with PRC regulatory
restrictions on foreign investment in the relevant industries or other laws or regulations of the PRC, or if these regulations or the
interpretation of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests
in those operations, which may materially reduce the value of our ordinary shares.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a holding company incorporated in the British Virgin Islands. As a holding company with no material operations of our own, we conduct
the majority of our business through our wholly-owned or majority-owned subsidiaries and certain business through operating entities
established in the People&#8217;s Republic of China, or the PRC, primarily the VIEs. Due to PRC legal restrictions on foreign ownership
of certain internet-related businesses we may explore and operate, we operate this business through the VIEs and their subsidiaries and
rely on contractual arrangements. As a result of the contractual arrangements, we (i) have the power to direct activities of the VIEs
that most significantly affect their economic performance, and (ii) receive the economic benefits from the VIEs that could be significant
to them. Accordingly, Luokung Technology Corp. is considered the primary beneficiary of the VIEs and their subsidiaries and has consolidated
the financial results of these companies in its consolidated financial statements under the U.S. GAAP for accounting purposes. Neither
Luokung Technology Corp. nor its investors has an equity ownership (including foreign direct investment) in, or control through such
equity ownership of, the VIEs, and the contractual arrangements are not equivalent to an equity ownership in the business of the VIEs.
The ordinary shares that currently listed on the Nasdaq Capital Markets are shares of our British Virgin Islands holding company that
maintains service agreements with the associated operating companies. The Chinese regulatory authorities could disallow our structure,
which could result in a material change in our operations and the value of our securities could decline or become worthless. For a description
of our corporate structure and contractual arrangements, see &#8220;Organizational Structure&#8221; on page 51 and &#8220;VIE Agreements
with VIEs and Their Respective Shareholders&#8221; on page 56.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our corporate structure and contractual arrangements comply with the current applicable PRC laws and regulations. We also
believe that each of the contracts among our wholly-owned PRC subsidiary, the VIEs and its shareholders is valid, binding and enforceable
in accordance with its terms. However, there are substantial uncertainties regarding the interpretation and application of current and
future PRC laws and regulations. Thus, the PRC governmental authorities may take a view contrary to the opinion of us. It is uncertain
whether any new PRC laws or regulations relating to variable interest entity structure will be adopted or if adopted, what they would
provide. PRC laws and regulations governing the validity of these contractual arrangements are uncertain and the relevant government
authorities have broad discretion in interpreting these laws and regulations. In addition, the legality and enforceability of the contractual
agreements between our PRC subsidiaries, the VIEs, and their nominee shareholders, as a whole, have not been tested in court.</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
these regulations change or are interpreted differently in the future and our corporate structure and contractual arrangements are deemed
by the relevant regulators that have competent authority, to be illegal, either in whole or in part, we may be unable to direct the operations
of the consolidated VIEs in the future, which conducts our manufacturing operations, holds significant assets and accounts for significant
revenue, and may need to modify such structure to comply with regulatory requirements. However, there can be no assurance that we can
achieve this without material disruption to our business. Further, if our corporate structure and contractual arrangements are found
to be in violation of any existing or future PRC laws or regulations, the relevant regulatory authorities would have broad discretion
in dealing with such violations, including:</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">revoking
    our business and operating licenses;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">levying
    fines on us;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">confiscating
    any of our income that they deem to be obtained through illegal operations;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shutting
    down our services;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discontinuing
    or restricting our operations in China;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">imposing
    conditions or requirements with which we may not be able to comply;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">requiring
    us to change our corporate structure and contractual arrangements;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricting
    or prohibiting our use of the proceeds from overseas offering to finance the consolidated VIEs&#8217; business and operations; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">taking
    other regulatory or enforcement actions that could be harmful to our business.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
new PRC laws, rules and regulations may be introduced to impose additional requirements that may be applicable to our corporate structure
and contractual arrangements. Occurrence of any of these events could materially and adversely affect our business, financial condition
and results of operations and the market price of our ordinary shares. In addition, if the imposition of any of these penalties or requirement
to restructure our corporate structure causes us to lose the rights to direct the activities of the consolidated VIEs, we would no longer
be able to consolidate the financial results of such VIEs in our consolidated financial statements, which may cause the value of our
securities to significantly decline or even become worthless.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, while we will take every precaution available to effectively enforce the contractual and corporate relationship of the VIE
agreements, these contractual arrangements are less effective than direct ownership and we may incur substantial costs to enforce the
terms of the arrangements. For example, the VIEs and its shareholders could breach their contractual arrangements with us by, among other
things, failing to conduct their operations in an acceptable manner or taking other actions that are detrimental to our interests. If
we had direct ownership of the VIEs, we would be able to exercise our rights as a shareholder to effect changes in the board of directors
of the VIEs, which in turn could implement changes, subject to any applicable fiduciary obligations, at the management and operational
level. However, under VIE Agreements, we will rely on the performance by the VIEs and its shareholders of their obligations under the
contracts to direct the operation of the VIEs. As such, the shareholders of VIEs may not act in the best interests of our company or
may not perform their obligations under these contracts. In addition, failure of the VIE shareholders to perform certain obligations
could compel us to rely on legal remedies available under PRC laws, including seeking specific performance or injunctive relief, and
claiming damages, which may not be effective.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Adverse
changes in political and economic policies of the PRC government could have a material adverse effect on the overall economic growth
of China, which could reduce the demand for our services and materially and adversely affect our competitive position.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially
all of our business operations are conducted in China. Accordingly, our business, results of operations, financial condition and prospects
are subject to a significant degree to economic, political and legal developments in China. Although the Chinese economy is no longer
a planned economy, the PRC government continues to exercise significant control over China&#8217;s economic growth through direct allocation
of resources, monetary and tax policies, and a host of other government policies such as those that encourage or restrict investment
in certain industries by foreign investors, control the exchange between RMB and foreign currencies, and regulate the growth of the general
or specific market. These government involvements have been instrumental in China&#8217;s significant growth in the past 30 years. The
reorganization of the telecommunications industry encouraged by the PRC government has directly affected our industry and our growth
prospect.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Growth
of China&#8217;s economy has been uneven, both geographically and among various sectors of the economy, and the growth of the Chinese
economy has slowed down in recent years. Some of the government measures may benefit the overall Chinese economy, but may have a negative
effect on us. For example, our financial condition and results of operations may be adversely affected by government control over capital
investments or changes in tax regulations. Any stimulus measures designed to boost the Chinese economy may contribute to higher inflation,
which could adversely affect our results of operations and financial condition. For example, certain operating costs and expenses, such
as employee compensation and office operating expenses, may increase as a result of higher inflation.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business benefits from certain government tax incentives. Expiration, reduction or discontinuation of, or changes to, these incentives
will increase our tax burden and reduce our net income.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the PRC Enterprise Income Tax Law passed in 2007 and the implementing rules, both of which became effective on January 1, 2008, or the
New Electronic Information and Transactions (&#8220;EIT&#8221;) Law, a unified enterprise income tax rate of 25% and unified tax deduction
standard is applied equally to both domestic-invested enterprises and foreign-invested enterprises, or FIEs. Enterprises established
prior to March 16, 2007 eligible for preferential tax treatment in accordance with the then tax laws and administrative regulations shall
gradually become subject to the New EIT Law rate over a five-year transition period starting from the date of effectiveness of the New
EIT Law. However, certain qualifying high-technology enterprises may still benefit from a preferential tax rate of 15% if they own their
core intellectual properties and they are enterprises in certain high-tech industries to be later specified by the government. As a result,
if our PRC subsidiaries qualify as &#8220;high-technology enterprises,&#8221; they will continue to benefit from the preferential tax
rate of 15%, subject to transitional rules implemented from January 1, 2008. Our subsidiaries, Beijing Zhong Chuan Shi Xun Technology
Limited, Superengine Graphics Software Technology Development (Suzhou) Co., Ltd, eMapgo Technologies (Beijing) Co., Ltd., DMG Infotech
Co., Ltd, and Beijing BotBrain AI Technology Ltd., are qualified as a &#8220;high-technology enterprise&#8221; until July 15, 2022 to
November 18, 2025, respectively, and therefore they have benefited from the preferential tax rate of 15%, subject to transitional rules
implemented on January 1, 2008. Although we intend to apply for a renewal of this qualification, if these subsidiaries cease to qualify
as a &#8220;high-technology enterprise&#8221;, or the tax authorities change their position on our preferential tax treatments in the
future, our future tax liabilities may materially increase, which could materially and adversely affect our financial condition and results
of operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we were deemed a &#8220;resident enterprise&#8221; by PRC tax authorities, we could be subject to tax on our global income at the rate
of 25% under the New EIT Law and our non-PRC shareholders could be subject to certain PRC taxes.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the New EIT Law and the implementing rules, both of which became effective January 1, 2008, an enterprise established outside of the
PRC with &#8220;de facto management bodies&#8221; within the PRC may be considered a PRC &#8220;resident enterprise&#8221; and will be
subject to the enterprise income tax at the rate of 25% on its global income as well as PRC enterprise income tax reporting obligations.
The implementing rules of the New EIT Law define &#8220;de facto management&#8221; as &#8220;substantial and overall management and control
over the production and operations, personnel, accounting, and properties&#8221; of the enterprise. However, as of the date of this annual
report, no final interpretations on the implementation of the &#8220;resident enterprise&#8221; designation are available. Moreover,
any such designation, when made by PRC tax authorities, will be determined based on the facts and circumstances of individual cases.
Therefore, if we were to be considered a &#8220;resident enterprise&#8221; by the PRC tax authorities, our global income would be taxable
under the New EIT Law at the rate of 25% and, to the extent we were to generate a substantial amount of income outside of PRC in the
future, we would be subject to additional taxes. In addition, the dividends we pay to our non-PRC enterprise shareholders and gains derived
by such shareholders from the transfer of our shares may also be subject to PRC withholding tax at the rate up to 10%, if such income
were regarded as China-sourced income.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
holding company structure may limit the payment of dividends.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have no direct business operations, other than our ownership of our subsidiaries. While we have no current intention of paying dividends,
should we decide in the future to do so, as a holding company, our ability to pay dividends and meet other obligations depends upon the
receipt of dividends or other payments from our operating subsidiaries and other holdings and investments. Current PRC regulations permit
our PRC subsidiaries to pay dividends to us only out of their accumulated profits, if any, determined in accordance with Chinese accounting
standards and regulations. In addition, each of our subsidiaries in China is required to set aside at least 10% of its after-tax profits
each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. These reserves are not distributable
as cash dividends. Furthermore, if our subsidiaries in China incur debt on their own behalf in the future, the instruments governing
the debt may restrict their ability to pay dividends or make other payments to us. As a result, there may be limitations on the ability
of our PRC subsidiaries to pay dividends or make other investments or acquisitions that could be beneficial to our business or otherwise
fund and conduct our business.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, under the New EIT Law and the implementing rules that became effective on January 1, 2008, dividends generated from the business
of our PRC subsidiaries after January 1, 2008 and payable to us may be subject to a withholding tax rate of 10% if the PRC tax authorities
subsequently determine that we are a non-resident enterprise, unless there is a tax treaty with China that provides for a different withholding
arrangement.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>You
may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us
or our management named in this annual report based on foreign laws.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a company incorporated under the laws of the British Virgin Islands, we conduct all of our operations in China and all of our assets
are located in China. In addition, except for our two independent directors, Mr. David Wei Tang, who is a U.S. citizen, and Mr. Meng
Bryan Yap, who is a Singapore citizen, all of our other officers and directors are PRC nationals. Most of our officers and directors
reside within China. All or a substantial portion of the assets of these persons are located outside the United States. As a result,
it may be difficult to effect service of process within the United States upon these persons.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, there is uncertainty as to whether the courts of the British Virgin Islands and other jurisdictions would recognize or enforce
judgments of United States courts obtained against us or such persons predicated upon the civil liability provisions of the securities
laws of the United States or any state thereof, or would entertain original actions brought in the British Virgin Islands or other jurisdictions
against us or such persons predicated upon the securities laws of the United States or any of our state. In particular, China does not
have treaties providing for the reciprocal recognition and enforcement of judgments of courts with the British Virgin Islands and many
other countries and regions. Therefore, recognition and enforcement in China regarding the judgments of a court in any of these non-PRC
jurisdictions in relation to any matters not subject to a binding arbitration provision may be difficult or even impossible.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Adverse
regulatory developments in China may subject us to additional regulatory review, and additional disclosure requirements and regulatory
scrutiny to be adopted by the SEC in response to risks related to recent regulatory developments in China may impose additional compliance
requirements for companies like us with significant China-based operations, all of which could increase our compliance costs, subject
us to additional disclosure requirements. In addition, uncertainties with respect to the PRC legal system could adversely affect us.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conduct all of our business through our subsidiaries in China. Our operations in China are governed by PRC laws and regulations. Our
PRC subsidiaries are generally subject to laws and regulations applicable to foreign investments in China and, in particular, laws and
regulations applicable to wholly foreign-owned enterprises. The PRC legal system is based on statutes. Prior court decisions may be cited
for reference but have limited precedential value.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recent regulatory developments in China, in particular with respect to restrictions on China-based companies raising capital offshore,
may lead to additional regulatory review in China over our financing and capital raising activities in the United States. In addition,
we may be subject to industry-wide regulations that may be adopted by the relevant PRC authorities, which may have the effect of limiting
our service offerings, restricting the scope of our operations in China, or causing the suspension or termination of our business operations
in China entirely, all of which will materially and adversely affect our business, financial condition and results of operations. We
may have to adjust, modify, or completely change our business operations in response to adverse regulatory changes or policy developments,
and we cannot assure you that any remedial action adopted by us can be completed in a timely, cost-efficient, or liability-free manner
or at all.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 30, 2021, in response to the recent regulatory developments in China and actions adopted by the PRC government, the Chairman of
the SEC issued a statement asking the SEC staff to seek additional disclosures from offshore issuers associated with China-based operating
companies before their registration statements will be declared effective. On August 1, 2021, the China Securities Regulatory Commission
(the &#8220;CSRC&#8221;) stated in a statement that it had taken note of the new disclosure requirements announced by the SEC regarding
the listings of Chinese companies and the recent regulatory development in China, and that both countries should strengthen communications
on regulating China-related issuers. To the best knowledge of this Company, as of the date of this annual report, current Chinese laws
and regulations do not forbid us from issuing securities overseas. On December 24, 2021, the CSRC published the Administration of Overseas
Securities Offering and Listing by Domestic Companies (the &#8220;Draft Administrative Provisions&#8221;) and the Administration Measures
for the Filing of Overseas Securities Offering and Listing by Domestic Companies (the &#8220;Draft Filing Measures&#8221;). The Draft
Administrative Provisions and the Draft Filing Measures lay out requirements for filing and include unified regulation management, strengthening
regulatory coordination, and cross-border regulatory cooperation. On February 17, 2023, the CSRC promulgated the Trial Administrative
Measures of Overseas Securities Offering and Listing by Domestic Companies (the &#8220;Trial Measures&#8221;), which took effect on March
31, 2023. On the same date, the CSRC circulated Supporting Guidance Rules No. 1 through No. 5, Notes on the Trial Measures, Notice on
Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and relevant CSRC Answers to Reporter Questions,
or collectively, the Guidance Rules and Notice, on CSRC&#8217;s official website. The Trial Measures, together with the Guidance Rules
and Notice reiterate the basic principles of the Draft Administrative Provisions and Draft Filing Measures and impose substantially the
same requirements for the overseas securities offering and listing by domestic enterprises, and clarified and emphasized several aspects,
which include but are not limited to: (1) criteria to determine whether an issuer will be required to go through the filing procedures
under the Trial Measures; (2) exemptions from immediate filing requirements for issuers including those that have already been listed
in foreign securities markets, including U.S. markets, prior to the effective date of the Trial Measures, but these issuers shall still
be subject to filing procedures if they conduct refinancing or are involved in other circumstances that require filing with the CSRC;
(3) a negative list of types of issuers banned from listing or offering overseas, such as issuers whose affiliates have been recently
convicted of bribery and corruption; (4) issuers&#8217; compliance with web security, data security, and other national security laws
and regulations; (5) issuers&#8217; filing and reporting obligations, such as obligation to file with the CSRC after it submits an application
for initial public offering to overseas regulators, and obligation after offering or listing overseas to file with the CSRC after it
completes subsequent offerings and to report to the CSRC material events including change of control or voluntary or forced delisting
of the issuer; and (6) the CSRC&#8217;s authority to fine both issuers and their relevant shareholders for failure to comply with the
Trial Measures, including failure to comply with filing obligations or committing fraud and misrepresentation. Specifically, pursuant
to the Trial Measures, our future securities offerings in the Nasdaq Capital Market where we have previously offered and listed shall
also be filed with the CSRC within 3 working days after the offering is completed. As the Trial Measures are newly issued, there remain
uncertainties regarding its interpretation and implementation. Therefore, we cannot assure you that we will be able to complete the filings
for our future offering and fully comply with the relevant new rules on a timely basis, if at all. In addition, we cannot guarantee that
we will not be subject to tightened regulatory review and we could be exposed to government interference in China.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
1979, PRC legislation and regulations have 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, because these laws and regulations are relatively new, and because
of the limited volume of published decisions and their nonbinding nature, the interpretation and enforcement of these laws and regulations
involve uncertainties. In addition, the PRC legal system is based in part on government policies and internal rules (some of which are
not published on a timely basis or at all) that may have a retroactive effect. As a result, we may not be aware of our violation of these
policies and rules until some time after the violation. In addition, any litigation in China may be protracted and result in substantial
costs and diversion of resources and management attention.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Compliance
with China&#8217;s new Data Security Law, Measures on Cybersecurity Review (revised draft for public consultation), Personal Information
Protection Law (second draft for consultation), regulations and guidelines relating to the multi-level protection scheme and any other
future laws and regulations may entail significant expenses and could materially affect our business.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China
has implemented or will implement rules and is considering a number of additional proposals relating to data protection. China&#8217;s
new Data Security Law promulgated by the Standing Committee of the National People&#8217;s Congress of China in June 2021, or the Data
Security Law, took effect in September 2021. The Data Security Law provides that the data processing activities must be conducted based
on &#8220;data classification and hierarchical protection system&#8221; for the purpose of data protection and prohibits entities in
China from transferring data stored in China to foreign law enforcement agencies or judicial authorities without prior approval by the
Chinese government. As the Data Security Law has not yet come into effect, we may need to make adjustments to our data processing practices
to comply with this law.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
China&#8217;s Cyber Security Law, requires companies to take certain organizational, technical and administrative measures and other
necessary measures to ensure the security of their networks and data stored on their networks. Specifically, the Cyber Security Law provides
that China adopt a multi-level protection scheme (MLPS), under which network operators are required to perform obligations of security
protection to ensure that the network is free from interference, disruption or unauthorized access, and prevent network data from being
disclosed, stolen or tampered. Under the MLPS, entities operating information systems must have a thorough assessment of the risks and
the conditions of their information and network systems to determine the level to which the entity&#8217;s information and network systems
belong-from the lowest Level 1 to the highest Level 5 pursuant to the Measures for the Graded Protection and the Guidelines for Grading
of Classified Protection of Cyber Security. The grading result will determine the set of security protection obligations that entities
must comply with. Entities classified as Level 2 or above should report the grade to the relevant government authority for examination
and approval.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recently,
the Cyberspace Administration of China (the &#8220;CAC&#8221;) has taken action against several Chinese internet companies in connection
with their initial public offerings on U.S. securities exchanges, for alleged national security risks and improper collection and use
of the personal information of Chinese data subjects. According to the official announcement, the action was initiated based on the National
Security Law, the Cyber Security Law and the Measures on Cybersecurity Review, which are aimed at &#8220;preventing national data security
risks, maintaining national security and safeguarding public interests.&#8221; On July 10, 2021, the CAC published a revised draft of
the Measures on Cybersecurity Review, expanding the cybersecurity review to data processing operators in possession of personal information
of over 1 million users if the operators intend to list their securities in a foreign country.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is unclear at the present time how widespread the cybersecurity review requirement and the enforcement action will be and what effect
they will have on the life sciences sector generally and the Company in particular. China&#8217;s regulators may impose penalties for
non-compliance ranging from fines or suspension of operations, and this could lead to us delisting from the U.S. stock market.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also,
on August 20, 2021, the National People&#8217;s Congress passed the Personal Information Protection Law, started to be implemented on
November 1, 2021. The law creates a comprehensive set of data privacy and protection requirements that apply to the processing of personal
information and expands data protection compliance obligations to cover the processing of personal information of persons by organizations
and individuals in China, and the processing of personal information of persons in China outside of China if such processing is for purposes
of providing products and services to, or analyzing and evaluating the behavior of, persons in China. The law also proposes that critical
information infrastructure operators and personal information processing entities who process personal information meeting a volume threshold
to-be-set by Chinese cyberspace regulators are also required to store in China personal information generated or collected in China,
and to pass a security assessment administered by Chinese cyberspace regulators for any export of such personal information. Lastly,
the draft contains proposals for significant fines for serious violations of up to RMB 50 million or 5% of annual revenues from the prior
year.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interpretation,
application and enforcement of these laws, rules and regulations evolve from time to time and their scope may continually change, through
new legislation, amendments to existing legislation and changes in enforcement. Compliance with the Cyber Security Law and the Data Security
Law could significantly increase the cost to us of providing our service offerings, require significant changes to our operations or
even prevent us from providing certain service offerings in jurisdictions in which we currently operate or in which we may operate in
the future. Despite our efforts to comply with applicable laws, regulations and other obligations relating to privacy, data protection
and information security, and our belief that we are currently in compliance therewith, it is possible that our practices, offerings
or platform could fail to meet all of the requirements imposed on us by the Cyber Security Law, the Data Security Law and/or related
implementing regulations. Any failure on our part to comply with such law or regulations or any other obligations relating to privacy,
data protection or information security, or any compromise of security that results in unauthorized access, use or release of personally
identifiable information or other data, or the perception or allegation that any of the foregoing types of failure or compromise has
occurred, could damage our reputation, discourage new and existing counterparties from contracting with us or result in investigations,
fines, suspension or other penalties by Chinese government authorities and private claims or litigation, any of which could materially
adversely affect our business, financial condition and results of operations. Even if our practices are not subject to legal challenge,
the perception of privacy concerns, whether or not valid, may harm our reputation and brand and adversely affect our business, financial
condition and results of operations. Moreover, the legal uncertainty created by the Data Security Law and the recent Chinese government
actions could materially adversely affect our ability, on favorable terms, to raise capital, including engaging in follow-on offerings
of our securities in the U.S. market or the Stock Exchange of Hong Kong. While we believe that our current operations are in compliance
with the laws and regulations of the Cyberspace Administration of China, our operations could be adversely affected, directly or indirectly,
by existing or future laws and regulations relating to its business or industry.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recent
greater oversight by the CAC over data security, particularly for companies seeking to list on a foreign exchange, could adversely impact
our business and our offering.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 28, 2021, the CAC and other relevant PRC governmental authorities jointly promulgated the Cybersecurity Review Measures, which
will take effect on February 15, 2022. The Cybersecurity Review Measures provide that, in addition to critical information infrastructure
operators (&#8220;CIIOs&#8221;) that intend to purchase Internet products and services, net platform operators engaging in data processing
activities that affect or may affect national security must be subject to cybersecurity review by the Cybersecurity Review Office of
the PRC. According to the Cybersecurity Review Measures, a cybersecurity review assesses potential national security risks that may be
brought about by any procurement, data processing, or overseas listing. The Cybersecurity Review Measures require that an online platform
operator which possesses the personal information of at least one million users must apply for a cybersecurity review by the CAC if it
intends to be listed in foreign countries.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 14, 2021, the CAC published the Security Administration Draft, which provides that data processing operators engaging in data
processing activities that affect or may affect national security must be subject to network data security review by the relevant Cyberspace
Administration of the PRC. According to the Security Administration Draft, data processing operators who possess personal data of at
least one million users or collect data that affects or may affect national security must be subject to network data security review
by the relevant Cyberspace Administration of the PRC. The deadline for public comments on the Security Administration Draft was December
13, 2021.&#160;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, we have not received any notice from any authorities identifying our PRC subsidiaries or the VIEs
as CIIOs or requiring us to go through cybersecurity review or network data security review by the CAC. The Cybersecurity Review Measures
became effective on February 15, 2022. The standard scope of review under the Cybersecurity Review Measures extends to critical information
infrastructure operators that intend to purchase internet products and services and network platform operators engaging in data processing
activities, which affect or may affect national security. Further, pursuant to Cybersecurity Review Measures, network platform operators
possessing over one million users&#8217; personal information must apply with the Cybersecurity Review Office for a cybersecurity review
before any listing at a foreign stock exchange. Besides, the Cybersecurity Review Measures also provide that if the relevant authorities
consider that certain network products and services and data processing activities affect or may affect national security, the authorities
may conduct a cybersecurity review on its own initiative. Therefore, the Company understands that currently the operations of our PRC
subsidiaries and the VIEs and our listing will not be affected and that we will not be subject to cybersecurity review by the CAC for
this offering, given that our PRC subsidiary and the VIE possess personal data of fewer than one million individual clients and do not
collect data that affects or may affect national security in their business operations as of the date of this annual report and do not
anticipate that they will be collecting over one million users&#8217; personal information or data that affects or may affect national
security in the near future. Given the Cybersecurity Review Measures were recently promulgated, there remains uncertainty as to how the
Cybersecurity Review Measures will be interpreted or implemented. , In addition, the PRC regulatory agencies, including the CAC, may
adopt new laws, regulations, rules, or detailed implementation and interpretation related to the Cybersecurity Review Measures and the
Security Administration Draft. If any such new laws, regulations, rules, or implementation and interpretation come into effect, we will
take all reasonable measures and actions to comply and to minimize the adverse effect of such laws on us. We cannot guarantee, however,
that we will not be subject to cybersecurity review in the future. During such reviews, we may be required to suspend our operation or
experience other disruptions to our operations. Cybersecurity review could also result in negative publicity with respect to our Company
and diversion of our managerial and financial resources, which could materially and adversely affect our business, financial conditions,
and results of operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Governmental
control of currency conversion may affect the value of your investment.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government imposes controls on the convertibility of the RMB into foreign currencies and, in certain cases, the remittance of currency
out of China. We receive substantially all of our revenues in RMB. Under our current corporate structure, our income is primarily derived
from dividend payments from our PRC subsidiaries. Shortages in the availability of foreign currency may restrict the ability of our PRC
subsidiaries to remit sufficient foreign currency to pay dividends or other payments to us, or otherwise satisfy their foreign currency
denominated obligations. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions,
interest payments and expenditures from trade-related transactions, can be made in foreign currencies without prior approval from SAFE
by complying with certain procedural requirements. However, approval from appropriate government authorities is required where RMB is
to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in
foreign currencies. The PRC government may also at its discretion restrict access in the future to foreign currencies for current account
transactions. If the foreign exchange control system prevents us from obtaining sufficient foreign currency to satisfy our currency demands,
we may not be able to pay dividends in foreign currencies to our shareholders.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fluctuation
in the value of the RMB may have a material adverse effect on the value of your investment.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of the RMB against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in political
and economic conditions. On July 21, 2005, the PRC government changed its decade-old policy of pegging the value of the RMB to the U.S.
dollar. Under the new policy, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign
currencies. This change in policy has resulted in an approximate 26.8% appreciation of the RMB against the U.S. dollar between July 21,
2005 and September 30, 2015. Provisions on Administration of Foreign Exchange, as amended in August 2008, further changed China&#8217;s
exchange regime to a managed floating exchange rate regime based on market supply and demand. Since reaching a high against the U.S.
dollar in July 2008, however, the RMB has traded within a narrow band against the U.S. dollar, remaining within 1% of its July 2008 high
but never exceeding it. As a consequence, the RMB has fluctuated sharply since July 2008 against other freely-traded currencies, in tandem
with the U.S. dollar. In August 2015, the PRC Government devalued its currency by approximately 3%, representing the largest yuan depreciation
for 20 years. Concerns remain that China&#8217;s slowing economy, and in particular its exports, will need a stimulus that can only come
from further cuts in the exchange rate.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is difficult to predict how long the current situation may continue and when and how it may change again as the People&#8217;s Bank of
China may regularly intervene in the foreign exchange market to achieve economic policy goals. Substantially all of our revenues and
costs are denominated in the RMB, and a significant portion of our financial assets are also denominated in RMB. We principally rely
on dividends and other distributions paid to us by our subsidiaries in China. Any significant revaluation of the RMB may materially and
adversely affect our cash flows, revenues, earnings and financial position, and the value of, and any dividends payable on, our ADSs
or ordinary shares in U.S. dollars. Any fluctuations of the exchange rate between the RMB and the U.S. dollar could also result in foreign
currency translation losses for financial reporting purposes.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>PRC
laws and regulations govern our businesses. If we are found to be in violation of such PRC laws and regulations, we could be subject
to sanctions. In addition, changes in and uncertainties with respect to such PRC laws and regulations may materially and adversely affect
our business.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC legal system is based on written statutes. Unlike under common law systems, decided legal cases have little value as precedents in
subsequent legal proceedings. In 1979, the PRC government began to promulgate a comprehensive system of laws and regulations governing
economic matters in general and forms of foreign investment (including in respect of wholly foreign owned enterprises) in particular.
These laws, regulations and legal requirements are relatively new and are often changing, and their interpretation and enforcement depend
to a large extent on relevant government policy and involve significant uncertainties that could limit the reliability of the legal protections
available to us.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are substantial uncertainties regarding the interpretation and application of PRC laws and regulations, including, but not limited to,
the laws and regulations governing our business. These laws and regulations are relatively new and may be subject to change, and their
official interpretation and enforcement may involve substantial uncertainty resulting in detrimental reliance by foreign investors. New
laws and regulations that affect existing and proposed future businesses may also be applied retroactively.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government has broad discretion in dealing with violations of laws and regulations, including levying fines, revoking business and
other licenses and requiring actions necessary for compliance. We cannot predict the effect of the interpretation of existing or new
PRC laws or regulations on our businesses. We cannot assure you that our current ownership and operating structure would not be found
in violation of any current or future PRC laws or regulations. As a result, we may be subject to sanctions, including fines, and could
be required to restructure our operations or cease to provide certain services. In addition, any litigation in China may be protracted
and result in substantial costs and diversion of resources and management attention. Any of these or similar actions could significantly
disrupt our business operations or restrict us from conducting a substantial portion of our business operations, which could materially
and adversely affect our business, financial condition and results of operations.</span></p><div>

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


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas
and foreign investment in China-based issuers. In addition, the enforcement of laws and regulations in China can change quickly with
little advance notice. In 2021, the PRC government initiated a series of regulatory actions and statements to regulate business operations
in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over
China-based companies listed overseas, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts
in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon legislative or administrative
regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will
be modified or promulgated, if any, and the potential impact such modified or new laws and regulations will have on our daily business
operation, the ability to accept foreign investments and list on an U.S. or other foreign exchange. In the future, we and the VIEs may
pursue potential strategic acquisitions that are complementary to our and the VIEs&#8217; business and operations. Complying with the
requirements of the above-mentioned regulations and other rules to complete such transactions could be time-consuming, and any required
approval processes may delay or inhibit our and the VIEs&#8217; ability to complete such transactions, which could affect our and the
VIEs&#8217; ability to expand business or maintain market share. There is a possibility that the Chinese authorities may promulgate new
rules or explanations requiring that we and the VIEs obtain the approval of Chinese authorities for our and the VIEs&#8217; completed
or ongoing mergers and acquisitions. Any action by the Chinese government to exert more oversight and control over foreign investment
in China-based companies could result in a material change in our operation, cause the value of our ordinary shares to significantly
decline or become worthless, and significantly limit, or completely hinder our ability to offer or continue to offer our ordinary shares
to investors.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot predict the effects of future developments in government policy or the PRC legal system in general. We may be required in the
future to procure additional permits, authorizations and approvals for our existing and future operations, which may not be obtainable
in a timely fashion or at all, or may involve substantial costs and unforeseen risks. An inability to obtain, or the incurrence of substantial
costs in obtaining, such permits, authorizations and approvals may have a material adverse effect on our business, financial condition
and results of operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recent
statements by the Chinese government indicate an intent to exert more oversight and more control over offerings conducted overseas and/or
foreign investment in China-based issuers. Any such actions by the Chinese government could significantly limit or completely hinder
our ability to conduct our business, accept foreign investments, or list on a U.S. or other foreign exchange, including our ability to
offer or continue to offer its securities to investors and cause the value of the securities being registered hereby to significantly
decline or become worthless.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chinese government recently has published new policies that significantly affected certain industries such as the education and internet
industries, and we cannot rule out the possibility that it will in the future release regulations or policies regarding our industry
that could require us to seek permission from Chinese authorities to continue to operate our business, which may adversely affect our
business, financial condition and results of operations. Furthermore, recent statements made by the Chinese government have indicated
an intent to increase the government&#8217;s oversight and control over offerings of companies with significant operations in China that
are to be conducted in foreign markets, as well as foreign investment in China-based issuers like us. Any such action, once taken by
the Chinese government, could significantly limit or completely hinder our ability to offer or continue to offer its securities to investors,
and could cause the value of such securities to significantly decline or become worthless.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2021, the Chinese government provided new guidance on China-based companies raising capital outside of China, including through
arrangements via VIEs. In light of such developments, the SEC has imposed enhanced disclosure requirements on China-based companies seeking
to register securities with the SEC. As substantially all of our operations are based in jurisdictions under the Chinese government,
any future Chinese, U.S. or other rules and regulations that place restrictions on capital raising or other activities by companies with
extensive operations in China could adversely affect our business and results of operations. If the business environment in China deteriorates
from the perspective of domestic or international investment, or if relations between China and the United States or other governments
deteriorate, the Chinese government may intervene with our operations and our business in China, as well as the value of the securities
being offered, may also be adversely affected.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
auditor is headquartered in the United States, and is subject to inspection by the PCAOB on a regular basis. To the extent that our independent
registered public accounting firm&#8217;s audit documentation related to their audit reports for our company become located in China,
the PCAOB may not be able inspect such audit documentation and, as such, you may be deprived of the benefits of such inspection and our
ordinary shares could be delisted from the stock exchange pursuant to the Holding Foreign Companies Accountable Act.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">The
Holding Foreign Companies Accountable Act, or the HFCAA, was enacted on December 18, 2020. The HFCAA states if the SEC determines that&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three
consecutive years beginning in 2021, the SEC shall prohibit our shares from being traded on a national securities exchange or in the&#160;over-the-counter&#160;trading
market in the United States.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
independent registered public accounting firm issued an audit opinion on the financial statements incorporated by reference in this annual
report filed with the SEC and will issue audit reports related to us in the future. As auditors of companies that are traded publicly
in the United States and a firm registered with the PCAOB, our auditor is required by the laws of the United States to undergo regular
inspections by the PCAOB. However, to the extent that our auditor&#8217;s work papers become located in China, such work papers will
not be subject to inspection by the PCAOB because the PCAOB is currently unable to conduct inspections without the approval of the Chinese
authorities. Inspections of certain other firms that the PCAOB has conducted outside of China have identified deficiencies in those firms&#8217;
audit procedures and quality control procedures, which may be addressed as part of the inspection process to improve future audit quality.
We are required by the HFCAA to have an auditor that is subject to the inspection by the PCAOB. While our present auditor is located
in the United States and the PCAOB is able to conduct inspections on such auditor, to the extent this status changes in the future and
our auditor&#8217;s audit documentation related to their audit reports for our company becomes outside of the inspection by the PCAOB
or if the PCAOB is unable to inspect or investigate completely our auditor because of a position taken by an authority in a foreign jurisdiction,
trading in our ordinary shares could be prohibited under the HFCAA, and as a result our ordinary shares could be delisted from Nasdaq.</span></p><div>

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



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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements
of the HFCAA, which became effective on May 5, 2021. We will be required to comply with these rules if the SEC identifies our auditors
as having a&#160;&#8220;non-inspection&#8221;&#160;year under a process to be subsequently established by the SEC.</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></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: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></span></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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 13, 2021, the PCAOB proposed a new rule for implementing the HFCAA. Among other things, the proposed rule provides a framework for
the PCAOB to use when determining, under the HFCAA, whether it is unable to inspect or investigate completely registered public accounting
firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. The proposed rule
would also establish the manner of the PCAOB&#8217;s determinations; the factors the PCAOB will evaluate and the documents and information
it will consider when assessing whether a determination is warranted; the form, public availability, effective date, and duration of
such determinations; and the process by which the board of the PCAOB can modify or vacate its determinations. The proposed rule was adopted
by the PCAOB on September 22, 2021 and approved by the SEC on November 5, 2021.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 22, 2021, the U.S. Senate passed a bill which, if passed by the U.S. House of Representatives and signed into law, would reduce
the number of consecutive&#160;non-inspection&#160;years required for triggering the prohibitions under the HFCA Act from three years
to two, thus reducing the time period before the securities of such foreign companies may be prohibited from trading or delisted. On
December 29, 2022, the Accelerating Holding Foreign Companies Accountable Act was signed into law, which officially reduce the number
of years that the auditor is not subject to inspection to two consecutive years.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC is assessing how to implement other requirements of the HFCAA, including the listing and trading prohibition requirements described
above. The SEC may propose additional rules or guidance that could impact us if our auditor is not subject to the PCAOB inspection. For
example, on August 6, 2020, the President&#8217;s Working Group on Financial Markets, or the PWG, issued the Report on Protecting United
States Investors from Significant Risks from Chinese Companies to the then President of the United States. This report recommended the
SEC implement five recommendations to address companies from jurisdictions that do not provide the PCAOB with sufficient access to fulfill
its statutory mandate. Some of the concepts of these recommendations were implemented with the enactment of the HFCAA. However, some
of the recommendations were more stringent than the HFCAA. For example, if a company was not subject to the PCAOB inspection, the report
recommended that the transition period before a company would be delisted would end on January 1, 2022.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 2, 2021, the SEC issued amendments to finalize the interim final rules previously adopted in March 2021, and established procedures
to identify issuers and prohibit the trading of the securities of certain registrants as required by the HFCAA.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 26, 2022, the PCAOB&#160;signed a Statement of Protocol with the CSRC and the Ministry of Finance of the PRC (the &#8220;Statement
of Protocol&#8221;), which is intended to enable the PCAOB to inspect and investigate completely registered public accounting firms in
mainland China&#160;and Hong Kong. According to a statement released by the PCAOB, the Statement of Protocol (i) provides the PCAOB with
sole discretion to select the firms, audit engagements and potential violations it inspects and investigates without consultation with,
nor input from, Chinese authorities, (ii) puts procedures in place for PCAOB inspectors and investigators to view complete audit work
papers with all information included and for the PCAOB to retain information as needed and (iii) provides the PCAOB with direct access
to interview and take testimony from all personnel associated with the audits the PCAOB inspects or investigates. While the Chairs of
both the PCAOB and the SEC made statements supporting the Statement of Protocol, both emphasized that this is only the first step in
the process. As such, uncertainties remain regarding how the Statement of Protocol will be implemented and how it will impact China-based
issuers and there is no assurance that the PCAOB will be able to execute, in a timely manner, its future inspections and investigations
in a manner that satisfies the Statement of Protocol. While the Statement of Protocol may lead to resolution of the previously identified
issues, there can be no assurance that this will be the case.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 15, 2022, the PCAOB issued a new Determination Report which: (1) vacated the December 16, 2021 Determination Report; and (2)
concluded that the PCAOB has been able to conduct inspections and investigations completely in the PRC in 2022. The December 15, 2022
Determination Report cautions, however, that authorities in the PRC might take positions at any time that would prevent the PCAOB from
continuing to inspect or investigate completely. As required by the HFCAA, if in the future the PCAOB determines it no longer can inspect
or investigate completely because of a position taken by an authority in the PRC, the PCAOB will act expeditiously to consider whether
it should issue a new determination.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the HFCAA is not currently applicable to the Company because the Company&#8217;s current auditors are subject to PCAOB review, if this
changes in the future&#160;for any reason, the Company may be subject to the HFCAA. The implications of this regulation if the Company
were to become subject to it are uncertain. Such uncertainty could cause the market price of our ordinary shares to be materially and
adversely affected, and our securities could be delisted or prohibited from being traded&#160;on Nasdaq&#160;earlier than would be required
by the HFCAA. If our ordinary shares is unable to be listed on another securities exchange by then, such a delisting would substantially
impair your ability to sell or purchase the ordinary shares when you wish to do so, and the risk and uncertainty associated with a potential
delisting would have a negative impact on the price of our ordinary shares.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>It
may be difficult for U.S. regulators, such as the Department of Justice, the SEC, and other authorities, to conduct investigation or
collect evidence within China.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder
claims or regulatory investigation that are common in the United States generally are difficult to pursue as a matter of law or practicality
in China. For example, in China, there are significant legal and other obstacles to providing information needed for regulatory investigations
or litigations initiated outside China. Although the authorities in China may establish a regulatory cooperation mechanism with the securities
regulatory authorities of another country or region to implement cross-border supervision and administration, such cooperation with regulatory
authorities in the Unities States&#8212;including the SEC and the Department of Justice&#8212;may not be efficient in the absence of
mutual and practical cooperation mechanism. Furthermore, according to Article&#160;177 of the PRC Securities Law, which became effective
in March&#160;2020, no overseas securities regulator is allowed to directly conduct investigation or evidence collection activities within
the PRC territory. While detailed interpretation of or implementation rules&#160;under Article&#160;177 have yet to be promulgated, the
inability for an overseas securities regulator to directly conduct investigation or evidence collection activities within China may further
increase the difficulties you face in protecting your interests.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></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: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></span></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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Associated with our Ordinary Shares</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
market price of our Ordinary Shares has historically been highly volatile, and you may not be able to resell our ordinary shares at or
above your initial purchase price.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is a limited public market for our ordinary shares. We cannot assure you that there will be an active trading market for our ordinary
shares. You may not be able to sell your ordinary shares quickly or at the market price if trading in our ordinary shares is not active.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading price of our ordinary shares may be volatile. The price of our ordinary shares could be subject to wide fluctuations in response
to a variety of factors, including the following:</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Introduction
    of new products, services or technologies offered by us or our competitors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
    to meet or exceed revenue and financial projections we provide to the public;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Actual
    or anticipated variations in quarterly operating results;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
    to meet or exceed the estimates and projections of the investment community;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
    market conditions and overall fluctuations in United States equity markets;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Announcements
    of significant acquisitions, strategic partnerships, joint ventures or capital commitments by us or our competitors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disputes
    or other developments relating to proprietary rights, including patents, litigation matters and our ability to obtain patent protection
    for our technologies;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additions
    or departures of key management personnel;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuances
    of debt or equity securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
    lawsuits, including patent or shareholder litigation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
    in the market valuations of similar companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
    of additional ordinary shares or other securities by us or our shareholders in the future;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    volume of our ordinary shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuations
    in the exchange rate between the U.S. dollar and Renminbi;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negative
    market perception and media coverage of our company or other companies in the same or similar industry with us; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    events or factors, many of which are beyond our control.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the stock market in general, and the NASDAQ Capital Market and software products and services companies in particular, have
experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of
these companies. Broad market and industry factors may negatively affect the market price of our ordinary shares, regardless of our actual
operating performance.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></span></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
ordinary shares may be subject to the SEC&#8217;s penny stock rules which may make it difficult for broker-dealers to complete customer
transactions and trading activity in our securities.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ordinary shares may be deemed to be &#8220;penny stock&#8221; as that term is defined under the Securities Exchange Act of 1934, as amended.
Penny stocks generally are equity securities with a price of less than $5.00 (other than securities registered on certain national securities
exchanges or quoted on the NASDAQ system, provided that current price and volume information with respect to transactions in such securities
is provided by the exchange or system). Penny stock rules impose additional sales practice requirements on broker-dealers who sell to
persons other than established customers and &#8220;accredited investors.&#8221; The term &#8220;accredited investor&#8221; refers generally
to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding
$200,000 or $300,000 jointly with their spouse in each of the prior two years.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a
standardized risk disclosure document in a form prepared by the SEC, which provides information about penny stocks and the nature and
level of risks in the penny stock market. Moreover, broker-dealers are required to determine whether an investment in a penny stock is
a suitable investment for a prospective investor. A broker-dealer must receive a written agreement to the transaction from the investor
setting forth the identity and quantity of the penny stock to be purchased. These requirements may make it more difficult for broker-dealers
to effectuate customer transactions and trading activity in our securities. As a result, the market price of our ordinary shares&#160;may
be depressed, and you may find it more difficult to sell our ordinary shares.</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of a substantial number of our ordinary shares in the public market or the perception that these sales might occur, could depress the
market price of our ordinary shares and could impair our ability to raise capital through the sale of additional equity securities. We
are unable to predict the effect that sales may have on the prevailing market price of our ordinary shares.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to certain limitations all of our total outstanding shares are now eligible for sale. Sales of ordinary shares by these shareholders
could have a material adverse effect on the trading price of our ordinary shares.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
sales and issuances of our ordinary shares, or rights to purchase our ordinary shares, including pursuant to our 2018 Omnibus Incentive
Plan, could result in additional dilution of the percentage ownership of our shareholders and could cause the price of our ordinary shares
to fall.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that significant additional capital will be needed in the future to continue our planned operations. To the extent we raise additional
capital by issuing equity securities, our shareholders may experience substantial dilution. We may sell ordinary shares, convertible
securities or other equity securities in one or more transactions at prices and in a manner we determine from time to time. If we sell
ordinary shares, convertible securities or other equity securities in more than one transaction, investors may be materially diluted
by subsequent sales. Such sales may also result in material dilution to our existing shareholders, and new investors could gain rights
superior to our existing shareholders.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
do not intend to pay dividends on our ordinary shares, so any returns will be limited to the value of our ordinary shares.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have never declared or paid any cash dividend on our ordinary shares. We currently anticipate that we will retain future earnings for
the development, operation and expansion of our business and do not anticipate declaring or paying any cash dividends for the foreseeable
future. Any return shareholders will therefore be limited to the value of their ordinary shares.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
the rights of shareholders under British Virgin Islands law differ from those under U.S. law, you may have fewer protections as a shareholder.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate affairs will be governed by our memorandum of association and articles of association, the BVI Business Companies Act, 2004,
or the BVI Act, of the British Virgin Islands and the common law of the British Virgin Islands. The rights of shareholders to take legal
action against our directors, actions by minority shareholders and the fiduciary responsibilities of our directors under British Virgin
Islands law are to a large extent governed by the BVI Act and the common law of the British Virgin Islands. The common law of the British
Virgin Islands is derived in part from comparatively limited judicial precedent in the British Virgin Islands as well as from English
common law, which has persuasive, but not binding, authority on a court in the British Virgin Islands. The rights of our shareholders
and the fiduciary responsibilities of our directors under British Virgin Islands law are not as clearly established as they would be
under statutes or judicial precedents in some jurisdictions in the United States. In particular, the British Virgin Islands has a less
developed body of securities laws as compared to the United States, and some states (such as Delaware) have more fully developed and
judicially interpreted bodies of corporate law.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of all of the above, holders of our ordinary shares may have more difficulty in protecting their interests through actions against
our management, directors or major shareholders than they would as shareholders of a U.S. company.</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></span></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>British
Virgin Islands companies may not be able to initiate shareholder derivative actions, thereby depriving shareholders of the ability to
protect their interests.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">British
Virgin Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States. The
circumstances in which any such action may be brought, and the procedures and defenses that may be available in respect to any such action,
may result in the rights of shareholders of a British Virgin Islands company being more limited than those of shareholders of a company
organized in the United States. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate
wrongdoing has occurred. The British Virgin Islands courts are also unlikely to recognize or enforce against us judgments of courts in
the United States based on certain liability provisions of U.S. securities law; and to impose liabilities against us, in original actions
brought in the British Virgin Islands, based on certain liability provisions of U.S. securities laws that are penal in nature. There
is no statutory recognition in the British Virgin Islands of judgments obtained in the United States, although the courts of the British
Virgin Islands will generally recognize and enforce the non-penal judgment of a foreign court of competent jurisdiction without retrial
on the merits.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
laws of the British Virgin Islands provide little protection for minority shareholders, so minority shareholders will have little or
no recourse if the shareholders are dissatisfied with the conduct of our affairs.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the laws of the British Virgin Islands, there is little statutory law for the protection of minority shareholders other than the provisions
of the BVI Act dealing with shareholder remedies. The principal protection under statutory law is that shareholders may bring an action
to enforce the constituent documents of the Company, our memorandum of association and articles of association. Shareholders are entitled
to have the affairs of the Company conducted in accordance with the general law and its memorandum of association and articles of association.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are common law rights for the protection of shareholders that may be invoked, largely dependent on English company law, since the common
law of the British Virgin Islands is limited. Under the general rule pursuant to English company law known as the rule in Foss v. Harbottle,
a court will generally refuse to interfere with the management of a company at the insistence of a minority of its shareholders who express
dissatisfaction with the conduct of the company&#8217;s affairs by the majority or the board of directors. However, every shareholder
is entitled to have the affairs of the company conducted properly according to law and the company&#8217;s constituent documents. As
such, if those who control the company have persistently disregarded the requirements of company law or the provisions of the company&#8217;s
memorandum of association and articles of association, then the courts will grant relief. Generally, the areas in which the courts will
intervene are the following: (1) an act complained of which is outside the scope of the authorized business or is illegal or not capable
of ratification by the majority; (2) acts that constitute fraud on the minority where the wrongdoers control the company; (3) acts that
infringe on the personal rights of the shareholders, such as the right to vote; and (4) where the company has not complied with provisions
requiring approval of a majority of shareholders, which are more limited than the rights afforded minority shareholders under the laws
of many states in the United States.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anti-takeover
provisions in our memorandum of association and articles of association and our right to issue preference shares could make a third-party
acquisition of us difficult.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
provisions of our memorandum of association and articles of association may discourage, delay or prevent a change in control of our company
or management that shareholders may consider favorable, including provisions that authorize our board of directors to issue preference
shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>You
may not be able to participate in rights offerings and may experience dilution of your holdings as a result.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may from time to time distribute rights to our shareholders, including rights to acquire our securities. However, we may not offer those
rights to ordinary shareholders unless both the rights and the underlying securities to be distributed to ordinary shareholders are registered
under the Securities Act, or the distribution of them to ordinary shareholders is exempted from registration under the Securities Act
with respect to all ordinary shareholders. We are under no obligation to file a registration statement with respect to any such rights
or underlying securities or to endeavor to cause such a registration statement to be declared effective. In addition, we may not be able
to rely on an exemption from registration under the Securities Act to distribute such rights and securities. Accordingly, our ordinary
shareholders may be unable to participate in our rights offerings and may experience dilution in their holdings as a result.</span></p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be a passive foreign investment company, or PFIC, which could lead to additional taxes for U.S. holders of our ordinary shares.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not expect to be, for U.S. federal income tax purposes, a passive foreign investment company, or a PFIC, which is a foreign company
for which, in any given taxable year, either at least 75% of its gross income is passive income, or investment income in general, or
at least 50% of its assets produce or are held to produce passive income, for the current taxable year, and we expect to operate in such
a manner so as not to become a PFIC for any future taxable year. However, because the determination of PFIC status for any taxable year
cannot be made until after the close of such year and requires extensive factual investigation, including ascertaining the fair market
value of our assets on a quarterly basis and determining whether each item of gross income that we earn is passive income, we cannot
assure you that we will not become a PFIC for the current taxable year or any future taxable year. If we are or become a PFIC, a U.S.
holder&#8217;s ordinary shares could be subject to additional U.S. federal income taxes on gain recognized with respect to the ordinary
shares and on certain distributions, plus an interest charge on certain taxes treated as having been deferred under the PFIC rules. Non-corporate
U.S. holders will not be eligible for reduced rates of taxation on any dividends received from us if we are a PFIC in the taxable year
in which such dividends are paid or in the preceding taxable year.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the trading price of our ordinary shares fails to comply with the continued listing requirements of the NASDAQ Capital Market, we would
face possible delisting, which would result in a limited public market for our ordinary shares and make obtaining future debt or equity
financing more difficult for us.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
listed on NASDAQ are subject to delisting for, among other things, failure to maintain a minimum closing bid price of $1.00 per share
for 30 consecutive business days. On January 3, 2022, we received a letter from NASDAQ indicating that for the last 30 consecutive business
days, the closing bid price of our ordinary shares fell below the minimum $1.00 per share requirement pursuant to NASDAQ Listing Rule
5550(a)(2) and 5810(c)(3)(A) (the &#8220;Nasdaq Listing Rules&#8221;).</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the notification has no immediate effect on the listing of our ordinary shares on Nasdaq, in accordance with the Nasdaq Listing Rules,
we have 180 calendar days from the date of notification, or until July 5, 2022, to regain compliance with the minimum bid price requirement,
during which time our ordinary shares will continue to trade on the Nasdaq Capital Market. If at any time before July 5, 2022, the bid
price of our ordinary shares closes at or above US$1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide
written notification that we have achieved compliance with the minimum bid price requirement. In the event we do not regain compliance
by July 5, 2022, we may be eligible for additional time to regain compliance or may be delisted from Nasdaq.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot guarantee that the price of our ordinary shares will comply with the Nasdaq Listing Rules for continued listing on the Nasdaq
Capital Market in the future. If we cannot comply with the Nasdaq Listing Rules, our ordinary shares would be subject to delisting and
would likely trade on the over-the-counter market. If our ordinary shares were to trade on the over-the-counter market, selling our ordinary
shares could be more difficult because smaller quantities of shares would likely be bought and sold, transactions could be delayed, and
security analysts&#8217; coverage of us may be reduced. In addition, broker-dealers have certain regulatory burdens imposed upon them,
which may discourage broker-dealers from effecting transactions in our ordinary shares, further limiting the liquidity of our ordinary
shares. As a result, the market price of our ordinary shares may be depressed, and you may find it more difficult to sell our ordinary
shares. Such delisting from the NASDAQ Capital Market and continued or further declines in our share price could also greatly impair
our ability to raise additional necessary capital through equity or debt financing.</span></p><div>

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

</div><div><a id="k_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
4. INFORMATION ON THE COMPANY.</b></span></p><div>

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

</div><div><a id="k_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A<i>.
</i>HISTORY AND DEVELOPMENT OF THE COMPANY.</b></span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a holding company and conduct our operations through our wholly-owned subsidiary named LK Technology Ltd., a British Virgin Islands
limited liability company (&#8220;LK Technology&#8221;), and its wholly-owned subsidiaries, MMB Limited and its respective subsidiaries,
which possess two core brands &#8220;Luokuang&#8221; and &#8220;SuperEngine&#8221;. &#8220;Luokuang&#8221; is a mobile application to
provide Business to Customer (B2C) location-based services and &#8220;SuperEngine&#8221; provides Business to Business (B2B) and Business
to Government (B2G) services in connection with spatial-temporal big data processing. In May 2010, we consummated an initial public offering
of our American Depository Shares, or ADSs, for gross proceeds of $16 million, and our ADSs were listed on the NASDAQ Capital Market
under the ticker symbol &#8220;KONE&#8221;. On August 17, 2018, we completed the transactions contemplated by the Asset Exchange Agreement
(&#8220;AEA&#8221;) with C Media Limited (&#8220;C Media&#8221;) entered into on January 25, 2018. On August 20, 2018, we changed our
name to Luokung Technology Corp., our American Depository Shares (&#8220;ADSs&#8221;) were voluntarily delisted from the NASDAQ Capital
Market on September 19, 2018 and on January 3, 2019 our ordinary shares started trading on NASDAQ under the ticker symbol &#8220;LKCO&#8221;.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 17, 2018, we consummated an asset exchange transaction, pursuant to which we exchanged all issued and outstanding capital stock
in Topsky Info-Tech Holdings Pte Ltd., the parent of Softech, for the issued and outstanding capital stock of LK Technology (the &#8220;Asset
Exchange&#8221;). In connection with the Asset Exchange, we changed our name on August 20, 2018, and on September 20, 2018, issued to
the shareholders of C Media Limited, the former parent of LK Technology, (i) 185,412,599 of our ordinary shares, par value $0.01 per
share and (ii) 1,000,000 of our preferred shares. Upon the consummation of the Asset Exchange, we ceased our previous business operations
and became a company focused on the provision of location-based service and mobile application products for long distance rail travelers
in China.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 25, 2018, LK Technology entered into a Stock Purchase Agreement (the &#8220;Agreement&#8221;) with the shareholders (&#8220;Shareholders&#8221;)
of Superengine Holding Limited, a limited liability company incorporated under the laws of the British Virgin Islands (the &#8220;Superengine&#8221;),
pursuant to which LK Technology acquired all of the issued and outstanding shares of Superengine for an aggregate purchase price of US$60
million (the &#8220;Purchase Price&#8221;), which was paid by the issuance of our Ordinary Shares in an amount equal to the quotient
of (x) the Purchase Price divided by (y) the average of the closing prices of the Ordinary Shares on the NASDAQ Capital Market over the
12 months period preceding July 31, 2018. We are a party to the Agreement in connection with the issuance of the Ordinary Shares and
certain other limited purposes.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 28, 2019, the Company entered into a Share Purchase Agreement, pursuant to which the Company will acquire 100% of the equity interests
of Saleya Holdings Limited (&#8220;Saleya&#8221;) from Saleya&#8217;s shareholders for an aggregate purchase price of approximately $120
million. On March 17, 2021, the Company completed the acquisition of 100% equity interest in Saleya for a consideration of (i) a cash
amount of $102 million (RMB666 million), (ii) 9,819,926 LKCO ordinary shares and (iii) 1,500,310 LKCO preferred shares pursuant to a
supplemental agreement dated February 24, 2021. The main operating subsidiary, eMapgo Technologies (Beijing) Co., Ltd. is a provider
of navigation and electronic map services in China, as well as a provider of Internet map services and geographic information system
engineering. The acquisition enables us to develop our smart transportation business, including autonomous driving and vehicle-road collaboration
(V2X). From April 2021 to December 2021, Saleya contributed $9.1 million to smart transportation revenue and incurred a net loss of $4.5
million.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 10, 2019 and November 6, 2020, the Company entered into a Stock Purchase Agreement and The Supplementary Agreement to Stock Purchase
Agreement with the shareholders of BotBrain AI Limited (&#8220;Botbrain&#8221;), a limited liability company incorporated under the laws
of the British Virgin Islands, pursuant to which the Company acquired 67.36% of the issued and outstanding shares of BotBrain for an
aggregate purchase price of $2.5 million (RMB 16.4 million), of which $1.5 million (RMB 9.6 million) was to be paid in cash to obtain
20% of BotBrain and the Company issued 1,789,618 ordinary shares to acquire the remaining 47.36% of BotBrain. The closing of the acquisition
was completed on December 4, 2020.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 13, 2019, the Company entered into a Share Subscription Agreement with Geely Technology Group Co., Ltd. (&#8220;Geely Technology&#8221;)
to issue 21,794,872 series A preferred shares at a purchase price of $1.95 per share for an aggregate purchase price of $42,500,000.
Per the terms of the agreement, the Company recognized $32,910,257 as a loan. The Company received $21,743,857 as of December 31, 2019
and the remaining amount was received in January 2020. Geely Technology may request the repayment after November 2020, under such circumstance,
the Company shall pay it back in January of 2021. On December 24, 2020, Geely Technology sent a notice of redemption. The Company is
in negotiation for an extension with Geely Technology.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 13, 2019, the Company entered into a Securities Purchase Agreement with Acuitas Capital, LLC. and a Warrant to purchase the
Company&#8217;s ordinary shares pursuant to which the Purchaser subscribed to purchase up to $100,000,000 of units with up to a $10,000,000
subscription at each closing, with each Unit consisting of one ordinary share and one warrant, where each whole warrant entitles the
holder to purchase one ordinary share. The Securities Purchase Agreement contemplates periodic closings of $10,000,000. On July 16, 2020,
the Company held the first closing pursuant to the Purchase Agreement and received $10,000,000. The Purchaser had received 7,763,975
ordinary shares on November 13, 2019 in consideration for such $10,000,000. The Purchaser also exercised the Warrant and received 15,897,663
ordinary shares upon the exercise of the Warrant. On December 31, 2020, the Purchase Agreement has been terminated.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 10, 2020, the Company entered into a cooperation framework agreement with Nanjing Antong Meteorological Data Limited (&#8220;Nanjing
Antong&#8221;) and Nanjing Weida Electronic Technology Co., Ltd. (&#8220;Nanjing Weida&#8221;), pursuant to which the Company would invest
$153,000 (RMB 1 million) each to Nanjing Antong and Nanjing Weida in order to establish a joint venture with Nanjing Antong. On August
27, 2020, the joint venture was established, SuperEngine, eMapgo Technologies (Beijing) Co., Ltd. (&#8220;EMG&#8221;) and Nanjing Antong
hold 50%, 20% and 30% of equity of interest, respectively. The joint venture engages in real-time traffic information services for China&#8217;s
high-class highways, urban roads, urban and rural roads, as well as expressway data and travel value-added services.</span></p><div>

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></span></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates our corporate structure and the place of formation and affiliation of each of our subsidiaries and affiliates
as of December 31, 2022.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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="img_002.jpg"/><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
persons or entities that own the equity in each VIE are as follows:</span></p><div>

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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
Zhong Chuan Shi Xun Technology Co., Ltd.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><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="font-weight: bold; border-bottom: Black 1.5pt solid">Name</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">Shareholding<br/> Percentage</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">Xuesong Song</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">61.82453</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Ping Wang</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">19.9872</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Weili Chen</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Donglai Liu</td><td>&#160;</td>
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  </table><div>


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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">eMapgo
Technologies (Beijing) Co., Ltd.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><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="font-weight: bold; border-bottom: Black 1.5pt solid">Name</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">Shareholding<br/> Percentage</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">Beijing Zhong Chuan Shi Xun Technology Co., Ltd.</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">100</td><td style="width: 1%; text-align: left">%</td></tr>
  </table><div>

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

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

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

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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
BotBrain AI Technology Co., Ltd.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><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="font-weight: bold; border-bottom: Black 1.5pt solid">Name</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">Shareholding<br/> Percentage</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">Xueyu Lu</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">37.84003</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Jiangbo Qin</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20.00006</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Beijing Huojuzhiguang Information Technology Center (L.P.)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17.52002</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Changxing Qifu Honglian Equity Investment Partnership (L.P.)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8.33332</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Guangzhou Baoji Erhao Equity Investment Management Partnership (L.P.)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.99999</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Guangzhou Suiyong Original Capital Co., Ltd.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.66662</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Lianjie (Beijing) Investment Co., Ltd.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.19997</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Zhuhai Qiyi Investment Center (L.P.)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.00003</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Shenzhen Yiling Venture Capital Center (L.P.)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.43996</td><td style="text-align: left">%</td></tr>
  </table><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive offices are located at B9-8, Block B, SOHO Phase II, No. 9, Guanghua Road, Chaoyang District, Beijing, People&#8217;s
Republic of China 100020. Our website is www.luokung.com. We routinely post important information on our website. The information contained
on our website is not a part of this annual report.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
agent for service of process in the United States is Worldwide Stock Transfer, LLC, the current transfer agent of the Company, with a
mailing address of One University Plaza, Suite 505, Hackensack, New Jersey 07601.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that
file electronically with the SEC at www.sec.gov. The Company&#8217;s website is www.luokung.com.</span></p><div>

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

</div><div><a id="k_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
BUSINESS OVERVIEW.</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a spatial-temporal intelligent big data services company, as well as a provider of interactive location-based services (&#8220;LBS&#8221;)
and High Definition (&#8220;HD&#8221;) Maps for various industries in China. Backed by our proprietary technologies and expertise in
HD Maps and multi-sourced intelligent spatial-temporal big data, we established city-level and industry-level holographic spatial-temporal
digital twin systems and actively serves industries including smart transportation with applications in autonomous driving, smart highway
and vehicle-road collaboration, natural resource asset management, covering carbon neutral and environmental protection remote sensing
data service, and LBS smart industry applications, including mobile Internet LBS, smart travel, smart logistics, new infrastructure,
smart cities, emergency rescue, etc.&#160;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that road-to-vehicle coordination is the keystone for smart travel and autonomous driving in the future. Therefore, smart cars
require smart roads. We are actively deploying smart solutions for both vehicles and roads.&#160;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
vehicles, we are supporting eMapgo&#8217;s position as an HD Map provider with continued investment in its technical R&amp;D in the fields
of autonomous driving data services, simulation services, and full-cognition Artificial Intelligence (&#8220;AI&#8221;) services with
a goal of continuing to optimize, deepen and expand services for automakers and top-tier autonomous driving firms. We believe we have
led the development of the industry standard for &#8220;Autonomous Driving HD Map Collection Element Model and Interaction Format&#8221;,
and we expect that eMapgo will continue to play an active role in setting industry standards in the near future.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
roads, we are actively promoting smart road services based on its spatial-temporal digital base, including but not limited to HD Map-based
smart road AI digital base, 24/7 road hazard awareness, severe weather perception and other road information data perception service
systems and smart management platforms. With these efforts, Luokung aims to assist expressway operators in managing their digitized assets
more securely and efficiently and to achieve vehicle-to-road data communication where vehicles can digitally receive roadside information
that affects safety, convenience and comfort in real time. We are providing similar smart digital services for China&#8217;s new generation
smart transportation demonstration project-Changjiu Expressway, a project that showcases our respected position in the field of smart
highways.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
Luokung&#8217;s AI spatial-temporal big data services do not directly solve the issue of carbon emissions, we believe that our data service
helps policymakers, industry regulators and market service participants monitor real situation and data changes, in their efforts to
reduce carbon emissions and to serve as an important digital base for carbon emission trading. We believe that Luokung has established
China&#8217;s most powerful remote sensing data engine that integrates high-resolution remote sensing, HD maps and various IoT sensor data,
enabling us to launch the most efficient remote sensing data processing service. This offering addresses a broader market focus on industrial
applications in carbon emission, carbon neutrality, geographical resources, forestry resources, water resources, crops and others, a
marketplace we define as a carbon neutrality natural resource asset service business.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an LBS data services provider of information flow management and market services, the growth of the business is powered by its unified
platform capabilities to manage the whole life cycle market services from planning, ordering, fulfilling, conversion monitoring and reporting.
It can optimize the delivery effectiveness through account unification for different platforms and intelligent distribution among different
marketing channels, formats and creatives to achieve higher efficiency, lower cost and better performance, based on real time feedback
loop integrating delivery and result tracking.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></span></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our investments in our products and key technologies provide significant competitive differentiation and our technologies are
disruptive innovations in computer graphics systems, spatial-temporal data analysis and processing. Our proprietary algorithms can eliminate
certain time-consuming steps in data preprocessing, and maintain same level of high system performance with the amount of data increasing
by orders of magnitude. It enables a new wave of technological upgrades in related industries to do more with less time and less power
consumption.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Spatial
temporal indexing technology.</i></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
technology provides an effective indexing technique, covering both spatial dimension and temporal dimension. It separates the data and
indexes, and solves the technological difficulties in spatial temporal big data processing, including storage, updating, management,
indexing, reading, spatial relationship computation and analysis. This technology allows the users to efficiently and accurately obtain
the data they need, and minimizes the transmission of unnecessary data, which achieves application efficiency not being affected even
with explosive growth of data volume.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Adaptive
reduction and compression technology</i></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
technology allows full vector spatial data to be processed directly through the adaptive reduction and compression to meet the requirements
of transmission performance for internet application. Our competing technologies require preprocessing full vector data into tiles in
a rasterized format or in a vector format.</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spatial
    relationship could still be strictly maintained and correctly displayed after the reduction and compression</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    adaptive reduction and compression are lossless so that the display effect remains the same</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    reduction and compression allow rapid display of map in any network speed, adaptive to the network speed with dynamic adjustment
    of the display effect.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Progressive
transmission technology is one of the key technologies to realize fast response in spatial data application. It supports lossless adaptive
progressive transmission of spatial data, and the display and operation of map can be conducted with any network speed, for instance,
by scaling, rotating, or translating. The display of map could be adjusted automatically in accordance with the network speed and users&#8217;
operation.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Progressive
transmission technology makes system response time independent from the growth of spatial data, and also solves the performance problem
in dealing with spatial temporal big data. The data integrity between users&#8217; end and server is not compromised as the spatial relationship
remains unchanged.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Full
vector non-tiled technology</i></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the strength of our technologies, we support real-time release and real-time update of spatial vector data without the preprocessing
step to rasterize the vector data, and we also support personalized display and analysis for the application of spatial data in real-time
dynamic environment. Our indexing technology enables clients to establish a fast transmission channel between user and server, for both
the large scope analysis and accurately pinning down details. Because the client can access the complete vector data, it solves the problem
that only partial analysis could be performed on tiles. This will greatly expand the data computing capability of the client. In most
scenarios, indexing can fulfill most of analysis requirements and application functions.</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Luokung
Smart Digital Base supports a wide spectrum of data sources and achieves superior data management and processing capabilities in spatio-temporal
big data, leveraging our unique technologies in SuperEngine indexing, geo optimized extensions in relational databases and super low
latency implementation in handling massive scaled data volume by distributed databases. It solves availability, scalability, efficiency
and extensibility in supporting various application scenarios. With ultimate data security and isolation designed in, it supports different
deployment options, including on-premise, private cloud, public cloud, and hybrid cloud. Its rich mid-tier services and open architecture
which allows third party plug-ins enable quick and efficient development and deployment of applications.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></span></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Luokung
SDKs and APIs. </i>Our location based products, Luokung SDKs and APIs, provide spatial-temporal big data analysis and customized map
to software and mobile application developers, and allow location-based contents and information to be integrated and presented on the
map, which enables software and mobile application developers to create more diversified business models and service functions. Our proprietary
full vector map presents refreshingly new and customizable location-based services to our business partners.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Spatial
temporal indexing cloud. </i>The spatial temporal indexing cloud service is a data-level virtualization technology we offer to our clients
with high availability, extensibility and granular permission control. Our indexing cloud data centers offer highly integrated, dependable,
efficient and secure services to meet the needs of varied spatial temporal requirements covering all types of clients, while shielding
the details of data from disclosure to honor requested data protection.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Information
SuperEngine. </i>Our information SuperEngine includes the server engine and web graphics image engine. The server engine enables our
clients to improve their ability and functions to store, manage and index the spatial temporal big data on the server side, and by establishing
spatial temporal index on the server, our clients can rapidly and more efficiently obtain their requested data. Web graphics image engine,
supports the rapid transmission of graphics image, and rapid display and edge computing ability for multi-terminal and cross-platform.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Spatial
temporal cloud platform.</i> Spatial temporal cloud platform supports deployment on public and private clouds to provide services for
both industry users and public users. It provides comprehensive online cloud services including data storage, data resource and platform
support, and it supports users to aggregate multi-source spatial data, map services, and Internet of things streaming data. By leveraging
variety of industry templates, simple and easy-to-use tools for data editing, analysis and searching, users will be able to generate
application systems for specific application scenarios. Various application operations can be performed through the mobile devices and
Web browsers.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>HD
Map</i>. HD Map is a core infrastructural component in smart transportation, autonomous driving and smart cities. Our professional map
making fleets incorporate the latest technologies in AI and big data processing for data gathering, data processing, vectorization, map
production and quality control, which resulted in improved efficiency and quality of HD Map making process. Our crowd sourcing map making
technologies help our maps up to date with low cost and high efficiency. Our server side technology delivers least amount of map data
to fulfill the needs of our clients in order to achieve faster response and reduce data transmission cost.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Autonomous
driving enabling services</i>. Our services cover a wide spectrum of functionalities, including vehicle side, road side and road-vehicle
collaboration. Our capabilities on the vehicle side, in crowdsourcing map making and real-time map updating, in accurate and reliable
positioning through multi-sensored intelligent fusion, and in vehicle surrounding awareness, help our partners to build smart cars. Our
capabilities on the road side, in highway driving condition monitoring, in hazard condition detection, in intelligent road maintenance,
help highway operators realize the benefits of smart roads. Our capabilities on the road-vehicle collaboration make autonomous driving
more comfortable and most importantly safer.</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
put more effort on continually improving the quality of our products and services, and the user&#8217;s experience of our products, as
we believe satisfied users and customers are more likely to recommend our products and services to others. Through these efforts and
with the increased use of internet in China, we will build our brand with modest marketing expenditures. We have implemented a number
of marketing initiatives to promote our brand awareness among potential users, customers. In addition to our brand positioning in the
market, we have also initiated a series of marketing activities to promote our products and technologies among existing and potential
users and customers.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to invest heavily in product development to deliver additional features and performance enhancements, deployment models and solutions
that can address new end markets. Our investments may involve hiring and associated development, acquisitions and licensing of third-party
technology.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will continue to increase investments in our sales and marketing organizations to expand our current customer base. Our investments will
be spread across geographies, customer tiers and industries. We will continue to invest in and foster the growth of our channel relationships
in China.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will continue to drive customer satisfaction and renewals by offering community, standard, enterprise and global support to ensure our
customers&#8217; success with our offerings.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to continue our investments in SDKs and APIs that help software developers leverage our platform. Our SDKs enable developers to
build solutions that deeply integrate the analytics functionality of our offerings across the enterprise. Through our investments in
SDKs and APIs, we intend to promote and extend the capabilities of our offerings to customers who wish to build sophisticated applications
and interfaces that leverage our software and services.</span></p><div>

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

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

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


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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have registered the following software copyrights, patents and trademarks for our business operations. We believe this intellectual property
forms an integral part of our competitive strength.</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have been granted some inventions by the State Intellectual Property Office of PRC. We have patent protections for spatial-temporal big
data processing technology and HD map. We have received the following patents:</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; width: 5%; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No.</b></span></td>
    <td style="text-align: center; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; width: 1%; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; text-align: center; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; width: 35%; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of patent</b></span></td>
    <td style="text-align: center; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; width: 1%; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 15%; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Type</b></span></td>
    <td style="text-align: center; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; width: 1%; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration<br/>

    Number</b></span></td>
    <td style="text-align: center; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; width: 1%; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 21%; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
    of Issuance</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

</div><!-- Field: Page; Sequence: 39; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</span></td>
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</span></td>
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remote
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

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

</div><!-- Field: Page; Sequence: 40; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></span></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have received the following software copyrights from the National Copyright Administration (&#8220;NCA&#8221;) of PRC:</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; width: 5%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No.</b></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; width: 1%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    number</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; width: 1%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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date</b></span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WAP
    PUSH Business operation platform system</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2007SRBJ1464</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jul
    23, 2007</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mobile
    video business operation platform system V1.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2007SRBJ1463</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jul
    23, 2007</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CMMB
    Data broadcast management platform software</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2009SRBJ0391</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jan
    22, 2009</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TD-SCDMA
    Streaming media business management platform software V1.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2009SRBJ0412</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jan
    22, 2009</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Content
    management platform system software V1.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2009SRBJ1374</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apr
    1, 2009</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mobile
    multimedia broadcast electronic service guide system software V1.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2009SRBJ1365</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apr
    1, 2009</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mobile
    multimedia broadcast audio rich media interactive platform softwareV1.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2010SRBJ0719</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mar
    5, 2010</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mobile
    multimedia broadcast emergency broadcast platform software V1.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2010SRBJ0720</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mar
    5, 2010</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">User
    interface scripting software V1.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2011SRBJ3809</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sep
    27, 2011</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
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    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2011SRBJ3810</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sep
    27, 2011</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></span></p></div><div>
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    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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number</b></span></td>
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date</b></span></td>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mar
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</span></td>
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    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Luokung
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td>
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    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Luokung
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0391357</span></td>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mar
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td>
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    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Luokung
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</span></td>
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    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Luokung
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0391355</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</span></td>
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    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Luokung
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0424755</span></td>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mar
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td>
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    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Luokung
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0424757</span></td>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mar
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0424758</span></td>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mar
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0424731</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mar
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</span></td>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0424736</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2012SR083665</span></td>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sep
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</span></td>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013SR015105</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014SR036772</span></td>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apr
    1, 2014</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Integrated
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014SR036808</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apr
    1, 2014</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Core
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014SR036810</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apr
    1, 2014</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diagram
    grid patrol PDA system software V1.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014SR036778</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apr
    1, 2014</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Core
    map geographic information engine desktop platform software V1.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014SR036614</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apr
    1, 2014</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></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: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of Copyright</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Achievement
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration<br/>
number</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration<br/>
date</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Duration</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; width: 31%; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Integrated
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; width: 25%; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014SR036799</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apr
    1, 2014</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Core
    map railway power supply equipment GPS patrol system software V1.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014SR036783</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apr
    1, 2014</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Core
    map network 3 d map server software V1.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014SR036788</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apr
    1, 2014</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Core
    map network 3d map client softwareV1.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014SR036637</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apr
    1, 2014</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Core
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</span></td>
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    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Core
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014SR036638</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
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    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Core
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer</span></td>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014SR036634</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Core
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer</span></td>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014SR036639</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer</span></td>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014SR040347</span></td>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apr
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</span></td>
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    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SuperEngine
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    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</span></td>
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    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SuperEngine
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    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0526310</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td>
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    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SuperEngine
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apr
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td>
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    <td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SuperEngine
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diversion
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</span></td>
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direction
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feb
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feb
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</span></td>
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mar
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99</span></td>
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mar
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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number</b></span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</span></td>
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    online map editing system software5.1</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feb
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    path analysis and comparison software V1.0</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feb
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    product customization automation system software1.0.0</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feb
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HD
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADAS
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019SR0247914</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</span></td>
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111</span></td>
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nov
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">113</span></td>
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HD
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1582771</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nov
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    map service platform software V1.0</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1554940</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nov
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">115</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1555090</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nov
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">116</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nov
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">121</span></td>
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1724044</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">123</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1724073</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1724047</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    years</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></span></p></div><div>
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    </div><!-- Field: /Page --><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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number</b></span></td>
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date</b></span></td>
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    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-top: 0pt; width: 10%; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Duration</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">126</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    gridding and overall social order control information system software</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1724074</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
    3, 2020</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">127</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    AOI search engine system software</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1829529</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
    16, 2020</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">128</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    mass POI data fusion processing platform system software</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1829528</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
    16, 2020</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">129</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    physical DB and street view thematic map system software</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1819977</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
    15, 2020</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    multi-angel tilt photography real-3D processing system software</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1829510</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
    16, 2020</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">131</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    track planning platform software</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1829511</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
    16, 2020</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">132</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plane
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1829517</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">133</span></td>
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">134</span></td>
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    HD map visualization system software</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1862000</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
    21, 2020</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">135</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    big data service operation management platform software</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1861990</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
    21, 2020</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">136</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    2D&amp;3D integration map service platform software</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1913611</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
    30, 2020</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">137</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    2D&amp;3D integration map service platform software</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1913701</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
    30, 2020</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">138</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    lightweight 3D earth software</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1913703</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
    30, 2020</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">139</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smart
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1861971</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cloud
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1861945</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">141</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Blind
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1861970</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">142</span></td>
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">143</span></td>
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    29, 2020</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">144</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    autonomous driving simulation test management platform software</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020SR1908848</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
    29, 2020</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">145</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    HD map accuracy processing software</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0010189</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jan
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">146</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    HD map inspection and scheduling system</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0010165</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jan
    5, 2021</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">147</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    industrial grade AOI application map software</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0010120</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jan
    5, 2021</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">148</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    ADAS EHP software</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0010121</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jan
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></span></p></div><div>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152</span></td>
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jan
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153</span></td>
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0075683</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jan
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">154</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    location inquiry service software V1.0</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0857240</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jun
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">155</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0857241</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jun
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">156</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0857242</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jun
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160</span></td>
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jun
    10, 2021</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">161</span></td>
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">162</span></td>
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beidou
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0875401</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jun
    10, 2021</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">163</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    Beidou terminal track management SDK software V1.0.0</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0960723</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jun
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">164</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0960743</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jun
    29, 2021</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">165</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021SR0960744</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jun
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">166</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    Beidou terminal track analysis service software V1.0</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">172</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">173</span></td>
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sep
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    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="vertical-align: top; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">174</span></td>
    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="text-align: left; padding-top: 0pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DMG
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

</div><!-- Field: Page; Sequence: 48; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></span></p></div><div>
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    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No.</b></span></td>
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    <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    number</b></span></td>
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    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration<br/>

    date</b></span></td>
    <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Duration</b></span></td></tr>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2012SR107955</span></td>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nov
    12, 2012</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">177</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3D
    scene editing software</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013SR139420</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
    5, 2013</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">178</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">City
    street map editing software</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013SR139086</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
    5, 2013</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">179</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
    building 3D modelling software </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2013SR139185</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec
    5, 2013</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DMG
    hybrid Geocoding software</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2015SR025400</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feb
    5, 2015</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DMG
    3D induction line editing tool software</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2015SR023612</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feb
    4, 2015</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">182</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DMG
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    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2015SR022532</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feb
    3, 2015</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">183</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-slice
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    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jun
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    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">184</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Field
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    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022SR0727529</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jun
    9, 2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Field
    manager system for farmland protection management system</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022SR0727530</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jun
    9, 2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">186</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMG
    Numerical Intelligence Labeling Platform V1.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022SR1439979</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nov
    1, 2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">187</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remote
    sensing monitoring platform for straw burning based on image non-slicing technology V1.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    research and development</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022SR1461910</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nov
    3, 2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">188</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BeiDou
    high-precision electronic map integration construction and application project dynamic lane level electronic horizon system 1.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
    Copyright</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022SR1393947</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oct
    10, 2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">189</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BeiDou
    high-precision electronic map integration construction and application project high-precision map incremental update system 1.0</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
    Copyright</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022SR1398409</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oct
    11, 2022</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50
    years</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></p><div>

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

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

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

</div><!-- Field: Page; Sequence: 49; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have registered the following trademarks with the Trademark Office, State Administration for Industry and Commerce in the PRC:</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 5%; border-bottom: black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 36%; border-bottom: black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trademark</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; border-bottom: black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Classification<br/>
Number</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; border-bottom: black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Valid
    Period</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; border-bottom: black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration<br/>
Number</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#20013;&#20256;&#35270;&#35759;-&#25991;&#23383;+&#22270;&#24418;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2008.12.21-2028.12.20</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4666047</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#20013;&#20256;&#35270;&#35759;-&#25991;&#23383;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2008.12.21-2028.12.20</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4666049</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#20013;&#20256;&#35270;&#35759;-&#25991;&#23383;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2008.12.21-2028.12.20</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4666048</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LOOKLOOK-&#22270;&#24418;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2016.06.14-2026.06.13</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

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

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

</div><!-- Field: Page; Sequence: 52; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022.04.07-2032.04.06</span></td>
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    EMG</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
    below for an explanation of each classification number used in the table above.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

</div><!-- Field: Page; Sequence: 53; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification
No. 9: data processing apparatus, couplers (data processing equipment), computer software (recorded), monitors (computer programs), smart
cards (integrated circuit cards), electro-dynamic apparatus for the remote control of signals, alarms, and electric installations for
the remote control of industrial operations.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification
No. 16: paper and cardboard; printed matter; books; binding supplies; photo; stationery and office supplies (except furniture); adhesive
for stationery or household use; materials used by artists for use or painting; brush; educational or teaching supplies; plastic paper,
plastic film and plastic bags for packaging and packing.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification
No. 35: auctioneering, sales promotion for others, marketing analysis, marketing research, import-export agencies, advisory services
for business management, business management for franchise, personnel management consultancy, relocation services for businesses, and
systemization of information into computer databases.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification
No. 38: include services that enable at least sensory communication between two people. Such services allow one person to talk to another,
send messages from one person to another, and make verbal or visual contact between one person and the other. This classification especially
includes the service for broadcasting radio or television programs, except for radio advertising services and telemarketing services.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification
No. 41: instruction services, teaching, education information, tuition, arranging and conducting of colloquiums, publication of electronic
books and journals on-line, amusements, and vocational guidance.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification
No. 42: technical research, studies (technical project), computer software design, updating of computer software, recovery of computer
data, computer systems analysis, installation of computer software, computer anti-virus protection, and research and development for
others.</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have obtained all necessary regulatory certifications to conduct our business in the PRC, including without limitation, the following:
Software Enterprise Recognition Certificate, Computer Information System Integration Qualification Certificate, Construction Enterprise
Qualification Certificate, and Security Technology &amp; Protection Enterprise Certificate. We have also been properly certified as a
high-tech enterprise and have met the ISO 9001:2000 qualification management system.</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we may, from time to time, be involved in litigation and claims arising out of our operations in the normal course of business, we do
not believe that we are a party to any litigation that will have a material adverse impact on our financial condition or results of operations.
To our knowledge, other than as described below there are no material legal proceedings threatened against us. From time to time, we
may be subject to various claims and legal actions arising in the ordinary course of business. Following the consummation of the AEA,
we became successor in interest to the legal proceedings described below.</span></p><div>

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

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

</div><!-- Field: Page; Sequence: 54; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></span></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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are incorporated in the British Virgin Islands to take advantage of certain benefits associated with being a British Virgin Islands company,
such as political and economic stability, an effective judicial system, a favorable tax system, the absence of exchange control or currency
restrictions and the availability of professional and support services. However, certain disadvantages accompany incorporation in the
British Virgin Islands. These disadvantages include that the British Virgin Islands has a less developed body of securities laws as compared
to the United States and provides significantly less protection to investors. In addition, British Virgin Islands companies do not have
standing to sue before the federal courts of the United States.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our memorandum and articles
of association do not contain provisions requiring that disputes be submitted to arbitration, including those arising under the securities
laws of the United States, between us, our officers, directors and shareholders. An important part of our operations is conducted and
a significant portion of our assets is located outside the United States. Some of our directors and officers are nationals or residents
of jurisdictions other than the United States, and some or all of their assets are located outside the United States. As a result, it
may be difficult or impossible for a shareholder to bring an original action against us or such persons in a British Virgin Islands or
China court in the event that a shareholder believes that his or her rights have been infringed under the U.S. federal securities laws
or otherwise. It may also be difficult for a shareholder to enforce in U.S. courts judgments obtained in U.S. courts based on the civil
liability provisions of the U.S. federal securities laws against us and our officers and directors, some of whom are not residents of
the United States and whose assets are located outside of the United States. In addition, there is uncertainty as to whether the courts
of the British Virgin Islands or the PRC would recognize or enforce judgments of U.S. courts against us or such persons predicated upon
the civil liability provisions of the securities laws of the United States or any state. It is uncertain whether British Virgin Islands
or PRC courts would be competent to hear original actions brought in the British Virgin Islands or the PRC against us or such persons
predicated upon the securities laws of the United States or any state.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate affairs are governed by our memorandum and articles of association, or Articles, and by the BVI Business Companies Act, 2004
and common law of the British Virgin Islands. The rights of shareholders to take legal action against our directors and us, actions by
minority shareholders and the fiduciary responsibilities of our directors to us under British Virgin Islands law are to a large extent
governed by the common law of the British Virgin Islands. The common law of the British Virgin Islands is derived in part from comparatively
limited judicial precedent in the British Virgin Islands as well as from English common law, which has persuasive, but not binding, authority
on a court in the British Virgin Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under British
Virgin Islands law are not as clearly established as they would be under statutes or judicial precedents in the United States. In particular,
the British Virgin Islands has no securities laws as compared to the United States, and provides significantly less protection to investors.
In addition, British Virgin Islands companies may not have standing to initiate a shareholder derivative action before the federal courts
of the United States.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conduct all of our operations in China and all of our assets are located in China. In addition, except for our two independent directors,
Mr. David Wei Tang, who is a U.S. citizen, and Mr. Meng Bryan Yap, who is a Singapore citizen, all of our other officers and directors
are PRC nationals. Most of our officers and directors reside within China. All or a substantial portion of the assets of these persons
are located outside the United States. As a result, it may be difficult to effect service of process within the United States upon these
persons.</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Han Kun Law Offices, our counsel
as to PRC law, have advised us that there is uncertainty as to whether the courts of the PRC would:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recognize
    or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability
    provisions of the securities laws of the United States or any state in the United States; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">entertain
    original actions brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws
    of the United States or any state in the United States.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conyers
Dill &amp; Pearman has advised us that there is uncertainty as to whether the courts of the British Virgin Islands would (i) recognize
or enforce judgments of U.S. courts obtained against the Company or its directors, officers, predicated upon civil liability provisions
of the securities laws of the United States or any state in the United states, or (ii) entertain original actions brought in the British
Virgin Islands against the Company or its directors, officers, predicated upon civil liability provisions of the securities laws of the
United States or any state in the United States.</span></p><div>

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

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

</div><!-- Field: Page; Sequence: 55; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></span></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Conyers Dill &amp; Pearman
further advised that, although there is no statutory enforcement in the British Virgin Islands of final and conclusive monetary judgments
obtained in a competent federal or state court of the United States for a definite sum (and the British Virgin Islands are not a party
to any treaties for the reciprocal enforcement or recognition of such judgments with the United States), the courts of the British Virgin
Islands would recognise as a valid judgment, a final and conclusive judgment in personam obtained in a competent federal or state court
of the United States of America against the Company under which a sum of money is payable (other than a sum of money payable in respect
of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) and would give a judgment based
thereon provided that (a) such courts had proper jurisdiction over the parties subject to such judgment; (b) such courts did not contravene
the rules of natural justice of the British Virgin Islands; (c) such judgment was not obtained by fraud; (d) the enforcement of the judgment
would not be contrary to the public policy of the British Virgin Islands; (e) no new admissible evidence relevant to the action is submitted
prior to the rendering of the judgment by the courts of the British Virgin Islands; and (f) there is due compliance with the correct procedures
under the laws of the British Virgin Islands. However, the British Virgin Islands courts are unlikely to enforce a judgment obtained from
the U.S. courts under civil liability provisions of the U.S. federal securities law if such judgment is determined by the courts of the
British Virgin Islands to give rise to obligations to make payments that are penal or punitive in nature.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedure Law. Chinese courts may recognize and
enforce foreign judgments in accordance with the requirements of the Chinese Civil Procedure Law based either on treaties between China
and the country where the judgment is made or in reciprocity between jurisdictions. China does not have any treaties or other agreements
with the British Virgin Islands or the United States that provide for the reciprocal recognition and enforcement of foreign judgments
as of the date of this annual report. In addition, according to the PRC Civil Procedures Law, PRC courts will not enforce a foreign judgment
against us or our directors and officers if they decide that the judgment violates the basic principles of PRC law or national sovereignty,
security, or public interest. As a result, it is uncertain whether a Chinese court would enforce a judgment rendered by a court in either
of these two jurisdictions.</span></p><div>

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

</div><div><a id="k_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
ORGANIZATIONAL STRUCTURE</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates our corporate structure and the place of formation and affiliation of each of our subsidiaries and affiliates
as of December 31, 2022.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="img_003.jpg"/></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><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: 56; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></span></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">The persons or entities that own the equity in each VIE are as follows:</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">Beijing Zhong Chuan Shi Xun Technology Co., Ltd.</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="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Name</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">Xuesong Song</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">61.82453</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Ping Wang</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">19.9872</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Weili Chen</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">14.0848</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Donglai Liu</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.10347</td><td style="text-align: left">%</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">eMapgo Technologies (Beijing) Co., Ltd.</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="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Name</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">Shareholding<br/> Percentage</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">Beijing Zhong Chuan Shi Xun Technology Co., Ltd.</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">100</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  </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">Beijing BotBrain AI Technology Co., Ltd.</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="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Name</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">Shareholding<br/> Percentage</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">Xueyu Lu</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">37.84003</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Jiangbo Qin</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20.00006</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Beijing Huojuzhiguang Information Technology Center (L.P.)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17.52002</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Changxing Qifu Honglian Equity Investment Partnership (L.P.)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8.33332</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Guangzhou Baoji Erhao Equity Investment Management Partnership (L.P.)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.99999</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Guangzhou Suiyong Original Capital Co., Ltd.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.66662</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Lianjie (Beijing) Investment Co., Ltd.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.19997</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Zhuhai Qiyi Investment Center (L.P.)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.00003</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Shenzhen Yiling Venture Capital Center (L.P.)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.43996</td><td style="text-align: left">%</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; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 57; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></span></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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is the tabular
form condensed consolidating schedule depicting the financial position, cash flows and results of operations for the parent, the consolidated
variable interest entities, and any consolidation adjustments separately - as of and for the years ending December 31, 2022, 2021 and
2020.</p><div>

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

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Consolidating Statements of&#160;Income
Information</p><div>



</div><p style="margin: 0">&#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-left: 0.125in; text-indent: -0.125in; 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="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#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-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidating
Statements of&#160;Income Information</b></span> &#160;</p><div>



</div><p style="margin: 0">&#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 style="text-align: left">&#160;</td><td style="text-align: right">(35,560,170</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,651,247</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(146,447</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15,427</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,836,228</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(14,642</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(35,706,617</td><td style="text-align: left">)</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><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-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(8,368,715</td><td style="text-align: left">)</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"></p><div>

</div><!-- Field: Page; Sequence: 58; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></span></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-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidating
Balance&#160;Sheets Information</b></span></p><div>



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



</div><p style="margin: 0">&#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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  <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">60,631,079</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(182,441,396</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">449,320</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">102,435,697</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">849,482</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">3,256,374</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">378,987</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; ">
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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">21,119,050</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,391,743</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">23,652,117</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(42,970,291</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,192,619</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">281,671</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">983,491</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="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">530,238</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)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">209,461</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; ">
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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">&#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="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></span></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; text-align: justify"><b>Consolidating Cash Flows Information</b></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="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; ">
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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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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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"></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>VIE Arrangements with VIEs and Their Respective
Shareholders</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">To comply with the PRC legal
restrictions on foreign investments, the Company operates such restricted services in the PRC through certain PRC domestic companies,
whose nominal equity interests are held by certain management members or founders of the Company or certain other third parties. Part
of the registered capital of these PRC domestic companies was funded by certain management members, or founders of the Company or certain
other third parties. The Company has entered into certain exclusive business services agreements with these PRC domestic companies, which
entitle it to receive a majority of their residual returns and make it obligatory for the Company to absorb a majority of the risk of
losses from their activities. In addition, the Company has entered into certain agreements with those management members, founders, or
certain other third parties, including equity interest pledge agreements of the nominal equity interests held by those management members,
founders or certain other third parties in these PRC domestic companies, and exclusive option agreements to acquire such nominal equity
interests in these PRC domestic companies when permitted by the PRC laws, rules and regulations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Details of the typical VIE
structure of the Company&#8217;s significant consolidated VIEs, namely Zhong Chuan Shi Xun, Beijing BotBrain and EMG are 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><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: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contracts that give the
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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"><b><i>Exclusive Option 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">Each VIE equity holders has
granted the WFOEs exclusive call options to purchase the nominal equity interest in the VIEs at an exercise price equal to (i) with regard
to Zhong Chuan Shi Xun, the minimum price as permitted by applicable PRC laws, or (ii) with regard to Beijing BotBrain, RMB10 in aggregate,
or if appraisal is required as requested by relevant PRC laws, the price as determined by the relevant parties, or (iii) with regard
to EMG, RMB 1 in aggregate or other price as determined by the relevant parties, provided that if required by relevant PRC laws, the
minimum price as permitted by PRC laws shall apply. The WFOEs may designate another entity or individual to purchase the nominal equity
interests, if applicable, under the call options. Each call option is exercisable subject to the condition that applicable PRC laws,
rules and regulations do not prohibit completion of the transfer of the nominal equity interests pursuant to the call option. The VIEs
shall not declare any dividend or other distribution to its equity holders without the approval of the WFOEs. With regard to Zhong
Chuan Shi Xun and Beijing BotBrain, the exclusive call option agreements remain in effect for ten (10) years and may be renewed at the
election of the WFOEs. With regard to EMG, the exclusive call option agreement shall remain in effect until all nominal equity interest
under the call option has been transferred to the WFOE or its designated entity or individual.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Equity Pledge 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">As for Zhong Chuan Shi Xun
and Beijing BotBrain, pursuant to the relevant equity pledge agreements, the relevant VIE equity holders have pledged all of their interests
in the equity of the VIEs as a continuing security interest in favor of the corresponding WFOEs to secure the performance of obligations
by the VIEs and/or the equity holders under the exclusive business cooperation agreements. Each WFOE is entitled to exercise its right
to dispose of the VIE equity holders&#8217; pledged interests in the equity of the VIE in accordance with applicable PRC laws in the
event of any breach or default, and VIE equity holders shall cease to be entitled to any rights or interests associated with their nominal
equity interests in the VIEs. These equity pledge agreements remain in force until and unless the obligations of the VIE equity holders
to the WFOEs under the exclusive business cooperation agreements have been fulfilled.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As for EMG, pursuant to the
relevant equity pledge agreement, the relevant VIE equity holder has pledged all of its nominal equity interest in the VIE as a continuing
first priority security interest in favor of the corresponding WFOE to secure the performance of obligations by the VIE as set forth
in the relevant exclusive option agreement, proxy agreement, the equity pledge agreement and the VIE&#8217;s obligation to repay the
secured indebtedness. The VIE equity holder shall not be entitled to receive any dividend associated with its nominal equity interest
without of the WFOE, and the dividend received by the VIE equity holder shall be deposited in the account designated by the WFOE and
subject to the supervision of the WFOE. In the event of any breach or default, the WFOE shall be entitled to all rights to relief, including
but not limited to disposing the nominal equity interest held by the VIE equity holder. The equity pledge agreement shall remain in force
until and unless the obligations of the VIE equity holder to the WFOE under the exclusive option agreement, proxy agreement, the equity
pledge agreement have been fulfilled or all the secured indebtedness has been paid off.</p><div>

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

</div><!-- Field: Page; Sequence: 61; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></span></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; text-align: justify"><b><i>Power of Attorney</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">As for Zhong Chuan Shi Xun
and Beijing BotBrain, pursuant to the relevant power of attorney, each of the relevant VIE equity holders irrevocably appoints the corresponding
WFOE as its attorney-in-fact to exercise on its behalf any and all rights that such equity holder has in respect of its nominal equity
interests in the relevant VIE conferred by relevant laws and regulations and the articles of associate of such VIE. The power of attorney
shall remain effective as long as such VIE equity holder remains as a shareholder of Zhong Chuan Shi Xun or Beijing BotBrain.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As for EMG, pursuant to the
relevant power of attorney, the relevant VIE equity holder irrevocably appoints certain the person designated by the corresponding WFOE
as its attorney-in-fact to exercise on its behalf any and all rights that such equity holder has in respect of its nominal equity interest
in the relevant VIE conferred by relevant laws and regulations and the articles of associate of such VIE. The power of attorney of EMG
shall remain effective until March 11, 2044, and will be renewed automatically for another ten (10) years unless the parties to the power
of attorney agree otherwise.</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: top">
    <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contracts that enable the
    Company to receive the certain benefits from the VIEs</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"><b><i>Exclusive business cooperation agreements&#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">As for Zhong Chuan Shi Xun,
Beijing BotBrain and EMG, each relevant VIE has entered into an exclusive business services agreement with the corresponding WFOE, pursuant
to which the relevant WFOE provides exclusive business services to the VIE. In exchange, (i) Zhong Chuan Shi Xun pays a service fee to
the corresponding WFOE which shall be no less than 80% of Zhong Chuan Shi Xun&#8217;s after-tax profits; (ii) Beijing BotBrain pays a
service fee to the corresponding WFOE which shall be reasonably determined by such WFOE based on certain factors; (iii) EMG pays a service
fee to the corresponding WFOE which shall be 20% of EMG&#8217;s annual income. Luokung exercises control over the VIEs through a Call
Option Agreement, an Equity Pledge Agreement, an Exclusive Business Cooperation Agreement and a Proxy Agreement. The amount of service
fees to be paid by EMG and BotBrain shall be determined solely by the WFOE or as mutually agreed by the WFOE and the VIEs. Based on the
control Luokung exercises through these agreements and based on its ability to determine the fees paid by EMG and BotBrain, Luokung is
considered the primary beneficiary of the VIEs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Cash Flows through Our Organization</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; ">Luokung
Technology Corp. is a holding company with no operations of its own. We conduct our operations in China primarily through our subsidiaries
and consolidated affiliated entities in China. As a result, although other means are available for us to obtain financing at the holding
company level, Luokung Technology Corp.&#8217;s ability to pay dividends to the shareholders and to service any debt it may incur may
depend upon dividends paid by our PRC subsidiaries and service fees paid by our PRC consolidated affiliated entities. If any of our subsidiaries
incurs debt on its own behalf, the instruments governing such debt may restrict its ability to pay dividends to Luokung Technology Corp.
In addition, our PRC subsidiaries are permitted to pay dividends to Luokung Technology Corp. only out of their retained earnings, if
any, as determined in accordance with applicable accounting standards and regulations. Further, our PRC subsidiaries and consolidated
affiliated entities are required to make appropriations to certain statutory reserve funds or may make appropriations to certain discretionary
funds, which are not distributable as cash dividends except in the event of a solvent liquidation of the companies.&#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">Under PRC law, Luokung Technology
Corp. may provide funding to its PRC subsidiaries only through capital contributions or loans, and to its affiliated entities in China
only through loans, subject to satisfaction of applicable government registration that we are not able to make direct capital contribution.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under PRC laws and regulations,
our PRC subsidiaries and consolidated affiliated entities are subject to certain restrictions with respect to paying dividends or otherwise
transferring any of their net assets to us. Remittance of dividends by a wholly foreign-owned enterprise out of China is also subject
to review by the banks designated by State Administration of Foreign Exchange, or SAFE. The amounts restricted include the&#160;paid-up&#160;capital
and the statutory reserve funds of our PRC subsidiaries and the net assets of our consolidated affiliated entities in which we have no
legal ownership. Other than a dividend paid to certain of our preferred shareholders in 2021, our PRC subsidiaries have not paid dividends
and will not be able to pay dividends until they generate accumulated profits and meet the requirements for statutory reserve funds.&#160;There
is no fixed payment schedule in settling the amounts due from the VIEs. Payments are made based on the cash position of the VIEs.</p><div>

</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="k_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>D. PROPERTY, PLANTS AND EQUIPMENT</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 lease offices as headquarter
located at 8F &amp; 9F, Block B, SOHO Phase II, No. 9 Guanghua Road, Chaoyang District, Beijing, which covers a floor space of 3498 square
meters. These leases expire on August 15, 2024 and are renewable upon negotiation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; 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>
    </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="k_014"></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">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">None.</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="k_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;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">&#160;</p><div>

</div><div><a id="k_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>A<i>. </i>OPERATING RESULTS.</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>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 notes to those financial statements appearing elsewhere in this report. This discussion and analysis contain forward-looking
statements that involve significant risks and uncertainties. As a result of many factors, such as our anticipated growth strategy, our
plans to recruit more employees, our plans to invest in research and development to enhance our product or service lines, our future
business development, results of operations and financial condition, expected changes in our net revenues and certain cost or expense
items, our ability to attract and retain customers, trends and competition in the enterprise mobile software application market, and
the factors set forth elsewhere in this report, our actual results may differ materially from those anticipated in these forward-looking
statements. In light of those risks and uncertainties, there can be no assurance that the forward-looking statements contained in this
report will in fact occur. You should not place undue reliance on the forward-looking statements contained in this report.</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"><i>The forward-looking statements
speak only as of the date on which they are made, and, except to the extent required by U.S. federal securities laws, we undertake no
obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or
to reflect the occurrence of unanticipated events. Further, the information about our intentions contained in this report is a statement
of our intention as of the date of this report and is based upon, among other things, the existing regulatory environment, industry conditions,
market conditions and prices and our assumptions as of such date. We may change our intentions, at any time and without notice, based
upon any changes in such factors, in our assumptions or otherwise.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><i>Unless the context otherwise
requires, all references to (i) &#8220;PRC&#8221; and &#8220;China&#8221; are to the People&#8217;s Republic of China; (ii) &#8220;U.S.
dollar,&#8221; &#8220;$&#8221; and &#8220;US$&#8221; are to United States dollars; and (iii) &#8220;RMB&#8221;, &#8220;Yuan&#8221; and
Renminbi are to the currency of the PRC or 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"><b>Overview</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">Luokung Technology Corp.
was incorporated on October 27, 2009 under the laws of the British Virgin Islands. We are a holding company and conduct our operations
through our wholly-owned subsidiary named LK Technology Ltd., a British Virgin Islands limited liability company (&#8220;LK Technology&#8221;),
and its wholly-owned subsidiaries, MMB Limited and its respective subsidiaries, which possess two core brands &#8220;Luokuang&#8221;
and &#8220;SuperEngine&#8221;. &#8220;Luokuang&#8221; is a mobile application to provide Business to Customer (B2C) location-based services
and &#8220;SuperEngine&#8221; provides Business to Business (B2B) and Business to Government (B2G) services in connection with spatial-temporal
big data processing. In May 2010, we consummated an initial public offering of our American Depository Shares, or ADSs, for gross proceeds
of $16 million, and our ADSs were listed on the NASDAQ Capital Market under the ticker symbol &#8220;KONE&#8221;. On August 17, 2018,
we completed the transactions contemplated by the Asset Exchange Agreement (&#8220;AEA&#8221;) with C Media Limited (&#8220;C Media&#8221;)
entered into on January 25, 2018. On August 20, 2018, we changed our name to Luokung Technology Corp., our American Depository Shares
(&#8220;ADSs&#8221;) were voluntarily delisted from the NASDAQ Capital Market on September 19, 2018 and on January 3, 2019 our ordinary
shares started trading on NASDAQ under the ticker symbol &#8220;LKCO&#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; text-indent: 0.5in">On August 17, 2018, we consummated
an asset exchange transaction, pursuant to which we exchanged all issued and outstanding capital stock in Topsky Info-Tech Holdings Pte
Ltd., the parent of Softech, for the issued and outstanding capital stock of LK Technology (the &#8220;Asset Exchange&#8221;). In connection
with the Asset Exchange, we changed our name on August 20, 2018, and on September 20, 2018, completed the issuance to the shareholders
of C Media Limited, the former parent of LK Technology, of (i) 185,412,599 of our ordinary shares, par value $0.01 per share and (ii)
1,000,000 of our preferred shares. Upon the consummation of the Asset Exchange, we ceased our previous business operations and became
a company focused on the provision of location-based service 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: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></span></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; text-align: justify; text-indent: 0.5in">On August 25, 2018, LK Technology
entered into a Stock Purchase Agreement with the shareholders of Superengine Holding Limited, a limited liability company incorporated
under the laws of the British Virgin Islands (the &#8220;Superengine&#8221;), pursuant to which LK Technology acquired all of the issued
and outstanding shares of Superengine for an aggregate purchase price of US$60 million, which was paid by the issuance of our Ordinary
Shares in an amount equal to the quotient of (x) the Purchase Price divided by (y) the average of the closing prices of the Ordinary
Shares on the NASDAQ Capital Market over the 12 months period preceding July 31, 2018. We are a party to the Agreement in connection
with the issuance of the Ordinary Shares and certain other limited purposes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 May 10, 2019 and November
6, 2020, the Company entered into a Stock Purchase Agreement and The Supplementary Agreement to Stock Purchase Agreement with the shareholders
of BotBrain AI Limited (&#8220;Botbrain&#8221;), a limited liability company incorporated under the laws of the British Virgin Islands,
pursuant to which the Company acquired 67.36% of the issued and outstanding shares of BotBrain for an aggregate purchase price of $2.5
million (RMB 16.4 million), of which $1.5 million (RMB 9.6 million) was to be paid in cash to obtain 20% of BotBrain and the Company
issued 1,789,618 ordinary shares to acquire the remaining 47.36% of BotBrain. The closing of the acquisition was completed on December
4, 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; text-indent: 0.5in">On August 28, 2019, the Company
entered into a Share Purchase Agreement to acquire 100% of the equity interests of Saleya Holdings Limited (&#8220;Saleya&#8221;) from
Saleya&#8217;s shareholders for an aggregate purchase price of approximately $120 million. On March 17, 2021, the Company completed the
acquisition of 100% equity interest in Saleya for a consideration of (i) a cash amount of $102 million (RMB666 million), (ii) 9,819,926
LKCO ordinary shares and (iii) 1,500,310 LKCO preferred shares pursuant to a supplemental agreement dated February 24, 2021. The main
operating subsidiary, eMapgo Technologies (Beijing) Co., Ltd. is a provider of navigation and electronic map services in China, as well
as a provider of Internet map services and geographic information system engineering. The acquisition enables us to develop our smart
transportation business, including autonomous driving and vehicle-road collaboration (V2X). From April 2021 to December 2021, Saleya
contributed $9.1 million to smart transportation revenue and incurred a net loss of $4.5 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Results of operations for the fiscal year
ended December 31, 2022 compared to the fiscal year ended December 31, 2021.</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>Revenue</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 revenues primarily consist
of advertising services, software and services and smart transportation from the VIEs, Jiangsu Zhong Chuan Rui You Information and Technology
Limited (&#8220;Zhong Chuan Rui You&#8221;), Beijing Wave Function Culture Development Co., Ltd.(&#8220;Wave Function&#8221;), SuperEngine
Graphics Software Technology Development (Suzhou) Co., Ltd (&#8220;SuperEngine&#8221;) and eMapgo Technologies (Beijing) Co., Ltd. (&#8220;EMG&#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"><i>Advertising services</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">Zhong Chuan Rui You and Wave
Function derive revenue from the provision of user acquisition services to their advertisers on the strength of the LBS services they
offer; customers pay them based on performance, as measured by CPI (Cost Per Install), CPM (Cost Per Mile), and CPC (Cost Per Click).
They recognize revenue over time because customers receive and consume the benefit of their advertising services throughout the contract
period.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Software and services&#160;</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">SuperEngine generates revenues
primarily in the form of sale of a software license and provision of technology services. License fees include perpetual license fees,
term license fees and royalties. Technology services primarily consist of fees for providing technology support services and technology
solution services that enable customers to gain real-time operational intelligence by harnessing the value of their data.&#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: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></span></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; text-align: justify; text-indent: 0.5in">Revenue for the sale of software
licenses is recognized at the point in time when the right to use the software is provided to its customers. Term license fees and royalties
are recognized over time throughout the contract period.</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">Technology support service
revenue is recognized over time as the services are performed because the customer receives and consumes the benefit of its performance
throughout the contract period. Technology solution service revenue is recognized at the point in time when the service is completed.
SuperEngine bills for the services it has performed in accordance with the terms of the contract. It recognizes the revenues associated
with these professional services as it delivers the services to the customers.&#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"><b>Smart transportation</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"><i>Map data licensing&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">EMG provides perpetual map
data licenses to customers and collects one time license fees from customers. Revenue is recognized at the point in time when customers
obtain the right to use the map 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"><i>Autonomous driving simulation and verification test</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">EMG provides data collection
and desensitization for compliance with legal requirements to system manufacturers and automobile manufacturers for autonomous driving
simulation and verification testing. Revenues are derived from the provision of data collection and desensitization service for compliance
with legal requirements. Revenues are recognized over time as the services are performed because the customer receives and consumes the
benefit of its performance throughout the contract period.</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>Map service platform local deployment</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&#160;</p><div>

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EMG provides a one-time map service platform license or a map service platform license for a certain period with updates to the map service
platform during such contract period to certain public sectors and enterprises to support its location-based application. The map service
platform includes map data and software that support certain map applications such as display, search, routing and others. Revenues from
a map data license for a certain period are recognized ratably over time because the customer receives and consumes the benefit of the
map services throughout the contract period.</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 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: justify; text-indent: 0.5in">For the year ended December
31, 2022, we had revenue of $93,593,186, as compared to revenue of $145,067,965 for the year ended December 31, 2021, a decrease of $51,474,779,
or 35.5%, which was primarily due to our adjustment of advertising placement and customer acquisition strategies, the number of customers
decreased as we shifted our focus to providing services to customers with higher gross margins instead of solely focusing on volume of
transactions based on the strength of the integration and improvement of geographic information points of interest (POI), characteristic
areas of interest (AOI), and other data using AI algorithms. This integration and improvement ultimately led to improved advertising conversion
rates, allowing us to increase the gross margin,</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Cost of revenue</i></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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consists of traffic acquisition costs and salary and benefit expenses. Our traffic acquisition costs may vary due to a number of factors,
including scale, targeted audience and the geography of traffic.</p><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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consist of costs for employees directly involved in data collection and processing and data collection costs, which are primarily comprised
of field survey-related costs and hard disk materials costs, and depreciation of facilities and equipment used in data collection and
processing.</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 0; text-align: justify; text-indent: 0.5in">Cost of revenue for the year
ended December 31, 2022 was $77,941,665, representing a decrease of $51,084,421or 39.6% as compared to $129,026,086 for the year ended
December 31, 2021. The decrease was primarily attributable to the decrease of traffic acquisition costs incurred.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gross profit margin increased
to 16.7% for the year ended December 31, 2022 from 11.1% for the year ended December 31, 2021. The increase in gross profit margin was
primarily attributable to value-added services in advertising and revenue from smart transportation, all of which yield increased gross
profit margin.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Selling and marketing expense</i></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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</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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for the year ended December 31, 2022, as compared to $6,057,161 for the year ended December 31, 2021, a decrease of $400,977 or 6.6%.
The decrease was primarily attributable to a decrease in marketing and advertising expenses of approximately $2,086,000 and a decrease in reimbursements to employees for out-of-pocket expenses of approximately $377,000, offset by an increase in salaries of approximately $2,096,000 due to an increase
in the number of marketing 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>General and administrative expense</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 general and administrative
expenses consist primarily of salaries and benefits for our general and administrative personnel, rent, fees and expenses for legal,
accounting and other professional 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">General and administrative
expense totaled $20,663,654 for the year ended December 31, 2022, as compared to $30,127,176 for the year ended December 31, 2021, a
decrease of $9,463,522 or 31.4%. The decrease was primarily attributable to a decrease in consulting fees of approximately $4,891,000,
a decrease in legal and professional fees of approximately $2,050,000, a decrease in impairment goodwill of BotBrain of approximately
$141,000 and an increase in impairment loss of accounts and other receivables of approximately $54,000, offset by an increase in salary
expenses of approximately $756,000 and a decrease in impairment on loans of approximately $4,724,000.</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: 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"><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>Research and development 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">Research and development
expenses primarily consist of amortization of the intangible assets, and salaries and benefits for research and development 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; text-indent: 0.5in">Research and development
expenses totaled $49,873,652 for the year ended December 31, 2022, as compared to $45,476,113 for the year ended December 31, 2021, an
increase of $4,397,539 or 9.7%. The increase was primarily attributable to an increase in salaries and share based compensation of approximately
$4,094,000 due to an increase in the number of staff in the R&amp;D department, and an increase in amortization of intangible assets
of approximately $2,479,000.</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"><b><i>Loss from operations</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">As a result of the factors
described above, for the year ended December 31, 2022, loss from operations amounted to $60,541,969, as compared to loss from operations
of $65,618,571 for the year ended December 31, 2021, a decrease of $5,076,602, or 7.7%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Other income/expense</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">Other income/expense mainly
includes interest expenses from other loans and foreign currency gains/losses.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the year ended December
31, 2022, other income, net, amounted to $6,388,904 as compared to other expense, net, of $3,978,751 for the year ended December 31,
2021, a change of $10,367,655, or 260.6%, which was primarily attributable to a decrease in interest expenses of approximately $759,000
and an increase in other income of approximately $9,823,000, due to the write-off of accounts payable of approximately $9,199,000 as
two of our suppliers were dissolved, offset by an increase in foreign currency transaction loss of approximately $224,000.</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"><b><i>Income tax</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 had an income tax benefit
of $3,941,324 and $8,126,337 for the years ended 2022 and 2021, respectively. The benefit for 2021 represents a deferred tax credit arising
from five of our subsidiaries as our management believes that the subsidiary will have future taxable income to absorb a portion of our
net operating loss carry forwards. We are subject to various rates of income tax under different jurisdictions. The following summarizes
the major factors affecting our applicable tax rates in the BVI, Hong Kong and the PRC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>BVI</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 an exempted company
incorporated in the British Virgin Islands. Under the current laws of the British Virgin Islands, we are not subject to income, corporation
or capital gains tax in the British Virgin Islands. In addition, our payment of dividends to our shareholders, if any, is not subject
to withholding tax in the British Virgin Islands.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Hong Kong</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 subsidiaries in Hong
Kong are subject to the uniform tax rate of 16.5%. Under Hong Kong tax law, our subsidiaries in Hong Kong are exempted from income tax
on their foreign-derived income and there is no withholding tax in Hong Kong on remittance of 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"><i>PRC</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">Generally, our PRC subsidiaries,
our consolidated affiliated entities and their subsidiaries are subject to enterprise income tax on their taxable income in the PRC at
a rate of 25%. The enterprise income tax is calculated based on the entity&#8217;s global income as determined under PRC tax laws and
accounting standards.&#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">An enterprise may benefit
from a preferential tax rate of 15% under the EIT Law if it qualifies as a High and New Technology Enterprise, which is normally effective
for a period of three years. Our subsidiaries, Beijing Zhong Chuan Shi Xun Technology Limited, Superengine Graphics Software Technology
Development (Suzhou) Co., Ltd, eMapgo Technologies (Beijing) Co., Ltd., DMG Infotech Co., Ltd and Beijing BotBrain AI Technology Ltd.
are High-tech enterprises and enjoy a favorable income tax rate of 15%.&#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"></p><div>

</div><!-- Field: Page; Sequence: 67; Value: 1 --><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>Net loss</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">As a result of the factors
described above, our net loss was $50,211,741 for the year ended December 31, 2022, compared to net loss of $61,470,985 for the year
ended December 31, 2021, a decrease of $11,259,244 or 18.3%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Net loss attributable to owners of the
Company</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 net loss attributable
to owners of the Company was $52,539,682, or $3.72 per ordinary share (basic and diluted), for the year ended December 31, 2022, compared
to net loss attributable to owners of the Company of $68,801,252, or $6.30 per ordinary share (basic and diluted), for the year ended
December 31, 2021, a change of $16,261,570 or 23.6%. Earnings per share is based on revised weighted average shares due to the March
reverse stock split.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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 currency translation adjustment</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 reporting currency is
the U.S. dollar. The functional currency of our parent company and subsidiaries of LK Technology, MMB Mobile Media, SuperEngine Holding
and PICO is the U.S. dollar and the functional currency of the Company&#8217;s subsidiaries incorporated in China is the Chinese Renminbi
(&#8220;RMB&#8221;). The financial statements of our subsidiaries incorporated in China are translated to U.S. dollars using period end
rates of exchange for assets and liabilities, and average rates of exchange (for the period) for revenue, costs, and expenses. Net gains
and losses resulting from foreign exchange transactions are included in the consolidated statements of operations and comprehensive loss.
As a result of foreign currency translations, which are a non-cash adjustment, we reported a foreign currency translation gain of $2,204,206
for the year ended December 31, 2022, as compared to a foreign currency translation loss of $58,700 for the year ended December 31, 2021.
This non-cash gain had the effect of decreasing our reported comprehensive loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Comprehensive loss</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">As a result of our foreign
currency translation adjustment, we had comprehensive loss for the year ended December 31, 2022 of $48,007,535, compared to comprehensive
loss of $61,529,685 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">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Results of operations for the fiscal year
ended December 31, 2021 compared to the fiscal year ended December 31, 2020.</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>Revenue</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 revenues primarily consist
of advertising services, software and services and smart transportation from the VIEs, Jiangsu Zhong Chuan Rui You Information and Technology
Limited (&#8220;Zhong Chuan Rui You&#8221;), Beijing Wave Function Culture Development Co., Ltd.(&#8220;Wave Function&#8221;), SuperEngine
Graphics Software Technology Development (Suzhou) Co., Ltd (&#8220;SuperEngine&#8221;) and eMapgo Technologies (Beijing) Co., Ltd. (&#8220;EMG&#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"><i>Advertising services</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">Zhong Chuan Rui You and Wave
Function derive revenue from the provision of user acquisition services to their advertisers on the strength of the LBS services they
offer; customers pay them based on performance, as measured by CPI (Cost Per Install), CPM (Cost Per Mile), and CPC (Cost Per Click).
They recognize revenue over time because customers receive and consume the benefit of their advertising services throughout the contract
period.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Software and services&#160;</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">SuperEngine generates revenues
primarily in the form of sale of a software license and provision of technology services. License fees include perpetual license fees,
term license fees and royalties. Technology services primarily consist of fees for providing technology support services and technology
solution services that enable customers to gain real-time operational intelligence by harnessing the value of their data.&#160;</p><div>

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


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></span></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; text-align: justify; text-indent: 0.5in">Revenue for the sale of software
licenses is recognized at the point in time when the right to use the software is provided to its customers. Term license fees and royalties
are recognized over time throughout the contract period.</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">Technology support service
revenue is recognized over time as the services are performed because the customer receives and consumes the benefit of its performance
throughout the contract period. Technology solution service revenue is recognized at the point in time when the service is completed.
SuperEngine bills for the services it has performed in accordance with the terms of the contract. It recognizes the revenues associated
with these professional services as it delivers the services to the customers.&#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"><b>Smart transportation</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"><i>Map data licensing&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">EMG provides perpetual map
data licenses to customers and collects one time license fees from customers. Revenue is recognized at the point in time when customers
obtain the right to use the map 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"><i>Autonomous driving simulation and verification test</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">EMG provides data collection
and desensitization for compliance with legal requirements to system manufacturers and automobile manufacturers for autonomous driving
simulation and verification testing. Revenues are derived from the provision of data collection and desensitization service for compliance
with legal requirements. Revenues are recognized over time as the services are performed because the customer receives and consumes the
benefit of its performance throughout the contract period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&#160;&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; 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">Through local deployment,
EMG provides a one-time map service platform license or a map service platform license for a certain period with updates to the map service
platform during such contract period to certain public sectors and enterprises to support its location-based application. The map service
platform includes map data and software that support certain map applications such as display, search, routing and others. Revenues from
a map data license for a certain period are recognized ratably over time because the customer receives and consumes the benefit of the
map services throughout the contract period.</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="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="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fiscal Year Ended December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">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">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Revenues</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><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: 64%">Advertising</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">131,423</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">17,895</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">17,806</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Software and services</td><td>&#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">For the year ended December
31, 2021, we had revenue of $145,067,965, as compared to revenue of $18,263,788 for the year ended December 31, 2020, an increase of
$126,804,177, or 694.3%, which was primarily due to the integration and improvement of geographic information points of interest (POI),
characteristic areas of interest (AOI) and other data with AI algorithms, which subsequently improved advertising conversion to meet
a growing customer base and increased demand. From April 2021 to December 2021, Saleya contributed $9.1million to smart transportation
revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Cost of revenue</i></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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</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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consist of costs for employees directly involved in data collection and processing and data collection costs, which are primarily comprised
of field survey-related costs and hard disk materials costs, and depreciation of facilities and equipment used in data collection and
processing.</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 0; text-align: justify; text-indent: 0.5in">Cost of revenue for the year
ended December 31, 2021 was $129,026,086, representing an increase of $111,546,607 or 638.2% as compared to $17,479,479 for the year
ended December 31, 2020. The increase was primarily attributable to the increase of traffic acquisition costs incurred.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gross profit margin increased
to 11.1% for the year ended December 31, 2021 from 4.3% for the year ended December 31, 2020. The increase in gross profit margin was
primarily attributable to value-added services and revenue from natural resource management and smart transportation, all of which yield
increased gross profit margin.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Selling and marketing expense</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 selling and marketing
expense mainly includes promotional and marketing expenses and compensation for our sales and marketing 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>

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for the year ended December 31, 2021, as compared to $1,708,222 for the year ended December 31, 2020, an increase of $4,348,939 or 254.6%.
The increase was primarily attributable to an increase in salaries of approximately $2,330,000 due to an increase in the number of marketing
personnel and an increase in marketing and advertising expenses of approximately $1,953,000.</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"><b><i>General and administrative expense</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 general and administrative
expenses consist primarily of salaries and benefits for our general and administrative personnel, rent, fees and expenses for legal,
accounting and other professional 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">General and administrative
expense totaled $30,127,176 for the year ended December 31, 2021, as compared to $29,925,057 for the year ended December 31, 2020, an
increase of $202,119 or 0.7%. The increase was primarily attributable to an increase in consulting fees of approximately $4,711,000,
an increase in legal and professional fees of approximately $2,466,000, an increase in salary expenses of approximately $5,198,000, an
increase in impairment on loans of approximately $3,971,000 and impairment goodwill of BotBrain of approximately $1,995,000, offset by
a decrease in impairment loss of accounts and other receivables of approximately $20,149,000, as our analysis of new customer receivables
in accordance with our credit loss modeling policy resulted in an expected credit loss significantly lower than that in 2020. The significant
decrease in expected credit losses for the year ended December 31, 2021 was mainly due to the change in customer types. Beginning with
the second quarter of 2021, most of our customers are conversion-based (meaning we collect payments from our customers when the customer&#8217;s
advertisement results in the initiation of purchase for the product being advertised) advertising customers. Prior to that quarter, the
majority of customers were impression-based (meaning we collect payments from our customers when the customer&#8217;s advertisement is
displayed). Our LBS technology allowed us to enhance the effectiveness of our advertising services, resulting in an improved conversion
rate and growth of new users. Consequently, we were able to reduce the collection period of accounts receivable during 2021. There were
no changes in assumptions in our credit loss modeling policy from 2020 to 2021.</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: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Research and development 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">Research and development
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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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expenses totaled $45,476,113 for the year ended December 31, 2021, as compared to $9,401,883 for the year ended December 31, 2020, an
increase of $36,074,000 or 383.7%. The increase was primarily attributable to an increase in salaries and share based compensation of
approximately $23,519,000 due to an increase in the number of staff in the R&amp;D department, an increase in amortization of intangible
assets of approximately $7,209,000 as a result of the acquisition of a 100% equity interest in EMG and an increase in software developments
expenses of approximately $3,674,000.</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"><b><i>Loss from operations</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">As a result of the factors
described above, for the year ended December 31, 2021, loss from operations amounted to $65,618,571, as compared to loss from operations
of $40,250,853 for the year ended December 31, 2020, an increase of $25,367,718, or 63.0%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Other income/expense</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">Other income/expense mainly
includes interest expenses from other loans and foreign currency gains/losses.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the year ended December
31, 2021, other expense, net, amounted to $3,978,751 as compared to other income, net, of$193,888 for the year ended December 31, 2020,
a change of $4,172,639, or 2,152%, which was primarily attributable to an increase in interest expenses of approximately $497,000, a
decrease in foreign currency transaction gain of approximately $2,149,000 and a decrease in other income of approximately $1,526,000.</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"><b><i>Income tax</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 had an income tax benefit
of $8,126,337 and $0 for the years ended 2021 and 2020, respectively. The benefit for 2021 represents a deferred tax credit arising from
one of our subsidiaries as our management believes that the subsidiary will have future taxable income to absorb a portion of our net
operating loss carry forwards. We are subject to various rates of income tax under different jurisdictions. The following summarizes
the major factors affecting our applicable tax rates in the BVI, Hong Kong and the PRC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>BVI</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 an exempted company
incorporated in the British Virgin Islands. Under the current laws of the British Virgin Islands, we are not subject to income, corporation
or capital gains tax in the British Virgin Islands. In addition, our payment of dividends to our shareholders, if any, is not subject
to withholding tax in the British Virgin Islands.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 subsidiaries in Hong
Kong are subject to the uniform tax rate of 16.5%. Under Hong Kong tax law, our subsidiaries in Hong Kong are exempted from income tax
on their foreign-derived income and there is no withholding tax in Hong Kong on remittance of 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"><i>PRC</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">Generally, our PRC subsidiaries,
our consolidated affiliated entities and their subsidiaries are subject to enterprise income tax on their taxable income in the PRC at
a rate of 25%. The enterprise income tax is calculated based on the entity&#8217;s global income as determined under PRC tax laws and
accounting standards.&#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">An enterprise may benefit
from a preferential tax rate of 15% under the EIT Law if it qualifies as a High and New Technology Enterprise, which is normally effective
for a period of three years. Our subsidiaries, Beijing Zhong Chuan Shi Xun Technology Limited, eMapgo Technologies (Beijing) Co., Ltd.,
DMG Infotech Co., Ltd and Beijing BotBrain AI Technology Ltd. are High-tech enterprises and enjoy a favorable income tax rate of 15%.&#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"></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: 0pt 0; text-align: justify"><b><i>Net loss</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">As a result of the factors
described above, our net loss was $61,470,985 for the year ended December 31, 2021, compared to net loss of $40,056,965 for the year
ended December 31, 2020, an increase of $21,414,020 or 53.5%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Net loss attributable to owners of the
Company</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 net loss attributable
to owners of the Company was $68,801,252, or $6.30 per ordinary share (basic and diluted), for the year ended December 31, 2021, compared
to net loss attributable to owners of the Company of $39,865,640, or $5.40 per ordinary share (basic and diluted), for the year ended
December 31, 2020, a change of $28,935,612 or 72.6%. Earnings Per Share is based on revised weighted average shares due to the March
reverse stock split. Please see Note 16 to the 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Foreign currency translation adjustment</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 reporting currency is
the U.S. dollar. The functional currency of our parent company and subsidiaries of LK Technology, MMB and Mobile Media is the U.S. dollar
and the functional currency of the Company&#8217;s subsidiaries incorporated in China is the Chinese Renminbi (&#8220;RMB&#8221;). The
financial statements of our subsidiaries incorporated in China are translated to U.S. dollars using period end rates of exchange for
assets and liabilities, and average rates of exchange (for the period) for revenue, costs, and expenses. Net gains and losses resulting
from foreign exchange transactions are included in the consolidated statements of operations and comprehensive loss. As a result of foreign
currency translations, which are a non-cash adjustment, we reported a foreign currency translation loss of $58,700 for the year ended
December 31, 2021, as compared to a foreign currency translation loss of $2,937,074 for the year ended December 31, 2020. This non-cash
loss had the effect of increasing our reported comprehensive loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Comprehensive loss</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">As a result of our foreign
currency translation adjustment, we had comprehensive loss for the year ended December 31, 2021 of $61,529,685, compared to comprehensive
loss of $42,994,039 for the year ended December 31, 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>Critical accounting policies</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 methods, estimates and
judgments we use in applying our most critical accounting policies have a significant impact on the results we report in our financial
statements. The SEC has defined the most critical accounting policies as the ones that are most important to the portrayal of our financial
condition and results and require us to make our most difficult and subjective judgments, often as a result of the need to make estimates
of matters that are inherently uncertain. Based on this definition, our most critical policies include revenue recognition, impairment
of long-lived assets and goodwill, allowance for expected credit losses and valuation allowance for deferred tax assets.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Below, we discuss these policies
further, as well as the estimates and judgments involved. We believe that our other policies either do not generally require us to make
estimates and judgments that are as difficult or as subjective, or it is less likely that they would have a material impact on our reported
financial condition and results of operations for a given period. For a discussion of all our significant accounting policies, see footnote
2 to the Consolidated Financial Statements included elsewhere in this Annual Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Revenue recognition</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 Company recognizes revenue
in accordance with ASC Topic 606, &#8220;Revenue from Contracts with Customers&#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: 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>Advertising 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">Zhong Chuan Rui You and Wave
Function derive revenue from the provision of user acquisition services to their advertisers on the strength of the LBS services they
offer; customers pay them based on performance, as measured by CPI (Cost Per Install), CPM (Cost Per Mile), and CPC (Cost Per Click).
They recognize revenue over time because customers receive and consume the benefit of their advertising services throughout the contract
period.&#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"><i>Software and services</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">SuperEngine generates revenues
primarily in the form of sale of a software license and provision of technology services. License fees include perpetual license fees,
term license fees and royalties. Technology services primarily consist of fees for providing technology support services and technology
solution services that enable customers to gain real-time operational intelligence by harnessing the value of their data.&#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">Revenue for the sale of software
licenses is recognized at the point in time when the right to use the software is provided to its customers. Term license fees and royalties
are recognized over time throughout the contract period.</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">Technology support service
revenue is recognized over time as the services are performed because the customer receives and consumes the benefit of its performance
throughout the contract period. Technology solution service revenue is recognized at the point in time when the service is completed.
SuperEngine bills for the services it has performed in accordance with the terms of the contract. It recognizes the revenues associated
with these professional services as it delivers the services to the customers.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 50pt">&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">EMG provides perpetual map
data licenses to customers and collects one time license fees from customers, is recognized at the point in time when customers obtain
the right to use the map 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"><i>Autonomous driving simulation &amp; verification test</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">EMG provides data collection
and desensitization for compliance with legal requirements to system manufacturers and automobile manufacturers for autonomous driving
simulation and verification testing. Revenues are derived from the provision of data collection and desensitization service for compliance
with legal requirements. Revenue is recognized over time as the services are performed because the customer receives and consumes the
benefit of its performance throughout the contract period.</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>Map service platform local deployment</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; 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">Through local deployment,
EMG provides a one-time map service platform license or a map service platform license for a certain period with updates to the map service
platform during such contract period to certain public sectors and enterprises to support their location-based application. The map service
platform includes map data and software that support certain map applications such as display, search, routing and others. Revenues from
a map data license for a certain period are recognized ratably over time because the customer receives and consumes the benefit of the
map services throughout the contract period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; 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><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>Impairment of long-lived assets</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">Long-lived assets other than
goodwill are included in impairment evaluations when events and circumstances exist that indicate the carrying value of these assets
may not be recoverable. In accordance with FASB ASC 360, &#8220;Property, Plant and Equipment&#8221;, the Company assesses the recoverability
of the carrying value of long-lived assets by first grouping its long-lived assets with other assets and liabilities at the lowest level
for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (the asset group) and, secondly,
estimating the undiscounted future cash flows that are directly associated with and expected to arise from the use of and eventual disposition
of such asset group. If the carrying value of the asset group exceeds the estimated undiscounted cash flows, the Company recognizes an
impairment loss to the extent the carrying value of the long-lived asset exceeds its fair value. The Company determines fair value through
quoted market prices in active markets or, if quotations of market prices are unavailable, through the performance of internal analysis
using a discounted cash flow methodology or by obtaining external appraisals from independent valuation firms. The undiscounted and discounted
cash flow analyses are based on a number of estimates and assumptions, including the expected period over which the asset will be utilized,
projected future operating results of the asset group, discount rate and long-term growth rate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#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 and
2021, the Company assessed the impairment of its long-lived assets and identified impairment indications. The Company determined that
there was no impairment of long-lived assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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>Impairment of goodwill</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 Company assesses goodwill
for impairment in accordance with ASC 350-20, &#8220;Intangibles&#8212;Goodwill and Other: Goodwill&#8221;, which requires that goodwill
to be tested for impairment at the reporting unit level at least annually and more frequently upon the occurrence of certain events,
as defined by ASC 350-20.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 Company has the option
to assess qualitative factors first to determine whether it is necessary to perform the impairment test in accordance with ASC 350-20.
If the Company believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting
unit is less than its carrying amount, the quantitative impairment test described below is required. Otherwise, no further testing is
required. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial
performance of the reporting unit, and other specific information related to the operations. In performing the quantitative impairment
test, the Company compares the carrying amount of the reporting unit to the fair value of the reporting unit based on either quoted market
prices of the ordinary shares or estimated fair value using a combination of the income approach and the market approach. If the fair
value of the reporting unit exceeds the carrying value of the reporting unit, goodwill is not impaired and we are not required to perform
further testing. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, then the excess is recognized
as an impairment loss.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2022, the Company performed a qualitative
assessment for goodwill and evaluated all relevant factors, including but not limited to macroeconomic conditions, industry and market
conditions, and financial performance. The Company concluded that it is necessary to perform a quantitative assessment. The Company completed
the quantitative goodwill impairment assessment based on the discounted future cash flows that the reporting units are expected to generate
and determined after evaluating the results, events and circumstances, that the carrying values of the reporting units exceeded their
fair values. Therefore, the Company recorded impairment on goodwill of $1,854,221 of BotBrain. In assessing potential impairment of the
goodwill attributed to BotBrain, we noted the demand for corporate training was significantly reduced, market competition, particularly
due to the larger players offering lower prices, severely eroded BotBrain&#8217;s market share, and the increased investment of the larger
players as indicators of an impairment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 2021, the Company performed
a qualitative assessment for goodwill and evaluated all relevant factors, including but not limited to macroeconomic conditions, industry
and market conditions, and financial performance. The Company concluded that it is necessary to perform a quantitative assessment. The
Company completed the quantitative goodwill impairment assessment based on the discounted future cash flows that the reporting units
are expected to generate and determined after evaluating the results, events and circumstances, that the carrying values of the reporting
units exceeded their fair values. Therefore, the Company recorded impairment on goodwill of $1,994,986 of BotBrain due to the impact
of the pandemic, which has caused our clients to reduce their budgets on training programs we offered.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Allowance for expected credit losses</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">Effective January 1, 2020,
the Company adopted Accounting Standards Update 2016-13 &#8220;Financial Instruments &#8211; Credit Losses (Topic 326), Measurement of
Credit Losses on Financial Instruments&#8221;. The Company estimates its allowance for current expected credit losses based on an expected
loss model, compared to prior periods which were estimated using an incurred loss model which did not require the consideration of forward-looking
economic variables and conditions in the reserve calculation across the portfolio. The impact related to adopting the new standard was
not material. Certain changes resulting from the new standard impacted the Company&#8217;s description of its significant accounting
policies compared to 2019.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#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 estimates its
allowances for expected credit losses for accounts and other receivables by considering past events, including any historical default,
current economic conditions and certain forward-looking information, including reasonable and supportable forecasts. As of January 1,
2020, the methodologies that the Company uses to estimate the allowance for expected credit losses for accounts and other receivables
are as follows:</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Individually evaluated&#8212;The
Company reviews all accounts and other receivables considered at risk semi-annually and performs an analysis based upon current information
available about the customers and other debtors, such as financial statements, news reports, published credit ratings as well as collateral
net of repossession cost, prior collection history and current and future expected economic conditions. Using this information, the Company
determines the expected cash flow for the accounts and other receivables and calculates an estimate of the potential loss and the probability
of loss. For those accounts for which the loss is probable, the Company records a specific allowance.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Collectively evaluated&#8212;The
Company determines its allowances for credit losses for collectively evaluated accounts and other receivables based on appropriate groupings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#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 considers forward-looking
macroeconomic variables such as gross domestic product, unemployment rates, equity prices and corporate profits when quantifying the
impact of economic forecasts on its allowance for expected credit losses. Macroeconomic variables may vary based on historical experiences,
portfolio composition and current environment. The Company also considers the impact of current conditions and economic forecasts relating
to specific industries and client-credit ratings, in addition to performing a qualitative review of credit risk factors across the portfolio.
Under this approach, forecasts of these variables over two years are considered reasonable and supportable. Beyond two years, the Company
reverts to long-term average loss experience. Forward-looking estimates require the use of judgment, particularly in times of economic
uncertainty.&#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"><b>Income taxes</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">Deferred income taxes are
recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements,
and net operating loss carry forwards and credits, by applying enacted statutory tax rates applicable to future years to these items.
Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion
or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws and regulations
applicable to the Company as enacted by the relevant tax authorities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The impact of an uncertain
income tax positions on the income tax return must be recognized at the largest amount that is more-likely-than not to be sustained upon
audit by the relevant tax authorities. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of
being sustained. Additionally, the Company classifies the interest and penalties, if any, as a component of income tax expense. For years
ended December 31, 2022, 2021 and 2020, the Company did not have any material interest or penalties associated with tax positions nor
did the Company have any significant unrecognized uncertain tax positions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Recent accounting pronouncements</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 0pt 0.5in; text-align: justify">Please refer to Note 2 to the 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p><div>

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

</div><div><a id="k_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Liquidity is the ability
of a company to generate funds to support its current and future operations, satisfy its obligations and otherwise operate on an ongoing
basis. We historically have relied on cash flow provided by operations and financing to supplement our working capital. At December 31,
2022 and 2021, we had cash balances of approximately $1,264,881 and $16,795,263, respectively. The significant portion of these funds
are located in financial institutions located in the PRC and will continue to be indefinitely reinvested in our operations in the PRC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 a summary of changes in our working capital from December 31, 2021 to 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><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 style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    December&#160;31, <br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <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">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>
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  <tr style="vertical-align: bottom">
    <td>Working capital deficit:</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><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">$</td><td style="width: 9%; text-align: right">44,825,670</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">57,726,014</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(12,900,344</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(50,005,942</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(43,982,492</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(6,023,450</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#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">Our working capital
deficit increased by $6,023,450 to a working capital deficit of $50,005,942 at December 31, 2022 from working capital deficit of
$43,982,492 at December 31, 2021. This increase in working capital deficit is primarily attributable to a decrease in cash of
approximately $15,179,000, a decrease in accounts receivable, net of allowance for expected credit losses of approximately
$6,520,000, a decrease in restricted cash of approximately $351,000, a decrease in notes receivable of approximately $599,000, an
increase in amounts due to related parties of approximately $777,000, an increase in deferred revenue of approximately $492,000 and
an increase in lease liability of approximately $219,000, offset by an increase in other receivables of approximately $9,744,000, a
decrease in accrued liabilities and other payables of approximately $7,263,000and a decrease in accounts payable of approximately
$1,101,000.</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">We intend to meet the cash
requirements for the next 12 months from the issuance date of this report through a combination of debt and equity financing such as by
way of private placements. Please see Notes 2 and 16 to the 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash flows for the year ended December
31, 2022 compared to the year ended December 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 following summarizes
the key components of our cash flows 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">&#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">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <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">(3,819,202</td><td style="padding-bottom: 1.5pt; text-align: left">)</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">Net (decrease) increase in cash</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(15,530,382</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">16,723,470</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">&#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 flow used in operating
activities was $17,870,525 for the year ended December 31, 2022 as compared to net cash flow used in operating activities of $53,787,959
for the year ended December 31, 2021, a decrease of $35,917,434.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#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 flow used in operating
activities for the year ended December 31, 2022 primarily reflected our net loss of approximately $50,211,741, and the add-back of non-cash
items, mainly consisting of depreciation and amortization of approximately $17,142,000, amortization of right-of-use assets of approximately
$1,607,000, decrease in allowance for expected credit losses of approximately $223,000, share-based compensation expense of approximately
$1,854,000, impairment of goodwill of approximately $1,854,000, impairment of Property, plant and equipments of approximately $163,000,
change in deferred tax liability of approximately $3,950,000 and changes in operating assets and liabilities primarily consisting of
an increase in other receivables and prepayment of approximately $923,000, a decrease in accounts payable of approximately $391,000,
a decrease in lease liability of approximately $1,341,000, a decrease in accrued liabilities and other payables of approximately $9,458,000,
offset by a decrease in accounts receivable of approximately $8,297,000, a decrease in notes receivable of approximately $561,000 and
an increase in deferred revenue of approximately $682,000.</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">&#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 flow used in operating
activities for the year ended December 31, 2021 primarily reflected our net loss of approximately $61,471,000, and the add-back of non-cash
items, mainly consisting of depreciation and amortization of approximately $13,432,000, amortization of right-of-use assets of approximately
$1,148,000, exchange difference of approximately $71,000, loss on disposal of property and equipment of approximately $107,000, allowance
for expected credit losses of approximately $5,249,000, share-based compensation expense of approximately $21,186,000, impairment of
goodwill of approximately $1,995,000, change in deferred tax liability of approximately $8,223,000 and changes in operating assets and
liabilities primarily consisting of an increase in accounts receivable of approximately $8,004,000, an increase in other receivables
and prepayment of approximately $23,050,000, an increase in note receivable of approximately $664,000 and a decrease in lease liability
of approximately $997,000, offset by an increase in accounts payable of approximately $101,000, an increase in accrued liabilities and
other payables of approximately $4,547,000 and an increase in deferred revenue of approximately $703,000.</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">Net cash flow used in investing
activities was $934,197 for the year ended December 31, 2022 as compared to net cash flow used in investing activities of $78,396,485
for the year ended December 31, 2021. During the year ended December 31, 2022, we made payment for the purchase of property, plant and
equipment of approximately $425,000, purchase of other asset at a cost of approximately $726,000, offset by net cash inflow from acquisition
of subsidiaries of approximately $217,000. During the year ended December 31, 2021, we made the remaining payment for the acquisition
of Saleya as disclosed in the Form 6K filed on September 13, 2019 of approximately $67,957,000, investment of approximately $440,000,
payment for the purchase of property, plant and equipment of approximately $1,542,000, purchase of other asset at a cost of approximately
$4,151,000 and deposits for investments of approximately $6,436,000, offset by net cash inflow from acquisition of subsidiaries of approximately
$2,129,000.&#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">Net cash flow provided by
financing activities was $7,093,542 for the year ended December 31, 2022 as compared to net cash flow provided by financing activities
of $148,910,734 for the year ended December 31, 2021. During the year ended December 31, 2022, we received proceeds from the issuance
of shares of approximately $7,420,000, offset by repaid advances from related parties of approximately $326,000During the year ended
December 31, 2021, we received advances from related parties of approximately $1,091,000, additional capital investment from minority
shareholders of approximately $378,000 and received proceeds from the issuance of shares of approximately $154,231,000, offset by dividends
paid on preferred shares of approximately $666,000 and redemption of preferred shares of approximately $6,123,000.&#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="k_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>C. RESEARCH AND DEVELOPMENT, PATENTS
AND LICENSES, ETC.</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 discussions of our research
and development activities are contained in &#8220;Item 4. Information about our Company &#8211; B. Business Overview &#8211; Research
and Development&#8221; and &#8220;Item 5.&#160;Operating and Financial Review and Prospects &#8211; A. Operating Results &#8211; Operating
Expenses &#8211; Research and Development Expenses&#8221;.&#160;In the years ended December 31, 2022, 2021 and 2020, we spent $49,873,652,
$45,476,113 and $9,401,883, respectively, on research and development activities.</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="k_019"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>D. TREND INFORMATION.</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"><b>Industry and Market Outlook</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">Other than as disclosed elsewhere
in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for the year ended December 31,
2022 that are reasonably likely to have a material and adverse effect on our net revenues, income, profitability, liquidity or capital
resources, or that would cause the disclosed financial information to be not necessarily indicative of future results of operations or
financial conditions.</p><div>

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

</div><div><a id="k_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>E. CRITICAL ACCOUNTING ESTIMATES</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">For information on our critical
accounting estimates, please see &#8220;Operating Resulting- Critical Accounting Policies&#8221; section of this annual report above.</p><div>

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


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></span></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><div>

</div><div><a id="k_021"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;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">&#160;</p><div>

</div><div><a id="k_022"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Executive Officers and 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">The following table sets
forth the names and ages as of the date of this annual report of each of our executive officers and directors:</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="width: 30%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 6%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 62%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xuesong
    Song</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer, Chairman and Director</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dongpu
    Zhang</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Director</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Baomin
    Li</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Technical Officer</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jie Yu</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    Wei Tang (1)(2)(4)</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director </span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jin Meng
    Bryan Yap (1)(3)(4)</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yang Zhou(1)(2)(3)(4)</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#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: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member of the Audit Committee.</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">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member of the Compensation
    Committee.</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">(3)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member of the Nominating
    and Corporate Governance Committee.</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">Qualifies as &#8220;independent&#8221;
    based on NASDAQ listing rules.</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">Set forth below is biographical
information concerning our executive officers and 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; text-indent: 0.5in"><b><i>Xuesong Song </i></b>is
a co-founder of C Media Limited and served as its Chairman of the board of directors and Chief Executive Officer from 2012 until the
consummation of the AEA. From February 2014 through April 2017, Mr. Song served as a director of Seven Stars Cloud Group, Inc. (NASDAQ:
SSC) and from January 2013 through February 2015, Mr. Song served as a director of Pingtan Marine Enterprise Ltd. (NASDAQ: PME). From
May 2006 through January 2009, Mr. Song served as the Chairman of the Board of ChinaGrowth North Acquisition Corporation, a special purpose
acquisition company, which acquired UIB Group Limited in January 2009, in which he remains a director. Mr. Song has been a principal
of Chum Capital Group Limited since August 2001, a merchant banking firm that invests in growth Chinese companies and advises them in
financings, mergers &amp; acquisitions and restructurings, and Chief Executive Officer of Beijing Chum Investment Co., Ltd. since December
2001. Mr. Song has been a director of Mobile Vision Communication Ltd. since July 2004. Mr. Song received a Master&#8217;s of Business
Administration degree from Oklahoma City/Tianjin Program.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Dongpu Zhang </i></b>was
appointed as the President of the Company effective on August 25, 2018 and was appointed as a director of the Company on August 18, 2020.
Mr. Dongpu Zhang has served as the General Manager of Superengine Graphics Software Technology Development (Suzhou) Co., Ltd. (&#8220;Superengine
Suzhou&#8221;) and the Chief Executive Officer of Superengine Holding Limited since September 2016. From February, 2014 to August, 2016,
Mr. Zhang served as vice president of Industrial Development Group under China Fortune Land Development Co., Ltd. From March, 2009 to
February, 2014, Mr. Zhang served as the vice president of Aerospace Science and Technology Holding Group Co., Ltd. Mr. Zhang receive
his Master Degree of Computer Science from Harbin Institute of Technology in 1994 and his Bachelor Degree of information system from
Changsha Institute of technology in 1991.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Baomin Li</i></b> serves
as the chief technology officer of the Company since February 1, 2019. From 2017 to 2019, Mr. Li served at Amazon as Sr. Software Development
Manager, in charge of Amazon&#8217;s advertising targeting systems, overseeing infrastructure, data ingestion&amp; modeling, and targeting
products utilizing comprehensive Amazon&#8217;s ecommerce data. Prior to Amazon, Mr. Li served as the chief technology officer at C Media
Limited from 2016 to 2017. Mr. Li worked at CreditEase Inc. as VP of Engineering in the Big Data Innovation Center from 2014 to 2016,
and at Google as Engineering Manager in advertising quality from 2013 to 2014. From 1999 to 2012, Mr. Li worked at Microsoft Corporation
and lastly served as Senior Development Manager. Mr. Li graduated from Peking University with a Bachelor&#8217;s Degree in Mechanics
and a Master&#8217;s Degree in Applied Mathematics, and from University of Missouri with a Master&#8217;s Degree in Computer Science.</p><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: 8pt 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"><b><i>Jie Yu </i></b>served
as the chief financial officer of C Media Limited from January 2018 until the consummation of the asset exchange transactions. From June
2016 to January 2018, Mr. Yu served as chief financial officer and secretary of the board of directors of MTI Environment Group Limited
(&#8220;MTI&#8221;). Prior to joining MTI, Mr. Yu served as the senior manager at DA HUA CPA from November 2012 to May 2016. Previously,
Mr. Yu served as the manager at Crowe Horwath (Hong Kong) CPA. Mr. Yu holds a bachelor degree in accounting and finance from University
of Auckland and postgraduate diploma in accounting from University of Auckland.</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Mr. David Wei Tang
</i></b>was appointed as a director of our company on December 15, 2019. Prior to joining our Company, Mr. Tang served as President of
Huakang Financial Holdings, a Chinese multi-disciplinary financial holdings group with subsidiaries in investments, insurance, wealth
management and financial technology, from 2016 to 2018. From 2008 to 2010 and from 2012 to 2013, Mr. Tang served as Vice President, Chief
Financial Officer and Chief Strategy Officer of Vimicro Corporation, a NASDAQ-listed company (NASDAQ: VIMC). Prior to that, from 2006
to 2008 he served as the Chief Financial Officer of Fanhua Inc., formerly known as &#8220;CNinsure Inc.&#8221;, a NASDAQ-listed company
(NASDAQ: FANH), from 2003 to 2004, he served as the Chief Financial Officer of IRICO Group, a Hong Kong Stock Exchange-listed company
(HKSE: 438) and in 2000, he served as the Chief Financial Officer of Chinasoft International, a Hong Kong Stock Exchange-listed company
(HKSE: 354). Prior to those positions, he worked as an equity research analyst at Merrill Lynch &amp; Co. in New York. Mr. Tang also
serves as Chair of Audit Committee of HXD. Mr. Tang received a master&#8217;s degree in business administration from the Stern School
of Business, New York University.</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Mr. Jin Meng Bryan
Yap</i></b> was appointed as a director of our company on December 15, 2019, Mr. Yap has extensive experience in investment banking,
financial and business consulting, financial structuring, capital raising, portfolio optimization and balance sheet restructuring. He
is currently the CEO and Managing Director of Daun Consulting Singapore Pte Ltd, a single family office focusing on consulting and selective
investments, a position he has held since 2008. He is also currently serving as the Honorary Treasurer of the ACI (Financial Markets
Association) &#8211; Singapore since 2001.</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Ms. Yang Zhou,</i></b>
was appointed as a director of our company on On January 18, 2021, Ms. Zhou has been the Managing Director of Tongxi Asset Management
Co., Ltd. since September 2019. She was appointed as the Managing Director of Beijing Shengsheng Dingsheng Investment Management Co.,
Ltd. in April 2016, a position that she held until September 2019. Previous to Beijing Shengsheng Dingsheng Investment Management Co.,
Ltd., she worked in the Mergers and Acquisitions Department of Ambow Education Group. Ms. Zhou holds a master&#8217;s degree in finance
from Tulane University and an MBA from Concordia University Wisconsin.</p><div>

</div><p style="font: 8pt 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: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font-size: 9pt; vertical-align: top">
    <td colspan="5" style="font-size: 9pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; border-top: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Board Diversity Matrix</span></td></tr>
  <tr style="font-size: 9pt; vertical-align: top">
    <td style="font-size: 9pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Country of Principal Executive Offices:</span></td>
    <td colspan="4" style="font-size: 9pt; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">China</span></td></tr>
  <tr style="font-size: 9pt; vertical-align: top">
    <td style="font-size: 9pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Foreign Private Issuer</span></td>
    <td colspan="4" style="font-size: 9pt; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Yes</span></td></tr>
  <tr style="font-size: 9pt; vertical-align: top">
    <td style="font-size: 9pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Disclosure Prohibited under Home Country Law</span></td>
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  <tr style="font-size: 9pt; vertical-align: top">
    <td style="font-size: 9pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Total Number of Directors</span></td>
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  <tr style="font-size: 9pt; vertical-align: top">
    <td style="font-size: 9pt; width: 56%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&#160;</td>
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  <tr style="font-size: 9pt; vertical-align: top">
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</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="k_023"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>B. COMPENSATION.</b></p><div>

</div><p style="font: 8pt Times New Roman, 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"><b>Compensation of Directors and Executive
Officers</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 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 the fiscal year ended
December 31, 2022, we paid an aggregate of approximately $90,000 in cash compensation to our independent directors for serving on our
board of directors.</p><div>

</div><p style="font: 8pt 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">In addition, during 2022,
the Company issued nil ordinary shares to current independent directors as compensation for their services.</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">During 2022, the Company
issued 1,500,000 preferred shares to CEO Mr. Song as compensation for his services.</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; text-align: justify; 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">Other than non-employee directors,
we do not intend to compensate directors for serving on our board of directors or any of its committees. We do, however, intend to reimburse
each member of our board of directors for out-of-pocket expenses incurred by each director in connection with attending meetings of the
board of directors and its committees.</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 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>Administration</i></b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 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 Incentive Plan is administered
by our board of directors, or at the discretion of the board, by our compensation committee. Our board of directors has delegated authority
to our compensation committee to administer the Incentive Plan. Subject to the terms of the Incentive Plan, the compensation committee
may select participants to receive awards, determine the types of awards and terms and conditions of awards, and interpret provisions
of the Incentive Plan.</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ordinary shares issued
or to be issued under the Incentive Plan consist of authorized but unissued shares. If any ordinary shares covered by an award are not
purchased or are forfeited, or if an award otherwise terminates without delivery of any ordinary shares, then the number of ordinary
shares counted against the aggregate number of ordinary shares available under the plan with respect to the award will, to the extent
of any such forfeiture or termination, again be available for making awards under the Incentive Plan.</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; 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>

</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="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></span></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"><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>Eligibility</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">Awards may be made under
the Incentive Plan to our employees, officers, directors, consultants or advisers or to any of our affiliates, and to any other individual
whose participation in the Incentive Plan is determined to be in our best interests by our board of 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>Amendment or Termination of the Plan</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 may
terminate or amend the Incentive Plan at any time and for any reason. No amendment, however, may adversely impair the rights of grantees
with respect to outstanding awards. The Incentive Plan has a term of ten years. Amendments will be submitted for shareholder approval
to the extent required by applicable stock exchange listing requirements or other applicable 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"><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">The Incentive Plan permits
the granting of options to purchase ordinary shares intended to qualify as incentive share options under the Internal Revenue Code and
share options that do not qualify as incentive share options, or non-qualified share options.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The exercise price of each
share option may not be less than 100% of the fair market value of our ordinary shares representing ordinary shares on the date of grant.
In the case of certain 10% shareholders who receive incentive share options, the exercise price may not be less than 110% of the fair
market value of our ordinary shares representing ordinary shares on the date of grant. An exception to these requirements is made for
options that we grant in substitution for options held by employees of companies that we acquire. In such a case the exercise price is
adjusted to preserve the economic value of the employee&#8217;s share option from his or her former employer.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The term of each share option
is fixed by the compensation committee and may not exceed ten years from the date of grant. The compensation committee determines at
what time or times each option may be exercised and the period of time, if any, after retirement, death, disability or termination of
employment during which options may be exercised.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Options may be made exercisable
in installments. The award agreement provides the vesting of the options. Exercisability of options may be accelerated by the compensation
committee.</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 general, an optionee may
pay the exercise price of an option by (1) cash or check (in U.S. dollars or Renminbi or other local currency as approved by the compensation
committee), (2) ordinary shares held for such period of time as may be required by the compensation committee, (3) delivery of a notice
of a market order with a broker with respect to ordinary shares then issuable upon exercise of an option, and that the broker has been
directed to pay us a sufficient portion of net proceeds of the sale in satisfaction of the exercise price, provided that payment of such
proceeds is then made to us upon settlement of such sale, (4) other property acceptable to the compensation committee with a fair market
value equal to the exercise price, (5) cashless exercise or (6) any combination of the foregoing.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Share options granted under
the Incentive Plan may not be sold, transferred, pledged, or assigned other than by will or under applicable laws of descent and distribution.
However, we may permit limited transfers of non-qualified options for the benefit of immediate family members of grantees to help with
estate planning concerns or pursuant to a domestic relations order in settlement of marital property 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other Awards</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 compensation committee
may also award under the Incentive Plan:</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: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary shares subject
    to restrictions;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">deferred ordinary shares,
    credited as deferred ordinary share units, but ultimately payable in the form of unrestricted ordinary shares in accordance with
    the terms of the grant or with the participant&#8217;s deferral election;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; 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">ordinary share units subject
    to restrictions;</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>

</div><!-- Field: Page; Sequence: 80; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></span></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><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: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; 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">unrestricted ordinary shares,
    which are ordinary shares issued at no cost or for a purchase price determined by the compensation committee which are free from
    any restrictions under the 2011 Omnibus Incentive Plan;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; 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">dividend equivalent rights
    entitling the grantee to receive credits for dividends that would be paid if the grantee had held a specified number of ordinary
    shares; 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; 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">a right to receive a number
    of ordinary shares or, in the discretion of the compensation committee, an amount in cash or a combination of ordinary shares and
    cash, based on the increase in the fair market value of the ADSs representing ordinary shares underlying the right during a stated
    period specified by the compensation 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Effect of Certain Corporate Transactions</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">Certain change of control
transactions involving us may cause awards granted under the Incentive Plan to vest, unless the awards are continued or substituted for
by the surviving company in connection with the corporate transaction.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise provided
in the appropriate option agreement on the date of grant or provided by our board of directors thereafter with the consent of the grantee,
options granted under the Incentive Plan become exercisable in full following (1) a dissolution of our company or a merger, consolidation
or reorganization of our company with one or more other entities in which we are not the surviving entity, (2) a sale of substantially
all of our assets to another person or entity, or (3) any transaction (including without limitation a merger or reorganization in which
we are the surviving entity) which results in any person or entity owning 50% or more of the combined voting power of all classes of
our shares.</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>Adjustments for Dividends and Similar Events</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 compensation committee
will make appropriate adjustments in outstanding awards and the number of ordinary shares available for issuance under the Incentive
Plan, including the individual limitations on awards, to reflect ordinary share dividends, stock splits and other similar events.</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="k_024"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>C. BOARD PRACTICES.</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>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 consists
of five members being Messrs. Xuesong Song, Dongpu Zhang, David Wei Tang, Jin Meng Bryan Yap and Ms. Yang Zhou. Our directors hold office
until our annual meeting of shareholders, where their successors will be duly elected and qualified, or until the directors&#8217; death,
resignation or removal, whichever is earlier. Our directors are subject to a four-year term of office and hold office until their resignation,
death or removal. A director will be removed from office if, among other things, there is a willful and continuous failure by the director
to substantially perform his duties to our company (other than any such failure resulting from incapacity due to physical or mental illness)
or the willful engaging by the director in gross misconduct materially and demonstrably injurious to our 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"><b>Director Independence</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 consists
of five members; Messrs. David Wei Tang, Jin Meng Bryan Yap and Ms. Yang Zhou have been determined by us to be independent directors
within the meaning of the independent director guidelines of the NASDAQ Corporate Governance Rules (the &#8220;NASDAQ Rules&#8221;).
The terms of each of our directors expire on December 14, 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>Committees of Our 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">To enhance our corporate
governance, we established three committees under our board of directors: an audit committee, a compensation committee, and a nominating
and corporate governance committee. We have adopted a charter for each of these committees. The committees have the following functions
and members.</p><div>

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

</div><!-- Field: Page; Sequence: 81; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></span></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"><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>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">Our audit committee reports
to our board of directors regarding the appointment of our independent public accountants, the scope and results of our annual audits,
compliance with our accounting and financial policies and management&#8217;s procedures and policies relating to the adequacy of our
internal accounting controls. Our audit committee consists of Ms. Yang Zhou, Messrs. David Wei Tang, and Jin Meng Bryan Yap. Ms. Yang
Zhou, having accounting and financial management expertise, serves as the Chairman of the audit committee and is an &#8220;audit committee
financial expert&#8221; as defined by the rules and regulations of the SEC. Our board of directors has determined that each of these
persons meet the definition of an &#8220;independent director&#8221; under the applicable NASDAQ Rules and under Rule 10A-3 of the Securities
Exchange Act of 1934, as amended (the &#8220;Exchange Act&#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; text-indent: 0.5in">Our audit committee is responsible
for, among other things:</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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the appointment, evaluation,
    compensation, oversight and termination of the work of our independent auditor (including resolution of disagreements between management
    and the independent auditor regarding financial reporting);</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%; border-collapse: collapse">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an annual performance evaluation
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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%; border-collapse: collapse">
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    <td style="width: 0.5in; text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing procedures
    for the receipt, retention and treatment of complaints regarding accounting, internal accounting controls, auditing matters or potential
    violations of law, and the confidential, anonymous submission by our employees of concerns regarding questionable accounting or auditing
    matters or potential violations of law;</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: 0.5in; text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ensuring that it receives
    an annual report from our independent auditor describing our internal control procedures and any steps taken to deal with material
    control deficiencies and attesting to the auditor&#8217;s independence and describing all relationships between the auditor and us;</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%; border-collapse: collapse">
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    <td style="width: 0.5in; text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing our annual audited
    financial statements and quarterly financial statements with management and our independent auditor;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and approving
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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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing our policies
    with respect to risk assessment and risk management;</span></td></tr>
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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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">meeting separately and
    periodically with management and our independent auditor; and</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reporting regularly to
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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><i>Compensation 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 compensation committee
assists the board of directors in reviewing and approving the compensation structure of our directors and executive officers, including
all forms of compensation to be provided to our directors and executive officers. In addition, the compensation committee reviews share
compensation arrangements for all of our other employees. Members of the compensation committee are not prohibited from direct involvement
in determining their own compensation. Our Chief Executive Officer is not permitted to be present at any committee meeting during which
his or her compensation is deliberated. Our compensation committee consists of Yang Zhouand David Wei Tang, with Mr. David Wei Tang serving
as the Chairman of the compensation committee. Our board of directors has determined that each of these persons meet the definition of
&#8220;independent director&#8221; under the applicable requirements of the NASDAQ 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; text-indent: 0.5in">Our compensation committee
is responsible for, among other things:</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: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and approving
    corporate goals and objectives relevant to the compensation of our Chief Executive Officer, evaluating the performance of our Chief
    Executive Officer in light of those goals and objectives and setting the compensation level of our Chief Executive Officer based
    on this evaluation;</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; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 82; 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: center">&#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: 0.5in; text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing and making recommendations
    to the board with respect to the compensation of our executives, incentive compensation and equity-based plans that are subject to
    board approval; and</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing annual performance
    evaluations of the compensation committee.</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"><b><i>Nominating and Corporate Governance 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 nominating and corporate
governance committee assists the board of directors in identifying and selecting or recommending individuals qualified to become our
directors, developing and recommending corporate governance principles and overseeing the evaluation of our board of directors and management.
Our nominating and corporate governance committee consists of Jin Meng Bryan Yap and Yang Zhou, with Mr. Jin Meng Bryan Yap serving as
the Chairman of the nominating and corporate governance committee. Our board of directors has determined that each of these persons meet
the definition of &#8220;independent director&#8221; under the applicable requirements of the NASDAQ Rules.</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 nominating and corporate
governance committee is responsible for, among other things:</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: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selecting and recommending
    to our board nominees for election or re-election to our board, or for appointment to fill any vacancy;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing annually with
    our board the current composition of the board of directors with regards to characteristics such as independence, age, skills, experience
    and availability of service to us;</span></td></tr>
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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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selecting and recommending
    to our board the names of directors to serve as members of the audit committee and the compensation committee, as well as the nominating
    and corporate governance committee itself; advising our board of directors periodically with regards to significant developments
    in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations
    to our board of directors on all matters of corporate governance and on any remedial action to be taken; and</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring compliance with
    our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.</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>Code of Business Conduct and Ethics</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
adopted a code of business conduct and ethics applicable to our directors, officers and employees. We have posted our code of business
conduct and ethics code on our website at http://www.luokung.com.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Duties 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">Under British Virgin Islands
law, our directors have a duty to act honestly, in good faith and with a view to our best interests. Our directors also have a duty to
exercise care, diligence and skills that a reasonably prudent person would exercise in comparable circumstances. In fulfilling their
duty of care to us, our directors must ensure compliance with our memorandum of association and articles of association. We have the
right to seek damages if a duty owed by our directors is breached.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The functions and powers
of our board of directors include, among others:</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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing officers and
    determining the term of office of the officers;</span></td></tr>
  </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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">authorizing the payment
    of donations to religious, charitable, public or other bodies, clubs, funds or associations as deemed advisable;</span></td></tr>
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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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercising the borrowing
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  </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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">executing cheques, promissory
    notes and other negotiable instruments on behalf of the company; and</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintaining or registering
    a register of mortgages, charges or other encumbrances 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>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></span></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"><b>Remuneration and Borrowing</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">The directors may receive
such remuneration as our board of directors may determine from time to time. Each director is entitled to be repaid or prepaid all traveling,
hotel and incidental expenses reasonably incurred or expected to be incurred in attending meetings of our board of directors or committees
of our board of directors or shareholder meetings or otherwise in connection with the discharge of his or her duties as a director. The
compensation committee will assist the directors in reviewing and approving the compensation structure for the 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">Our board of directors may
exercise all the powers of the company to borrow money and to mortgage or charge our undertakings and property or any part thereof, to
issue debentures, debenture stock and other securities whenever money is borrowed or as security for any debt, liability or obligation
of the company or of any third party.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Qualification</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 director is not required
to hold shares as a qualification to office.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Limitation on Liability and Other Indemnification
Matters</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">British Virgin Islands law
does not limit the extent to which a company&#8217;s memorandum of association and articles of association may provide for indemnification
of officers and directors, except to the extent any such provision may be held by the British Virgin Islands courts to be contrary to
public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#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 memorandum of association
and articles of association, we may indemnify our directors, officers and liquidators against all expenses, including legal fees, and
against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal administrative or investigative
proceedings to which they are party or are threatened to be made a party by reason of their acting as our director, officer or liquidator.
To be entitled to indemnification, these persons must have acted honestly and in good faith with a view to the best interest of the company
and, in the case of criminal proceedings, they must have had no reasonable cause to believe their conduct was unlawful.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Compensation Committee Interlocks and Insider
Participation</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">None of the members of our
compensation committee is an officer or employee of our company. None of our executive officers currently serves, or in the past year
has served, as a member of the board of directors or compensation committee of any entity that has one or more executive officers serving
on our board of directors or compensation committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Employment Agreements</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 August 19, 2018, the Company
entered into an Employment Agreement (the &#8220;Song Agreement&#8221;) with Mr. Xuesong Song, to serve as the Chief Executive Officer
of the Company for a four-year term, subject to renewal. Under the terms of the Song Agreement, Mr. Song will receive no salary for his
services but will be eligible for an annual cash bonus in the Board&#8217;s sole discretion. On June 8, 2021, the Compensation Committee
of the Board of Directors of the Company approved an amendment to the employment agreement by and between the Company and Mr. Song, in
order to provide the CEO with a salary of $500,000 annually, effective as of June 1, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 19, 2018, the Company
entered into an Employment Agreement (the &#8220;Yu Agreement&#8221;) with Mr. Jie Yu, to serve as the Chief Financial Officer of the
Company for a four-year term, subject to renewal. Under the terms of the Yu Agreement, Mr. Yu will receive an annual salary of RMB700,000,
and will be eligible for an annual cash bonus in the Board&#8217;s sole discretion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 1, 2019, the
Company entered into an Employment Agreement (the &#8220;Li Agreement&#8221;) with Mr. Baomin Li, to serve as the Chief Technology Officer
of the Company for a four-year term, subject to renewal. Under the terms of the Li Agreement, Mr. Li will receive an annual salary of
RMB2,000,000, and will be eligible for an annual cash bonus in the Board&#8217;s sole discretion.</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: 84; 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"><b>&#160;</b></p><div>

</div><div><a id="k_025"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>D. EMPLOYEES.</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 of December 31, 2022 and
2021, we had a total of 727 and 738 full-time employees, including 572 and 507 in research and development, 70 and 113 in sales and marketing
and the rest in a variety of other divisions, respectively. All of our employees are full-time employees. None of our employees is currently
represented by a union and/or collective bargaining agreements. We believe that we have good relations with our employees and since our
inception we have had no history of work stoppages or union organizing campaigns.</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="k_026"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>E. SHARE OWNERSHIP.</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 table provides
information as to the beneficial ownership of our ordinary shares as of December 31, 2022, by the persons listed. Beneficial ownership
of shares is determined under the rules of the SEC and generally includes any shares over which a person exercises sole or shared voting
or investment power. For purposes of the following table, a person is deemed to have beneficial ownership of any ordinary shares if such
person has the right to acquire such shares within 60 days of December 31, 2022. For purposes of computing the percentage of outstanding
shares held by each person, any shares that such person has the right to acquire within 60 days after of December 31, 2022 are deemed
to be outstanding, but are not deemed to be outstanding for the purpose of computing the percentage ownership of any other person. Except
as otherwise noted, the persons named in the table have sole voting and investment power with respect to all of the ordinary shares beneficially
owned by them. Unless otherwise indicated, the address of each person listed is c/o Luokung Technologies, B9-8, Block B, SOHO Phase II,
No. 9, Guanghua Road, Chaoyang District, Beijing, People&#8217;s Republic of China.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Percentage ownership of the
ordinary shares in the following table is based on 492,498,688 ordinary shares outstanding on 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><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>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number<br/> of shares</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">Percent<br/> of class</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-style: italic">Directors and named executive officers</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: 76%; text-align: left; text-indent: -9pt; padding-left: 9pt">Xuesong Song, Chairman, Chief Executive Officer and
    Director (1)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">38,156,430</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">7.75</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Dongpu Zhang, President (2)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,321,792</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.47</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: 9pt">Directors and executive officers as a group (7 persons)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">45,089,163</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9.89</td><td style="text-align: left">%</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#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: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists of (i) 4,030,882
    shares owned directly by Charm Dragon International Limited, a British Virgin Islands company and (ii) 22,624,793 shares owned directly
    by Bravo First Development Limited, a British Virgin Islands company. Mr. Xuesong Song&#160;is the controlling shareholder of Bravo
    First Development Limited. Mr. Xuesong Song&#160;is the sole director of Charm Dragon International Limited. Mr. Xuesong Song also
    owns all 1,000,000 of the Company&#8217;s outstanding preferred shares, and each preferred share has the right to 399 votes at a
    meeting of the shareholders of the Company. Mr. Song therefore is the controlling shareholder of the Company.</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists of 2,321,792 shares
    owned directly by Genoa Peak Limited, a British Virgin Islands company. Mr. Dongpu Zhang controls Genoa Peak Limited.</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: center"></p><div>

</div><!-- Field: Page; Sequence: 85; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></span></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"><b>&#160;</b></p><div>

</div><div><a id="k_027"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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">&#160;</p><div>

</div><div><a id="k_028"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>A. MAJOR SHAREHOLDERS</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">Please refer to Item 6.E
&#8220;Directors, Senior Management and Employees &#8212; Share Ownership.&#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; text-indent: 0.5in">To our knowledge, (A)&#160;we
are not directly or indirectly owned or controlled by (i)&#160;another corporation or (ii)&#160;any foreign government and (B)&#160;there
are no arrangements (including any announced or expected takeover bid), the operation of which may at a subsequent date result in a change
in our control.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 voting rights of our
major shareholders do not differ from the voting rights of other holders of the same class of shares.</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="k_029"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>B. RELATED PARTY TRANSACTIONS.&#160;BUSINESS
RELATIONSHIPS.</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 subsidiaries, consolidated
affiliated entities, and the subsidiaries of the consolidated affiliated entities have engaged, during the ordinary course of business,
in a number of customary transactions with each other. All of these inter-company balances have been eliminated in consolidation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 of December 31, 2022 and
2021 had amounts due to related parties, Mr. Song, in the amounts of $0.9 million and $0.1 million, respectively. These amounts due to
related parties are short term in nature, non-interest bearing, unsecured and payable on demand.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 Chairman and Chief Executive
Officer, Mr. Xuesong Song, serves as an officer of Beijing Zhong Chuan Shi Xun and is one of the legal owners of Beijing Zhong Chuan
Shi Xun. The following table sets forth the relationship of Mr. Song with Beijing Zhong Chuan Shi Xun:</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="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Relationship with <br/> Luokung<br/>
 Technology</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Relationship&#160;with<br/> Beijing Zhong<br/>
 Chuan Shi Xun</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">Percentage<br/>
 Ownership<br/>
Interest in <br/> Beijing Zhong<br/>
 Chuan&#160;Shi&#160;Xun</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: 56%; text-align: left">Xuesong Song</td><td style="width: 1%">&#160;</td>
    <td style="width: 15%; text-align: center">Chief&#160;Executive&#160;Officer</td><td style="width: 1%">&#160;</td>
    <td style="width: 15%; text-align: center">Chief&#160;Executive&#160;Officer</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">61.82</td><td style="width: 1%; text-align: left">%</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="k_030"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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">&#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: center"></p><div>

</div><!-- Field: Page; Sequence: 86; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></span></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"><b>&#160;</b></p><div>

</div><div><a id="k_031"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;8. FINANCIAL INFORMATION.</b></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="k_032"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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">&#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">&#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">&#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 are subject to legal proceedings,
investigations and claims during the ordinary course of our business. We are not currently a party to any legal proceeding or investigation
which, in the opinion of our management, is likely to have a material adverse effect on our business, financial condition or results
of operations.&#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"><b>Dividend Policy</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 currently intend to retain
all of our available funds and future earnings for use in the operation and expansion of our business and do not anticipate paying cash
dividends in the foreseeable future. Under the terms of our Amended and Restated Memorandum and Articles of Association the declaration
and payment of any dividends in the future will be determined by our board of directors, in its discretion, and will depend on a number
of factors, including our earnings, capital requirements and overall financial condition and our ability to receive dividends from our
subsidiaries. If we pay any dividends, we will pay our shareholders&#8217; dividends with respect to their underlying shares to the same
extent as holders of our ordinary shares, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.
Cash dividends on our ordinary shares, if any, will be paid in U.S. dollars.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 ability to receive dividends
from our subsidiaries may limit our ability to pay dividends on our ordinary shares. See Risk Factors&#160;&#8211;&#160;Risks Related
to Doing Business in China&#160;&#8211;&#160;Our holding company structure may limit the payment of dividends&#8221; and &#8220;Item
10. Additional Information &#8211; D. Exchange Controls &#8211; Dividend Distribution&#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="k_033"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>B. SIGNIFICANT CHANGES.</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 (&#8220;N/A&#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: center"></p><div>

</div><!-- Field: Page; Sequence: 87; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></span></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"><b>&#160;</b></p><div>

</div><div><a id="k_034"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;9. THE OFFER AND LISTING</b></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="k_035"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>A. OFFER AND LISTING DETAILS.</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>Markets and Share Price History</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 primary trading market
for our ordinary shares is the NASDAQ Capital Market. Our ordinary shares trade under the ticker symbol &#8220;LKCO&#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="k_036"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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">&#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="k_037"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>C. MARKETS.</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 primary trading market
for our ordinary shares is the NASDAQ Capital Market. Our ordinary shares trade on the NASDAQ Capital Market under the ticker symbol
&#8220;LKCO&#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="k_038"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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="k_039"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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="k_040"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="k_041"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;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="k_042"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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="k_043"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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">We are a British Virgin Islands
company incorporated with limited liability and our affairs are governed by the provisions of our memorandum of association and articles
of association, as amended and restated from time to time, and by the provisions of applicable British Virgin Islands laws.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our memorandum of association
and articles of association authorize the issuance of up to 525,795,182 shares, which are designated into (i) 500,000,000 ordinary shares
of par value $0.01 each (&#8220;Ordinary Shares&#8221; and each an &#8220;Ordinary Share&#8221;), (ii) 2,500,000 preferred shares of
par value $0.01 each (&#8220;Preferred Shares&#8221; and each a &#8220;Preferred Share&#8221;), (iii) 21,794,872 series A preferred shares
of par value $0.01 each (&#8220;Series A Preferred Shares&#8221; and each a &#8220;Series A Preferred Share&#8221;) and (iv) 1,500,310
series B preferred shares of par value $0.01 each (&#8220;Series B Preferred Shares&#8221; and each a &#8220;Series B Preferred Share&#8221;),
in each case with the rights, preferences and privileges as set out in the memorandum and articles of association of our company.&#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"></p><div>

</div><!-- Field: Page; Sequence: 88; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></span></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; text-align: justify; text-indent: 0.5in">The following is a summary
of the material provisions of our shares and our memorandum of association and articles of association.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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>Ordinary Shares</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">All of our issued and outstanding
Ordinary Shares are fully paid and non-assessable. Holders of our Ordinary Shares who are non-residents of the British Virgin Islands
may freely hold and vote their 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">Subject to the memorandum
and articles of association (and, for greater clarity, without prejudice to any special rights conferred thereby on the holders of any
other shares), an Ordinary Share of our company confers on the holder:</p><div>

</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: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the right to one vote at
    a meeting of the members of our company or on any resolution of members;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the right to an equal share
    in any distribution paid by our company; and</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the right to an equal share
    in the distribution of the surplus assets of our company on a winding up.</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"><b>Preferred Shares</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">Subject to the memorandum
and articles of association (and, for greater clarity, without prejudice to any special rights conferred thereby on the holders of any
other shares), a Preferred Share of our company confers on the holder:</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: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the right to 399 votes
    at a meeting of the members of our company or on any resolution of members;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the right to an equal share
    in any distribution paid by our company;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the right to an equal share
    in the distribution of the surplus assets of our company on a winding up;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">be freely transferable,
    in whole or in part, by Mr. Xuesong Song to any third party through one or more Private Transactions (as defined in our articles
    of association), subject to Applicable Law (as defined in our articles of association); and</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">be freely transferable,
    in whole or in part, by Mr. Xuesong Song to any third party through one or more Public Transactions, subject to Applicable Law and
    Automatic Conversion (as defined in our articles of association) of such Preferred Share(s) into Ordinary Share(s).</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">Each Preferred Share shall
be automatically converted at any time after issue and without the payment of any additional sum into an equal number of fully paid Ordinary
Shares upon the conclusion of any transfer by Mr. Xuesong Song to any third party through one or more Public Transactions (as defined
in our articles of association).</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: 89; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></span></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"><b>Series A Preferred 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">Subject to the memorandum
and articles of association (and, for greater clarity, without prejudice to any special rights conferred thereby on the holders of any
other shares), a Series A Preferred Share of the Company confers on the holder:</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: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">no right to vote at
                                            a meeting of the members of our company or on any resolution of members;</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; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify">the right to an equal
                                            share in any distribution paid by our company;</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; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">(c)</td><td style="text-align: justify">the right to an equal
                                            share in the distribution of the surplus assets of our company on our liquidation;</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">(d) the right, at such holder&#8217;s
sole discretion, to convert all or any portion of the holder&#8217;s Series A Preferred Shares into Ordinary Shares at any time commencing
after the date of issue of such Series A Preferred Shares. The conversion rate for the Series A Preferred Shares shall be one (1) Ordinary
Share for every one (1) Series A Preferred Share. Before any holder of Series A Preferred Shares shall be entitled to convert the same
into Ordinary Shares and to receive certificate(s) for such Ordinary Shares, he shall surrender the certificate(s) for his Series A Preferred
Shares at the office of our company and shall give written notice to our company at such office that he elects to convert the same. Our
company shall, as soon as practicable thereafter, issue and deliver at such office to such holder of Series A Preferred Shares a certificate(s)
for the number of Ordinary Shares to which he shall be entitled. Such conversion shall be deemed to have been made immediately prior
to the close of business on the date of such surrender of the certificate(s) for the Series A Preferred Shares to be converted, and the
person or persons entitled to receive the Ordinary Shares issuable upon such conversion shall be treated for all purposes as the record
holder(s) of such Ordinary Shares on such date. The directors may effect conversion in any matter permitted by law including, without
prejudice to the generality of the foregoing, repurchasing or redeeming the relevant Series A Preferred Shares and applying the proceeds
towards the issue of the relevant number of new Ordinary Shares. The provisions of clause 8(3)(e) of our memorandum of association shall
not apply to the Ordinary Shares so converted; and</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) the right, at such holder&#8217;s
sole discretion, to require the redemption or repurchase by our company of all or any portion of the holder&#8217;s Series A Preferred
Shares (the &#8220;Purchased Shares&#8221;) in cash at a Repurchase Price defined below upon the following events: (1) six (6) months
after the closing date as defined in the share subscription agreement entered into between our company and Geely Technology dated 13
November 2019 (the &#8220;Share Subscription Agreement&#8221;); (2) the proposed acquisition of eMapgo Technologies (Beijing) Co., Ltd.
(the &#8220;Proposed Acquisition&#8221;) by our company is terminated; (3) our company breaches the Share Subscription Agreement; or
(4) within six (6) months from the closing date as defined in the Share Subscription Agreement provided that our company has sufficient
funds after completing the Proposed Acquisition by our company. The repurchase price for each Series A Preferred Shares shall be the
higher of (i) US$1.95 per share; or (ii) the US dollars equivalent to RMB13.7648 per share (the &#8220;Repurchase Price&#8221;), where
the exchange rate shall be the central parity rate between RMB and USD published by the People&#8217;s Bank of China the day before Geely
Technology issues the repurchase notice, plus an eight percent (8%) annual simple interest rate basis calculated from the date such Repurchase
Price was fully paid until the date of full payment of the Repurchase Price, which shall be made in a lump sum on the date of the payment
of the Repurchase Price, plus all declared but unpaid dividends with respect to the Series A Preferred Shares. Before any holder of Series
A Preferred Shares shall be entitled to require the redemption or repurchase by our company of all or any portion of the holder&#8217;s
Series A Preferred Shares, he shall surrender the certificate(s) for his Series A Preferred Shares at the office of our company and shall
give written notice to our company (the &#8220;Redemption Notice&#8221;) at such office that he elects to require the redemption or repurchase
by our company of the same. Our company shall pay the corresponding Repurchase Price within sixty (60) days following twelve (12) months
after the Purchased Shares are issued.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Series B Preferred 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">Subject to the memorandum
and articles of association (and, for greater clarity, without prejudice to any special rights conferred thereby on the holders of any
other shares), a Series B Preferred Share of our company confers on the holder:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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) Subject to compliance
with the requirements of the laws of the Hong Kong Special Administrative Region of the People&#8217;s Republic of China and other restrictions
under the purchase agreement entered into by and among our company, Zhi-Xun Wang and Hong-Bin Lu (the &#8220;Parties&#8221;) and other
parties named therein on 27 August 2019 and the supplemental agreement entered into by and among the Parties and other parties on 11
October 2019, the Series B Preferred Shares shall be redeemable at the option of holders of the Series B Preferred Shares by delivery
of a written request to the Purchaser (&#8220;Redemption Request&#8221;) within the period from 6th month to 12th month after its issuance.
Our company cannot reject such Redemption Request and shall make the best efforts to implement such redemption by paying cash within
10 working days after receipt of the Redemption Request. The redemption price for each Series B Preferred Share redeemed shall be an
amount of USD equivalent to RMB28.75 per share plus an internal rate of return of 10% per year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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">(b) Any Series B Preferred
Share may, at the option of the holder thereof, be converted into fully-paid and non-assessable Ordinary Shares without any restrictions
under the Securities Act of 1933, the laws of the Hong Kong Special Administrative Region of the People&#8217;s Republic of China, our
memorandum of association or any other contracts within the period from 9th month to 12th month after its issuance. The conversion ratio
for Series B Preferred Shares to Ordinary Shares shall be 1:1.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Limitation on Liability and Indemnification
Matters</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 British Virgin Islands
laws, each of our directors and officers, in performing his or her functions, is required to act honestly and in good faith with a view
to our best interests and exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
Such limitation of liability does not affect the availability of equitable remedies such as injunctive relief or rescission. These provisions
will not limit the liability of directors under United States federal securities laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#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 indemnify any of our
directors or anyone serving at our request as a director of another entity against all expenses, including legal fees, and against all
judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings.
We may only indemnify a director if he or she acted honestly and in good faith with the view to our best interests and, in the case of
criminal proceedings, the director had no reasonable cause to believe that his or her conduct was unlawful. The decision of our board
of directors as to whether the director acted honestly and in good faith with a view to our best interests and as to whether the director
had no reasonable cause to believe that his or her conduct was unlawful, is in the absence of fraud sufficient for the purposes of indemnification,
unless a question of law is involved. The termination of any proceedings by any judgment, order, settlement, conviction or the entry
of no plea does not, by itself, create a presumption that a director did not act honestly and in good faith and with a view to our best
interests or that the director had reasonable cause to believe that his or her conduct was unlawful. If a director to be indemnified
has been successful in defense of any proceedings referred to above, the director is entitled to be indemnified against all expenses,
including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred by the director or officer
in connection with the proceedings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#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 purchase and maintain
insurance in relation to any of our directors or officers against any liability asserted against the directors or officers and incurred
by the directors or officers in that capacity, whether or not we have or would have had the power to indemnify the directors or officers
against the liability as provided in our memorandum of association and articles of association.</p><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">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liabilities arising under the Securities Act may be permitted for our directors or officers under the foregoing provisions, we have
been informed that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed
in the Securities Act and is therefore unenforceable as a matter of United States 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"><b>Differences in Corporate 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">We were incorporated under,
and are governed by, the laws of the British Virgin Islands. The corporate statutes of the State of Delaware and the British Virgin Islands
are similar, and the flexibility available under British Virgin Islands law has enabled us to adopt memorandum of association and articles
of association that will provide shareholders with rights that do not vary in any material respect from those they would enjoy if we
were incorporated under the Delaware General Corporation Law, or Delaware corporate law. Set forth below is a summary of some of the
differences between provisions of the BVI Act applicable to us and the laws application to companies incorporated in Delaware and their
shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Director&#8217;s Fiduciary Duties</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 Delaware corporate
law, a director of a Delaware corporation has a fiduciary duty to the corporation and its stockholders. This duty has two components:
the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily
prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to stockholders,
all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in
a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain
or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its stockholders
take precedence over any interest possessed by a director, officer or controlling stockholder and not shared by the stockholders generally.
In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the
action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of
the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural
fairness of the transaction, and that the transaction was of fair value to the corporation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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">British Virgin Islands law
provides that every director of a British Virgin Islands company in exercising his powers or performing his duties shall act honestly
and in good faith and in what the director believes to be in the best interests of the company. Additionally, the director shall exercise
the care, diligence and skill that a reasonable director would exercise in the same circumstances taking into account the nature of the
company, the nature of the decision and the position of the director and his responsibilities. In addition, British Virgin Islands law
provides that a director shall exercise his powers as a director for a proper purpose and shall not act, or agree to the company acting,
in a manner that contravenes the BVI Act or the memorandum of association or articles of association of 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"><b><i>Amendment of Governing Documents</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 Delaware corporate
law, with very limited exceptions, a vote of the stockholders is required to amend the certificate of incorporation. Under British Virgin
Islands law and our memorandum of association and articles of association, (i) our shareholders may amend our memorandum of association
and articles of association by a resolution of shareholders, or (ii) our board of directors may amend our memorandum of association and
articles of association by a resolution of directors without a requirement for a resolution of shareholders so long as the amendment
does not:</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: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restrict the rights of
    the shareholders to amend the memorandum of association and articles of association;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">change the percentage of
    shareholders required to pass a resolution of shareholders to amend the memorandum of association and articles of association;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">amend the memorandum of
    association and articles of association in circumstances where the memorandum of association and articles of association cannot be
    amended by the shareholders; 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">amend the provisions of
    memorandum of association or the articles of association pertaining to &#8220;rights, privileges, restrictions and conditions attaching
    to shares,&#8221; &#8220;rights not varied by the issue of shares pari passu,&#8221; &#8220;variation of class rights&#8221; and
    &#8220;amendment of memorandum and articles of association&#8221;.</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>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></span></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>Written Consent of Directors</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 Delaware corporate
law, directors may act by written consent only on the basis of a unanimous vote. Under British Virgin Islands law, directors may pass
a written resolution (a) by such majority of the votes of the directors entitled to vote on the resolution as may be specified in the
memorandum of association or articles of association or (b) in the absence of any provision in the memorandum of association or the articles
of association, by all the directors entitled to vote on the resolution. Our articles of association provide that a resolution consented
to in writing by the directors may be passed by a simple majority of the directors or of all members of the committee, as the case may
be.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Written Consent of Shareholders</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 Delaware corporate
law, unless otherwise provided in the certificate of incorporation, any action to be taken at any annual or special meeting of stockholders
of a corporation, may be taken by written consent of the holders of outstanding stock having not less than the minimum number of votes
that would be necessary to take such action at a meeting. As permitted by British Virgin Islands law, subject to the memorandum or articles
of association, an action that may be taken by members of the company at a meeting of shareholders may also be taken by a resolution
of shareholders consented to in writing. Our articles of association provide that shareholders may approve corporate matters by way of
a resolution consented to at a meeting of shareholders or in writing by a majority of shareholders entitled to vote thereon.&#160;</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>Shareholder Proposals</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 Delaware corporate
law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice
provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do
so in the governing documents, but shareholders may be precluded from calling special meetings. British Virgin Islands law and our articles
of association provide that our directors shall call a meeting of the shareholders if requested in writing to do so by shareholders entitled
to exercise 30% or more of our outstanding voting shares in respect of the matter for which the meeting is requested.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Sale of Assets</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 Delaware corporate
law, a vote of the stockholders is required to approve the sale of assets only when all or substantially all assets are being sold. In
the British Virgin Islands, shareholder approval is required when more than 50% of the company&#8217;s total assets by value are being
disposed of or sold.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Dissolution; Winding Up</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 Delaware corporate
law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the
total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple
majority of the corporation&#8217;s outstanding shares. Delaware corporate law allows a Delaware corporation to include in its certificate
of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. As permitted by British Virgin
Islands law and our articles of association, we may be voluntarily liquidated under Part XII of the BVI Act by resolution of directors
and resolution of shareholders if we have no liabilities or we are able to pay our debts as they fall due and the value of our assets
equals or exceeds our liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Redemption of Shares</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">Under Delaware corporate
law, any stock may be made subject to redemption by the corporation at its option or at the option of the holders of such stock provided
there remains outstanding shares with full voting power. Such stock may be made redeemable for cash, property or rights, as specified
in the certificate of incorporation or in the resolution of the board of directors providing for the issue of such stock. As permitted
by British Virgin Islands law, and our memorandum of association and articles of association, shares may be repurchased, redeemed or
otherwise acquired by us. Our directors must determine that immediately following the redemption or repurchase we will be able to pay
our debts as they fall due and the value of our assets exceeds our liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Variation of Rights of 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">Under Delaware corporate
law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class,
unless the certificate of incorporation provides otherwise. As permitted by British Virgin Islands law, and our memorandum of association
and articles of association, if our share capital is divided into more than one class of shares, we may vary the rights attached to any
class only with the consent in writing of holders of not less than three-fourths of the issued shares of that class and holders of not
less than three-fourths of the issued shares of any other class of shares which may be affected by the variation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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"><b><i>Removal of Directors</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 Delaware corporate
law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding
shares entitled to vote, unless the certificate provides otherwise. As permitted by British Virgin Islands law and our memorandum of
association and articles of association, directors may be removed with or without cause by resolution of directors or resolution of shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Mergers</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 BVI Act, two or
more companies may merge or consolidate in accordance with the statutory provisions. A merger means the merging of two or more constituent
companies into one of the constituent companies, and a consolidation means the uniting of two or more constituent companies into a new
company. In order to merger or consolidate, the directors of each constituent company must approve a written plan of merger or consolidation
which must be authorized by a resolution of 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; text-indent: 0.5in">Shareholders not otherwise
entitled to vote on the merger or consolidation may still acquire the right to vote if the plan of merger or consolidation contains any
provision which, if proposed as an amendment to the memorandum association or articles of association, would entitle them to vote as
a class or series on the proposed amendment. In any event, all shareholders must be given a copy of the plan of merger or consolidation
irrespective of whether they are entitled to vote at the meeting or consent to the written resolution to approve the plan of merger or
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>Inspection of Books and Records</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 Delaware corporate
law, any shareholder of a corporation may for any proper purpose inspect or make copies of the corporation&#8217;s stock ledger, list
of shareholders and other books and records. Holders of our shares have no general right under British Virgin Islands law to inspect
or obtain copies of our list of shareholders or our corporate records. However, we will provide holders of our shares with annual audited
financial statements. See &#8220;Where You Can Find Additional Information.&#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><i>Conflict of Interest</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 BVI Act provides that
a director shall, after becoming aware that he is interested in a transaction entered into or to be entered into by the company, disclose
that interest to the board of directors of the company. The failure of a director to disclose that interest does not affect the validity
of a transaction entered into by the director or the company, so long as the director&#8217;s interest was disclosed to the board prior
to the company&#8217;s entry into the transaction or was not required to be disclosed (for example where the transaction is between the
company and the director himself or is otherwise in the ordinary course of business and on usual terms and conditions). As permitted
by British Virgin Islands law and our memorandum of association and articles of association, a director interested in a particular transaction
may vote on it, attend meetings at which it is considered, and sign documents on our behalf which relate to the transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Transactions with Interested Shareholders</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">Delaware corporate law contains
a business combination statute applicable to Delaware public corporations whereby, unless the corporation has specifically elected not
to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations
with an &#8220;interested shareholder&#8221; for three years following the date that such person becomes an interested shareholder. An
interested shareholder generally is a person or group who or that owns or owned 15% or more of the target&#8217;s outstanding voting
stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the
target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on
which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction
that resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware public corporation
to negotiate the terms of any acquisition transaction with the target&#8217;s board of directors.</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: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">British Virgin Islands law
has no comparable provision. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination
statute. However, although British Virgin Islands law does not regulate transactions between a company and its significant shareholders,
it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of
constituting a fraud on the minority shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Independent Directors</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 provisions under
Delaware corporate law or under the BVI Act that require a majority of our directors to be independent.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Cumulative Voting</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 Delaware corporate
law, cumulative voting for elections of directors is not permitted unless the company&#8217;s certificate of incorporation specifically
provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since
it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases
the shareholder&#8217;s voting power with respect to electing such director. There are no prohibitions to cumulative voting under the
laws of the British Virgin Islands, but our memorandum of association and articles of association do not provide for cumulative voting</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Anti-takeover Provisions in Our Memorandum
of association and articles of association</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">Some provisions of our memorandum
of association and articles of association may discourage, delay or prevent a change in control of our company or management that shareholders
may consider favorable, including provisions that authorize our board of directors to issue preference shares in one or more series and
to designate the price, rights, preferences, privileges and restrictions of such preference shares.</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="k_044"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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">On June 17, 2020, the Company
entered into preferred stock subscription agreement with Daci Haojin Foundation Limited to issue 15,000,000 preferred shares for $45,000,000.
Pursuant to the preferred stock subscription agreement the first closing will not occur until July 2020 and such closing will be for
$13,500,000. Subsequent closings will occur on August 31 and September 30, 2020 for $13,500,000 and $18,000,000, respectively. The subscription
agreement has been terminated as of 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">On March 29, 2022, LK Technology
Ltd., a subsidiary of the Company, the Company and Beijing Zhong Chuan Shi Xun Technology Limited, a variable interest entity of the
Company (&#8220;Beijing Zhongchuan&#8221;), signed an agreement (the &#8220;iTraffic SPA&#8221;) with iTraffic Inc. and the other entities
and persons set forth in the iTraffic SPA, for Beijing Zhongchuan to acquire Beijing Hongda Jiutong Technology Development Co., Ltd (&#8220;Hongda
Jiutong&#8221;), a big data service provider for intelligent transportation and connected vehicles in China. Pursuant to the iTraffic
SPA, the Company plans to issue 6,000,000 shares of its ordinary shares. Beijing Zhongchuan will pay a total of RMB12,156,200 for 100%
of the equity interest of Hongda Jiutong. The terms of the transaction are described in detail in the SPA, which has been filed as an
exhibit hereto and which is incorporated by reference in its entirety. As a result of the transaction, Hongda Jiutong will be a subsidiary
of Beijing Zhongchuan.</p><div>

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

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</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="k_045"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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">This section sets forth a
summary of the most significant regulations or requirements that affect our business activities in China or our shareholders&#8217; right
to receive dividends and other distributions from 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"><b>Regulations on Internet Content Providers</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 Administrative Measures
on Internet Information Services, or the Internet Content Measures, which was promulgated by the State Council on September 25, 2000
and amended on January 8, 2011, set out guidelines on the provision of internet information services. The Internet Content Measures specifies
that internet information services regarding news, publications, education, medical and health care, pharmacy and medical appliances,
among other things, are required to be examined, approved and regulated by the relevant authorities. Internet information providers are
prohibited from providing services beyond those included in the scope of their licenses or filings. Furthermore, the Internet Content
Measures specifies a list of prohibited content. Internet information providers are prohibited from producing, copying, publishing or
distributing information that is humiliating or defamatory to others or that infringes the legal rights of others. Internet information
providers that violate such prohibition may face criminal charges or administrative sanctions. Internet information providers must monitor
and control the information posted on their websites. If any prohibited content is found, they must remove the content immediately, keep
a record of such content and report to the relevant authorities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 Internet Content Measures
classifies internet information services into commercial internet information services and non-commercial internet information services.
Commercial internet information services refer to services that provide information or services to internet users with charge. A provider
of commercial internet information services must obtain an ICP License.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Regulations on Internet Audio-video Program
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">On December 20, 2007, the
MII and the State Administration of Press, Publication, Radio, Film and Television, or the SAPPRFT, jointly issued the Administrative
Provisions for the Internet Audio-Video Program Service, or the Audio-video Program Provisions, which came into effect on January 31,
2008 and was amended on August 28, 2015. The Audio-video Program Provisions defines &#8220;internet audio-video program services&#8221;
as producing, editing and integrating of audio-video programs, supplying audio-video programs to the public via the internet, and providing
audio-video programs uploading and transmission services to a third party. Entities providing internet audio-video programs services
must obtain an internet audio video program transmission license. Applicants for such licenses shall be state-owned or state-controlled
entities unless an internet audio-video program transmission license has been obtained prior to the effectiveness of the Audio-video
Program Provisions in accordance with the then-in-effect laws and regulations. In addition, foreign-invested enterprises are not allowed
to engage in the above-mentioned services. According to the audio video Program Provisions and other relevant laws and regulations, audio-video
programs provided by the entities supplying Internet audio-video program services shall not contain any illegal content or other content
prohibited by the laws and regulations, such as any content against the basic principles in the PRC Constitution, any content that damages
the sovereignty of the country or national security, and any content that disturbs social order or undermine social stability. An audio-video
program that has already been broadcast shall be retained in full for at least 60 days. Movies, television programs and other media content
used as Internet audio-video programs shall comply with relevant administrative regulations on programs broadcasts through radio, movie
and television channels. Entities providing services related to Internet audio-video programs shall immediately delete the audio-video
programs violating laws and regulations, keep relevant records, report relevant authorities and implement other regulatory 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; text-indent: 0.5in">The Categories of the Internet
Audio-Video Program Services, or the Audio-video Program Categories, promulgated by SAPPRFT on March 10, 2017, classifies internet audio/video
programs into four categories: (I) Category I internet audio/video program service, which is carried out with a form of radio station
or television station; (II) Category II internet audio/video program service, including (a) re-broadcasting service of current political
news audio/video programs; (b) hosting, interviewing, reporting and commenting service of arts, entertainment, technology, finance and
economics, sports, education and other specialized audio/video programs; (c) producing (interviewing not included) and broadcasting service
of arts, entertainment, technology, finance and economics, sports, education and other specialized audio/video programs; (d) producing
and broadcasting service of internet films/dramas; (e) aggregating and broadcasting service of films, television dramas and cartoons;
(f) aggregating and broadcasting service of arts, entertainment, technology, finance and economics, sports, education and other specialized
audio/video programs; and (g) live audio/video broadcasting service of cultural activities of common social organizations, sport events
or other organization activities; and (III) Category III internet audio/video program service, including (a) aggregating service of online
audio/video contents, and (b) re-broadcasting service of the audio/video programs uploaded by internet users; and (IV) Category III internet
audio/video program service, including (a) re-broadcasting of the radio/television program channels; and (b) re-broadcasting of internet
audio/video program channels.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; 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><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">On May 27, 2016, the SAPPRFT
issued the Notice on Relevant Issues concerning Implementing the Approval Works of Upgrading Mobile Internet Audio-Video Program Service,
or the Mobile Audio-Video Program Notice. The Mobile Audio-Video Program Notice provides that the mobile Internet audio-video program
services shall be deemed Internet audio-video program service. Entities which have obtained the approvals to provide the Internet audio-video
program services may use mobile WAP websites or mobile applications to provide audio-video program services. Entities with regulatory
approvals may operate mobile applications to provide the audio-video program services. The types of the programs shall be within the
permitted scope as provided in the licenses and such mobile applications shall be filed with the SAPPRFT.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Regulations on Production and Operation of
Radio/Television Programs</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 July 19, 2004, the SAPPRFT
promulgated the Administrative Measures on the Production and Operation of Radio and Television Programs, or the Radio and Television
Program Production Measures, which came into effect on August 20, 2004 and was amended on August 28, 2015. The Radio and Television Program
Production Measures provides that any business that produces or operates radio or television programs must first obtain a Radio and Television
Program Production and Operation Permit. Entities holding such permits shall conduct their business within the permitted scope as provided
in their permits. In addition, foreign-invested enterprises are not allowed to engage in the above-mentioned 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>Regulations on Online Advertising 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">On April 24, 2015, the Standing
Committee of the National People&#8217;s Congress enacted the Advertising Law of the People&#8217;s Republic of China, or the New Advertising
Law, effective on September 1, 2015. The New Advertising Law increases the potential legal liability of advertising services providers
and strengthens regulations of false advertising. On July 4, 2016, the State Administration for Industry and Commerce, or the SAIC, issued
the Interim Measures of the Administration of Online Advertising, or the SAIC Interim Measures, effective on September 1, 2016. The New
Advertising Law and the SAIC Interim Measures require that online advertisements may not affect users&#8217; normal internet use and
internet pop-up ads must display a &#8220;close&#8221; sign prominently and ensure one-key closing of the pop-up windows. The SAIC Interim
Measures provides that all online advertisements must be marked &#8220;Advertisement&#8221; so that viewers can easily identify them
as such. Moreover, the SAIC Interim Measures treats paid search results as advertisements that are subject to PRC advertisement laws,
and requires that paid search results be conspicuously identified on search result pages as advertisements. The New Advertising Law and
SAIC Interim Measures require us to conduct more stringent examination and monitoring of our advertisers and the content of their advertisements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Regulations on Online Games</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 September 2009, the GAPP
(currently known as the SAPPRFT), together with the National Copyright Administration, and the National Office of Combating Pornography
and Illegal Publications jointly issued the Notice on Further Strengthening on the Administration of Pre-examination and Approval of
Online Game and the Examination and Approval of Imported Online Game, or the Circular 13. The Circular 13 states that foreign investors
are not permitted to invest in online game operating businesses in the PRC via wholly foreign-owned entities, Sino-foreign equity joint
ventures or cooperative joint ventures or to exercise control over or participate in the operation of domestic online game businesses
through indirect means, such as other joint venture companies or contractual or technical arrangements. If the our contractual arrangements
were deemed under the Circular 13 to be an &#8220;indirect means&#8221; for foreign investors to exercise control over or participate
in the operation of a domestic online game business, our contractual arrangements might be challenged by the SAPPRFT. We are not aware
of any online game companies which use the same or similar contractual arrangements having been challenged by the SAPPRFT as using those
contractual arrangements as an &#8220;indirect means&#8221; for foreign investors to exercise control over or participate in the operation
of a domestic online game business or having been penalized or ordered to terminate operations since the Circular 13 became effective.
However, it is unclear whether and how the Circular 13 might be interpreted or implemented in the future. See &#8220;Risk Factors&#8212;If
the PRC government finds that the agreements that establish the structure for operating certain of our operations in China do not comply
with PRC regulations relating to the relevant industries, or if these regulations or the interpretation of existing regulations change
in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations.&#8221;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Interim Measures for
the Administration of Online Games, or the Online Game Measures, issued by the MOC, which took effect on August 1, 2010 and amended on
December 15, 2017, regulates a broad range of activities related to the online games business, including the development, production
and operation of online games, the issuance of virtual currencies used for online games, and the provision of virtual currency trading
services. The Online Game Measures provides that any entity that is engaged in online game operations must obtain a Network Cultural
Business Permit, and require the content of an imported online game to be examined and approved by the MOC prior to the game&#8217;s
launch and require a domestic online game to be filed with the MOC within 30 days after its launch. The Notice of the Ministry of Culture
on the Implementation of the Interim Measures for the Administration of Online Games, which was issued by the MOC on July 29, 2010 to
implement the Online Game Measures, (i) requires online game operators to protect the interests of online game users and specifies that
certain terms that must be included in service agreements between online game operators and the users of their online games, (ii) requires
content review of imported online games and filing procedures for domestic online games, (iii) emphasizes the protection of minors playing
online games, and (iv) requests online game operators to promote real-name registration by their game users.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Regulations on the Filing requirements for
mainland China domestic companies listed overseas</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 December 24, 2021, the
CSRC published the Administration of Overseas Securities Offering and Listing by Domestic Companies (the &#8220;Draft Administrative
Provisions&#8221;) and the Administration Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (the
&#8220;Draft Filing Measures&#8221;). The Draft Administrative Provisions and the Draft Filing Measures lay out requirements for filing
and include unified regulation management, strengthening regulatory coordination, and cross-border regulatory cooperation. On February
17, 2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the
&#8220;Trial Measures&#8221;), which took effect on March 31, 2023. On the same date, the CSRC circulated Supporting Guidance Rules No.
1 through No. 5, Notes on the Trial Measures, Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises
and relevant CSRC Answers to Reporter Questions, or collectively, the Guidance Rules and Notice, on CSRC&#8217;s official website. The
Trial Measures, together with the Guidance Rules and Notice reiterate the basic principles of the Draft Administrative Provisions and
Draft Filing Measures, and clarified and emphasized several aspects, which include but are not limited to: (1) criteria to determine
whether an issuer will be required to go through the filing procedures under the Trial Measures; (2) exemptions from immediate filing
requirements for issuers including those that have already been listed in foreign securities markets, including U.S. markets, prior to
the effective date of the Trial Measures, but these issuers shall still be subject to filing procedures if they conduct refinancing or
are involved in other circumstances that require filing with the CSRC; (3) a negative list of types of issuers banned from listing or
offering overseas, such as issuers whose affiliates have been recently convicted of bribery and corruption; (4) issuers&#8217; compliance
with web security, data security, and other national security laws and regulations; (5) issuers&#8217; filing and reporting obligations,
such as obligation to file with the CSRC after it submits an application for initial public offering to overseas regulators, and obligation
after offering or listing overseas to file with the CSRC after it completes subsequent offerings and to report to the CSRC material events
including change of control or voluntary or forced delisting of the issuer; and (6) the CSRC&#8217;s authority to fine both issuers and
their relevant shareholders for failure to comply with the Trial Measures, including failure to comply with filing obligations or committing
fraud and misrepresentation. As the Trial Measures are newly issued, there remain uncertainties regarding its interpretation and implementation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Regulations on Information Security, Censorship
and Privacy</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 Standing Committee of
the National People&#8217;s Congress, China&#8217;s national legislative body, enacted the Decisions on the Maintenance of Internet Security
on December 28, 2000, which was amended in August 2009, that may subject persons to criminal liabilities in China for any attempt, among
others things, to use the internet to: (i) gain improper entry to a computer or system of strategic importance; (ii) disseminate politically
disruptive information; (iii) leak state secrets; (iv) spread false commercial information or (v) infringe upon intellectual property
rights. According to the Administration Measures on the Security Protection of Computer Information Network with International Connections
issued by the Ministry of Public Security in 1997 and amended by the State Council in 2011, any entity or individual is prohibited from
using the internet to leak state secrets or to spread socially destabilizing materials. Pursuant to the Ninth Amendment to the Criminal
Law issued by the Standing Committee of the National People&#8217;s Congress on August 29, 2015, effective on November 1, 2015, any internet
service that fails to fulfill the obligations related to internet information security as required by applicable laws and refuses to
take corrective measures, will be subject to criminal liability for (i) any large-scale dissemination of illegal information; (ii) any
severe effect due to the leakage of users&#8217; personal information; (iii) any serious loss of evidence of criminal activities; or
(iv) other severe situations, and any individual or entity that (i) sells or provides personal information to others unlawfully or (ii)
steals or illegally obtains any personal information will be subject to criminal liability in severe situations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 Cybersecurity Law of
the PRC, or the Cybersecurity Law, which was promulgated on November 7, 2016 by the Standing Committee of the National People&#8217;s
Congress and came into effect on June 1, 2017, provides that network operators shall meet their cyber security obligations and shall
take technical measures and other necessary measures to protect the safety and stability of their networks. Under the Cybersecurity Law,
network operators are subject to various security protection-related obligations, including: (i) network operators shall comply with
certain obligations regarding maintenance of the security of internet systems; (ii) network operators shall verify users&#8217; identities
before signing agreements or providing certain services such as information publishing or real-time communication services; (iii) when
collecting or using personal information, network operators shall clearly indicate the purposes, methods and scope of the information
collection, the use of information collection, and obtain the consent of those from whom the information is collected; (iv) network operators
shall strictly preserve the privacy of user information they collect, and establish and maintain systems to protect user privacy; (v)
network operators shall strengthen management of information published by users, and when they discover information prohibited by laws
and regulations from publication or dissemination, they shall immediately stop dissemination of that information, including taking measures
such as deleting the information, preventing the information from spreading, saving relevant records, and reporting to the relevant governmental
agencies.</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 December 28, 2021, the
CAC, the NDRC, the MIIT, and several other PRC governmental authorities jointly issued the Cybersecurity Review Measures, which became
effective on February 15, 2022 and replaces its predecessor regulation. Pursuant to the Cybersecurity Review Measures, critical information
infrastructure operators that procure internet products and services must be subject to the cybersecurity review if their activities
affect or may affect national security. The Cybersecurity Review Measures further stipulates that network platform operators holding
over one million users&#8217; personal information must apply with the Cybersecurity Review Office for a cybersecurity review before
any listing at a foreign stock exchange. Besides, the Cybersecurity Review Measures also provide that if the relevant authorities consider
that certain network products and services and data processing activities affect or may affect national security, the authorities may
conduct a cybersecurity review on its own initiative. The Cybersecurity Review Measures also elaborate the factors to be considered when
assessing the national security risks of the relevant activities, The cybersecurity review will evaluate, among others, the risk of critical
information infrastructure, core data, important data, or a large amount of personal information being affected, controlled or maliciously
used by foreign governments and the cyber information security risk in connection with the listing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; 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; text-indent: 0.5in">On August 20, 2021, the Standing
Committee of the National People&#8217;s Congress of PRC promulgated the Personal Information Protection Law, which integrates the scattered
rules with respect to personal information rights and privacy protection and took effect on November 1, 2021. The Personal Information
Protection Law requires, among others, that (i) the processing of personal information should have a clear and reasonable purpose which
should be directly related to the processing purpose and should be conducted in a method that has the minimum impact on personal rights
and interests, and (ii) the collection of personal information should be limited to the minimum scope as necessary to achieve the processing
purpose and avoid the excessive collection of personal information. Personal information processors shall adopt necessary measures to
safeguard the security of the personal information they handle. The offending entities could be ordered to correct, or to suspend or
terminate the provision of services, and face confiscation of illegal income, fines or other penalties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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>Relevant Regulations of High-tech Enterprises</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 Ministry of Information
Industry, the Ministry of Science and Technology and the State Tax Bureau collectively promulgated and issued the certain standards on
April 14, 2008 to certify High-tech enterprises and encourage and support the development of the Chinese High-tech enterprises. Under
the High-tech Enterprises Measures, the enterprise can enjoy the favorable tax policy when it is certified as a High-tech enterprise
by the Ministry of Information Industry, the Ministry of Science and Technology and the State Tax Bureau or with its provincial branch
according to the stipulated standard. The software and computer and network technology industries are recognized as High-tech fields.
Our subsidiaries, Beijing Zhong Chuan Shi Xun Technology Limited, Superengine Graphics Software Technology Development (Suzhou) Co.,
Ltd, eMapgo Technologies (Beijing) Co., Ltd., DMG Infotech Co., Ltd, and Beijing BotBrain AI Technology Ltd., are High-tech enterprises
and enjoy a favorable income tax rate of 15%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Laws and Regulations of Intellectual Property
Rights</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">China has adopted legislation
governing intellectual property rights, including patents, copyrights and trademarks. China is a signatory to the main international
conventions on intellectual property rights and became a member of the Agreement on Trade Related Aspects of Intellectual Property Rights
upon its accession to the WTO in December 2001.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Patents</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 &#8220;Patent Law of
the People&#8217;s Republic of China&#8221; promulgated by the Standing Committee of the National People&#8217;s Congress, adopted in
1985 and revised in 1992, 2001 and 2008, protects registered patents. The State Intellectual Property Office of PRC handles granting
patent rights, providing for a twenty-year patent term for inventions and a ten-year patent term for utility models and designs. As we
disclosed in Item 4, of this annual report on Form 20-F, through Luokung Technology, we have been granted 35 patents by the State Intellectual
Property Office (&#8220;SIPO&#8221;) of PRC and therefore such invention is entitled to all the protections provided under the Patent
Law for twenty 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"><b><i>Computer Software Copyright and Administration</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 December 20, 2001, the
State Council of PRC issued the &#8220;Regulation for Computer Software Protection of the People&#8217;s Republic of China&#8221; (the
&#8220;Regulation for Computer Software Protection&#8221;) which became effective on January 1, 2002 to protect the interests of copyright
owners, to promote the research and application and to encourage the development of the Chinese software industry. Under the Regulation
for Computer Software Protection, natural persons, legal persons or any other organizations shall have a copyright on the software developed
by such persons no matter whether such software has been published. The protection period of software copyrights owned by the legal person
or other organization is fifty years and expires on December 31 of the fiftieth year from the initial publication date of such computer
software. Currently, Luokung Technology has 189 registration certificates for software copyrights.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Trademarks</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 &#8220;Trademark Law
of the People&#8217;s Republic of China&#8221; promulgated by the State Council of PRC, adopted in 1982 and revised in 1993 and 2001,
protects registered trademarks. The Trademark Office under the Chinese State Administration for Industry and Commerce handles trademark
registrations and grants a term of ten years to registered trademarks which are renewable for another ten years after the application
to the Trademark Office by the owners of the trademarks. Trademark license agreements must be filed with the Trademark Office for record.
China has a &#8220;first-to-register&#8221; system that requires no evidence of prior use or ownership. Luokung Technology has its registered
trademarks as described in Item 4 of this annual report on Form 20-F. Accordingly, such trademarks are entitled to the protection under
the Trademark Law.</p><div>

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

</div><!-- Field: Page; Sequence: 99; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --></span></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; text-align: justify"><b>Foreign Currency Exchange</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 August 29, 2008, the SAFE
issued the Notice of the General Affairs Department of the State Administration of Foreign Exchange on the Relevant Operating Issues
concerning the Improvement of the Administration of Payment and Settlement of Foreign Currency Capital of Foreign-funded Enterprises,
or Circular 142. Pursuant to Circular 142, RMB converted from the foreign currency-denominated capital of a foreign-invested company
may only be used for purposes within the business scope approved by the applicable governmental authority and may not be used for equity
investments within the PRC unless specifically provided for otherwise. The use of such Renminbi capital may not be changed without SAFE&#8217;s
approval and may not in any case be used to repay Renminbi loans if the proceeds of such loans have not been used.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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">See &#8220;Risk Factors&#160;&#8212;&#160;Risks
Related to Doing Business in China&#160;&#8212;&#160;PRC regulation of loans and direct investment by offshore holding companies to PRC
entities may delay or prevent us from using the proceeds of our initial public offering to make loans or additional capital contributions
to our PRC operating subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand our business&#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>Dividend Distribution</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 British Virgin Islands
holding company and substantially all of our operations are conducted through LK Technology. We rely on dividends and other distributions
from our LK Technology and its subsidiaries to provide us with our cash flow and allow us to pay dividends on the shares underlying our
ADSs and meet our other obligations. The principal regulations governing distribution of dividends paid by wholly foreign-owned enterprises
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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wholly Foreign-Owned Enterprise
    Law (1986), as amended; and</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Implementation Rules on
    Wholly Foreign-Owned Enterprise Law (1990), as amended.</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">Under these regulations,
wholly foreign-owned enterprises in China may pay dividends only out of their accumulated profits, if any, determined in accordance with
PRC accounting standards and regulations. In addition, wholly foreign-owned enterprises in China are required to set aside at least 10%
of their after-tax profit based on PRC accounting standards each year to its general reserves until the accumulative amount of such reserves
reach 50% of its registered capital. These reserves are not distributable as cash dividends. The board of directors of a FIE has the
discretion to allocate a portion of its after-tax profits to staff welfare and bonus funds, which may not be distributed to equity owners
except in the event of liquidation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Regulation of Foreign Exchange in Certain
Onshore and Offshore Transactions</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 October 2005, the SAFE
issued the Notice on Issues Relating to the Administration of Foreign Exchange in Fund-raising and Return Investment Activities of Domestic
Residents Conducted via Offshore Special Purpose Companies, or SAFE Notice 75, which became effective as of November 1, 2005, and was
further supplemented by two implementation notices issued by the SAFE on November 24, 2005 and May 29, 2007, respectively. Under Circular
75, prior registration with the local SAFE branch is required for PRC residents to establish or to control an offshore company for the
purposes of financing that offshore company with assets or equity interests in an onshore enterprise located in the PRC. An amendment
to the registration or filing with the local SAFE branch by such PRC resident is also required for the injection of equity interests
or assets of an onshore enterprise in the offshore company or overseas funds raised by such offshore company, or any other material change
with respect to the offshore company in connection with any increase or decrease of capital, transfer of shares, merger, division, equity
investment, debt investment, or creation of any security interest over any assets located in the PRC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 SAFE Notice 75, PRC
residents are further required to repatriate into the PRC all of their dividends, profits or capital gains obtained from their shareholdings
in the offshore entity within 180 days of their receipt of such dividends, profits or capital gains. The registration and filing procedures
under SAFE Notice 75 are prerequisites for other approval and registration procedures necessary for capital inflow from the offshore
entity, such as inbound investments or shareholders loans, or capital outflow to the offshore entity, such as the payment of profits
or dividends, liquidating distributions, equity sale proceeds, or the return of funds upon a capital reduction. Therefore, failure to
comply with such registration may subject us to certain restrictions on, including but not limited to, the increase of the registered
capital of our PRC subsidiary, making loans to our PRC subsidiary, and making distributions to us from our on-shore companies.</p><div>

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

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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"><b>&#160;</b></p><div>

</div><div><a id="k_046"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>E. 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"><i>The following discussion
sets forth the material British Virgin Islands, PRC and U.S. federal income tax consequences of an investment in our ordinary shares
represented by our ADSs, sometimes referred to collectively as the &#8220;securities&#8221;. It is based upon laws and relevant interpretations
thereof in effect as of the date of this report, all of which are subject to change. This discussion does not deal with all possible
tax consequences relating to an investment in the securities, such as the tax consequences under state, local and other tax laws. As
used in this discussion, &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221; refers only to Luokung Technology Corp..</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"><b>British Virgin 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">Under the laws of the British
Virgin Islands as currently in effect, a holder of the securities who is not a resident of the British Virgin Islands is not liable for
British Virgin Islands tax on dividends paid with respect to the securities and all holders of the securities are not liable to the British
Virgin Islands for tax on gains realized during that year on the sale or disposal of such ordinary shares. The British Virgin Islands
does not impose a withholding tax on dividends paid by a company incorporated or re-registered under the BVI Act.</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">There are no capital gains,
gift or inheritance taxes levied by the British Virgin Islands on companies incorporated under the BVI Act. In addition, shares of companies
incorporated under the BVI Act are not subject to transfer taxes, stamp duties or similar charges.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#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 British Virgin Islands or between China and the British Virgin 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"><b>People&#8217;s Republic of China 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">In 2007, the PRC National
People&#8217;s Congress enacted the new Enterprise Income Tax Law (the &#8220;EIT Law&#8221;), which became effective on January 1, 2008.
The new EIT Law imposes a single uniform income tax rate of 25% on all Chinese enterprises, including foreign-invested enterprises, and
levies a withholding tax rate of 10% on dividends payable by Chinese subsidiaries to their foreign shareholders unless any such foreign
shareholders&#8217; jurisdiction of incorporation has a tax treaty with China that provides for a different withholding agreement. Under
the new EIT Law, enterprises established outside China but deemed to have a &#8220;de facto management body&#8221; within the country
may be considered &#8220;resident enterprises&#8221; for Chinese tax purposes and, therefore, may be subject to an enterprise income
tax rate of 25% on their worldwide income. Pursuant to the implementation rules of the new EIT Law, a &#8220;de facto management body&#8221;
is defined as a body that has material and overall management control over the business, personnel, accounts and properties of the enterprise.
Although substantially all members of our management are located in China, it is unclear whether Chinese tax authorities would require
(or permit) us to be treated as PRC resident enterprises. If we are deemed a Chinese tax resident enterprise, we may be subject to an
enterprise income tax rate of 25% on our worldwide income, excluding dividends received directly from another Chinese tax resident enterprise,
as well as PRC enterprise income tax reporting obligations. If we are not deemed to be a Chinese tax resident enterprise, we may be subject
to certain PRC withholding taxes. See &#8220;Risk Factors&#160;&#8212;&#160;Risks Related to Doing Business in China&#160;&#8212;&#160;Our
holding company structure may limit the payment of dividends.&#8221; As a result of such changes, our historical tax rates may not be
indicative of our tax rates for future periods and the value of our ADSs or ordinary shares may be adversely affected. If we are deemed
a PRC resident enterprise and investors&#8217; gain from the sales of the securities and dividends payable by us are deemed sourced from
China, such gains and dividends payable by us may be subject to PRC tax. See &#8220;Risk Factors&#160;&#8212;&#160;Risks Related to Doing
Business in China&#160;&#8212;&#160;If we were deemed a &#8220;resident enterprise&#8221; by PRC tax authorities, we could be subject
to tax on our global income at the rate of 25% under the New EIT Law and our non-PRC shareholders could be subject to certain PRC taxes.</p><div>

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

</div><!-- Field: Page; Sequence: 101; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --></span></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"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>United States Federal Income 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"><b><i>General</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 following is a discussion
of the material U.S. federal income tax consequences to an investor of purchasing, owning and disposing of our securities. This discussion
does not address any aspects of U.S. federal gift or estate tax or the state, local or non-U.S. tax consequences of an investment in
the 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">YOU SHOULD CONSULT YOUR OWN
TAX ADVISORS CONCERNING THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, OWNING AND DISPOSING OF THE SECURITIES
IN YOUR PARTICULAR SITUATION.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This discussion applies only
to those investors that purchase the securities in this offering and that hold the securities as capital assets within the meaning of
section 1221 of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). This section does not apply to holders that may
be subject to special tax rules, including but not limited to:</p><div>

</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: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dealers in securities or
    currencies;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">traders in securities that
    elect to use a mark-to-market method of accounting;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; 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">banks, insurance companies
    or certain financial institutions;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; 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">tax-exempt organizations;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; 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">governments or agencies
    or instrumentalities thereof;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; 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">partnerships or other entities
    treated as partnerships or other pass-through entities for U.S. federal income tax purposes or persons holding the securities through
    such entities;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated investment companies
    or real estate investment trusts;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">holders subject to the
    alternative minimum tax;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">holders that actually or
    constructively own 10% or more of the total combined voting power of all classes of our shares entitled to vote;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; 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">holders that acquired the
    securities pursuant to the exercise of employee stock options, in connection with employee stock incentive plans or otherwise as
    compensation;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">holders that hold the securities
    as part of a straddle, hedging or conversion transaction; 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">holders whose functional
    currency is not the U.S. dollar.</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">This section is based on
the Code, its legislative history, existing and proposed U.S. Treasury regulations, published rulings and other administrative guidance
of the U.S. Internal Revenue Service (the &#8220;IRS&#8221;) and court decisions, all as in effect on the date hereof. These laws are
subject to change or different interpretation by the IRS or a court, possibly on a retroactive basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#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 not sought, and will
not seek, a ruling from the IRS as to any U.S. federal income tax consequence described herein. The IRS may disagree with the discussion
herein, and its determination may be upheld by a court. Moreover, there can be no assurance that future legislation, regulation, administrative
rulings or court decisions will not adversely affect the accuracy of the statements in this discussion.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The discussion below of the
U.S. federal income tax consequences to &#8220;U.S. Holders&#8221; will apply to a beneficial owner of the securities that is for U.S.
federal income tax purposes:</p><div>

</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: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a citizen or resident of
    the United States;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a corporation (or other
    entity treated as a corporation) that is created or organized (or treated as created 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; 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">organized) under the laws
    of the United States, any state thereof or the District of Columbia;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; 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">an estate whose income
    is subject to U.S. federal income tax regardless of its source; or</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>

</div><!-- Field: Page; Sequence: 102; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></span></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><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: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; 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">a trust if (a) a U.S. court
    can exercise primary supervision over the trust&#8217;s administration and one or more U.S.</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; 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">persons are authorized
    to control all substantial decisions of the trust, or (b) if the trust has a valid election in effect under applicable U.S.</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">Treasury regulations to be
treated as a U.S. 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">If a beneficial owner of
the securities is not described as a U.S. Holder and is not an entity treated as a partnership or other pass-through entity for U.S.
federal income tax purposes, such owner will be considered a &#8220;Non-U.S. Holder.&#8221; The material U.S. federal income tax consequences
applicable specifically to Non-U.S. Holders are described below under the heading &#8220;Tax Consequences to Non-U.S. Holders.&#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; text-indent: 0.5in">If a partnership (including
for this purpose any entity treated as a partnership for U.S. tax purposes) is a beneficial owner of the securities, the U.S. tax treatment
of a partner in the partnership generally will depend on the status of the partner and the activities of the partnership. A holder of
the securities that is a partnership or partners in such a partnership should consult their own tax advisors about the U.S. federal income
tax consequences of holding and disposing of the securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 assumes that
any distributions made (or deemed made) on the securities and any consideration received by a holder in consideration for the sale or
other disposition of the securities will be in U.S. dollars.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Tax Consequences to U.S. Holders</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"><i>Taxation of Distributions</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">Subject to the passive foreign
investment company, or PFIC, rules discussed below, the gross amount of any cash distributions we make with respect to a U.S. Holder
in respect of such U.S. Holder&#8217;s shares will generally be treated as dividend income if the distributions are made from our current
or accumulated earnings and profits, calculated according to U.S. federal income tax principles. Cash dividends will generally be subject
to U.S. federal income tax as ordinary income on the day the U.S. Holder actually or constructively receives such income. With respect
to non-corporate U.S. Holders for taxable years beginning before January 1, 2011, dividends may be taxed at the lower applicable long-term
capital gains rate provided that (a) our shares are readily tradable on an established securities market in the United States, or, in
the event we are deemed to be a Chinese &#8220;resident enterprise&#8221; under the EIT Law (as described above under &#8220;People&#8217;s
Republic of China Taxation&#8221;), we are eligible for the benefits of the income tax treaty between the United States and the PRC (the
&#8220;U.S.-PRC Tax Treaty&#8221;), (b) we are not a PFIC, as discussed below, for either the taxable year in which the dividend was
paid or the preceding taxable year, and (c) certain holding period requirements are met. Under published IRS authority, shares are considered
for purposes of clause (a) above to be readily tradable on an established securities market in the United States only if they are listed
on certain exchanges, which presently include the NASDAQ Capital Market. U.S. Holders should consult their own tax advisors regarding
the availability of the lower rate for any dividends paid with respect to our 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">Dividends will not be eligible
for the dividends-received deduction allowed to U.S. corporations in respect of dividends received from other U.S. corporations. Generally,
if we distribute non-cash property as a dividend (other than pro rata distributions of our shares) out of our current or accumulated
earnings and profits (as determined for U.S. federal income tax purposes), a U.S. Holder generally will include in income an amount equal
to the fair market value of the property, on the date that it is distributed.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions in excess of
current and accumulated earnings and profits, as determined for U.S. federal income tax purposes, will be treated as a non-taxable return
of capital to the extent of the U.S. Holder&#8217;s basis in its shares and thereafter as capital gain. However, we do not plan on calculating
our earnings and profits in accordance with U.S. federal income tax principles. U.S. holders therefore should generally assume that any
distributions paid by us will be treated as dividends for U.S. federal income tax purposes.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If PRC taxes apply to dividends
paid by us to a U.S. Holder (see &#8220;People&#8217;s Republic of China Taxation,&#8221; above), such taxes may be treated as foreign
taxes eligible for credit against such holder&#8217;s U.S. federal income tax liability (subject to certain limitations), and a U.S.
Holder may be entitled to certain benefits under the U.S.-PRC Tax Treaty. The rules relating to the U.S. foreign tax credit are complex.
U.S. Holders should consult their own tax advisors regarding the creditability of any such PRC tax and their eligibility for the benefits
of the U.S.-PRC Tax Treaty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Taxation of Dispositions of Shares</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">Subject to the PFIC rules
discussed below, a U.S. holder that sells or otherwise disposes of its shares will recognize capital gain or loss for U.S. federal income
tax purposes equal to the difference between the amount realized and such U.S. Holder&#8217;s tax basis in its shares. Prior to January
1, 2011, capital gains of a non-corporate U.S. holder are generally taxed at a maximum rate of 15% where the property is held for more
than one year (and 20% thereafter). The ability to deduct capital losses is subject to limitations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 PRC taxes apply to any
gain from the disposition of our shares by a U.S. Holder, such taxes may be treated as foreign taxes eligible for credit against such
holder&#8217;s U.S. federal income tax liability (subject to certain limitations), and a U.S. Holder may be entitled to certain benefits
under the U.S.-PRC Tax Treaty. U.S. Holders should consult their own tax advisors regarding the creditability of any such PRC tax and
their eligibility for the benefits of the U.S.-PRC Tax Treaty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Passive Foreign Investment Company</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 do not expect to be a
PFIC for U.S. federal income tax purposes for our current tax year or in the foreseeable future. The determination of whether or not
we are a PFIC in respect of any of our taxable years is a factual determination that cannot be made until the close of the applicable
tax year and that is based on the types of income we earn and the value and composition of our assets (including goodwill), all of which
are subject to change. Therefore, we can make no assurances that we will not be a PFIC in respect of our current taxable year or in the
future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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, we will be a
PFIC in any taxable year if 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at least 75% of our gross
    income for the taxable year is passive income; 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at least 50% of the value,
    determined on the basis of a quarterly average, of our assets is attributable to assets that produce or are held for the production
    of 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">Passive income includes dividends,
interest, royalties, rents (other than certain rents and royalties derived in the active conduct of a trade or business), the excess
of gains over losses from certain types of transactions in commodities, annuities and gains from assets that produce passive income.
We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any corporation
in which we own, directly or indirectly, at least 25% (by value) of the stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 treated as a PFIC
in any year during which a U.S. Holder owns the securities, and such U.S. Holder did not make a mark-to-market election, as described
below, the U.S. Holder will be subject to special rules with respect 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any gain recognized by
    the U.S. Holder on the sale or other disposition of its shares; and any excess distribution that we make to the U.S. Holder (generally,
    the excess of the amount of any distributions to such U.S. Holder during a single taxable year of such U.S. Holder over 125% of the
    average annual distributions received by such U.S. Holder in respect of the shares during the three preceding taxable years of such
    U.S. Holder or, if shorter, such U.S. Holder holding period for the 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">Under these rules:</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: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the gain or excess distribution
    will be allocated ratably over the U.S. Holder&#8217;s holding period for the shares;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; 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">the amount allocated to
    the U.S. Holder&#8217;s taxable year in which it realized the gain or excess distribution or to the period in the U.S. Holder&#8217;s
    holding period before the first day of our first taxable year in which we are a PFIC will be taxed as ordinary income;</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; 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">the amount allocated to
    other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed at the highest tax
    rate in effect for that year; and</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; 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">the interest charge generally
    applicable to underpayments of tax will be imposed in respect of the tax attributable to each such other taxable year of the U.S.
    Holder.</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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; 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">Special rules apply for
    calculating the amount of the foreign tax credit with respect to excess distributions by a PFIC.</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: 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; text-indent: 0.5in">Alternatively, if a U.S.
Holder, at the close of its taxable year, owns ordinary shares in a PFIC that are treated as marketable stock, the U.S. Holder may make
a mark-to-market election with respect to such shares for such taxable year. Our shares will be &#8220;marketable&#8221; to the extent
that they remain regularly traded on a national securities exchange, such as the NASDAQ Capital Market. If a U.S. Holder makes this election
in a timely fashion, it will not be subject to the PFIC rules described above. Instead, in general, the U.S. Holder will include as ordinary
income each year the excess, if any, of the fair market value of its shares at the end of the taxable year over its adjusted basis in
its shares. Any ordinary income resulting from this election would generally be taxed at ordinary income tax rates and would not be eligible
for the reduced rate of tax applicable to qualified dividend income. The U.S. Holder will also be allowed to take an ordinary loss in
respect of the excess, if any, of the adjusted basis of its shares over the fair market value at the end of the taxable year (but only
to the extent of the net amount of previously included income as a result of the mark-to-market election). The U.S. Holder&#8217;s basis
in the shares will be adjusted to reflect any such income or loss amounts. U.S. Holders should consult their own tax advisor regarding
potential advantages and disadvantages of making a mark-to-market election with respect to their 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">Alternatively, a U.S. Holder
of stock in a PFIC may avoid the PFIC tax consequences described above in respect to our or shares by making a timely &#8220;qualified
electing fund&#8221; election to include in income its pro rata share of our net capital gains (as long-term capital gain) and other
earnings and profits (as ordinary income), on a current basis, in each case whether or not distributed, in the taxable year of the U.S.
Holder in which or with which our taxable year ends. However, the qualified electing fund election is available only if the PFIC provides
such U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury regulations.
We do not intend to furnish the information that a U.S. Holder would need in order to make a qualified electing fund election. Therefore,
U.S. Holders will not be able to make or maintain such election with respect to their or 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">If a U.S. Holder owns our
shares or during any year that we are a PFIC, such holder must file U.S. Internal Revenue Service Form 8621 regarding such holder&#8217;s
shares or and the gain realized on the disposition of the shares. The reduced tax rate for dividend income, discussed in &#8220;Taxation
of Distributions,&#8221; is not applicable to dividends paid by a PFIC. U.S. Holders should consult with their own tax advisors regarding
reporting requirements with respect to their 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>Tax Consequences to Non-U.S. 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">Dividends paid to a Non-U.S.
Holder in respect of our or shares generally will not be subject to U.S. federal income tax, unless the dividends are effectively connected
with the Non-U.S. Holder&#8217;s conduct of a trade or business within the United States (and, if required by an applicable income tax
treaty, are attributable to a permanent establishment or fixed base that such holder maintains 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">In addition, a Non-U.S. Holder
generally will not be subject to U.S. federal income tax on any gain attributable to a sale or other disposition of our or shares unless
such gain is effectively connected with its conduct of a trade or business in the United States (and, if required by an applicable income
tax treaty, is attributable to a permanent establishment or fixed base that such holder maintains in the United States) or the Non-U.S.
Holder is an individual who is present in the United States for 183 days or more in the taxable year of sale or other disposition and
certain other conditions are met (in which case, such gain from United States sources generally is subject to tax at a 30% rate or a
lower applicable tax treaty rate).</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">Dividends and gains that
are effectively connected with the Non-U.S. Holder&#8217;s conduct of a trade or business in the United States (and, if required by an
applicable income tax treaty, are attributable to a permanent establishment or fixed base in the United States) generally will be subject
to tax in the same manner as for a U.S. Holder and, in the case of a Non-U.S. Holder that is a corporation for U.S. federal income tax
purposes, may also be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.</p><div>

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></span></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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Information Reporting and Backup Withholding</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 general, information reporting
for U.S. federal income tax purposes generally should apply to distributions made on the securities within the United States to a non-corporate
U.S. Holder and to the proceeds from sales and other dispositions of the securities by a non-corporate U.S. Holder to or through a U.S.
office of a broker. Payments made (and sales and other dispositions effected at an office) outside the United States generally should
be subject to information reporting in limited circumstances.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dividend payments made to
U.S. Holders and proceeds paid from the sale or other disposition the securities may be subject to information reporting to the IRS and
possible U.S. federal backup withholding at a current rate of 28%. Certain exempt recipients, such as corporations, are not subject to
these information reporting requirements. Backup withholding will not apply to a U.S. Holder who furnishes a correct taxpayer identification
number and makes any other required certification, or who is otherwise exempt from backup withholding. U.S. Holders who are required
to establish their exempt status must provide a duly executed IRS Form W-9.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Non-U.S. Holder generally
may eliminate the requirement for information reporting and backup withholding by providing certification of its foreign status, under
penalties of perjury, on a duly executed applicable IRS Form W-8 or by otherwise establishing an exemption.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Backup withholding is not
an additional tax. Rather, the amount of any backup withholding will be allowed as a credit against a U.S. Holder&#8217;s or a non-U.S.
Holder&#8217;s U.S. federal income tax liability and may entitle such holder to a refund, provided that certain required information
is timely furnished to the IRS.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">PROSPECTIVE PURCHASERS OF
OUR SECURITIES SHOULD CONSULT WITH THEIR OWN TAX ADVISORS REGARDING THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR
SITUATIONS AS WELL AS ANY ADDITIONAL TAX CONSEQUENCES RESULTING FROM PURCHASING, HOLDING OR DISPOSING OF OUR SECURITIES, INCLUDING THE
APPLICABILITY AND EFFECT OF THE TAX LAWS OF ANY STATE, LOCAL OR NON-U.S. JURISDICTION, INCLUDING ESTATE, GIFT, AND INHERITANCE LAWS AND
APPLICABLE TAX TREATIES.</p><div>

</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="k_047"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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">&#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="k_048"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>G. STATEMENT BY EXPERTS.</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">None.</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="k_049"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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: 0.25in">&#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
of the information reporting requirements of the Securities and&#160;Exchange Act of 1934, as amended. As a foreign private issuer we
are exempt from the rules and regulations under the&#160;Securities Exchange Act&#160;prescribing the furnishing and content of proxy
statements, and our officers, directors and principal shareholders are exempt from the reporting and &#8220;short-swing&#8221; profit
recovery provisions contained in Section 16 of the Securities Exchange Act, with respect to their purchase and sale of our shares. In
addition, we are not required to file reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose
securities are registered under the&#160;Securities Exchange Act. Nasdaq rules generally require that companies send an annual report
to shareholders prior to the annual general meeting, however we rely upon an exception under the Nasdaq rules. Specifically, we file
annual reports on Form 20-F, which contain financial statements audited by an independent accounting firm, electronically with the SEC
and post a copy on our website.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC maintains a website
that contains reports, proxy and information statements and other information regarding registrants that file electronically with the
SEC, and our SEC reports can be viewed or downloaded there. The address of this web site is http://www.sec.gov. In addition, information
that we furnish or file with the SEC, including annual reports on Form 20-F, current reports on Form 6-K, proxy and information statements
and any amendments to, or exhibits included in, those reports are available to be viewed or download, free of charge, on our website
at http://www.luokung.com as soon as reasonably practicable after such materials are filed or furnished with the SEC. Information contained,
or that can be accessed through, our website does not constitute a part of this annual report and is not incorporated by reference herein,
and we have included our website address in this annual report solely for informational purposes.</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="k_050"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>I. SUBSIDIARY INFORMATION</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">For a listing of our subsidiaries,
see &#8220;Item 4. Information on the Company &#8211; C. Organizational Structure.&#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: center"></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="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></span></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><div><a id="k_051"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;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">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Interest Rate 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">As of December 31, 2022,
we had a loan from Geely Technology which bears interest at a fixed rate of 8% per annum. If we borrow money with variable interest in
future periods, we may be exposed to interest rate risk. Our exposure to market risk for changes in interest rates relates primarily
to the interest income generated by our cash deposits with our banks. We have not used any derivative financial instruments in our investment
portfolio. Interest earning instruments carry a degree of interest rate risk. We have not been exposed, nor do we anticipate being exposed
to material risks due to changes in interest rates. However, our future interest income may fall short of expectations due to changes
in interest rates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Foreign Exchange 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">Translation adjustments amounted
to a $2,204,206 gain and $58,700 loss for the fiscal years ended December 31, 2022 and 2021, respectively. The Company translated balance
sheet amounts with the exception of equity at December 31, 2022 at RMB 6.9646 to $1.00 as compared to RMB6.3757 to $1.00 at December
31, 2021-. The Company stated equity accounts at their historical rate. The average translation rates applied to income statement accounts
for the fiscal years ended December 31, 2022 and 2021 were RMB 6.7261 and RMB6.4515 to US$1.00, respectively. So far, the PRC government
has been able to manage a stable exchange rate between RMB and the U.S. Dollar. Our future downward translation adjustments may occur
and can be significant due to changes in such exchange rate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 decide to convert our
RMB into U.S. dollars for the purpose of making payments for dividends on our ordinary shares or for other business purposes, appreciation
of the U.S. dollar against the RMB would have a negative effect on the U.S. dollar amount available to us.</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">The PRC government imposes
strict restrictions on PRC resident companies regarding converting RMB into foreign currencies and vice versa under capital account transactions,
such as receiving equity investments from outside of the PRC, making equity investments outside of the PRC, borrowing money from or lending
money outside of the PRC, and repaying debt or remitting liquidated assets and/or accumulated profits outside of the PRC. These transactions
have to be approved by the relevant PRC government authorities, including but not limited to the commerce bureau, the tax bureau and
the State Administration of Foreign Exchange, or SAFE, and have to be conducted at banks entrusted by the local SAFE branch. As our business
continues to grow, we may need to continuously finance our PRC subsidiaries by raising capital from outside of the PRC. The restriction
on converting RMB into foreign currencies, and vice versa, may limit our ability to use capital resources from outside of the PRC. Such
restrictions may also limit our ability to remit profits from our PRC subsidiaries outside of the PRC, therefore potentially limiting
our ability to pay dividends to our shareholders. In addition, such restrictions will limit our ability to freely transfer temporary
excess cash in our or our subsidiaries&#8217; bank accounts in and out of the PRC, therefore limiting our ability to conduct cross-border
cash management activities to optimize the utilization of our cash.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Inflation</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 China has experienced
an increasing inflation rate, inflation has not had a material impact on our results of operations in recent years. According to the
National Bureau of Statistics of China, the change in the consumer price index in China was 0.46%, (0.77%), and 1.16% in 2001, 2002 and
2003, respectively. However, in connection with a 3.9% increase in 2004, the PRC government announced measures to restrict lending and
investment in China in order to reduce inflationary pressures in China&#8217;s economy. Following the government&#8217;s actions, the
consumer price index decreased to 1.8% in 2005 and to 1.5% in 2006. In 2007, the consumer price index increased to 4.8%. In response,
China&#8217;s central bank, the People&#8217;s Bank of China, announced that the bank reserve ratio would rise half a percentage point
to 15.5% in an effort to reduce inflation pressures. China&#8217;s consumer price index growth rate reached 8.7% year over year in 2008.
In 2009 and 2010, the change in the consumer price index in China was minus 0.7% and 3.3%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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">China consumer price index
in December 2022 was 1.8% higher than that of the same period in 2021. China consumer price index in December 2021 was 9.1% higher than
that of the same period in 2020. China consumer price index in December 2020 was 6.7% higher than that of the same period in 2019. China
consumer price index in December 2019 was 2.6% higher than that of the same period in 2018.China consumer price index in December 2018
was 0.1% lower than that of the same period in 2017. The results of the PRC government&#8217;s actions to combat inflation are difficult
to predict. Adverse changes in the Chinese economy, if any, will likely impact the financial performance of a variety of industries in
China that use, or would be candidates to use, our software products and 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: center"></p><div>

</div><!-- Field: Page; Sequence: 107; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></span></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;<b>&#160;&#160;</b></p><div>

</div><div><a id="k_052"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;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="k_053"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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="k_054"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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="k_055"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="k_056"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>D. AMERICAN DEPOSITARY
SHARES.</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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 108; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></span></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><div><a id="k_057"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">&#160;</p><div>

</div><div><a id="k_058"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;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">&#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">&#160;</p><div>

</div><div><a id="k_059"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;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">&#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="k_060"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;15. CONTROLS AND PROCEDURES.</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>Disclosure Controls and Procedures</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 Chief Executive Officer
and Chief Financial Officer have reviewed and evaluated the effectiveness of our disclosure controls and procedures, which included inquiries
made to certain other of our employees. The term &#8220;disclosure controls and procedures,&#8221; as defined in Rules 13a-15(e) and
15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required
to be disclosed by a company in the reports, such as this report, that it files or submits under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the SEC&#8217;s rules and forms. Disclosure controls and procedures include,
without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports
that it files or submits under the Exchange Act is accumulated and communicated to the company&#8217;s management, including its principal
executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes
that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their
objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have each concluded that, as of December 31, 2022,
the Company&#8217;s disclosure controls and procedures were not effective due to the material weakness described in the &#8220;Management&#8217;s
Report on Internal Control over Financial Reporting&#8221; section below. However, we performed adequate analyses and procedures, including
among other things, transaction reviews and account reconciliations, in order to provide assurance that our consolidated financial statements
included in this annual report were prepared in accordance with U.S. GAAP and present fairly, in all material respects, our financial
position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Management&#8217;s Report on Internal Control
Over Financial Reporting</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 management is responsible
for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f)
and 15d-15(f). Internal control over financial reporting refers to the process designed by, or under the supervision of, our principal
executive officer and principal financial officer, and effected by our Board of Directors, management and other personnel, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with U.S. GAAP and includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable
detail accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that receipts
and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company&#8217;s
assets that could have a material effect on the financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 system of internal control,
no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable
assurance with respect to financial statement preparation and presentation. Because of the inherent limitations of internal control,
there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting.
However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the
process safeguards to reduce, though not eliminate, this risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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">Management assessed our internal
control over financial reporting as of December 31, 2022. In making this assessment, management used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) in the report entitled &#8220;Internal Control-Integrated Framework (2013).&#8221;
The COSO framework summarizes each of the components of a company&#8217;s internal control system, including (i) the control environment,
(ii) risk assessment, (iii) control activities, (iv) information and communication, and (v) monitoring. Based on such assessment, management
concluded that its internal control over financial reporting as of December 31, 2022 was not effective because of the following material
weakness:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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">Lack of U.S. GAAP expertise.
Although our accounting personnel are professional and experienced in accounting requirements and procedures generally accepted in the
PRC, they do not have sufficient knowledge, experience and training in maintaining our books and records and preparing financial statements
in accordance with U.S. GAAP and SEC rules and regulations. The staff needs additional training to become experienced in U.S. GAAP-based
reporting, including the skills of U.S. GAAP-based period end closing, consolidation of financial statements, and U.S. GAAP conversion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; 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="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></span></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; text-align: justify; text-indent: 0.5in">In order to address the above
material weakness, our management plans to take the following steps:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 employ, as needed,
outside professionals to provide key accounting personnel ongoing technical trainings to ensure their proper understanding of U.S. GAAP
and newly announced accounting standards.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 Company believes the
foregoing measures will remediate the identified material weakness in future periods. The Company is committed to monitoring the effectiveness
of these measures and making any changes that are necessary and appropriate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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">However, giving full consideration
to the material weaknesses described above, our Chief Executive Officer and Chief Financial Officer performed adequate analyses and procedures,
including among other things, transaction reviews and account reconciliations, in order to provide assurance that our consolidated financial
statements included in this annual report were prepared in accordance with U.S. GAAP and present fairly, in all material respects, our
financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Attestation Report of Independent Registered
Public Accounting Firm </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 effectiveness of our
internal control over financial reporting as of December 31, 2022 has been audited by MSPC Certified Public Accountants and Advisors,
A Professional Corporation, an independent registered public accounting firm. The related report to our shareholders and our Board of
Directors appears on F-6 of this Report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 Internal Control over Financial
Reporting</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 were no changes in
the Company&#8217;s internal control over financial reporting that occurred during our fiscal year ended December 31, 2022 that has materially
affected or is reasonably likely to materially affect our internal control over financial reporting.</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="k_061"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;16A. AUDIT COMMITTEE FINANCIAL EXPERT.</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
determined that Ms. Yang Zhou qualifies as an audit committee financial expert. Our board of directors has determined that Ms. Yang Zhou,
Messrs. David Wei Tang, Jin Meng Bryan Yap and Zhihao Xu meet the definition of an &#8220;independent director&#8221; under the applicable
NASDAQ Rules and under Rule 10A-3 of the Securities Exchange Act of 1934, as amended.</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="k_062"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;16B. CODE OF ETHICS.</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
adopted a code of business conduct and ethics applicable to our directors, officers and employees. We have posted the code on our website
at&#160;http://www.luokung.com.</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="k_063"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;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">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Audit Fees</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 following is a summary
of the fees billed to the Company by its principal independent registered accounting firm for professional services rendered for the
years ended December 31, 2022 and 2021 (in US dollars):</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="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>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended <br/>
December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#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">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">2021</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: 76%; text-align: left">Audit Fees</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>MSPC</td><td>&#160;</td>
    <td style="text-align: left"></td><td style="text-align: right">440,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left"></td><td style="text-align: right">430,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Audit-Related Fees</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="padding-bottom: 1.5pt">MSPC</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">80,000</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">80,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">TOTAL</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">520,000</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">510,000</td><td style="padding-bottom: 4pt; text-align: left">&#160;</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: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></span></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; text-align: justify; text-indent: 0.5in">&#8220;Audit Fees&#8221;
consisted of the aggregate fees billed for professional services rendered for the audit of our annual financial statements and the reviews
of the financial statements included in our Forms 20-F and for any other services that were normally provided in connection with our
statutory and regulatory filings or engagements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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">&#8220;Audit Related Fees&#8221;
consisted of the aggregate fees billed for professional services rendered for assurance and related services that were reasonably related
to the performance of the audit or review of our financial statements and were not otherwise included in Audit Fees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Tax Fees</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 did not engage our principal
accountants to provide tax or related services during the last two fiscal 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"><b><i>All Other Fees</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 did not engage our principal
accountants to render services to us during the last two fiscal years, other than as reported 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="k_064"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;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">&#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="k_065"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;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">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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="k_066"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;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">&#160;</p><div>

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

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

</div><div><a id="k_067"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;16G. CORPORATE GOVERNANCE.</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 Company&#8217;s corporate
governance practices do not differ from those followed by domestic companies listed on the NASDAQ Capital Market other than 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">NASDAQ Listing Rule 5620(a)
requires each issuer to hold an annual meeting of shareholders no later than one year after the end of the issuer&#8217;s fiscal year
end. However, NASDAQ Listing Rule 5615(a)(3) permits a foreign private issuer like us to follow home country practices in lieu of certain
requirements of Listing Rule 5600, provided that such foreign private issuer discloses in its annual report filed with the SEC each requirement
of Rule 5600 that it does not follow and describes the home country practice followed in lieu of such requirement. We follow home country
practice with respect to annual meetings and did not hold an annual shareholder meeting in the year ended December 31, 2021. We may,
however, hold annual shareholder meetings in the future if there are significant issues that require shareholders&#8217; approvals.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NASDAQ Listing Rule 5635
generally provides that shareholder approval is required of U.S. domestic companies listed on the NASDAQ Capital Market prior to issuance
(or potential issuance) of securities (i) equaling 20% or more of the company&#8217;s common stock or voting power for less than the
greater of market or book value (ii) resulting in a change of control of the company; and (iii) which is being issued pursuant to a stock
option or purchase plan to be established or materially amended or other equity compensation arrangement made or materially amended.
Notwithstanding this general requirement, NASDAQ Listing Rule 5615(a)(3)(A) permits foreign private issuers to follow their home country
practice rather than these shareholder approval requirements. The British Virgin Islands do not require shareholder approval prior to
any of the foregoing types of issuances. The Company, therefore, is not required to obtain such shareholder approval prior to entering
into a transaction with the potential to issue securities as described above. The Board of Directors of the Company has elected to follow
the Company&#8217;s home country rules as to such issuances and will not be required to seek shareholder approval prior to entering into
such a transaction.</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="k_068"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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">&#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="k_069"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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-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">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: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></span></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><div><a id="k_070"></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">&#160;</p><div>

</div><div><a id="k_071"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;17. 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; text-indent: 0.5in">We have elected to provide
financial statements and related information specified in Item 18.</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="k_072"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;18. 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; text-indent: 0.5in">See &#8220;Index to Consolidated
Financial Statements&#8221; for a list of all financial statements filed as part of this annual report.&#160;The Financial Statements
begin on page F-1.</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="k_073"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM&#160;19. EXHIBITS.</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">See the Exhibit Index following
the signature page of this report, which is incorporated herein by reference.</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="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></span></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;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</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 registrant hereby certifies
that it meets all of the requirements for filing on Form&#160;20-F and that it has duly caused and authorized the undersigned to sign
this annual report on its behalf.</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: top">
    <td>&#160;</td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LUOKUNG TECHNOLOGY CORP.</b></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 60%">&#160;</td>
    <td style="width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="width: 36%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Xuesong Song&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xuesong Song</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer <br/>
    (principal executive officer)</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">May 15, 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"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></span></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="margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INDEX</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 documents are
filed as part of 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; 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>
    <td style="vertical-align: top; width: 9%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit<br/>
    Number</b></span></td>
    <td style="vertical-align: top; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 90%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390020016146/f20f2019ex1-1_luokung.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Memorandum of Association and Articles of Association of Luokung Technology Corp., as currently in effect. [Incorporated by reference to Exhibit 1.1 to the Company&#8217;s Annual Report on Form 20-F filed on June 29, 2020].</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000114420410019890/v180673_ex4-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit Agreement among the Company, depositary and holders of the American Depositary Receipts.</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000114420410019890/v180673_ex4-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of American Depositary Receipt. [Incorporated by reference to Exhibit 4.1 to the Company&#8217;s Registration Statement on Form F-1 (Reg. No. 333-166056)].</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000114420410019890/v180673_ex10-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of Entrusted Management Agreement dated December 15, 2009 between Xi&#8217;an Softech Co., Ltd., Xi&#8217;an Kingtone Information Technology Co., Ltd. and the shareholders of Xi&#8217;an Kingtone Information Technology Co., Ltd.</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390021026236/f20f2020ex2-4_luokungtech.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Registrant&#8217;s Securities [Incorporated by reference to Exhibit 2.4 to the Company&#8217;s Annual Report on Form 20-F filed on May 14, 2021]</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390018001486/f20f2017ex4-13_kingtone.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset Exchange Agreement by and between C Media Limited and the Company dated as of January 25, 2018.</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2*</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390018001486/f20f2017ex4-14_kingtone.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Purchase Agreement by and among Redstone YYL Management Limited and five shareholders holding majority of the shares of the Company dated as of January 25, 2018.</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3**</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390018013839/f20f2017ex4-15_luokung.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive Business Cooperation Agreement by and between Zhongchuan Tianxia Information Technology (Shenzhen) Co., Ltd., and Beijing Mobile Vision Technology Co., Ltd., dated August 31, 2015.</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4**</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390018013839/f20f2017ex4-16_luokung.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive Option Agreement by and among Zhongchuan Tianxia Information Technology (Shenzhen) Co., Ltd., Xuesong Song, Weili Chen, Ping Wang, Donglai Liu, and Beijing Mobile Vision Technology Co., Ltd., dated August 31, 2015.</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5**</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390018013839/f20f2017ex4-17_luokung.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity Interest Pledge Agreement by and among Zhongchuan Tianxia Information Technology (Shenzhen) Co., Ltd., Xuesong Song, Weili Chen, Ping Wang, Donglai Liu, and Beijing Mobile Vision Technology Co., Ltd., dated August 31, 2015.</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390018013492/f6k100418ex10-1_luokungtech.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Addendum to Asset Exchange Agreement by and among the Company, Topsky Info-tech Holdings Pte Ltd. and C Media Limited, dated October 3, 2018. [Incorporated by reference to Exhibit 10.1 to the Company&#8217;s Report of Foreign Private Issuer on Form 6-K filed on October 4, 2018].</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390018011758/f6k082718bex4-1_luokungtech.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock Purchase Agreement, dated August 25, 2018, by and among the Company, LK Technology Ltd., and the shareholders listed therein. [Incorporated by reference to Exhibit 4.1 to the Company&#8217;s Report of Foreign Private Issuer on Form 6-K filed on August 27, 2018].</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8**</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390018013839/f20f2017ex4-20_luokung.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney by Weili Chen, dated August 31, 2015.</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9**</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390018013839/f20f2017ex4-21_luokung.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney by Ping Wang, dated August 31, 2015.</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10**</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390018013839/f20f2017ex4-22_luokung.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney by Donglai Liu, dated August 31, 2015.</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11**</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390018013839/f20f2017ex4-23_luokung.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney by Xuesong Song, dated August 31, 2015.</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12**</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390018013839/f20f2017ex10-1_luokung.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement, dated August 19, 2018, between Luokung Technology Corp. and Xuesong Song.&#8224;</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.13**</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390021032436/ea142712ex99-1_luokungtech.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment to Employment Agreement, dated August 19, 2018, between Luokung Technology Corp. and Xuesong Song.&#8224; [Incorporated by reference to Exhibit 99.1 to the Company&#8217;s Report of Foreign Private Issuer on Form 6-K filed on June 15, 2021].</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.14**</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390018013839/f20f2017ex10-2_luokung.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement, dated August 19, 2018, by and between Luokung Technology Corp. and Jie Yu.&#8224;</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">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.15</span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390019000821/f6k011719ex4-1_luokungtech.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Purchase Agreement with Honbridge Holdings Limited. [Incorporated by reference to Exhibit 4.1 to the Company&#8217;s Report of Foreign Private Issuer on Form 6-K filed on January 17, 2019].</span></a></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 114; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></span></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-indent: 0.25in">&#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; width: 9%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit<br/>
    Number</b></span></td>
    <td style="vertical-align: top; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 90%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390019017970/f6k091319ex99-1_luokung.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share Purchase Agreement as to the acquisition of Saleya. [Incorporated by reference to Exhibit 99.1 to the Company&#8217;s Report of Foreign Private Issuer on Form 6-K filed on September 13, 2019].</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"><a href="https://www.sec.gov/Archives/edgar/data/1487839/000121390019020507/f6k101619ex99-1_luokung.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental Agreement as to the acquisition of Saleya. [Incorporated by reference to the Company&#8217;s Report of Foreign Private Issuer t on Form 6-K filed on October 17, 2019.]</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>
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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>
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    <td style="text-align: justify">&#160;</td>
    <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>
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  <tr style="vertical-align: top; ">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top; ">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</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>
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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>
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
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    <td style="text-align: justify">&#160;</td>
    <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>
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  <tr style="vertical-align: top; ">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top; ">
    <td style="text-align: justify">&#160;</td>
    <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>
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  <tr style="vertical-align: top; background-color: #CCEEFF">
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  <tr style="vertical-align: top; ">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top; background-color: #CCEEFF">
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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>
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  <tr style="vertical-align: top; ">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top; ">
    <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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  <tr style="vertical-align: top; ">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top; ">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
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filed as exhibits to the Company&#8217;s&#160;Annual Report on Form 20-F filed with the Commission on February 9, 2018 and incorporated
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</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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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filed as exhibits to the Company&#8217;s Annual Report on Form 20-F filed with the Commission on October 12, 2018</span></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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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management contract or compensatory plan, contract or arrangement.</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>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></span></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="k_074"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Luokung Technology Corp. and Subsidiaries</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">CONSOLIDATED FINANCIAL STATEMENTS</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">TABLE OF CONTENTS</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="width: 90%; text-align: justify">&#160;</td>
    <td style="width: 1%">&#160;</td>
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  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: justify"><a href="#f_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reports of Independent Registered Public Accounting Firms </b></span></a></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2&#160;-&#160;F-10</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
    Financial Statements</b></span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-11</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-12</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-13</span></td></tr>
  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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  <tr>
    <td style="vertical-align: top; text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; vertical-align: top; text-align: justify"><a href="#f_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Consolidated Financial Statements</span></a></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-15
    - F-39</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: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="" src="img_004.jpg"/></p><div>

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

</div><div><a id="f_001"></a></div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</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">To the Board of Directors and</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stockholders of Luokung Technology Corp.</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-top: 0pt; margin-bottom: 0pt"><b><i>Opinion on the Consolidated
Financial Statements</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We have audited the accompanying consolidated
balance sheets of Luokung Technology Corp. and Subsidiaries (the &#8220;Company&#8221;) as of December 31, 2022 and 2021, and the related
consolidated statements of operations and comprehensive loss, changes in stockholders&#8217; equity, and cash flows for the years then
ended, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial
statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results
of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United
States of America.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We also have audited, in accordance with
the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company&#8217;s internal control over financial
reporting as of December 31, 2022 and 2021, based on criteria established in <i>Internal Control&#8212;Integrated Framework (2013) </i>issued
by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated May 15, 2023, expressed an adverse
opinion.</p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Company&#8217;s Ability to Continue
as a Going Concern</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The accompanying financial statements
have been prepared assuming the Company will continue as a going concern. As discussed in Note 2 to the accompanying financial statements,
the Company has suffered recurring losses from operations and has net current liabilities of $50,005,942 as of December 31, 2022 that
raise substantial doubt about the Company&#8217;s ability to continue as a going concern. Management&#8217;s evaluation of the events
and conditions and management&#8217;s plans in regard these matters are also described in Note 2. The financial statements do not include
any adjustments that might result from the outcome of this uncertainty.</p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Basis for Opinion</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">These consolidated financial statements
are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s consolidated
financial statements based on our audits. We are a public accounting firm registered with the 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">&#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; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<img alt="" src="img_005.jpg"/></span></td>
    <td style="vertical-align: bottom; width: 47%">www.mspc.cpa</td>
    <td style="vertical-align: top; width: 15%">&#160;</td>
    <td style="vertical-align: top; width: 8%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An independent firm associated with</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">340 North Avenue, Cranford, NJ 07016-2496</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">908 272-7000</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moore Global Network Limited</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">546 5<sup>th</sup> Avenue, 6th Floor, New York, NY
    10036-5000</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">212 682-1234</span></td>
    <td><img alt="" src="img_006.jpg"/>&#160;</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; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 2; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- 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"><b>&#160;</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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.
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: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Critical Audit Matters</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The critical audit matters communicated
below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to
be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters
does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the
critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they
relate.</p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Valuation of Goodwill and Intangible Assets</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Critical Audit Matter Description</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As reflected in the Company&#8217;s consolidated
financial statements, as of December 31, 2022, the Company&#8217;s goodwill and intangible assets were $80,294,407 and $87,659,719, respectively.
As disclosed in Note 2 to the consolidated financial statements, goodwill is tested for impairment at least annually or more frequently
if indicators of impairment require the performance of an interim impairment assessment and intangible assets are tested for impairment
when events and circumstances exist that indicate the carrying value of intangibles may not be recoverable.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Auditing management&#8217;s valuation
of goodwill and intangible assets was complex and highly judgmental due to the significant measurement uncertainty in determining the
fair values of the reporting units for purpose of goodwill valuation and the undiscounted estimated future cash flows that are directly
associated with and expected to arise from the use of such intangible assets of the reporting units. In particular, the fair value estimates
of the reporting units were sensitive to changes in significant assumptions such as discount rates, revenue growth rates, operating margins,
estimated spend on capital expenditures, terminal growth rates and selection of the weighted average cost of capital. The undiscounted
estimated future cash flows for intangible assets of reporting units were sensitive to significant assumptions such as revenue growth
rates, operating margins, estimated spend on capital expenditures. These assumptions are affected by expected future market or economic
conditions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>How We Addressed the Matter in Our Audit</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Our audit procedures related to valuation
of goodwill and intangible assets to address this critical audit matter included the following, among others:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">We obtained an understanding and evaluated the operating
design effectiveness of controls over the Company&#8217;s goodwill and intangible assets valuation process.</td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">We
evaluated reasonableness of valuation methodologies and the significant assumptions and underlying data used by the Company, including
forecasted revenue based on expected growth rate, new contracts,, new product launches and operating margins</span></td>
</tr></table><div>

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

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

</div><!-- Field: Page; Sequence: 3; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; 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">&#160;</p><div>

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Assessment of Realizability of Deferred
Tax Assets</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Critical Audit Matter Description</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As discussed in Note 4
to the consolidated financial statements, the Company records a valuation allowance based on the assessment of the realizability of the
Company&#8217;s deferred tax assets. For the year-ended December 31, 2022, the Company had deferred tax assets before valuation allowances
of $25,506,592.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Auditing management&#8217;s assessment
of recoverability of deferred tax assets involved subjective estimation and complex auditor judgment in determining whether sufficient
future taxable income, including projected pre-tax income, will be generated to support the realization of the existing deferred tax assets
before expiration.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>How We Addressed the Matter in Our Audit</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Our audit procedures related
to assessment of realizability of deferred tax assets to address this critical audit matter included the <span style="font-family: Times New Roman, Times, Serif">following,
among others:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">We
                                            evaluated the assumptions used by the Company to develop projections of future taxable income,
                                            including pre-tax income, by income tax jurisdiction and tested the completeness and accuracy
                                            of the underlying data used in the projections. For example, we compared the projections
                                            of pre-tax income with the actual results of prior periods, as well as management&#8217;s
                                            consideration of current industry and economic trends.</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">We
                                            also compared the projections of future pre-tax income with other forecasted financial information
                                            prepared by the Company.</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">We
                                            reviewed management&#8217;s estimate of the realizability of the deferred tax asset for reasonableness.</span></td>
</tr></table><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">Allowance
for Expected Credit Losses</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Critical
Audi</i></span><i>t Matter Description</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">At December 31, 2022, the Company&#8217;s accounts
receivable and other receivables were $28,383,755 and $49,048,118, respectively, and the allowances for expected credit loss reserve (&#8220;ECL&#8221;)
related to the accounts receivable and other receivables balances were $21,100,189 and $14,546,581, respectively. As explained in Note
2 to the consolidated financial statements, the Company estimates its ECL primarily using an expected loss model that considers the likelihood
of default and expected loss given default for an individual customer or other debtors.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Auditing the ECL is highly subjective
due to the judgmental nature of the model and the underlying assumptions required to estimate expected credit losses as of the balance
sheet date. For example, estimating the ECL required significant judgment with respect to various factors, including (i) the appropriate
historical bad debt loss reference data, (ii) the expected timing of collection, (iii) calibration of the likelihood of default to reflect
the risk characteristics of the Company&#8217;s receivable portfolio and (iv) the Company&#8217;s current and future view of the macroeconomic
environment.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>How <span style="font-family: Times New Roman, Times, Serif">We
Addressed the Matter in Our Audit</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
audit procedures related to allowance for expected credit losses to address this critical audit matter included the following, among
others:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">We
                                            obtained an understanding of the Company&#8217;s controls over the allowance for expected
                                            credit losses process, including management&#8217;s review and approval of models used to
                                            calculate the estimate and the evaluation of the completeness and accuracy of data inputs,
                                            assumptions, and outputs of those models.</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">We
                                            examined the quantitative model methodology, assumptions used, and clerical accuracy of the
                                            segmentation level loss estimates.</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">We
                                            evaluated the inputs used by management in determining the qualitative adjustments for consistency
                                            with management&#8217;s evaluation framework and macro-economic trends.</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">We
                                            reviewed subsequent events and transactions to determine if these had any effects on the
                                            Company&#8217;s estimates.</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">We
                                            also assessed the adequacy of disclosures related to the allowance for credit losses.</span></td>
</tr></table><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Critical
Audit Matter Description</i></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Managemen</span>t&#8217;s
plans for addressing going concern matter are described in Note 2.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We determined the Company&#8217;s ability
to continue as a going concern is a critical audit matter due to the estimation and uncertainty regarding the Company&#8217;s future cash
flows and the risk of bias in management&#8217;s judgments and assumptions in estimating these cash flows.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>How We Addressed the Matter in Our Audit</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Our aud<span style="font-family: Times New Roman, Times, Serif">it
procedures related to the Company&#8217;s assertion on its ability to continue as a going concern included the following, among others:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
                                            identified the conditions and events noted above that indicate there is substantial doubt
                                            about the Company&#8217;s ability to continue as a going concern.</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">We
                                            evaluated management&#8217;s plans in connection with its intent to raise additional debt and equity
                                            financing and reviewed management&#8217;s forecasted revenue, operating expenses, and uses and
                                            sources of cash used in management&#8217;s assessment of whether the Company has sufficient
                                            liquidity to fund operations for at least one year from the consolidated financial statement
                                            issuance date.</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">We
                                            also reviewed and evaluated the consolidated financial statement presentation and disclosure
                                            regarding the substantial doubt about the ability of the Company to continue as a going concern.</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><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><img alt="" src="img_007.jpg"/></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 60%">&#160;</td>
    <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><b>MS<sub>PC</sub></b></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certified Public Accountants and Advisors,</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A Professional Corporation</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">New York, New York</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 15, 2023</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">We have served as the Company&#8217;s auditor since 2021</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">PCAOB ID : 717</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: center"></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: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- 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; text-align: center"><img alt="" src="img_008.jpg"/></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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></p><div>

</div><p style="text-align: justify; 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">To the Board of Directors and</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Stockholders of Luokung
Technology Corp.</p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Adverse Opinion on Internal Control
over Financial Reporting</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We have audited Luokung Technology Corp.&#8217;s
and Subsidiaries (the Company&#8217;s) internal control over financial reporting as of December 31, 2022, based on criteria established in <i>Internal
Control&#8212; Integrated Framework (2013) </i>issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, because of the effect of the material weakness described in the following paragraph on the achievement of the objectives
of the control criteria, the Company has not maintained effective internal control over financial reporting as of December 31, 2022, based
on criteria established in <i>Internal Control&#8212;Integrated Framework (2013) </i>issued by COSO.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">A material weakness is a control deficiency,
or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material
misstatement of the Company&#8217;s annual or interim financial statements will not be prevented or detected on a timely basis. The following
material weakness has been identified and included in management&#8217;s assessment.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Company personnel responsible
for financial reporting lack sufficient US GAAP knowledge and the Company does not have a formal system of internal control that would
provide management with reasonable assurance that the Company&#8217;s consolidated financial statements and related disclosures, including
subsequent events, are complete and presented in accordance with US GAAP. This material weakness was considered in determining the nature,
timing, and extent of audit tests applied in our audit of the 2022 consolidated financial statements, and this report does not affect
our report dated May 15, 2023, on those consolidated financial statements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We also have audited, in accordance with
the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet and the related
consolidated statements of operations and comprehensive loss, changes in stockholders&#8217; equity, and cash flows of the Company, and our
report dated May 15, 2023, expressed an unqualified opinion.</p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Basis for Opinion</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company&#8217;s management is responsible
for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over
financial reporting, included in the accompanying Management&#8217;s Report on Internal Control Over Financial Reporting. Our responsibility
is to express an opinion on the Company&#8217;s internal control over financial reporting based on our audit. We are a public accounting firm
registered with the 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"><b>&#160;</b></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; width: 30%"><img alt="" src="img_005.jpg"/></td>
    <td style="vertical-align: bottom; width: 47%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.mspc.cpa</span></td>
    <td style="vertical-align: top; width: 15%">&#160;</td>
    <td style="vertical-align: top; width: 8%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An independent firm associated with</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">340 North Avenue, Cranford, NJ 07016-2496</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">908 272-7000</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moore Global Network Limited</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">546 5<sup>th</sup> Avenue, 6th Floor, New York, NY
    10036-5000</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">212 682-1234</span></td>
    <td></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; text-align: center"></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: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- 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-top: 0pt; margin-bottom: 0pt; text-align: justify">We conducted our audit
in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control
over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed
risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit
provides a reasonable basis for our opinion.</p><div>

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

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Definition and Limitations
of Internal Control over Financial Reporting</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">A company&#8217;s internal control over financial
reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
consolidated financial statements for external purposes in accordance with generally accepted accounting principles. A company&#8217;s internal
control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use, or disposition of the company&#8217;s assets that could have a material effect on the consolidated financial statements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, 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.</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">&#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>&#160;</td>
    <td><img alt="" src="img_007.jpg"/></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 60%">&#160;</td>
    <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MS<sub>PC</sub></b></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certified Public Accountants and Advisors,<br/>
 A Professional Corporation</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">New York, New York</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 15, 2023</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">PCAOB ID : 717</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: center"></p><div>

</div><!-- Field: Page; Sequence: 7; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; 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: 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>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</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">To the Shareholders and the Board of Directors
of</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Opinion on 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">We have audited the accompanying consolidated
balance sheets of Luokung Technology Corp. and. subsidiaries (the &#8220;Company&#8221;) as of December 31, 2020, and the related consolidated
statements of operations and comprehensive loss, changes in shareholders&#8217; equity and cash flows for each of the two years in the
period ended December 31, 2020, and the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;).
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of
the Company as of December 31, 2020, and the consolidated results of its operations and its cash flows for each of the two years in the
period ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Basis for Opinion</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 the Company&#8217;s consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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.</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">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"><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><!-- 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM (CONTINUED)</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: justify"><b>Critical Audit Matters</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">The critical audit matters communicated below
are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated
to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and
(2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in
any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters
below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Impairment of goodwill and intangible assets</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"><i>Description of the Matter</i></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">As reflected in the Company&#8217;s consolidated
financial statements for the year ended December 31, 2020, the Company&#8217;s goodwill and intangible balances amounted to $11,957,839
and $42,716,594, respectively, as at December 31, 2020. As discussed in Note 9 to the consolidated financial statements, the Company recognized
impairment of goodwill of $3,619,968 associated with the acquisition of Jiangsu Zhong Chuan Rui You Information and Technology Limited
(&#8220;Zhong Chuan Rui You&#8221;) in 2014. In addition, intangible assets included patents of $41,869,413 recognized in connection with
the acquisition of Superengine Holding Limited (&#8220;Superengine&#8221;) in 2018. As discussed in Note 2 to the consolidated financial
statements, goodwill is tested for impairment at least annually and intangible assets are tested for impairment when events and circumstances
exist that indicate the carrying value of intangibles may not be recoverable. Auditing management&#8217;s annual quantitative goodwill
and intangible assets impairment tests was complex and involved a high degree of subjectivity due to the significant estimation required
in determining the fair value of the reporting units and the intangible assets. The fair value estimates related to the Company&#8217;s
reporting units and the intangible assets were sensitive to significant assumptions such as discount rates, revenue growth rates, operating
margins, working capital rates, royalty rates, and terminal growth rates, which are forward-looking and could be affected by future economic
and market conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>How We Addressed the Matter in Our Audit</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">We obtained an understanding of controls over
the Company&#8217;s quantitative goodwill and intangible assets impairment tests. For example, we tested the significant assumptions used
to develop the estimate including forecasted revenue growth rates and profitability, discount rates and the completeness and accuracy
of the data used in the calculations. To test the estimated fair value of the Company&#8217;s reporting units and intangible assets, we
performed audit procedures that included, among others, assessing fair value methodologies and testing the significant assumptions discussed
above and the completeness and accuracy of the underlying data used by the Company in its analyses. For example, we obtained contracts
to support forecasted revenue, and we compared the significant assumptions used by management to current industry, market and economic
trends, to historical results of the Company&#8217;s business and other guideline companies within the same industry and to other relevant factors.
We performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the reporting units and intangible
assets that would result from changes in the assumptions. We evaluated the independence, qualifications of, and the methodologies employed
by, the third-party specialist engaged by the Company to assist in estimation of the fair value of goodwill and intangible assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; 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>
    </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: center"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM (CONTINUED)</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>Critical Audit Matters (continued)</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>Allowance for expected credit losses on
accounts and other receivables</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"><i>Description of the Matter</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">At December 31, 2020 the Company&#8217;s had gross
accounts receivable of $26,941,374 offset by an&#160;allowance for expected credit losses&#160;of $22,960,432, and gross other receivables
of $16,303,017 offset by an allowance for expected credit losses&#160;of $9,189,616. As discussed in Note 2 to the consolidated financial
statements, the Company recognizes an allowance for expected credit losses over the life of accounts and other receivables. Management
measures expected losses on an individual basis and collectively where similar risk characteristics exist using historical default experience
to estimate an allowance.<span>&#160;In addition to adjusted historical default, current economic conditions
and estimates of forward-looking information including reasonable and supportable forecasts are also considered. To the extent that situations
and trends arise which are not captured in management&#8217;s model, </span>management will layer on additional qualitative adjustments.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Auditing management&#8217;s estimates of the&#160;allowance
for credit losses&#160;for accounts and other receivables involves a high degree of complexity in testing the model and modeling assumptions
used to derive the segmentation level loss estimates utilized in the allowance calculation. Additionally, in light of the current economic
environment, auditing the estimate is complex due to the judgments necessary to evaluate management&#8217;s qualitative assessments of
how to adjust the historical default experience, as well as the macro-economic forecast to estimate current expected credit losses over
the life of the accounts and other receivables.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>How We Addressed the Matter in Our Audit</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">We obtained an understanding of the Company&#8217;s
controls over the&#160;allowance for expected credit losses&#160;process, including management&#8217;s review and approval of models used
to calculate the estimate and the evaluation of the completeness and accuracy of data inputs, assumptions, and outputs of those models.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 tested the quantitative model methodology,
modeling assumptions, model calculation and clerical accuracy of the segmentation level loss estimates. We tested the completeness and
accuracy of historical data. We evaluated management&#8217;s identification of historical loss periods used in the models. We also assessed
management&#8217;s adjustments to historical loss data and evaluated whether those adjustments were reflective of management&#8217;s current
expected loss estimates, and consistent with the underlying supporting documentation for any such quantitative adjustments. We evaluated
the inputs used by management in determining the qualitative adjustments for consistency with management&#8217;s evaluation framework.
We tested the completeness and accuracy of underlying portfolio and macro-economic data considered by management in determining the qualitative
adjustments. We also inspected management&#8217;s documentation of the evaluation of adjustments considered for consistency with the underlying
data and evaluated the reasonableness of the qualitative adjustments recorded. We evaluated the reasonableness of the overall allowance
estimate, inclusive of the adjustments for qualitative factors, through comparison of historical estimation results to actual recorded
losses. We also reviewed subsequent events and transactions and considered whether they corroborated or contradicted the Company&#8217;s
estimation conclusion.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ <ix:nonNumeric contextRef="c0" name="dei:AuditorName">Moore Stephens CPA Limited</ix:nonNumeric></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 began serving as the Company&#8217;s auditor
in 2018. In 2021, we became the predecessor auditor.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c0" name="dei:AuditorLocation">Hong Kong</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 14, 2021</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PCAOB ID: <ix:nonNumeric contextRef="c0" name="dei:AuditorFirmId">844</ix:nonNumeric></p><div>

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

</div><div><a id="f_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LUOKUNG TECHNOLOGY CORP. AND SUBSIDIARIES<br/>
CONSOLIDATED BALANCE SHEETS<br/>
(IN U.S. DOLLARS)</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>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#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">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">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Assets</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">
    <td>Current assets:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-indent: -9pt; padding-left: 0.25in">Cash</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Cash" scale="0" unitRef="usd">1,264,881</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Cash" scale="0" unitRef="usd">16,443,929</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Restricted cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="usd">351,334</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">Accounts receivable, net of allowance for expected credit losses</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)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Notes receivable</td><td style="padding-bottom: 1.5pt">&#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: 9pt">Total current assets</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="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="usd">44,825,670</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="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="usd">57,726,014</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; text-indent: -9pt; padding-left: 9pt">Non-current assets:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><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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  <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; ">
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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; text-indent: -9pt; padding-left: 9pt">Total non-current assets</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="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsNoncurrent" scale="0" unitRef="usd">188,811,505</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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    <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="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd">265,188,859</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">Liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Current liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><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="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="0" unitRef="usd">8,091,759</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)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAccountsPayableAndAccruedLiabilities" scale="0" unitRef="usd">82,095,458</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; text-indent: -9pt; padding-left: 0.25in">Contract liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ContractWithCustomerLiabilityCurrent" scale="0" unitRef="usd">2,066,634</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; text-indent: -9pt; padding-left: 0.25in">Lease liabilities &#8211; current portion</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd">1,665,410</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="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd">1,446,823</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; text-indent: -9pt; padding-left: 0.25in">Amounts due to related parties</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="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrent" scale="0" unitRef="usd">912,351</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="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrent" scale="0" unitRef="usd">135,718</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; text-indent: -9pt; padding-left: 9pt">Total current 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="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">94,831,612</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="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">101,708,506</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Non-current liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><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">Lease liabilities &#8211; non-current portion</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd">1,148,526</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="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd">3,064,357</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">Accrued liabilities and other payables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" scale="0" unitRef="usd">3,347,540</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="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" scale="0" unitRef="usd">3,666,995</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; text-indent: -9pt; padding-left: 0.25in">Deferred tax 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">-</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="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxLiabilitiesOther" scale="0" unitRef="usd">2,900,999</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total non- current 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="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="0" unitRef="usd">4,496,066</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="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="0" unitRef="usd">9,632,351</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; text-indent: -9pt; padding-left: 9pt">TOTAL LIABILITIES</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd">111,340,857</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#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="text-align: left; text-indent: -9pt; padding-left: 9pt">Commitments and contingencies</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-0">&#160;</div></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-1">&#160;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#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="text-align: left; text-indent: -9pt; padding-left: 9pt">Mezzanine equity</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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  <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; text-indent: -9pt; padding-left: 0.25in">Additional paid-in capital</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">Accumulated deficit</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="text-indent: -9pt; padding-left: 9pt">&#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="text-align: left; text-indent: -9pt; padding-left: 9pt">Total equity attributable to owners of the company</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: 9pt">Non-controlling interest</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-indent: -9pt; padding-left: 9pt">&#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; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total Shareholders&#8217; Equity</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="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="usd">124,105,171</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-indent: -9pt; padding-left: 9pt">&#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; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS&#8217; EQUITY</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="usd">233,637,175</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="usd">265,188,859</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</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">See accompanying notes to the consolidated financial
statements</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: 11; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- 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: center">&#160;</p><div>

</div><div><a id="f_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LUOKUNG TECHNOLOGY CORP. AND SUBSIDIARIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS<br/>
(IN U.S. DOLLARS)</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="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>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the years ended <br/>
December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#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">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">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-indent: -9pt; padding-left: 9pt">Revenues</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="usd">93,593,186</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; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Less: Operating expenses:</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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">General and administrative</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="0" unitRef="usd">20,663,654</ix:nonFraction></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)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total operating expenses</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="text-align: left; text-indent: -9pt; padding-left: 9pt">Other (expense) income:</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: 9pt">Interest expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpense" scale="0" unitRef="usd">3,363,106</ix:nonFraction></td><td style="text-align: left">)</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: 9pt">Foreign exchange (losses) gains, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" sign="-" unitRef="usd">294,750</ix:nonFraction></td><td style="text-align: left">)</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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" unitRef="usd">9,100</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">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Other income, 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="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" unitRef="usd">10,037,660</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="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" unitRef="usd">214,459</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="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" unitRef="usd">1,740,922</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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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="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" unitRef="usd">6,388,904</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="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">3,978,751</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Loss before income taxes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" sign="-" unitRef="usd">54,153,065</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="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" sign="-" unitRef="usd">69,597,322</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="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" sign="-" unitRef="usd">40,056,965</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Income tax benefit</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="us-gaap:IncomeTaxExpenseBenefit" scale="0" sign="-" unitRef="usd">3,941,324</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="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExpenseBenefit" scale="0" sign="-" unitRef="usd">8,126,337</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">-</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; text-indent: -9pt; padding-left: 9pt">Net loss</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="usd">50,211,741</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="usd">61,470,985</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="usd">40,056,965</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Less: Net (income) loss attributable to non-controlling interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" scale="0" unitRef="usd">2,327,941</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="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" scale="0" unitRef="usd">7,330,267</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="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="usd">191,325</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: 4pt; text-indent: -9pt; padding-left: 9pt">Net loss attributable to owners of the Company</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">52,539,682</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">68,801,252</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">39,865,640</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Comprehensive loss:</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="text-align: left; text-indent: -9pt; padding-left: 9pt">Net loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="usd">50,211,741</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="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="usd">61,470,985</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="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="usd">40,056,965</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: 9pt">Other comprehensive income (loss):</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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to the consolidated financial
statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></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><div><a id="f_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LUOKUNG TECHNOLOGY CORP. AND SUBSIDIARIES</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;
EQUITY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(IN U.S. DOLLARS)</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"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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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: center">See accompanying notes to the consolidated financial
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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: center"></p><div>

</div><!-- Field: Page; Sequence: 13; Value: 1 --><div>
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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LUOKUNG TECHNOLOGY CORP. AND SUBSIDIARIES</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<br/>
(IN U.S. DOLLARS)</b></p><div>

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

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    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 27pt">Write-off of accounts and other payables</td><td style="font: 9pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 27pt">Deferred income taxes</td><td style="font: 9pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; ">
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  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; ">
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    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lkco:IncreaseDecreaseLeaseLiabilities" scale="0" unitRef="usd">1,341,431</ix:nonFraction></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 9pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="lkco:IncreaseDecreaseLeaseLiabilities" scale="0" unitRef="usd">997,298</ix:nonFraction></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 9pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" sign="-" unitRef="usd">16,685</ix:nonFraction></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 9pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable" scale="0" sign="-" unitRef="usd">1,126</ix:nonFraction></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 9pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 9pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-92">-</div></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 9pt Times New Roman, Times, Serif; text-indent: -9pt; padding-left: 27pt">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; ">
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    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="lkco:PaymentsToAcquisitionOfSubsidiary" scale="0" unitRef="usd">67,957,424</ix:nonFraction></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 9pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="lkco:AdditionalCapitalInvestmentAssociate" scale="0" unitRef="usd">439,502</ix:nonFraction></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 9pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; ">
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    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; ">
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    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 9pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; ">
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  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; ">
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  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; ">
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  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; ">
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</div><p style="font: 7pt 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">See accompanying notes to the consolidated financial
statements</p><div>

</div><!-- Field: Page; Sequence: 14; Value: 1 --><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="f_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LUOKUNG TECHNOLOGY CORP. AND SUBSIDIARIES<br/>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(IN U.S. DOLLARS)</b></p><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 1 &#8211; DESCRIPTION OF BUSINESS AND ORGANIZATION</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="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_2" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Luokung Technology Corp. (&#8220;LKCO&#8221;),
formerly Kingtone Wirelessinfo Solution Holding Ltd (&#8220;Kingtone Wireless&#8221;) was incorporated in the British Virgin Islands on
October 27, 2009 under the name of Reizii Capital Management Limited. It has wholly-owned subsidiaries and a variable interest entity
(&#8220;VIE&#8221;). Its wholly-owned subsidiaries include: Topsky Info-tech Holdings Pte Ltd. (&#8220;Topsky&#8221;), which was established
in Singapore on November 3, 2009, and Xi&#8217;an Softech Co., Ltd. (&#8220;Softech&#8221;), which was established in Xi&#8217;an, Shaanxi
Province, China on November 27, 2009 by Topsky. Its VIE is Xi&#8217;an Kingtone Information Technology Co., Ltd. (&#8220;Kingtone Information&#8221;)
which was incorporated in Xi&#8217;an, Shaanxi province, China on December 28, 2001.</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="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_3" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 10, 2019 and November 6, 2020, LK Technology
entered into a Stock Purchase Agreement and The Supplementary Agreement to Stock Purchase Agreement with the shareholders of BotBrain
AI Limited (&#8220;Botbrain&#8221;), a limited liability company incorporated under the laws of the British Virgin Islands, pursuant to
which LK Technology acquired <ix:nonFraction contextRef="c54" decimals="4" format="ixt:num-dot-decimal" name="lkco:PercentageOfAcquiredIssuedAndOutstandingShares" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c55" decimals="4" format="ixt:num-dot-decimal" name="lkco:PercentageOfAcquiredIssuedAndOutstandingShares" scale="-2" unitRef="pure">67.36</ix:nonFraction></ix:nonFraction>% of the issued and outstanding shares of BotBrain for an aggregate purchase price of $<ix:nonFraction contextRef="c56" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:SupplementalDeferredPurchasePrice" scale="6" unitRef="usd"><ix:nonFraction contextRef="c57" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:SupplementalDeferredPurchasePrice" scale="6" unitRef="usd">2.5</ix:nonFraction></ix:nonFraction> million (RMB
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shares to acquire the remaining <ix:nonFraction contextRef="c54" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:RevenueRemainingPerformanceObligationPercentage" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c55" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:RevenueRemainingPerformanceObligationPercentage" scale="-2" unitRef="pure">47.36</ix:nonFraction></ix:nonFraction>% of BotBrain. The closing of the acquisition was completed on December 4, 2020.</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="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_4" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c58" name="lkco:AssetExchangeTransactionDescription">On August 28, 2019, the Company entered into a
Share Purchase Agreement, pursuant to which the Company will acquire 100% of the equity interests of Saleya Holdings Limited (&#8220;Saleya&#8221;)
from Saleya&#8217;s shareholders for an aggregate purchase price of approximately $120 million. On March 17, 2021, the Company completed
the acquisition of its 100% equity interest in Saleya for a consideration of (i) a cash amount of $102 million (RMB666 million), (ii)
9,819,926 LKCO ordinary shares and (iii) 1,500,310 LKCO preferred shares pursuant to a supplemental agreement dated February 24, 2021.
The main operating subsidiary, eMapgo Technologies (Beijing) Co., Ltd. is a provider of navigation and electronic map services in China,
as well as a provider of Internet map services and geographic information system engineering.</ix:nonNumeric> The acquisition enables us to develop our
smart transportation business, including autonomous driving and vehicle-road collaboration (V2X). From April 2021 to December 2021, Saleya
contributed $<ix:nonFraction contextRef="c59" decimals="-5" format="ixt:num-dot-decimal" name="lkco:OtherOwnershipInterestContributedCapital" scale="6" unitRef="usd">9.1</ix:nonFraction> million to smart transportation revenue and incurred a net loss of $<ix:nonFraction contextRef="c59" decimals="-5" format="ixt:num-dot-decimal" name="lkco:NetLoss" scale="6" unitRef="usd">4.5</ix:nonFraction> million.</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="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_5" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">LKCO, its subsidiaries and its VIEs (collectively
the &#8220;Company&#8221;) is a leading spatial-temporal intelligent big data services company and provider of interactive location-based
services (&#8220;LBS&#8221;) and high-definition maps (&#8220;HD Maps&#8221;) in China. It has established its presence in smart transportation,
carbon neutrality and natural resource management services, and LBS related intelligent industrialized applications. In smart transportation,
not only does Luokung provide HD Map and other autonomous driving enabling technologies, such as vehicle position fusion, collaborative
navigation, and simulation testing to enable smart vehicles, but also provides key enabling services, such as 24/7 road hazard awareness,
real-time road visibility monitoring, intelligent road management and maintenance, and vehicle-road collaboration to assist smart road
capabilities. In carbon neutrality and natural resource management services, Luokung expands on its remote sensing AI big data processing
capabilities to address a broader market focusing on industrial applications in carbon emission, carbon neutrality, geographical resources,
forestry resources, water resources, crops, etc. In LBS related intelligent industrialized applications, Luokung offers LBS, covering
direct LBS business services, LBS as platform to enable business&#8217; customer serving operations, and LBS advertising business.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 15; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

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

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subsidiaries and VIEs are as follows:</p><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_7" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfVariableInterestEntitiesTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfVariableInterestEntitiesTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
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    <td>&#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"><b>Date of incorporation</b></span></td>
    <td style="text-align: center">&#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"><b>Place of incorporation</b></span></td>
    <td style="text-align: center">&#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"><b>Percentage of <br/>
legal ownership</b></span></td>
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
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    <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td></tr>
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  <tr>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mobile Media (China) Limited</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c70" name="lkco:EntityIncorporationDateOfIncorporations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nov-6- 07</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing Luokuang Spatial-Temporal Data Technology Co., Ltd.</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c72" name="lkco:EntityIncorporationDateOfIncorporations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feb-1- 13</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen Luokung Technology Co., Ltd.</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c74" name="lkco:EntityIncorporationDateOfIncorporations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dec-23- 10</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yunnan Luokung Technology Co., Ltd.</span></td>
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    <td style="text-align: center"><ix:nonNumeric contextRef="c76" name="lkco:EntityIncorporationDateOfIncorporations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jul-7- 21</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DMG Infotech Co., Ltd<sup>(1)</sup></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c78" id="ix_3_fact" name="lkco:EntityIncorporationDateOfIncorporations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oct-20- 06</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c79" decimals="2" format="ixt:num-dot-decimal" id="ix_5_fact" name="lkco:EquityMethodInvestmentsOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jiangsu Zhong Chuan Rui You Information and Technology Co., Ltd. (&#8220;Zhong Chuan Rui You&#8221;)</span></td>
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    <td style="text-align: center"><ix:nonNumeric contextRef="c80" name="lkco:EntityIncorporationDateOfIncorporations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May-26- 11</span></ix:nonNumeric></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huoerguosi Luokung Information and Technology Co., Ltd.</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c82" name="lkco:EntityIncorporationDateOfIncorporations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jul-19- 17</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen Jiu Zhou Shi Dai Digital and Technology Co., Ltd.</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c84" name="lkco:EntityIncorporationDateOfIncorporations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nov-26- 04</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai PICO AI Technology Co., Ltd.</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c86" name="lkco:EntityIncorporationDateOfIncorporations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jul-23- 21</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c86" name="lkco:EntityIncorporationPlaceOfIncorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Luokung Zhitong Technology Co., Ltd.</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c88" name="lkco:EntityIncorporationDateOfIncorporations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May-18- 20</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c88" name="lkco:EntityIncorporationPlaceOfIncorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing Yuanli Anda Technology Co., Ltd.</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c90" name="lkco:EntityIncorporationDateOfIncorporations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jun-13- 18</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c90" name="lkco:EntityIncorporationPlaceOfIncorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c91" decimals="2" format="ixt:num-dot-decimal" name="lkco:EquityMethodInvestmentsOwnershipPercentage" scale="-2" unitRef="pure">51</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing Wave Function Culture Development Co., Ltd (&#8220;Wave Function&#8221;) <sup>(2)</sup></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c92" id="ix_9_fact" name="lkco:EntityIncorporationDateOfIncorporations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mar-30- 21</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c92" id="ix_10_fact" name="lkco:EntityIncorporationPlaceOfIncorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c93" decimals="2" format="ixt:num-dot-decimal" id="ix_11_fact" name="lkco:EquityMethodInvestmentsOwnershipPercentage" scale="-2" unitRef="pure">41</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yunnan Wave Function Technology Co., Ltd <sup>(2)</sup></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c94" id="ix_12_fact" name="lkco:EntityIncorporationDateOfIncorporations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jul-22- 21</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c94" id="ix_13_fact" name="lkco:EntityIncorporationPlaceOfIncorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c95" decimals="2" format="ixt:num-dot-decimal" id="ix_14_fact" name="lkco:EquityMethodInvestmentsOwnershipPercentage" scale="-2" unitRef="pure">41</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BOTBRAIN AI LIMITED</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c96" name="lkco:EntityIncorporationDateOfIncorporations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May-22- 19</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c96" name="lkco:EntityIncorporationPlaceOfIncorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BVI</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c97" decimals="4" format="ixt:num-dot-decimal" name="lkco:EquityMethodInvestmentsOwnershipPercentage" scale="-2" unitRef="pure">67.36</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BOTBRAIN LIMITED</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c98" name="lkco:EntityIncorporationDateOfIncorporations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sep-10- 19</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c98" name="lkco:EntityIncorporationPlaceOfIncorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c99" decimals="4" format="ixt:num-dot-decimal" name="lkco:EquityMethodInvestmentsOwnershipPercentage" scale="-2" unitRef="pure">67.36</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing BotBrain AI Information Technology Ltd. </span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c100" name="lkco:EntityIncorporationDateOfIncorporations"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jan-14- 20</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c100" name="lkco:EntityIncorporationPlaceOfIncorporation"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC</span></ix:nonNumeric></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c101" decimals="4" format="ixt:num-dot-decimal" name="lkco:EquityMethodInvestmentsOwnershipPercentage" scale="-2" unitRef="pure">67.36</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nanjing BotBrain AI Technology Co., Ltd.</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td>
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  <tr>
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    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wave Function Big Data (Yunnan) Co., Ltd.(2)</span></td>
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  <tr>
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</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_8" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_7"><ix:continuation continuedAt="_ScheduleOfVariableInterestEntitiesTextBlock-c0_cont_2" id="_ScheduleOfVariableInterestEntitiesTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><div>

</div><ix:continuation id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_8"><ix:continuation id="_ScheduleOfVariableInterestEntitiesTextBlock-c0_cont_2"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td> <td style="text-align: justify"><ix:footnote id="ix_0_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired on March 17, 2021</span></ix:footnote></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup></span></td> <td style="text-align: justify"><ix:footnote id="ix_1_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Luokung entered into a formal agreement with a <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="lkco:ShareholderAgreementPercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% shareholder and agreed to control these entities through the cooperation of a <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="lkco:ShareholderVotes" scale="-2" unitRef="pure">10</ix:nonFraction>% shareholder who votes consistent with the Company&#8217;s wishes.</span></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: 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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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="_SignificantAccountingPoliciesTextBlock-c0_cont_2" id="_SignificantAccountingPoliciesTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Basis of presentation</i></p><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="_SignificantAccountingPoliciesTextBlock-c0_cont_3" id="_SignificantAccountingPoliciesTextBlock-c0_cont_2"><ix:continuation id="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of the Company
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_4" id="_SignificantAccountingPoliciesTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" continuedAt="lkco_GoingConcernPolicyTextBlock-c0_cont_1" escape="true" name="lkco:GoingConcernPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Going concern</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_5" id="_SignificantAccountingPoliciesTextBlock-c0_cont_4"><ix:continuation id="lkco_GoingConcernPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of the
Company have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business. The Company incurred losses for the past three years and as of
December 31, 2022, net current liabilities of the Company amounted to $<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="lkco:workingCapitalDeficit" scale="0" unitRef="usd">50,005,942</ix:nonFraction>. These factors raise substantial doubt about the
Company&#8217;s ability to continue as a going concern. The Company intends to meet its cash requirements for the 12 months after
the issuance date of this report through a combination of debt and equity financing.&#160;On March 27, 2023, signed a shares
subscription agreement with a strategic investor, CHINA ORIENT SMART ECOTECH INVESTMENT GROUP LIMITED, pursuant to which the Company
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of the Share Subscription Agreement, and the remaining $<ix:nonFraction contextRef="c140" decimals="-6" format="ixt:num-dot-decimal" name="lkco:ShareSubscriptionAgreement" scale="6" unitRef="usd">198</ix:nonFraction> million is expected to be within 60 days thereafter.</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="_SignificantAccountingPoliciesTextBlock-c0_cont_6" id="_SignificantAccountingPoliciesTextBlock-c0_cont_5"><ix:nonNumeric contextRef="c0" continuedAt="_ConsolidationPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Principles of consolidation</i></p><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="_SignificantAccountingPoliciesTextBlock-c0_cont_7" id="_SignificantAccountingPoliciesTextBlock-c0_cont_6"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_2" id="_ConsolidationPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements include
the financial statements of LKCO, its subsidiaries, including the wholly-foreign owned enterprises (&#8220;WFOEs&#8221;), entities the
Company controls by contracts and VIEs for which the Company is the primary beneficiary. WFOEs are entities incorporated under the laws
of the PRC and are wholly owned by foreign (non-PRC) investor(s). All transactions and balances among the Company, its subsidiaries, entities
controlled by contracts and consolidated VIEs have been eliminated upon consolidation. The results of subsidiaries, entities controlled
by contracts and consolidated VIEs acquired or disposed of are recorded in the consolidated statements of operations from the effective
date of acquisition or control or up to the effective date of disposal, as appropriate.</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="_SignificantAccountingPoliciesTextBlock-c0_cont_8" id="_SignificantAccountingPoliciesTextBlock-c0_cont_7"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_3" id="_ConsolidationPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A subsidiary is an entity in which (i) the Company
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of the members of the board of directors or to cast a majority of votes at the meeting of the board of directors or to govern the financial
and operating policies of the entity pursuant to a statute or under an agreement among the shareholders or equity holders. An entity controlled
by contracts is required to be consolidated by the primary beneficiary of the entity if the equity holders in the entity do not have controlling
financial interest in the entity. A VIE is required to be consolidated by the primary beneficiary of the entity if the equity holders
in the entity do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity
to finance its activities without additional subordinated financial support from other parties.</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="_SignificantAccountingPoliciesTextBlock-c0_cont_9" id="_SignificantAccountingPoliciesTextBlock-c0_cont_8"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_4" id="_ConsolidationPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Suzhou Superengine and its subsidiary, Auhui Superengine,
Superengine (Hainan) Technology Development Limited and Luokuang Datong Data Technology Limited are consolidated pursuant to an agreement
signed among Suzhou Superengine, the legal owners of Suzhou Superengine and Zhong Chuan Shi Xun giving all the rights and obligations
and control of Suzhou Superengine to Zhong Chuan Shi Xun.&#160;</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="_SignificantAccountingPoliciesTextBlock-c0_cont_10" id="_SignificantAccountingPoliciesTextBlock-c0_cont_9"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_5" id="_ConsolidationPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To comply with the PRC legal restrictions on foreign
ownership, the Company operates such restricted services in the PRC through certain PRC domestic companies, whose nominal equity interests
are held by certain management members or founders of the Company or certain other third parties. Part of the registered capital of these
PRC domestic companies was funded by certain management members, or founders of the Company or certain other third parties. The Company
has entered into certain exclusive business services agreements with these PRC domestic companies, which entitle it to receive a majority
of their residual returns and make it obligatory for the Company to absorb a majority of the risk of losses from their activities. In
addition, the Company has entered into certain agreements with those management members, founders, or certain other third parties, including
equity interest pledge agreements of the nominal equity interests held by those management members, founders or certain other third parties
in these PRC domestic companies, and exclusive option agreements to acquire such nominal equity interests in these PRC domestic companies
when permitted by the PRC laws, rules and regulations.&#160;</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><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">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_11" id="_SignificantAccountingPoliciesTextBlock-c0_cont_10"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_6" id="_ConsolidationPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Details of the typical VIE structure of the Company&#8217;s
significant consolidated VIEs, namely Zhong Chuan Shi Xun, Beijing BotBrain and EMG are set forth below:</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="_SignificantAccountingPoliciesTextBlock-c0_cont_12" id="_SignificantAccountingPoliciesTextBlock-c0_cont_11"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_7" id="_ConsolidationPolicyTextBlock-c0_cont_6"><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><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_13" id="_SignificantAccountingPoliciesTextBlock-c0_cont_12"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_8" id="_ConsolidationPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Exclusive option agreements</i></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="_SignificantAccountingPoliciesTextBlock-c0_cont_14" id="_SignificantAccountingPoliciesTextBlock-c0_cont_13"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_9" id="_ConsolidationPolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each VIE equity holder has granted the WFOEs exclusive
call options to purchase the nominal equity interest in the VIEs at an exercise price equal to (i) with regard to Zhong Chuan Shi Xun,
the minimum price as permitted by applicable PRC laws, or (ii) with regard to Beijing BotBrain, RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lkco:AggregateValue" scale="0" unitRef="cny">10</ix:nonFraction> in aggregate, or if appraisal is
required as requested by relevant PRC laws, the price as determined by the relevant parties, or (iii) with regard to EMG, RMB <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lkco:OtherAggregateValue" scale="0" unitRef="cny">1</ix:nonFraction> in aggregate
or other price as determined by the relevant parties, provided that if required by relevant PRC laws, the minimum price as permitted by
PRC laws shall apply. The WFOEs may designate another entity or individual to purchase the nominal equity interests, if applicable, under
the call options. Each call option is exercisable subject to the condition that applicable PRC laws, rules and regulations do not prohibit
completion of the transfer of the nominal equity interests pursuant to the call option. The VIEs shall not declare any dividend or other
distribution to its equity holders unless with the approval of the WFOEs. With regard to Zhong Chuan Shi Xun and Beijing BotBrain, the
exclusive call option agreements remain in effect for ten (<ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="lkco:OptionAgreementsEffectTerm">10</ix:nonNumeric>) years and may be renewed at the election of the WFOEs.&#160;With regard
to EMG, the exclusive call option agreement shall remain in effect until all nominal equity interest under the call option has been transferred
to the WFOE or its designated entity or individual.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_15" id="_SignificantAccountingPoliciesTextBlock-c0_cont_14"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_10" id="_ConsolidationPolicyTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Equity pledge agreements</i></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="_SignificantAccountingPoliciesTextBlock-c0_cont_16" id="_SignificantAccountingPoliciesTextBlock-c0_cont_15"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_11" id="_ConsolidationPolicyTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As for Zhong Chuan Shi Xun and Beijing
BotBrain, pursuant to the relevant equity pledge agreements, the relevant VIE equity holders have pledged all of their interests in the
equity of the VIEs as a continuing security interest in favor of the corresponding WFOEs to secure the performance of obligations by the
VIEs and/or the equity holders under the exclusive business cooperation agreements. Each WFOE is entitled to exercise its right to dispose
of the VIE equity holders&#8217; pledged interests in the equity of the VIE in accordance with applicable PRC laws in the event of any
breach or default, and VIE equity holders shall cease to be entitled to any rights or interests associated with their nominal equity interests
in the VIEs. These equity pledge agreements remain in force until and unless the obligations of the VIE equity holders to the WFOEs under
the exclusive business cooperation agreements have been fulfilled.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_17" id="_SignificantAccountingPoliciesTextBlock-c0_cont_16"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_12" id="_ConsolidationPolicyTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As for EMG, pursuant to the relevant
equity pledge agreement, the relevant VIE equity holder has pledged all of its nominal equity interest in the VIE as a continuing first
priority security interest in favor of the corresponding WFOE to secure the performance of obligations by the VIE as set forth in the
relevant exclusive option agreement, proxy agreement, the equity pledge agreement and the VIE&#8217;s obligation to repay the secured
indebtedness. The VIE equity holder shall not be entitled to receive any dividend associated with its nominal equity interest without the approval of the WFOE, and the dividend received by the VIE equity holder shall be deposited in the account designated by the WFOE and subject to
the supervision of the WFOE. In the event of any breach or default, the WFOE shall be entitled to all rights to relief, including but
not limited to disposing the nominal equity interest held by the VIE equity holder. The equity pledge agreement shall remain in force
until and unless the obligations of the VIE equity holder to the WFOE under the exclusive option agreement, proxy agreement, the equity
pledge agreement have been fulfilled or all the secured indebtedness has been paid off.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_18" id="_SignificantAccountingPoliciesTextBlock-c0_cont_17"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_13" id="_ConsolidationPolicyTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Power of Attorney. </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_19" id="_SignificantAccountingPoliciesTextBlock-c0_cont_18"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_14" id="_ConsolidationPolicyTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As for Zhong Chuan Shi Xun and Beijing
BotBrain, pursuant to the relevant power of attorney, each of the relevant VIE equity holders irrevocably appoints the corresponding WFOE
as its attorney-in-fact to exercise on its behalf any and all rights that such equity holder has in respect of its nominal equity interests
in the relevant VIE conferred by relevant laws and regulations and the articles of associate of such VIE. The power of attorney shall
remain effective as long as such VIE equity holder remains as a shareholder of Zhong Chuan Shi Xun or Beijing BotBrain.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_20" id="_SignificantAccountingPoliciesTextBlock-c0_cont_19"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_15" id="_ConsolidationPolicyTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As for EMG, pursuant to the relevant
power of attorney, the relevant VIE equity holder irrevocably appoints certain the person designated by the corresponding WFOE as its
attorney-in-fact to exercise on its behalf any and all rights that such equity holder has in respect of its nominal equity interest in
the relevant VIE conferred by relevant laws and regulations and the articles of associate of such VIE. The power of attorney of EMG shall
remain effective until March 11, 2044, and will be renewed automatically for another ten (<ix:nonNumeric contextRef="c141" format="ixt-sec:duryear" name="lkco:RenewedTermPeriod">10</ix:nonNumeric>) years unless the parties to the power of
attorney agree otherwise.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><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">&#160;</p><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_22" id="_SignificantAccountingPoliciesTextBlock-c0_cont_21"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_17" id="_ConsolidationPolicyTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Exclusive business cooperation agreements</i>&#160;</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="_SignificantAccountingPoliciesTextBlock-c0_cont_23" id="_SignificantAccountingPoliciesTextBlock-c0_cont_22"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_18" id="_ConsolidationPolicyTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As for Zhong Chuan Shi Xun, Beijing BotBrain and
EMG, each relevant VIE has entered into an exclusive business services agreement with the corresponding WFOE, pursuant to which the relevant
WFOE provides exclusive business services to the VIE. In exchange, (i) Zhong Chuan Shi Xun pays a service fee to the corresponding WFOE
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WFOE which shall be reasonably determined by such WFOE based on certain factors; (iii) EMG pays a service fee to the corresponding WFOE
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Agreement, an Exclusive Business Cooperation Agreement and a Proxy Agreement. The amount of service fees to be paid by EMG and BotBrain
shall be determined solely by the WFOE or as mutually agreed by the WFOE and the VIEs. Based on the control Luokung exercises through
the agreements and based on its ability to determine the fees paid by EMG and BotBrain, Luokung is considered the primary beneficiary
of the VIEs. There is no fixed payment schedule in settling the amounts due from the VIEs. Payments are made based on the cash position
of the VIEs.</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="_SignificantAccountingPoliciesTextBlock-c0_cont_24" id="_SignificantAccountingPoliciesTextBlock-c0_cont_23"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_19" id="_ConsolidationPolicyTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on these contractual agreements, the Company
believes that the PRC domestic companies as described above should be considered as VIEs because the equity holders do not have significant
equity at risk nor do they have the characteristics of a controlling financial interest. Given that the Company is the primary beneficiary
of these PRC domestic companies, the Company believes that these VIEs should be consolidated based on the structure as described above.</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="_SignificantAccountingPoliciesTextBlock-c0_cont_25" id="_SignificantAccountingPoliciesTextBlock-c0_cont_24"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_20" id="_ConsolidationPolicyTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the contractual arrangements with the consolidated
VIEs, the Company has the power to direct activities of the consolidated VIEs. Therefore, the Company considers that there is no asset
in any of the consolidated VIEs that can be used only to settle obligations of the consolidated VIEs, except for registered capital and
PRC statutory reserves. As all consolidated VIEs are incorporated as limited liability companies under the Company Law of the PRC, creditors
of the consolidated VIEs do not have recourse to the general credit of the Company for the liabilities of the consolidated VIEs.&#160;</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>

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which requires the Company to provide additional financial support to the consolidated VIEs. However, as the Company conducts its businesses
primarily based on the licenses and approvals held by its consolidated VIEs, the Company has provided and will continue to provide financial
support to the consolidated VIEs considering the business requirements of the consolidated VIEs, as well as the Company&#8217;s own business
objectives in the future. On March 29, 2022, the Company entered a SPA with the shareholders of iTraffic and its operating affiliate Hongda
Jiutong, per the SPA, the Company will purchase <ix:nonFraction contextRef="c144" decimals="2" format="ixt:num-dot-decimal" name="lkco:ServiceFees" scale="-2" unitRef="pure">100</ix:nonFraction>% of the ownership of iTraffic. The Company didn&#8217;t consolidate iTraffic as control
of that company will not be effective until the full closing of the share acquisition, which is still pending as of the date of issuance
of this report. The investment is carried at cost and assessed for impairment when there are indications that the fair value does not
exceed the carrying 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="_SignificantAccountingPoliciesTextBlock-c0_cont_27" id="_SignificantAccountingPoliciesTextBlock-c0_cont_26"><ix:nonNumeric contextRef="c0" continuedAt="_UseOfEstimates-c0_cont_1" escape="true" name="us-gaap:UseOfEstimates"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Use of estimates</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

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in conformity with US GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. The most significant estimates are the allowance for expected credit losses, the useful lives of property
and equipment and intangible assets, valuation allowance for deferred tax assets, and impairment of long-lived assets and goodwill and
the fair value of assets acquired and liabilities assumed in business combinations. Actual results could differ from those estimates.</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>

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</div><div>

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from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under
current market conditions. When determining the fair value measurements for assets and liabilities required or permitted to be recorded
at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions
that market participants would use when pricing the asset or liability.</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><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">&#160;</p><div>

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Accounting Standards Codification (&#8220;ASC&#8221;) 820, &#8220;Fair Value Measurements&#8221;, provides a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which
the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement
as follows:</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="_SignificantAccountingPoliciesTextBlock-c0_cont_32" id="_SignificantAccountingPoliciesTextBlock-c0_cont_31"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_4" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 1</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>

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there are quoted prices in active markets for identical assets or liabilities.</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>

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</div><div>

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there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices
for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume
or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived
principally from, or corroborated by, observable market data.</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="_SignificantAccountingPoliciesTextBlock-c0_cont_36" id="_SignificantAccountingPoliciesTextBlock-c0_cont_35"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_8" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 3</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>

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there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or
liabilities.</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>

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</div><div>

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funds, investments in interest bearing demand deposit accounts, time deposits and highly liquid investments with original maturities of
three months or less from the date of purchase and are stated at cost which approximates their fair value. As of December 31, 2022 and
2021, the Company has no cash equivalents.</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>

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

</div><div>

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</div><div>

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Accounting Standards Update 2016-13 &#8220;Financial Instruments &#8211; Credit Losses (Topic 326), Measurement of Credit Losses on Financial
Instruments&#8221;. The Company estimates its allowance for current expected credit losses based on an expected loss model, compared to
prior periods which were estimated using an incurred loss model which did not require the consideration of forward-looking economic variables
and conditions in the reserve calculation across the portfolio. The impact related to adopting the new standard was not material. Certain
changes resulting from the new standard impacted the Company&#8217;s description of its significant accounting policies compared to 2020.&#160;&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

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credit losses for accounts and other receivables by considering past events, including any historical default, current economic conditions
and certain forward-looking information, including reasonable and supportable forecasts. As of January 1, 2020, the methodologies that
the Company uses to estimate the allowance for expected credit losses for accounts and other receivables are as follows:</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>

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about the customers and other debtors, such as financial statements, news reports, published credit ratings as well as collateral net
of repossession cost, prior collection history and current and future expected economic conditions. Using this information, the Company
determines the expected cash flow for the accounts and other receivables and calculates an estimate of the potential loss and the probability
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</div><div>

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

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forecasts on its allowance for expected credit losses. Macroeconomic variables may vary based on historical experiences, portfolio composition
and current environment. The Company also considers the impact of current conditions and economic forecasts relating to specific industries
and client-credit ratings, in addition to performing a qualitative review of credit risk factors across the portfolio. Under this approach,
forecasts of these variables over&#160;two years&#160;are considered reasonable and supportable. Beyond&#160;two years, the Company reverts
to long-term average loss experience. Forward-looking estimates require the use of judgment, particularly in times of economic uncertainty.
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</div><div>

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</div><div>

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net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statement of operations and comprehensive
loss. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts
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</div><div>

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</div><div>

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</div><div>

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</div><div>

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requires that goodwill to be tested for impairment at the reporting unit level at least annually and more frequently upon the occurrence
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as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting unit is less than its
carrying amount, the quantitative impairment test described below is required. Otherwise, no further testing is required. In the qualitative
assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting
unit, and other specific information related to the operations. In performing the quantitative impairment test, the Company compares the
carrying amount of the reporting unit to the fair value of the reporting unit based on either quoted market prices of the ordinary shares
or estimated fair value using a combination of the income approach and the market approach. If the carrying value of the reporting unit
exceeds the fair value of the reporting unit, then the excess is recognized as an impairment loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

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assessment for goodwill and evaluated all relevant factors, including but not limited to macroeconomic conditions, industry and market
conditions, and financial performance. The Company concluded that it is necessary to perform a quantitative assessment. The Company completed
the quantitative goodwill impairment assessment based on the discounted future cash flows that the reporting units are expected to generate
and determined after evaluating the results, events and circumstances, that the carrying values of the reporting units exceeded their
fair values. Therefore, the Company recorded impairment on goodwill of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lkco:ImpairmentOnGoodwill" scale="0" unitRef="usd">1,854,221</ix:nonFraction> and $<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="lkco:ImpairmentOnGoodwill" scale="0" unitRef="usd">1,994,986</ix:nonFraction> of BotBrain for the year ended December
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</div><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>

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</div><div>

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In accordance with FASB ASC 360, &#8220;Property, Plant and Equipment,&#8221; the Company assesses the recoverability of the carrying
value of long-lived assets by first grouping its long-lived assets with other assets and liabilities at the lowest level for which identifiable
cash flows are largely independent of the cash flows of other assets and liabilities (the asset group) and, secondly, estimating the undiscounted
future cash flows that are directly associated with and expected to arise from the use of and eventual disposition of such asset group.
If the carrying value of the asset group exceeds the estimated undiscounted cash flows, the Company recognizes an impairment loss to the
extent the carrying value of the long-lived asset exceeds its fair value. The Company determines fair value through quoted market prices
in active markets or, if quotations of market prices are unavailable, through the performance of internal analysis using a discounted
cash flow methodology or by obtaining external appraisals from independent valuation firms. The undiscounted and discounted cash flow
analyses are based on a number of estimates and assumptions, including the expected period over which the asset will be utilized, projected
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</div><div>

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</div><div>

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method accounting requires that the consideration transferred be allocated to the assets, including separately identifiable assets, and
liabilities the Company acquired, based on their estimated fair values. The consideration transferred in an acquisition is measured as
the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well
as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the
acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately
at their fair value as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total
cost of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest
in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree, is recorded as goodwill. If the cost of acquisition
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</div><div>

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</div><div>

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</div><div>

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</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_72" id="_SignificantAccountingPoliciesTextBlock-c0_cont_71"><ix:continuation continuedAt="lkco_SoftwareAndServicesPolicyTextBlock-c0_cont_3" id="lkco_SoftwareAndServicesPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue for the sale of software licenses is recognized
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</div><div>

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</div><div>

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</div><div>

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such contract to certain public sectors and enterprises to support their location-based application. The map service platform includes
map data and software that support certain map applications such as display, search, routing and others. Revenues from a map data license
for a certain period are recognized ratably over time because the customer receives and consumes the benefit of the map services throughout
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and therefore has not recorded any sales return allowance for any of the periods presented. Upon a periodic review of outstanding accounts
receivable, amounts that are deemed to be uncollectible are written off against the allowance for doubtful accounts. The Company&#8217;s
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</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_82" id="_SignificantAccountingPoliciesTextBlock-c0_cont_81"><ix:continuation continuedAt="lkco_SoftwareAndServicesPolicyTextBlock-c0_cont_13" id="lkco_SoftwareAndServicesPolicyTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contract liabilities represent prepayments from
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</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_83" id="_SignificantAccountingPoliciesTextBlock-c0_cont_82"><ix:continuation continuedAt="lkco_SoftwareAndServicesPolicyTextBlock-c0_cont_14" id="lkco_SoftwareAndServicesPolicyTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the amount of revenue
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</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>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_89" id="_SignificantAccountingPoliciesTextBlock-c0_cont_88"><ix:continuation continuedAt="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_2" id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The functional and reporting currency of the Company
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of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS
reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted
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equivalents and potentially dilutive securities outstanding during each period. Potentially dilutive ordinary shares consist of the ordinary
shares issuable upon the exercise of ordinary shares warrants (using the treasury stock method). Ordinary shares equivalents are not included
in the calculation of diluted earnings per share if their effect would be anti-dilutive.&#160;In a period in which the Company has a net
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owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly
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lease payments discounted using the rate implicit in the lease or the lease&#8217;s incremental borrowing rate, and the right of use asset
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for the period. Straight-line rental revenue commences when the customer assumes control of the leased premises. Accrued straight-line
rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements.
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accounting for acquired revenue contracts with customers in a business combination. ASU 2021-08 is effective for fiscal years, and for
interim periods within those fiscal years, beginning after December 15, 2022. This ASU is not expected to have a material effect on the
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ASU 2022-02 eliminates the TDR recognition and measurement guidance, enhance existing disclosure requirements and introduce new requirements
related to certain modifications of receivables made to borrowers experiencing financial difficulty. For entities that have not yet adopted
ASU 2016-13, the ASU is effective upon adoption of the amendments in ASU 2016-13. Early adoption is not permitted before an entity&#8217;s adoption
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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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  </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="_BusinessCombinationDisclosureTextBlock-c0_cont_5" id="_BusinessCombinationDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill, which is non-deductible for tax purposes,
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></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><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_6" id="_BusinessCombinationDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The valuations used in the purchase price allocation
described above were determined by the Company with the assistance of an independent third-party valuation firm. The valuation report
considered generally accepted valuation methodologies such as the relief from royalty method. As the acquiree is a private company, the
fair value estimate is based on significant inputs that market participants would consider, which mainly include (a) discount rates, (b)
projected terminal values based on future cash flows (c) financial multiples of companies in the same industries and (d) adjustments for
lack of control or lack of marketability.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pro forma Consolidated Statements of Operations
and Comprehensive Loss</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the Year Ended December 31, 2020</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(unaudited)</b></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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_8" id="_BusinessCombinationDisclosureTextBlock-c0_cont_7"><ix:continuation continuedAt="_BusinessCombinationSegmentAllocationTableTextBlock-c0_cont_2" id="_BusinessCombinationSegmentAllocationTableTextBlock-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: top"> <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[1]</span></td> <td style="text-align: justify"><ix:footnote id="ix_2_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To eliminate intercompany transactions</span></ix:footnote></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>
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</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_9" id="_BusinessCombinationDisclosureTextBlock-c0_cont_8"><ix:continuation continuedAt="_BusinessCombinationSegmentAllocationTableTextBlock-c0_cont_3" id="_BusinessCombinationSegmentAllocationTableTextBlock-c0_cont_2"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[2]</span></td> <td style="text-align: justify"><ix:footnote id="ix_3_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To record amortization of intangible assets.</span></ix:footnote></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>
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</div><ix:continuation id="_BusinessCombinationDisclosureTextBlock-c0_cont_9"><ix:continuation id="_BusinessCombinationSegmentAllocationTableTextBlock-c0_cont_3"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[3]</span></td> <td style="text-align: justify"><ix:footnote id="ix_4_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To adjust the weighted average number of ordinary shares which would have been outstanding during the year had the Acquisition occurred on the first day of the year presented.</span></ix:footnote></td></tr> </table></ix:continuation></ix:continuation><div>
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</div><ix:nonNumeric contextRef="c0" continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 4 &#8211; INCOME TAX</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_4" id="_IncomeTaxDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred income taxes reflect the net effects
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_6" id="_IncomeTaxDisclosureTextBlock-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</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>

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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_8" id="_IncomeTaxDisclosureTextBlock-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:SummaryOfValuationAllowanceTextBlock"><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; ">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_9" id="_IncomeTaxDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is not subject to taxation in BVI
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the years ended December 31, 2022, 2021 and 2020. Five of our subsidiaries qualify as high-technology enterprises and benefit from a preferential
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_10" id="_IncomeTaxDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A reconciliation of the income tax benefit to the amount computed by applying the current PRC statutory tax rate of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" unitRef="pure">25</ix:nonFraction>% to the loss before income taxes in the consolidated statements
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</div><div>

</div><ix:continuation id="_IncomeTaxDisclosureTextBlock-c0_cont_10"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><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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    <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="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationTaxCreditsResearch" scale="0" sign="-" unitRef="usd">3,532,743</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-134">-</div></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">Deductible items</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationDeductions" scale="0" unitRef="usd">3,470,728</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-136">-</div></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-137">-</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-138">-</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"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationNondeductibleExpense" scale="0" unitRef="usd">7,353,006</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">Non-taxable items</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-139">-</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">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationTaxExemptIncome" scale="0" sign="-" unitRef="usd">853,004</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Change in valuation allowance</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" scale="0" sign="-" unitRef="usd">1,957,164</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Effect of different tax rates in other jurisdictions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxReconciliationOtherAdjustments" scale="0" sign="-" unitRef="usd">5,588,499</ix:nonFraction></td><td style="text-align: left">)</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)">
    <td style="text-align: left; padding-bottom: 4pt">Income tax benefit</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">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 5 &#8211; ACCOUNTS RECEIVABLE</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="_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock-c0_cont_2" id="_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At December 31, 2022 and 2021, accounts receivable
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</div><div>

</div><ix:continuation continuedAt="_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock-c0_cont_3" id="_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock"><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">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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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="_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended December 31, 2022, 2021
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in general and administrative expenses.</p></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: center"></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: 10pt Times New Roman, Times, Serif; 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="lkco_OtherReceivablesAndPrepaymentsTextBlock-c0_cont_1" escape="true" name="lkco:OtherReceivablesAndPrepaymentsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 6 &#8211; OTHER RECEIVABLES AND PREPAYMENT</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="lkco_OtherReceivablesAndPrepaymentsTextBlock-c0_cont_2" id="lkco_OtherReceivablesAndPrepaymentsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At December 31, 2022 and 2021, other receivables
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</div><div>

</div><ix:continuation continuedAt="lkco_OtherReceivablesAndPrepaymentsTextBlock-c0_cont_3" id="lkco_OtherReceivablesAndPrepaymentsTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfOtherCurrentAssetsTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock"><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; 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><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Others<sup>(3)</sup></span></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>&#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)">
    <td>Non-current</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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  <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">Deposit for equity investment <sup>(4)</sup></span></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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  <tr style="vertical-align: bottom; ">
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</div><div>

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</div><ix:continuation id="lkco_OtherReceivablesAndPrepaymentsTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended December 31, 2022, 2021
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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: center"></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>

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</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_2" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At December 31, 2022 and 2021, property and equipment
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</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_3" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><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><div>

</div><ix:continuation id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognized an impairment loss on property
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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><div>

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</div><div>

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</div><ix:continuation continuedAt="_IntangibleAssetsDisclosureTextBlock-c0_cont_4" id="_IntangibleAssetsDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amortization expense of intangible assets was
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</div><div>

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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">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_GoodwillDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:GoodwillDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 9 &#8211; GOODWILL</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="_GoodwillDisclosureTextBlock-c0_cont_2" id="_GoodwillDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September of 2014, Zhong Chuan Shi Xun acquired
a <ix:nonFraction contextRef="c219" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction>% interest in Zhong Chuan Rui You for a consideration of $<ix:nonFraction contextRef="c219" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" scale="0" unitRef="usd">7,391,894</ix:nonFraction> (RMB<ix:nonFraction contextRef="c219" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" scale="0" unitRef="cny">48,000,000</ix:nonFraction>). Zhong Chuan Rui You is primarily engaged in
Wi-Fi business, deploying Wi-Fi equipment on trains and providing passengers with entertainment and information services on trains. The
fair value of the identifiable net assets of Zhong Chuan Rui You was $<ix:nonFraction contextRef="c220" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill" scale="0" unitRef="usd">151,958</ix:nonFraction> (RMB<ix:nonFraction contextRef="c220" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill" scale="0" unitRef="cny">963,000</ix:nonFraction>) and goodwill of $<ix:nonFraction contextRef="c219" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillAcquiredDuringPeriod" scale="0" unitRef="usd">7,239,936</ix:nonFraction> was recorded.</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="_GoodwillDisclosureTextBlock-c0_cont_3" id="_GoodwillDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August of 2018, LK Technology acquired a <ix:nonFraction contextRef="c221" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction>%
interest in Superengine Holding Limited for a consideration of $<ix:nonFraction contextRef="c221" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" scale="0" unitRef="usd">60,000,000</ix:nonFraction>, which was paid by the issuance of ordinary shares of the Company
in an amount equal to the quotient of (x) the Purchase Price divided by (y) the average of the closing prices of the Ordinary Shares on
the NASDAQ Capital Market over the 12 months period preceding July 31, 2018. Superengine possesses patented technologies in spatial-temporal
big data indexing, storage, transmission and visualization that can be used in vector maps, HD intelligent maps, interactive location
services, smart cities, intelligent transportation systems, mapping and surveying, remote sensing and monitoring. The fair value of the
identifiable net assets of Superengine was $<ix:nonFraction contextRef="c222" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill" scale="0" unitRef="usd">1,440,349</ix:nonFraction>, and an intangible asset of $<ix:nonFraction contextRef="c221" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillAndIntangibleAssetImpairment" scale="0" unitRef="usd">54,070,987</ix:nonFraction> and goodwill of $<ix:nonFraction contextRef="c221" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillAcquiredDuringPeriod" scale="0" unitRef="usd">4,488,664</ix:nonFraction> were recorded.</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="_GoodwillDisclosureTextBlock-c0_cont_4" id="_GoodwillDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 4, 2020, the Company acquired a <ix:nonFraction contextRef="c223" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">67.36</ix:nonFraction>%
equity interest in BoBtrain for a consideration of $<ix:nonFraction contextRef="c223" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" scale="6" unitRef="usd">2.5</ix:nonFraction> million (RMB <ix:nonFraction contextRef="c223" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" scale="6" unitRef="cny">16.4</ix:nonFraction> million). BotBrain is primarily engaged in smart learning. The
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</div><div>

</div><ix:continuation continuedAt="_GoodwillDisclosureTextBlock-c0_cont_5" id="_GoodwillDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 17, 2021, the Company completed the acquisition
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Note 3 for details.</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="_GoodwillDisclosureTextBlock-c0_cont_6" id="_GoodwillDisclosureTextBlock-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfGoodwillTextBlock"><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: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillGross" scale="0" unitRef="usd">71,808,110</ix:nonFraction></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"><div style="-sec-ix-hidden: hidden-fact-145">-</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">&#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"><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IntangibleAssetsNetIncludingGoodwill" scale="0" unitRef="usd">71,808,110</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)">
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particularly due to the larger players offering lower prices, severely eroded Botbrain&#8217;s market share, and the increased
investment of the larger players as indicators of an impairment. As a result of these indicators, we estimated the fair value of the
reporting units using an income approach based on projected discounted cash flows. Based principally on lower forecasted revenue and
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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><div>

</div><ix:continuation continuedAt="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c0_cont_4" id="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c0_cont_3"><ix:continuation continuedAt="_ScheduleOfAccruedLiabilitiesTableTextBlock-c0_cont_2" id="_ScheduleOfAccruedLiabilitiesTableTextBlock-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: top"> <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td> <ix:footnote id="ix_10_footnote" xml:lang="en-US"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other loans primarily consist of a loan from Geely Technology which bears interest at <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="lkco:BearInterestPercentage" scale="-2" unitRef="pure">8</ix:nonFraction>% per annum and other interest-free loans from third parties for working capital purposes. 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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="lkco_AmountsDueToRelatedPartieTextBlock-c0_cont_4" id="lkco_AmountsDueToRelatedPartieTextBlock-c0_cont_3"><ix:continuation id="lkco_SummaryOfAmountsDueToRelatedPartiesTableTextBlock-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: top"> <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="text-align: justify"><ix:footnote id="ix_12_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company&#8217;s CEO and Chairman</span></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><ix:continuation id="lkco_AmountsDueToRelatedPartieTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amounts due to related parties are non-interest
bearing, unsecured and payable on demand.</p></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="_LesseeOperatingLeasesTextBlock-c0_cont_1" escape="true" name="us-gaap:LesseeOperatingLeasesTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 12 &#8211; OPERATING LEASE</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="_LesseeOperatingLeasesTextBlock-c0_cont_2" id="_LesseeOperatingLeasesTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC 842, the Company measured
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</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_3" id="_LesseeOperatingLeasesTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company entered into operating lease agreements
primarily for offices. Certain lease agreements contain an option for the Company to renew a lease for a term of up to five years or an
option to terminate a lease early. The Company considers these options in determining the classification and measurement of the leases.</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="_LesseeOperatingLeasesTextBlock-c0_cont_4" id="_LesseeOperatingLeasesTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the total lease cost
and the cash flows arising from the operating leases, and information about weighted-average remaining lease term and weighted-average
discount rate.</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="_LesseeOperatingLeasesTextBlock-c0_cont_5" id="_LesseeOperatingLeasesTextBlock-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="lkco:ScheduleOfTotalLeaseCostAndCashFlowsAndWeightedaverageRemainingLeaseTermAndWeightedaverageDiscountRateTableTextBlock"><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>
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  <tr style="vertical-align: bottom">
    <td>Lease cost</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#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)">
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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; text-indent: -9pt; padding-left: 9pt">Total lease cost</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LeaseCost" scale="0" unitRef="usd">2,397,685</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LeaseCost" scale="0" unitRef="usd">1,605,878</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#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></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <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; text-indent: -9pt; padding-left: 9pt">Weighted-average remaining lease term - operating lease</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c4" format="ixt-sec:durmonth" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">20</ix:nonNumeric> months</span></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"><ix:nonFraction contextRef="c4" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" scale="-2" unitRef="pure">6.75</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">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 35; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_6" id="_LesseeOperatingLeasesTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022, future minimum lease
payments on operating leases were as follows:</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 id="_LesseeOperatingLeasesTextBlock-c0_cont_6"><ix:nonNumeric contextRef="c0" escape="true" name="lkco:ScheduleOfFutureMinimumLeasePaymentOnOperatingLeasesTableTextBlock"><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; background-color: rgb(204,238,255)">
    <td style="text-align: left">Maturity of lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;</span></td><td style="text-align: left">&#160;</td></tr>
  <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; text-indent: -9pt; padding-left: 9pt">2024</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="lkco:OperatingLeaseFutureMinimumPaymentsDueInThreeYears" scale="0" unitRef="usd">1,104,558</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <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; text-indent: -9pt; padding-left: 9pt">Total minimum lease payments</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="lkco:OperatingLeasesFutureMinimumPaymentsDu" scale="0" unitRef="usd">3,892,771</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Short term lease</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="lkco:ShortTermLeasesCommitmentAmount" scale="0" unitRef="usd">790,440</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Imputed interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="lkco:OperatingLeasesInterest" scale="0" sign="-" unitRef="usd">288,395</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Present value of minimum lease payments</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="lkco:PresentValueOfMinimumLeasePayments" scale="0" unitRef="usd">2,813,936</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; text-indent: -9pt; padding-left: 9pt">Less: classified as current 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="c4" decimals="0" format="ixt:num-dot-decimal" name="lkco:LessClassifiedAsCurrentLiabilitie" scale="0" sign="-" unitRef="usd">1,665,410</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Non-current liabilities</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="lkco:OperatingLeasesLiabilityNoncurrent" scale="0" unitRef="usd">1,148,526</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">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="lkco_ShareCapitalTextBlock-c0_cont_1" escape="true" name="lkco:ShareCapitalTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 13 &#8211; SHARE CAPITAL</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

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</div><div>

</div><ix:nonNumeric contextRef="c241" name="lkco:DescriptionOfSecuritiesPurchaseAgreement"><ix:continuation continuedAt="lkco_ShareCapitalTextBlock-c0_cont_3" id="lkco_ShareCapitalTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 5, 2021, the Company entered into
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at a price of $<ix:nonFraction contextRef="c242" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares">0.52</ix:nonFraction> per share. On February 10, 2021, the offering was closed and the Company received net proceeds of approximately $<ix:nonFraction contextRef="c243" decimals="-5" format="ixt:num-dot-decimal" name="lkco:ProceedFromDirectOfferings" scale="6" unitRef="usd">4.4</ix:nonFraction>
million. The Company issued a total of <ix:nonFraction contextRef="c244" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">9,615,387</ix:nonFraction> ordinary shares to the institutional investors. As part of the transaction, the Company
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a term of three years from the date of issuance. From February 10 to 16, 2021, the institutional investors purchased <ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="lkco:WarrantsPurchase" scale="0" unitRef="shares">4,805,129</ix:nonFraction> warrants,
and the placement agent purchased <ix:nonFraction contextRef="c246" decimals="0" format="ixt:num-dot-decimal" name="lkco:WarrantsPurchase" scale="0" unitRef="shares">480,770</ix:nonFraction> warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric><div>

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of ordinary shares at a price of $<ix:nonFraction contextRef="c248" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares">0.888</ix:nonFraction> per share. On February 17, 2021, the offering was closed and the Company received net proceeds
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</div><ix:nonNumeric contextRef="c252" name="lkco:DescriptionOfSecuritiesPurchaseAgreement"><ix:continuation continuedAt="lkco_ShareCapitalTextBlock-c0_cont_5" id="lkco_ShareCapitalTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 17, 2021, the Company entered into
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</div><div>

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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><div>

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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="lkco_ShareCapitalTextBlock-c0_cont_14" id="lkco_ShareCapitalTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 29, 2022, the Company issued <ix:nonFraction contextRef="c268" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">6,000,000</ix:nonFraction>
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</div><div>

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</div><ix:continuation continuedAt="lkco_ShareCapitalTextBlock-c0_cont_16" id="lkco_ShareCapitalTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2022 and 2021, we had <ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesIssued" scale="0" unitRef="shares"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesOutstanding" scale="0" unitRef="shares">2,500,000</ix:nonFraction></ix:nonFraction>
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="lkco_ShareCapitalTextBlock-c0_cont_18" id="lkco_ShareCapitalTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">Subject to the memorandum
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</div><div>

</div><ix:continuation continuedAt="lkco_ShareCapitalTextBlock-c0_cont_19" id="lkco_ShareCapitalTextBlock-c0_cont_18"><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> <td style="width: 24px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the right to <ix:nonNumeric contextRef="c0" name="lkco:VotesAtAMeetingOfTheMembers">399</ix:nonNumeric> votes at a meeting of the members of our company or on any resolution of members;</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>
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</div><ix:continuation continuedAt="lkco_ShareCapitalTextBlock-c0_cont_21" id="lkco_ShareCapitalTextBlock-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><ix:continuation continuedAt="lkco_ShareCapitalTextBlock-c0_cont_22" id="lkco_ShareCapitalTextBlock-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><ix:continuation continuedAt="lkco_ShareCapitalTextBlock-c0_cont_24" id="lkco_ShareCapitalTextBlock-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Preferred Share shall
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</div><div>

</div><ix:continuation continuedAt="lkco_ShareCapitalTextBlock-c0_cont_25" id="lkco_ShareCapitalTextBlock-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Series A Preferred Shares</b></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="lkco_ShareCapitalTextBlock-c0_cont_27" id="lkco_ShareCapitalTextBlock-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) no right to vote at a
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="lkco_ShareCapitalTextBlock-c0_cont_29" id="lkco_ShareCapitalTextBlock-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) the right to an equal
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</div><div>

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Share for every one (1) Series A Preferred Share. Before any holder of Series A Preferred Shares shall be entitled to convert the same
into Ordinary Shares and to receive certificate(s) for such Ordinary Shares, he shall surrender the certificate(s) for his Series A Preferred
Shares at the office of our company and shall give written notice to our company at such office that he elects to convert the same. Our
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or persons entitled to receive the Ordinary Shares issuable upon such conversion shall be treated for all purposes as the record holder(s)
of such Ordinary Shares on such date. The directors may effect conversion in any matter permitted by law including, without prejudice
to the generality of the foregoing, repurchasing or redeeming the relevant Series A Preferred Shares and applying the proceeds towards
the issue of the relevant number of new Ordinary Shares. The provisions of clause 8(3)(e) of our memorandum of association shall not apply
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sole discretion, to require the redemption or repurchase by our company of all or any portion of the holder&#8217;s Series A Preferred
Shares (the &#8220;Purchased Shares&#8221;) in cash at a Repurchase Price defined below upon the following events: (1) six (6) months
after the closing date as defined in the share subscription agreement entered into between our company and Geely Technology dated 13 November
2019 (the &#8220;Share Subscription Agreement&#8221;); (2) the proposed acquisition of eMapgo Technologies (Beijing) Co., Ltd. (the &#8220;Proposed
Acquisition&#8221;) by our company is terminated; (3) our company breaches the Share Subscription Agreement; or (4) within six (6) months
from the closing date as defined in the Share Subscription Agreement provided that our company has sufficient funds after completing the
Proposed Acquisition by our company. The repurchase price for each Series A Preferred Shares shall be the higher of (i) US$<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="lkco:USPerShare" scale="0" unitRef="usdPershares">1.95</ix:nonFraction> per share;
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parity rate between RMB and USD published by the People&#8217;s Bank of China the day before Geely Technology issues the repurchase notice,
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of full payment of the Repurchase Price, which shall be made in a lump sum on the date of the payment of the Repurchase Price, plus all
declared but unpaid dividends with respect to the Series A Preferred Shares. Before any holder of Series A Preferred Shares shall be entitled
to require the redemption or repurchase by our company of all or any portion of the holder&#8217;s Series A Preferred Shares, he shall
surrender the certificate(s) for his Series A Preferred Shares at the office of our company and shall give written notice to our company
(the &#8220;Redemption Notice&#8221;) at such office that he elects to require the redemption or repurchase by our company of the same.</ix:continuation>
Our company shall pay the corresponding Repurchase Price within sixty (60) days following twelve (12) months after the Purchased Shares
are issued.</p></ix:continuation><div>

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

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to staff welfare benefits including medical care, casualty, housing benefits, education benefits, unemployment insurance and pension benefits
through a PRC government-mandated multi-employer defined contribution plan. The Company is required to accrue the employer-portion for
these benefits based on certain percentages of the employees&#8217; salaries. The total provision for such employee benefits is $<ix:nonFraction contextRef="c275" decimals="0" format="ixt:num-dot-decimal" name="lkco:ProvisionForEmployeeBenefits" scale="0" unitRef="usd">5,701,074</ix:nonFraction>,
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was charged to cost of revenue, $<ix:nonFraction contextRef="c275" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SellingAndMarketingExpense" scale="0" unitRef="usd">994,290</ix:nonFraction>, $<ix:nonFraction contextRef="c276" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SellingAndMarketingExpense" scale="0" unitRef="usd">591,410</ix:nonFraction> and $<ix:nonFraction contextRef="c277" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SellingAndMarketingExpense" scale="0" unitRef="usd">90,542</ix:nonFraction>, respectively, was charged to selling and marketing expenses, $<ix:nonFraction contextRef="c275" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="0" unitRef="usd">642,496</ix:nonFraction>,
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was charged to research and development expenses. The Group is required to make contributions to the plan out of the amounts accrued for
all staff welfare benefits except for education benefits. The PRC government is responsible for the staff welfare benefits including medical
care, casualty, housing benefits, unemployment insurance and pension benefits to be paid to these employees.&#160;</p></ix:continuation><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>

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Appropriations to the statutory surplus reserve are required to be made at not less than <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="lkco:PercentageOfProfitAllocatedToGeneralReserve" scale="-2" unitRef="pure">10</ix:nonFraction>% of profit after taxes as reported in the
subsidiaries&#8217; statutory financial statements prepared under PRC GAAP. Once appropriated, these amounts are not available for future
distribution to owners or shareholders. Once the general reserve accumulates to <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="lkco:PercentageOfAccumulatedGeneralReserve" scale="-2" unitRef="pure">50</ix:nonFraction>% of the subsidiaries&#8217; registered capital, the
subsidiaries can choose not to provide more reserves. The statutory reserve may be applied against prior year losses, if any, and may
be used for general business expansion and production and increase in registered capital of the subsidiaries. The Company allocated $<span style="-sec-ix-hidden: hidden-fact-160"><span style="-sec-ix-hidden: hidden-fact-161"><span style="-sec-ix-hidden: hidden-fact-162">nil</span></span></span>
to statutory reserves during the years ended December 31, 2022, 2021 and 2020, respectively. The statutory reserves cannot be transferred
to the Company in the form of loans or advances and are not distributable as cash dividends except in the event of liquidation.</p></ix:continuation><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>

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agreement with a strategic investor, CHINA ORIENT SMART ECOTECH INVESTMENT GROUP LIMITED, pursuant to which the Company agreed to issue
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is party to litigation as both a defendant and plaintiff. As of December 31, 2022, the Company is a defendant in a case involving a contract
dispute and another an administrative dispute. In consultation with its counsel, the Company estimates its potential combined loss as
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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: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">F-39</p><div>

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

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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the Fiscal year ended
December 31
,
2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from __________ to __________
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report
________
Commission
file number:
001-34738
Luokung
Technology Corp.
(Exact
name of Registrant as specified in its charter)
Not
applicable
(Translation
of Registrant's name into English)
British Virgin Islands
B9-8, Block B
,
SOHO Phase II
,
No. 9, Guanghua Road
,
Chaoyang District
, Beijing
People's Republic of
China
,
100020
(Jurisdiction of incorporation or organization)
(Address of principal executive offices)
Miss.
Qinyu Zhao
B9-8,
Block B
,
SOHO Phase II
,
No. 9, Guanghua Road
,
Chaoyang District
, Beijing
People's Republic of
China
100020
Tel:
(86)
10-65065217
(Name, telephone, Email and/or facsimile number and address of company contact person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Ordinary shares, par value $0.01 per share
LKCO
Nasdaq
Capital Market
Securities
registered or to be registered pursuant to Section 12(g) of the Act:
none
(Title
of Class)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:
none
(Title
of Class)
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report.
492,498,688
Ordinary Shares of par value of US$0.01 each
21,794,872
Series A Preferred Shares of par value of US$0.01
each and 2,500,000 Preferred Shares of par value of US$0.01 each outstanding as of December 31, 2022.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes   ☒
No
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes   ☒
No
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. ☒
Yes
☐ No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files). ☒
Yes
☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an "emerging
growth company." See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Emerging growth company
☐
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the
registered public accounting firm that prepared or issued its audit report.
☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing.
U.S. GAAP
☒
International Financial Reporting Standards as issued
by the International Accounting Standards Board ☐
Other ☐
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow. Item 17 ☐   Item 18 ☐
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).  ☐ Yes
☒
No
In
this annual report:
●
References
    to the "Company", "we", "our" and "us" are to Luokung Technology Corp. and its consolidated
    subsidiaries;
●
References
    to "China" or the "PRC" are to the People's Republic of China;
●
References
    to "Luokung Technology Corp." are to our British Virgin Islands holding company;
●
References
    to "RMB" and "Renminbi" refer to the legal currency of China;
●
"US$,"
    "U.S. dollars," "$," and "dollars" refer to the legal currency of the United States;
●
References
    to "variable interest entities" or "VIEs" refer to Beijing Zhong Chuan Shi Xun Technology Limited, Beijing
    BotBrain AI Technology Co., Ltd.  and eMapgo Technologies (Beijing) Co., Ltd.
Special
Note Regarding Forward-looking Statements
This
annual report contains forward-looking statements that involve risks and uncertainties. These statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those
expressed or implied by the forward-looking statements. These statements are made under the "safe harbor" provisions of the
U.S. Private Securities Litigations Reform Act of 1995.
You
can identify these forward-looking statements by words or phrases such as "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe,"
"likely to" or other similar expressions. We have based these forward-looking statements largely on our current expectations
and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business
strategy and financial needs. These forward-looking statements include, but are not limited to, statements about:
●
our
    future business development, results of operations and financial condition;
●
expected
    changes in our net revenues and certain cost or expense items;
●
our
    ability to attract and retain customers; and
●
trends
    and competition in the spatial-temporal big-data processing and interactive location-based services market.
You
should read this annual report and the documents that we refer to in this annual report and have filed as exhibits to this annual report
completely and with the understanding that our actual future results may be materially different from what we expect. Other sections
of this annual report discuss factors which could adversely impact our business and financial performance. Moreover, we operate in an
evolving environment. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors,
nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements
by these cautionary statements.
You
should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this annual report
relate only to events or information as of the date on which the statements are made in this annual report. Except as required by law,
we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future
events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
TABLE
OF CONTENTS
Part
    I
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.]
8
B.
Capitalization
    and Indebtedness
8
C.
Reasons
    for the Offer and Use of Proceeds
8
D.
Risk
    Factors
8
Item
    4.
Information
    on the Company
29
A.
History
    and Development of the Company
29
B.
Business
    Overview
31
C.
Organizational
    Structure
51
D.
Property,
    Plants and Equipment
57
Item
    4A.
Unresolved
    Staff Comments
58
Item
    5.
Operating
    and Financial Review and Prospects
58
A.
Operating
    Results
58
B.
Liquidity
    and Capital Resources
71
C.
Research
    and Development, Patents and Licenses, etc.
72
D.
Trend
    Information
72
E.
Critical
    Accounting Estimates
72
Item
    6.
Directors,
    Senior Management and Employees
73
A.
Directors
    and Senior Management
73
B.
Compensation
74
C.
Board
    Practices
76
D.
Employees
80
E.
Share
    Ownership
80
Item
    7.
Major
    Shareholders and Related Party Transactions
81
A.
Major
    Shareholders
81
B.
Related
    Party Transactions
81
C.
Interests
    of Experts and Counsel
81
Item
    8.
Financial
    Information
82
A.
Consolidated
    Statements and Other Financial Information
82
B.
Significant
    Changes
82
Item
    9.
The
    Offer and Listing
83
A.
Offer
    and Listing Details
83
B.
Plan
    of Distribution
83
C.
Markets
83
D.
Selling
    shareholders
83
E.
Dilution
83
F.
Expenses
    of the issue
83
Item
    10.
Additional
    Information
83
A.
Share
    Capital
83
B.
Memorandum
    and Articles of Association
83
C.
Material
    Contracts
90
D.
Exchange
    Controls
91
E.
Taxation
96
F.
Dividends
    and Paying Agents
101
G.
Statement
    by Experts
101
H.
Documents
    on Display
101
I.
Subsidiary
    Information
101
Item
    11.
Quantitative
    and Qualitative Disclosures about Market Risk
102
i
Item
    12.
Description of Securities Other than Equity Securities
103
A.
Debt Securities
103
B.
Warrants and Rights
103
C.
Other Securities
103
D.
American Depositary Shares
103
Part II
Item
    13.
Defaults, Dividend Arrearages and Delinquencies
104
Item
    14.
Material Modifications to the Rights of Security Holders and Use of Proceeds
104
Item
    15.
Controls and Procedures
104
Item
    16A.
Audit Committee Financial Expert
105
Item
    16B.
Code of Ethics
105
Item
    16C.
Principal Accountant Fees and Services
105
Item
    16D.
Exemptions from the Listing Standards for Audit Committees
106
Item
    16E.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
106
Item
    16F.
Change in Registrant's Certifying Accountant
106
Item
    16G.
Corporate Governance
106
Item
    16H.
Mine Safety Disclosure
106
Item
    16I.
Disclosure Regarding Foreign Jurisdictions That Prevent Inspections.
106
Part III
Item
    17.
Financial Statements
107
Item
    18.
Financial Statements
107
Item
    19.
Exhibits
107
Index to Consolidated Financial Statements
F-1
ii
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.
Our
Holding Company Structure and Contractual Arrangements with the Consolidated VIEs and their Respective Individual Shareholders
Luokung
Technology Corp. is not a Chinese operating company, but a British Virgin Islands holding company with operations conducted by our subsidiaries
and through contractual arrangements with variable interest entities ("VIEs") based in China. Investors in our company are
purchasing an interest in our British Virgin Islands holding company, and not in a Chinese operating company. This structure involves
unique risks to investors. The VIE structure enables investors to share economic interests in China-based companies in sectors where
foreign direct investment is prohibited or restricted under laws and regulations in the Chinese mainland, and investors in our ordinary
shares may never hold equity interests in the Chinese operating company. In addition, the legality and enforceability of the contractual
agreements between our PRC subsidiaries, the VIEs, and their nominee shareholders, as a whole, have not been tested in court. Chinese
regulatory authorities could disallow this structure, which would likely result in a material change in our operations and/or a material
change in the value of the securities we have listed, which could cause the value of such securities to significantly decline or become
worthless. See "Item 3. Key Information - D. Risk Factors – If the PRC government deems that our agreements with our variable
interest entities (our "VIEs") do not comply with PRC regulatory restrictions on foreign investment in the relevant industries
or other laws or regulations of the PRC, or if these regulations or the interpretation of existing regulations change in the future,
we could be subject to severe penalties or be forced to relinquish our interests in those operations, which may materially reduce the
value of our ordinary shares." for a more detailed discussion of risks we face as a result of our VIE structure.
The
contractual arrangements with the consolidated VIEs may not be as effective as ownership in ensuring receiving economic benefits from
the business operations in the PRC and we may incur substantial costs to enforce the terms of the arrangements. See "Item 3. Key
Information - D. Risk Factors - Risks Related to Our Corporate Structure – If the PRC government deems that our agreements with
our variable interest entities (our "VIEs") do not comply with PRC regulatory restrictions on foreign investment in the relevant
industries or other laws or regulations of the PRC, or if these regulations or the interpretation of existing regulations change in the
future, we could be subject to severe penalties or be forced to relinquish our interests in those operations, which may materially reduce
the value of our ordinary shares."
Our
corporate structure is subject to risks associated with our contractual arrangements with the VIEs. Investors may never directly hold
equity interests in the VIEs. If the PRC government finds that the agreements that establish the structure for operating our business
do not comply with the PRC laws and regulations, or if these regulations or their interpretations change in the future, we could be subject
to severe penalties or be forced to relinquish our interests in those operations. Our holding company, our PRC subsidiaries, the VIEs,
and our investors face uncertainty about potential future actions by the PRC government that could affect the enforceability of the contractual
arrangements with the VIEs and, consequently, significantly affect the financial performance of the VIEs and our company as a whole.
1
The
following diagram illustrates our corporate structure and the place of formation and affiliation of each of our subsidiaries and affiliates
as of December 31, 2022.
VIE
Arrangements with VIEs and Their Respective Shareholders
(i)
Contracts
    that give the Company effective control of VIEs
Exclusive
Option Agreement
Each
VIE equity holder has granted the Wholly Foreign-Owned Enterprises ("WFOEs") exclusive call options to purchase the
nominal equity interest in the VIEs at an exercise price equal to (i) with regard to Zhong Chuan Shi Xun, the minimum price as
permitted by applicable PRC laws, or (ii) with regard to Beijing BotBrain, RMB10 in aggregate, or if appraisal is required as
requested by relevant PRC laws, the price as determined by the relevant parties, or (iii) with regard to eMapgo Technologies
(Beijing) Co., Ltd ("EMG"), RMB 1 in aggregate or other price as determined by the relevant parties, provided that if
required by relevant PRC laws, the minimum price as permitted by PRC laws shall apply. The WFOEs may designate another entity or
individual to purchase the nominal equity interests, if applicable, under the call options. Each call option is exercisable subject
to the condition that applicable PRC laws, rules and regulations do not prohibit completion of the transfer of the nominal equity
interests pursuant to the call option. The VIEs shall not declare any dividend or other distribution to its equity holders without
the approval of the WFOEs. With regard to Zhong Chuan Shi Xun and Beijing BotBrain, the
exclusive call option agreements remain in effect for ten (10) years and may be renewed at the election of the WFOEs. With regard to
EMG, the exclusive call option agreement shall remain in effect until all nominal equity interest under the call option has been
transferred to the WFOE or its designated entity or individual.
2
Equity
Pledge Agreements
As
for Zhong Chuan Shi Xun and Beijing BotBrain, pursuant to the relevant equity pledge agreements, the relevant VIE equity holders have
pledged all of their interests in the equity of the VIEs as a continuing security interest in favor of the corresponding WFOEs to secure
the performance of obligations by the VIEs and/or the equity holders under the exclusive business cooperation agreements. Each WFOE is
entitled to exercise its right to dispose of the VIE equity holders' pledged interests in the equity of the VIE in accordance with
applicable PRC laws in the event of any breach or default, and VIE equity holders shall cease to be entitled to any rights or interests
associated with their nominal equity interests in the VIEs. These equity pledge agreements remain in force until and unless the obligations
of the VIE equity holders to the WFOEs under the exclusive business cooperation agreements have been fulfilled.
As
for EMG, pursuant to the relevant equity pledge agreement, the relevant VIE equity holder has pledged all of its nominal equity
interest in the VIE as a continuing first priority security interest in favor of the corresponding WFOE to secure the performance of
obligations by the VIE as set forth in the relevant exclusive option agreement, proxy agreement, the equity pledge agreement and the
VIE's obligation to repay the secured indebtedness. The VIE equity holder shall not be entitled to receive any dividend
associated with its nominal equity interest without the approval of the WFOE, and the dividend received by the VIE equity holder
shall be deposited in the account designated by the WFOE and subject to the supervision of the WFOE. In the event of any breach or
default, the WFOE shall be entitled to all rights to relief, including but not limited to disposing the nominal equity interest held
by the VIE equity holder. The equity pledge agreement shall remain in force until and unless the obligations of the VIE equity
holder to the WFOE under the exclusive option agreement, proxy agreement, the equity pledge agreement have been fulfilled or all the
secured indebtedness has been paid off.
Power
of Attorney
As
for Zhong Chuan Shi Xun and Beijing BotBrain, pursuant to the relevant power of attorney, each of the relevant VIE equity holders irrevocably
appoints the corresponding WFOE as its attorney-in-fact to exercise on its behalf any and all rights that such equity holder has in respect
of its nominal equity interests in the relevant VIE conferred by relevant laws and regulations and the articles of associate of such
VIE. The power of attorney shall remain effective as long as such VIE equity holder remains as a shareholder of Zhong Chuan Shi Xun or
Beijing BotBrain.
As
for EMG, pursuant to the relevant power of attorney, the relevant VIE equity holder irrevocably appoints certain the person designated
by the corresponding WFOE as its attorney-in-fact to exercise on its behalf any and all rights that such equity holder has in respect
of its nominal equity interest in the relevant VIE conferred by relevant laws and regulations and the articles of associate of such VIE.
The power of attorney of EMG shall remain effective until March 11, 2044, and will be renewed automatically for another ten (10) years
unless the parties to the power of attorney agree otherwise.
(ii)
Contracts
    that enable the Company to receive the certain benefits from the VIEs
Exclusive
business cooperation agreements
As
for Zhong Chuan Shi Xun and Beijing BotBrain and EMG, each relevant VIE has entered into an exclusive business services agreement with
the corresponding WFOE, pursuant to which the relevant WFOE provides exclusive business services to the VIE. In exchange, (i) Zhong Chuan
Shi Xun pays a service fee to the corresponding WFOE which shall be no less than 80% of Zhong Chuan Shi Xun's after-tax profits;
(ii) Beijing BotBrain pays a service fee to the corresponding WFOE which shall be reasonably determined by such WFOE based on certain
factors; (iii) EMG pays a service fee to the corresponding WFOE which shall be 20% of EMG's annual income. Luokung exercises control
over the VIEs through a Call Option Agreement, an Equity Pledge Agreement, an Exclusive Business Cooperation Agreement and a Proxy Agreement.
The amount of service fees to be paid by EMG and BotBrain shall be determined solely by the WFOE or as mutually agreed by the WFOE and
the VIEs. Based on the control Luokung exercises through these agreements and based on its ability to determine the fees paid by EMG
and BotBrain, Luokung is considered the primary beneficiary of the VIEs.
There
are also substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules
regarding the status of the rights of our British Virgin Islands holding company with respect to its contractual arrangements with the
VIEs and their respective shareholders. It is uncertain whether any new PRC laws or regulations relating to variable interest entity
structures will be adopted or if adopted, what they would provide. If we or any of the VIEs is found to be in violation of any existing
or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory
authorities would have broad discretion to take action in dealing with such violations or failures. See "Item 3. Key Information
- D. Risk Factors - Risks Related to Doing Business in China – PRC laws and regulations govern our businesses. If we are found
to be in violation of such PRC laws and regulations, we could be subject to sanctions. In addition, changes in and uncertainties with
respect to such PRC laws and regulations may materially and adversely affect our business."
3
On
March 15, 2019, the National People's Congress promulgated the Foreign Investment Law of the PRC, (the "Foreign Investment
Law"), which came into effect on January 1, 2020. The Foreign Investment Law replaced the Law on Sino-Foreign Equity Joint Ventures,
the Law on Sino-Foreign Contractual Joint Ventures and the Law on Wholly Foreign-Owned Enterprises as the legal foundation for foreign
investments in China. The Foreign Investment Law stipulates certain forms of foreign investment, which do not include the contractual
arrangements as a form of foreign investment but stated that foreign investment includes "foreign investors invest through any
other methods under laws, administrative regulations or provisions prescribed by the State Council". There are uncertainties in
determining whether our contractual arrangements constitute foreign investments and there is no guarantee that the VIE contractual arrangements
and the business of the VIEs and their subsidiaries will not be materially and adversely affected in the future.
Rules
and regulations in China can change quickly with little advance notice and the PRC government may intervene or influence a registrant's
operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers.
It is uncertain whether any new PRC laws, rules or regulations affecting the VIE structure will be adopted or if adopted, what they would
provide. See "Item 3. Key Information - D. Risk Factors - Risks Related to Doing Business in China - PRC laws and regulations
govern our businesses. If we are found to be in violation of such PRC laws and regulations, we could be subject to sanctions. In addition,
changes in and uncertainties with respect to such PRC laws and regulations may materially and adversely affect our business." There
can be no assurance that the VIE Arrangements will be deemed by the relevant governmental or judicial authorities to be in compliance
with the existing or future applicable PRC laws and regulations, or the relevant governmental or judicial authorities may in the future
interpret the existing laws or regulations with the result that the contractual arrangements will be deemed to be in compliance of the
PRC laws and regulations.
Our
subsidiaries and the VIEs face various legal and operational risks and uncertainties associated with being based in or having our operations
primarily in China and the complex and evolving PRC laws and regulations. For instance, we face risks and uncertainties associated with
regulatory approvals on offerings conducted overseas by and foreign investment in China-based issuers, the use of the VIEs, anti-monopoly
regulatory actions, and oversight on cybersecurity and data privacy. These legal and operational risks and uncertainties associated with
being based in China may materially and adversely change our operations, affect the value of our ordinary shares, significantly limit
or completely hinder our ability to offer or continue to offer securities to investors could cause the value of our securities to significantly
decline or be worthless. For a detailed description of risks related to doing business in China, see "Item 3. Key Information -
D. Risk Factors - Risks Related to Doing Business in China."
PRC
government's significant authority in regulating our operations and its oversight and control over offerings conducted overseas
by, and foreign investment in, China-based issuers could significantly limit or completely hinder our ability to offer or continue to
offer securities to investors. Implementation of industry-wide regulations in this nature may cause the value of such securities to significantly
decline or be of little or no value. For more details, see "Item 3. Key Information - D. Risk Factors - Risks Related to Doing
Business in China."
As
of the date of this annual report, neither we nor the VIEs have been involved in any investigations initiated by any PRC regulatory authority,
nor has any of them received any inquiry, notice or sanction for the business operation, accepting foreign investment or listing on the
Nasdaq Stock Market. However, since these statements and regulatory actions by China's government are newly published, official
guidance and related implementation rules have not been issued. It is highly uncertain what future impact such modified or new laws and
regulations will have on our daily business operations, the ability to accept foreign investments and our continued listing on the Nasdaq
Stock Market. See "Item 3. Key Information - D. Risk Factors - Risks Related to Doing Business in China - PRC laws and regulations
govern our businesses. If we are found to be in violation of such PRC laws and regulations, we could be subject to sanctions. In addition,
changes in and uncertainties with respect to such PRC laws and regulations may materially and adversely affect our business." These
risks and uncertainties arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and
quickly evolving rules and regulations in China, could result in a material adverse change in our operations and the value of our ordinary
shares.
4
Recent
statements by the Chinese government indicate an intent to exert more oversight and more control over offerings conducted overseas and/or
foreign investment in China-based issuers. Any such actions by the Chinese government could significantly limit or completely hinder
our ability to conduct our business, accept foreign investments, or list on a U.S. or other foreign exchange, including our ability to
offer or continue to offer its securities to investors and cause the value of the securities being registered hereby to significantly
decline or become worthless. Although we believe our operating structure is legal and permissible under the Chinese law and regulations
currently in effect, Chinese regulatory authorities could take a different position on the interpretation and enforcement of laws and
regulations and disallow our holding company structure, which would likely result in a material adverse change in our operations and/or
the value of our securities being offered, including that it could cause the value of such securities to significantly decline or become
worthless. See "Item 3. Key Information - D. Risk Factors - Risks Related to Doing Business in China - Recent statements by the
Chinese government indicate an intent to exert more oversight and more control over offerings conducted overseas and/or foreign investment
in China-based issuers. Any such actions by the Chinese government could significantly limit or completely hinder our ability to conduct
our business, accept foreign investments, or list on a U.S. or other foreign exchange, including our ability to offer or continue to
offer its securities to investors and cause the value of the securities being registered hereby to significantly decline or become worthless."
Permissions
Required from the PRC Authorities for Our Operations
We
conduct our business primarily through our subsidiaries, including the VIEs, in China. Our operations in China are governed by PRC laws
and regulations. As of the date of this annual report, neither we nor the VIEs have been involved in any investigations initiated by
any PRC regulatory authority, nor has any of them received any inquiry, notice or sanction for our operations or our issuance of securities
to investors. Nevertheless, the Standing Committee of the National people's Congress (the "SCNPC") or PRC regulatory
authorities may in the future promulgate laws, regulations or implementing rules that requires us, our subsidiaries, the VIEs or their
subsidiaries to obtain permissions from PRC regulatory authorities to approve the VIE operations.
According
to Article 7 of the Measures of Cybersecurity Review ("the New CAC Measures") which was promulgated
by
the Cyber Administration of China, together with 12 other departments
on December 28, 2021 and entered into force and effect on
February 15, 2022, a network platform operator that holds personal information of more than one million users shall report to Cybersecurity
Review Office for cybersecurity review when it seeks to list its securities overseas. During such reviews, the network platform operator
may be required to take measures to prevent and mitigate risk, and such measures could cause disruptions to our operations. Cybersecurity
review could also result in negative publicity with respect to the network platform operator and diversion of its managerial and financial
resources, which could materially and adversely affect its business, financial conditions, and results of operations.
The
New CAC Measures do not apply to the Company or any of its subsidiaries or the VIEs as of the date of this annual report. The Company
and any of its subsidiaries or the VIEs are not critical information infrastructure operators purchasing network products and services
or online platform operators carrying out data processing activities that affect or may affect national security. We hold less than 1
million users' personal information. We believe we are not subject to the cybersecurity review under the New CAC Measures. As of
the date of this report, we have not been involved in any investigations on cybersecurity review initiated by the CAC, and we have not
received any warning, sanction or penalty in such respect. We believe that we are compliant with the regulations or policies that have
been issued by the CAC as of the date of this annual report.
As of the date of this annual report, for entities that have been
listed overseas before the implementation of the New CAC Measures and intend to issue additional shares rather than doing a public listing,
the New CAC Measures do not clearly stipulate that such entities or their subsidiaries, as network platform operators, shall report to
Cybersecurity Review Office for cybersecurity review. The New CAC Measures remain unclear on whether such requirements will be applicable
to companies which are already listed in the United States, such as us. It also remains uncertain whether any future regulatory changes
would impose additional restrictions on companies like us. The aforementioned policies and any related implementation rules to be enacted
may subject us to additional compliance requirements in the future. As these opinions were recently issued, official guidance and interpretation
of the opinions remain unclear in several respects at this time. Therefore, we cannot assure you that we will remain fully compliant
with all new regulatory requirements of these opinions or any future implementation rules on a timely basis, or at all.
Please
see "Risk Factor -
Recent greater oversight by the CAC over data security, particularly for companies seeking to list
on a foreign exchange, could adversely impact our business and our offering"
for more detailed discussion.
5
On
July 30, 2021, in response to the recent regulatory developments in China and actions adopted by the PRC government, the Chairman of
the SEC issued a statement asking the SEC staff to seek additional disclosures from offshore issuers associated with China-based operating
companies before their registration statements will be declared effective. On August 1, 2021, the China Securities Regulatory Commission
(the "CSRC") stated in a statement that it had taken note of the new disclosure requirements announced by the SEC regarding
the listings of Chinese companies and the recent regulatory development in China, and that both countries should strengthen communications
on regulating China-related issuers. To the best of our knowledge, as of the date of this annual report, current Chinese laws and regulations
do not forbid us from issuing securities overseas. On December 24, 2021, the CSRC published the Administration of Overseas Securities
Offering and Listing by Domestic Companies (the "Draft Administrative Provisions") and the Administration Measures for the
Filing of Overseas Securities Offering and Listing by Domestic Companies (the "Draft Filing Measures"). The Draft Administrative
Provisions and the Draft Filing Measures lay out requirements for filing and include unified regulation management, strengthening regulatory
coordination, and cross-border regulatory cooperation. On February 17, 2023, the CSRC promulgated the Trial Administrative Measures of
Overseas Securities Offering and Listing by Domestic Companies (the "Trial Measures"), which took effect on March 31, 2023.
On the same date, the CSRC circulated Supporting Guidance Rules No. 1 through No. 5, Notes on the Trial Measures, Notice on Administration
Arrangements for the Filing of Overseas Listings by Domestic Enterprises and relevant CSRC Answers to Reporter Questions, or collectively,
the Guidance Rules and Notice, on CSRC's official website. The Trial Measures, together with the Guidance Rules and Notice reiterate
the basic principles of the Draft Administrative Provisions and Draft Filing Measures, and clarified and emphasized several aspects,
which include but are not limited to: (1) criteria to determine whether an issuer will be required to go through the filing procedures
under the Trial Measures; (2) exemptions from immediate filing requirements for issuers including those that have already been listed
in foreign securities markets, including U.S. markets, prior to the effective date of the Trial Measures, but these issuers shall still
be subject to filing procedures if they conduct refinancing or are involved in other circumstances that require filing with the CSRC;
(3) a negative list of types of issuers banned from listing or offering overseas, such as issuers whose affiliates have been recently
convicted of bribery and corruption; (4) issuers' compliance with web security, data security, and other national security laws
and regulations; (5) issuers' filing and reporting obligations, such as obligation to file with the CSRC after it submits an application
for initial public offering to overseas regulators, and obligation after offering or listing overseas to file with the CSRC after it
completes subsequent offerings and to report to the CSRC material events including change of control or voluntary or forced delisting
of the issuer; and (6) the CSRC's authority to fine both issuers and their relevant shareholders for failure to comply with the
Trial Measures, including failure to comply with filing obligations or committing fraud and misrepresentation. Specifically, pursuant
to the Trial Measures, our future securities offerings in Nasdaq Capital Market where we have previously offered and listed shall also
be filed with the CSRC within 3 working days after the offering is completed. As the Trial Measures are newly issued, there remain uncertainties
regarding its interpretation and implementation. Therefore, we cannot assure you that we will be able to complete the filings for our
future offering and fully comply with the relevant new rules on a timely basis, if at all. In addition, we cannot guarantee that we will
not be subject to tightened regulatory review and we could be exposed to government interference in China.
In
addition, as of the date of this annual report, except for business license, foreign investment information report to the commerce administrative
authority and foreign exchange registration or filing, our consolidated affiliated Chinese entities are not required to obtain any other
licenses and permits from the PRC government authorities, and our holding company, our subsidiaries and the VIEs in China have obtained
all the licenses and permits that are requisite for the business operations in China. However, given the uncertainties of interpretation
and implementation of relevant laws and regulations and the enforcement practice by government authorities, we may be required to obtain
certain licenses, permits, filings, permissions or approvals for the functions and services that we provided in the future, or to offer
securities, in China.
6
If
we, our
subsidiaries
,
or the VIEs (i) do not receive or maintain such permissions or approvals, should the approval be required in the future by the PRC government,
(ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations
change and we are required to obtain such permissions or approvals in the future, our operations and financial conditions could be materially
adversely affected, our ability to offer securities to investors could be significantly limited or completely hindered and our securities
may substantially decline in value or be worthless. As of the date of this annual report, our PRC legal counsel has advised us that,
based on its understanding of the current PRC laws and regulations, we will not be required to submit an application to the CSRC for
the approval under the M&A Rules for our offshore offerings because (i) the CSRC currently has not issued any definitive rule or
interpretation concerning whether our offshore offerings are subject to this regulation; and (ii) no provision in the M&A Rules classifies
the contractual arrangements under the VIE agreements as a type of acquisition transaction falling under the M&A Rules. However,
our PRC legal counsel has further advised us that there remains some uncertainty as to how the M&A Rules will be interpreted or implemented
in the context of an overseas offering, and its opinions summarized above are subject to any new laws, rules and regulations or detailed
implementations and interpretations in any form relating to the M&A Rules.
As of the date of this annual report, according
to our PRC Counsel, as we are a listed company, we are not subject to the filing requirements as regulated by the Trial Measures. However,
pursuant to the Trial Measures, our future securities offering in the Nasdaq Capital Market where we have previously offered and listed
shall be filed with the CSRC within 3 working days after the offering is completed. As the Trial Measures are newly issued, there remain
uncertainties regarding its interpretation and implementation. Therefore, we cannot assure you that we will be able to complete the filings
for our future offering and fully comply with the relevant new rules on a timely basis, if at all.
These
regulatory agencies may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit
our operations in China, delay or restrict the repatriation of the proceeds into China or take other actions that could have a material
adverse effect on our business, financial condition, results of operations, as well as the trading price of our securities. The CSRC,
the Cyberspace Administration of China or other PRC regulatory agencies also may take actions requiring us, or making it advisable for
us, to halt any securities offering we may undertake in the future. Consequently, if you engage in market trading or other activities
in anticipation of and prior to settlement and delivery, you do so at the risk that settlement and delivery may not occur. In addition,
if the CSRC, the Cyberspace Administration of China or other regulatory PRC agencies later promulgate new rules requiring that we obtain
more approvals in the future, we may be unable to obtain such approvals or a waiver of such approval requirements, if and when procedures
are established to obtain such a waiver. Any uncertainties and/or negative publicity regarding such an approval requirement could have
a material adverse effect on the trading price of our securities.
These legal and operational risks and uncertainties associated
with being based in China may materially and adversely change our operations, affect the value of our ordinary shares, significantly
limit or completely hinder our ability to offer or continue to offer securities to investors could cause the value of our securities
to significantly decline or be worthless.
PCAOB
and the Holding Foreign Companies Accountable Act
The
Holding Foreign Companies Accountable Act (the "HFCAA"), recent regulatory actions taken by the SEC and PCAOB, and proposed
rule changes submitted by U.S. stock exchanges calling for additional and more stringent criteria to be applied to China-based public
companies could add uncertainties to our capital raising activities and compliance costs. The HFCAA requires a foreign company to certify
it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company uses a foreign
auditor not subject to PCAOB inspection. If the PCAOB determines that it is unable to inspect our auditors for three consecutive years,
our securities may be prohibited to trade on a national exchange. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act, which, if enacted, would amend the HFCAA and require the SEC to prohibit an issuer's
securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead
of three, and thus, would reduce the time before our securities may be prohibited from trading or delisted. On December 20, 2021, the
PCAOB issued a report on its determinations that the PCAOB is unable to inspect or investigate completely PCAOB-registered public accounting
firms headquartered in mainland China or Hong Kong because of positions taken by PRC authorities in those jurisdictions. Our independent
registered public accounting firm that issued the audit report for our financial statements for 2022 and 2021, as an auditor of companies
that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant
to which the PCAOB conducts regular inspections to assess our auditor's compliance with the applicable professional standards,
and thus our auditor is not subject to the determinations announced by the PCAOB on December 16, 2021. However, we cannot be certain
whether SEC or other U.S. regulatory authorities would apply additional and more stringent criteria to Chinese issuers including us as
related to the audit of our financial statements. Trading in your securities may be prohibited under the HFCAA if the PCAOB determines
that it cannot inspect or investigate completely our auditor, and that as a result an exchange may determine to delist your securities.
On
August 26, 2022, the PCAOB signed a Statement of Protocol with the CSRC and the Ministry of Finance of the PRC (the "Statement
of Protocol"), which is intended to enable the PCAOB to inspect and investigate completely registered public accounting firms in
mainland China and Hong Kong. According to a statement released by the PCAOB, the Statement of Protocol (i) provides the PCAOB with
sole discretion to select the firms, audit engagements and potential violations it inspects and investigates without consultation with,
nor input from, Chinese authorities, (ii) puts procedures in place for PCAOB inspectors and investigators to view complete audit work
papers with all information included and for the PCAOB to retain information as needed and (iii) provides the PCAOB with direct access
to interview and take testimony from all personnel associated with the audits the PCAOB inspects or investigates. While the Chairs of
both the PCAOB and the SEC made statements supporting the Statement of Protocol, both emphasized that this is only the first step in
the process. On December 15, 2022, the PCAOB issued a new Determination Report which: (1) vacated the December 16, 2021 Determination
Report; and (2) concluded that the PCAOB has been able to conduct inspections and investigations completely in the PRC in 2022. The December
15, 2022 Determination Report cautions, however, that authorities in the PRC might take positions at any time that would prevent the
PCAOB from continuing to inspect or investigate completely. As required by the HFCAA, if in the future the PCAOB determines it no longer
can inspect or investigate completely because of a position taken by an authority in the PRC, the PCAOB will act expeditiously to consider
whether it should issue a new determination. On December 29, 2022, the Accelerating Holding Foreign Companies Accountable Act was signed
into law, which officially reduce the number of
years auditor is not subject to PCAOB inspections
to two consecutive years
. As such, uncertainties remain regarding how it will impact China-based issuers and there is no assurance
that the PCAOB will continue being able to execute, in a timely manner, its future inspections and investigations. As required by the
HFCAA, if in the future the PCAOB determines it no longer can inspect or investigate completely because of a position taken by an authority
in the PRC, the PCAOB will act expeditiously to consider whether it should issue a new determination, and upon that time the Company
will only have two years to comply with PCAOB audits.
7
A.
[Reserved.]
B.
CAPITALIZATION AND INDEBTEDNESS.
Not
applicable.
C.
REASONS FOR THE OFFER AND USE OF PROCEEDS.
Not
applicable.
D.
RISK FACTORS.
An
investment in our ordinary shares involves a high degree of risk. You should carefully consider the risks and uncertainties described
below together with all other information contained in this annual report, including the matters discussed under "Special Note
Regarding Forward-Looking Statements," before you decide to invest in our ordinary shares. You should pay particular attention
to the fact that we are a holding company with substantial operations in China and are subject to legal and regulatory environments that
in many respects differ from those of the United States. If any of the following risks, or any other risks and uncertainties that are
not presently foreseeable to us, actually occur, our business, financial condition, results of operations, liquidity and our future growth
prospects would be materially and adversely affected. You should also consider all other information contained in this annual report
before deciding to invest in our ordinary shares.
Risk
Factors Summary
Our
business is subject to a number of risks and uncertainties from business operations, having business in China, and being incorporated
in British Virgin Islands, including the following highlighted risks:
●
Our
strategy includes plans to grow both organically and through acquisitions, participation in joint ventures or other strategic alliances.
However, such acquisitions may adversely affect our business and the acquisition may not be successful, please see "
risk
factor - We may undertake acquisitions, investments, joint ventures or other strategic alliances, which could have a material adverse
effect on our ability to manage our business. In addition, such undertakings may not be successful
" for more details.
●
The
industry the Company participates in is competitive in recruiting highly-skilled personnel, we cannot assure we are able to cost-efficiently
find qualified employees, please see "
risk factor - Due to intense competition for highly-skilled personnel, we may fail
to attract and retain enough sufficiently trained employees to support our operations; our ability to bid for and obtain new projects
may be negatively affected and our revenues could decline as a result"
for more details.
●
China's
spatial-temporal big-data processing and interactive location-based services industry, in which we operate, is characterized by rapidly
changing technology, if the Company cannot keep pace with the development, we may lose our competitiveness. Please see "
Risk
Factor - Changes in technology could adversely affect our business by increasing our costs, reducing our profit margins and causing a
decline in our competitiveness"
for more details.
●
Intellectual
property owned by the Company is important to our products and our business operations, if we cannot protect our intellectual property
rights, our competitiveness may be negatively influence. Please see "
Risk Factor - Our failure to protect our intellectual
property rights may undermine our competitive position, and subject us to costly litigation to protect our intellectual property rights"
for more details.
●
It
is determined that the Company has material weakness in the ineffective disclosure controls and procedures and our internal controls
over financial reporting, which may harm our operating results. Please see "Risk Factor -
Weaknesses in our internal controls
over financial reporting or disclosure controls and procedures may have a material adverse effect on our business, the price of our ordinary
shares, operating results and financial condition"
for more details.
●
The
Company is a foreign private issuer incorporated in British Virgin Islands, which is different from the U.S. Laws and you may receive
less protections. Please see "
Risk Factor -
As the rights of shareholders under British Virgin Islands law differ from those
under U.S. law, you may have fewer protections as a shareholder", "
Risk Factor -
British Virgin Islands companies
may not be able to initiate shareholder derivative actions, thereby depriving shareholders of the ability to protect their interests"
and "
Risk Factor -
The laws of the British Virgin Islands provide little protection for minority shareholders, so
minority shareholders will have little or no recourse if the shareholders are dissatisfied with the conduct of our affairs"
for
more details.
●
The
Company has been notified an incompliance to the continued listing requirement of Nasdaq Capital Market, which may pose additional difficulties
in future financing. Please see "Risk Factor -
If the trading price of our ordinary shares fails to comply with the continued
listing requirements of the NASDAQ Capital Market, we would face possible delisting, which would result in a limited public market for
our ordinary shares and make obtaining future debt or equity financing more difficult for us"
for more details.
8
Risk
Factors Summary – Risks Related to Doing Business in China
●
The
Company is using variable interest entities in corporate structure to conduct business operations in China, this structure may be disallowed
by the unpredictable changes in PRC legal system, which may materially influence the business operation of the Company. Please see Risk
Factor -
If the PRC government deems that our agreements with our variable interest entities (our "VIEs") do not comply
with PRC regulatory restrictions on foreign investment in the relevant industries or other laws or regulations of the PRC, or if these
regulations or the interpretation of existing regulations change in the future, we could be subject to severe penalties or be forced
to relinquish our interests in those operations, which may materially reduce the value of our ordinary shares"
for more
details.
●
The
Company has substantially all of the business conducted in China, therefore, as the PRC government continues to exercise significant
control over China's economic growth through direct allocation of resources, monetary and tax policies, and a host of other government
policies, the Company's business operations may be adversely affected by the changes in political and economic policies of the
PRC. Please see "Risk Factor -
Adverse changes in political and economic policies of the PRC government could have a material
adverse effect on the overall economic growth of China, which could reduce the demand for our services and materially and adversely affect
our competitive position"
for more details.
●
We
are a company incorporated under the laws of the British Virgin Islands, we conduct all of our operations in China and all of our assets
and most of our directors are located in China, therefore, you may experience difficulties in service of legal process. Please see "
Risk
Factor -
You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in
China against us or our management named in this annual report based on foreign laws"
for more details.
●
As
the PRC legal system is drastically developing, the Company may be subject to additional regulatory review and additional compliance
requirements to do business, which may bear more cost on the Company. Please see "
Risk Factor -
Adverse regulatory developments
in China may subject us to additional regulatory review, and additional disclosure requirements and regulatory scrutiny to be adopted
by the SEC in response to risks related to recent regulatory developments in China may impose additional compliance requirements for
companies like us with significant China-based operations, all of which could increase our compliance costs, subject us to additional
disclosure requirements. In addition, uncertainties with respect to the PRC legal system could adversely affect us"
for
more details.
●
As
of the date of this annual report, the Company is not subject to the Cybersecurity Review imposed by the PRC government, however, the
Company cannot foresee the changes in interpretation of the laws, and the Company may in the future be required to timely complete such
review. Please see "
Risk Factor -
Compliance with China's new Data Security Law, Measures on Cybersecurity Review (revised
draft for public consultation), Personal Information Protection Law (second draft for consultation), regulations and guidelines relating
to the multi-level protection scheme and any other future laws and regulations may entail significant expenses and could materially affect
our business"
and "
Risk Factor -
Recent greater oversight by the CAC over data security, particularly for
companies seeking to list on a foreign exchange, could adversely impact our business and our offering"
for more details.
●
Since
almost all of the business operations of the Company are in China, through our subsidiaries and the VIEs, the currency for business is
RMB, while our reporting currency is USD, therefore, the fluctuation of which may affect the value of your investment. Please see "
Risk
Factor -
Governmental control of currency conversion may affect the value of your investment"
and "
Risk Factor
-
Fluctuation in the value of the RMB may have a material adverse effect on the value of your investment
" for more details.
●
PCAOB
may issue reports or determinations analyzing their accessibility to the auditors who have branches in China or Hong Kong, as of the
date of this annual report, our auditors are subject to full inspections, but if it changes, it may adversely affect the Company's
business. Please see "
Risk Factor -
Our auditor is headquartered in the United States, and is subject to inspection by the
PCAOB on a regular basis. To the extent that our independent registered public accounting firm's audit documentation related to
their audit reports for our company become located in China, the PCAOB may not be able inspect such audit documentation and, as such,
you may be deprived of the benefits of such inspection and our ordinary shares could be delisted from the stock exchange pursuant to
the Holding Foreign Companies Accountable Act"
for more details.
9
We
may undertake acquisitions, investments, joint ventures or other strategic alliances, which could have a material adverse effect on our
ability to manage our business. In addition, such undertakings may not be successful.
Our
strategy includes plans to grow both organically and through acquisitions, participation in joint ventures or other strategic alliances.
Joint ventures and strategic alliances may expose us to new operational, regulatory and market risks, as well as risks associated with
additional capital requirements. We may not be able, however, to identify suitable future acquisition candidates or alliance partners.
Even if we identify suitable candidates or partners, we may be unable to complete an acquisition or alliance on terms commercially acceptable
to us. If we fail to identify appropriate candidates or partners, or complete desired acquisitions, we may not be able to implement our
strategies effectively or efficiently.
In
addition, our ability to successfully integrate acquired companies and their operations may be adversely affected by several factors.
These factors include:
1.
diversion
    of management's attention;
2.
difficulties
    in retaining customers of the acquired companies;
3.
difficulties
    in retaining personnel of the acquired companies;
4.
entry
    into unfamiliar markets;
5.
unanticipated
    problems or legal liabilities; and
6.
tax
    and accounting issues.
If
we fail to integrate acquired companies efficiently, our earnings, revenue growth and business could be negatively affected.
Due
to intense competition for highly-skilled personnel, we may fail to attract and retain enough sufficiently trained employees to support
our operations; our ability to bid for and obtain new projects may be negatively affected and our revenues could decline as a result.
The
IT industry relies on skilled employees, and our success depends to a significant extent on our ability to attract, hire, train and retain
qualified employees. There is significant competition in China for professionals with the skills necessary to develop the products and
perform the services we offer to our customers. Increased competition for these professionals, in the mobile application design area
or otherwise, could have an adverse effect on us if we experience significant increase in the attrition rate among employees with specialized
skills, which could decrease our operating efficiency and productivity and could lead to a decline in demand for our services.
In
addition, our ability to serve existing customers and business partners and obtain new business will depend, in large part, on our ability
to attract, train and retain skilled personnel that enable us to keep pace with growing demands for spatial-temporal big-data processing
and interactive location-based services, evolving industry standards and changing customer preferences. Our failure to attract, train
and retain personnel with the qualifications necessary to fulfill the needs of our existing and future customers or to assimilate new
employees successfully could have a material adverse effect on our business, financial condition and results of operations. Our failure
to retain our key personnel on business development or find suitable replacements of the key personnel upon their departure may lead
to shrinking new implementation projects, which could materially adversely affect our business.
10
Our
business depends substantially on the continuing efforts of our senior executives and other key personnel, and our business may be severely
disrupted if we lose their services.
Our
future success heavily depends upon the continued services of our senior executives and other key employees, particularly since we recently
appointed a new Chairman. We are reliant on the services of Mr. Xuesong Song, our Chairman, Chief Executive Officer and member of our
board of directors. If one or more of our senior executives or key employees is unable or unwilling to continue in his or her present
position, we may not be able to replace such employee easily, or at all, we may incur additional expenses to recruit, train and retain
replacement personnel, our business may be severely disrupted, and our financial condition and results of operations may be materially
adversely affected.
Our
business could suffer if our executives and directors compete against us and our non-competition agreements with them cannot be enforced.
If
any of our senior executives or key employees joins a competitor or forms a competing company, we may lose customers, know-how and key
professionals and staff members to them. Also, if any of our business development managers who keep a close relationship with our customers
and business partners joins a competitor or forms a competing company, we may lose customers, and our revenues may be materially adversely
affected. Most of our executives have entered, or will soon enter, into employment agreements with us that contain or will contain non-competition
provisions. However, if any dispute arises between our executive officers and us, such non-competition provisions may not be enforceable,
especially in China, where all of these executive officers and key employees reside, in light of the uncertainties with China's
legal system. See "Risk Factors — Risks Related to Doing Business in China — Uncertainties with respect
to the PRC legal system could adversely affect us."
Our
computer networks may be vulnerable to security risks that could disrupt our services and adversely affect our results of operations.
Our
computer networks may be vulnerable to unauthorized access, computer hackers, computer viruses and other security problems caused by
unauthorized access to, or improper use of, systems by third parties or employees. We have been the target of attempted cyber-security
breaches in the past and expect that we will continue to be subject to such attempts in the future. A hacker who circumvents security
measures could misappropriate proprietary information or cause interruptions or malfunctions in operations. Computer attacks or disruptions
may jeopardize the security of information stored in and transmitted through computer systems and mobile devices of our customers. Actual
or perceived concerns that our systems may be vulnerable to such attacks or disruptions may deter customers from using our services.
As a result, we may be required to expend significant resources to protect against the threat of these security breaches or to alleviate
problems caused by these breaches, which could adversely affect our results of operations.
Widespread
health developments, including the recent global COVID-19 pandemic, could materially and adversely affect our business, financial condition
and results of operations.
Our
business has been, and may continue to be, impacted by the fear of exposure to or actual effects of the COVID-19 pandemic, such as recommendations
or mandates from governmental authorities to close businesses, limit travel, avoid large gatherings or to self-quarantine. These impacts
could place limitations on our ability to execute on our business plan and could materially and adversely affect our business, financial
condition and results of operations. We continue to monitor the situation, have actively implemented policies and procedures to address
the situation, and may adjust our current policies and procedures as more information and guidance become available to address the evolving
situation. The impact of COVID-19 may also exacerbate other risks discussed in this Report, any of which could have a material effect
on us.
If
we do not continually enhance our solutions and service offerings, we may have difficulty in retaining existing customers and attracting
new customers.
We
believe that our future success will depend, to a significant extent, upon our ability to enhance our existing technologies, applications
and platform, and to introduce new features to meet the preferences and requirements of our customers in a rapidly developing and evolving
market. Unexpected technical, operational, distribution or other problems could delay or prevent the introduction of one or more of these
products or services, or any products or services that we may plan to introduce in the future. Our present or future products may not
satisfy the evolving preferences and tastes of our customers, and these solutions and services may not achieve anticipated market acceptance
or generate incremental revenue. If we are unable to anticipate or respond adequately to the need for service or product enhancements
due to resource, technological or other constraints, our business, financial condition and results of operations could be materially
and adversely affected.
11
If
we are unable to develop competitive new products and service offerings our future results of operations could be adversely affected.
Our
future revenue stream depends to a large degree on our ability to utilize our technology in a way that will allow us to offer new types
of products in relation to maps and geospatial data processing, mobile applications and services to a broader customer base. We will
be required to make investments in research and development in order to continually develop new products, software applications and related
service offerings, enhance our existing products, platform, mobile applications and related service offerings and achieve market acceptance
of our mobile applications and service offerings. We may incur problems in the future in innovating and introducing new products, mobile
applications and service offerings. Our development-stage products, mobile applications may not be successfully completed or, if developed,
may not achieve significant customer acceptance. If we are unable to successfully define, develop and introduce competitive new mobile
applications, and enhance existing mobile applications, our future results of operations would be adversely affected. The timely availability
of new applications and their acceptance by customers are important to our future success. A delay in the development of new applications
could have a significant impact on its results of operations.
Changes
in technology could adversely affect our business by increasing our costs, reducing our profit margins and causing a decline in our competitiveness.
China's
spatial-temporal big-data processing and interactive location-based services industry, in which we operate, is characterized by rapidly
changing technology, evolving industry standards, frequent introductions of new services and solutions and enhancements as well as changing
customer demands. New solutions and new technologies often render existing solutions and services obsolete, excessively costly or otherwise
unmarketable. As a result, our success depends on our ability to adapt to the latest technological progress, such as the 5G standard
and technologies, and to develop or acquire and integrate new technologies into our products, mobile applications and related services.
Advances in technology also require us to commit substantial resources to developing or acquiring and then deploying new technologies
for use in our operations. We must continuously train personnel in new technologies and in how to integrate existing systems with these
new technologies. We may not be able to adapt quickly to new technologies or commit sufficient resources to compete successfully against
existing or new competitors in bringing to market solutions and services that incorporate these new technologies. We may incur problems
in the future in innovating and introducing new mobile applications and service offerings. Our development of new mobile applications
and platform enhancements may not be successfully completed or, if developed, may not achieve significant customer acceptance. If we
fail to adapt to changes in technologies and compete successfully against established or new competitors, our business, financial condition
and results of operations could be adversely affected.
Problems
with the quality or performance of our software or other systems may cause delays in the introduction of new solutions or result in the
loss of customers and revenues, which could have a material and adverse effect on our business, financial condition and results of operations.
Our
products are complex and may contain defects, errors or bugs when first introduced to the market or to a particular customer, or as new
versions are released. Because we cannot test for all possible scenarios, our systems may contain errors that are not discovered until
after they have been installed or implemented, and we may not be able to timely correct these problems. These defects, errors or bugs
could interrupt or delay the completion of projects or sales to our customers. In addition, our reputation may be damaged and we may
fail to acquire new projects from existing customers or new customers. Errors may occur when we provide systems integration and maintenance
services. Even in cases where we have agreements with our customers that contain provisions designed to limit our exposure to potential
claims and liabilities arising from customer problems, these provisions may not effectively protect us against such claims in all cases
and in all jurisdictions. In addition, as a result of business and other considerations, we may undertake to compensate our customers
for damages arising from the use of our solutions, even if our liability is limited by these provisions. Moreover, claims and liabilities
arising from customer problems could also result in adverse publicity and materially and adversely affect our business, results of operations
and financial condition. We currently do not carry any product or service liability insurance and any imposition of liability on us may
materially and adversely affect our business and increase our costs, resulting in reduced revenues and profitability.
Our
products may contain undetected software defects, which could negatively affect our revenues.
Our
software products are complex and may contain undetected defects. Although we test our products, it is possible that errors may be found
or occur in our new or existing products after we have delivered those products to the customers. Defects, whether actual or perceived,
could result in adverse publicity, loss of revenues, product returns, a delay in market acceptance of our products, loss of competitive
position or claims against us by customers. Any such problems could be costly to remedy and could cause interruptions, delays, or cessation
of our product sales, which could cause us to lose existing or prospective customers and could negatively affect our results of operations.
12
We
may be subject to infringement, misappropriation and indemnity claims in the future, which may cause us to incur significant expenses,
pay substantial damages and be prevented from providing our services or technologies.
Our
success depends, in part, on our ability to carry out our business without infringing the intellectual property rights of third parties.
Patent and copyright law covering software-related technologies is evolving rapidly and is subject to a great deal of uncertainty. Our
self-developed or licensed technologies, processes or methods may be covered by third-party patents or copyrights, either now existing
or to be issued in the future. Any potential litigation may cause us to incur significant expenses. Third-party claims, if successfully
asserted against us may cause us to pay substantial damages, seek licenses from third parties, pay ongoing royalties, redesign our services
or technologies, or prevent us from providing services or technologies subject to these claims. Even if we were to prevail, any litigation
would likely be costly and time-consuming and divert the attention of our management and key personnel from our business operations.
Our
failure to protect our intellectual property rights may undermine our competitive position, and subject us to costly litigation to protect
our intellectual property rights.
Any
misappropriation of our technology or the development of competitive technology could seriously harm our business. We regard a substantial
portion of our hardware and software systems as proprietary and rely on statutory copyright, trademark, patent, trade secret laws, customer
license agreements, employee and third-party non-disclosure agreements and other methods to protect our proprietary rights. Nevertheless,
these resources afford only limited protection and the actions we take to protect our intellectual property rights may not be adequate.
In particular, third parties may infringe or misappropriate our proprietary technologies or other intellectual property rights, which
could have a material adverse effect on our business, financial condition and results of operations. In addition, intellectual property
rights and confidentiality protection in China may not be as effective as in the United States, and policing unauthorized use of proprietary
technology can be difficult and expensive. Further, litigation may be necessary to enforce our intellectual property rights, protect
our trade secrets or determine the validity and scope of the proprietary rights of others. The outcome of any such litigation may not
be in our favor. Any such litigation may be costly and may divert management attention, as well as our other resources, away from our
business. An adverse determination in any such litigation will impair our intellectual property rights and may harm our business, prospects
and reputation. In addition, we have no insurance coverage against litigation costs and would have to bear all litigation costs in excess
of the amount recoverable from other parties. The occurrence of any of the foregoing could have a material adverse effect on our business,
financial condition and results of operations.
Our
solutions incorporate a portion of, and work in conjunction with, third-party hardware and software solutions. If these third-party hardware
or software solutions are not available to us at reasonable costs, or at all, our results of operations could be adversely impacted.
Although
our hardware and software systems and mobile applications primarily rely on our own core technologies, some elements of our systems incorporate
a small portion of third-party hardware and software solutions. If any third party were to discontinue making their intellectual property
available to us or our customers on a timely basis, or increase materially the cost of their licensing such intellectual property, or
if our systems or applications failed to properly function or interoperate with replacement intellectual property, we may need to incur
costs in finding replacement third-party solutions and/or redesigning our systems or applications to replace or function with or on replacement
third-party proprietary technology. Replacement technology may not be available on terms acceptable to us or at all, and we may be unable
to develop alternative solutions or redesign our systems or applications on a timely basis or at a reasonable cost. If any of these were
to occur, our results of operations could be adversely impacted.
Our
ability to sell our products is highly dependent on the quality of our service and support offerings, and our failure to offer high quality
service could have a material adverse effect on our ability to market and sell our products.
Our
customers depend upon our customer service and support staff to resolve issues relating to our products. High-quality support services
are critical for the successful marketing and sale of our products. If we fail to provide high-quality support on an ongoing basis, our
customers may react negatively and we may be materially and adversely affected in our ability to sell additional products to these customers.
This could also damage our reputation and prospects with potential customers. Our failure to maintain high-quality support services could
have a material and adverse effect on our business, results of operations and financial condition.
13
Weaknesses
in our internal controls over financial reporting or disclosure controls and procedures may have a material adverse effect on our business,
the price of our ordinary shares, operating results and financial condition.
We
are required to establish and maintain appropriate internal controls over financial reporting and disclosure controls and procedures.
Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 and the related rules adopted by the Securities and Exchange Commission (the
"SEC"), every public company is required to include a management report on its internal controls over financial reporting
in its annual report, which contains management's assessment of the effectiveness of the company's internal controls over
financial reporting. This requirement first applied to our annual report on Form 20-F for the fiscal year ended on September 30, 2011.
In connection with our assessments of our disclosure controls and procedures and internal controls over financial reporting, management
concluded that as of December 31, 2021, our disclosure controls and procedures and our internal controls over financial reporting
were not effective due to lack of U.S. generally accepted accounting principles ("U.S. GAAP") expertise in our current accounting
team. Please refer to the discussion under Item 15, "Controls and Procedures" for further discussion of our material weakness
as of December 31, 2021. Should we be unable to remediate the material weakness promptly and effectively, such weakness could harm
our operating results, result in a material misstatement of our financial statements, cause us to fail to meet our financial reporting
obligations or prevent us from providing reliable and accurate financial reports or avoiding or detecting fraud. This, in turn, could
result in a loss of investor confidence in the accuracy and completeness of our financial reports, which could have an adverse effect
on the trading price of our ordinary shares. Any litigation or other proceeding or adverse publicity relating to the material weaknesses
could have a material adverse effect on our business and operating results.
We
have very limited insurance coverage which could expose us to significant costs and business disruption.
We
do not maintain any insurance coverage for our leased properties. Should any natural catastrophes such as earthquakes, floods, typhoons
or any acts of terrorism occur in Beijing, China, where our head office is located and most of our employees are based, or elsewhere
in China, we might suffer not only significant property damages, but also loss of revenues due to interruptions in our business operations,
which could have a material adverse effect on our business, operating results or financial condition.
The
insurance industry in China is still at an early stage of development. Insurance companies in China offer limited business insurance
products, and do not, to our knowledge, offer business liability insurance. As a result, we do not have any business liability insurance
coverage for our operations. Moreover, while business disruption insurance is available, we have determined that the risks of disruption
and cost of the insurance are such that we do not require it at this time. Any business disruption, litigation or natural disaster might
result in substantial costs and diversion of resources, particularly if it affects our technology platforms which we depend on for delivery
of our software and services, and could have a material adverse effect on our financial condition and results of operations.
We
may be liable to our customers for damages caused by unauthorized disclosure of sensitive and confidential information, whether through
our employees or otherwise.
We
are typically required to manage, utilize and store sensitive or confidential customer data in connection with the products and services
we provide. Under the terms of our customer contracts, we are required to keep such information strictly confidential. We seek to implement
specific measures to protect sensitive and confidential customer data. We require our employees to enter into non-disclosure agreements
to limit such employees' access to, and distribution of, our customers' sensitive and confidential information and our own
trade secrets. We can give no assurance that the steps taken by us in this regard will be adequate to protect our customers' confidential
information. If our customers' proprietary rights are misappropriated by our employees, in violation of any applicable confidentiality
agreements or otherwise, our customers may consider us liable for that act and seek damages and compensation from us. However, we currently
do not have any insurance coverage for mismanagement or misappropriation of such information by our employees. Any litigation with respect
to unauthorized disclosure of sensitive and confidential information might result in substantial costs and diversion of resources and
management attention.
14
We
may face intellectual property infringement claims that could be time-consuming and costly to defend. If we fail to defend ourselves
against such claims, we may lose significant intellectual property rights and may be unable to continue providing our existing products
and services.
It
is critical that we use and develop our technology and products without infringing upon the intellectual property rights of third parties,
including patents, copyrights, trade secrets and trademarks. Intellectual property litigation is expensive and time-consuming and could
divert management's attention from our business. A successful infringement claim against us, whether with or without merit, could,
among others things, require us to pay substantial damages, develop non-infringing technology, or re-brand our name or enter into royalty
or license agreements that may not be available on acceptable terms, if at all, and cease making, licensing or using products that have
infringed a third party's intellectual property rights. Protracted litigation could also result in existing or potential customers
deferring or limiting their purchase or use of our products until resolution of such litigation, or could require us to indemnify our
customers against infringement claims in certain instances. Also, we may be unaware of intellectual property registrations or applications
relating to our services that may give rise to potential infringement claims against us. Parties making infringement claims may be able
to obtain an injunction to prevent us from delivering our services or using technology containing the allegedly infringing intellectual
property. Any intellectual property litigation could have a material adverse effect on our business, results of operations or financial
condition.
Seasonality
and fluctuations in our customers' spending cycles and other factors can cause our revenues and operating results to vary significantly
from quarter to quarter and from year to year.
Our
revenues and operating results will vary from quarter to quarter and from year to year due to a number of factors, many of which are
outside of our control. Our new lines of business acquired upon the consummation of the asset exchange transaction discussed below see
higher customer use and activity during the Chinese New Year holiday than other times during the year, which lead to higher revenue during
this period as more customers would like to place more advertising. Historically, the products of our subsidiary Superengine Graphics
Software Technology Development (Suzhou) Co., Ltd ("Superengine") have a pattern of decreased sales in the first fiscal quarter
as a result of industry buying patterns. Due to these and other factors, our operating results may fluctuate from quarter to quarter
and from year to year. These fluctuations are likely to continue in the future, and operating results for any period may not be indicative
of our future performance in any future period.
Our
corporate actions are substantially controlled by Mr. Xuesong Song, our Chairman and Chief Executive Officer, who can cause us to take
actions in ways you may not agree with.
Mr.
Xuesong Song, our Chairman and Chief Executive Officer, beneficially owns 7.75% of our outstanding ordinary shares and 2,500,000 preferred
shares, and each preferred share has the right to 399 votes at a meeting of the shareholders of the Company. As a result, Mr. Song has
approximately 69.51% of the voting rights of the shareholders of the Company. Mr. Song can exert control and substantial influence over
matters such as electing directors, amending our constitutional documents, and approving acquisitions, mergers or other business combination
transactions. This concentration of ownership and voting power may also discourage, delay or prevent a change in control of our company,
which could deprive our shareholders of an opportunity to receive a premium for their shares as part of a sale of our company and might
reduce the price of our shares. Alternatively, our controlling shareholders may cause a merger, consolidation or change of control transaction
even if it is opposed by our other shareholders, including those who purchase shares in this offering
15
We
depend on a small number of customers to derive a significant portion of our revenues. If we were to continue being dependent upon a
few customers, such dependency could negatively impact our business, operating results and financial condition.
We
derived a material portion of our revenues from a small number of customers. In the years ended December 31, 2022, 2021 and 2020,
our five largest customers accounted for 61.9%, 43.6% and 49.8% of our total sales, respectively. As our customer base may change from
year-to-year, during such years that the customer base is highly concentrated, the fluctuation of our sales to any of such major customers
could have a material adverse effect on our business, operating results and financial condition. Moreover, our high customer base concentration
may also adversely affect our ability to negotiate contract prices with these customers, which may in turn materially and adversely affect
our results of operations.
Our
historical outstanding accounts receivable have been relatively high. Inability to collect our accounts receivable on a timely basis,
if at all, could materially and adversely affect our financial condition, liquidity and results of operations.
Historically,
our outstanding accounts receivable have been relatively high. As of December 31, 2022, 2021 and 2020, our outstanding accounts
receivable before impairment were $28.4 million, $38.1 million and $26.9 million, respectively. Although we conduct credit evaluations
of our customers, we generally do not require collateral or other security from our customers. In addition, we have had a relatively
high customer concentration. The largest outstanding accounts receivable balance accounted for 25.0%, 18.5% and 27.9% of our total accounts
receivable balance as of December 31, 2022, 2021 and 2020, respectively. As a result, an extended delay or default in payment relating
to a significant account would likely have a material and adverse effect on the aging schedule and turnover days of our accounts receivable.
Our inability to collect our accounts receivable on a timely basis, if at all, could materially and adversely affect our financial condition,
liquidity and results of operations.
Risks
Related to Doing Business in China
If
the PRC government deems that our agreements with our variable interest entities (our "VIEs") do not comply with PRC regulatory
restrictions on foreign investment in the relevant industries or other laws or regulations of the PRC, or if these regulations or the
interpretation of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests
in those operations, which may materially reduce the value of our ordinary shares.
We
are a holding company incorporated in the British Virgin Islands. As a holding company with no material operations of our own, we conduct
the majority of our business through our wholly-owned or majority-owned subsidiaries and certain business through operating entities
established in the People's Republic of China, or the PRC, primarily the VIEs. Due to PRC legal restrictions on foreign ownership
of certain internet-related businesses we may explore and operate, we operate this business through the VIEs and their subsidiaries and
rely on contractual arrangements. As a result of the contractual arrangements, we (i) have the power to direct activities of the VIEs
that most significantly affect their economic performance, and (ii) receive the economic benefits from the VIEs that could be significant
to them. Accordingly, Luokung Technology Corp. is considered the primary beneficiary of the VIEs and their subsidiaries and has consolidated
the financial results of these companies in its consolidated financial statements under the U.S. GAAP for accounting purposes. Neither
Luokung Technology Corp. nor its investors has an equity ownership (including foreign direct investment) in, or control through such
equity ownership of, the VIEs, and the contractual arrangements are not equivalent to an equity ownership in the business of the VIEs.
The ordinary shares that currently listed on the Nasdaq Capital Markets are shares of our British Virgin Islands holding company that
maintains service agreements with the associated operating companies. The Chinese regulatory authorities could disallow our structure,
which could result in a material change in our operations and the value of our securities could decline or become worthless. For a description
of our corporate structure and contractual arrangements, see "Organizational Structure" on page 51 and "VIE Agreements
with VIEs and Their Respective Shareholders" on page 56.
We
believe that our corporate structure and contractual arrangements comply with the current applicable PRC laws and regulations. We also
believe that each of the contracts among our wholly-owned PRC subsidiary, the VIEs and its shareholders is valid, binding and enforceable
in accordance with its terms. However, there are substantial uncertainties regarding the interpretation and application of current and
future PRC laws and regulations. Thus, the PRC governmental authorities may take a view contrary to the opinion of us. It is uncertain
whether any new PRC laws or regulations relating to variable interest entity structure will be adopted or if adopted, what they would
provide. PRC laws and regulations governing the validity of these contractual arrangements are uncertain and the relevant government
authorities have broad discretion in interpreting these laws and regulations. In addition, the legality and enforceability of the contractual
agreements between our PRC subsidiaries, the VIEs, and their nominee shareholders, as a whole, have not been tested in court.
16
If
these regulations change or are interpreted differently in the future and our corporate structure and contractual arrangements are deemed
by the relevant regulators that have competent authority, to be illegal, either in whole or in part, we may be unable to direct the operations
of the consolidated VIEs in the future, which conducts our manufacturing operations, holds significant assets and accounts for significant
revenue, and may need to modify such structure to comply with regulatory requirements. However, there can be no assurance that we can
achieve this without material disruption to our business. Further, if our corporate structure and contractual arrangements are found
to be in violation of any existing or future PRC laws or regulations, the relevant regulatory authorities would have broad discretion
in dealing with such violations, including:
●
revoking
    our business and operating licenses;
●
levying
    fines on us;
●
confiscating
    any of our income that they deem to be obtained through illegal operations;
●
shutting
    down our services;
●
discontinuing
    or restricting our operations in China;
●
imposing
    conditions or requirements with which we may not be able to comply;
●
requiring
    us to change our corporate structure and contractual arrangements;
●
restricting
    or prohibiting our use of the proceeds from overseas offering to finance the consolidated VIEs' business and operations; and
●
taking
    other regulatory or enforcement actions that could be harmful to our business.
Furthermore,
new PRC laws, rules and regulations may be introduced to impose additional requirements that may be applicable to our corporate structure
and contractual arrangements. Occurrence of any of these events could materially and adversely affect our business, financial condition
and results of operations and the market price of our ordinary shares. In addition, if the imposition of any of these penalties or requirement
to restructure our corporate structure causes us to lose the rights to direct the activities of the consolidated VIEs, we would no longer
be able to consolidate the financial results of such VIEs in our consolidated financial statements, which may cause the value of our
securities to significantly decline or even become worthless.
In
addition, while we will take every precaution available to effectively enforce the contractual and corporate relationship of the VIE
agreements, these contractual arrangements are less effective than direct ownership and we may incur substantial costs to enforce the
terms of the arrangements. For example, the VIEs and its shareholders could breach their contractual arrangements with us by, among other
things, failing to conduct their operations in an acceptable manner or taking other actions that are detrimental to our interests. If
we had direct ownership of the VIEs, we would be able to exercise our rights as a shareholder to effect changes in the board of directors
of the VIEs, which in turn could implement changes, subject to any applicable fiduciary obligations, at the management and operational
level. However, under VIE Agreements, we will rely on the performance by the VIEs and its shareholders of their obligations under the
contracts to direct the operation of the VIEs. As such, the shareholders of VIEs may not act in the best interests of our company or
may not perform their obligations under these contracts. In addition, failure of the VIE shareholders to perform certain obligations
could compel us to rely on legal remedies available under PRC laws, including seeking specific performance or injunctive relief, and
claiming damages, which may not be effective.
Adverse
changes in political and economic policies of the PRC government could have a material adverse effect on the overall economic growth
of China, which could reduce the demand for our services and materially and adversely affect our competitive position.
Substantially
all of our business operations are conducted in China. Accordingly, our business, results of operations, financial condition and prospects
are subject to a significant degree to economic, political and legal developments in China. Although the Chinese economy is no longer
a planned economy, the PRC government continues to exercise significant control over China's economic growth through direct allocation
of resources, monetary and tax policies, and a host of other government policies such as those that encourage or restrict investment
in certain industries by foreign investors, control the exchange between RMB and foreign currencies, and regulate the growth of the general
or specific market. These government involvements have been instrumental in China's significant growth in the past 30 years. The
reorganization of the telecommunications industry encouraged by the PRC government has directly affected our industry and our growth
prospect.
Growth
of China's economy has been uneven, both geographically and among various sectors of the economy, and the growth of the Chinese
economy has slowed down in recent years. Some of the government measures may benefit the overall Chinese economy, but may have a negative
effect on us. For example, our financial condition and results of operations may be adversely affected by government control over capital
investments or changes in tax regulations. Any stimulus measures designed to boost the Chinese economy may contribute to higher inflation,
which could adversely affect our results of operations and financial condition. For example, certain operating costs and expenses, such
as employee compensation and office operating expenses, may increase as a result of higher inflation.
17
Our
business benefits from certain government tax incentives. Expiration, reduction or discontinuation of, or changes to, these incentives
will increase our tax burden and reduce our net income.
Under
the PRC Enterprise Income Tax Law passed in 2007 and the implementing rules, both of which became effective on January 1, 2008, or the
New Electronic Information and Transactions ("EIT") Law, a unified enterprise income tax rate of 25% and unified tax deduction
standard is applied equally to both domestic-invested enterprises and foreign-invested enterprises, or FIEs. Enterprises established
prior to March 16, 2007 eligible for preferential tax treatment in accordance with the then tax laws and administrative regulations shall
gradually become subject to the New EIT Law rate over a five-year transition period starting from the date of effectiveness of the New
EIT Law. However, certain qualifying high-technology enterprises may still benefit from a preferential tax rate of 15% if they own their
core intellectual properties and they are enterprises in certain high-tech industries to be later specified by the government. As a result,
if our PRC subsidiaries qualify as "high-technology enterprises," they will continue to benefit from the preferential tax
rate of 15%, subject to transitional rules implemented from January 1, 2008. Our subsidiaries, Beijing Zhong Chuan Shi Xun Technology
Limited, Superengine Graphics Software Technology Development (Suzhou) Co., Ltd, eMapgo Technologies (Beijing) Co., Ltd., DMG Infotech
Co., Ltd, and Beijing BotBrain AI Technology Ltd., are qualified as a "high-technology enterprise" until July 15, 2022 to
November 18, 2025, respectively, and therefore they have benefited from the preferential tax rate of 15%, subject to transitional rules
implemented on January 1, 2008. Although we intend to apply for a renewal of this qualification, if these subsidiaries cease to qualify
as a "high-technology enterprise", or the tax authorities change their position on our preferential tax treatments in the
future, our future tax liabilities may materially increase, which could materially and adversely affect our financial condition and results
of operations.
If
we were deemed a "resident enterprise" by PRC tax authorities, we could be subject to tax on our global income at the rate
of 25% under the New EIT Law and our non-PRC shareholders could be subject to certain PRC taxes.
Under
the New EIT Law and the implementing rules, both of which became effective January 1, 2008, an enterprise established outside of the
PRC with "de facto management bodies" within the PRC may be considered a PRC "resident enterprise" and will be
subject to the enterprise income tax at the rate of 25% on its global income as well as PRC enterprise income tax reporting obligations.
The implementing rules of the New EIT Law define "de facto management" as "substantial and overall management and control
over the production and operations, personnel, accounting, and properties" of the enterprise. However, as of the date of this annual
report, no final interpretations on the implementation of the "resident enterprise" designation are available. Moreover,
any such designation, when made by PRC tax authorities, will be determined based on the facts and circumstances of individual cases.
Therefore, if we were to be considered a "resident enterprise" by the PRC tax authorities, our global income would be taxable
under the New EIT Law at the rate of 25% and, to the extent we were to generate a substantial amount of income outside of PRC in the
future, we would be subject to additional taxes. In addition, the dividends we pay to our non-PRC enterprise shareholders and gains derived
by such shareholders from the transfer of our shares may also be subject to PRC withholding tax at the rate up to 10%, if such income
were regarded as China-sourced income.
Our
holding company structure may limit the payment of dividends.
We
have no direct business operations, other than our ownership of our subsidiaries. While we have no current intention of paying dividends,
should we decide in the future to do so, as a holding company, our ability to pay dividends and meet other obligations depends upon the
receipt of dividends or other payments from our operating subsidiaries and other holdings and investments. Current PRC regulations permit
our PRC subsidiaries to pay dividends to us only out of their accumulated profits, if any, determined in accordance with Chinese accounting
standards and regulations. In addition, each of our subsidiaries in China is required to set aside at least 10% of its after-tax profits
each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. These reserves are not distributable
as cash dividends. Furthermore, if our subsidiaries in China incur debt on their own behalf in the future, the instruments governing
the debt may restrict their ability to pay dividends or make other payments to us. As a result, there may be limitations on the ability
of our PRC subsidiaries to pay dividends or make other investments or acquisitions that could be beneficial to our business or otherwise
fund and conduct our business.
In
addition, under the New EIT Law and the implementing rules that became effective on January 1, 2008, dividends generated from the business
of our PRC subsidiaries after January 1, 2008 and payable to us may be subject to a withholding tax rate of 10% if the PRC tax authorities
subsequently determine that we are a non-resident enterprise, unless there is a tax treaty with China that provides for a different withholding
arrangement.
18
You
may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us
or our management named in this annual report based on foreign laws.
We
are a company incorporated under the laws of the British Virgin Islands, we conduct all of our operations in China and all of our assets
are located in China. In addition, except for our two independent directors, Mr. David Wei Tang, who is a U.S. citizen, and Mr. Meng
Bryan Yap, who is a Singapore citizen, all of our other officers and directors are PRC nationals. Most of our officers and directors
reside within China. All or a substantial portion of the assets of these persons are located outside the United States. As a result,
it may be difficult to effect service of process within the United States upon these persons.
In
addition, there is uncertainty as to whether the courts of the British Virgin Islands and other jurisdictions would recognize or enforce
judgments of United States courts obtained against us or such persons predicated upon the civil liability provisions of the securities
laws of the United States or any state thereof, or would entertain original actions brought in the British Virgin Islands or other jurisdictions
against us or such persons predicated upon the securities laws of the United States or any of our state. In particular, China does not
have treaties providing for the reciprocal recognition and enforcement of judgments of courts with the British Virgin Islands and many
other countries and regions. Therefore, recognition and enforcement in China regarding the judgments of a court in any of these non-PRC
jurisdictions in relation to any matters not subject to a binding arbitration provision may be difficult or even impossible.
Adverse
regulatory developments in China may subject us to additional regulatory review, and additional disclosure requirements and regulatory
scrutiny to be adopted by the SEC in response to risks related to recent regulatory developments in China may impose additional compliance
requirements for companies like us with significant China-based operations, all of which could increase our compliance costs, subject
us to additional disclosure requirements. In addition, uncertainties with respect to the PRC legal system could adversely affect us.
We
conduct all of our business through our subsidiaries in China. Our operations in China are governed by PRC laws and regulations. Our
PRC subsidiaries are generally subject to laws and regulations applicable to foreign investments in China and, in particular, laws and
regulations applicable to wholly foreign-owned enterprises. The PRC legal system is based on statutes. Prior court decisions may be cited
for reference but have limited precedential value.
The
recent regulatory developments in China, in particular with respect to restrictions on China-based companies raising capital offshore,
may lead to additional regulatory review in China over our financing and capital raising activities in the United States. In addition,
we may be subject to industry-wide regulations that may be adopted by the relevant PRC authorities, which may have the effect of limiting
our service offerings, restricting the scope of our operations in China, or causing the suspension or termination of our business operations
in China entirely, all of which will materially and adversely affect our business, financial condition and results of operations. We
may have to adjust, modify, or completely change our business operations in response to adverse regulatory changes or policy developments,
and we cannot assure you that any remedial action adopted by us can be completed in a timely, cost-efficient, or liability-free manner
or at all.
On
July 30, 2021, in response to the recent regulatory developments in China and actions adopted by the PRC government, the Chairman of
the SEC issued a statement asking the SEC staff to seek additional disclosures from offshore issuers associated with China-based operating
companies before their registration statements will be declared effective. On August 1, 2021, the China Securities Regulatory Commission
(the "CSRC") stated in a statement that it had taken note of the new disclosure requirements announced by the SEC regarding
the listings of Chinese companies and the recent regulatory development in China, and that both countries should strengthen communications
on regulating China-related issuers. To the best knowledge of this Company, as of the date of this annual report, current Chinese laws
and regulations do not forbid us from issuing securities overseas. On December 24, 2021, the CSRC published the Administration of Overseas
Securities Offering and Listing by Domestic Companies (the "Draft Administrative Provisions") and the Administration Measures
for the Filing of Overseas Securities Offering and Listing by Domestic Companies (the "Draft Filing Measures"). The Draft
Administrative Provisions and the Draft Filing Measures lay out requirements for filing and include unified regulation management, strengthening
regulatory coordination, and cross-border regulatory cooperation. On February 17, 2023, the CSRC promulgated the Trial Administrative
Measures of Overseas Securities Offering and Listing by Domestic Companies (the "Trial Measures"), which took effect on March
31, 2023. On the same date, the CSRC circulated Supporting Guidance Rules No. 1 through No. 5, Notes on the Trial Measures, Notice on
Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and relevant CSRC Answers to Reporter Questions,
or collectively, the Guidance Rules and Notice, on CSRC's official website. The Trial Measures, together with the Guidance Rules
and Notice reiterate the basic principles of the Draft Administrative Provisions and Draft Filing Measures and impose substantially the
same requirements for the overseas securities offering and listing by domestic enterprises, and clarified and emphasized several aspects,
which include but are not limited to: (1) criteria to determine whether an issuer will be required to go through the filing procedures
under the Trial Measures; (2) exemptions from immediate filing requirements for issuers including those that have already been listed
in foreign securities markets, including U.S. markets, prior to the effective date of the Trial Measures, but these issuers shall still
be subject to filing procedures if they conduct refinancing or are involved in other circumstances that require filing with the CSRC;
(3) a negative list of types of issuers banned from listing or offering overseas, such as issuers whose affiliates have been recently
convicted of bribery and corruption; (4) issuers' compliance with web security, data security, and other national security laws
and regulations; (5) issuers' filing and reporting obligations, such as obligation to file with the CSRC after it submits an application
for initial public offering to overseas regulators, and obligation after offering or listing overseas to file with the CSRC after it
completes subsequent offerings and to report to the CSRC material events including change of control or voluntary or forced delisting
of the issuer; and (6) the CSRC's authority to fine both issuers and their relevant shareholders for failure to comply with the
Trial Measures, including failure to comply with filing obligations or committing fraud and misrepresentation. Specifically, pursuant
to the Trial Measures, our future securities offerings in the Nasdaq Capital Market where we have previously offered and listed shall
also be filed with the CSRC within 3 working days after the offering is completed. As the Trial Measures are newly issued, there remain
uncertainties regarding its interpretation and implementation. Therefore, we cannot assure you that we will be able to complete the filings
for our future offering and fully comply with the relevant new rules on a timely basis, if at all. In addition, we cannot guarantee that
we will not be subject to tightened regulatory review and we could be exposed to government interference in China.
19
Since
1979, PRC legislation and regulations have 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, because these laws and regulations are relatively new, and because
of the limited volume of published decisions and their nonbinding nature, the interpretation and enforcement of these laws and regulations
involve uncertainties. In addition, the PRC legal system is based in part on government policies and internal rules (some of which are
not published on a timely basis or at all) that may have a retroactive effect. As a result, we may not be aware of our violation of these
policies and rules until some time after the violation. In addition, any litigation in China may be protracted and result in substantial
costs and diversion of resources and management attention.
Compliance
with China's new Data Security Law, Measures on Cybersecurity Review (revised draft for public consultation), Personal Information
Protection Law (second draft for consultation), regulations and guidelines relating to the multi-level protection scheme and any other
future laws and regulations may entail significant expenses and could materially affect our business.
China
has implemented or will implement rules and is considering a number of additional proposals relating to data protection. China's
new Data Security Law promulgated by the Standing Committee of the National People's Congress of China in June 2021, or the Data
Security Law, took effect in September 2021. The Data Security Law provides that the data processing activities must be conducted based
on "data classification and hierarchical protection system" for the purpose of data protection and prohibits entities in
China from transferring data stored in China to foreign law enforcement agencies or judicial authorities without prior approval by the
Chinese government. As the Data Security Law has not yet come into effect, we may need to make adjustments to our data processing practices
to comply with this law.
Additionally,
China's Cyber Security Law, requires companies to take certain organizational, technical and administrative measures and other
necessary measures to ensure the security of their networks and data stored on their networks. Specifically, the Cyber Security Law provides
that China adopt a multi-level protection scheme (MLPS), under which network operators are required to perform obligations of security
protection to ensure that the network is free from interference, disruption or unauthorized access, and prevent network data from being
disclosed, stolen or tampered. Under the MLPS, entities operating information systems must have a thorough assessment of the risks and
the conditions of their information and network systems to determine the level to which the entity's information and network systems
belong-from the lowest Level 1 to the highest Level 5 pursuant to the Measures for the Graded Protection and the Guidelines for Grading
of Classified Protection of Cyber Security. The grading result will determine the set of security protection obligations that entities
must comply with. Entities classified as Level 2 or above should report the grade to the relevant government authority for examination
and approval.
Recently,
the Cyberspace Administration of China (the "CAC") has taken action against several Chinese internet companies in connection
with their initial public offerings on U.S. securities exchanges, for alleged national security risks and improper collection and use
of the personal information of Chinese data subjects. According to the official announcement, the action was initiated based on the National
Security Law, the Cyber Security Law and the Measures on Cybersecurity Review, which are aimed at "preventing national data security
risks, maintaining national security and safeguarding public interests." On July 10, 2021, the CAC published a revised draft of
the Measures on Cybersecurity Review, expanding the cybersecurity review to data processing operators in possession of personal information
of over 1 million users if the operators intend to list their securities in a foreign country.
It
is unclear at the present time how widespread the cybersecurity review requirement and the enforcement action will be and what effect
they will have on the life sciences sector generally and the Company in particular. China's regulators may impose penalties for
non-compliance ranging from fines or suspension of operations, and this could lead to us delisting from the U.S. stock market.
Also,
on August 20, 2021, the National People's Congress passed the Personal Information Protection Law, started to be implemented on
November 1, 2021. The law creates a comprehensive set of data privacy and protection requirements that apply to the processing of personal
information and expands data protection compliance obligations to cover the processing of personal information of persons by organizations
and individuals in China, and the processing of personal information of persons in China outside of China if such processing is for purposes
of providing products and services to, or analyzing and evaluating the behavior of, persons in China. The law also proposes that critical
information infrastructure operators and personal information processing entities who process personal information meeting a volume threshold
to-be-set by Chinese cyberspace regulators are also required to store in China personal information generated or collected in China,
and to pass a security assessment administered by Chinese cyberspace regulators for any export of such personal information. Lastly,
the draft contains proposals for significant fines for serious violations of up to RMB 50 million or 5% of annual revenues from the prior
year.
20
Interpretation,
application and enforcement of these laws, rules and regulations evolve from time to time and their scope may continually change, through
new legislation, amendments to existing legislation and changes in enforcement. Compliance with the Cyber Security Law and the Data Security
Law could significantly increase the cost to us of providing our service offerings, require significant changes to our operations or
even prevent us from providing certain service offerings in jurisdictions in which we currently operate or in which we may operate in
the future. Despite our efforts to comply with applicable laws, regulations and other obligations relating to privacy, data protection
and information security, and our belief that we are currently in compliance therewith, it is possible that our practices, offerings
or platform could fail to meet all of the requirements imposed on us by the Cyber Security Law, the Data Security Law and/or related
implementing regulations. Any failure on our part to comply with such law or regulations or any other obligations relating to privacy,
data protection or information security, or any compromise of security that results in unauthorized access, use or release of personally
identifiable information or other data, or the perception or allegation that any of the foregoing types of failure or compromise has
occurred, could damage our reputation, discourage new and existing counterparties from contracting with us or result in investigations,
fines, suspension or other penalties by Chinese government authorities and private claims or litigation, any of which could materially
adversely affect our business, financial condition and results of operations. Even if our practices are not subject to legal challenge,
the perception of privacy concerns, whether or not valid, may harm our reputation and brand and adversely affect our business, financial
condition and results of operations. Moreover, the legal uncertainty created by the Data Security Law and the recent Chinese government
actions could materially adversely affect our ability, on favorable terms, to raise capital, including engaging in follow-on offerings
of our securities in the U.S. market or the Stock Exchange of Hong Kong. While we believe that our current operations are in compliance
with the laws and regulations of the Cyberspace Administration of China, our operations could be adversely affected, directly or indirectly,
by existing or future laws and regulations relating to its business or industry.
Recent
greater oversight by the CAC over data security, particularly for companies seeking to list on a foreign exchange, could adversely impact
our business and our offering.
On
December 28, 2021, the CAC and other relevant PRC governmental authorities jointly promulgated the Cybersecurity Review Measures, which
will take effect on February 15, 2022. The Cybersecurity Review Measures provide that, in addition to critical information infrastructure
operators ("CIIOs") that intend to purchase Internet products and services, net platform operators engaging in data processing
activities that affect or may affect national security must be subject to cybersecurity review by the Cybersecurity Review Office of
the PRC. According to the Cybersecurity Review Measures, a cybersecurity review assesses potential national security risks that may be
brought about by any procurement, data processing, or overseas listing. The Cybersecurity Review Measures require that an online platform
operator which possesses the personal information of at least one million users must apply for a cybersecurity review by the CAC if it
intends to be listed in foreign countries.
On
November 14, 2021, the CAC published the Security Administration Draft, which provides that data processing operators engaging in data
processing activities that affect or may affect national security must be subject to network data security review by the relevant Cyberspace
Administration of the PRC. According to the Security Administration Draft, data processing operators who possess personal data of at
least one million users or collect data that affects or may affect national security must be subject to network data security review
by the relevant Cyberspace Administration of the PRC. The deadline for public comments on the Security Administration Draft was December
13, 2021.
As
of the date of this annual report, we have not received any notice from any authorities identifying our PRC subsidiaries or the VIEs
as CIIOs or requiring us to go through cybersecurity review or network data security review by the CAC. The Cybersecurity Review Measures
became effective on February 15, 2022. The standard scope of review under the Cybersecurity Review Measures extends to critical information
infrastructure operators that intend to purchase internet products and services and network platform operators engaging in data processing
activities, which affect or may affect national security. Further, pursuant to Cybersecurity Review Measures, network platform operators
possessing over one million users' personal information must apply with the Cybersecurity Review Office for a cybersecurity review
before any listing at a foreign stock exchange. Besides, the Cybersecurity Review Measures also provide that if the relevant authorities
consider that certain network products and services and data processing activities affect or may affect national security, the authorities
may conduct a cybersecurity review on its own initiative. Therefore, the Company understands that currently the operations of our PRC
subsidiaries and the VIEs and our listing will not be affected and that we will not be subject to cybersecurity review by the CAC for
this offering, given that our PRC subsidiary and the VIE possess personal data of fewer than one million individual clients and do not
collect data that affects or may affect national security in their business operations as of the date of this annual report and do not
anticipate that they will be collecting over one million users' personal information or data that affects or may affect national
security in the near future. Given the Cybersecurity Review Measures were recently promulgated, there remains uncertainty as to how the
Cybersecurity Review Measures will be interpreted or implemented. , In addition, the PRC regulatory agencies, including the CAC, may
adopt new laws, regulations, rules, or detailed implementation and interpretation related to the Cybersecurity Review Measures and the
Security Administration Draft. If any such new laws, regulations, rules, or implementation and interpretation come into effect, we will
take all reasonable measures and actions to comply and to minimize the adverse effect of such laws on us. We cannot guarantee, however,
that we will not be subject to cybersecurity review in the future. During such reviews, we may be required to suspend our operation or
experience other disruptions to our operations. Cybersecurity review could also result in negative publicity with respect to our Company
and diversion of our managerial and financial resources, which could materially and adversely affect our business, financial conditions,
and results of operations.
21
Governmental
control of currency conversion may affect the value of your investment.
The
PRC government imposes controls on the convertibility of the RMB into foreign currencies and, in certain cases, the remittance of currency
out of China. We receive substantially all of our revenues in RMB. Under our current corporate structure, our income is primarily derived
from dividend payments from our PRC subsidiaries. Shortages in the availability of foreign currency may restrict the ability of our PRC
subsidiaries to remit sufficient foreign currency to pay dividends or other payments to us, or otherwise satisfy their foreign currency
denominated obligations. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions,
interest payments and expenditures from trade-related transactions, can be made in foreign currencies without prior approval from SAFE
by complying with certain procedural requirements. However, approval from appropriate government authorities is required where RMB is
to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in
foreign currencies. The PRC government may also at its discretion restrict access in the future to foreign currencies for current account
transactions. If the foreign exchange control system prevents us from obtaining sufficient foreign currency to satisfy our currency demands,
we may not be able to pay dividends in foreign currencies to our shareholders.
Fluctuation
in the value of the RMB may have a material adverse effect on the value of your investment.
The
value of the RMB against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in political
and economic conditions. On July 21, 2005, the PRC government changed its decade-old policy of pegging the value of the RMB to the U.S.
dollar. Under the new policy, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign
currencies. This change in policy has resulted in an approximate 26.8% appreciation of the RMB against the U.S. dollar between July 21,
2005 and September 30, 2015. Provisions on Administration of Foreign Exchange, as amended in August 2008, further changed China's
exchange regime to a managed floating exchange rate regime based on market supply and demand. Since reaching a high against the U.S.
dollar in July 2008, however, the RMB has traded within a narrow band against the U.S. dollar, remaining within 1% of its July 2008 high
but never exceeding it. As a consequence, the RMB has fluctuated sharply since July 2008 against other freely-traded currencies, in tandem
with the U.S. dollar. In August 2015, the PRC Government devalued its currency by approximately 3%, representing the largest yuan depreciation
for 20 years. Concerns remain that China's slowing economy, and in particular its exports, will need a stimulus that can only come
from further cuts in the exchange rate.
It
is difficult to predict how long the current situation may continue and when and how it may change again as the People's Bank of
China may regularly intervene in the foreign exchange market to achieve economic policy goals. Substantially all of our revenues and
costs are denominated in the RMB, and a significant portion of our financial assets are also denominated in RMB. We principally rely
on dividends and other distributions paid to us by our subsidiaries in China. Any significant revaluation of the RMB may materially and
adversely affect our cash flows, revenues, earnings and financial position, and the value of, and any dividends payable on, our ADSs
or ordinary shares in U.S. dollars. Any fluctuations of the exchange rate between the RMB and the U.S. dollar could also result in foreign
currency translation losses for financial reporting purposes.
PRC
laws and regulations govern our businesses. If we are found to be in violation of such PRC laws and regulations, we could be subject
to sanctions. In addition, changes in and uncertainties with respect to such PRC laws and regulations may materially and adversely affect
our business.
The
PRC legal system is based on written statutes. Unlike under common law systems, decided legal cases have little value as precedents in
subsequent legal proceedings. In 1979, the PRC government began to promulgate a comprehensive system of laws and regulations governing
economic matters in general and forms of foreign investment (including in respect of wholly foreign owned enterprises) in particular.
These laws, regulations and legal requirements are relatively new and are often changing, and their interpretation and enforcement depend
to a large extent on relevant government policy and involve significant uncertainties that could limit the reliability of the legal protections
available to us.
There
are substantial uncertainties regarding the interpretation and application of PRC laws and regulations, including, but not limited to,
the laws and regulations governing our business. These laws and regulations are relatively new and may be subject to change, and their
official interpretation and enforcement may involve substantial uncertainty resulting in detrimental reliance by foreign investors. New
laws and regulations that affect existing and proposed future businesses may also be applied retroactively.
The
PRC government has broad discretion in dealing with violations of laws and regulations, including levying fines, revoking business and
other licenses and requiring actions necessary for compliance. We cannot predict the effect of the interpretation of existing or new
PRC laws or regulations on our businesses. We cannot assure you that our current ownership and operating structure would not be found
in violation of any current or future PRC laws or regulations. As a result, we may be subject to sanctions, including fines, and could
be required to restructure our operations or cease to provide certain services. In addition, any litigation in China may be protracted
and result in substantial costs and diversion of resources and management attention. Any of these or similar actions could significantly
disrupt our business operations or restrict us from conducting a substantial portion of our business operations, which could materially
and adversely affect our business, financial condition and results of operations.
22
The
Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas
and foreign investment in China-based issuers. In addition, the enforcement of laws and regulations in China can change quickly with
little advance notice. In 2021, the PRC government initiated a series of regulatory actions and statements to regulate business operations
in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over
China-based companies listed overseas, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts
in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon legislative or administrative
regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will
be modified or promulgated, if any, and the potential impact such modified or new laws and regulations will have on our daily business
operation, the ability to accept foreign investments and list on an U.S. or other foreign exchange. In the future, we and the VIEs may
pursue potential strategic acquisitions that are complementary to our and the VIEs' business and operations. Complying with the
requirements of the above-mentioned regulations and other rules to complete such transactions could be time-consuming, and any required
approval processes may delay or inhibit our and the VIEs' ability to complete such transactions, which could affect our and the
VIEs' ability to expand business or maintain market share. There is a possibility that the Chinese authorities may promulgate new
rules or explanations requiring that we and the VIEs obtain the approval of Chinese authorities for our and the VIEs' completed
or ongoing mergers and acquisitions. Any action by the Chinese government to exert more oversight and control over foreign investment
in China-based companies could result in a material change in our operation, cause the value of our ordinary shares to significantly
decline or become worthless, and significantly limit, or completely hinder our ability to offer or continue to offer our ordinary shares
to investors.
We
cannot predict the effects of future developments in government policy or the PRC legal system in general. We may be required in the
future to procure additional permits, authorizations and approvals for our existing and future operations, which may not be obtainable
in a timely fashion or at all, or may involve substantial costs and unforeseen risks. An inability to obtain, or the incurrence of substantial
costs in obtaining, such permits, authorizations and approvals may have a material adverse effect on our business, financial condition
and results of operations.
Recent
statements by the Chinese government indicate an intent to exert more oversight and more control over offerings conducted overseas and/or
foreign investment in China-based issuers. Any such actions by the Chinese government could significantly limit or completely hinder
our ability to conduct our business, accept foreign investments, or list on a U.S. or other foreign exchange, including our ability to
offer or continue to offer its securities to investors and cause the value of the securities being registered hereby to significantly
decline or become worthless.
The
Chinese government recently has published new policies that significantly affected certain industries such as the education and internet
industries, and we cannot rule out the possibility that it will in the future release regulations or policies regarding our industry
that could require us to seek permission from Chinese authorities to continue to operate our business, which may adversely affect our
business, financial condition and results of operations. Furthermore, recent statements made by the Chinese government have indicated
an intent to increase the government's oversight and control over offerings of companies with significant operations in China that
are to be conducted in foreign markets, as well as foreign investment in China-based issuers like us. Any such action, once taken by
the Chinese government, could significantly limit or completely hinder our ability to offer or continue to offer its securities to investors,
and could cause the value of such securities to significantly decline or become worthless.
In
July 2021, the Chinese government provided new guidance on China-based companies raising capital outside of China, including through
arrangements via VIEs. In light of such developments, the SEC has imposed enhanced disclosure requirements on China-based companies seeking
to register securities with the SEC. As substantially all of our operations are based in jurisdictions under the Chinese government,
any future Chinese, U.S. or other rules and regulations that place restrictions on capital raising or other activities by companies with
extensive operations in China could adversely affect our business and results of operations. If the business environment in China deteriorates
from the perspective of domestic or international investment, or if relations between China and the United States or other governments
deteriorate, the Chinese government may intervene with our operations and our business in China, as well as the value of the securities
being offered, may also be adversely affected.
Our
auditor is headquartered in the United States, and is subject to inspection by the PCAOB on a regular basis. To the extent that our independent
registered public accounting firm's audit documentation related to their audit reports for our company become located in China,
the PCAOB may not be able inspect such audit documentation and, as such, you may be deprived of the benefits of such inspection and our
ordinary shares could be delisted from the stock exchange pursuant to the Holding Foreign Companies Accountable Act.
The
Holding Foreign Companies Accountable Act, or the HFCAA, was enacted on December 18, 2020. The HFCAA states if the SEC determines that
we
have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three
consecutive years beginning in 2021, the SEC shall prohibit our shares from being traded on a national securities exchange or in the over-the-counter trading
market in the United States.
Our
independent registered public accounting firm issued an audit opinion on the financial statements incorporated by reference in this annual
report filed with the SEC and will issue audit reports related to us in the future. As auditors of companies that are traded publicly
in the United States and a firm registered with the PCAOB, our auditor is required by the laws of the United States to undergo regular
inspections by the PCAOB. However, to the extent that our auditor's work papers become located in China, such work papers will
not be subject to inspection by the PCAOB because the PCAOB is currently unable to conduct inspections without the approval of the Chinese
authorities. Inspections of certain other firms that the PCAOB has conducted outside of China have identified deficiencies in those firms'
audit procedures and quality control procedures, which may be addressed as part of the inspection process to improve future audit quality.
We are required by the HFCAA to have an auditor that is subject to the inspection by the PCAOB. While our present auditor is located
in the United States and the PCAOB is able to conduct inspections on such auditor, to the extent this status changes in the future and
our auditor's audit documentation related to their audit reports for our company becomes outside of the inspection by the PCAOB
or if the PCAOB is unable to inspect or investigate completely our auditor because of a position taken by an authority in a foreign jurisdiction,
trading in our ordinary shares could be prohibited under the HFCAA, and as a result our ordinary shares could be delisted from Nasdaq.
On
March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements
of the HFCAA, which became effective on May 5, 2021. We will be required to comply with these rules if the SEC identifies our auditors
as having a "non-inspection" year under a process to be subsequently established by the SEC.
23
On
May 13, 2021, the PCAOB proposed a new rule for implementing the HFCAA. Among other things, the proposed rule provides a framework for
the PCAOB to use when determining, under the HFCAA, whether it is unable to inspect or investigate completely registered public accounting
firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. The proposed rule
would also establish the manner of the PCAOB's determinations; the factors the PCAOB will evaluate and the documents and information
it will consider when assessing whether a determination is warranted; the form, public availability, effective date, and duration of
such determinations; and the process by which the board of the PCAOB can modify or vacate its determinations. The proposed rule was adopted
by the PCAOB on September 22, 2021 and approved by the SEC on November 5, 2021.
On
June 22, 2021, the U.S. Senate passed a bill which, if passed by the U.S. House of Representatives and signed into law, would reduce
the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years
to two, thus reducing the time period before the securities of such foreign companies may be prohibited from trading or delisted. On
December 29, 2022, the Accelerating Holding Foreign Companies Accountable Act was signed into law, which officially reduce the number
of years that the auditor is not subject to inspection to two consecutive years.
The
SEC is assessing how to implement other requirements of the HFCAA, including the listing and trading prohibition requirements described
above. The SEC may propose additional rules or guidance that could impact us if our auditor is not subject to the PCAOB inspection. For
example, on August 6, 2020, the President's Working Group on Financial Markets, or the PWG, issued the Report on Protecting United
States Investors from Significant Risks from Chinese Companies to the then President of the United States. This report recommended the
SEC implement five recommendations to address companies from jurisdictions that do not provide the PCAOB with sufficient access to fulfill
its statutory mandate. Some of the concepts of these recommendations were implemented with the enactment of the HFCAA. However, some
of the recommendations were more stringent than the HFCAA. For example, if a company was not subject to the PCAOB inspection, the report
recommended that the transition period before a company would be delisted would end on January 1, 2022.
On
December 2, 2021, the SEC issued amendments to finalize the interim final rules previously adopted in March 2021, and established procedures
to identify issuers and prohibit the trading of the securities of certain registrants as required by the HFCAA.
On
August 26, 2022, the PCAOB signed a Statement of Protocol with the CSRC and the Ministry of Finance of the PRC (the "Statement
of Protocol"), which is intended to enable the PCAOB to inspect and investigate completely registered public accounting firms in
mainland China and Hong Kong. According to a statement released by the PCAOB, the Statement of Protocol (i) provides the PCAOB with
sole discretion to select the firms, audit engagements and potential violations it inspects and investigates without consultation with,
nor input from, Chinese authorities, (ii) puts procedures in place for PCAOB inspectors and investigators to view complete audit work
papers with all information included and for the PCAOB to retain information as needed and (iii) provides the PCAOB with direct access
to interview and take testimony from all personnel associated with the audits the PCAOB inspects or investigates. While the Chairs of
both the PCAOB and the SEC made statements supporting the Statement of Protocol, both emphasized that this is only the first step in
the process. As such, uncertainties remain regarding how the Statement of Protocol will be implemented and how it will impact China-based
issuers and there is no assurance that the PCAOB will be able to execute, in a timely manner, its future inspections and investigations
in a manner that satisfies the Statement of Protocol. While the Statement of Protocol may lead to resolution of the previously identified
issues, there can be no assurance that this will be the case.
On
December 15, 2022, the PCAOB issued a new Determination Report which: (1) vacated the December 16, 2021 Determination Report; and (2)
concluded that the PCAOB has been able to conduct inspections and investigations completely in the PRC in 2022. The December 15, 2022
Determination Report cautions, however, that authorities in the PRC might take positions at any time that would prevent the PCAOB from
continuing to inspect or investigate completely. As required by the HFCAA, if in the future the PCAOB determines it no longer can inspect
or investigate completely because of a position taken by an authority in the PRC, the PCAOB will act expeditiously to consider whether
it should issue a new determination.
While
the HFCAA is not currently applicable to the Company because the Company's current auditors are subject to PCAOB review, if this
changes in the future for any reason, the Company may be subject to the HFCAA. The implications of this regulation if the Company
were to become subject to it are uncertain. Such uncertainty could cause the market price of our ordinary shares to be materially and
adversely affected, and our securities could be delisted or prohibited from being traded on Nasdaq earlier than would be required
by the HFCAA. If our ordinary shares is unable to be listed on another securities exchange by then, such a delisting would substantially
impair your ability to sell or purchase the ordinary shares when you wish to do so, and the risk and uncertainty associated with a potential
delisting would have a negative impact on the price of our ordinary shares.
It
may be difficult for U.S. regulators, such as the Department of Justice, the SEC, and other authorities, to conduct investigation or
collect evidence within China.
Shareholder
claims or regulatory investigation that are common in the United States generally are difficult to pursue as a matter of law or practicality
in China. For example, in China, there are significant legal and other obstacles to providing information needed for regulatory investigations
or litigations initiated outside China. Although the authorities in China may establish a regulatory cooperation mechanism with the securities
regulatory authorities of another country or region to implement cross-border supervision and administration, such cooperation with regulatory
authorities in the Unities States—including the SEC and the Department of Justice—may not be efficient in the absence of
mutual and practical cooperation mechanism. Furthermore, according to Article 177 of the PRC Securities Law, which became effective
in March 2020, no overseas securities regulator is allowed to directly conduct investigation or evidence collection activities within
the PRC territory. While detailed interpretation of or implementation rules under Article 177 have yet to be promulgated, the
inability for an overseas securities regulator to directly conduct investigation or evidence collection activities within China may further
increase the difficulties you face in protecting your interests.
24
Risks
Associated with our Ordinary Shares
The
market price of our Ordinary Shares has historically been highly volatile, and you may not be able to resell our ordinary shares at or
above your initial purchase price.
There
is a limited public market for our ordinary shares. We cannot assure you that there will be an active trading market for our ordinary
shares. You may not be able to sell your ordinary shares quickly or at the market price if trading in our ordinary shares is not active.
The
trading price of our ordinary shares may be volatile. The price of our ordinary shares could be subject to wide fluctuations in response
to a variety of factors, including the following:
1.
Introduction
    of new products, services or technologies offered by us or our competitors;
2.
Failure
    to meet or exceed revenue and financial projections we provide to the public;
3.
Actual
    or anticipated variations in quarterly operating results;
4.
Failure
    to meet or exceed the estimates and projections of the investment community;
5.
General
    market conditions and overall fluctuations in United States equity markets;
6.
Announcements
    of significant acquisitions, strategic partnerships, joint ventures or capital commitments by us or our competitors;
7.
Disputes
    or other developments relating to proprietary rights, including patents, litigation matters and our ability to obtain patent protection
    for our technologies;
8.
Additions
    or departures of key management personnel;
9.
Issuances
    of debt or equity securities;
10.
Significant
    lawsuits, including patent or shareholder litigation;
11.
Changes
    in the market valuations of similar companies;
12.
Sales
    of additional ordinary shares or other securities by us or our shareholders in the future;
13.
Trading
    volume of our ordinary shares;
14.
Fluctuations
    in the exchange rate between the U.S. dollar and Renminbi;
15.
Negative
    market perception and media coverage of our company or other companies in the same or similar industry with us; and
16.
Other
    events or factors, many of which are beyond our control.
In
addition, the stock market in general, and the NASDAQ Capital Market and software products and services companies in particular, have
experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of
these companies. Broad market and industry factors may negatively affect the market price of our ordinary shares, regardless of our actual
operating performance.
25
Our
ordinary shares may be subject to the SEC's penny stock rules which may make it difficult for broker-dealers to complete customer
transactions and trading activity in our securities.
Our
ordinary shares may be deemed to be "penny stock" as that term is defined under the Securities Exchange Act of 1934, as amended.
Penny stocks generally are equity securities with a price of less than $5.00 (other than securities registered on certain national securities
exchanges or quoted on the NASDAQ system, provided that current price and volume information with respect to transactions in such securities
is provided by the exchange or system). Penny stock rules impose additional sales practice requirements on broker-dealers who sell to
persons other than established customers and "accredited investors." The term "accredited investor" refers generally
to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding
$200,000 or $300,000 jointly with their spouse in each of the prior two years.
The
penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a
standardized risk disclosure document in a form prepared by the SEC, which provides information about penny stocks and the nature and
level of risks in the penny stock market. Moreover, broker-dealers are required to determine whether an investment in a penny stock is
a suitable investment for a prospective investor. A broker-dealer must receive a written agreement to the transaction from the investor
setting forth the identity and quantity of the penny stock to be purchased. These requirements may make it more difficult for broker-dealers
to effectuate customer transactions and trading activity in our securities. As a result, the market price of our ordinary shares may
be depressed, and you may find it more difficult to sell our ordinary shares.
Sales
of a substantial number of ordinary shares in the public market by our existing shareholders could cause the price of our ordinary shares
to fall.
Sales
of a substantial number of our ordinary shares in the public market or the perception that these sales might occur, could depress the
market price of our ordinary shares and could impair our ability to raise capital through the sale of additional equity securities. We
are unable to predict the effect that sales may have on the prevailing market price of our ordinary shares.
Subject
to certain limitations all of our total outstanding shares are now eligible for sale. Sales of ordinary shares by these shareholders
could have a material adverse effect on the trading price of our ordinary shares.
Future
sales and issuances of our ordinary shares, or rights to purchase our ordinary shares, including pursuant to our 2018 Omnibus Incentive
Plan, could result in additional dilution of the percentage ownership of our shareholders and could cause the price of our ordinary shares
to fall.
We
expect that significant additional capital will be needed in the future to continue our planned operations. To the extent we raise additional
capital by issuing equity securities, our shareholders may experience substantial dilution. We may sell ordinary shares, convertible
securities or other equity securities in one or more transactions at prices and in a manner we determine from time to time. If we sell
ordinary shares, convertible securities or other equity securities in more than one transaction, investors may be materially diluted
by subsequent sales. Such sales may also result in material dilution to our existing shareholders, and new investors could gain rights
superior to our existing shareholders.
We
do not intend to pay dividends on our ordinary shares, so any returns will be limited to the value of our ordinary shares.
We
have never declared or paid any cash dividend on our ordinary shares. We currently anticipate that we will retain future earnings for
the development, operation and expansion of our business and do not anticipate declaring or paying any cash dividends for the foreseeable
future. Any return shareholders will therefore be limited to the value of their ordinary shares.
As
the rights of shareholders under British Virgin Islands law differ from those under U.S. law, you may have fewer protections as a shareholder.
Our
corporate affairs will be governed by our memorandum of association and articles of association, the BVI Business Companies Act, 2004,
or the BVI Act, of the British Virgin Islands and the common law of the British Virgin Islands. The rights of shareholders to take legal
action against our directors, actions by minority shareholders and the fiduciary responsibilities of our directors under British Virgin
Islands law are to a large extent governed by the BVI Act and the common law of the British Virgin Islands. The common law of the British
Virgin Islands is derived in part from comparatively limited judicial precedent in the British Virgin Islands as well as from English
common law, which has persuasive, but not binding, authority on a court in the British Virgin Islands. The rights of our shareholders
and the fiduciary responsibilities of our directors under British Virgin Islands law are not as clearly established as they would be
under statutes or judicial precedents in some jurisdictions in the United States. In particular, the British Virgin Islands has a less
developed body of securities laws as compared to the United States, and some states (such as Delaware) have more fully developed and
judicially interpreted bodies of corporate law.
As
a result of all of the above, holders of our ordinary shares may have more difficulty in protecting their interests through actions against
our management, directors or major shareholders than they would as shareholders of a U.S. company.
26
British
Virgin Islands companies may not be able to initiate shareholder derivative actions, thereby depriving shareholders of the ability to
protect their interests.
British
Virgin Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States. The
circumstances in which any such action may be brought, and the procedures and defenses that may be available in respect to any such action,
may result in the rights of shareholders of a British Virgin Islands company being more limited than those of shareholders of a company
organized in the United States. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate
wrongdoing has occurred. The British Virgin Islands courts are also unlikely to recognize or enforce against us judgments of courts in
the United States based on certain liability provisions of U.S. securities law; and to impose liabilities against us, in original actions
brought in the British Virgin Islands, based on certain liability provisions of U.S. securities laws that are penal in nature. There
is no statutory recognition in the British Virgin Islands of judgments obtained in the United States, although the courts of the British
Virgin Islands will generally recognize and enforce the non-penal judgment of a foreign court of competent jurisdiction without retrial
on the merits.
The
laws of the British Virgin Islands provide little protection for minority shareholders, so minority shareholders will have little or
no recourse if the shareholders are dissatisfied with the conduct of our affairs.
Under
the laws of the British Virgin Islands, there is little statutory law for the protection of minority shareholders other than the provisions
of the BVI Act dealing with shareholder remedies. The principal protection under statutory law is that shareholders may bring an action
to enforce the constituent documents of the Company, our memorandum of association and articles of association. Shareholders are entitled
to have the affairs of the Company conducted in accordance with the general law and its memorandum of association and articles of association.
There
are common law rights for the protection of shareholders that may be invoked, largely dependent on English company law, since the common
law of the British Virgin Islands is limited. Under the general rule pursuant to English company law known as the rule in Foss v. Harbottle,
a court will generally refuse to interfere with the management of a company at the insistence of a minority of its shareholders who express
dissatisfaction with the conduct of the company's affairs by the majority or the board of directors. However, every shareholder
is entitled to have the affairs of the company conducted properly according to law and the company's constituent documents. As
such, if those who control the company have persistently disregarded the requirements of company law or the provisions of the company's
memorandum of association and articles of association, then the courts will grant relief. Generally, the areas in which the courts will
intervene are the following: (1) an act complained of which is outside the scope of the authorized business or is illegal or not capable
of ratification by the majority; (2) acts that constitute fraud on the minority where the wrongdoers control the company; (3) acts that
infringe on the personal rights of the shareholders, such as the right to vote; and (4) where the company has not complied with provisions
requiring approval of a majority of shareholders, which are more limited than the rights afforded minority shareholders under the laws
of many states in the United States.
Anti-takeover
provisions in our memorandum of association and articles of association and our right to issue preference shares could make a third-party
acquisition of us difficult.
Some
provisions of our memorandum of association and articles of association may discourage, delay or prevent a change in control of our company
or management that shareholders may consider favorable, including provisions that authorize our board of directors to issue preference
shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares.
You
may not be able to participate in rights offerings and may experience dilution of your holdings as a result.
We
may from time to time distribute rights to our shareholders, including rights to acquire our securities. However, we may not offer those
rights to ordinary shareholders unless both the rights and the underlying securities to be distributed to ordinary shareholders are registered
under the Securities Act, or the distribution of them to ordinary shareholders is exempted from registration under the Securities Act
with respect to all ordinary shareholders. We are under no obligation to file a registration statement with respect to any such rights
or underlying securities or to endeavor to cause such a registration statement to be declared effective. In addition, we may not be able
to rely on an exemption from registration under the Securities Act to distribute such rights and securities. Accordingly, our ordinary
shareholders may be unable to participate in our rights offerings and may experience dilution in their holdings as a result.
27
We
may be a passive foreign investment company, or PFIC, which could lead to additional taxes for U.S. holders of our ordinary shares.
We
do not expect to be, for U.S. federal income tax purposes, a passive foreign investment company, or a PFIC, which is a foreign company
for which, in any given taxable year, either at least 75% of its gross income is passive income, or investment income in general, or
at least 50% of its assets produce or are held to produce passive income, for the current taxable year, and we expect to operate in such
a manner so as not to become a PFIC for any future taxable year. However, because the determination of PFIC status for any taxable year
cannot be made until after the close of such year and requires extensive factual investigation, including ascertaining the fair market
value of our assets on a quarterly basis and determining whether each item of gross income that we earn is passive income, we cannot
assure you that we will not become a PFIC for the current taxable year or any future taxable year. If we are or become a PFIC, a U.S.
holder's ordinary shares could be subject to additional U.S. federal income taxes on gain recognized with respect to the ordinary
shares and on certain distributions, plus an interest charge on certain taxes treated as having been deferred under the PFIC rules. Non-corporate
U.S. holders will not be eligible for reduced rates of taxation on any dividends received from us if we are a PFIC in the taxable year
in which such dividends are paid or in the preceding taxable year.
If
the trading price of our ordinary shares fails to comply with the continued listing requirements of the NASDAQ Capital Market, we would
face possible delisting, which would result in a limited public market for our ordinary shares and make obtaining future debt or equity
financing more difficult for us.
Companies
listed on NASDAQ are subject to delisting for, among other things, failure to maintain a minimum closing bid price of $1.00 per share
for 30 consecutive business days. On January 3, 2022, we received a letter from NASDAQ indicating that for the last 30 consecutive business
days, the closing bid price of our ordinary shares fell below the minimum $1.00 per share requirement pursuant to NASDAQ Listing Rule
5550(a)(2) and 5810(c)(3)(A) (the "Nasdaq Listing Rules").
While
the notification has no immediate effect on the listing of our ordinary shares on Nasdaq, in accordance with the Nasdaq Listing Rules,
we have 180 calendar days from the date of notification, or until July 5, 2022, to regain compliance with the minimum bid price requirement,
during which time our ordinary shares will continue to trade on the Nasdaq Capital Market. If at any time before July 5, 2022, the bid
price of our ordinary shares closes at or above US$1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide
written notification that we have achieved compliance with the minimum bid price requirement. In the event we do not regain compliance
by July 5, 2022, we may be eligible for additional time to regain compliance or may be delisted from Nasdaq.
We
cannot guarantee that the price of our ordinary shares will comply with the Nasdaq Listing Rules for continued listing on the Nasdaq
Capital Market in the future. If we cannot comply with the Nasdaq Listing Rules, our ordinary shares would be subject to delisting and
would likely trade on the over-the-counter market. If our ordinary shares were to trade on the over-the-counter market, selling our ordinary
shares could be more difficult because smaller quantities of shares would likely be bought and sold, transactions could be delayed, and
security analysts' coverage of us may be reduced. In addition, broker-dealers have certain regulatory burdens imposed upon them,
which may discourage broker-dealers from effecting transactions in our ordinary shares, further limiting the liquidity of our ordinary
shares. As a result, the market price of our ordinary shares may be depressed, and you may find it more difficult to sell our ordinary
shares. Such delisting from the NASDAQ Capital Market and continued or further declines in our share price could also greatly impair
our ability to raise additional necessary capital through equity or debt financing.
28
ITEM
4. INFORMATION ON THE COMPANY.
A
.
HISTORY AND DEVELOPMENT OF THE COMPANY.
Overview
We
are a holding company and conduct our operations through our wholly-owned subsidiary named LK Technology Ltd., a British Virgin Islands
limited liability company ("LK Technology"), and its wholly-owned subsidiaries, MMB Limited and its respective subsidiaries,
which possess two core brands "Luokuang" and "SuperEngine". "Luokuang" is a mobile application to
provide Business to Customer (B2C) location-based services and "SuperEngine" provides Business to Business (B2B) and Business
to Government (B2G) services in connection with spatial-temporal big data processing. In May 2010, we consummated an initial public offering
of our American Depository Shares, or ADSs, for gross proceeds of $16 million, and our ADSs were listed on the NASDAQ Capital Market
under the ticker symbol "KONE". On August 17, 2018, we completed the transactions contemplated by the Asset Exchange Agreement
("AEA") with C Media Limited ("C Media") entered into on January 25, 2018. On August 20, 2018, we changed our
name to Luokung Technology Corp., our American Depository Shares ("ADSs") were voluntarily delisted from the NASDAQ Capital
Market on September 19, 2018 and on January 3, 2019 our ordinary shares started trading on NASDAQ under the ticker symbol "LKCO".
On
August 17, 2018, we consummated an asset exchange transaction, pursuant to which we exchanged all issued and outstanding capital stock
in Topsky Info-Tech Holdings Pte Ltd., the parent of Softech, for the issued and outstanding capital stock of LK Technology (the "Asset
Exchange"). In connection with the Asset Exchange, we changed our name on August 20, 2018, and on September 20, 2018, issued to
the shareholders of C Media Limited, the former parent of LK Technology, (i) 185,412,599 of our ordinary shares, par value $0.01 per
share and (ii) 1,000,000 of our preferred shares. Upon the consummation of the Asset Exchange, we ceased our previous business operations
and became a company focused on the provision of location-based service and mobile application products for long distance rail travelers
in China.
On
August 25, 2018, LK Technology entered into a Stock Purchase Agreement (the "Agreement") with the shareholders ("Shareholders")
of Superengine Holding Limited, a limited liability company incorporated under the laws of the British Virgin Islands (the "Superengine"),
pursuant to which LK Technology acquired all of the issued and outstanding shares of Superengine for an aggregate purchase price of US$60
million (the "Purchase Price"), which was paid by the issuance of our Ordinary Shares in an amount equal to the quotient
of (x) the Purchase Price divided by (y) the average of the closing prices of the Ordinary Shares on the NASDAQ Capital Market over the
12 months period preceding July 31, 2018. We are a party to the Agreement in connection with the issuance of the Ordinary Shares and
certain other limited purposes.
On
August 28, 2019, the Company entered into a Share Purchase Agreement, pursuant to which the Company will acquire 100% of the equity interests
of Saleya Holdings Limited ("Saleya") from Saleya's shareholders for an aggregate purchase price of approximately $120
million. On March 17, 2021, the Company completed the acquisition of 100% equity interest in Saleya for a consideration of (i) a cash
amount of $102 million (RMB666 million), (ii) 9,819,926 LKCO ordinary shares and (iii) 1,500,310 LKCO preferred shares pursuant to a
supplemental agreement dated February 24, 2021. The main operating subsidiary, eMapgo Technologies (Beijing) Co., Ltd. is a provider
of navigation and electronic map services in China, as well as a provider of Internet map services and geographic information system
engineering. The acquisition enables us to develop our smart transportation business, including autonomous driving and vehicle-road collaboration
(V2X). From April 2021 to December 2021, Saleya contributed $9.1 million to smart transportation revenue and incurred a net loss of $4.5
million.
On
May 10, 2019 and November 6, 2020, the Company entered into a Stock Purchase Agreement and The Supplementary Agreement to Stock Purchase
Agreement with the shareholders of BotBrain AI Limited ("Botbrain"), a limited liability company incorporated under the laws
of the British Virgin Islands, pursuant to which the Company acquired 67.36% of the issued and outstanding shares of BotBrain for an
aggregate purchase price of $2.5 million (RMB 16.4 million), of which $1.5 million (RMB 9.6 million) was to be paid in cash to obtain
20% of BotBrain and the Company issued 1,789,618 ordinary shares to acquire the remaining 47.36% of BotBrain. The closing of the acquisition
was completed on December 4, 2020.
On
November 13, 2019, the Company entered into a Share Subscription Agreement with Geely Technology Group Co., Ltd. ("Geely Technology")
to issue 21,794,872 series A preferred shares at a purchase price of $1.95 per share for an aggregate purchase price of $42,500,000.
Per the terms of the agreement, the Company recognized $32,910,257 as a loan. The Company received $21,743,857 as of December 31, 2019
and the remaining amount was received in January 2020. Geely Technology may request the repayment after November 2020, under such circumstance,
the Company shall pay it back in January of 2021. On December 24, 2020, Geely Technology sent a notice of redemption. The Company is
in negotiation for an extension with Geely Technology.
On
November 13, 2019, the Company entered into a Securities Purchase Agreement with Acuitas Capital, LLC. and a Warrant to purchase the
Company's ordinary shares pursuant to which the Purchaser subscribed to purchase up to $100,000,000 of units with up to a $10,000,000
subscription at each closing, with each Unit consisting of one ordinary share and one warrant, where each whole warrant entitles the
holder to purchase one ordinary share. The Securities Purchase Agreement contemplates periodic closings of $10,000,000. On July 16, 2020,
the Company held the first closing pursuant to the Purchase Agreement and received $10,000,000. The Purchaser had received 7,763,975
ordinary shares on November 13, 2019 in consideration for such $10,000,000. The Purchaser also exercised the Warrant and received 15,897,663
ordinary shares upon the exercise of the Warrant. On December 31, 2020, the Purchase Agreement has been terminated.
On
August 10, 2020, the Company entered into a cooperation framework agreement with Nanjing Antong Meteorological Data Limited ("Nanjing
Antong") and Nanjing Weida Electronic Technology Co., Ltd. ("Nanjing Weida"), pursuant to which the Company would invest
$153,000 (RMB 1 million) each to Nanjing Antong and Nanjing Weida in order to establish a joint venture with Nanjing Antong. On August
27, 2020, the joint venture was established, SuperEngine, eMapgo Technologies (Beijing) Co., Ltd. ("EMG") and Nanjing Antong
hold 50%, 20% and 30% of equity of interest, respectively. The joint venture engages in real-time traffic information services for China's
high-class highways, urban roads, urban and rural roads, as well as expressway data and travel value-added services.
29
The
following diagram illustrates our corporate structure and the place of formation and affiliation of each of our subsidiaries and affiliates
as of December 31, 2022.
The
persons or entities that own the equity in each VIE are as follows:
Beijing
Zhong Chuan Shi Xun Technology Co., Ltd.
Name
Shareholding
Percentage
Xuesong Song
61.82453
%
Ping Wang
19.9872
%
Weili Chen
14.0848
%
Donglai Liu
4.10347
%
eMapgo
Technologies (Beijing) Co., Ltd.
Name
Shareholding
Percentage
Beijing Zhong Chuan Shi Xun Technology Co., Ltd.
100
%
30
Beijing
BotBrain AI Technology Co., Ltd.
Name
Shareholding
Percentage
Xueyu Lu
37.84003
%
Jiangbo Qin
20.00006
%
Beijing Huojuzhiguang Information Technology Center (L.P.)
17.52002
%
Changxing Qifu Honglian Equity Investment Partnership (L.P.)
8.33332
%
Guangzhou Baoji Erhao Equity Investment Management Partnership (L.P.)
4.99999
%
Guangzhou Suiyong Original Capital Co., Ltd.
3.66662
%
Lianjie (Beijing) Investment Co., Ltd.
3.19997
%
Zhuhai Qiyi Investment Center (L.P.)
3.00003
%
Shenzhen Yiling Venture Capital Center (L.P.)
1.43996
%
Corporate
Information
Our
principal executive offices are located at B9-8, Block B, SOHO Phase II, No. 9, Guanghua Road, Chaoyang District, Beijing, People's
Republic of China 100020. Our website is www.luokung.com. We routinely post important information on our website. The information contained
on our website is not a part of this annual report.
Our
agent for service of process in the United States is Worldwide Stock Transfer, LLC, the current transfer agent of the Company, with a
mailing address of One University Plaza, Suite 505, Hackensack, New Jersey 07601.
The
SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that
file electronically with the SEC at www.sec.gov. The Company's website is www.luokung.com.
B.
BUSINESS OVERVIEW.
We
are a spatial-temporal intelligent big data services company, as well as a provider of interactive location-based services ("LBS")
and High Definition ("HD") Maps for various industries in China. Backed by our proprietary technologies and expertise in
HD Maps and multi-sourced intelligent spatial-temporal big data, we established city-level and industry-level holographic spatial-temporal
digital twin systems and actively serves industries including smart transportation with applications in autonomous driving, smart highway
and vehicle-road collaboration, natural resource asset management, covering carbon neutral and environmental protection remote sensing
data service, and LBS smart industry applications, including mobile Internet LBS, smart travel, smart logistics, new infrastructure,
smart cities, emergency rescue, etc.
We
believe that road-to-vehicle coordination is the keystone for smart travel and autonomous driving in the future. Therefore, smart cars
require smart roads. We are actively deploying smart solutions for both vehicles and roads.
For
vehicles, we are supporting eMapgo's position as an HD Map provider with continued investment in its technical R&D in the fields
of autonomous driving data services, simulation services, and full-cognition Artificial Intelligence ("AI") services with
a goal of continuing to optimize, deepen and expand services for automakers and top-tier autonomous driving firms. We believe we have
led the development of the industry standard for "Autonomous Driving HD Map Collection Element Model and Interaction Format",
and we expect that eMapgo will continue to play an active role in setting industry standards in the near future.
For
roads, we are actively promoting smart road services based on its spatial-temporal digital base, including but not limited to HD Map-based
smart road AI digital base, 24/7 road hazard awareness, severe weather perception and other road information data perception service
systems and smart management platforms. With these efforts, Luokung aims to assist expressway operators in managing their digitized assets
more securely and efficiently and to achieve vehicle-to-road data communication where vehicles can digitally receive roadside information
that affects safety, convenience and comfort in real time. We are providing similar smart digital services for China's new generation
smart transportation demonstration project-Changjiu Expressway, a project that showcases our respected position in the field of smart
highways.
Although
Luokung's AI spatial-temporal big data services do not directly solve the issue of carbon emissions, we believe that our data service
helps policymakers, industry regulators and market service participants monitor real situation and data changes, in their efforts to
reduce carbon emissions and to serve as an important digital base for carbon emission trading. We believe that Luokung has established
China's most powerful remote sensing data engine that integrates high-resolution remote sensing, HD maps and various IoT sensor data,
enabling us to launch the most efficient remote sensing data processing service. This offering addresses a broader market focus on industrial
applications in carbon emission, carbon neutrality, geographical resources, forestry resources, water resources, crops and others, a
marketplace we define as a carbon neutrality natural resource asset service business.
As
an LBS data services provider of information flow management and market services, the growth of the business is powered by its unified
platform capabilities to manage the whole life cycle market services from planning, ordering, fulfilling, conversion monitoring and reporting.
It can optimize the delivery effectiveness through account unification for different platforms and intelligent distribution among different
marketing channels, formats and creatives to achieve higher efficiency, lower cost and better performance, based on real time feedback
loop integrating delivery and result tracking.
31
Key
Technologies
We
believe our investments in our products and key technologies provide significant competitive differentiation and our technologies are
disruptive innovations in computer graphics systems, spatial-temporal data analysis and processing. Our proprietary algorithms can eliminate
certain time-consuming steps in data preprocessing, and maintain same level of high system performance with the amount of data increasing
by orders of magnitude. It enables a new wave of technological upgrades in related industries to do more with less time and less power
consumption.
Spatial
temporal indexing technology.
This
technology provides an effective indexing technique, covering both spatial dimension and temporal dimension. It separates the data and
indexes, and solves the technological difficulties in spatial temporal big data processing, including storage, updating, management,
indexing, reading, spatial relationship computation and analysis. This technology allows the users to efficiently and accurately obtain
the data they need, and minimizes the transmission of unnecessary data, which achieves application efficiency not being affected even
with explosive growth of data volume.
Adaptive
reduction and compression technology
This
technology allows full vector spatial data to be processed directly through the adaptive reduction and compression to meet the requirements
of transmission performance for internet application. Our competing technologies require preprocessing full vector data into tiles in
a rasterized format or in a vector format.
1.
Spatial
    relationship could still be strictly maintained and correctly displayed after the reduction and compression
2.
The
    adaptive reduction and compression are lossless so that the display effect remains the same
3.
The
    reduction and compression allow rapid display of map in any network speed, adaptive to the network speed with dynamic adjustment
    of the display effect.
Progressive
transmission technology
Progressive
transmission technology is one of the key technologies to realize fast response in spatial data application. It supports lossless adaptive
progressive transmission of spatial data, and the display and operation of map can be conducted with any network speed, for instance,
by scaling, rotating, or translating. The display of map could be adjusted automatically in accordance with the network speed and users'
operation.
Progressive
transmission technology makes system response time independent from the growth of spatial data, and also solves the performance problem
in dealing with spatial temporal big data. The data integrity between users' end and server is not compromised as the spatial relationship
remains unchanged.
Full
vector non-tiled technology
On
the strength of our technologies, we support real-time release and real-time update of spatial vector data without the preprocessing
step to rasterize the vector data, and we also support personalized display and analysis for the application of spatial data in real-time
dynamic environment. Our indexing technology enables clients to establish a fast transmission channel between user and server, for both
the large scope analysis and accurately pinning down details. Because the client can access the complete vector data, it solves the problem
that only partial analysis could be performed on tiles. This will greatly expand the data computing capability of the client. In most
scenarios, indexing can fulfill most of analysis requirements and application functions.
Luokung
Smart Digital Base
Luokung
Smart Digital Base supports a wide spectrum of data sources and achieves superior data management and processing capabilities in spatio-temporal
big data, leveraging our unique technologies in SuperEngine indexing, geo optimized extensions in relational databases and super low
latency implementation in handling massive scaled data volume by distributed databases. It solves availability, scalability, efficiency
and extensibility in supporting various application scenarios. With ultimate data security and isolation designed in, it supports different
deployment options, including on-premise, private cloud, public cloud, and hybrid cloud. Its rich mid-tier services and open architecture
which allows third party plug-ins enable quick and efficient development and deployment of applications.
32
Our
Services
Luokung
SDKs and APIs.
Our location based products, Luokung SDKs and APIs, provide spatial-temporal big data analysis and customized map
to software and mobile application developers, and allow location-based contents and information to be integrated and presented on the
map, which enables software and mobile application developers to create more diversified business models and service functions. Our proprietary
full vector map presents refreshingly new and customizable location-based services to our business partners.
Spatial
temporal indexing cloud.
The spatial temporal indexing cloud service is a data-level virtualization technology we offer to our clients
with high availability, extensibility and granular permission control. Our indexing cloud data centers offer highly integrated, dependable,
efficient and secure services to meet the needs of varied spatial temporal requirements covering all types of clients, while shielding
the details of data from disclosure to honor requested data protection.
Information
SuperEngine.
Our information SuperEngine includes the server engine and web graphics image engine. The server engine enables our
clients to improve their ability and functions to store, manage and index the spatial temporal big data on the server side, and by establishing
spatial temporal index on the server, our clients can rapidly and more efficiently obtain their requested data. Web graphics image engine,
supports the rapid transmission of graphics image, and rapid display and edge computing ability for multi-terminal and cross-platform.
Spatial
temporal cloud platform.
Spatial temporal cloud platform supports deployment on public and private clouds to provide services for
both industry users and public users. It provides comprehensive online cloud services including data storage, data resource and platform
support, and it supports users to aggregate multi-source spatial data, map services, and Internet of things streaming data. By leveraging
variety of industry templates, simple and easy-to-use tools for data editing, analysis and searching, users will be able to generate
application systems for specific application scenarios. Various application operations can be performed through the mobile devices and
Web browsers.
HD
Map
. HD Map is a core infrastructural component in smart transportation, autonomous driving and smart cities. Our professional map
making fleets incorporate the latest technologies in AI and big data processing for data gathering, data processing, vectorization, map
production and quality control, which resulted in improved efficiency and quality of HD Map making process. Our crowd sourcing map making
technologies help our maps up to date with low cost and high efficiency. Our server side technology delivers least amount of map data
to fulfill the needs of our clients in order to achieve faster response and reduce data transmission cost.
Autonomous
driving enabling services
. Our services cover a wide spectrum of functionalities, including vehicle side, road side and road-vehicle
collaboration. Our capabilities on the vehicle side, in crowdsourcing map making and real-time map updating, in accurate and reliable
positioning through multi-sensored intelligent fusion, and in vehicle surrounding awareness, help our partners to build smart cars. Our
capabilities on the road side, in highway driving condition monitoring, in hazard condition detection, in intelligent road maintenance,
help highway operators realize the benefits of smart roads. Our capabilities on the road-vehicle collaboration make autonomous driving
more comfortable and most importantly safer.
Our
Strategy
We
put more effort on continually improving the quality of our products and services, and the user's experience of our products, as
we believe satisfied users and customers are more likely to recommend our products and services to others. Through these efforts and
with the increased use of internet in China, we will build our brand with modest marketing expenditures. We have implemented a number
of marketing initiatives to promote our brand awareness among potential users, customers. In addition to our brand positioning in the
market, we have also initiated a series of marketing activities to promote our products and technologies among existing and potential
users and customers.
We
intend to invest heavily in product development to deliver additional features and performance enhancements, deployment models and solutions
that can address new end markets. Our investments may involve hiring and associated development, acquisitions and licensing of third-party
technology.
We
will continue to increase investments in our sales and marketing organizations to expand our current customer base. Our investments will
be spread across geographies, customer tiers and industries. We will continue to invest in and foster the growth of our channel relationships
in China.
We
will continue to drive customer satisfaction and renewals by offering community, standard, enterprise and global support to ensure our
customers' success with our offerings.
We
intend to continue our investments in SDKs and APIs that help software developers leverage our platform. Our SDKs enable developers to
build solutions that deeply integrate the analytics functionality of our offerings across the enterprise. Through our investments in
SDKs and APIs, we intend to promote and extend the capabilities of our offerings to customers who wish to build sophisticated applications
and interfaces that leverage our software and services.
33
Intellectual
Property
We
have registered the following software copyrights, patents and trademarks for our business operations. We believe this intellectual property
forms an integral part of our competitive strength.
Patents:
We
have been granted some inventions by the State Intellectual Property Office of PRC. We have patent protections for spatial-temporal big
data processing technology and HD map. We have received the following patents:
No.
Name
    of patent
Type
Registration
Number
Date
    of Issuance
1
A
    user behavior processing method and device for intelligent terminal
Invention
ZL
    2013 1 0301728.3
May
    27, 2015
2
A
    multimedia data processing device, method and wireless multimedia server
Invention
ZL
    2013 1 0219833.2
Jul
    31, 2018
3
Method
    and device of spatial data simplification
Invention
ZL
    2010 1 0617400.9
Mar
    13, 2013
4
Spatial
    data processing method and device
Invention
ZL
    2010 1 0617399.X
Jun
    26, 2013
5
Method
    and device for judging the occlusion type of space entity
Invention
ZL
    2010 1 0617403.2
Sep
    25, 2013
6
Methods
    and devices for conflict detection and avoidance of spatial entity element labeling
Invention
ZL
    2010 1 0617385.8
Mar
    26, 2014
7
A
    method and device for distributed mapping of 3d model data
Invention
ZL
    2011 1 0274924.7
Mar
    26, 2014
8
Spatial
    data transmission method and device
Invention
ZL
    2011 1 0306393.5
Dec
    3, 2014
9
Data
    simplification of 3d model, gradual transmission method and device
Invention
ZL
    2011 1 0275336.5
Mar
    25, 2015
10
Methods
    and devices for spatial data processing, simplification and progressive transmission
Invention
ZL
    2012 1 0104250.0
Jun
    10, 2015
11
Spatial
    data progressive transmission method and device
Invention
ZL
    2010 1 0617383.9
Jun
    15, 2016
12
The
    method and device to accelerate transmission and display of graphic data across platforms
Invention
ZL
    2012 1 0116149.7
Aug
    10, 2016
13
Spatial
    data progressive transmission method and device
Invention
ZL
    2013 1 0367021.2
Jun
    23, 2017
14
Simplification
    method and device of spatial data
Invention
ZL
    2013 1 0367128.7
Sep
    22, 2017
15
Methods
    and devices related to spatial data compression, decompression and progressive transmission
Invention
ZL
    2013 1 0136682.4
Nov
    10, 2017
16
Spatial
    data progressive transmission method and device
Invention
ZL
    2016 1 0304770.4
Sep
    24, 2019
17
A
    vector data processing method and device
Invention
ZL
    2016 1 0932294.0
Oct
    18, 2019
18
A
    vector data processing method and device
Invention
ZL
    2016 1 0932293.6
Feb
    7, 2020
19
A
    tile map publishing method and device
Invention
ZL
    2019 1 0542594.1
Mar
    23, 2021
20
Methods
    and devices for anti-counterfeiting of electronic evidence
Invention
ZL
    2019 1 0290430.4
Aug
    24, 2021
21
A
    vector data processing method and device
Invention
ZL
    2016 1 0932292.1
Oct
    16, 2021
22
Reality
    images internet inquiry and display system
Invention
ZL.2006.1.0104198.3
Aug
    11, 2010
23
model
    scale plate
Design
ZL.2012.3.0539531.X
Jun
    5, 2013
24
Lane-changing
    induction method and device in real 3D navigation
Invention
ZL.2013.1.01362151.1
Feb
    24, 2016
34
No.
Name
    of patent
Type
Registration
Number
Date
    of Issuance
25
Road
    scene display method and device in real 3D navigation
Invention
ZL.2013.1.0136433.5
Mar
    22, 2017
26
Display
    method and device of relative height between road and bridge in real 3D navigation map
Invention
ZL.2013.1.0142662.8
Jun
    13, 2017
27
A
    3D directional navigation method and device synchronized with 2D navigation
Invention
ZL.2013.1.0300899.4
Dec
    2, 2015
28
A
    real 3D navigation diversion induction method and device
Invention
ZL.2014.1.0852702.2
Apr
    30, 2019
29
A
    real 3D navigation method for a slope section and a real 3D navigation device
Invention
ZL.2014.1.0850608.3
Oct
    12, 2018
30
Method
    device and electronic equipment to display direction board in navigation
Invention
ZL.2016.1.1149552.4
Nov
    15, 2019
31
Navigation
    method and device for an area without fixed lanes
Invention
ZL.2018.1.0464014.7
Jun
    11, 2021
32
A
    match method device and electronic equipment of HD map and 2D map
Invention
ZL.2018.1.0829490.4
Jun
    11, 2021
33
A
    method and apparatus for publishing tile maps supporting dynamic projection conversion
Invention
ZL
    2019 1 0543178.3
Feb
    18, 2022
34
A
    tile map updating method and system
Invention
ZL
    2019 1 0743631.5
Apr
    26, 2022
35
Remote
    sensing image display method, device and storage medium and computer device
Invention
ZL
    2019 1 0757484.7
Dec
    27, 2022
We
also have three patents outside of China.
No.
Name
    of patent
Country
National
Registration
Number
Date
    of Issuance
1
Spatial
    data processing method and device
U.S.A.
US10789761B2
Sep
    29, 2020
2
Spatial
    data processing method and device
Japan
5562439
Jun
    20, 2014
3
Methods
    and devices related to spatial data compression, decompression and progressive transmission
U.S.A.
US9754384B2
Sep
    5, 2017
35
Software
Copyrights:
We
have received the following software copyrights from the National Copyright Administration ("NCA") of PRC:
No.
Name
    of Copyright
Achievement
    approach
Registration
number
Registration
date
Duration
1
WAP
    PUSH Business operation platform system
Independent
    research and development
2007SRBJ1464
Jul
    23, 2007
50
    years
2
Mobile
    video business operation platform system V1.0
Independent
    research and development
2007SRBJ1463
Jul
    23, 2007
50
    years
3
CMMB
    Data broadcast management platform software
Independent
    research and development
2009SRBJ0391
Jan
    22, 2009
50
    years
4
TD-SCDMA
    Streaming media business management platform software V1.0
Independent
    research and development
2009SRBJ0412
Jan
    22, 2009
50
    years
5
Content
    management platform system software V1.0
Independent
    research and development
2009SRBJ1374
Apr
    1, 2009
50
    years
6
Mobile
    multimedia broadcast electronic service guide system software V1.0
Independent
    research and development
2009SRBJ1365
Apr
    1, 2009
50
    years
7
Mobile
    multimedia broadcast audio rich media interactive platform softwareV1.0
Independent
    research and development
2010SRBJ0719
Mar
    5, 2010
50
    years
8
Mobile
    multimedia broadcast emergency broadcast platform software V1.0
Independent
    research and development
2010SRBJ0720
Mar
    5, 2010
50
    years
9
User
    interface scripting software V1.0
Independent
    research and development
2011SRBJ3809
Sep
    27, 2011
50
    years
10
Public
    information business platform software V1.0
Independent
    research and development
2011SRBJ3810
Sep
    27, 2011
50
    years
11
Printer
    typesetting and printing software V1.0
Independent
    research and development
2011SRBJ4190
Sep
    28, 2011
50
    years
12
Electronic
    newspaper business support platform software V1.0
Independent
    research and development
2011SRBJ4186
Sep
    28, 2011
50
    years
13
Interactive
    business development platform software
Independent
    research and development
2011SRBJ4593
Nov
    29, 2011
50
    years
14
Integrated
    business management platform software V1.0
Independent
    research and development
2012SR003002
Jan
    16, 2012
50
    years
15
Instant
    messaging and messaging system software
Independent
    research and development
2014SR122231
Aug
    18, 2014
50
    years
16
General
    statistical platform software for client products
Independent
    research and development
2014SR216662
Dec
    30, 2014
50
    years
36
No.
Name
    of Copyright
Achievement
    approach
Registration
number
Registration
date
Duration
17
Luokung
    map SDK-JS version
Independent
    research and development
2021SR0391356
Mar
    15, 2021
50
    years
18
Luokung
    map data visualization system
Independent
    research and development
2021SR0391358
Mar
    15, 2021
50
    years
19
Luokung
    map personalized editing system
Independent
    research and development
2021SR0391357
Mar
    15, 2021
50
    years
20
Luokung
    map business management platform
Independent
    research and development
2021SR0391304
Mar
    15, 2021
50
    years
21
Luokung
    map open platform
Independent
    research and development
2021SR0391355
Mar
    15, 2021
50
    years
22
Luokung
    map social software (Android version)
Independent
    research and development
2021SR0424755
Mar
    19, 2021
50
    years
23
Luokung
    map social software (iOS version)
Independent
    research and development
2021SR0424757
Mar
    19, 2021
50
    years
24
Luokung
    content creator platform
Independent
    research and development
2021SR0424758
Mar
    19, 2021
50
    years
25
Luokung
    content operation and editing platform
Independent
    research and development
2021SR0424731
Mar
    19, 2021
50
    years
26
Luokung
    advertising publishing platform
Independent
    research and development
2021SR0424736
Mar
    19, 2021
50
    years
27
Integrated
    passenger train service system
Independent
    research and development
2012SR083665
Sep
    5, 2012
50
    years
28
JHBY
    Train inspection management system
Independent
    research and development
2013SR015105
Feb
    21, 2013
50
    years
29
Super
    information engine development platform software V5.0
Transfer
2014SR036792
Apr
    1, 2014
50
    years
30
Core
    map super network information engine platform software V1.0
Transfer
2014SR036772
Apr
    1, 2014
50
    years
31
Integrated
    management of the grid gis software V1.0
Transfer
2014SR036808
Apr
    1, 2014
50
    years
32
Core
    map rural power grid equipment GPS patrol system software V1.0
Transfer
2014SR036810
Apr
    1, 2014
50
    years
33
Diagram
    grid patrol PDA system software V1.0
Transfer
2014SR036778
Apr
    1, 2014
50
    years
34
Core
    map geographic information engine desktop platform software V1.0
Transfer
2014SR036614
Apr
    1, 2014
50
    years
33
37
No.
Name
    of Copyright
Achievement
    approach
Registration
number
Registration
date
Duration
35
Integrated
    management of the grid geographic information Web system software V1.0
Transfer
2014SR036799
Apr
    1, 2014
50
    years
36
Core
    map railway power supply equipment GPS patrol system software V1.0
Transfer
2014SR036783
Apr
    1, 2014
50
    years
37
Core
    map network 3 d map server software V1.0
Transfer
2014SR036788
Apr
    1, 2014
50
    years
38
Core
    map network 3d map client softwareV1.0
Transfer
2014SR036637
Apr
    1, 2014
50
    years
39
Core
    map 3d map network publishing platform software V1.0
Transfer
2014SR036633
Apr
    1, 2014
50
    years
40
Core
    map 3d map network release plug-in system software V1.0
Transfer
2014SR036622
Apr
    1, 2014
50
    years
41
Core
    map network 3d map smartphone platform software V1.0
Transfer
2014SR036638
Apr
    1, 2014
50
    years
42
Core
    map network GIS Shared mobile platform software V1.0
Transfer
2014SR036634
Apr
    1, 2014
50
    years
43
Core
    map network GIS sharing platform software V1.0
Transfer
2014SR036639
Apr
    1, 2014
50
    years
44
Integrated
    informationgine platform software V1.0
Transfer
2014SR040347
Apr
    9, 2014
50
    years
45
SuperEngine
    spatial-temporal database
Independent
    research and development
2021SR0526341
Apr
    13, 2021
50
    years
46
SuperEngine
    image basic management platform
Independent
    research and development
2021SR0526310
Apr
    13, 2021
50
    years
47
SuperEngine
    smart highway data management platform
Independent
    research and development
2021SR0531901
Apr
    13, 2021
50
    years
48
SuperEngine
    image cloud browsing application platform
Independent
    research and development
2021SR0530706
Apr
    13, 2021
50
    years
49
SuperEngine
    red spatial-temporal platform
Independent
    research and development
2021SR0530705
Apr
    13, 2021
50
    years
50
SuperEngine
    meteorological service platform
Independent
    research and development
2021SE0530704
Apr
    13, 2021
50
    years
51
SuperEngine
    map cloud platform
Independent
    research and development
2021SR0530708
Apr
    13, 2021
50
    years
52
SuperEngine
    surface water environment remote sensing monitoring system
Independent
    research and development
2021SR2115072
Dec
    23, 2021
50
    years
53
Toutiao
    Cloud Text Smart Recommendation Algorithm Engine Software
Independent
    research and development
2017SR299425
Jun
    22, 2017
50
    years
54
Toutiao
    Cloud Image Text Smart Recommendation System
Independent
    research and development
2017SR300785
Jun
    22, 2017
50
    years
38
No.
Name
    of Copyright
Achievement
    approach
Registration
number
Registration
date
Duration
55
Botbrain
    Big Data Analysis Platform Software
Independent
    research and development
2017SR300774
Jun
    22, 2017
50
    years
56
Toutiao
    Cloud graphic Smart Recommendation SDK Software (Android version)
Independent
    research and development
2017SR300400
Jun
    22, 2017
50
    years
57
Toutiao
    Cloud Image And Text Smart Recommendation Mini Program Software
Independent
    research and development
2017SR300749
Jun
    22, 2017
50
    years
58
Toutiao
    Cloud Content Configuration Management System
Independent
    research and development
2017SR299411
Jun
    22, 2017
50
    years
59
Botbrain
    Smart Party Building Solution Software
Independent
    research and development
2018SR395051
May
    29, 2018
50
    years
60
Zhiyu
    Smart Knowledge Platform Software
Independent
    research and development
2018SR395034
May
    29, 2018
50
    years
61
MAX
    Smart Recommendation Algorithm Engine Software
Independent
    research and development
2018SR750085
Sep
    17, 2018
50
    years
62
MAX
    Smart Recommendation System
Independent
    research and development
2018SR750024
Sep
    17, 2018
50
    years
63
MAX
    Smart Recommendation Mini Program Software
Independent
    research and development
2018SR751139
Sep
    17, 2018
50
    years
64
MAX
    Smart Content Brain System
Independent
    research and development
2018SR750030
Sep
    17, 2018
50
    years
65
MAX
    Smart Recommendation SDK Software
Independent
    research and development
2018SR750025
Sep
    17, 2018
50
    years
66
Zhiyu
    Knowledge Management Platform Software
Independent
    research and development
2019SR0971246
Sep
    19, 2019
50
    years
67
eMapgo
    in-car satellite positioning and navigation system V1.0
Independent
    research and development
2006SRBJ0348
Mar
    9, 2006
50
    years
68
eMapgo
    navigation data package platform software V1.0
Independent
    research and development
2006SRBJ0665
Apr
    11, 2006
50
    years
69
eMapgo
    geographic location information inquiry software V1.0
Independent
    research and development
2006SRBJ1305
Jul
    5, 2006
50
    years
70
eMapgo
    electronic map softwareV1.0
Independent
    research and development
2006SRBJ1809
Aug
    18, 2006
50
    years
71
eMapgo
    navigation data field walking acquisition software V1.0
Independent
    research and development
2008SRBJ3371
Oct
    9, 2008
50
    years
72
Navigation
    electronic map quality inspection system V1.0
Independent
    research and development
2008SRBJ3381
Oct
    9, 2008
50
    years
73
3D
    geographic information integration management platform V1.0
Independent
    research and development
2009SR03114
Jan
    14, 2009
50
    years
74
EMG
    internet electronic map application platform V6.0
Independent
    research and development
2010SR049986
Sep
    20, 2010
50
    years
75
EMG
    industry electronic map software V2.0
Independent
    research and development
2010SR057276
Oct
    30, 2010
50
    years
76
EMG
    electronic map software V2.0
Independent
    research and development
2010SR057288
Oct
    30, 2010
50
    years
77
EMG
    yellow pages address data mining software V2.0
Independent
    research and development
2012SR114225
Nov
    26, 2012
50
    years
39
No.
Name
    of Copyright
Achievement
    approach
Registration
number
Registration
date
Duration
78
EMG
    GDF inspection tool software V1.0
Independent
    research and development
2012SR114228
Nov
    26, 2012
50
    years
79
Lane
    information TCK production tool1.0
Independent
    research and development
2013SR138721
Dec
    5, 2013
50
    years
80
Diversion
    information editing platform 1.0
Independent
    research and development
2013SR158229
Dec
    5, 2013
50
    years
81
Direction
    information editing platform 1.0
Independent
    research and development
2013SR138694
Dec
    5, 2013
50
    years
82
EMG
    field walking investigation system software 1.0.0.1
Independent
    research and development
2015SR022530
Feb
    3, 2015
50
    years
83
EMG
    vehicle dispatch information collation system software 1.0.7.5
Independent
    research and development
2013SR025280
Feb
    5, 2015
50
    years
84
EMG
    road update acquisition system software 1.0.5.8
Independent
    research and development
2015SR025256
Feb
    5, 2015
50
    years
85
EMG
    navigation electronic map editing system software2.5.36
Independent
    research and development
2015SR022476
Feb
    3, 2015
50
    years
86
LCS
    editing library system software1.0.0
Independent
    research and development
2016SR029322
Feb
    15, 2016
50
    years
87
EMG
    vehicle dispatch information collation system 1.0.10.2
Independent
    research and development
2016SR029318
Feb
    15, 2016
50
    years
88
EMG
    3D data production and management tool software1.0.0
Independent
    research and development
2016SR030560
Feb
    15, 2016
50
    years
89
EMG
    road update acquisition system1.0.6.3
Independent
    research and development
2016SR030730
Feb
    16, 2016
50
    years
90
EMG
    field walking investigation system software 1.0.0.2
Independent
    research and development
2016SR032108
Feb
    15, 2016
50
    years
91
EMG
    intelligent mapping system 1.0
Independent
    research and development
2016SR191522
Jul
    25, 2016
50
    years
92
EMG
    HD map production system software V1.0
Independent
    research and development
2017SR723472
Dec
    25, 2017
50
    years
93
EMG
    network map software0.6.8
Independent
    research and development
2017SR723484
Dec
    25, 2017
50
    years
94
EMG
    ADAS attributes analysis tool softwareV2017
Independent
    research and development
2017SR723498
Dec
    25, 2017
50
    years
95
LCS
    editing library system software 2.0.0.0
Independent
    research and development
2017SR738220
Dec
    27, 2017
50
    years
96
EMG
    life+software 1.0.0.2
Independent
    research and development
2018SR014255
Jan
    5, 2018
50
    years
97
EMG
    online background editing system3.0.2
Independent
    research and development
2018SR019450
Jan
    9, 2018
50
    years
98
Yitaojin
    software
Independent
    research and development
2018SR168915
Mar
    14, 2018
50
    years
99
EMG
    database integration editing system software 1.0.1.6
Independent
    research and development
2018SR185354
Mar
    20, 2018
50
    years
100
EMG
    POI database editing system software V6.0
Independent
    research and development
2018SR184972
Mar
    20, 2018
50
    years
101
Traffic
    signs identification software V1.5
Independent
    research and development
2018SR680288
Aug
    24, 2018
50
    years
40
No.
Name
    of Copyright
Achievement
    approach
Registration
number
Registration
date
Duration
102
HD
    map data inspection system software1.0
Independent
    research and development
2019SR0185469
Feb
    26, 2019
50
    years
103
EMG
    online map editing system software5.1
Independent
    research and development
2019SR0185449
Feb
    26, 2019
50
    years
104
EMG
    path analysis and comparison software V1.0
Independent
    research and development
2019SR0185445
Feb
    26, 2019
50
    years
105
EMG
    product customization automation system software1.0.0
Independent
    research and development
2019SR0185430
Feb
    26, 2019
50
    years
106
HD
    map production system software V2.0.0
Independent
    research and development
2019SR0247939
Mar
    14, 2019
50
    years
107
ADAS
    attributes analysis and editing tool software V2.0.0
Independent
    research and development
2019SR0247914
Mar
    14, 2019
50
    years
108
EMG
    network map software1.0.2
Independent
    research and development
2019SR0249902
Mar
    14, 2019
50
    years
109
Integration
    editing system software 1.1.2
Independent
    research and development
2019SR0250148
Mar
    14, 2019
50
    years
110
MapChecker
    softwareV2.0
Independent
    research and development
2019SR0250155
Mar
    14, 2019
50
    years
111
EMG
    road intersection model editing tool software 1.0.0
Independent
    research and development
2019SR0250189
Mar
    14, 2019
50
    years
112
EMG
    HD map production platform V1.0
Independent
    research and development
2020SR1539842
Nov
    3, 2020
50
    years
113
HD
    electronic map compiling platform software V1.0
Independent
    research and development
2020SR1582771
Nov
    16, 2020
50
    years
114
EMG
    map service platform software V1.0
Independent
    research and development
2020SR1554940
Nov
    9, 2020
50
    years
115
EMG
    aided driving map software V1.0
Independent
    research and development
2020SR1555090
Nov
    9, 2020
50
    years
116
EMG
    AVP electronic map software V1.0
Independent
    research and development
2020SR1539778
Nov
    3, 2020
50
    years
117
EMG
    map cloud platform softwareV1.1.3
Independent
    research and development
2020SR1554941
Nov
    9, 2020
50
    years
118
2nd-generation
    basic map production platform softwareV1.6.7
Independent
    research and development
2020SR1539882
Nov
    3, 2020
50
    years
119
EMG
    HD electronic map software V1.0
Independent
    research and development
2020SR1539881
Nov
    3, 2020
50
    years
120
EMG
    electronic map software V3.1
Independent
    research and development
2020SR1596336
Nov
    18, 2020
50
    years
121
EMG
    POI spatial geography and address big-data system software
Independent
    research and development
2020SR1724046
Dec
    3, 2020
50
    years
122
EMG
    recommended search engine software
Independent
    research and development
2020SR1724044
Dec
    3, 2020
50
    years
123
EMG
    POI search engine and indexing&compiling system software
Independent
    research and development
2020SR1724073
Dec
    3, 2020
50
    years
124
EMG
    smart city spatial temporal information cloud platform software
Independent
    research and development
2020SR1724047
Dec
    3, 2020
50
    years
125
EMG
    smart community integration application platform software
Independent
    research and development
2020SR1724045
Dec
    3, 2020
50
    years
41
No.
Name
    of Copyright
Achievement
    approach
Registration
number
Registration
date
Duration
126
EMG
    gridding and overall social order control information system software
Independent
    research and development
2020SR1724074
Dec
    3, 2020
50
    years
127
EMG
    AOI search engine system software
Independent
    research and development
2020SR1829529
Dec
    16, 2020
50
    years
128
EMG
    mass POI data fusion processing platform system software
Independent
    research and development
2020SR1829528
Dec
    16, 2020
50
    years
129
EMG
    physical DB and street view thematic map system software
Independent
    research and development
2020SR1819977
Dec
    15, 2020
50
    years
130
EMG
    multi-angel tilt photography real-3D processing system software
Independent
    research and development
2020SR1829510
Dec
    16, 2020
50
    years
131
EMG
    track planning platform software
Independent
    research and development
2020SR1829511
Dec
    16, 2020
50
    years
132
Plane
    vector indoor and outdoor map building system software based on mode identification
Independent
    research and development
2020SR1829517
Dec
    16, 2020
50
    years
133
EMG
    geographic data management and address comparison, update and coding platform software
Independent
    research and development
2020SR1861999
Dec
    21, 2020
50
    years
134
EMG
    HD map visualization system software
Independent
    research and development
2020SR1862000
Dec
    21, 2020
50
    years
135
EMG
    big data service operation management platform software
Independent
    research and development
2020SR1861990
Dec
    21, 2020
50
    years
136
EMG
    2D&3D integration map service platform software
Independent
    research and development
2020SR1913611
Dec
    30, 2020
50
    years
137
EMG
    2D&3D integration map service platform software
Independent
    research and development
2020SR1913701
Dec
    30, 2020
50
    years
138
EMG
    lightweight 3D earth software
Independent
    research and development
2020SR1913703
Dec
    30, 2020
50
    years
139
Smart
    city 3D modelling system software
Independent
    research and development
2020SR1861971
Dec
    21, 2020
50
    years
140
Cloud
    map release platform software
Independent
    research and development
2020SR1861945
Dec
    21, 2020
50
    years
141
Blind
    angle calculation platform software
Independent
    research and development
2020SR1861970
Dec
    21, 2020
50
    years
142
EMG
    police geographic information integration service platform software
Independent
    research and development
2020SR1913702
Dec
    30, 2020
50
    years
143
EMG
    police network integration one-map management platform software
Independent
    research and development
2020SR1908847
Dec
    29, 2020
50
    years
144
EMG
    autonomous driving simulation test management platform software
Independent
    research and development
2020SR1908848
Dec
    29, 2020
50
    years
145
EMG
    HD map accuracy processing software
Independent
    research and development
2021SR0010189
Jan
    5, 2021
50
    years
146
EMG
    HD map inspection and scheduling system
Independent
    research and development
2021SR0010165
Jan
    5, 2021
50
    years
147
EMG
    industrial grade AOI application map software
Independent
    research and development
2021SR0010120
Jan
    5, 2021
50
    years
148
EMG
    ADAS EHP software
Independent
    research and development
2021SR0010121
Jan
    5, 2021
50
    years
42
No.
Name
    of Copyright
Achievement
    approach
Registration
number
Registration
date
Duration
149
EMG
    HD map EHP software
Independent
    research and development
2021SR0075629
Jan
    14, 2021
50
    years
150
EMG
    map quick update release software V1.0
Independent
    research and development
2021SR0075630
Jan
    14, 2021
50
    years
151
EMG
    smart city spatial temporal big data and sharing exchange cloud platform software V1.0
Independent
    research and development
2021SR0075631
Jan
    14, 2021
50
    years
152
EMG
    HD deformation processing software V1.0
Independent
    research and development
2021SR0079567
Jan
    14, 2021
50
    years
153
EMG
    automatic rearrangement and collection verification for standard address software
Independent
    research and development
2021SR0075683
Jan
    15, 2021
50
    years
154
EMG
    location inquiry service software V1.0
Independent
    research and development
2021SR0857240
Jun
    8, 2021
50
    years
155
EMG
    distribution workload statistic software V1.0
Independent
    research and development
2021SR0857241
Jun
    8, 2021
50
    years
156
EMG
    distribution service software V1.0
Independent
    research and development
2021SR0857242
Jun
    8, 2021
50
    years
157
EMG
    shortest route service for multi-point distribution software V1.0
Independent
    research and development
2021SR0857243
Jun
    8, 2021
50
    years
158
EMG
    distribution routing sharing software V1.0
Independent
    research and development
2021SR0857244
Jun
    8, 2021
50
    years
159
EMG
    online cross-border route analysis service software V1.0
Independent
    research and development
2021SR0868798
Jun
    10, 2021
50
    years
160
EMG
    map vector tile conversion software V1.0
Independent
    research and development
2021SR0868799
Jun
    10, 2021
50
    years
161
EMG
    cross-border route analysis tool software V1.0
Independent
    research and development
2021SR0868800
Jun
    10, 2021
50
    years
162
Beidou
    terminal HD positioning SDK software V1.0.0
Independent
    research and development
2021SR0875401
Jun
    10, 2021
50
    years
163
EMG
    Beidou terminal track management SDK software V1.0.0
Independent
    research and development
2021SR0960723
Jun
    29, 2021
50
    years
164
EMG
    multi-language conversion tool softwareV1.0
Independent
    research and development
2021SR0960743
Jun
    29, 2021
50
    years
165
EMG
    map grid tile conversion software V1.0
Independent
    research and development
2021SR0960744
Jun
    29, 2021
50
    years
166
EMG
    Beidou terminal track analysis service software V1.0
Independent
    research and development
2021SR0960747
Jun
    29, 2021
50
    years
167
EMG
    Beidou terminal HD positioning cloud authentication system softwareV1.0
Independent
    research and development
2021SR0960748
Jun
    29, 2021
50
    years
168
EMG
    Beidou terminal positioning SDK softwareV1.0
Independent
    research and development
2021SR0960749
Jun
    29, 2021
50
    years
169
EMG
    Beidou terminal multi-language retrieval SDK softwareV1.0
Independent
    research and development
2021SR0960750
Jun
    29, 2021
50
    years
170
DMG
    POI editing system V1.0
Independent
    research and development
2008SR27461
Oct
    31, 2008
50
    years
171
Navigation
    electronic map data conversion tool system V1.0
Independent
    research and development
2008SRBJ3342
Oct
    9, 2008
50
    years
172
DMG
    navigation data editing systemV1.0
Independent
    research and development
2008SRBJ3373
Oct
    9, 2008
50
    years
173
DMG
    customer relation management systemV1.0
Independent
    research and development
2008SR27459
Sep
    1, 2008
50
    years
174
DMG
    image correction system V1.0
Independent
    research and development
2008SR27460
Oct
    31, 2008
50
    years
175
DMG
    field data acquisition systemV1.0
Independent
    research and development
2008SR28190
Nov
    7, 2008
50
    years
43
No.
Name
    of Copyright
Achievement
    approach
Registration
number
Registration
date
Duration
176
Shuashuakong
    mobile client software
Transfer
2012SR107955
Nov
    12, 2012
50
    years
177
3D
    scene editing software
Independent
    research and development
2013SR139420
Dec
    5, 2013
50
    years
178
City
    street map editing software
Independent
    research and development
2013SR139086
Dec
    5, 2013
50
    years
179
General
    building 3D modelling software
Independent
    research and development
2013SR139185
Dec
    5, 2013
50
    years
180
DMG
    hybrid Geocoding software
Independent
    research and development
2015SR025400
Feb
    5, 2015
50
    years
181
DMG
    3D induction line editing tool software
Independent
    research and development
2015SR023612
Feb
    4, 2015
50
    years
182
DMG
    city street map data editing tool software
Independent
    research and development
2015SR022532
Feb
    3, 2015
50
    years
183
Non-slice
    image publishing technology based on the field manager system of arable land protection spot internal verification system
Independent
    research and development
2022SR0727518
Jun
    9, 2022
50
    years
184
Field
    manager system farmland protection verification APP system
Independent
    research and development
2022SR0727529
Jun
    9, 2022
50
    years
185
Field
    manager system for farmland protection management system
Independent
    research and development
2022SR0727530
Jun
    9, 2022
50
    years
186
EMG
    Numerical Intelligence Labeling Platform V1.0
Independent
    research and development
2022SR1439979
Nov
    1, 2022
50
    years
187
Remote
    sensing monitoring platform for straw burning based on image non-slicing technology V1.0
Independent
    research and development
2022SR1461910
Nov
    3, 2022
50
    years
188
BeiDou
    high-precision electronic map integration construction and application project dynamic lane level electronic horizon system 1.0
Joint
    Copyright
2022SR1393947
Oct
    10, 2022
50
    years
189
BeiDou
    high-precision electronic map integration construction and application project high-precision map incremental update system 1.0
Joint
    Copyright
2022SR1398409
Oct
    11, 2022
50
    years
40
44
Trademarks:
We
have registered the following trademarks with the Trademark Office, State Administration for Industry and Commerce in the PRC:
No.
Trademark
Classification
Number
Valid
    Period
Registration
Number
1
中传视讯-文字+图形
42
2008.12.21-2028.12.20
4666047
2
中传视讯-文字
38
2008.12.21-2028.12.20
4666049
3
中传视讯-文字
42
2008.12.21-2028.12.20
4666048
4
LOOKLOOK-图形
38
2009.04.07-2029.04.06
4666051
5
LOOKLOOK-图形
42
2008.12.21-2028.12.20
4666050
6
新蜂-文字
38
2011.08.21-2031.08.20
8538907
7
新蜂-文字
42
2012.01.28-2032.01.27
8539078
8
新蜂.潮-文字
38
2011.08.21-2031.08.20
8539104
9
新蜂.潮-文字
42
2012.01.28-2032.01.27
8539141
10
xfeng-文字
35
2012.03.28-2032.03.27
9229145
11
xfeng-文字
38
2012.03.28-2032.03.27
9229160
12
xfeng-文字
41
2012.03.28-2032.03.27
9229190
13
xfeng-文字
42
2012.03.28-2032.03.27
9229221
14
LookLook-文字
38
2014.07.14-2024.07.13
11534067
15
LookLook-文字
42
2014.04.14-2024.04.13
11534227
16
LookLook-图形
38
2015.11.14-2025.11.13
11533428
17
LookLook-图形
42
2014.06.21-2024.06.20
11533720
18
中童-文字
41
2014.08.07-2024.08.06
12214085
19
中童在线-文字
41
2014.08.07-2024.08.06
12214092
20
翠鸟-文字
38
2014.08.07-2024.08.06
12214058
21
翠鸟-文字
42
2014.08.07-2024.08.06
12214125
22
爱翠鸟-文字
38
2014.08.07-2024.08.06
12214066
23
爱翠鸟-文字
41
2014.08.07-2024.08.06
12214096
24
爱翠鸟-文字
42
2014.08.07-2024.08.06
12214126
25
翠鸟-图形
35
2014.08.07-2024.08.06
12214040
26
翠鸟-图形
38
2014.08.07-2024.08.06
12214074
27
翠鸟-图形
41
2014.08.07-2024.08.06
12214100
28
翠鸟-图形
42
2014.08.07-2024.08.06
12214131
29
新影力-文字
41
2014.08.28-2024.08.27
12288643
30
小人-图形
35
2014.08.28-2024.08.27
12287985
31
小人-图形
38
2014.08.28-2024.08.27
12288580
32
小人-图形
41
2014.08.28-2024.08.27
12288629
33
小人-图形
42
2014.08.28-2024.08.27
12288435
34
中传-文字
38
2014.08.28-2024.08.27
12288267
35
中传-图形
38
2014.08.28-2024.08.27
12288289
36
信号小喇叭图形+CMEDIA
41
2015.03.21-2025.03.20
12480439
37
畅联TV-文字
41
2016.01.21-2026.01.20
15792467
38
箩筐-图形
9
2016.06.14-2026.06.13
16580231
45
No.
Trademark
Classification
Number
Valid
    Period
Registration
    Number
39
箩筐-图形
35
2016.06.14-2026.06.13
16580230
40
箩筐-图形
38
2016.06.14-2026.06.13
16580229
41
箩筐-图形
41
2016.06.14-2026.06.13
16580228
42
箩筐-图形
42
2016.06.14-2026.06.13
16580227
43
箩筐-文字
42
2016.09.28-2026.09.27
16580249
44
箩筐-文字
41
2016.06.14-2026.06.13
16580250
45
箩筐-文字
35
2016.09.21-2026.09.20
16580252
46
箩筐-文字
9
2016.06.14-2026.06.13
16580253
47
微时光-文字
42
2016.09.28-2026.09.27
16580247
48
传游录屏-文字
9
2016.06.14-2026.06.13
16782144
49
传游录屏-文字
35
2016.06.14-2026.06.13
16782143
50
传游录屏-文字
38
2016.06.14-2026.06.13
16782142
51
传游录屏-文字
41
2016.06.14-2026.06.13
16782141
52
传游录屏-文字
42
2016.06.14-2026.06.13
16782140
53
录游器-文字
9
2016.06.14-2026.06.13
16782135
54
录游器-文字
35
2016.06.14-2026.06.13
16782136
55
录游器-文字
38
2016.06.14-2026.06.13
16782137
56
录游器-文字
41
2016.06.14-2026.06.13
16782138
57
录游器-文字
42
2016.06.14-2026.06.13
16782139
58
LKCO-文字
9
2020.03.28-2030.03.27
40267810
59
LKCO-文字
35
2020.03.28-2030.03.27
40266023
60
LKCO-文字
38
2020.04.07-2030.04.06
40270521
61
LKCO-文字
41
2020.03.28-2030.03.27
40266047
62
LKCO-文字
42
2020.03.28-2030.03.27
40269524
63
LK-图形
41
2020.01.28-2030.01.27
38000351
64
LK-图形
42
2020.01.28-2030.01.27
37999219
65
LUOKUNG-文字
9
2020.01.21-2030.01.20
37990480
66
LUOKUNG-文字
35
2020.02.07-2030.02.06
37993561
67
LUOKUNG-文字
38
2020.01.21-2030.01.20
37990532
68
LUOKUNG-文字
41
2020.01.21-2030.01.20
37989767
69
LUOKUNG-文字
42
2020.01.21-2030.01.20
37986487
70
LUOKUNG-文字+图形
9
2020.07.21-2030.07.20
40271050
71
LUOKUNG-文字+图形
35
2020.07.21-2030.07.20
40266018
72
LUOKUNG-文字+图形
38
2020.05.14-2030.05.13
40270516
73
LUOKUNG-文字+图形
41
2020.05.14-2030.05.13
40269009
74
LUOKUNG-文字+图形
42
2020.07.21-2030.07.20
40266052
75
箩筐-文字+图形
9
2020.07.21-2030.07.20
40267807
76
箩筐-文字+图形
35
2020.07.21-2030.07.20
40268691
77
箩筐-文字+图形
41
2020.05.14-2030.05.13
40267474
78
箩筐-文字+图形
42
2020.07.21-2030.07.20
40269024
79
LUOKUNG-文字+图形
9
2020.12.18-2030.12.17
40268977
80
LUOKUNG-文字+图形
35
2020.07.21-2030.07.20
40269486
81
LUOKUNG-文字+图形
38
2020.12.18-2030.12.17
40270289
82
LUOKUNG-文字+图形
41
2020.07.21-2030.07.20
40270299
83
LUOKUNG-文字+图形
42
2020.07.21-2030.07.20
40267953
84
箩筐-文字+图形
9
2021.02.14-2031.02.13
40267809
85
箩筐-文字+图形
35
2020.07.21-2030.07.20
40267050
46
No.
Trademark
Classification
Number
Valid
    Period
Registration
Number
86
箩筐-文字+图形
41
2020.07.21-2030.07.20
40269015
87
箩筐-文字+图形
42
2020.07.21-2030.07.20
40267956
88
LUOKUNG-文字+图形
9
2020.05.14-2030.05.13
40270265
89
LUOKUNG-文字+图形
35
2020.05.14-2030.05.13
40270278
90
LUOKUNG-文字+图形
38
2020.05.14-2030.05.13
40269000
91
LUOKUNG-文字+图形
41
2020.05.14-2030.05.13
40270528
92
LUOKUNG-文字+图形
42
2020.05.14-2030.05.13
40266100
93
箩筐-文字+图形
9
2020.05.14-2030.05.13
40267036
94
箩筐-文字+图形
35
2020.07.21-2030.07.20
40267049
95
箩筐-文字+图形
41
2020.05.14-2030.05.13
40269014
96
箩筐-文字+图形
42
2020.07.21-2030.07.20
40269025
97
最e地图-文字
9
2020.06.21-2030.06.20
41612242
98
最e地图-文字
16
2020.06.21-2030.06.20
41621674
99
最e地图-文字
42
2020.06.21-2030.06.20
41604173
100
e地图-文字
16
2020.11.07-2030.11.06
41614991
101
箩筐地图-文字+图形
9
2021.11.28-2031.11.27
56400165
102
箩筐地图-图形
9
2021.11.28-2031.11.27
56404402
103
箩筐地图-图形
16
2021.11.28-2031.11.27
56388057
104
箩筐地图-图形
35
2021.11.28-2031.11.27
56369831
105
箩筐地图-图形
42
2021.11.28-2031.11.27
56391222
106
箩筐地图-文字
9
2021.11.28-2031.11.27
56400169
107
SUPERENGINE-文字
9
2016.05.28-2026.05.27
16473185
108
SUPERENGINE-文字
42
2016.05.28-2026.05.27
16473185
109
超擎-文字
9
2016.05.28-2026.05.27
16473205
110
超擎-文字
42
2016.05.28-2026.05.27
16473205
111
WhooCine-文字
9
2019.09.14-2029.09.13
36049237
112
WhooCine-文字
35
2019.09.07-2029.09.06
36071274
113
WhooCine-文字
38
2019.09.14-2029.09.13
36059065
114
WhooCine-文字
41
2019.09.14-2029.09.13
36046824
115
WhooCine-文字
42
2019.09.07-2029.09.06
36059525
116
速映-文字
9
2019.09.14-2029.09.13
36070079
117
速映-文字
35
2019.09.14-2029.09.13
36064784
118
速映-文字
38
2019.09.14-2029.09.13
36062805
119
速映-文字
41
2019.09.14-2029.09.13
36054899
120
速映-文字
42
2019.09.14-2029.09.13
36047495
121
BOTBRAIN-文字
9
2017.11.21-2027.11.20
21410376
122
BOTBRAIN-文字
42
2017.11.21-2027.11.20
21410512
123
布本-文字
9
2017.11.21-2027.11.20
21410428
124
布本-文字
42
2017.11.21-2027.11.20
21410499
125
易图通
    EMG E-文字+图形
16
2022.06.28-2032.06.27
7132923
126
易图通
    EMG E-文字+图形
42
2013.05.07.-2023.05.06
7132924
127
E图形
9
2013.03.28-2023.03.27
10441443
128
E图形
16
2013.03.28-2023.03.27
10441442
129
E图形
42
2013.03.28-2023.03.27
10441441
130
易图通EMG-文字+图形
35
2020.10.07-2030.10.06
6821894
47
No.
Trademark
Classification
    Number
Valid
    Period
Registration
    Number
131
易图通EMG-文字+图形
38
2020.05.07-2030.05.06
6821892
132
易图通EMG-文字+图形
41
2021.02.28-2031.02.27
6821893
133
龙图通DMG-文字+图形
9
2020.10.28-2030.10.27
6900495
134
龙图通DMG-文字+图形
38
2020.05.07-2030.05.06
6821896
135
龙图通DMG-文字+图形
41
2021.03.07-2031.03.06
6900311
136
图网WWW.MYEMAP.COM.CN-文字+图形
38
2020.05.21-2030.05.20
6894376
137
E图网MYEMAP
    WWW.MYEMAP.COM.CN-文字+图形
41
2020.12.21-2030.12.20
7132809
138
景景通SCENIC
    SPOTS LINKAGE-文字+图形
9
2020.12.07-2030.12.06
7344257
139
景景通SCENIC
    SPOTS LINKAGE-文字+图形
16
2020.08.21-2030.08.20
7344294
140
易图通EMG-文字+图形
38
2013.02.07-2023.02.06
10106777
141
壹地图-文字+图形
9
2013.02.21-2023.02.20
10315431
142
壹导航-文字+图形
9
2013.02.21-2023.02.20
10315433
143
E图形
38
2013.03.28-2023.03.27
10441440
144
E图形
38
2013.03.28-2023.03.27
10441440
145
易图通
    EMG
39
2022.04.07-2032.04.06
57645848
146
易图通
    EMG
39
2021.07.13-2022.04.07
57658800
147
E
    易图通 EMG
42
2022.08.21-2032.08.20
57645931
*
See
    below for an explanation of each classification number used in the table above.
48
Classification
No. 9: data processing apparatus, couplers (data processing equipment), computer software (recorded), monitors (computer programs), smart
cards (integrated circuit cards), electro-dynamic apparatus for the remote control of signals, alarms, and electric installations for
the remote control of industrial operations.
Classification
No. 16: paper and cardboard; printed matter; books; binding supplies; photo; stationery and office supplies (except furniture); adhesive
for stationery or household use; materials used by artists for use or painting; brush; educational or teaching supplies; plastic paper,
plastic film and plastic bags for packaging and packing.
Classification
No. 35: auctioneering, sales promotion for others, marketing analysis, marketing research, import-export agencies, advisory services
for business management, business management for franchise, personnel management consultancy, relocation services for businesses, and
systemization of information into computer databases.
Classification
No. 38: include services that enable at least sensory communication between two people. Such services allow one person to talk to another,
send messages from one person to another, and make verbal or visual contact between one person and the other. This classification especially
includes the service for broadcasting radio or television programs, except for radio advertising services and telemarketing services.
Classification
No. 41: instruction services, teaching, education information, tuition, arranging and conducting of colloquiums, publication of electronic
books and journals on-line, amusements, and vocational guidance.
Classification
No. 42: technical research, studies (technical project), computer software design, updating of computer software, recovery of computer
data, computer systems analysis, installation of computer software, computer anti-virus protection, and research and development for
others.
Business
Certificates and Qualifications
We
have obtained all necessary regulatory certifications to conduct our business in the PRC, including without limitation, the following:
Software Enterprise Recognition Certificate, Computer Information System Integration Qualification Certificate, Construction Enterprise
Qualification Certificate, and Security Technology & Protection Enterprise Certificate. We have also been properly certified as a
high-tech enterprise and have met the ISO 9001:2000 qualification management system.
Legal
Proceedings
Although
we may, from time to time, be involved in litigation and claims arising out of our operations in the normal course of business, we do
not believe that we are a party to any litigation that will have a material adverse impact on our financial condition or results of operations.
To our knowledge, other than as described below there are no material legal proceedings threatened against us. From time to time, we
may be subject to various claims and legal actions arising in the ordinary course of business. Following the consummation of the AEA,
we became successor in interest to the legal proceedings described below.
49
Enforceability
of Civil Liabilities
We
are incorporated in the British Virgin Islands to take advantage of certain benefits associated with being a British Virgin Islands company,
such as political and economic stability, an effective judicial system, a favorable tax system, the absence of exchange control or currency
restrictions and the availability of professional and support services. However, certain disadvantages accompany incorporation in the
British Virgin Islands. These disadvantages include that the British Virgin Islands has a less developed body of securities laws as compared
to the United States and provides significantly less protection to investors. In addition, British Virgin Islands companies do not have
standing to sue before the federal courts of the United States.
Our memorandum and articles
of association do not contain provisions requiring that disputes be submitted to arbitration, including those arising under the securities
laws of the United States, between us, our officers, directors and shareholders. An important part of our operations is conducted and
a significant portion of our assets is located outside the United States. Some of our directors and officers are nationals or residents
of jurisdictions other than the United States, and some or all of their assets are located outside the United States. As a result, it
may be difficult or impossible for a shareholder to bring an original action against us or such persons in a British Virgin Islands or
China court in the event that a shareholder believes that his or her rights have been infringed under the U.S. federal securities laws
or otherwise. It may also be difficult for a shareholder to enforce in U.S. courts judgments obtained in U.S. courts based on the civil
liability provisions of the U.S. federal securities laws against us and our officers and directors, some of whom are not residents of
the United States and whose assets are located outside of the United States. In addition, there is uncertainty as to whether the courts
of the British Virgin Islands or the PRC would recognize or enforce judgments of U.S. courts against us or such persons predicated upon
the civil liability provisions of the securities laws of the United States or any state. It is uncertain whether British Virgin Islands
or PRC courts would be competent to hear original actions brought in the British Virgin Islands or the PRC against us or such persons
predicated upon the securities laws of the United States or any state.
Our
corporate affairs are governed by our memorandum and articles of association, or Articles, and by the BVI Business Companies Act, 2004
and common law of the British Virgin Islands. The rights of shareholders to take legal action against our directors and us, actions by
minority shareholders and the fiduciary responsibilities of our directors to us under British Virgin Islands law are to a large extent
governed by the common law of the British Virgin Islands. The common law of the British Virgin Islands is derived in part from comparatively
limited judicial precedent in the British Virgin Islands as well as from English common law, which has persuasive, but not binding, authority
on a court in the British Virgin Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under British
Virgin Islands law are not as clearly established as they would be under statutes or judicial precedents in the United States. In particular,
the British Virgin Islands has no securities laws as compared to the United States, and provides significantly less protection to investors.
In addition, British Virgin Islands companies may not have standing to initiate a shareholder derivative action before the federal courts
of the United States.
We
conduct all of our operations in China and all of our assets are located in China. In addition, except for our two independent directors,
Mr. David Wei Tang, who is a U.S. citizen, and Mr. Meng Bryan Yap, who is a Singapore citizen, all of our other officers and directors
are PRC nationals. Most of our officers and directors reside within China. All or a substantial portion of the assets of these persons
are located outside the United States. As a result, it may be difficult to effect service of process within the United States upon these
persons.
Han Kun Law Offices, our counsel
as to PRC law, have advised us that there is uncertainty as to whether the courts of the PRC would:
●
recognize
    or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability
    provisions of the securities laws of the United States or any state in the United States; or
●
entertain
    original actions brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws
    of the United States or any state in the United States.
Conyers
Dill & Pearman has advised us that there is uncertainty as to whether the courts of the British Virgin Islands would (i) recognize
or enforce judgments of U.S. courts obtained against the Company or its directors, officers, predicated upon civil liability provisions
of the securities laws of the United States or any state in the United states, or (ii) entertain original actions brought in the British
Virgin Islands against the Company or its directors, officers, predicated upon civil liability provisions of the securities laws of the
United States or any state in the United States.
50
Conyers Dill & Pearman
further advised that, although there is no statutory enforcement in the British Virgin Islands of final and conclusive monetary judgments
obtained in a competent federal or state court of the United States for a definite sum (and the British Virgin Islands are not a party
to any treaties for the reciprocal enforcement or recognition of such judgments with the United States), the courts of the British Virgin
Islands would recognise as a valid judgment, a final and conclusive judgment in personam obtained in a competent federal or state court
of the United States of America against the Company under which a sum of money is payable (other than a sum of money payable in respect
of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) and would give a judgment based
thereon provided that (a) such courts had proper jurisdiction over the parties subject to such judgment; (b) such courts did not contravene
the rules of natural justice of the British Virgin Islands; (c) such judgment was not obtained by fraud; (d) the enforcement of the judgment
would not be contrary to the public policy of the British Virgin Islands; (e) no new admissible evidence relevant to the action is submitted
prior to the rendering of the judgment by the courts of the British Virgin Islands; and (f) there is due compliance with the correct procedures
under the laws of the British Virgin Islands. However, the British Virgin Islands courts are unlikely to enforce a judgment obtained from
the U.S. courts under civil liability provisions of the U.S. federal securities law if such judgment is determined by the courts of the
British Virgin Islands to give rise to obligations to make payments that are penal or punitive in nature.
The
recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedure Law. Chinese courts may recognize and
enforce foreign judgments in accordance with the requirements of the Chinese Civil Procedure Law based either on treaties between China
and the country where the judgment is made or in reciprocity between jurisdictions. China does not have any treaties or other agreements
with the British Virgin Islands or the United States that provide for the reciprocal recognition and enforcement of foreign judgments
as of the date of this annual report. In addition, according to the PRC Civil Procedures Law, PRC courts will not enforce a foreign judgment
against us or our directors and officers if they decide that the judgment violates the basic principles of PRC law or national sovereignty,
security, or public interest. As a result, it is uncertain whether a Chinese court would enforce a judgment rendered by a court in either
of these two jurisdictions.
C.
ORGANIZATIONAL STRUCTURE
The
following diagram illustrates our corporate structure and the place of formation and affiliation of each of our subsidiaries and affiliates
as of December 31, 2022.
51
The persons or entities that own the equity in each VIE are as follows:
Beijing Zhong Chuan Shi Xun Technology Co., Ltd.
Name
Shareholding
Percentage
Xuesong Song
61.82453
%
Ping Wang
19.9872
%
Weili Chen
14.0848
%
Donglai Liu
4.10347
%
eMapgo Technologies (Beijing) Co., Ltd.
Name
Shareholding
Percentage
Beijing Zhong Chuan Shi Xun Technology Co., Ltd.
100
%
Beijing BotBrain AI Technology Co., Ltd.
Name
Shareholding
Percentage
Xueyu Lu
37.84003
%
Jiangbo Qin
20.00006
%
Beijing Huojuzhiguang Information Technology Center (L.P.)
17.52002
%
Changxing Qifu Honglian Equity Investment Partnership (L.P.)
8.33332
%
Guangzhou Baoji Erhao Equity Investment Management Partnership (L.P.)
4.99999
%
Guangzhou Suiyong Original Capital Co., Ltd.
3.66662
%
Lianjie (Beijing) Investment Co., Ltd.
3.19997
%
Zhuhai Qiyi Investment Center (L.P.)
3.00003
%
Shenzhen Yiling Venture Capital Center (L.P.)
1.43996
%
52
The following is the tabular
form condensed consolidating schedule depicting the financial position, cash flows and results of operations for the parent, the consolidated
variable interest entities, and any consolidation adjustments separately - as of and for the years ending December 31, 2022, 2021 and
2020.
Consolidating Statements of Income
Information
Year ended December 31, 2022
Parent
Subsidiaries
WFOEs
VIEs and
their
subsidiaries
Consolidation
Adjustments
Consolidated
Revenue
-
5,464,332
6,432,597
86,199,653
(4,503,396
)
93,593,186
Cost of Revenue
-
271,313
3,239,958
74,629,562
(199,168
)
77,941,665
Gross profit (loss)
-
5,193,019
3,192,639
11,570,091
(4,304,228
)
15,651,521
Operating expenses
20,968,387
13,229,967
18,163,688
10,582,141
(13,249,307
)
76,193,490
Loss from operations
(20,968,387
)
(8,036,948
)
(14,971,049
)
987,950
(17,553,535
)
(60,541,969
)
Other expenses, net
327
124,606
711
(2,944,089
)
9,207,349
6,388,904
Provision for income tax
-
-
-
(8,878
)
3,950,202
3,941,324
Loss before noncontrolling interest
(20,968,060
)
(7,912,342
)
(14,970,338
)
(1,965,017
)
(4,395,984
)
(50,211,741
)
Less: loss attributable to noncontrolling
    interest
-
-
-
(2,702,185
)
374,244
(2,327,941
)
Net loss
(20,968,060
)
(7,912,342
)
(14,970,338
)
(4,667,202
)
(4,021,740
)
(52,539,682
)
Consolidating
Statements of Income Information
Year ended December 31, 2021
Parent
Subsidiaries
WFOEs
VIEs and
their
subsidiaries
Consolidation
Adjustments
Consolidated
Revenue
-
(15,851
)
2,636,562
171,503,642
(29,056,388
)
145,067,965
Cost of Revenue
300,000
-
726,389
131,315,543
(3,315,846
)
129,026,086
Gross profit (loss)
(300,000
)
(15,851
)
1,910,173
40,188,099
(25,740,542
)
16,041,879
Operating expenses
29,415,319
35,544,319
3,561,420
21,074,461
(7,935,069
)
81,660,450
Loss from operations
(29,715,319
)
(35,560,170
)
(1,651,247
)
19,113,638
(17,805,473
)
(65,618,571
)
Other expenses, net
3,139
(146,447
)
15,427
(3,836,228
)
(14,642
)
(3,978,751
)
Provision for income tax
-
-
-
(9,665
)
8,136,002
8,126,337
Loss before noncontrolling interest
(29,712,180
)
(35,706,617
)
(1,635,820
)
15,267,745
(9,684,113
)
(61,470,985
)
Less: loss attributable to noncontrolling
    interest
-
-
-
(7,330,267
)
-
(7,330,267
)
Net loss
(29,712,180
)
(35,706,617
)
(1,635,820
)
7,937,478
(9,684,113
)
(68,801,252
)
Year ended December 31, 2020
Parent
Subsidiaries
WFOEs
VIEs and
their
subsidiaries
Consolidation
Adjustments
Consolidated
Revenue
-
-
-
22,268,378
(4,004,590
)
18,263,788
Cost of Revenue
-
-
-
'
-
17,479,479
Gross profit (loss)
-
-
-
4,788,899
(4,004,590
)
784,309
Operating expenses
1,575,656
8,942,698
13,335
13,157,614
17,345,859
41,035,162
Loss from operations
(1,575,656
)
(8,942,698
)
(13,335
)
(8,368,715
)
(21,350,449
)
(40,250,853
)
Other expenses, net
13,582
161,075
1
141,014
(121,784
)
193,888
Provision for income tax
-
-
-
-
-
Loss before noncontrolling interest
(1,562,074
)
(8,781,623
)
(13,334
)
(8,227,701
)
(21,472,233
)
(40,056,965
)
Less: loss attributable to noncontrolling
    interest
-
-
-
191,325
-
191,325
Net loss
(1,562,074
)
(8,781,623
)
(13,334
)
(8,036,376
)
(21,472,233
)
(39,865,640
)
53
Consolidating
Balance Sheets Information
As of December 31, 2022
Parent
Subsidiaries
WFOEs
VIEs and
their
subsidiaries
Consolidation
Adjustments
Consolidated
Cash
12,874
336,846
59,293
531,534
324,334
1,264,881
Accounts receivable
-
1,161,641
4,399,643
18,646,214
(16,923,932
)
7,283,566
Intercompany receivables
74,369,714
68,346,860
526,951
42,042,009
(185,285,534
)
-
Other current asset
19,478,423
4,693,908
1,058,799
41,506,852
(30,460,759
)
36,277,223
Total current asset
93,861,011
74,539,255
6,044,686
102,726,609
(232,345,891
)
44,825,670
Property and equipment, net
-
630,565
2,678,272
214,973
-
3,523,810
Investment in subsidiaries
63,677,883
62,440,824
-
57,438,383
(183,557,090
)
-
Intangible asset, net
-
-
50,926
158,833
87,449,960
87,659,719
Right of use asset, net
-
692,919
1,002,496
1,030,362
-
2,725,777
Other-non-current asset
2,366,978
2,567,396
-
3,005,359
86,962,466
94,902,199
Total Non-current
    asset
66,044,861
66,331,704
3,731,694
61,847,910
(9,144,664
)
188,811,505
Total Asset
159,905,872
140,870,959
9,776,380
164,574,519
(241,490,555
)
233,637,175
Accounts payable
-
20,189,728
6,133,610
16,758,506
(34,990,085
)
8,091,759
Lease liability
-
358,612
614,077
692,721
-
1,665,410
Other current liabilities
1,062,668
111,980,444
19,730,024
143,844,642
(191,543,335
)
85,074,443
Total current liabilities
1,062,668
132,528,784
26,477,711
161,295,869
(226,533,420
)
94,831,612
Lease liability-NC
-
324,255
427,499
396,772
-
1,148,526
Other non-current liabilities
-
-
861,500
-
2,486,040
3,347,540
Total non-current liabilities
-
324,255
1,288,999
396,772
2,486,040
4,496,066
Total liabilities
1,062,668
132,853,039
27,766,710
161,692,641
(224,047,380
)
99,327,678
Accumulated deficit
(52,484,550
)
(121,844,611
)
(55,952,193
)
(40,940,607
)
35,972,003
(235,249,958
)
Other equity
211,327,754
129,862,531
37,961,863
43,822,485
(63,619,504
)
359,355,129
Total equity
158,843,204
8,017,920
(17,990,330
)
2,881,878
(27,647,501
)
124,105,171
Total Liability
    and stockholders' equity
159,905,872
140,870,959
9,776,380
164,574,519
(241,490,555
)
233,637,175
Consolidating
Balance Sheets Information
As of December 31, 2021
Parent
Subsidiaries
WFOEs
VIEs and
their
subsidiaries
Consolidation
Adjustments
Consolidated
Cash
5,655,725
6,110,209
560,438
4,468,891
-
16,795,263
Accounts receivable
-
-
2,043,277
39,240,616
(27,480,526
)
13,803,367
Intercompany receivables
-
1,582,320
-
6,252,809
(7,835,129
)
-
Other current asset
80,544,830
64,683,409
662,839
56,970,717
(175,734,411
)
27,127,384
Total current asset
86,200,555
72,375,938
3,266,554
106,933,033
(211,050,066
)
57,726,014
Property and equipment, net
-
918,397
25,004
4,639,079
-
5,582,480
Investment in subsidiaries
63,669,493
58,140,824
-
60,631,079
(182,441,396
)
-
Intangible asset, net
-
-
-
449,320
102,435,697
102,885,017
Right of use asset, net
-
849,482
-
3,256,374
378,987
4,484,843
Other-non-current asset
2,390,148
35,505,396
-
3,343,795
53,271,166
94,510,505
Total Non-current
    asset
66,059,641
95,414,099
25,004
72,319,647
(26,355,546
)
207,462,845
Total Asset
152,260,196
167,790,037
3,291,558
179,252,680
(237,405,612
)
265,188,859
Accounts payable
-
21,119,050
7,391,743
23,652,117
(42,970,291
)
9,192,619
Lease liability
-
281,671
-
983,491
181,661
1,446,823
Other current liabilities
530,238
93,958,544
6,172,121
149,931,485
(159,523,324
)
91,069,064
Total current liabilities
530,238
115,359,265
13,563,864
174,567,093
(202,311,954
)
101,708,506
Lease liability-NC
-
594,842
-
2,260,054
209,461
3,064,357
Other non-current liabilities
-
-
1,607,667
941,073
4,019,254
6,567,994
Total non-current liabilities
-
594,842
1,607,667
3,201,127
4,228,715
9,632,351
Total liabilities
530,238
115,954,107
15,171,531
177,768,220
(198,083,239
)
111,340,857
Accumulated deficit
(34,074,308
)
(87,507,227
)
(45,408,625
)
(78,586,946
)
62,866,830
(182,710,276
)
Other equity
185,804,266
139,343,157
33,528,652
80,071,406
(102,189,203
)
336,558,278
Total equity
151,729,958
51,835,930
(11,879,973
)
1,484,460
(39,322,373
)
153,848,002
Total Liability
    and stockholders' equity
152,260,196
167,790,037
3,291,558
179,252,680
(37,405,612
)
265,188,859
54
Consolidating Cash Flows Information
Year ended December 31, 2022
Parent
Subsidiaries
WFOEs
VIEs
Elimination
Consolidated
Net cash (used in)/provided by operation activities
(13,187,296
)
(4,363,034
)
(2,753,716
)
(3,599,661
)
(31,058,507
)
(17,870,525
)
Net cash (used in)/provided by investing activities
-
(5,190,871
)
(88,618
)
(2,488,567
)
6,594,214
(934,197
)
Net cash (used in)/provided by financing activities
7,420,000
3,838,243
2,342,047
2,257,470
28,620,214
7,093,542
Effect of exchange rate changes
    on cash
124,445
(86,144
)
(30,256
)
(324,086
)
(3,526,830
)
(3,819,202
)
Net increase in cash and cash equivalents
(5,642,851
)
(5,801,806
)
(530,543
)
(4,154,844
)
629,091
(15,530,382
)
Year ended December 31, 2021
Parent
Subsidiaries
WFOEs
VIEs
Elimination
Consolidated
Net cash (used in)/provided by operation activities
(86,208,510
)
(15,968,254
)
34,337,973
15,949,957
(1,812,380
)
(53,787,959
)
Net cash (used in)/provided by investing activities
(72,449,477
)
(52,884,803
)
151,027
(13,979,925
)
60,766,693
(78,396,485
)
Net cash (used in)/provided by financing activities
164,103,934
75,546,992
(35,042,385
)
4,318,722
(60,363,735
)
148,910,734
Effect of exchange rate changes
    on cash
209,778
109,208
(6,586
)
(1,595,463
)
1,540,705
(2,820
)
Net increase in cash and cash equivalents
5,655,725
6,803,143
(559,971
)
4,693,291
131,283
16,723,470
Year ended December 31, 2020
Parent
Subsidiaries
WFOEs
VIEs
Elimination
Consolidated
Net cash (used in)/provided by operation activities
21
(4,232,125
)
2,655
(11,651,311
)
56,952
(15,823,808
)
Net cash (used in)/provided by investing activities
-
(19,234,761
)
(2,367
)
(4,817,894
)
4,673,626
(19,381,396
)
Net cash (used in)/provided by financing activities
(21
)
21,430,816
0
14,964,574
(4,856,951
)
31,538,418
Effect of exchange rate changes
    on cash
-
25,684
17
17,190
-
42,891
Net increase in cash and cash equivalents
-
(2,010,386
)
305
(1,487,441
)
(126,374
)
(3,623,895
)
55
VIE Arrangements with VIEs and Their Respective
Shareholders
To comply with the PRC legal
restrictions on foreign investments, the Company operates such restricted services in the PRC through certain PRC domestic companies,
whose nominal equity interests are held by certain management members or founders of the Company or certain other third parties. Part
of the registered capital of these PRC domestic companies was funded by certain management members, or founders of the Company or certain
other third parties. The Company has entered into certain exclusive business services agreements with these PRC domestic companies, which
entitle it to receive a majority of their residual returns and make it obligatory for the Company to absorb a majority of the risk of
losses from their activities. In addition, the Company has entered into certain agreements with those management members, founders, or
certain other third parties, including equity interest pledge agreements of the nominal equity interests held by those management members,
founders or certain other third parties in these PRC domestic companies, and exclusive option agreements to acquire such nominal equity
interests in these PRC domestic companies when permitted by the PRC laws, rules and regulations.
Details of the typical VIE
structure of the Company's significant consolidated VIEs, namely Zhong Chuan Shi Xun, Beijing BotBrain and EMG are set forth below:
(i)
Contracts that give the
    Company effective control of VIEs
Exclusive Option Agreement
Each VIE equity holders has
granted the WFOEs exclusive call options to purchase the nominal equity interest in the VIEs at an exercise price equal to (i) with regard
to Zhong Chuan Shi Xun, the minimum price as permitted by applicable PRC laws, or (ii) with regard to Beijing BotBrain, RMB10 in aggregate,
or if appraisal is required as requested by relevant PRC laws, the price as determined by the relevant parties, or (iii) with regard
to EMG, RMB 1 in aggregate or other price as determined by the relevant parties, provided that if required by relevant PRC laws, the
minimum price as permitted by PRC laws shall apply. The WFOEs may designate another entity or individual to purchase the nominal equity
interests, if applicable, under the call options. Each call option is exercisable subject to the condition that applicable PRC laws,
rules and regulations do not prohibit completion of the transfer of the nominal equity interests pursuant to the call option. The VIEs
shall not declare any dividend or other distribution to its equity holders without the approval of the WFOEs. With regard to Zhong
Chuan Shi Xun and Beijing BotBrain, the exclusive call option agreements remain in effect for ten (10) years and may be renewed at the
election of the WFOEs. With regard to EMG, the exclusive call option agreement shall remain in effect until all nominal equity interest
under the call option has been transferred to the WFOE or its designated entity or individual.
Equity Pledge Agreements
As for Zhong Chuan Shi Xun
and Beijing BotBrain, pursuant to the relevant equity pledge agreements, the relevant VIE equity holders have pledged all of their interests
in the equity of the VIEs as a continuing security interest in favor of the corresponding WFOEs to secure the performance of obligations
by the VIEs and/or the equity holders under the exclusive business cooperation agreements. Each WFOE is entitled to exercise its right
to dispose of the VIE equity holders' pledged interests in the equity of the VIE in accordance with applicable PRC laws in the
event of any breach or default, and VIE equity holders shall cease to be entitled to any rights or interests associated with their nominal
equity interests in the VIEs. These equity pledge agreements remain in force until and unless the obligations of the VIE equity holders
to the WFOEs under the exclusive business cooperation agreements have been fulfilled.
As for EMG, pursuant to the
relevant equity pledge agreement, the relevant VIE equity holder has pledged all of its nominal equity interest in the VIE as a continuing
first priority security interest in favor of the corresponding WFOE to secure the performance of obligations by the VIE as set forth
in the relevant exclusive option agreement, proxy agreement, the equity pledge agreement and the VIE's obligation to repay the
secured indebtedness. The VIE equity holder shall not be entitled to receive any dividend associated with its nominal equity interest
without of the WFOE, and the dividend received by the VIE equity holder shall be deposited in the account designated by the WFOE and
subject to the supervision of the WFOE. In the event of any breach or default, the WFOE shall be entitled to all rights to relief, including
but not limited to disposing the nominal equity interest held by the VIE equity holder. The equity pledge agreement shall remain in force
until and unless the obligations of the VIE equity holder to the WFOE under the exclusive option agreement, proxy agreement, the equity
pledge agreement have been fulfilled or all the secured indebtedness has been paid off.
56
Power of Attorney
As for Zhong Chuan Shi Xun
and Beijing BotBrain, pursuant to the relevant power of attorney, each of the relevant VIE equity holders irrevocably appoints the corresponding
WFOE as its attorney-in-fact to exercise on its behalf any and all rights that such equity holder has in respect of its nominal equity
interests in the relevant VIE conferred by relevant laws and regulations and the articles of associate of such VIE. The power of attorney
shall remain effective as long as such VIE equity holder remains as a shareholder of Zhong Chuan Shi Xun or Beijing BotBrain.
As for EMG, pursuant to the
relevant power of attorney, the relevant VIE equity holder irrevocably appoints certain the person designated by the corresponding WFOE
as its attorney-in-fact to exercise on its behalf any and all rights that such equity holder has in respect of its nominal equity interest
in the relevant VIE conferred by relevant laws and regulations and the articles of associate of such VIE. The power of attorney of EMG
shall remain effective until March 11, 2044, and will be renewed automatically for another ten (10) years unless the parties to the power
of attorney agree otherwise.
(ii)
Contracts that enable the
    Company to receive the certain benefits from the VIEs
Exclusive business cooperation agreements
As for Zhong Chuan Shi Xun,
Beijing BotBrain and EMG, each relevant VIE has entered into an exclusive business services agreement with the corresponding WFOE, pursuant
to which the relevant WFOE provides exclusive business services to the VIE. In exchange, (i) Zhong Chuan Shi Xun pays a service fee to
the corresponding WFOE which shall be no less than 80% of Zhong Chuan Shi Xun's after-tax profits; (ii) Beijing BotBrain pays a
service fee to the corresponding WFOE which shall be reasonably determined by such WFOE based on certain factors; (iii) EMG pays a service
fee to the corresponding WFOE which shall be 20% of EMG's annual income. Luokung exercises control over the VIEs through a Call
Option Agreement, an Equity Pledge Agreement, an Exclusive Business Cooperation Agreement and a Proxy Agreement. The amount of service
fees to be paid by EMG and BotBrain shall be determined solely by the WFOE or as mutually agreed by the WFOE and the VIEs. Based on the
control Luokung exercises through these agreements and based on its ability to determine the fees paid by EMG and BotBrain, Luokung is
considered the primary beneficiary of the VIEs.
Cash Flows through Our Organization
Luokung
Technology Corp. is a holding company with no operations of its own. We conduct our operations in China primarily through our subsidiaries
and consolidated affiliated entities in China. As a result, although other means are available for us to obtain financing at the holding
company level, Luokung Technology Corp.'s ability to pay dividends to the shareholders and to service any debt it may incur may
depend upon dividends paid by our PRC subsidiaries and service fees paid by our PRC consolidated affiliated entities. If any of our subsidiaries
incurs debt on its own behalf, the instruments governing such debt may restrict its ability to pay dividends to Luokung Technology Corp.
In addition, our PRC subsidiaries are permitted to pay dividends to Luokung Technology Corp. only out of their retained earnings, if
any, as determined in accordance with applicable accounting standards and regulations. Further, our PRC subsidiaries and consolidated
affiliated entities are required to make appropriations to certain statutory reserve funds or may make appropriations to certain discretionary
funds, which are not distributable as cash dividends except in the event of a solvent liquidation of the companies.
Under PRC law, Luokung Technology
Corp. may provide funding to its PRC subsidiaries only through capital contributions or loans, and to its affiliated entities in China
only through loans, subject to satisfaction of applicable government registration that we are not able to make direct capital contribution.
Under PRC laws and regulations,
our PRC subsidiaries and consolidated affiliated entities are subject to certain restrictions with respect to paying dividends or otherwise
transferring any of their net assets to us. Remittance of dividends by a wholly foreign-owned enterprise out of China is also subject
to review by the banks designated by State Administration of Foreign Exchange, or SAFE. The amounts restricted include the paid-up capital
and the statutory reserve funds of our PRC subsidiaries and the net assets of our consolidated affiliated entities in which we have no
legal ownership. Other than a dividend paid to certain of our preferred shareholders in 2021, our PRC subsidiaries have not paid dividends
and will not be able to pay dividends until they generate accumulated profits and meet the requirements for statutory reserve funds. There
is no fixed payment schedule in settling the amounts due from the VIEs. Payments are made based on the cash position of the VIEs.
D. PROPERTY, PLANTS AND EQUIPMENT
We lease offices as headquarter
located at 8F & 9F, Block B, SOHO Phase II, No. 9 Guanghua Road, Chaoyang District, Beijing, which covers a floor space of 3498 square
meters. These leases expire on August 15, 2024 and are renewable upon negotiation.
57
ITEM 4A. UNRESOLVED STAFF COMMENTS
None.
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 notes to those financial statements appearing elsewhere in this report. This discussion and analysis contain forward-looking
statements that involve significant risks and uncertainties. As a result of many factors, such as our anticipated growth strategy, our
plans to recruit more employees, our plans to invest in research and development to enhance our product or service lines, our future
business development, results of operations and financial condition, expected changes in our net revenues and certain cost or expense
items, our ability to attract and retain customers, trends and competition in the enterprise mobile software application market, and
the factors set forth elsewhere in this report, our actual results may differ materially from those anticipated in these forward-looking
statements. In light of those risks and uncertainties, there can be no assurance that the forward-looking statements contained in this
report will in fact occur. You should not place undue reliance on the forward-looking statements contained in this report.
The forward-looking statements
speak only as of the date on which they are made, and, except to the extent required by U.S. federal securities laws, we undertake no
obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or
to reflect the occurrence of unanticipated events. Further, the information about our intentions contained in this report is a statement
of our intention as of the date of this report and is based upon, among other things, the existing regulatory environment, industry conditions,
market conditions and prices and our assumptions as of such date. We may change our intentions, at any time and without notice, based
upon any changes in such factors, in our assumptions or otherwise.
Unless the context otherwise
requires, all references to (i) "PRC" and "China" are to the People's Republic of China; (ii) "U.S.
dollar," "$" and "US$" are to United States dollars; and (iii) "RMB", "Yuan" and
Renminbi are to the currency of the PRC or China.
Overview
Luokung Technology Corp.
was incorporated on October 27, 2009 under the laws of the British Virgin Islands. We are a holding company and conduct our operations
through our wholly-owned subsidiary named LK Technology Ltd., a British Virgin Islands limited liability company ("LK Technology"),
and its wholly-owned subsidiaries, MMB Limited and its respective subsidiaries, which possess two core brands "Luokuang"
and "SuperEngine". "Luokuang" is a mobile application to provide Business to Customer (B2C) location-based services
and "SuperEngine" provides Business to Business (B2B) and Business to Government (B2G) services in connection with spatial-temporal
big data processing. In May 2010, we consummated an initial public offering of our American Depository Shares, or ADSs, for gross proceeds
of $16 million, and our ADSs were listed on the NASDAQ Capital Market under the ticker symbol "KONE". On August 17, 2018,
we completed the transactions contemplated by the Asset Exchange Agreement ("AEA") with C Media Limited ("C Media")
entered into on January 25, 2018. On August 20, 2018, we changed our name to Luokung Technology Corp., our American Depository Shares
("ADSs") were voluntarily delisted from the NASDAQ Capital Market on September 19, 2018 and on January 3, 2019 our ordinary
shares started trading on NASDAQ under the ticker symbol "LKCO".
On August 17, 2018, we consummated
an asset exchange transaction, pursuant to which we exchanged all issued and outstanding capital stock in Topsky Info-Tech Holdings Pte
Ltd., the parent of Softech, for the issued and outstanding capital stock of LK Technology (the "Asset Exchange"). In connection
with the Asset Exchange, we changed our name on August 20, 2018, and on September 20, 2018, completed the issuance to the shareholders
of C Media Limited, the former parent of LK Technology, of (i) 185,412,599 of our ordinary shares, par value $0.01 per share and (ii)
1,000,000 of our preferred shares. Upon the consummation of the Asset Exchange, we ceased our previous business operations and became
a company focused on the provision of location-based service in China.
58
On August 25, 2018, LK Technology
entered into a Stock Purchase Agreement with the shareholders of Superengine Holding Limited, a limited liability company incorporated
under the laws of the British Virgin Islands (the "Superengine"), pursuant to which LK Technology acquired all of the issued
and outstanding shares of Superengine for an aggregate purchase price of US$60 million, which was paid by the issuance of our Ordinary
Shares in an amount equal to the quotient of (x) the Purchase Price divided by (y) the average of the closing prices of the Ordinary
Shares on the NASDAQ Capital Market over the 12 months period preceding July 31, 2018. We are a party to the Agreement in connection
with the issuance of the Ordinary Shares and certain other limited purposes.
On May 10, 2019 and November
6, 2020, the Company entered into a Stock Purchase Agreement and The Supplementary Agreement to Stock Purchase Agreement with the shareholders
of BotBrain AI Limited ("Botbrain"), a limited liability company incorporated under the laws of the British Virgin Islands,
pursuant to which the Company acquired 67.36% of the issued and outstanding shares of BotBrain for an aggregate purchase price of $2.5
million (RMB 16.4 million), of which $1.5 million (RMB 9.6 million) was to be paid in cash to obtain 20% of BotBrain and the Company
issued 1,789,618 ordinary shares to acquire the remaining 47.36% of BotBrain. The closing of the acquisition was completed on December
4, 2020.
On August 28, 2019, the Company
entered into a Share Purchase Agreement to acquire 100% of the equity interests of Saleya Holdings Limited ("Saleya") from
Saleya's shareholders for an aggregate purchase price of approximately $120 million. On March 17, 2021, the Company completed the
acquisition of 100% equity interest in Saleya for a consideration of (i) a cash amount of $102 million (RMB666 million), (ii) 9,819,926
LKCO ordinary shares and (iii) 1,500,310 LKCO preferred shares pursuant to a supplemental agreement dated February 24, 2021. The main
operating subsidiary, eMapgo Technologies (Beijing) Co., Ltd. is a provider of navigation and electronic map services in China, as well
as a provider of Internet map services and geographic information system engineering. The acquisition enables us to develop our smart
transportation business, including autonomous driving and vehicle-road collaboration (V2X). From April 2021 to December 2021, Saleya
contributed $9.1 million to smart transportation revenue and incurred a net loss of $4.5 million.
Results of operations for the fiscal year
ended December 31, 2022 compared to the fiscal year ended December 31, 2021.
Revenue
Our revenues primarily consist
of advertising services, software and services and smart transportation from the VIEs, Jiangsu Zhong Chuan Rui You Information and Technology
Limited ("Zhong Chuan Rui You"), Beijing Wave Function Culture Development Co., Ltd.("Wave Function"), SuperEngine
Graphics Software Technology Development (Suzhou) Co., Ltd ("SuperEngine") and eMapgo Technologies (Beijing) Co., Ltd. ("EMG").
Advertising services
Zhong Chuan Rui You and Wave
Function derive revenue from the provision of user acquisition services to their advertisers on the strength of the LBS services they
offer; customers pay them based on performance, as measured by CPI (Cost Per Install), CPM (Cost Per Mile), and CPC (Cost Per Click).
They recognize revenue over time because customers receive and consume the benefit of their advertising services throughout the contract
period.
Software and services
SuperEngine generates revenues
primarily in the form of sale of a software license and provision of technology services. License fees include perpetual license fees,
term license fees and royalties. Technology services primarily consist of fees for providing technology support services and technology
solution services that enable customers to gain real-time operational intelligence by harnessing the value of their data.
59
Revenue for the sale of software
licenses is recognized at the point in time when the right to use the software is provided to its customers. Term license fees and royalties
are recognized over time throughout the contract period.
Technology support service
revenue is recognized over time as the services are performed because the customer receives and consumes the benefit of its performance
throughout the contract period. Technology solution service revenue is recognized at the point in time when the service is completed.
SuperEngine bills for the services it has performed in accordance with the terms of the contract. It recognizes the revenues associated
with these professional services as it delivers the services to the customers.
Smart transportation
Map data licensing
EMG provides perpetual map
data licenses to customers and collects one time license fees from customers. Revenue is recognized at the point in time when customers
obtain the right to use the map data.
Autonomous driving simulation and verification test
EMG provides data collection
and desensitization for compliance with legal requirements to system manufacturers and automobile manufacturers for autonomous driving
simulation and verification testing. Revenues are derived from the provision of data collection and desensitization service for compliance
with legal requirements. Revenues are recognized over time as the services are performed because the customer receives and consumes the
benefit of its performance throughout the contract period.
Map service platform local deployment
Through local deployment,
EMG provides a one-time map service platform license or a map service platform license for a certain period with updates to the map service
platform during such contract period to certain public sectors and enterprises to support its location-based application. The map service
platform includes map data and software that support certain map applications such as display, search, routing and others. Revenues from
a map data license for a certain period are recognized ratably over time because the customer receives and consumes the benefit of the
map services throughout the contract period.
Fiscal Year Ended December 31,
2022
2021
2020
(dollars in thousands)
Revenues
Advertising
$
81,008
$
131,423
$
17,895
Software and services
508
4,545
369
Smart transportation
12,077
9,100
-
Total revenues
$
93,593
$
145,068
$
18,264
Advertising
86.6
%
90.6
%
98.0
%
Software and services
0.5
%
3.1
%
2.0
%
Smart transportation
12.9
%
6.3
-
Total
100.0
%
100.0
%
100.0
%
60
For the year ended December
31, 2022, we had revenue of $93,593,186, as compared to revenue of $145,067,965 for the year ended December 31, 2021, a decrease of $51,474,779,
or 35.5%, which was primarily due to our adjustment of advertising placement and customer acquisition strategies, the number of customers
decreased as we shifted our focus to providing services to customers with higher gross margins instead of solely focusing on volume of
transactions based on the strength of the integration and improvement of geographic information points of interest (POI), characteristic
areas of interest (AOI), and other data using AI algorithms. This integration and improvement ultimately led to improved advertising conversion
rates, allowing us to increase the gross margin,
Cost of revenue
Cost of revenue primarily
consists of traffic acquisition costs and salary and benefit expenses. Our traffic acquisition costs may vary due to a number of factors,
including scale, targeted audience and the geography of traffic.
Salary and benefit expenses
consist of costs for employees directly involved in data collection and processing and data collection costs, which are primarily comprised
of field survey-related costs and hard disk materials costs, and depreciation of facilities and equipment used in data collection and
processing.
Year Ended December 31,
2022
2021
(dollars in thousands)
Amount
% of cost
of revenue
% of
revenue
Amount
% of cost
of revenue
% of
revenue
Traffic acquisition costs
$
73,802
94.7
%
78.9
%
$
124,997
96.9
%
86.2
%
Others
4,140
5.3
%
4.4
%
4,029
3.1
%
2.8
%
Total cost of revenue
$
77,942
100.0
%
83.3
%
$
129,026
100.0
%
89.0
%
Cost of revenue for the year
ended December 31, 2022 was $77,941,665, representing a decrease of $51,084,421or 39.6% as compared to $129,026,086 for the year ended
December 31, 2021. The decrease was primarily attributable to the decrease of traffic acquisition costs incurred.
Gross profit margin increased
to 16.7% for the year ended December 31, 2022 from 11.1% for the year ended December 31, 2021. The increase in gross profit margin was
primarily attributable to value-added services in advertising and revenue from smart transportation, all of which yield increased gross
profit margin.
Selling and marketing expense
Our selling and marketing
expense mainly includes promotional and marketing expenses and compensation for our sales and marketing personnel.
Selling expense totaled $5,656,184
for the year ended December 31, 2022, as compared to $6,057,161 for the year ended December 31, 2021, a decrease of $400,977 or 6.6%.
The decrease was primarily attributable to a decrease in marketing and advertising expenses of approximately $2,086,000 and a decrease in reimbursements to employees for out-of-pocket expenses of approximately $377,000, offset by an increase in salaries of approximately $2,096,000 due to an increase
in the number of marketing personnel.
General and administrative expense
Our general and administrative
expenses consist primarily of salaries and benefits for our general and administrative personnel, rent, fees and expenses for legal,
accounting and other professional services.
General and administrative
expense totaled $20,663,654 for the year ended December 31, 2022, as compared to $30,127,176 for the year ended December 31, 2021, a
decrease of $9,463,522 or 31.4%. The decrease was primarily attributable to a decrease in consulting fees of approximately $4,891,000,
a decrease in legal and professional fees of approximately $2,050,000, a decrease in impairment goodwill of BotBrain of approximately
$141,000 and an increase in impairment loss of accounts and other receivables of approximately $54,000, offset by an increase in salary
expenses of approximately $756,000 and a decrease in impairment on loans of approximately $4,724,000.
61
Research and development expenses
Research and development
expenses primarily consist of amortization of the intangible assets, and salaries and benefits for research and development personnel.
Research and development
expenses totaled $49,873,652 for the year ended December 31, 2022, as compared to $45,476,113 for the year ended December 31, 2021, an
increase of $4,397,539 or 9.7%. The increase was primarily attributable to an increase in salaries and share based compensation of approximately
$4,094,000 due to an increase in the number of staff in the R&D department, and an increase in amortization of intangible assets
of approximately $2,479,000.
Loss from operations
As a result of the factors
described above, for the year ended December 31, 2022, loss from operations amounted to $60,541,969, as compared to loss from operations
of $65,618,571 for the year ended December 31, 2021, a decrease of $5,076,602, or 7.7%.
Other income/expense
Other income/expense mainly
includes interest expenses from other loans and foreign currency gains/losses.
For the year ended December
31, 2022, other income, net, amounted to $6,388,904 as compared to other expense, net, of $3,978,751 for the year ended December 31,
2021, a change of $10,367,655, or 260.6%, which was primarily attributable to a decrease in interest expenses of approximately $759,000
and an increase in other income of approximately $9,823,000, due to the write-off of accounts payable of approximately $9,199,000 as
two of our suppliers were dissolved, offset by an increase in foreign currency transaction loss of approximately $224,000.
Income tax
We had an income tax benefit
of $3,941,324 and $8,126,337 for the years ended 2022 and 2021, respectively. The benefit for 2021 represents a deferred tax credit arising
from five of our subsidiaries as our management believes that the subsidiary will have future taxable income to absorb a portion of our
net operating loss carry forwards. We are subject to various rates of income tax under different jurisdictions. The following summarizes
the major factors affecting our applicable tax rates in the BVI, Hong Kong and the PRC.
BVI
We are an exempted company
incorporated in the British Virgin Islands. Under the current laws of the British Virgin Islands, we are not subject to income, corporation
or capital gains tax in the British Virgin Islands. In addition, our payment of dividends to our shareholders, if any, is not subject
to withholding tax in the British Virgin Islands.
Hong Kong
Our subsidiaries in Hong
Kong are subject to the uniform tax rate of 16.5%. Under Hong Kong tax law, our subsidiaries in Hong Kong are exempted from income tax
on their foreign-derived income and there is no withholding tax in Hong Kong on remittance of dividends.
PRC
Generally, our PRC subsidiaries,
our consolidated affiliated entities and their subsidiaries are subject to enterprise income tax on their taxable income in the PRC at
a rate of 25%. The enterprise income tax is calculated based on the entity's global income as determined under PRC tax laws and
accounting standards.
An enterprise may benefit
from a preferential tax rate of 15% under the EIT Law if it qualifies as a High and New Technology Enterprise, which is normally effective
for a period of three years. Our subsidiaries, Beijing Zhong Chuan Shi Xun Technology Limited, Superengine Graphics Software Technology
Development (Suzhou) Co., Ltd, eMapgo Technologies (Beijing) Co., Ltd., DMG Infotech Co., Ltd and Beijing BotBrain AI Technology Ltd.
are High-tech enterprises and enjoy a favorable income tax rate of 15%.
62
Net loss
As a result of the factors
described above, our net loss was $50,211,741 for the year ended December 31, 2022, compared to net loss of $61,470,985 for the year
ended December 31, 2021, a decrease of $11,259,244 or 18.3%.
Net loss attributable to owners of the
Company
The net loss attributable
to owners of the Company was $52,539,682, or $3.72 per ordinary share (basic and diluted), for the year ended December 31, 2022, compared
to net loss attributable to owners of the Company of $68,801,252, or $6.30 per ordinary share (basic and diluted), for the year ended
December 31, 2021, a change of $16,261,570 or 23.6%. Earnings per share is based on revised weighted average shares due to the March
reverse stock split.
Foreign currency translation adjustment
Our reporting currency is
the U.S. dollar. The functional currency of our parent company and subsidiaries of LK Technology, MMB Mobile Media, SuperEngine Holding
and PICO is the U.S. dollar and the functional currency of the Company's subsidiaries incorporated in China is the Chinese Renminbi
("RMB"). The financial statements of our subsidiaries incorporated in China are translated to U.S. dollars using period end
rates of exchange for assets and liabilities, and average rates of exchange (for the period) for revenue, costs, and expenses. Net gains
and losses resulting from foreign exchange transactions are included in the consolidated statements of operations and comprehensive loss.
As a result of foreign currency translations, which are a non-cash adjustment, we reported a foreign currency translation gain of $2,204,206
for the year ended December 31, 2022, as compared to a foreign currency translation loss of $58,700 for the year ended December 31, 2021.
This non-cash gain had the effect of decreasing our reported comprehensive loss.
Comprehensive loss
As a result of our foreign
currency translation adjustment, we had comprehensive loss for the year ended December 31, 2022 of $48,007,535, compared to comprehensive
loss of $61,529,685 for the year ended December 31, 2021.
Results of operations for the fiscal year
ended December 31, 2021 compared to the fiscal year ended December 31, 2020.
Revenue
Our revenues primarily consist
of advertising services, software and services and smart transportation from the VIEs, Jiangsu Zhong Chuan Rui You Information and Technology
Limited ("Zhong Chuan Rui You"), Beijing Wave Function Culture Development Co., Ltd.("Wave Function"), SuperEngine
Graphics Software Technology Development (Suzhou) Co., Ltd ("SuperEngine") and eMapgo Technologies (Beijing) Co., Ltd. ("EMG").
Advertising services
Zhong Chuan Rui You and Wave
Function derive revenue from the provision of user acquisition services to their advertisers on the strength of the LBS services they
offer; customers pay them based on performance, as measured by CPI (Cost Per Install), CPM (Cost Per Mile), and CPC (Cost Per Click).
They recognize revenue over time because customers receive and consume the benefit of their advertising services throughout the contract
period.
Software and services
SuperEngine generates revenues
primarily in the form of sale of a software license and provision of technology services. License fees include perpetual license fees,
term license fees and royalties. Technology services primarily consist of fees for providing technology support services and technology
solution services that enable customers to gain real-time operational intelligence by harnessing the value of their data.
63
Revenue for the sale of software
licenses is recognized at the point in time when the right to use the software is provided to its customers. Term license fees and royalties
are recognized over time throughout the contract period.
Technology support service
revenue is recognized over time as the services are performed because the customer receives and consumes the benefit of its performance
throughout the contract period. Technology solution service revenue is recognized at the point in time when the service is completed.
SuperEngine bills for the services it has performed in accordance with the terms of the contract. It recognizes the revenues associated
with these professional services as it delivers the services to the customers.
Smart transportation
Map data licensing
EMG provides perpetual map
data licenses to customers and collects one time license fees from customers. Revenue is recognized at the point in time when customers
obtain the right to use the map data.
Autonomous driving simulation and verification test
EMG provides data collection
and desensitization for compliance with legal requirements to system manufacturers and automobile manufacturers for autonomous driving
simulation and verification testing. Revenues are derived from the provision of data collection and desensitization service for compliance
with legal requirements. Revenues are recognized over time as the services are performed because the customer receives and consumes the
benefit of its performance throughout the contract period.
Map service platform local deployment
Through local deployment,
EMG provides a one-time map service platform license or a map service platform license for a certain period with updates to the map service
platform during such contract period to certain public sectors and enterprises to support its location-based application. The map service
platform includes map data and software that support certain map applications such as display, search, routing and others. Revenues from
a map data license for a certain period are recognized ratably over time because the customer receives and consumes the benefit of the
map services throughout the contract period.
Fiscal Year Ended December 31,
2021
2020
2019
(dollars in thousands)
Revenues
Advertising
$
131,423
$
17,895
$
17,806
Software and services
4,545
369
973
Smart transportation
9,100
-
-
Total revenues
$
145,068
$
18,264
$
18,779
Advertising
90.6
%
98.0
%
94.8
%
Software and services
3.1
%
2.0
%
5.2
%
Smart transportation
6.3
%
-
-
Total
100.0
%
100.0
%
100.0
%
64
For the year ended December
31, 2021, we had revenue of $145,067,965, as compared to revenue of $18,263,788 for the year ended December 31, 2020, an increase of
$126,804,177, or 694.3%, which was primarily due to the integration and improvement of geographic information points of interest (POI),
characteristic areas of interest (AOI) and other data with AI algorithms, which subsequently improved advertising conversion to meet
a growing customer base and increased demand. From April 2021 to December 2021, Saleya contributed $9.1million to smart transportation
revenue.
Cost of revenue
Cost of revenue primarily
consists of traffic acquisition costs and salary and benefit expenses. Our traffic acquisition costs may vary due to a number of factors,
including scale, targeted audience and the geography of traffic.
Salary and benefit expenses
consist of costs for employees directly involved in data collection and processing and data collection costs, which are primarily comprised
of field survey-related costs and hard disk materials costs, and depreciation of facilities and equipment used in data collection and
processing.
Year Ended December 31,
2021
2020
(dollars in thousands)
Amount
% of cost
of revenue
% of
revenue
Amount
% of cost
of revenue
% of
revenue
Traffic acquisition costs
$
124,997
96.9
%
86.2
%
$
17,236
98.6
%
94.4
%
Others
4,029
3.1
%
2.8
%
243
1.4
%
1.3
%
Total cost of revenue
$
129,026
100.0
%
89.0
%
$
17,479
100.0
%
95.7
%
Cost of revenue for the year
ended December 31, 2021 was $129,026,086, representing an increase of $111,546,607 or 638.2% as compared to $17,479,479 for the year
ended December 31, 2020. The increase was primarily attributable to the increase of traffic acquisition costs incurred.
Gross profit margin increased
to 11.1% for the year ended December 31, 2021 from 4.3% for the year ended December 31, 2020. The increase in gross profit margin was
primarily attributable to value-added services and revenue from natural resource management and smart transportation, all of which yield
increased gross profit margin.
Selling and marketing expense
Our selling and marketing
expense mainly includes promotional and marketing expenses and compensation for our sales and marketing personnel.
Selling expense totaled $6,057,161
for the year ended December 31, 2021, as compared to $1,708,222 for the year ended December 31, 2020, an increase of $4,348,939 or 254.6%.
The increase was primarily attributable to an increase in salaries of approximately $2,330,000 due to an increase in the number of marketing
personnel and an increase in marketing and advertising expenses of approximately $1,953,000.
General and administrative expense
Our general and administrative
expenses consist primarily of salaries and benefits for our general and administrative personnel, rent, fees and expenses for legal,
accounting and other professional services.
General and administrative
expense totaled $30,127,176 for the year ended December 31, 2021, as compared to $29,925,057 for the year ended December 31, 2020, an
increase of $202,119 or 0.7%. The increase was primarily attributable to an increase in consulting fees of approximately $4,711,000,
an increase in legal and professional fees of approximately $2,466,000, an increase in salary expenses of approximately $5,198,000, an
increase in impairment on loans of approximately $3,971,000 and impairment goodwill of BotBrain of approximately $1,995,000, offset by
a decrease in impairment loss of accounts and other receivables of approximately $20,149,000, as our analysis of new customer receivables
in accordance with our credit loss modeling policy resulted in an expected credit loss significantly lower than that in 2020. The significant
decrease in expected credit losses for the year ended December 31, 2021 was mainly due to the change in customer types. Beginning with
the second quarter of 2021, most of our customers are conversion-based (meaning we collect payments from our customers when the customer's
advertisement results in the initiation of purchase for the product being advertised) advertising customers. Prior to that quarter, the
majority of customers were impression-based (meaning we collect payments from our customers when the customer's advertisement is
displayed). Our LBS technology allowed us to enhance the effectiveness of our advertising services, resulting in an improved conversion
rate and growth of new users. Consequently, we were able to reduce the collection period of accounts receivable during 2021. There were
no changes in assumptions in our credit loss modeling policy from 2020 to 2021.
65
Research and development expenses
Research and development
expenses primarily consist of amortization of the intangible assets, and salaries and benefits for research and development personnel.
Research and development
expenses totaled $45,476,113 for the year ended December 31, 2021, as compared to $9,401,883 for the year ended December 31, 2020, an
increase of $36,074,000 or 383.7%. The increase was primarily attributable to an increase in salaries and share based compensation of
approximately $23,519,000 due to an increase in the number of staff in the R&D department, an increase in amortization of intangible
assets of approximately $7,209,000 as a result of the acquisition of a 100% equity interest in EMG and an increase in software developments
expenses of approximately $3,674,000.
Loss from operations
As a result of the factors
described above, for the year ended December 31, 2021, loss from operations amounted to $65,618,571, as compared to loss from operations
of $40,250,853 for the year ended December 31, 2020, an increase of $25,367,718, or 63.0%.
Other income/expense
Other income/expense mainly
includes interest expenses from other loans and foreign currency gains/losses.
For the year ended December
31, 2021, other expense, net, amounted to $3,978,751 as compared to other income, net, of$193,888 for the year ended December 31, 2020,
a change of $4,172,639, or 2,152%, which was primarily attributable to an increase in interest expenses of approximately $497,000, a
decrease in foreign currency transaction gain of approximately $2,149,000 and a decrease in other income of approximately $1,526,000.
Income tax
We had an income tax benefit
of $8,126,337 and $0 for the years ended 2021 and 2020, respectively. The benefit for 2021 represents a deferred tax credit arising from
one of our subsidiaries as our management believes that the subsidiary will have future taxable income to absorb a portion of our net
operating loss carry forwards. We are subject to various rates of income tax under different jurisdictions. The following summarizes
the major factors affecting our applicable tax rates in the BVI, Hong Kong and the PRC.
BVI
We are an exempted company
incorporated in the British Virgin Islands. Under the current laws of the British Virgin Islands, we are not subject to income, corporation
or capital gains tax in the British Virgin Islands. In addition, our payment of dividends to our shareholders, if any, is not subject
to withholding tax in the British Virgin Islands.
Hong Kong
Our subsidiaries in Hong
Kong are subject to the uniform tax rate of 16.5%. Under Hong Kong tax law, our subsidiaries in Hong Kong are exempted from income tax
on their foreign-derived income and there is no withholding tax in Hong Kong on remittance of dividends.
PRC
Generally, our PRC subsidiaries,
our consolidated affiliated entities and their subsidiaries are subject to enterprise income tax on their taxable income in the PRC at
a rate of 25%. The enterprise income tax is calculated based on the entity's global income as determined under PRC tax laws and
accounting standards.
An enterprise may benefit
from a preferential tax rate of 15% under the EIT Law if it qualifies as a High and New Technology Enterprise, which is normally effective
for a period of three years. Our subsidiaries, Beijing Zhong Chuan Shi Xun Technology Limited, eMapgo Technologies (Beijing) Co., Ltd.,
DMG Infotech Co., Ltd and Beijing BotBrain AI Technology Ltd. are High-tech enterprises and enjoy a favorable income tax rate of 15%.
66
Net loss
As a result of the factors
described above, our net loss was $61,470,985 for the year ended December 31, 2021, compared to net loss of $40,056,965 for the year
ended December 31, 2020, an increase of $21,414,020 or 53.5%.
Net loss attributable to owners of the
Company
The net loss attributable
to owners of the Company was $68,801,252, or $6.30 per ordinary share (basic and diluted), for the year ended December 31, 2021, compared
to net loss attributable to owners of the Company of $39,865,640, or $5.40 per ordinary share (basic and diluted), for the year ended
December 31, 2020, a change of $28,935,612 or 72.6%. Earnings Per Share is based on revised weighted average shares due to the March
reverse stock split. Please see Note 16 to the consolidated financial statements.
Foreign currency translation adjustment
Our reporting currency is
the U.S. dollar. The functional currency of our parent company and subsidiaries of LK Technology, MMB and Mobile Media is the U.S. dollar
and the functional currency of the Company's subsidiaries incorporated in China is the Chinese Renminbi ("RMB"). The
financial statements of our subsidiaries incorporated in China are translated to U.S. dollars using period end rates of exchange for
assets and liabilities, and average rates of exchange (for the period) for revenue, costs, and expenses. Net gains and losses resulting
from foreign exchange transactions are included in the consolidated statements of operations and comprehensive loss. As a result of foreign
currency translations, which are a non-cash adjustment, we reported a foreign currency translation loss of $58,700 for the year ended
December 31, 2021, as compared to a foreign currency translation loss of $2,937,074 for the year ended December 31, 2020. This non-cash
loss had the effect of increasing our reported comprehensive loss.
Comprehensive loss
As a result of our foreign
currency translation adjustment, we had comprehensive loss for the year ended December 31, 2021 of $61,529,685, compared to comprehensive
loss of $42,994,039 for the year ended December 31, 2020.
Critical accounting policies
The methods, estimates and
judgments we use in applying our most critical accounting policies have a significant impact on the results we report in our financial
statements. The SEC has defined the most critical accounting policies as the ones that are most important to the portrayal of our financial
condition and results and require us to make our most difficult and subjective judgments, often as a result of the need to make estimates
of matters that are inherently uncertain. Based on this definition, our most critical policies include revenue recognition, impairment
of long-lived assets and goodwill, allowance for expected credit losses and valuation allowance for deferred tax assets.
Below, we discuss these policies
further, as well as the estimates and judgments involved. We believe that our other policies either do not generally require us to make
estimates and judgments that are as difficult or as subjective, or it is less likely that they would have a material impact on our reported
financial condition and results of operations for a given period. For a discussion of all our significant accounting policies, see footnote
2 to the Consolidated Financial Statements included elsewhere in this Annual Report.
Revenue recognition
The Company recognizes revenue
in accordance with ASC Topic 606, "Revenue from Contracts with Customers"
67
Advertising services
Zhong Chuan Rui You and Wave
Function derive revenue from the provision of user acquisition services to their advertisers on the strength of the LBS services they
offer; customers pay them based on performance, as measured by CPI (Cost Per Install), CPM (Cost Per Mile), and CPC (Cost Per Click).
They recognize revenue over time because customers receive and consume the benefit of their advertising services throughout the contract
period.
Software and services
SuperEngine generates revenues
primarily in the form of sale of a software license and provision of technology services. License fees include perpetual license fees,
term license fees and royalties. Technology services primarily consist of fees for providing technology support services and technology
solution services that enable customers to gain real-time operational intelligence by harnessing the value of their data.
Revenue for the sale of software
licenses is recognized at the point in time when the right to use the software is provided to its customers. Term license fees and royalties
are recognized over time throughout the contract period.
Technology support service
revenue is recognized over time as the services are performed because the customer receives and consumes the benefit of its performance
throughout the contract period. Technology solution service revenue is recognized at the point in time when the service is completed.
SuperEngine bills for the services it has performed in accordance with the terms of the contract. It recognizes the revenues associated
with these professional services as it delivers the services to the customers.
Smart transportation
Map data licensing
EMG provides perpetual map
data licenses to customers and collects one time license fees from customers, is recognized at the point in time when customers obtain
the right to use the map data.
Autonomous driving simulation & verification test
EMG provides data collection
and desensitization for compliance with legal requirements to system manufacturers and automobile manufacturers for autonomous driving
simulation and verification testing. Revenues are derived from the provision of data collection and desensitization service for compliance
with legal requirements. Revenue is recognized over time as the services are performed because the customer receives and consumes the
benefit of its performance throughout the contract period.
Map service platform local deployment
Through local deployment,
EMG provides a one-time map service platform license or a map service platform license for a certain period with updates to the map service
platform during such contract period to certain public sectors and enterprises to support their location-based application. The map service
platform includes map data and software that support certain map applications such as display, search, routing and others. Revenues from
a map data license for a certain period are recognized ratably over time because the customer receives and consumes the benefit of the
map services throughout the contract period.
68
Impairment of long-lived assets
Long-lived assets other than
goodwill are included in impairment evaluations when events and circumstances exist that indicate the carrying value of these assets
may not be recoverable. In accordance with FASB ASC 360, "Property, Plant and Equipment", the Company assesses the recoverability
of the carrying value of long-lived assets by first grouping its long-lived assets with other assets and liabilities at the lowest level
for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (the asset group) and, secondly,
estimating the undiscounted future cash flows that are directly associated with and expected to arise from the use of and eventual disposition
of such asset group. If the carrying value of the asset group exceeds the estimated undiscounted cash flows, the Company recognizes an
impairment loss to the extent the carrying value of the long-lived asset exceeds its fair value. The Company determines fair value through
quoted market prices in active markets or, if quotations of market prices are unavailable, through the performance of internal analysis
using a discounted cash flow methodology or by obtaining external appraisals from independent valuation firms. The undiscounted and discounted
cash flow analyses are based on a number of estimates and assumptions, including the expected period over which the asset will be utilized,
projected future operating results of the asset group, discount rate and long-term growth rate.
As of December 31, 2022 and
2021, the Company assessed the impairment of its long-lived assets and identified impairment indications. The Company determined that
there was no impairment of long-lived assets.
Impairment of goodwill
The Company assesses goodwill
for impairment in accordance with ASC 350-20, "Intangibles—Goodwill and Other: Goodwill", which requires that goodwill
to be tested for impairment at the reporting unit level at least annually and more frequently upon the occurrence of certain events,
as defined by ASC 350-20.
The Company has the option
to assess qualitative factors first to determine whether it is necessary to perform the impairment test in accordance with ASC 350-20.
If the Company believes, as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting
unit is less than its carrying amount, the quantitative impairment test described below is required. Otherwise, no further testing is
required. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial
performance of the reporting unit, and other specific information related to the operations. In performing the quantitative impairment
test, the Company compares the carrying amount of the reporting unit to the fair value of the reporting unit based on either quoted market
prices of the ordinary shares or estimated fair value using a combination of the income approach and the market approach. If the fair
value of the reporting unit exceeds the carrying value of the reporting unit, goodwill is not impaired and we are not required to perform
further testing. If the carrying value of the reporting unit exceeds the fair value of the reporting unit, then the excess is recognized
as an impairment loss.
In 2022, the Company performed a qualitative
assessment for goodwill and evaluated all relevant factors, including but not limited to macroeconomic conditions, industry and market
conditions, and financial performance. The Company concluded that it is necessary to perform a quantitative assessment. The Company completed
the quantitative goodwill impairment assessment based on the discounted future cash flows that the reporting units are expected to generate
and determined after evaluating the results, events and circumstances, that the carrying values of the reporting units exceeded their
fair values. Therefore, the Company recorded impairment on goodwill of $1,854,221 of BotBrain. In assessing potential impairment of the
goodwill attributed to BotBrain, we noted the demand for corporate training was significantly reduced, market competition, particularly
due to the larger players offering lower prices, severely eroded BotBrain's market share, and the increased investment of the larger
players as indicators of an impairment.
In 2021, the Company performed
a qualitative assessment for goodwill and evaluated all relevant factors, including but not limited to macroeconomic conditions, industry
and market conditions, and financial performance. The Company concluded that it is necessary to perform a quantitative assessment. The
Company completed the quantitative goodwill impairment assessment based on the discounted future cash flows that the reporting units
are expected to generate and determined after evaluating the results, events and circumstances, that the carrying values of the reporting
units exceeded their fair values. Therefore, the Company recorded impairment on goodwill of $1,994,986 of BotBrain due to the impact
of the pandemic, which has caused our clients to reduce their budgets on training programs we offered.
69
Allowance for expected credit losses
Effective January 1, 2020,
the Company adopted Accounting Standards Update 2016-13 "Financial Instruments – Credit Losses (Topic 326), Measurement of
Credit Losses on Financial Instruments". The Company estimates its allowance for current expected credit losses based on an expected
loss model, compared to prior periods which were estimated using an incurred loss model which did not require the consideration of forward-looking
economic variables and conditions in the reserve calculation across the portfolio. The impact related to adopting the new standard was
not material. Certain changes resulting from the new standard impacted the Company's description of its significant accounting
policies compared to 2019.
The Company estimates its
allowances for expected credit losses for accounts and other receivables by considering past events, including any historical default,
current economic conditions and certain forward-looking information, including reasonable and supportable forecasts. As of January 1,
2020, the methodologies that the Company uses to estimate the allowance for expected credit losses for accounts and other receivables
are as follows:
Individually evaluated—The
Company reviews all accounts and other receivables considered at risk semi-annually and performs an analysis based upon current information
available about the customers and other debtors, such as financial statements, news reports, published credit ratings as well as collateral
net of repossession cost, prior collection history and current and future expected economic conditions. Using this information, the Company
determines the expected cash flow for the accounts and other receivables and calculates an estimate of the potential loss and the probability
of loss. For those accounts for which the loss is probable, the Company records a specific allowance.
Collectively evaluated—The
Company determines its allowances for credit losses for collectively evaluated accounts and other receivables based on appropriate groupings.
The Company considers forward-looking
macroeconomic variables such as gross domestic product, unemployment rates, equity prices and corporate profits when quantifying the
impact of economic forecasts on its allowance for expected credit losses. Macroeconomic variables may vary based on historical experiences,
portfolio composition and current environment. The Company also considers the impact of current conditions and economic forecasts relating
to specific industries and client-credit ratings, in addition to performing a qualitative review of credit risk factors across the portfolio.
Under this approach, forecasts of these variables over two years are considered reasonable and supportable. Beyond two years, the Company
reverts to long-term average loss experience. Forward-looking estimates require the use of judgment, particularly in times of economic
uncertainty.
Income taxes
Deferred income taxes are
recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements,
and net operating loss carry forwards and credits, by applying enacted statutory tax rates applicable to future years to these items.
Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion
or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws and regulations
applicable to the Company as enacted by the relevant tax authorities.
The impact of an uncertain
income tax positions on the income tax return must be recognized at the largest amount that is more-likely-than not to be sustained upon
audit by the relevant tax authorities. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of
being sustained. Additionally, the Company classifies the interest and penalties, if any, as a component of income tax expense. For years
ended December 31, 2022, 2021 and 2020, the Company did not have any material interest or penalties associated with tax positions nor
did the Company have any significant unrecognized uncertain tax positions.
Recent accounting pronouncements
Please refer to Note 2 to the consolidated financial statements.
70
B. LIQUIDITY AND CAPITAL RESOURCES
Liquidity is the ability
of a company to generate funds to support its current and future operations, satisfy its obligations and otherwise operate on an ongoing
basis. We historically have relied on cash flow provided by operations and financing to supplement our working capital. At December 31,
2022 and 2021, we had cash balances of approximately $1,264,881 and $16,795,263, respectively. The significant portion of these funds
are located in financial institutions located in the PRC and will continue to be indefinitely reinvested in our operations in the PRC.
The following table sets
forth a summary of changes in our working capital from December 31, 2021 to December 31, 2022:
December 31,
2021 to
December 31,
2022
December 31,
2022
December 31,
2021
Change
Percentage
Change
Working capital deficit:
Total current assets
$
44,825,670
$
57,726,014
$
(12,900,344
)
(22.3
)%
Total current liabilities
94,831,612
101,708,506
(6,876,894
)
(6.8
)%
Working capital deficit:
$
(50,005,942
)
$
(43,982,492
)
$
(6,023,450
)
13.7
%
Our working capital
deficit increased by $6,023,450 to a working capital deficit of $50,005,942 at December 31, 2022 from working capital deficit of
$43,982,492 at December 31, 2021. This increase in working capital deficit is primarily attributable to a decrease in cash of
approximately $15,179,000, a decrease in accounts receivable, net of allowance for expected credit losses of approximately
$6,520,000, a decrease in restricted cash of approximately $351,000, a decrease in notes receivable of approximately $599,000, an
increase in amounts due to related parties of approximately $777,000, an increase in deferred revenue of approximately $492,000 and
an increase in lease liability of approximately $219,000, offset by an increase in other receivables of approximately $9,744,000, a
decrease in accrued liabilities and other payables of approximately $7,263,000and a decrease in accounts payable of approximately
$1,101,000.
We intend to meet the cash
requirements for the next 12 months from the issuance date of this report through a combination of debt and equity financing such as by
way of private placements. Please see Notes 2 and 16 to the consolidated financial statements.
Cash flows for the year ended December
31, 2022 compared to the year ended December 31, 2021
The following summarizes
the key components of our cash flows for the years ended December 31, 2022 and 2021:
Year Ended December 31,
2022
2021
Net cash used in operating activities
$
(17,870,525
)
$
(53,787,959
)
Net cash used in investing activities
(934,197
)
(78,396,485
)
Net cash provided by financing activities
7,093,542
148,910,734
Effect of foreign exchange rate changes
(3,819,202
)
(2,820
)
Net (decrease) increase in cash
$
(15,530,382
)
$
16,723,470
Net cash flow used in operating
activities was $17,870,525 for the year ended December 31, 2022 as compared to net cash flow used in operating activities of $53,787,959
for the year ended December 31, 2021, a decrease of $35,917,434.
Net cash flow used in operating
activities for the year ended December 31, 2022 primarily reflected our net loss of approximately $50,211,741, and the add-back of non-cash
items, mainly consisting of depreciation and amortization of approximately $17,142,000, amortization of right-of-use assets of approximately
$1,607,000, decrease in allowance for expected credit losses of approximately $223,000, share-based compensation expense of approximately
$1,854,000, impairment of goodwill of approximately $1,854,000, impairment of Property, plant and equipments of approximately $163,000,
change in deferred tax liability of approximately $3,950,000 and changes in operating assets and liabilities primarily consisting of
an increase in other receivables and prepayment of approximately $923,000, a decrease in accounts payable of approximately $391,000,
a decrease in lease liability of approximately $1,341,000, a decrease in accrued liabilities and other payables of approximately $9,458,000,
offset by a decrease in accounts receivable of approximately $8,297,000, a decrease in notes receivable of approximately $561,000 and
an increase in deferred revenue of approximately $682,000.
71
Net cash flow used in operating
activities for the year ended December 31, 2021 primarily reflected our net loss of approximately $61,471,000, and the add-back of non-cash
items, mainly consisting of depreciation and amortization of approximately $13,432,000, amortization of right-of-use assets of approximately
$1,148,000, exchange difference of approximately $71,000, loss on disposal of property and equipment of approximately $107,000, allowance
for expected credit losses of approximately $5,249,000, share-based compensation expense of approximately $21,186,000, impairment of
goodwill of approximately $1,995,000, change in deferred tax liability of approximately $8,223,000 and changes in operating assets and
liabilities primarily consisting of an increase in accounts receivable of approximately $8,004,000, an increase in other receivables
and prepayment of approximately $23,050,000, an increase in note receivable of approximately $664,000 and a decrease in lease liability
of approximately $997,000, offset by an increase in accounts payable of approximately $101,000, an increase in accrued liabilities and
other payables of approximately $4,547,000 and an increase in deferred revenue of approximately $703,000.
Net cash flow used in investing
activities was $934,197 for the year ended December 31, 2022 as compared to net cash flow used in investing activities of $78,396,485
for the year ended December 31, 2021. During the year ended December 31, 2022, we made payment for the purchase of property, plant and
equipment of approximately $425,000, purchase of other asset at a cost of approximately $726,000, offset by net cash inflow from acquisition
of subsidiaries of approximately $217,000. During the year ended December 31, 2021, we made the remaining payment for the acquisition
of Saleya as disclosed in the Form 6K filed on September 13, 2019 of approximately $67,957,000, investment of approximately $440,000,
payment for the purchase of property, plant and equipment of approximately $1,542,000, purchase of other asset at a cost of approximately
$4,151,000 and deposits for investments of approximately $6,436,000, offset by net cash inflow from acquisition of subsidiaries of approximately
$2,129,000.
Net cash flow provided by
financing activities was $7,093,542 for the year ended December 31, 2022 as compared to net cash flow provided by financing activities
of $148,910,734 for the year ended December 31, 2021. During the year ended December 31, 2022, we received proceeds from the issuance
of shares of approximately $7,420,000, offset by repaid advances from related parties of approximately $326,000During the year ended
December 31, 2021, we received advances from related parties of approximately $1,091,000, additional capital investment from minority
shareholders of approximately $378,000 and received proceeds from the issuance of shares of approximately $154,231,000, offset by dividends
paid on preferred shares of approximately $666,000 and redemption of preferred shares of approximately $6,123,000.
C. RESEARCH AND DEVELOPMENT, PATENTS
AND LICENSES, ETC.
The discussions of our research
and development activities are contained in "Item 4. Information about our Company – B. Business Overview – Research
and Development" and "Item 5. Operating and Financial Review and Prospects – A. Operating Results – Operating
Expenses – Research and Development Expenses". In the years ended December 31, 2022, 2021 and 2020, we spent $49,873,652,
$45,476,113 and $9,401,883, respectively, on research and development activities.
D. TREND INFORMATION.
Industry and Market Outlook
Other than as disclosed elsewhere
in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for the year ended December 31,
2022 that are reasonably likely to have a material and adverse effect on our net revenues, income, profitability, liquidity or capital
resources, or that would cause the disclosed financial information to be not necessarily indicative of future results of operations or
financial conditions.
E. CRITICAL ACCOUNTING ESTIMATES
For information on our critical
accounting estimates, please see "Operating Resulting- Critical Accounting Policies" section of this annual report above.
72
ITEM 6. DIRECTORS, SENIOR MANAGEMENT
AND EMPLOYEES.
A. DIRECTORS AND SENIOR MANAGEMENT.
Executive Officers and Directors
The following table sets
forth the names and ages as of the date of this annual report of each of our executive officers and directors:
Name
Age
Position
Xuesong
    Song
54
Chief Executive Officer, Chairman and Director
Dongpu
    Zhang
54
President and Director
Baomin
    Li
53
Chief Technical Officer
Jie Yu
38
Chief Financial Officer
David
    Wei Tang (1)(2)(4)
57
Director
Jin Meng
    Bryan Yap (1)(3)(4)
59
Director
Yang Zhou(1)(2)(3)(4)
38
Director
(1)
Member of the Audit Committee.
(2)
Member of the Compensation
    Committee.
(3)
Member of the Nominating
    and Corporate Governance Committee.
(4)
Qualifies as "independent"
    based on NASDAQ listing rules.
Set forth below is biographical
information concerning our executive officers and directors.
Xuesong Song
is
a co-founder of C Media Limited and served as its Chairman of the board of directors and Chief Executive Officer from 2012 until the
consummation of the AEA. From February 2014 through April 2017, Mr. Song served as a director of Seven Stars Cloud Group, Inc. (NASDAQ:
SSC) and from January 2013 through February 2015, Mr. Song served as a director of Pingtan Marine Enterprise Ltd. (NASDAQ: PME). From
May 2006 through January 2009, Mr. Song served as the Chairman of the Board of ChinaGrowth North Acquisition Corporation, a special purpose
acquisition company, which acquired UIB Group Limited in January 2009, in which he remains a director. Mr. Song has been a principal
of Chum Capital Group Limited since August 2001, a merchant banking firm that invests in growth Chinese companies and advises them in
financings, mergers & acquisitions and restructurings, and Chief Executive Officer of Beijing Chum Investment Co., Ltd. since December
2001. Mr. Song has been a director of Mobile Vision Communication Ltd. since July 2004. Mr. Song received a Master's of Business
Administration degree from Oklahoma City/Tianjin Program.
Dongpu Zhang
was
appointed as the President of the Company effective on August 25, 2018 and was appointed as a director of the Company on August 18, 2020.
Mr. Dongpu Zhang has served as the General Manager of Superengine Graphics Software Technology Development (Suzhou) Co., Ltd. ("Superengine
Suzhou") and the Chief Executive Officer of Superengine Holding Limited since September 2016. From February, 2014 to August, 2016,
Mr. Zhang served as vice president of Industrial Development Group under China Fortune Land Development Co., Ltd. From March, 2009 to
February, 2014, Mr. Zhang served as the vice president of Aerospace Science and Technology Holding Group Co., Ltd. Mr. Zhang receive
his Master Degree of Computer Science from Harbin Institute of Technology in 1994 and his Bachelor Degree of information system from
Changsha Institute of technology in 1991.
Baomin Li
serves
as the chief technology officer of the Company since February 1, 2019. From 2017 to 2019, Mr. Li served at Amazon as Sr. Software Development
Manager, in charge of Amazon's advertising targeting systems, overseeing infrastructure, data ingestion& modeling, and targeting
products utilizing comprehensive Amazon's ecommerce data. Prior to Amazon, Mr. Li served as the chief technology officer at C Media
Limited from 2016 to 2017. Mr. Li worked at CreditEase Inc. as VP of Engineering in the Big Data Innovation Center from 2014 to 2016,
and at Google as Engineering Manager in advertising quality from 2013 to 2014. From 1999 to 2012, Mr. Li worked at Microsoft Corporation
and lastly served as Senior Development Manager. Mr. Li graduated from Peking University with a Bachelor's Degree in Mechanics
and a Master's Degree in Applied Mathematics, and from University of Missouri with a Master's Degree in Computer Science.
73
Jie Yu
served
as the chief financial officer of C Media Limited from January 2018 until the consummation of the asset exchange transactions. From June
2016 to January 2018, Mr. Yu served as chief financial officer and secretary of the board of directors of MTI Environment Group Limited
("MTI"). Prior to joining MTI, Mr. Yu served as the senior manager at DA HUA CPA from November 2012 to May 2016. Previously,
Mr. Yu served as the manager at Crowe Horwath (Hong Kong) CPA. Mr. Yu holds a bachelor degree in accounting and finance from University
of Auckland and postgraduate diploma in accounting from University of Auckland.
Mr. David Wei Tang
was appointed as a director of our company on December 15, 2019. Prior to joining our Company, Mr. Tang served as President of
Huakang Financial Holdings, a Chinese multi-disciplinary financial holdings group with subsidiaries in investments, insurance, wealth
management and financial technology, from 2016 to 2018. From 2008 to 2010 and from 2012 to 2013, Mr. Tang served as Vice President, Chief
Financial Officer and Chief Strategy Officer of Vimicro Corporation, a NASDAQ-listed company (NASDAQ: VIMC). Prior to that, from 2006
to 2008 he served as the Chief Financial Officer of Fanhua Inc., formerly known as "CNinsure Inc.", a NASDAQ-listed company
(NASDAQ: FANH), from 2003 to 2004, he served as the Chief Financial Officer of IRICO Group, a Hong Kong Stock Exchange-listed company
(HKSE: 438) and in 2000, he served as the Chief Financial Officer of Chinasoft International, a Hong Kong Stock Exchange-listed company
(HKSE: 354). Prior to those positions, he worked as an equity research analyst at Merrill Lynch & Co. in New York. Mr. Tang also
serves as Chair of Audit Committee of HXD. Mr. Tang received a master's degree in business administration from the Stern School
of Business, New York University.
Mr. Jin Meng Bryan
Yap
was appointed as a director of our company on December 15, 2019, Mr. Yap has extensive experience in investment banking,
financial and business consulting, financial structuring, capital raising, portfolio optimization and balance sheet restructuring. He
is currently the CEO and Managing Director of Daun Consulting Singapore Pte Ltd, a single family office focusing on consulting and selective
investments, a position he has held since 2008. He is also currently serving as the Honorary Treasurer of the ACI (Financial Markets
Association) – Singapore since 2001.
Ms. Yang Zhou,
was appointed as a director of our company on On January 18, 2021, Ms. Zhou has been the Managing Director of Tongxi Asset Management
Co., Ltd. since September 2019. She was appointed as the Managing Director of Beijing Shengsheng Dingsheng Investment Management Co.,
Ltd. in April 2016, a position that she held until September 2019. Previous to Beijing Shengsheng Dingsheng Investment Management Co.,
Ltd., she worked in the Mergers and Acquisitions Department of Ambow Education Group. Ms. Zhou holds a master's degree in finance
from Tulane University and an MBA from Concordia University Wisconsin.
Board Diversity Matrix
Country of Principal Executive Offices:
China
Foreign Private Issuer
Yes
Disclosure Prohibited under Home Country Law
No
Total Number of Directors
5
Female
Male
Non-Binary
Did Not
Disclose
Gender
Part I: Gender Identity
Directors
1
4
0
0
Part II: Demographic Background
Underrepresented Individual in Home Country Jurisdiction
0
LGBTQ+
0
Did Not Disclose Demographic Background
0
B. COMPENSATION.
Compensation of Directors and Executive
Officers
For the fiscal year ended
December 31, 2022, we paid an aggregate of approximately $90,000 in cash compensation to our independent directors for serving on our
board of directors.
In addition, during 2022,
the Company issued nil ordinary shares to current independent directors as compensation for their services.
During 2022, the Company
issued 1,500,000 preferred shares to CEO Mr. Song as compensation for his services.
Other than non-employee directors,
we do not intend to compensate directors for serving on our board of directors or any of its committees. We do, however, intend to reimburse
each member of our board of directors for out-of-pocket expenses incurred by each director in connection with attending meetings of the
board of directors and its committees.
Administration
The Incentive Plan is administered
by our board of directors, or at the discretion of the board, by our compensation committee. Our board of directors has delegated authority
to our compensation committee to administer the Incentive Plan. Subject to the terms of the Incentive Plan, the compensation committee
may select participants to receive awards, determine the types of awards and terms and conditions of awards, and interpret provisions
of the Incentive Plan.
The ordinary shares issued
or to be issued under the Incentive Plan consist of authorized but unissued shares. If any ordinary shares covered by an award are not
purchased or are forfeited, or if an award otherwise terminates without delivery of any ordinary shares, then the number of ordinary
shares counted against the aggregate number of ordinary shares available under the plan with respect to the award will, to the extent
of any such forfeiture or termination, again be available for making awards under the Incentive Plan.
74
Eligibility
Awards may be made under
the Incentive Plan to our employees, officers, directors, consultants or advisers or to any of our affiliates, and to any other individual
whose participation in the Incentive Plan is determined to be in our best interests by our board of directors.
Amendment or Termination of the Plan
Our board of directors may
terminate or amend the Incentive Plan at any time and for any reason. No amendment, however, may adversely impair the rights of grantees
with respect to outstanding awards. The Incentive Plan has a term of ten years. Amendments will be submitted for shareholder approval
to the extent required by applicable stock exchange listing requirements or other applicable laws.
Options
The Incentive Plan permits
the granting of options to purchase ordinary shares intended to qualify as incentive share options under the Internal Revenue Code and
share options that do not qualify as incentive share options, or non-qualified share options.
The exercise price of each
share option may not be less than 100% of the fair market value of our ordinary shares representing ordinary shares on the date of grant.
In the case of certain 10% shareholders who receive incentive share options, the exercise price may not be less than 110% of the fair
market value of our ordinary shares representing ordinary shares on the date of grant. An exception to these requirements is made for
options that we grant in substitution for options held by employees of companies that we acquire. In such a case the exercise price is
adjusted to preserve the economic value of the employee's share option from his or her former employer.
The term of each share option
is fixed by the compensation committee and may not exceed ten years from the date of grant. The compensation committee determines at
what time or times each option may be exercised and the period of time, if any, after retirement, death, disability or termination of
employment during which options may be exercised.
Options may be made exercisable
in installments. The award agreement provides the vesting of the options. Exercisability of options may be accelerated by the compensation
committee.
In general, an optionee may
pay the exercise price of an option by (1) cash or check (in U.S. dollars or Renminbi or other local currency as approved by the compensation
committee), (2) ordinary shares held for such period of time as may be required by the compensation committee, (3) delivery of a notice
of a market order with a broker with respect to ordinary shares then issuable upon exercise of an option, and that the broker has been
directed to pay us a sufficient portion of net proceeds of the sale in satisfaction of the exercise price, provided that payment of such
proceeds is then made to us upon settlement of such sale, (4) other property acceptable to the compensation committee with a fair market
value equal to the exercise price, (5) cashless exercise or (6) any combination of the foregoing.
Share options granted under
the Incentive Plan may not be sold, transferred, pledged, or assigned other than by will or under applicable laws of descent and distribution.
However, we may permit limited transfers of non-qualified options for the benefit of immediate family members of grantees to help with
estate planning concerns or pursuant to a domestic relations order in settlement of marital property rights.
Other Awards
The compensation committee
may also award under the Incentive Plan:
1.
ordinary shares subject
    to restrictions;
2.
deferred ordinary shares,
    credited as deferred ordinary share units, but ultimately payable in the form of unrestricted ordinary shares in accordance with
    the terms of the grant or with the participant's deferral election;
3.
ordinary share units subject
    to restrictions;
75
4.
unrestricted ordinary shares,
    which are ordinary shares issued at no cost or for a purchase price determined by the compensation committee which are free from
    any restrictions under the 2011 Omnibus Incentive Plan;
5.
dividend equivalent rights
    entitling the grantee to receive credits for dividends that would be paid if the grantee had held a specified number of ordinary
    shares; or
6.
a right to receive a number
    of ordinary shares or, in the discretion of the compensation committee, an amount in cash or a combination of ordinary shares and
    cash, based on the increase in the fair market value of the ADSs representing ordinary shares underlying the right during a stated
    period specified by the compensation committee.
Effect of Certain Corporate Transactions
Certain change of control
transactions involving us may cause awards granted under the Incentive Plan to vest, unless the awards are continued or substituted for
by the surviving company in connection with the corporate transaction.
Unless otherwise provided
in the appropriate option agreement on the date of grant or provided by our board of directors thereafter with the consent of the grantee,
options granted under the Incentive Plan become exercisable in full following (1) a dissolution of our company or a merger, consolidation
or reorganization of our company with one or more other entities in which we are not the surviving entity, (2) a sale of substantially
all of our assets to another person or entity, or (3) any transaction (including without limitation a merger or reorganization in which
we are the surviving entity) which results in any person or entity owning 50% or more of the combined voting power of all classes of
our shares.
Adjustments for Dividends and Similar Events
The compensation committee
will make appropriate adjustments in outstanding awards and the number of ordinary shares available for issuance under the Incentive
Plan, including the individual limitations on awards, to reflect ordinary share dividends, stock splits and other similar events.
C. BOARD PRACTICES.
Board of Directors
Our board of directors consists
of five members being Messrs. Xuesong Song, Dongpu Zhang, David Wei Tang, Jin Meng Bryan Yap and Ms. Yang Zhou. Our directors hold office
until our annual meeting of shareholders, where their successors will be duly elected and qualified, or until the directors' death,
resignation or removal, whichever is earlier. Our directors are subject to a four-year term of office and hold office until their resignation,
death or removal. A director will be removed from office if, among other things, there is a willful and continuous failure by the director
to substantially perform his duties to our company (other than any such failure resulting from incapacity due to physical or mental illness)
or the willful engaging by the director in gross misconduct materially and demonstrably injurious to our company.
Director Independence
Our board of directors consists
of five members; Messrs. David Wei Tang, Jin Meng Bryan Yap and Ms. Yang Zhou have been determined by us to be independent directors
within the meaning of the independent director guidelines of the NASDAQ Corporate Governance Rules (the "NASDAQ Rules").
The terms of each of our directors expire on December 14, 2023.
Committees of Our Board of Directors
To enhance our corporate
governance, we established three committees under our board of directors: an audit committee, a compensation committee, and a nominating
and corporate governance committee. We have adopted a charter for each of these committees. The committees have the following functions
and members.
76
Audit Committee
Our audit committee reports
to our board of directors regarding the appointment of our independent public accountants, the scope and results of our annual audits,
compliance with our accounting and financial policies and management's procedures and policies relating to the adequacy of our
internal accounting controls. Our audit committee consists of Ms. Yang Zhou, Messrs. David Wei Tang, and Jin Meng Bryan Yap. Ms. Yang
Zhou, having accounting and financial management expertise, serves as the Chairman of the audit committee and is an "audit committee
financial expert" as defined by the rules and regulations of the SEC. Our board of directors has determined that each of these
persons meet the definition of an "independent director" under the applicable NASDAQ Rules and under Rule 10A-3 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act").
Our audit committee is responsible
for, among other things:
●
the appointment, evaluation,
    compensation, oversight and termination of the work of our independent auditor (including resolution of disagreements between management
    and the independent auditor regarding financial reporting);
●
an annual performance evaluation
    of the audit committee;
●
establishing procedures
    for the receipt, retention and treatment of complaints regarding accounting, internal accounting controls, auditing matters or potential
    violations of law, and the confidential, anonymous submission by our employees of concerns regarding questionable accounting or auditing
    matters or potential violations of law;
●
ensuring that it receives
    an annual report from our independent auditor describing our internal control procedures and any steps taken to deal with material
    control deficiencies and attesting to the auditor's independence and describing all relationships between the auditor and us;
●
reviewing our annual audited
    financial statements and quarterly financial statements with management and our independent auditor;
●
reviewing and approving
    all proposed related party transactions;
●
reviewing our policies
    with respect to risk assessment and risk management;
●
meeting separately and
    periodically with management and our independent auditor; and
●
reporting regularly to
    our board of directors.
Compensation Committee
Our compensation committee
assists the board of directors in reviewing and approving the compensation structure of our directors and executive officers, including
all forms of compensation to be provided to our directors and executive officers. In addition, the compensation committee reviews share
compensation arrangements for all of our other employees. Members of the compensation committee are not prohibited from direct involvement
in determining their own compensation. Our Chief Executive Officer is not permitted to be present at any committee meeting during which
his or her compensation is deliberated. Our compensation committee consists of Yang Zhouand David Wei Tang, with Mr. David Wei Tang serving
as the Chairman of the compensation committee. Our board of directors has determined that each of these persons meet the definition of
"independent director" under the applicable requirements of the NASDAQ Rules.
Our compensation committee
is responsible for, among other things:
●
reviewing and approving
    corporate goals and objectives relevant to the compensation of our Chief Executive Officer, evaluating the performance of our Chief
    Executive Officer in light of those goals and objectives and setting the compensation level of our Chief Executive Officer based
    on this evaluation;
77
●
reviewing and making recommendations
    to the board with respect to the compensation of our executives, incentive compensation and equity-based plans that are subject to
    board approval; and
●
providing annual performance
    evaluations of the compensation committee.
Nominating and Corporate Governance Committee
Our nominating and corporate
governance committee assists the board of directors in identifying and selecting or recommending individuals qualified to become our
directors, developing and recommending corporate governance principles and overseeing the evaluation of our board of directors and management.
Our nominating and corporate governance committee consists of Jin Meng Bryan Yap and Yang Zhou, with Mr. Jin Meng Bryan Yap serving as
the Chairman of the nominating and corporate governance committee. Our board of directors has determined that each of these persons meet
the definition of "independent director" under the applicable requirements of the NASDAQ Rules.
Our nominating and corporate
governance committee is responsible for, among other things:
●
selecting and recommending
    to our board nominees for election or re-election to our board, or for appointment to fill any vacancy;
●
reviewing annually with
    our board the current composition of the board of directors with regards to characteristics such as independence, age, skills, experience
    and availability of service to us;
●
selecting and recommending
    to our board the names of directors to serve as members of the audit committee and the compensation committee, as well as the nominating
    and corporate governance committee itself; advising our board of directors periodically with regards to significant developments
    in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations
    to our board of directors on all matters of corporate governance and on any remedial action to be taken; and
●
monitoring compliance with
    our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.
Code of Business Conduct and Ethics
Our board of directors has
adopted a code of business conduct and ethics applicable to our directors, officers and employees. We have posted our code of business
conduct and ethics code on our website at http://www.luokung.com.
Duties of Directors
Under British Virgin Islands
law, our directors have a duty to act honestly, in good faith and with a view to our best interests. Our directors also have a duty to
exercise care, diligence and skills that a reasonably prudent person would exercise in comparable circumstances. In fulfilling their
duty of care to us, our directors must ensure compliance with our memorandum of association and articles of association. We have the
right to seek damages if a duty owed by our directors is breached.
The functions and powers
of our board of directors include, among others:
●
appointing officers and
    determining the term of office of the officers;
●
authorizing the payment
    of donations to religious, charitable, public or other bodies, clubs, funds or associations as deemed advisable;
●
exercising the borrowing
    powers of the company and mortgaging the property of the company;
●
executing cheques, promissory
    notes and other negotiable instruments on behalf of the company; and
●
maintaining or registering
    a register of mortgages, charges or other encumbrances of the company.
78
Remuneration and Borrowing
The directors may receive
such remuneration as our board of directors may determine from time to time. Each director is entitled to be repaid or prepaid all traveling,
hotel and incidental expenses reasonably incurred or expected to be incurred in attending meetings of our board of directors or committees
of our board of directors or shareholder meetings or otherwise in connection with the discharge of his or her duties as a director. The
compensation committee will assist the directors in reviewing and approving the compensation structure for the directors.
Our board of directors may
exercise all the powers of the company to borrow money and to mortgage or charge our undertakings and property or any part thereof, to
issue debentures, debenture stock and other securities whenever money is borrowed or as security for any debt, liability or obligation
of the company or of any third party.
Qualification
A director is not required
to hold shares as a qualification to office.
Limitation on Liability and Other Indemnification
Matters
British Virgin Islands law
does not limit the extent to which a company's memorandum of association and articles of association may provide for indemnification
of officers and directors, except to the extent any such provision may be held by the British Virgin 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 memorandum of association
and articles of association, we may indemnify our directors, officers and liquidators against all expenses, including legal fees, and
against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal administrative or investigative
proceedings to which they are party or are threatened to be made a party by reason of their acting as our director, officer or liquidator.
To be entitled to indemnification, these persons must have acted honestly and in good faith with a view to the best interest of the company
and, in the case of criminal proceedings, they must have had no reasonable cause to believe their conduct was unlawful.
Compensation Committee Interlocks and Insider
Participation
None of the members of our
compensation committee is an officer or employee of our company. None of our executive officers currently serves, or in the past year
has served, as a member of the board of directors or compensation committee of any entity that has one or more executive officers serving
on our board of directors or compensation committee.
Employment Agreements
On August 19, 2018, the Company
entered into an Employment Agreement (the "Song Agreement") with Mr. Xuesong Song, to serve as the Chief Executive Officer
of the Company for a four-year term, subject to renewal. Under the terms of the Song Agreement, Mr. Song will receive no salary for his
services but will be eligible for an annual cash bonus in the Board's sole discretion. On June 8, 2021, the Compensation Committee
of the Board of Directors of the Company approved an amendment to the employment agreement by and between the Company and Mr. Song, in
order to provide the CEO with a salary of $500,000 annually, effective as of June 1, 2021.
On August 19, 2018, the Company
entered into an Employment Agreement (the "Yu Agreement") with Mr. Jie Yu, to serve as the Chief Financial Officer of the
Company for a four-year term, subject to renewal. Under the terms of the Yu Agreement, Mr. Yu will receive an annual salary of RMB700,000,
and will be eligible for an annual cash bonus in the Board's sole discretion.
On February 1, 2019, the
Company entered into an Employment Agreement (the "Li Agreement") with Mr. Baomin Li, to serve as the Chief Technology Officer
of the Company for a four-year term, subject to renewal. Under the terms of the Li Agreement, Mr. Li will receive an annual salary of
RMB2,000,000, and will be eligible for an annual cash bonus in the Board's sole discretion.
79
D. EMPLOYEES.
As of December 31, 2022 and
2021, we had a total of 727 and 738 full-time employees, including 572 and 507 in research and development, 70 and 113 in sales and marketing
and the rest in a variety of other divisions, respectively. All of our employees are full-time employees. None of our employees is currently
represented by a union and/or collective bargaining agreements. We believe that we have good relations with our employees and since our
inception we have had no history of work stoppages or union organizing campaigns.
E. SHARE OWNERSHIP.
The following table provides
information as to the beneficial ownership of our ordinary shares as of December 31, 2022, by the persons listed. Beneficial ownership
of shares is determined under the rules of the SEC and generally includes any shares over which a person exercises sole or shared voting
or investment power. For purposes of the following table, a person is deemed to have beneficial ownership of any ordinary shares if such
person has the right to acquire such shares within 60 days of December 31, 2022. For purposes of computing the percentage of outstanding
shares held by each person, any shares that such person has the right to acquire within 60 days after of December 31, 2022 are deemed
to be outstanding, but are not deemed to be outstanding for the purpose of computing the percentage ownership of any other person. Except
as otherwise noted, the persons named in the table have sole voting and investment power with respect to all of the ordinary shares beneficially
owned by them. Unless otherwise indicated, the address of each person listed is c/o Luokung Technologies, B9-8, Block B, SOHO Phase II,
No. 9, Guanghua Road, Chaoyang District, Beijing, People's Republic of China.
Percentage ownership of the
ordinary shares in the following table is based on 492,498,688 ordinary shares outstanding on December 31, 2022.
Number
of shares
Percent
of class
Directors and named executive officers
Xuesong Song, Chairman, Chief Executive Officer and
    Director (1)
38,156,430
7.75
%
Dongpu Zhang, President (2)
2,321,792
0.47
%
Directors and executive officers as a group (7 persons)
45,089,163
9.89
%
(1)
Consists of (i) 4,030,882
    shares owned directly by Charm Dragon International Limited, a British Virgin Islands company and (ii) 22,624,793 shares owned directly
    by Bravo First Development Limited, a British Virgin Islands company. Mr. Xuesong Song is the controlling shareholder of Bravo
    First Development Limited. Mr. Xuesong Song is the sole director of Charm Dragon International Limited. Mr. Xuesong Song also
    owns all 1,000,000 of the Company's outstanding preferred shares, and each preferred share has the right to 399 votes at a
    meeting of the shareholders of the Company. Mr. Song therefore is the controlling shareholder of the Company.
(2)
Consists of 2,321,792 shares
    owned directly by Genoa Peak Limited, a British Virgin Islands company. Mr. Dongpu Zhang controls Genoa Peak Limited.
80
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY
TRANSACTIONS.
A. MAJOR SHAREHOLDERS
Please refer to Item 6.E
"Directors, Senior Management and Employees — Share Ownership."
To our knowledge, (A) we
are not directly or indirectly owned or controlled by (i) another corporation or (ii) any foreign government and (B) there
are no arrangements (including any announced or expected takeover bid), the operation of which may at a subsequent date result in a change
in our control.
The voting rights of our
major shareholders do not differ from the voting rights of other holders of the same class of shares.
B. RELATED PARTY TRANSACTIONS. BUSINESS
RELATIONSHIPS.
Our subsidiaries, consolidated
affiliated entities, and the subsidiaries of the consolidated affiliated entities have engaged, during the ordinary course of business,
in a number of customary transactions with each other. All of these inter-company balances have been eliminated in consolidation.
As of December 31, 2022 and
2021 had amounts due to related parties, Mr. Song, in the amounts of $0.9 million and $0.1 million, respectively. These amounts due to
related parties are short term in nature, non-interest bearing, unsecured and payable on demand.
Our Chairman and Chief Executive
Officer, Mr. Xuesong Song, serves as an officer of Beijing Zhong Chuan Shi Xun and is one of the legal owners of Beijing Zhong Chuan
Shi Xun. The following table sets forth the relationship of Mr. Song with Beijing Zhong Chuan Shi Xun:
Name
Relationship with
Luokung
Technology
Relationship with
Beijing Zhong
Chuan Shi Xun
Percentage
Ownership
Interest in
Beijing Zhong
Chuan Shi Xun
Xuesong Song
Chief Executive Officer
Chief Executive Officer
61.82
%
C. INTERESTS OF EXPERTS
AND COUNSEL.
Not applicable.
81
ITEM 8. FINANCIAL INFORMATION.
A. CONSOLIDATED STATEMENTS
AND OTHER FINANCIAL INFORMATION.
See "Item 18. Financial
Statements."
Legal Proceedings
From time to time, we are subject to legal proceedings,
investigations and claims during the ordinary course of our business. We are not currently a party to any legal proceeding or investigation
which, in the opinion of our management, is likely to have a material adverse effect on our business, financial condition or results
of operations.
Dividend Policy
We currently intend to retain
all of our available funds and future earnings for use in the operation and expansion of our business and do not anticipate paying cash
dividends in the foreseeable future. Under the terms of our Amended and Restated Memorandum and Articles of Association the declaration
and payment of any dividends in the future will be determined by our board of directors, in its discretion, and will depend on a number
of factors, including our earnings, capital requirements and overall financial condition and our ability to receive dividends from our
subsidiaries. If we pay any dividends, we will pay our shareholders' dividends with respect to their underlying shares to the same
extent as holders of our ordinary shares, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder.
Cash dividends on our ordinary shares, if any, will be paid in U.S. dollars.
Our ability to receive dividends
from our subsidiaries may limit our ability to pay dividends on our ordinary shares. See Risk Factors – Risks Related
to Doing Business in China – Our holding company structure may limit the payment of dividends" and "Item
10. Additional Information – D. Exchange Controls – Dividend Distribution".
B. SIGNIFICANT CHANGES.
Not applicable ("N/A")
82
ITEM 9. THE OFFER AND LISTING
A. OFFER AND LISTING DETAILS.
Markets and Share Price History
The primary trading market
for our ordinary shares is the NASDAQ Capital Market. Our ordinary shares trade under the ticker symbol "LKCO".
B. PLAN OF DISTRIBUTION.
Not Applicable.
C. MARKETS.
The primary trading market
for our ordinary shares is the NASDAQ Capital Market. Our ordinary shares trade on the NASDAQ Capital Market under the ticker symbol
"LKCO".
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
We are a British Virgin Islands
company incorporated with limited liability and our affairs are governed by the provisions of our memorandum of association and articles
of association, as amended and restated from time to time, and by the provisions of applicable British Virgin Islands laws.
Our memorandum of association
and articles of association authorize the issuance of up to 525,795,182 shares, which are designated into (i) 500,000,000 ordinary shares
of par value $0.01 each ("Ordinary Shares" and each an "Ordinary Share"), (ii) 2,500,000 preferred shares of
par value $0.01 each ("Preferred Shares" and each a "Preferred Share"), (iii) 21,794,872 series A preferred shares
of par value $0.01 each ("Series A Preferred Shares" and each a "Series A Preferred Share") and (iv) 1,500,310
series B preferred shares of par value $0.01 each ("Series B Preferred Shares" and each a "Series B Preferred Share"),
in each case with the rights, preferences and privileges as set out in the memorandum and articles of association of our company.
83
The following is a summary
of the material provisions of our shares and our memorandum of association and articles of association.
Ordinary Shares
All of our issued and outstanding
Ordinary Shares are fully paid and non-assessable. Holders of our Ordinary Shares who are non-residents of the British Virgin Islands
may freely hold and vote their shares.
Subject to the memorandum
and articles of association (and, for greater clarity, without prejudice to any special rights conferred thereby on the holders of any
other shares), an Ordinary Share of our company confers on the holder:
(a)
the right to one vote at
    a meeting of the members of our company or on any resolution of members;
(b)
the right to an equal share
    in any distribution paid by our company; and
(c)
the right to an equal share
    in the distribution of the surplus assets of our company on a winding up.
Preferred Shares
Subject to the memorandum
and articles of association (and, for greater clarity, without prejudice to any special rights conferred thereby on the holders of any
other shares), a Preferred Share of our company confers on the holder:
(a)
the right to 399 votes
    at a meeting of the members of our company or on any resolution of members;
(b)
the right to an equal share
    in any distribution paid by our company;
(c)
the right to an equal share
    in the distribution of the surplus assets of our company on a winding up;
(d)
be freely transferable,
    in whole or in part, by Mr. Xuesong Song to any third party through one or more Private Transactions (as defined in our articles
    of association), subject to Applicable Law (as defined in our articles of association); and
(e)
be freely transferable,
    in whole or in part, by Mr. Xuesong Song to any third party through one or more Public Transactions, subject to Applicable Law and
    Automatic Conversion (as defined in our articles of association) of such Preferred Share(s) into Ordinary Share(s).
Each Preferred Share shall
be automatically converted at any time after issue and without the payment of any additional sum into an equal number of fully paid Ordinary
Shares upon the conclusion of any transfer by Mr. Xuesong Song to any third party through one or more Public Transactions (as defined
in our articles of association).
84
Series A Preferred Shares
Subject to the memorandum
and articles of association (and, for greater clarity, without prejudice to any special rights conferred thereby on the holders of any
other shares), a Series A Preferred Share of the Company confers on the holder:
(a)
no right to vote at
                                            a meeting of the members of our company or on any resolution of members;
(b)
the right to an equal
                                            share in any distribution paid by our company;
(c)
the right to an equal
                                            share in the distribution of the surplus assets of our company on our liquidation;
(d) the right, at such holder's
sole discretion, to convert all or any portion of the holder's Series A Preferred Shares into Ordinary Shares at any time commencing
after the date of issue of such Series A Preferred Shares. The conversion rate for the Series A Preferred Shares shall be one (1) Ordinary
Share for every one (1) Series A Preferred Share. Before any holder of Series A Preferred Shares shall be entitled to convert the same
into Ordinary Shares and to receive certificate(s) for such Ordinary Shares, he shall surrender the certificate(s) for his Series A Preferred
Shares at the office of our company and shall give written notice to our company at such office that he elects to convert the same. Our
company shall, as soon as practicable thereafter, issue and deliver at such office to such holder of Series A Preferred Shares a certificate(s)
for the number of Ordinary Shares to which he shall be entitled. Such conversion shall be deemed to have been made immediately prior
to the close of business on the date of such surrender of the certificate(s) for the Series A Preferred Shares to be converted, and the
person or persons entitled to receive the Ordinary Shares issuable upon such conversion shall be treated for all purposes as the record
holder(s) of such Ordinary Shares on such date. The directors may effect conversion in any matter permitted by law including, without
prejudice to the generality of the foregoing, repurchasing or redeeming the relevant Series A Preferred Shares and applying the proceeds
towards the issue of the relevant number of new Ordinary Shares. The provisions of clause 8(3)(e) of our memorandum of association shall
not apply to the Ordinary Shares so converted; and
(e) the right, at such holder's
sole discretion, to require the redemption or repurchase by our company of all or any portion of the holder's Series A Preferred
Shares (the "Purchased Shares") in cash at a Repurchase Price defined below upon the following events: (1) six (6) months
after the closing date as defined in the share subscription agreement entered into between our company and Geely Technology dated 13
November 2019 (the "Share Subscription Agreement"); (2) the proposed acquisition of eMapgo Technologies (Beijing) Co., Ltd.
(the "Proposed Acquisition") by our company is terminated; (3) our company breaches the Share Subscription Agreement; or
(4) within six (6) months from the closing date as defined in the Share Subscription Agreement provided that our company has sufficient
funds after completing the Proposed Acquisition by our company. The repurchase price for each Series A Preferred Shares shall be the
higher of (i) US$1.95 per share; or (ii) the US dollars equivalent to RMB13.7648 per share (the "Repurchase Price"), where
the exchange rate shall be the central parity rate between RMB and USD published by the People's Bank of China the day before Geely
Technology issues the repurchase notice, plus an eight percent (8%) annual simple interest rate basis calculated from the date such Repurchase
Price was fully paid until the date of full payment of the Repurchase Price, which shall be made in a lump sum on the date of the payment
of the Repurchase Price, plus all declared but unpaid dividends with respect to the Series A Preferred Shares. Before any holder of Series
A Preferred Shares shall be entitled to require the redemption or repurchase by our company of all or any portion of the holder's
Series A Preferred Shares, he shall surrender the certificate(s) for his Series A Preferred Shares at the office of our company and shall
give written notice to our company (the "Redemption Notice") at such office that he elects to require the redemption or repurchase
by our company of the same. Our company shall pay the corresponding Repurchase Price within sixty (60) days following twelve (12) months
after the Purchased Shares are issued.
85
Series B Preferred Shares
Subject to the memorandum
and articles of association (and, for greater clarity, without prejudice to any special rights conferred thereby on the holders of any
other shares), a Series B Preferred Share of our company confers on the holder:
(a) Subject to compliance
with the requirements of the laws of the Hong Kong Special Administrative Region of the People's Republic of China and other restrictions
under the purchase agreement entered into by and among our company, Zhi-Xun Wang and Hong-Bin Lu (the "Parties") and other
parties named therein on 27 August 2019 and the supplemental agreement entered into by and among the Parties and other parties on 11
October 2019, the Series B Preferred Shares shall be redeemable at the option of holders of the Series B Preferred Shares by delivery
of a written request to the Purchaser ("Redemption Request") within the period from 6th month to 12th month after its issuance.
Our company cannot reject such Redemption Request and shall make the best efforts to implement such redemption by paying cash within
10 working days after receipt of the Redemption Request. The redemption price for each Series B Preferred Share redeemed shall be an
amount of USD equivalent to RMB28.75 per share plus an internal rate of return of 10% per year.
(b) Any Series B Preferred
Share may, at the option of the holder thereof, be converted into fully-paid and non-assessable Ordinary Shares without any restrictions
under the Securities Act of 1933, the laws of the Hong Kong Special Administrative Region of the People's Republic of China, our
memorandum of association or any other contracts within the period from 9th month to 12th month after its issuance. The conversion ratio
for Series B Preferred Shares to Ordinary Shares shall be 1:1.
Limitation on Liability and Indemnification
Matters
Under British Virgin Islands
laws, each of our directors and officers, in performing his or her functions, is required to act honestly and in good faith with a view
to our best interests and exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
Such limitation of liability does not affect the availability of equitable remedies such as injunctive relief or rescission. These provisions
will not limit the liability of directors under United States federal securities laws.
We may indemnify any of our
directors or anyone serving at our request as a director of another entity against all expenses, including legal fees, and against all
judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings.
We may only indemnify a director if he or she acted honestly and in good faith with the view to our best interests and, in the case of
criminal proceedings, the director had no reasonable cause to believe that his or her conduct was unlawful. The decision of our board
of directors as to whether the director acted honestly and in good faith with a view to our best interests and as to whether the director
had no reasonable cause to believe that his or her conduct was unlawful, is in the absence of fraud sufficient for the purposes of indemnification,
unless a question of law is involved. The termination of any proceedings by any judgment, order, settlement, conviction or the entry
of no plea does not, by itself, create a presumption that a director did not act honestly and in good faith and with a view to our best
interests or that the director had reasonable cause to believe that his or her conduct was unlawful. If a director to be indemnified
has been successful in defense of any proceedings referred to above, the director is entitled to be indemnified against all expenses,
including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred by the director or officer
in connection with the proceedings.
We may purchase and maintain
insurance in relation to any of our directors or officers against any liability asserted against the directors or officers and incurred
by the directors or officers in that capacity, whether or not we have or would have had the power to indemnify the directors or officers
against the liability as provided in our memorandum of association and articles of association.
86
Insofar as indemnification
for liabilities arising under the Securities Act may be permitted for our directors or officers under the foregoing provisions, we have
been informed that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed
in the Securities Act and is therefore unenforceable as a matter of United States law.
Differences in Corporate Law
We were incorporated under,
and are governed by, the laws of the British Virgin Islands. The corporate statutes of the State of Delaware and the British Virgin Islands
are similar, and the flexibility available under British Virgin Islands law has enabled us to adopt memorandum of association and articles
of association that will provide shareholders with rights that do not vary in any material respect from those they would enjoy if we
were incorporated under the Delaware General Corporation Law, or Delaware corporate law. Set forth below is a summary of some of the
differences between provisions of the BVI Act applicable to us and the laws application to companies incorporated in Delaware and their
shareholders.
Director's Fiduciary Duties
Under Delaware corporate
law, a director of a Delaware corporation has a fiduciary duty to the corporation and its stockholders. This duty has two components:
the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily
prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to stockholders,
all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in
a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain
or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its stockholders
take precedence over any interest possessed by a director, officer or controlling stockholder and not shared by the stockholders generally.
In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the
action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of
the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural
fairness of the transaction, and that the transaction was of fair value to the corporation.
British Virgin Islands law
provides that every director of a British Virgin Islands company in exercising his powers or performing his duties shall act honestly
and in good faith and in what the director believes to be in the best interests of the company. Additionally, the director shall exercise
the care, diligence and skill that a reasonable director would exercise in the same circumstances taking into account the nature of the
company, the nature of the decision and the position of the director and his responsibilities. In addition, British Virgin Islands law
provides that a director shall exercise his powers as a director for a proper purpose and shall not act, or agree to the company acting,
in a manner that contravenes the BVI Act or the memorandum of association or articles of association of the company.
Amendment of Governing Documents
Under Delaware corporate
law, with very limited exceptions, a vote of the stockholders is required to amend the certificate of incorporation. Under British Virgin
Islands law and our memorandum of association and articles of association, (i) our shareholders may amend our memorandum of association
and articles of association by a resolution of shareholders, or (ii) our board of directors may amend our memorandum of association and
articles of association by a resolution of directors without a requirement for a resolution of shareholders so long as the amendment
does not:
●
restrict the rights of
    the shareholders to amend the memorandum of association and articles of association;
●
change the percentage of
    shareholders required to pass a resolution of shareholders to amend the memorandum of association and articles of association;
●
amend the memorandum of
    association and articles of association in circumstances where the memorandum of association and articles of association cannot be
    amended by the shareholders; or
●
amend the provisions of
    memorandum of association or the articles of association pertaining to "rights, privileges, restrictions and conditions attaching
    to shares," "rights not varied by the issue of shares pari passu," "variation of class rights" and
    "amendment of memorandum and articles of association".
87
Written Consent of Directors
Under Delaware corporate
law, directors may act by written consent only on the basis of a unanimous vote. Under British Virgin Islands law, directors may pass
a written resolution (a) by such majority of the votes of the directors entitled to vote on the resolution as may be specified in the
memorandum of association or articles of association or (b) in the absence of any provision in the memorandum of association or the articles
of association, by all the directors entitled to vote on the resolution. Our articles of association provide that a resolution consented
to in writing by the directors may be passed by a simple majority of the directors or of all members of the committee, as the case may
be.
Written Consent of Shareholders
Under Delaware corporate
law, unless otherwise provided in the certificate of incorporation, any action to be taken at any annual or special meeting of stockholders
of a corporation, may be taken by written consent of the holders of outstanding stock having not less than the minimum number of votes
that would be necessary to take such action at a meeting. As permitted by British Virgin Islands law, subject to the memorandum or articles
of association, an action that may be taken by members of the company at a meeting of shareholders may also be taken by a resolution
of shareholders consented to in writing. Our articles of association provide that shareholders may approve corporate matters by way of
a resolution consented to at a meeting of shareholders or in writing by a majority of shareholders entitled to vote thereon.
Shareholder Proposals
Under Delaware corporate
law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice
provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do
so in the governing documents, but shareholders may be precluded from calling special meetings. British Virgin Islands law and our articles
of association provide that our directors shall call a meeting of the shareholders if requested in writing to do so by shareholders entitled
to exercise 30% or more of our outstanding voting shares in respect of the matter for which the meeting is requested.
Sale of Assets
Under Delaware corporate
law, a vote of the stockholders is required to approve the sale of assets only when all or substantially all assets are being sold. In
the British Virgin Islands, shareholder approval is required when more than 50% of the company's total assets by value are being
disposed of or sold.
Dissolution; Winding Up
Under Delaware corporate
law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the
total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple
majority of the corporation's outstanding shares. Delaware corporate law allows a Delaware corporation to include in its certificate
of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. As permitted by British Virgin
Islands law and our articles of association, we may be voluntarily liquidated under Part XII of the BVI Act by resolution of directors
and resolution of shareholders if we have no liabilities or we are able to pay our debts as they fall due and the value of our assets
equals or exceeds our liabilities.
Redemption of Shares
Under Delaware corporate
law, any stock may be made subject to redemption by the corporation at its option or at the option of the holders of such stock provided
there remains outstanding shares with full voting power. Such stock may be made redeemable for cash, property or rights, as specified
in the certificate of incorporation or in the resolution of the board of directors providing for the issue of such stock. As permitted
by British Virgin Islands law, and our memorandum of association and articles of association, shares may be repurchased, redeemed or
otherwise acquired by us. Our directors must determine that immediately following the redemption or repurchase we will be able to pay
our debts as they fall due and the value of our assets exceeds our liabilities.
Variation of Rights of Shares
Under Delaware corporate
law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class,
unless the certificate of incorporation provides otherwise. As permitted by British Virgin Islands law, and our memorandum of association
and articles of association, if our share capital is divided into more than one class of shares, we may vary the rights attached to any
class only with the consent in writing of holders of not less than three-fourths of the issued shares of that class and holders of not
less than three-fourths of the issued shares of any other class of shares which may be affected by the variation.
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Removal of Directors
Under Delaware corporate
law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding
shares entitled to vote, unless the certificate provides otherwise. As permitted by British Virgin Islands law and our memorandum of
association and articles of association, directors may be removed with or without cause by resolution of directors or resolution of shareholders.
Mergers
Under the BVI Act, two or
more companies may merge or consolidate in accordance with the statutory provisions. A merger means the merging of two or more constituent
companies into one of the constituent companies, and a consolidation means the uniting of two or more constituent companies into a new
company. In order to merger or consolidate, the directors of each constituent company must approve a written plan of merger or consolidation
which must be authorized by a resolution of shareholders.
Shareholders not otherwise
entitled to vote on the merger or consolidation may still acquire the right to vote if the plan of merger or consolidation contains any
provision which, if proposed as an amendment to the memorandum association or articles of association, would entitle them to vote as
a class or series on the proposed amendment. In any event, all shareholders must be given a copy of the plan of merger or consolidation
irrespective of whether they are entitled to vote at the meeting or consent to the written resolution to approve the plan of merger or
consolidation.
Inspection of Books and Records
Under Delaware corporate
law, any shareholder of a corporation may for any proper purpose inspect or make copies of the corporation's stock ledger, list
of shareholders and other books and records. Holders of our shares have no general right under British Virgin Islands law to inspect
or obtain copies of our list of shareholders or our corporate records. However, we will provide holders of our shares with annual audited
financial statements. See "Where You Can Find Additional Information."
Conflict of Interest
The BVI Act provides that
a director shall, after becoming aware that he is interested in a transaction entered into or to be entered into by the company, disclose
that interest to the board of directors of the company. The failure of a director to disclose that interest does not affect the validity
of a transaction entered into by the director or the company, so long as the director's interest was disclosed to the board prior
to the company's entry into the transaction or was not required to be disclosed (for example where the transaction is between the
company and the director himself or is otherwise in the ordinary course of business and on usual terms and conditions). As permitted
by British Virgin Islands law and our memorandum of association and articles of association, a director interested in a particular transaction
may vote on it, attend meetings at which it is considered, and sign documents on our behalf which relate to the transaction.
Transactions with Interested Shareholders
Delaware corporate law contains
a business combination statute applicable to Delaware public corporations whereby, unless the corporation has specifically elected not
to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations
with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An
interested shareholder generally is a person or group who or that owns or owned 15% or more of the target's outstanding voting
stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the
target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on
which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction
that resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware public corporation
to negotiate the terms of any acquisition transaction with the target's board of directors.
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British Virgin Islands law
has no comparable provision. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination
statute. However, although British Virgin Islands law does not regulate transactions between a company and its significant shareholders,
it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of
constituting a fraud on the minority shareholders.
Independent Directors
There are no provisions under
Delaware corporate law or under the BVI Act that require a majority of our directors to be independent.
Cumulative Voting
Under Delaware corporate
law, cumulative voting for elections of directors is not permitted unless the company's certificate of incorporation specifically
provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since
it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases
the shareholder's voting power with respect to electing such director. There are no prohibitions to cumulative voting under the
laws of the British Virgin Islands, but our memorandum of association and articles of association do not provide for cumulative voting
Anti-takeover Provisions in Our Memorandum
of association and articles of association
Some provisions of our memorandum
of association and articles of association may discourage, delay or prevent a change in control of our company or management that shareholders
may consider favorable, including provisions that authorize our board of directors to issue preference shares in one or more series and
to designate the price, rights, preferences, privileges and restrictions of such preference shares.
C. MATERIAL CONTRACTS
On June 17, 2020, the Company
entered into preferred stock subscription agreement with Daci Haojin Foundation Limited to issue 15,000,000 preferred shares for $45,000,000.
Pursuant to the preferred stock subscription agreement the first closing will not occur until July 2020 and such closing will be for
$13,500,000. Subsequent closings will occur on August 31 and September 30, 2020 for $13,500,000 and $18,000,000, respectively. The subscription
agreement has been terminated as of December 31, 2021.
On March 29, 2022, LK Technology
Ltd., a subsidiary of the Company, the Company and Beijing Zhong Chuan Shi Xun Technology Limited, a variable interest entity of the
Company ("Beijing Zhongchuan"), signed an agreement (the "iTraffic SPA") with iTraffic Inc. and the other entities
and persons set forth in the iTraffic SPA, for Beijing Zhongchuan to acquire Beijing Hongda Jiutong Technology Development Co., Ltd ("Hongda
Jiutong"), a big data service provider for intelligent transportation and connected vehicles in China. Pursuant to the iTraffic
SPA, the Company plans to issue 6,000,000 shares of its ordinary shares. Beijing Zhongchuan will pay a total of RMB12,156,200 for 100%
of the equity interest of Hongda Jiutong. The terms of the transaction are described in detail in the SPA, which has been filed as an
exhibit hereto and which is incorporated by reference in its entirety. As a result of the transaction, Hongda Jiutong will be a subsidiary
of Beijing Zhongchuan.
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D. EXCHANGE CONTROLS.
This section sets forth a
summary of the most significant regulations or requirements that affect our business activities in China or our shareholders' right
to receive dividends and other distributions from us.
Regulations on Internet Content Providers
The Administrative Measures
on Internet Information Services, or the Internet Content Measures, which was promulgated by the State Council on September 25, 2000
and amended on January 8, 2011, set out guidelines on the provision of internet information services. The Internet Content Measures specifies
that internet information services regarding news, publications, education, medical and health care, pharmacy and medical appliances,
among other things, are required to be examined, approved and regulated by the relevant authorities. Internet information providers are
prohibited from providing services beyond those included in the scope of their licenses or filings. Furthermore, the Internet Content
Measures specifies a list of prohibited content. Internet information providers are prohibited from producing, copying, publishing or
distributing information that is humiliating or defamatory to others or that infringes the legal rights of others. Internet information
providers that violate such prohibition may face criminal charges or administrative sanctions. Internet information providers must monitor
and control the information posted on their websites. If any prohibited content is found, they must remove the content immediately, keep
a record of such content and report to the relevant authorities.
The Internet Content Measures
classifies internet information services into commercial internet information services and non-commercial internet information services.
Commercial internet information services refer to services that provide information or services to internet users with charge. A provider
of commercial internet information services must obtain an ICP License.
Regulations on Internet Audio-video Program
Services
On December 20, 2007, the
MII and the State Administration of Press, Publication, Radio, Film and Television, or the SAPPRFT, jointly issued the Administrative
Provisions for the Internet Audio-Video Program Service, or the Audio-video Program Provisions, which came into effect on January 31,
2008 and was amended on August 28, 2015. The Audio-video Program Provisions defines "internet audio-video program services"
as producing, editing and integrating of audio-video programs, supplying audio-video programs to the public via the internet, and providing
audio-video programs uploading and transmission services to a third party. Entities providing internet audio-video programs services
must obtain an internet audio video program transmission license. Applicants for such licenses shall be state-owned or state-controlled
entities unless an internet audio-video program transmission license has been obtained prior to the effectiveness of the Audio-video
Program Provisions in accordance with the then-in-effect laws and regulations. In addition, foreign-invested enterprises are not allowed
to engage in the above-mentioned services. According to the audio video Program Provisions and other relevant laws and regulations, audio-video
programs provided by the entities supplying Internet audio-video program services shall not contain any illegal content or other content
prohibited by the laws and regulations, such as any content against the basic principles in the PRC Constitution, any content that damages
the sovereignty of the country or national security, and any content that disturbs social order or undermine social stability. An audio-video
program that has already been broadcast shall be retained in full for at least 60 days. Movies, television programs and other media content
used as Internet audio-video programs shall comply with relevant administrative regulations on programs broadcasts through radio, movie
and television channels. Entities providing services related to Internet audio-video programs shall immediately delete the audio-video
programs violating laws and regulations, keep relevant records, report relevant authorities and implement other regulatory requirements.
The Categories of the Internet
Audio-Video Program Services, or the Audio-video Program Categories, promulgated by SAPPRFT on March 10, 2017, classifies internet audio/video
programs into four categories: (I) Category I internet audio/video program service, which is carried out with a form of radio station
or television station; (II) Category II internet audio/video program service, including (a) re-broadcasting service of current political
news audio/video programs; (b) hosting, interviewing, reporting and commenting service of arts, entertainment, technology, finance and
economics, sports, education and other specialized audio/video programs; (c) producing (interviewing not included) and broadcasting service
of arts, entertainment, technology, finance and economics, sports, education and other specialized audio/video programs; (d) producing
and broadcasting service of internet films/dramas; (e) aggregating and broadcasting service of films, television dramas and cartoons;
(f) aggregating and broadcasting service of arts, entertainment, technology, finance and economics, sports, education and other specialized
audio/video programs; and (g) live audio/video broadcasting service of cultural activities of common social organizations, sport events
or other organization activities; and (III) Category III internet audio/video program service, including (a) aggregating service of online
audio/video contents, and (b) re-broadcasting service of the audio/video programs uploaded by internet users; and (IV) Category III internet
audio/video program service, including (a) re-broadcasting of the radio/television program channels; and (b) re-broadcasting of internet
audio/video program channels.
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On May 27, 2016, the SAPPRFT
issued the Notice on Relevant Issues concerning Implementing the Approval Works of Upgrading Mobile Internet Audio-Video Program Service,
or the Mobile Audio-Video Program Notice. The Mobile Audio-Video Program Notice provides that the mobile Internet audio-video program
services shall be deemed Internet audio-video program service. Entities which have obtained the approvals to provide the Internet audio-video
program services may use mobile WAP websites or mobile applications to provide audio-video program services. Entities with regulatory
approvals may operate mobile applications to provide the audio-video program services. The types of the programs shall be within the
permitted scope as provided in the licenses and such mobile applications shall be filed with the SAPPRFT.
Regulations on Production and Operation of
Radio/Television Programs
On July 19, 2004, the SAPPRFT
promulgated the Administrative Measures on the Production and Operation of Radio and Television Programs, or the Radio and Television
Program Production Measures, which came into effect on August 20, 2004 and was amended on August 28, 2015. The Radio and Television Program
Production Measures provides that any business that produces or operates radio or television programs must first obtain a Radio and Television
Program Production and Operation Permit. Entities holding such permits shall conduct their business within the permitted scope as provided
in their permits. In addition, foreign-invested enterprises are not allowed to engage in the above-mentioned services.
Regulations on Online Advertising Services
On April 24, 2015, the Standing
Committee of the National People's Congress enacted the Advertising Law of the People's Republic of China, or the New Advertising
Law, effective on September 1, 2015. The New Advertising Law increases the potential legal liability of advertising services providers
and strengthens regulations of false advertising. On July 4, 2016, the State Administration for Industry and Commerce, or the SAIC, issued
the Interim Measures of the Administration of Online Advertising, or the SAIC Interim Measures, effective on September 1, 2016. The New
Advertising Law and the SAIC Interim Measures require that online advertisements may not affect users' normal internet use and
internet pop-up ads must display a "close" sign prominently and ensure one-key closing of the pop-up windows. The SAIC Interim
Measures provides that all online advertisements must be marked "Advertisement" so that viewers can easily identify them
as such. Moreover, the SAIC Interim Measures treats paid search results as advertisements that are subject to PRC advertisement laws,
and requires that paid search results be conspicuously identified on search result pages as advertisements. The New Advertising Law and
SAIC Interim Measures require us to conduct more stringent examination and monitoring of our advertisers and the content of their advertisements.
Regulations on Online Games
In September 2009, the GAPP
(currently known as the SAPPRFT), together with the National Copyright Administration, and the National Office of Combating Pornography
and Illegal Publications jointly issued the Notice on Further Strengthening on the Administration of Pre-examination and Approval of
Online Game and the Examination and Approval of Imported Online Game, or the Circular 13. The Circular 13 states that foreign investors
are not permitted to invest in online game operating businesses in the PRC via wholly foreign-owned entities, Sino-foreign equity joint
ventures or cooperative joint ventures or to exercise control over or participate in the operation of domestic online game businesses
through indirect means, such as other joint venture companies or contractual or technical arrangements. If the our contractual arrangements
were deemed under the Circular 13 to be an "indirect means" for foreign investors to exercise control over or participate
in the operation of a domestic online game business, our contractual arrangements might be challenged by the SAPPRFT. We are not aware
of any online game companies which use the same or similar contractual arrangements having been challenged by the SAPPRFT as using those
contractual arrangements as an "indirect means" for foreign investors to exercise control over or participate in the operation
of a domestic online game business or having been penalized or ordered to terminate operations since the Circular 13 became effective.
However, it is unclear whether and how the Circular 13 might be interpreted or implemented in the future. See "Risk Factors—If
the PRC government finds that the agreements that establish the structure for operating certain of our operations in China do not comply
with PRC regulations relating to the relevant industries, or if these regulations or the interpretation of existing regulations change
in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations."
The Interim Measures for
the Administration of Online Games, or the Online Game Measures, issued by the MOC, which took effect on August 1, 2010 and amended on
December 15, 2017, regulates a broad range of activities related to the online games business, including the development, production
and operation of online games, the issuance of virtual currencies used for online games, and the provision of virtual currency trading
services. The Online Game Measures provides that any entity that is engaged in online game operations must obtain a Network Cultural
Business Permit, and require the content of an imported online game to be examined and approved by the MOC prior to the game's
launch and require a domestic online game to be filed with the MOC within 30 days after its launch. The Notice of the Ministry of Culture
on the Implementation of the Interim Measures for the Administration of Online Games, which was issued by the MOC on July 29, 2010 to
implement the Online Game Measures, (i) requires online game operators to protect the interests of online game users and specifies that
certain terms that must be included in service agreements between online game operators and the users of their online games, (ii) requires
content review of imported online games and filing procedures for domestic online games, (iii) emphasizes the protection of minors playing
online games, and (iv) requests online game operators to promote real-name registration by their game users.
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Regulations on the Filing requirements for
mainland China domestic companies listed overseas
On December 24, 2021, the
CSRC published the Administration of Overseas Securities Offering and Listing by Domestic Companies (the "Draft Administrative
Provisions") and the Administration Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (the
"Draft Filing Measures"). The Draft Administrative Provisions and the Draft Filing Measures lay out requirements for filing
and include unified regulation management, strengthening regulatory coordination, and cross-border regulatory cooperation. On February
17, 2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the
"Trial Measures"), which took effect on March 31, 2023. On the same date, the CSRC circulated Supporting Guidance Rules No.
1 through No. 5, Notes on the Trial Measures, Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises
and relevant CSRC Answers to Reporter Questions, or collectively, the Guidance Rules and Notice, on CSRC's official website. The
Trial Measures, together with the Guidance Rules and Notice reiterate the basic principles of the Draft Administrative Provisions and
Draft Filing Measures, and clarified and emphasized several aspects, which include but are not limited to: (1) criteria to determine
whether an issuer will be required to go through the filing procedures under the Trial Measures; (2) exemptions from immediate filing
requirements for issuers including those that have already been listed in foreign securities markets, including U.S. markets, prior to
the effective date of the Trial Measures, but these issuers shall still be subject to filing procedures if they conduct refinancing or
are involved in other circumstances that require filing with the CSRC; (3) a negative list of types of issuers banned from listing or
offering overseas, such as issuers whose affiliates have been recently convicted of bribery and corruption; (4) issuers' compliance
with web security, data security, and other national security laws and regulations; (5) issuers' filing and reporting obligations,
such as obligation to file with the CSRC after it submits an application for initial public offering to overseas regulators, and obligation
after offering or listing overseas to file with the CSRC after it completes subsequent offerings and to report to the CSRC material events
including change of control or voluntary or forced delisting of the issuer; and (6) the CSRC's authority to fine both issuers and
their relevant shareholders for failure to comply with the Trial Measures, including failure to comply with filing obligations or committing
fraud and misrepresentation. As the Trial Measures are newly issued, there remain uncertainties regarding its interpretation and implementation.
Regulations on Information Security, Censorship
and Privacy
The Standing Committee of
the National People's Congress, China's national legislative body, enacted the Decisions on the Maintenance of Internet Security
on December 28, 2000, which was amended in August 2009, that may subject persons to criminal liabilities in China for any attempt, among
others things, to use the internet to: (i) gain improper entry to a computer or system of strategic importance; (ii) disseminate politically
disruptive information; (iii) leak state secrets; (iv) spread false commercial information or (v) infringe upon intellectual property
rights. According to the Administration Measures on the Security Protection of Computer Information Network with International Connections
issued by the Ministry of Public Security in 1997 and amended by the State Council in 2011, any entity or individual is prohibited from
using the internet to leak state secrets or to spread socially destabilizing materials. Pursuant to the Ninth Amendment to the Criminal
Law issued by the Standing Committee of the National People's Congress on August 29, 2015, effective on November 1, 2015, any internet
service that fails to fulfill the obligations related to internet information security as required by applicable laws and refuses to
take corrective measures, will be subject to criminal liability for (i) any large-scale dissemination of illegal information; (ii) any
severe effect due to the leakage of users' personal information; (iii) any serious loss of evidence of criminal activities; or
(iv) other severe situations, and any individual or entity that (i) sells or provides personal information to others unlawfully or (ii)
steals or illegally obtains any personal information will be subject to criminal liability in severe situations.
The Cybersecurity Law of
the PRC, or the Cybersecurity Law, which was promulgated on November 7, 2016 by the Standing Committee of the National People's
Congress and came into effect on June 1, 2017, provides that network operators shall meet their cyber security obligations and shall
take technical measures and other necessary measures to protect the safety and stability of their networks. Under the Cybersecurity Law,
network operators are subject to various security protection-related obligations, including: (i) network operators shall comply with
certain obligations regarding maintenance of the security of internet systems; (ii) network operators shall verify users' identities
before signing agreements or providing certain services such as information publishing or real-time communication services; (iii) when
collecting or using personal information, network operators shall clearly indicate the purposes, methods and scope of the information
collection, the use of information collection, and obtain the consent of those from whom the information is collected; (iv) network operators
shall strictly preserve the privacy of user information they collect, and establish and maintain systems to protect user privacy; (v)
network operators shall strengthen management of information published by users, and when they discover information prohibited by laws
and regulations from publication or dissemination, they shall immediately stop dissemination of that information, including taking measures
such as deleting the information, preventing the information from spreading, saving relevant records, and reporting to the relevant governmental
agencies.
On December 28, 2021, the
CAC, the NDRC, the MIIT, and several other PRC governmental authorities jointly issued the Cybersecurity Review Measures, which became
effective on February 15, 2022 and replaces its predecessor regulation. Pursuant to the Cybersecurity Review Measures, critical information
infrastructure operators that procure internet products and services must be subject to the cybersecurity review if their activities
affect or may affect national security. The Cybersecurity Review Measures further stipulates that network platform operators holding
over one million users' personal information must apply with the Cybersecurity Review Office for a cybersecurity review before
any listing at a foreign stock exchange. Besides, the Cybersecurity Review Measures also provide that if the relevant authorities consider
that certain network products and services and data processing activities affect or may affect national security, the authorities may
conduct a cybersecurity review on its own initiative. The Cybersecurity Review Measures also elaborate the factors to be considered when
assessing the national security risks of the relevant activities, The cybersecurity review will evaluate, among others, the risk of critical
information infrastructure, core data, important data, or a large amount of personal information being affected, controlled or maliciously
used by foreign governments and the cyber information security risk in connection with the listing.
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On August 20, 2021, the Standing
Committee of the National People's Congress of PRC promulgated the Personal Information Protection Law, which integrates the scattered
rules with respect to personal information rights and privacy protection and took effect on November 1, 2021. The Personal Information
Protection Law requires, among others, that (i) the processing of personal information should have a clear and reasonable purpose which
should be directly related to the processing purpose and should be conducted in a method that has the minimum impact on personal rights
and interests, and (ii) the collection of personal information should be limited to the minimum scope as necessary to achieve the processing
purpose and avoid the excessive collection of personal information. Personal information processors shall adopt necessary measures to
safeguard the security of the personal information they handle. The offending entities could be ordered to correct, or to suspend or
terminate the provision of services, and face confiscation of illegal income, fines or other penalties.
Relevant Regulations of High-tech Enterprises
The Ministry of Information
Industry, the Ministry of Science and Technology and the State Tax Bureau collectively promulgated and issued the certain standards on
April 14, 2008 to certify High-tech enterprises and encourage and support the development of the Chinese High-tech enterprises. Under
the High-tech Enterprises Measures, the enterprise can enjoy the favorable tax policy when it is certified as a High-tech enterprise
by the Ministry of Information Industry, the Ministry of Science and Technology and the State Tax Bureau or with its provincial branch
according to the stipulated standard. The software and computer and network technology industries are recognized as High-tech fields.
Our subsidiaries, Beijing Zhong Chuan Shi Xun Technology Limited, Superengine Graphics Software Technology Development (Suzhou) Co.,
Ltd, eMapgo Technologies (Beijing) Co., Ltd., DMG Infotech Co., Ltd, and Beijing BotBrain AI Technology Ltd., are High-tech enterprises
and enjoy a favorable income tax rate of 15%.
Laws and Regulations of Intellectual Property
Rights
China has adopted legislation
governing intellectual property rights, including patents, copyrights and trademarks. China is a signatory to the main international
conventions on intellectual property rights and became a member of the Agreement on Trade Related Aspects of Intellectual Property Rights
upon its accession to the WTO in December 2001.
Patents
The "Patent Law of
the People's Republic of China" promulgated by the Standing Committee of the National People's Congress, adopted in
1985 and revised in 1992, 2001 and 2008, protects registered patents. The State Intellectual Property Office of PRC handles granting
patent rights, providing for a twenty-year patent term for inventions and a ten-year patent term for utility models and designs. As we
disclosed in Item 4, of this annual report on Form 20-F, through Luokung Technology, we have been granted 35 patents by the State Intellectual
Property Office ("SIPO") of PRC and therefore such invention is entitled to all the protections provided under the Patent
Law for twenty years.
Computer Software Copyright and Administration
On December 20, 2001, the
State Council of PRC issued the "Regulation for Computer Software Protection of the People's Republic of China" (the
"Regulation for Computer Software Protection") which became effective on January 1, 2002 to protect the interests of copyright
owners, to promote the research and application and to encourage the development of the Chinese software industry. Under the Regulation
for Computer Software Protection, natural persons, legal persons or any other organizations shall have a copyright on the software developed
by such persons no matter whether such software has been published. The protection period of software copyrights owned by the legal person
or other organization is fifty years and expires on December 31 of the fiftieth year from the initial publication date of such computer
software. Currently, Luokung Technology has 189 registration certificates for software copyrights.
Trademarks
The "Trademark Law
of the People's Republic of China" promulgated by the State Council of PRC, adopted in 1982 and revised in 1993 and 2001,
protects registered trademarks. The Trademark Office under the Chinese State Administration for Industry and Commerce handles trademark
registrations and grants a term of ten years to registered trademarks which are renewable for another ten years after the application
to the Trademark Office by the owners of the trademarks. Trademark license agreements must be filed with the Trademark Office for record.
China has a "first-to-register" system that requires no evidence of prior use or ownership. Luokung Technology has its registered
trademarks as described in Item 4 of this annual report on Form 20-F. Accordingly, such trademarks are entitled to the protection under
the Trademark Law.
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Foreign Currency Exchange
On August 29, 2008, the SAFE
issued the Notice of the General Affairs Department of the State Administration of Foreign Exchange on the Relevant Operating Issues
concerning the Improvement of the Administration of Payment and Settlement of Foreign Currency Capital of Foreign-funded Enterprises,
or Circular 142. Pursuant to Circular 142, RMB converted from the foreign currency-denominated capital of a foreign-invested company
may only be used for purposes within the business scope approved by the applicable governmental authority and may not be used for equity
investments within the PRC unless specifically provided for otherwise. The use of such Renminbi capital may not be changed without SAFE's
approval and may not in any case be used to repay Renminbi loans if the proceeds of such loans have not been used.
See "Risk Factors — Risks
Related to Doing Business in China — PRC regulation of loans and direct investment by offshore holding companies to PRC
entities may delay or prevent us from using the proceeds of our initial public offering to make loans or additional capital contributions
to our PRC operating subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand our business".
Dividend Distribution
We are a British Virgin Islands
holding company and substantially all of our operations are conducted through LK Technology. We rely on dividends and other distributions
from our LK Technology and its subsidiaries to provide us with our cash flow and allow us to pay dividends on the shares underlying our
ADSs and meet our other obligations. The principal regulations governing distribution of dividends paid by wholly foreign-owned enterprises
include:
1.
Wholly Foreign-Owned Enterprise
    Law (1986), as amended; and
2.
Implementation Rules on
    Wholly Foreign-Owned Enterprise Law (1990), as amended.
Under these regulations,
wholly foreign-owned enterprises in China may pay dividends only out of their accumulated profits, if any, determined in accordance with
PRC accounting standards and regulations. In addition, wholly foreign-owned enterprises in China are required to set aside at least 10%
of their after-tax profit based on PRC accounting standards each year to its general reserves until the accumulative amount of such reserves
reach 50% of its registered capital. These reserves are not distributable as cash dividends. The board of directors of a FIE has the
discretion to allocate a portion of its after-tax profits to staff welfare and bonus funds, which may not be distributed to equity owners
except in the event of liquidation.
Regulation of Foreign Exchange in Certain
Onshore and Offshore Transactions
In October 2005, the SAFE
issued the Notice on Issues Relating to the Administration of Foreign Exchange in Fund-raising and Return Investment Activities of Domestic
Residents Conducted via Offshore Special Purpose Companies, or SAFE Notice 75, which became effective as of November 1, 2005, and was
further supplemented by two implementation notices issued by the SAFE on November 24, 2005 and May 29, 2007, respectively. Under Circular
75, prior registration with the local SAFE branch is required for PRC residents to establish or to control an offshore company for the
purposes of financing that offshore company with assets or equity interests in an onshore enterprise located in the PRC. An amendment
to the registration or filing with the local SAFE branch by such PRC resident is also required for the injection of equity interests
or assets of an onshore enterprise in the offshore company or overseas funds raised by such offshore company, or any other material change
with respect to the offshore company in connection with any increase or decrease of capital, transfer of shares, merger, division, equity
investment, debt investment, or creation of any security interest over any assets located in the PRC.
Under SAFE Notice 75, PRC
residents are further required to repatriate into the PRC all of their dividends, profits or capital gains obtained from their shareholdings
in the offshore entity within 180 days of their receipt of such dividends, profits or capital gains. The registration and filing procedures
under SAFE Notice 75 are prerequisites for other approval and registration procedures necessary for capital inflow from the offshore
entity, such as inbound investments or shareholders loans, or capital outflow to the offshore entity, such as the payment of profits
or dividends, liquidating distributions, equity sale proceeds, or the return of funds upon a capital reduction. Therefore, failure to
comply with such registration may subject us to certain restrictions on, including but not limited to, the increase of the registered
capital of our PRC subsidiary, making loans to our PRC subsidiary, and making distributions to us from our on-shore companies.
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E. TAXATION
The following discussion
sets forth the material British Virgin Islands, PRC and U.S. federal income tax consequences of an investment in our ordinary shares
represented by our ADSs, sometimes referred to collectively as the "securities". It is based upon laws and relevant interpretations
thereof in effect as of the date of this report, all of which are subject to change. This discussion does not deal with all possible
tax consequences relating to an investment in the securities, such as the tax consequences under state, local and other tax laws. As
used in this discussion, "we," "our" and "us" refers only to Luokung Technology Corp..
British Virgin Islands Taxation
Under the laws of the British
Virgin Islands as currently in effect, a holder of the securities who is not a resident of the British Virgin Islands is not liable for
British Virgin Islands tax on dividends paid with respect to the securities and all holders of the securities are not liable to the British
Virgin Islands for tax on gains realized during that year on the sale or disposal of such ordinary shares. The British Virgin Islands
does not impose a withholding tax on dividends paid by a company incorporated or re-registered under the BVI Act.
There are no capital gains,
gift or inheritance taxes levied by the British Virgin Islands on companies incorporated under the BVI Act. In addition, shares of companies
incorporated under the BVI Act are not subject to transfer taxes, stamp duties or similar charges.
There is no income tax treaty
or convention currently in effect between the United States and the British Virgin Islands or between China and the British Virgin Islands.
People's Republic of China Taxation
In 2007, the PRC National
People's Congress enacted the new Enterprise Income Tax Law (the "EIT Law"), which became effective on January 1, 2008.
The new EIT Law imposes a single uniform income tax rate of 25% on all Chinese enterprises, including foreign-invested enterprises, and
levies a withholding tax rate of 10% on dividends payable by Chinese subsidiaries to their foreign shareholders unless any such foreign
shareholders' jurisdiction of incorporation has a tax treaty with China that provides for a different withholding agreement. Under
the new EIT Law, enterprises established outside China but deemed to have a "de facto management body" within the country
may be considered "resident enterprises" for Chinese tax purposes and, therefore, may be subject to an enterprise income
tax rate of 25% on their worldwide income. Pursuant to the implementation rules of the new EIT Law, a "de facto management body"
is defined as a body that has material and overall management control over the business, personnel, accounts and properties of the enterprise.
Although substantially all members of our management are located in China, it is unclear whether Chinese tax authorities would require
(or permit) us to be treated as PRC resident enterprises. If we are deemed a Chinese tax resident enterprise, we may be subject to an
enterprise income tax rate of 25% on our worldwide income, excluding dividends received directly from another Chinese tax resident enterprise,
as well as PRC enterprise income tax reporting obligations. If we are not deemed to be a Chinese tax resident enterprise, we may be subject
to certain PRC withholding taxes. See "Risk Factors — Risks Related to Doing Business in China — Our
holding company structure may limit the payment of dividends." As a result of such changes, our historical tax rates may not be
indicative of our tax rates for future periods and the value of our ADSs or ordinary shares may be adversely affected. If we are deemed
a PRC resident enterprise and investors' gain from the sales of the securities and dividends payable by us are deemed sourced from
China, such gains and dividends payable by us may be subject to PRC tax. See "Risk Factors — Risks Related to Doing
Business in China — If we were deemed a "resident enterprise" by PRC tax authorities, we could be subject
to tax on our global income at the rate of 25% under the New EIT Law and our non-PRC shareholders could be subject to certain PRC taxes.
96
United States Federal Income Taxation
General
The following is a discussion
of the material U.S. federal income tax consequences to an investor of purchasing, owning and disposing of our securities. This discussion
does not address any aspects of U.S. federal gift or estate tax or the state, local or non-U.S. tax consequences of an investment in
the securities.
YOU SHOULD CONSULT YOUR OWN
TAX ADVISORS CONCERNING THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES OF PURCHASING, OWNING AND DISPOSING OF THE SECURITIES
IN YOUR PARTICULAR SITUATION.
This discussion applies only
to those investors that purchase the securities in this offering and that hold the securities as capital assets within the meaning of
section 1221 of the Internal Revenue Code of 1986, as amended (the "Code"). This section does not apply to holders that may
be subject to special tax rules, including but not limited to:
1.
dealers in securities or
    currencies;
2.
traders in securities that
    elect to use a mark-to-market method of accounting;
3.
banks, insurance companies
    or certain financial institutions;
4.
tax-exempt organizations;
5.
governments or agencies
    or instrumentalities thereof;
6.
partnerships or other entities
    treated as partnerships or other pass-through entities for U.S. federal income tax purposes or persons holding the securities through
    such entities;
7.
regulated investment companies
    or real estate investment trusts;
8.
holders subject to the
    alternative minimum tax;
9.
holders that actually or
    constructively own 10% or more of the total combined voting power of all classes of our shares entitled to vote;
10.
holders that acquired the
    securities pursuant to the exercise of employee stock options, in connection with employee stock incentive plans or otherwise as
    compensation;
11.
holders that hold the securities
    as part of a straddle, hedging or conversion transaction; or
12.
holders whose functional
    currency is not the U.S. dollar.
This section is based on
the Code, its legislative history, existing and proposed U.S. Treasury regulations, published rulings and other administrative guidance
of the U.S. Internal Revenue Service (the "IRS") and court decisions, all as in effect on the date hereof. These laws are
subject to change or different interpretation by the IRS or a court, possibly on a retroactive basis.
We have not sought, and will
not seek, a ruling from the IRS as to any U.S. federal income tax consequence described herein. The IRS may disagree with the discussion
herein, and its determination may be upheld by a court. Moreover, there can be no assurance that future legislation, regulation, administrative
rulings or court decisions will not adversely affect the accuracy of the statements in this discussion.
The discussion below of the
U.S. federal income tax consequences to "U.S. Holders" will apply to a beneficial owner of the securities that is for U.S.
federal income tax purposes:
1.
a citizen or resident of
    the United States;
2.
a corporation (or other
    entity treated as a corporation) that is created or organized (or treated as created or
3.
organized) under the laws
    of the United States, any state thereof or the District of Columbia;
4.
an estate whose income
    is subject to U.S. federal income tax regardless of its source; or
97
5.
a trust if (a) a U.S. court
    can exercise primary supervision over the trust's administration and one or more U.S.
6.
persons are authorized
    to control all substantial decisions of the trust, or (b) if the trust has a valid election in effect under applicable U.S.
Treasury regulations to be
treated as a U.S. person.
If a beneficial owner of
the securities is not described as a U.S. Holder and is not an entity treated as a partnership or other pass-through entity for U.S.
federal income tax purposes, such owner will be considered a "Non-U.S. Holder." The material U.S. federal income tax consequences
applicable specifically to Non-U.S. Holders are described below under the heading "Tax Consequences to Non-U.S. Holders."
If a partnership (including
for this purpose any entity treated as a partnership for U.S. tax purposes) is a beneficial owner of the securities, the U.S. tax treatment
of a partner in the partnership generally will depend on the status of the partner and the activities of the partnership. A holder of
the securities that is a partnership or partners in such a partnership should consult their own tax advisors about the U.S. federal income
tax consequences of holding and disposing of the securities.
This discussion assumes that
any distributions made (or deemed made) on the securities and any consideration received by a holder in consideration for the sale or
other disposition of the securities will be in U.S. dollars.
Tax Consequences to U.S. Holders
Taxation of Distributions
Subject to the passive foreign
investment company, or PFIC, rules discussed below, the gross amount of any cash distributions we make with respect to a U.S. Holder
in respect of such U.S. Holder's shares will generally be treated as dividend income if the distributions are made from our current
or accumulated earnings and profits, calculated according to U.S. federal income tax principles. Cash dividends will generally be subject
to U.S. federal income tax as ordinary income on the day the U.S. Holder actually or constructively receives such income. With respect
to non-corporate U.S. Holders for taxable years beginning before January 1, 2011, dividends may be taxed at the lower applicable long-term
capital gains rate provided that (a) our shares are readily tradable on an established securities market in the United States, or, in
the event we are deemed to be a Chinese "resident enterprise" under the EIT Law (as described above under "People's
Republic of China Taxation"), we are eligible for the benefits of the income tax treaty between the United States and the PRC (the
"U.S.-PRC Tax Treaty"), (b) we are not a PFIC, as discussed below, for either the taxable year in which the dividend was
paid or the preceding taxable year, and (c) certain holding period requirements are met. Under published IRS authority, shares are considered
for purposes of clause (a) above to be readily tradable on an established securities market in the United States only if they are listed
on certain exchanges, which presently include the NASDAQ Capital Market. U.S. Holders should consult their own tax advisors regarding
the availability of the lower rate for any dividends paid with respect to our shares.
Dividends will not be eligible
for the dividends-received deduction allowed to U.S. corporations in respect of dividends received from other U.S. corporations. Generally,
if we distribute non-cash property as a dividend (other than pro rata distributions of our shares) out of our current or accumulated
earnings and profits (as determined for U.S. federal income tax purposes), a U.S. Holder generally will include in income an amount equal
to the fair market value of the property, on the date that it is distributed.
Distributions in excess of
current and accumulated earnings and profits, as determined for U.S. federal income tax purposes, will be treated as a non-taxable return
of capital to the extent of the U.S. Holder's basis in its shares and thereafter as capital gain. However, we do not plan on calculating
our earnings and profits in accordance with U.S. federal income tax principles. U.S. holders therefore should generally assume that any
distributions paid by us will be treated as dividends for U.S. federal income tax purposes.
If PRC taxes apply to dividends
paid by us to a U.S. Holder (see "People's Republic of China Taxation," above), such taxes may be treated as foreign
taxes eligible for credit against such holder's U.S. federal income tax liability (subject to certain limitations), and a U.S.
Holder may be entitled to certain benefits under the U.S.-PRC Tax Treaty. The rules relating to the U.S. foreign tax credit are complex.
U.S. Holders should consult their own tax advisors regarding the creditability of any such PRC tax and their eligibility for the benefits
of the U.S.-PRC Tax Treaty.
98
Taxation of Dispositions of Shares
Subject to the PFIC rules
discussed below, a U.S. holder that sells or otherwise disposes of its shares will recognize capital gain or loss for U.S. federal income
tax purposes equal to the difference between the amount realized and such U.S. Holder's tax basis in its shares. Prior to January
1, 2011, capital gains of a non-corporate U.S. holder are generally taxed at a maximum rate of 15% where the property is held for more
than one year (and 20% thereafter). The ability to deduct capital losses is subject to limitations.
If PRC taxes apply to any
gain from the disposition of our shares by a U.S. Holder, such taxes may be treated as foreign taxes eligible for credit against such
holder's U.S. federal income tax liability (subject to certain limitations), and a U.S. Holder may be entitled to certain benefits
under the U.S.-PRC Tax Treaty. U.S. Holders should consult their own tax advisors regarding the creditability of any such PRC tax and
their eligibility for the benefits of the U.S.-PRC Tax Treaty.
Passive Foreign Investment Company
We do not expect to be a
PFIC for U.S. federal income tax purposes for our current tax year or in the foreseeable future. The determination of whether or not
we are a PFIC in respect of any of our taxable years is a factual determination that cannot be made until the close of the applicable
tax year and that is based on the types of income we earn and the value and composition of our assets (including goodwill), all of which
are subject to change. Therefore, we can make no assurances that we will not be a PFIC in respect of our current taxable year or in the
future.
In general, we will be a
PFIC in any taxable year if either:
1.
at least 75% of our gross
    income for the taxable year is passive income; or
2.
at least 50% of the value,
    determined on the basis of a quarterly average, of our assets is attributable to assets that produce or are held for the production
    of passive income.
Passive income includes dividends,
interest, royalties, rents (other than certain rents and royalties derived in the active conduct of a trade or business), the excess
of gains over losses from certain types of transactions in commodities, annuities and gains from assets that produce passive income.
We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any corporation
in which we own, directly or indirectly, at least 25% (by value) of the stock.
If we are treated as a PFIC
in any year during which a U.S. Holder owns the securities, and such U.S. Holder did not make a mark-to-market election, as described
below, the U.S. Holder will be subject to special rules with respect to:
1.
any gain recognized by
    the U.S. Holder on the sale or other disposition of its shares; and any excess distribution that we make to the U.S. Holder (generally,
    the excess of the amount of any distributions to such U.S. Holder during a single taxable year of such U.S. Holder over 125% of the
    average annual distributions received by such U.S. Holder in respect of the shares during the three preceding taxable years of such
    U.S. Holder or, if shorter, such U.S. Holder holding period for the shares).
Under these rules:
2.
the gain or excess distribution
    will be allocated ratably over the U.S. Holder's holding period for the shares;
3.
the amount allocated to
    the U.S. Holder's taxable year in which it realized the gain or excess distribution or to the period in the U.S. Holder's
    holding period before the first day of our first taxable year in which we are a PFIC will be taxed as ordinary income;
4.
the amount allocated to
    other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed at the highest tax
    rate in effect for that year; and
5.
the interest charge generally
    applicable to underpayments of tax will be imposed in respect of the tax attributable to each such other taxable year of the U.S.
    Holder.
6.
Special rules apply for
    calculating the amount of the foreign tax credit with respect to excess distributions by a PFIC.
99
Alternatively, if a U.S.
Holder, at the close of its taxable year, owns ordinary shares in a PFIC that are treated as marketable stock, the U.S. Holder may make
a mark-to-market election with respect to such shares for such taxable year. Our shares will be "marketable" to the extent
that they remain regularly traded on a national securities exchange, such as the NASDAQ Capital Market. If a U.S. Holder makes this election
in a timely fashion, it will not be subject to the PFIC rules described above. Instead, in general, the U.S. Holder will include as ordinary
income each year the excess, if any, of the fair market value of its shares at the end of the taxable year over its adjusted basis in
its shares. Any ordinary income resulting from this election would generally be taxed at ordinary income tax rates and would not be eligible
for the reduced rate of tax applicable to qualified dividend income. The U.S. Holder will also be allowed to take an ordinary loss in
respect of the excess, if any, of the adjusted basis of its shares over the fair market value at the end of the taxable year (but only
to the extent of the net amount of previously included income as a result of the mark-to-market election). The U.S. Holder's basis
in the shares will be adjusted to reflect any such income or loss amounts. U.S. Holders should consult their own tax advisor regarding
potential advantages and disadvantages of making a mark-to-market election with respect to their shares.
Alternatively, a U.S. Holder
of stock in a PFIC may avoid the PFIC tax consequences described above in respect to our or shares by making a timely "qualified
electing fund" election to include in income its pro rata share of our net capital gains (as long-term capital gain) and other
earnings and profits (as ordinary income), on a current basis, in each case whether or not distributed, in the taxable year of the U.S.
Holder in which or with which our taxable year ends. However, the qualified electing fund election is available only if the PFIC provides
such U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury regulations.
We do not intend to furnish the information that a U.S. Holder would need in order to make a qualified electing fund election. Therefore,
U.S. Holders will not be able to make or maintain such election with respect to their or shares.
If a U.S. Holder owns our
shares or during any year that we are a PFIC, such holder must file U.S. Internal Revenue Service Form 8621 regarding such holder's
shares or and the gain realized on the disposition of the shares. The reduced tax rate for dividend income, discussed in "Taxation
of Distributions," is not applicable to dividends paid by a PFIC. U.S. Holders should consult with their own tax advisors regarding
reporting requirements with respect to their shares.
Tax Consequences to Non-U.S. Holders
Dividends paid to a Non-U.S.
Holder in respect of our or shares generally will not be subject to U.S. federal income tax, unless the dividends are effectively connected
with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax
treaty, are attributable to a permanent establishment or fixed base that such holder maintains in the United States).
In addition, a Non-U.S. Holder
generally will not be subject to U.S. federal income tax on any gain attributable to a sale or other disposition of our or shares unless
such gain is effectively connected with its conduct of a trade or business in the United States (and, if required by an applicable income
tax treaty, is attributable to a permanent establishment or fixed base that such holder maintains in the United States) or the Non-U.S.
Holder is an individual who is present in the United States for 183 days or more in the taxable year of sale or other disposition and
certain other conditions are met (in which case, such gain from United States sources generally is subject to tax at a 30% rate or a
lower applicable tax treaty rate).
Dividends and gains that
are effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States (and, if required by an
applicable income tax treaty, are attributable to a permanent establishment or fixed base in the United States) generally will be subject
to tax in the same manner as for a U.S. Holder and, in the case of a Non-U.S. Holder that is a corporation for U.S. federal income tax
purposes, may also be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.
100
Information Reporting and Backup Withholding
In general, information reporting
for U.S. federal income tax purposes generally should apply to distributions made on the securities within the United States to a non-corporate
U.S. Holder and to the proceeds from sales and other dispositions of the securities by a non-corporate U.S. Holder to or through a U.S.
office of a broker. Payments made (and sales and other dispositions effected at an office) outside the United States generally should
be subject to information reporting in limited circumstances.
Dividend payments made to
U.S. Holders and proceeds paid from the sale or other disposition the securities may be subject to information reporting to the IRS and
possible U.S. federal backup withholding at a current rate of 28%. Certain exempt recipients, such as corporations, are not subject to
these information reporting requirements. Backup withholding will not apply to a U.S. Holder who furnishes a correct taxpayer identification
number and makes any other required certification, or who is otherwise exempt from backup withholding. U.S. Holders who are required
to establish their exempt status must provide a duly executed IRS Form W-9.
A Non-U.S. Holder generally
may eliminate the requirement for information reporting and backup withholding by providing certification of its foreign status, under
penalties of perjury, on a duly executed applicable IRS Form W-8 or by otherwise establishing an exemption.
Backup withholding is not
an additional tax. Rather, the amount of any backup withholding will be allowed as a credit against a U.S. Holder's or a non-U.S.
Holder's U.S. federal income tax liability and may entitle such holder to a refund, provided that certain required information
is timely furnished to the IRS.
PROSPECTIVE PURCHASERS OF
OUR SECURITIES SHOULD CONSULT WITH THEIR OWN TAX ADVISORS REGARDING THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR
SITUATIONS AS WELL AS ANY ADDITIONAL TAX CONSEQUENCES RESULTING FROM PURCHASING, HOLDING OR DISPOSING OF OUR SECURITIES, INCLUDING THE
APPLICABILITY AND EFFECT OF THE TAX LAWS OF ANY STATE, LOCAL OR NON-U.S. JURISDICTION, INCLUDING ESTATE, GIFT, AND INHERITANCE LAWS AND
APPLICABLE TAX TREATIES.
F. DIVIDENDS AND PAYING
AGENTS.
Not applicable.
G. STATEMENT BY EXPERTS.
None.
H. DOCUMENTS ON DISPLAY.
We are subject to certain
of the information reporting requirements of the Securities and Exchange Act of 1934, as amended. As a foreign private issuer we
are exempt from the rules and regulations under the Securities Exchange Act prescribing the furnishing and content of proxy
statements, and our officers, directors and principal shareholders are exempt from the reporting and "short-swing" profit
recovery provisions contained in Section 16 of the Securities Exchange Act, with respect to their purchase and sale of our shares. In
addition, we are not required to file reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose
securities are registered under the Securities Exchange Act. Nasdaq rules generally require that companies send an annual report
to shareholders prior to the annual general meeting, however we rely upon an exception under the Nasdaq rules. Specifically, we file
annual reports on Form 20-F, which contain financial statements audited by an independent accounting firm, electronically with the SEC
and post a copy on our website.
The SEC maintains a website
that contains reports, proxy and information statements and other information regarding registrants that file electronically with the
SEC, and our SEC reports can be viewed or downloaded there. The address of this web site is http://www.sec.gov. In addition, information
that we furnish or file with the SEC, including annual reports on Form 20-F, current reports on Form 6-K, proxy and information statements
and any amendments to, or exhibits included in, those reports are available to be viewed or download, free of charge, on our website
at http://www.luokung.com as soon as reasonably practicable after such materials are filed or furnished with the SEC. Information contained,
or that can be accessed through, our website does not constitute a part of this annual report and is not incorporated by reference herein,
and we have included our website address in this annual report solely for informational purposes.
I. SUBSIDIARY INFORMATION
For a listing of our subsidiaries,
see "Item 4. Information on the Company – C. Organizational Structure."
101
ITEM 11. QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK.
Interest Rate Risk
As of December 31, 2022,
we had a loan from Geely Technology which bears interest at a fixed rate of 8% per annum. If we borrow money with variable interest in
future periods, we may be exposed to interest rate risk. Our exposure to market risk for changes in interest rates relates primarily
to the interest income generated by our cash deposits with our banks. We have not used any derivative financial instruments in our investment
portfolio. Interest earning instruments carry a degree of interest rate risk. We have not been exposed, nor do we anticipate being exposed
to material risks due to changes in interest rates. However, our future interest income may fall short of expectations due to changes
in interest rates.
Foreign Exchange Risk
Translation adjustments amounted
to a $2,204,206 gain and $58,700 loss for the fiscal years ended December 31, 2022 and 2021, respectively. The Company translated balance
sheet amounts with the exception of equity at December 31, 2022 at RMB 6.9646 to $1.00 as compared to RMB6.3757 to $1.00 at December
31, 2021-. The Company stated equity accounts at their historical rate. The average translation rates applied to income statement accounts
for the fiscal years ended December 31, 2022 and 2021 were RMB 6.7261 and RMB6.4515 to US$1.00, respectively. So far, the PRC government
has been able to manage a stable exchange rate between RMB and the U.S. Dollar. Our future downward translation adjustments may occur
and can be significant due to changes in such exchange rate.
If we decide to convert our
RMB into U.S. dollars for the purpose of making payments for dividends on our ordinary shares or for other business purposes, appreciation
of the U.S. dollar against the RMB would have a negative effect on the U.S. dollar amount available to us.
The PRC government imposes
strict restrictions on PRC resident companies regarding converting RMB into foreign currencies and vice versa under capital account transactions,
such as receiving equity investments from outside of the PRC, making equity investments outside of the PRC, borrowing money from or lending
money outside of the PRC, and repaying debt or remitting liquidated assets and/or accumulated profits outside of the PRC. These transactions
have to be approved by the relevant PRC government authorities, including but not limited to the commerce bureau, the tax bureau and
the State Administration of Foreign Exchange, or SAFE, and have to be conducted at banks entrusted by the local SAFE branch. As our business
continues to grow, we may need to continuously finance our PRC subsidiaries by raising capital from outside of the PRC. The restriction
on converting RMB into foreign currencies, and vice versa, may limit our ability to use capital resources from outside of the PRC. Such
restrictions may also limit our ability to remit profits from our PRC subsidiaries outside of the PRC, therefore potentially limiting
our ability to pay dividends to our shareholders. In addition, such restrictions will limit our ability to freely transfer temporary
excess cash in our or our subsidiaries' bank accounts in and out of the PRC, therefore limiting our ability to conduct cross-border
cash management activities to optimize the utilization of our cash.
Inflation
Although China has experienced
an increasing inflation rate, inflation has not had a material impact on our results of operations in recent years. According to the
National Bureau of Statistics of China, the change in the consumer price index in China was 0.46%, (0.77%), and 1.16% in 2001, 2002 and
2003, respectively. However, in connection with a 3.9% increase in 2004, the PRC government announced measures to restrict lending and
investment in China in order to reduce inflationary pressures in China's economy. Following the government's actions, the
consumer price index decreased to 1.8% in 2005 and to 1.5% in 2006. In 2007, the consumer price index increased to 4.8%. In response,
China's central bank, the People's Bank of China, announced that the bank reserve ratio would rise half a percentage point
to 15.5% in an effort to reduce inflation pressures. China's consumer price index growth rate reached 8.7% year over year in 2008.
In 2009 and 2010, the change in the consumer price index in China was minus 0.7% and 3.3%.
China consumer price index
in December 2022 was 1.8% higher than that of the same period in 2021. China consumer price index in December 2021 was 9.1% higher than
that of the same period in 2020. China consumer price index in December 2020 was 6.7% higher than that of the same period in 2019. China
consumer price index in December 2019 was 2.6% higher than that of the same period in 2018.China consumer price index in December 2018
was 0.1% lower than that of the same period in 2017. The results of the PRC government's actions to combat inflation are difficult
to predict. Adverse changes in the Chinese economy, if any, will likely impact the financial performance of a variety of industries in
China that use, or would be candidates to use, our software products and services.
102
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.
103
PART II
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES
AND DELINQUENCIES.
None.
ITEM 14. MATERIAL MODIFICATIONS TO THE
RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS.
Not applicable.
ITEM 15. CONTROLS AND PROCEDURES.
Disclosure Controls and Procedures
Our Chief Executive Officer
and Chief Financial Officer have reviewed and evaluated the effectiveness of our disclosure controls and procedures, which included inquiries
made to certain other of our employees. The term "disclosure controls and procedures," as defined in Rules 13a-15(e) and
15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required
to be disclosed by a company in the reports, such as this report, that it files or submits under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include,
without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports
that it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its principal
executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes
that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their
objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have each concluded that, as of December 31, 2022,
the Company's disclosure controls and procedures were not effective due to the material weakness described in the "Management's
Report on Internal Control over Financial Reporting" section below. However, we performed adequate analyses and procedures, including
among other things, transaction reviews and account reconciliations, in order to provide assurance that our consolidated financial statements
included in this annual report were prepared in accordance with U.S. GAAP and present fairly, in all material respects, our financial
position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP.
Management's 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 Exchange Act Rules 13a-15(f)
and 15d-15(f). Internal control over financial reporting refers to the process designed by, or under the supervision of, our principal
executive officer and principal financial officer, and effected by our Board of Directors, management and other personnel, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with U.S. GAAP and includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable
detail accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that receipts
and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's
assets that could have a material effect on the financial statements.
Any system of internal control,
no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable
assurance with respect to financial statement preparation and presentation. Because of the inherent limitations of internal control,
there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting.
However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the
process safeguards to reduce, though not eliminate, this risk.
Management assessed our internal
control over financial reporting as of December 31, 2022. In making this assessment, management used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) in the report entitled "Internal Control-Integrated Framework (2013)."
The COSO framework summarizes each of the components of a company's internal control system, including (i) the control environment,
(ii) risk assessment, (iii) control activities, (iv) information and communication, and (v) monitoring. Based on such assessment, management
concluded that its internal control over financial reporting as of December 31, 2022 was not effective because of the following material
weakness:
Lack of U.S. GAAP expertise.
Although our accounting personnel are professional and experienced in accounting requirements and procedures generally accepted in the
PRC, they do not have sufficient knowledge, experience and training in maintaining our books and records and preparing financial statements
in accordance with U.S. GAAP and SEC rules and regulations. The staff needs additional training to become experienced in U.S. GAAP-based
reporting, including the skills of U.S. GAAP-based period end closing, consolidation of financial statements, and U.S. GAAP conversion.
104
In order to address the above
material weakness, our management plans to take the following steps:
We will employ, as needed,
outside professionals to provide key accounting personnel ongoing technical trainings to ensure their proper understanding of U.S. GAAP
and newly announced accounting standards.
The Company believes the
foregoing measures will remediate the identified material weakness in future periods. The Company is committed to monitoring the effectiveness
of these measures and making any changes that are necessary and appropriate.
However, giving full consideration
to the material weaknesses described above, our Chief Executive Officer and Chief Financial Officer performed adequate analyses and procedures,
including among other things, transaction reviews and account reconciliations, in order to provide assurance that our consolidated financial
statements included in this annual report were prepared in accordance with U.S. GAAP and present fairly, in all material respects, our
financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP.
Attestation Report of Independent Registered
Public Accounting Firm
The effectiveness of our
internal control over financial reporting as of December 31, 2022 has been audited by MSPC Certified Public Accountants and Advisors,
A Professional Corporation, an independent registered public accounting firm. The related report to our shareholders and our Board of
Directors appears on F-6 of this Report.
Changes in Internal Control over Financial
Reporting
There were no changes in
the Company's internal control over financial reporting that occurred during our fiscal year ended December 31, 2022 that has materially
affected or is reasonably likely to materially affect our internal control over financial reporting.
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT.
Our board of directors has
determined that Ms. Yang Zhou qualifies as an audit committee financial expert. Our board of directors has determined that Ms. Yang Zhou,
Messrs. David Wei Tang, Jin Meng Bryan Yap and Zhihao Xu meet the definition of an "independent director" under the applicable
NASDAQ Rules and under Rule 10A-3 of the Securities Exchange Act of 1934, as amended.
ITEM 16B. CODE OF ETHICS.
Our board of directors has
adopted a code of business conduct and ethics applicable to our directors, officers and employees. We have posted the code on our website
at http://www.luokung.com.
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND
SERVICES.
Audit Fees
The following is a summary
of the fees billed to the Company by its principal independent registered accounting firm for professional services rendered for the
years ended December 31, 2022 and 2021 (in US dollars):
Year Ended
December 31,
2022
2021
Audit Fees
$
$
MSPC
440,000
430,000
Audit-Related Fees
MSPC
80,000
80,000
TOTAL
$
520,000
$
510,000
105
"Audit Fees"
consisted of the aggregate fees billed for professional services rendered for the audit of our annual financial statements and the reviews
of the financial statements included in our Forms 20-F and for any other services that were normally provided in connection with our
statutory and regulatory filings or engagements.
"Audit Related Fees"
consisted of the aggregate fees billed for professional services rendered for assurance and related services that were reasonably related
to the performance of the audit or review of our financial statements and were not otherwise included in Audit Fees.
Tax Fees
We did not engage our principal
accountants to provide tax or related services during the last two fiscal years.
All Other Fees
We did not engage our principal
accountants to render services to us during the last two fiscal years, other than as reported above.
ITEM 16D. EXEMPTIONS FROM THE LISTING
STANDARDS FOR AUDIT COMMITTEES.
Not applicable.
ITEM 16E. PURCHASES OF EQUITY SECURITIES
BY THE ISSUER AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 16F. CHANGE IN REGISTRANT'S
CERTIFYING ACCOUNTANT.
Not applicable.
ITEM 16G. CORPORATE GOVERNANCE.
The Company's corporate
governance practices do not differ from those followed by domestic companies listed on the NASDAQ Capital Market other than disclosed
below.
NASDAQ Listing Rule 5620(a)
requires each issuer to hold an annual meeting of shareholders no later than one year after the end of the issuer's fiscal year
end. However, NASDAQ Listing Rule 5615(a)(3) permits a foreign private issuer like us to follow home country practices in lieu of certain
requirements of Listing Rule 5600, provided that such foreign private issuer discloses in its annual report filed with the SEC each requirement
of Rule 5600 that it does not follow and describes the home country practice followed in lieu of such requirement. We follow home country
practice with respect to annual meetings and did not hold an annual shareholder meeting in the year ended December 31, 2021. We may,
however, hold annual shareholder meetings in the future if there are significant issues that require shareholders' approvals.
NASDAQ Listing Rule 5635
generally provides that shareholder approval is required of U.S. domestic companies listed on the NASDAQ Capital Market prior to issuance
(or potential issuance) of securities (i) equaling 20% or more of the company's common stock or voting power for less than the
greater of market or book value (ii) resulting in a change of control of the company; and (iii) which is being issued pursuant to a stock
option or purchase plan to be established or materially amended or other equity compensation arrangement made or materially amended.
Notwithstanding this general requirement, NASDAQ Listing Rule 5615(a)(3)(A) permits foreign private issuers to follow their home country
practice rather than these shareholder approval requirements. The British Virgin Islands do not require shareholder approval prior to
any of the foregoing types of issuances. The Company, therefore, is not required to obtain such shareholder approval prior to entering
into a transaction with the potential to issue securities as described above. The Board of Directors of the Company has elected to follow
the Company's home country rules as to such issuances and will not be required to seek shareholder approval prior to entering into
such a transaction.
ITEM 16H. MINE SAFETY DISCLOSURE.
Not applicable.
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS
THAT PREVENT INSPECTIONS.
Not applicable.
106
PART III
ITEM 17. FINANCIAL STATEMENTS.
We have elected to provide
financial statements and related information specified in Item 18.
ITEM 18. FINANCIAL STATEMENTS.
See "Index to Consolidated
Financial Statements" for a list of all financial statements filed as part of this annual report. The Financial Statements
begin on page F-1.
ITEM 19. EXHIBITS.
See the Exhibit Index following
the signature page of this report, which is incorporated herein by reference.
107
SIGNATURES
The registrant hereby certifies
that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign
this annual report on its behalf.
LUOKUNG TECHNOLOGY CORP.
By:
/s/
    Xuesong Song
Xuesong Song
Chief Executive Officer
(principal executive officer)
May 15, 2023
108
INDEX
The following documents are
filed as part of this annual report on Form 20-F.
Exhibit
Number
Description
1.1
Amended and Restated Memorandum of Association and Articles of Association of Luokung Technology Corp., as currently in effect. [Incorporated by reference to Exhibit 1.1 to the Company's Annual Report on Form 20-F filed on June 29, 2020].
2.1*
Deposit Agreement among the Company, depositary and holders of the American Depositary Receipts.
2.2
Form of American Depositary Receipt. [Incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form F-1 (Reg. No. 333-166056)].
2.3*
English translation of Entrusted Management Agreement dated December 15, 2009 between Xi'an Softech Co., Ltd., Xi'an Kingtone Information Technology Co., Ltd. and the shareholders of Xi'an Kingtone Information Technology Co., Ltd.
2.4
Description of Registrant's Securities [Incorporated by reference to Exhibit 2.4 to the Company's Annual Report on Form 20-F filed on May 14, 2021]
4.1*
Asset Exchange Agreement by and between C Media Limited and the Company dated as of January 25, 2018.
4.2*
Securities Purchase Agreement by and among Redstone YYL Management Limited and five shareholders holding majority of the shares of the Company dated as of January 25, 2018.
4.3**
Exclusive Business Cooperation Agreement by and between Zhongchuan Tianxia Information Technology (Shenzhen) Co., Ltd., and Beijing Mobile Vision Technology Co., Ltd., dated August 31, 2015.
4.4**
Exclusive Option Agreement by and among Zhongchuan Tianxia Information Technology (Shenzhen) Co., Ltd., Xuesong Song, Weili Chen, Ping Wang, Donglai Liu, and Beijing Mobile Vision Technology Co., Ltd., dated August 31, 2015.
4.5**
Equity Interest Pledge Agreement by and among Zhongchuan Tianxia Information Technology (Shenzhen) Co., Ltd., Xuesong Song, Weili Chen, Ping Wang, Donglai Liu, and Beijing Mobile Vision Technology Co., Ltd., dated August 31, 2015.
4.6
Addendum to Asset Exchange Agreement by and among the Company, Topsky Info-tech Holdings Pte Ltd. and C Media Limited, dated October 3, 2018. [Incorporated by reference to Exhibit 10.1 to the Company's Report of Foreign Private Issuer on Form 6-K filed on October 4, 2018].
4.7
Stock Purchase Agreement, dated August 25, 2018, by and among the Company, LK Technology Ltd., and the shareholders listed therein. [Incorporated by reference to Exhibit 4.1 to the Company's Report of Foreign Private Issuer on Form 6-K filed on August 27, 2018].
4.8**
Power of Attorney by Weili Chen, dated August 31, 2015.
4.9**
Power of Attorney by Ping Wang, dated August 31, 2015.
4.10**
Power of Attorney by Donglai Liu, dated August 31, 2015.
4.11**
Power of Attorney by Xuesong Song, dated August 31, 2015.
4.12**
Employment Agreement, dated August 19, 2018, between Luokung Technology Corp. and Xuesong Song.†
4.13**
Amendment to Employment Agreement, dated August 19, 2018, between Luokung Technology Corp. and Xuesong Song.† [Incorporated by reference to Exhibit 99.1 to the Company's Report of Foreign Private Issuer on Form 6-K filed on June 15, 2021].
4.14**
Employment Agreement, dated August 19, 2018, by and between Luokung Technology Corp. and Jie Yu.†
4.15
Securities Purchase Agreement with Honbridge Holdings Limited. [Incorporated by reference to Exhibit 4.1 to the Company's Report of Foreign Private Issuer on Form 6-K filed on January 17, 2019].
109
Exhibit
Number
Description
4.16
Share Purchase Agreement as to the acquisition of Saleya. [Incorporated by reference to Exhibit 99.1 to the Company's Report of Foreign Private Issuer on Form 6-K filed on September 13, 2019].
4.17
Supplemental Agreement as to the acquisition of Saleya. [Incorporated by reference to the Company's Report of Foreign Private Issuer t on Form 6-K filed on October 17, 2019.]
4.18
English translation of Share Subscription Agreement with Geely Technology Group Co., Ltd. [Incorporated by reference to Exhibit 4.29 to the Company's Annual Report on Form 20-F filed on June 29, 2020].
4.19
English translation of Loan Agreement with Hangzhou Maijie Investment Co., Ltd. [Incorporated by reference to Exhibit 4.30 to the Company's Annual Report on Form 20-F filed on June 29, 2020].
4.20
Securities Purchase Agreement with Acuitas Capital, LLC. [Incorporated by reference to Exhibit 99.1 to the Company's Report of Foreign Private Issuer on Form 6-K filed on December 3, 2019].
4.21
Warrant Agreement with Acuitas Capital, LLC. [Incorporated by reference to Exhibit 99.2 to the Company's Report of Foreign Private Issuer  on Form 6-K filed on December 3, 2019].
4.22
2018 Omnibus Incentive Plan of the Company. [Incorporated by reference to the Company's Report of Foreign Private Issuer  on Form S-8 filed on April 17, 2020].
4.23
English translation of Preferred Stock Subscription Agreement and Supplemental Agreement with Daci Haojin Foundation Limited. [Incorporated by reference to Exhibit 4.34 to the Company's Annual Report on Form 20-F filed on June 29, 2020].
4.24
English translation of Share Purchase Agreement dated as of March 29, 2022 with iTraffic, Inc. [Incorporated by reference to Exhibit 99.1 to the Company's Report of Foreign Private Issuer on Form 6-K filed on April 1, 2022].
8.1
List of Subsidiaries and Consolidated Variable Interest Entities
11.1
Code of Business Conduct and Ethics. [Incorporated by reference to Exhibit 11.1 to the Company's Annual Report on Form 20-F filed on April 24, 2019].
12.1
Certification of Chief Executive Officer required by Rule 13a-14(a).
12.2
Certification of Chief Financial Officer required by Rule 13a-14(a).
13.1
Certification of Chief Executive Officer required by Rule 13a-14(a).
13.2
Certification of Chief Financial Officer required by Rule 13a-14(a).
15.1
Consent of MSPC
15.2
Consent of Moore Stephens CPA Limited
101.INS
Inline XBRL Instance Document.
101.SCH
Inline XBRL Taxonomy Extension
    Schema Document.
101.CAL
Inline XBRL Taxonomy Extension
    Calculation Linkbase Document.
101.DEF
Inline XBRL Taxonomy Extension
    Definition Linkbase Document.
101.LAB
Inline XBRL Taxonomy Extension
    Label Linkbase Document.
101.PRE
Inline XBRL Taxonomy Extension
    Presentation Linkbase Document.
104
Cover Page Interactive
    Data File (formatted as Inline XBRL and contained in Exhibit 101).
*
Previously
filed as exhibits to the Company's Annual Report on Form 20-F filed with the Commission on February 9, 2018 and incorporated
herein by reference.
**
Previously
filed as exhibits to the Company's Annual Report on Form 20-F filed with the Commission on October 12, 2018
†
Indicates
management contract or compensatory plan, contract or arrangement.
110
Luokung Technology Corp. and Subsidiaries
CONSOLIDATED FINANCIAL STATEMENTS
TABLE OF CONTENTS
Page(s)
Reports of Independent Registered Public Accounting Firms
F-2 - F-10
Consolidated
    Financial Statements
Consolidated Balance Sheets
F-11
Consolidated Statements of Operations and Comprehensive Loss
F-12
Consolidated Statements of Changes in Shareholders' Equity
F-13
Consolidated Statements of Cash Flows
F-14
Notes to Consolidated Financial Statements
F-15
    - F-39
F-
1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and
Stockholders of Luokung Technology Corp.
Opinion on the Consolidated
Financial Statements
We have audited the accompanying consolidated
balance sheets of Luokung Technology Corp. and Subsidiaries (the "Company") as of December 31, 2022 and 2021, and the related
consolidated statements of operations and comprehensive loss, changes in stockholders' equity, and cash flows for the years then
ended, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial
statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results
of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United
States of America.
We also have audited, in accordance with
the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial
reporting as of December 31, 2022 and 2021, based on criteria established in
Internal Control—Integrated Framework (2013)
issued
by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated May 15, 2023, expressed an adverse
opinion.
The Company's Ability to Continue
as a Going Concern
The accompanying financial statements
have been prepared assuming the Company will continue as a going concern. As discussed in Note 2 to the accompanying financial statements,
the Company has suffered recurring losses from operations and has net current liabilities of $50,005,942 as of December 31, 2022 that
raise substantial doubt about the Company's ability to continue as a going concern. Management's evaluation of the events
and conditions and management's plans in regard these matters are also described in Note 2. The financial statements do not include
any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These consolidated financial statements
are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated
financial statements based on our audits. We are a public accounting firm registered with the 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.
www.mspc.cpa
An independent firm associated with
340 North Avenue, Cranford, NJ 07016-2496
908 272-7000
Moore Global Network Limited
546 5
th
Avenue, 6th Floor, New York, NY
    10036-5000
212 682-1234
F-
2
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.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated
below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to
be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters
does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the
critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they
relate.
Valuation of Goodwill and Intangible Assets
Critical Audit Matter Description
As reflected in the Company's consolidated
financial statements, as of December 31, 2022, the Company's goodwill and intangible assets were $80,294,407 and $87,659,719, respectively.
As disclosed in Note 2 to the consolidated financial statements, goodwill is tested for impairment at least annually or more frequently
if indicators of impairment require the performance of an interim impairment assessment and intangible assets are tested for impairment
when events and circumstances exist that indicate the carrying value of intangibles may not be recoverable.
Auditing management's valuation
of goodwill and intangible assets was complex and highly judgmental due to the significant measurement uncertainty in determining the
fair values of the reporting units for purpose of goodwill valuation and the undiscounted estimated future cash flows that are directly
associated with and expected to arise from the use of such intangible assets of the reporting units. In particular, the fair value estimates
of the reporting units were sensitive to changes in significant assumptions such as discount rates, revenue growth rates, operating margins,
estimated spend on capital expenditures, terminal growth rates and selection of the weighted average cost of capital. The undiscounted
estimated future cash flows for intangible assets of reporting units were sensitive to significant assumptions such as revenue growth
rates, operating margins, estimated spend on capital expenditures. These assumptions are affected by expected future market or economic
conditions.
How We Addressed the Matter in Our Audit
Our audit procedures related to valuation
of goodwill and intangible assets to address this critical audit matter included the following, among others:
●
We obtained an understanding and evaluated the operating
design effectiveness of controls over the Company's goodwill and intangible assets valuation process.
●
We
evaluated reasonableness of valuation methodologies and the significant assumptions and underlying data used by the Company, including
forecasted revenue based on expected growth rate, new contracts,, new product launches and operating margins
F-
3
Assessment of Realizability of Deferred
Tax Assets
Critical Audit Matter Description
As discussed in Note 4
to the consolidated financial statements, the Company records a valuation allowance based on the assessment of the realizability of the
Company's deferred tax assets. For the year-ended December 31, 2022, the Company had deferred tax assets before valuation allowances
of $25,506,592.
Auditing management's assessment
of recoverability of deferred tax assets involved subjective estimation and complex auditor judgment in determining whether sufficient
future taxable income, including projected pre-tax income, will be generated to support the realization of the existing deferred tax assets
before expiration.
How We Addressed the Matter in Our Audit
Our audit procedures related
to assessment of realizability of deferred tax assets to address this critical audit matter included the
following,
among others:
●
We
                                            evaluated the assumptions used by the Company to develop projections of future taxable income,
                                            including pre-tax income, by income tax jurisdiction and tested the completeness and accuracy
                                            of the underlying data used in the projections. For example, we compared the projections
                                            of pre-tax income with the actual results of prior periods, as well as management's
                                            consideration of current industry and economic trends.
●
We
                                            also compared the projections of future pre-tax income with other forecasted financial information
                                            prepared by the Company.
●
We
                                            reviewed management's estimate of the realizability of the deferred tax asset for reasonableness.
Allowance
for Expected Credit Losses
Critical
Audi
t Matter Description
At December 31, 2022, the Company's accounts
receivable and other receivables were $28,383,755 and $49,048,118, respectively, and the allowances for expected credit loss reserve ("ECL")
related to the accounts receivable and other receivables balances were $21,100,189 and $14,546,581, respectively. As explained in Note
2 to the consolidated financial statements, the Company estimates its ECL primarily using an expected loss model that considers the likelihood
of default and expected loss given default for an individual customer or other debtors.
Auditing the ECL is highly subjective
due to the judgmental nature of the model and the underlying assumptions required to estimate expected credit losses as of the balance
sheet date. For example, estimating the ECL required significant judgment with respect to various factors, including (i) the appropriate
historical bad debt loss reference data, (ii) the expected timing of collection, (iii) calibration of the likelihood of default to reflect
the risk characteristics of the Company's receivable portfolio and (iv) the Company's current and future view of the macroeconomic
environment.
F-
4
How
We
Addressed the Matter in Our Audit
Our
audit procedures related to allowance for expected credit losses to address this critical audit matter included the following, among
others:
●
We
                                            obtained an understanding of the Company's controls over the allowance for expected
                                            credit losses process, including management's review and approval of models used to
                                            calculate the estimate and the evaluation of the completeness and accuracy of data inputs,
                                            assumptions, and outputs of those models.
●
We
                                            examined the quantitative model methodology, assumptions used, and clerical accuracy of the
                                            segmentation level loss estimates.
●
We
                                            evaluated the inputs used by management in determining the qualitative adjustments for consistency
                                            with management's evaluation framework and macro-economic trends.
●
We
                                            reviewed subsequent events and transactions to determine if these had any effects on the
                                            Company's estimates.
●
We
                                            also assessed the adequacy of disclosures related to the allowance for credit losses.
Going
Concern
Critical
Audit Matter Description
The
consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Managemen
t's
plans for addressing going concern matter are described in Note 2.
We determined the Company's ability
to continue as a going concern is a critical audit matter due to the estimation and uncertainty regarding the Company's future cash
flows and the risk of bias in management's judgments and assumptions in estimating these cash flows.
How We Addressed the Matter in Our Audit
Our aud
it
procedures related to the Company's assertion on its ability to continue as a going concern included the following, among others:
●
We
                                            identified the conditions and events noted above that indicate there is substantial doubt
                                            about the Company's ability to continue as a going concern.
●
We
                                            evaluated management's plans in connection with its intent to raise additional debt and equity
                                            financing and reviewed management's forecasted revenue, operating expenses, and uses and
                                            sources of cash used in management's assessment of whether the Company has sufficient
                                            liquidity to fund operations for at least one year from the consolidated financial statement
                                            issuance date.
●
We
                                            also reviewed and evaluated the consolidated financial statement presentation and disclosure
                                            regarding the substantial doubt about the ability of the Company to continue as a going concern.
MS
PC
Certified Public Accountants and Advisors,
A Professional Corporation
New York, New York
May 15, 2023
We have served as the Company's auditor since 2021
PCAOB ID : 717
F-
5
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and
Stockholders of Luokung
Technology Corp.
Adverse Opinion on Internal Control
over Financial Reporting
We have audited Luokung Technology Corp.'s
and Subsidiaries (the Company's) internal control over financial reporting as of December 31, 2022, based on criteria established in
Internal
Control— Integrated Framework (2013)
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, because of the effect of the material weakness described in the following paragraph on the achievement of the objectives
of the control criteria, the Company has not maintained effective internal control over financial reporting as of December 31, 2022, based
on criteria established in
Internal Control—Integrated Framework (2013)
issued by COSO.
A material weakness is a control deficiency,
or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material
misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. The following
material weakness has been identified and included in management's assessment.
Company personnel responsible
for financial reporting lack sufficient US GAAP knowledge and the Company does not have a formal system of internal control that would
provide management with reasonable assurance that the Company's consolidated financial statements and related disclosures, including
subsequent events, are complete and presented in accordance with US GAAP. This material weakness was considered in determining the nature,
timing, and extent of audit tests applied in our audit of the 2022 consolidated financial statements, and this report does not affect
our report dated May 15, 2023, on those consolidated financial statements.
We also have audited, in accordance with
the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet and the related
consolidated statements of operations and comprehensive loss, changes in stockholders' equity, and cash flows of the Company, and our
report dated May 15, 2023, expressed an unqualified opinion.
Basis for Opinion
The Company's management is responsible
for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over
financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility
is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm
registered with the 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.
www.mspc.cpa
An independent firm associated with
340 North Avenue, Cranford, NJ 07016-2496
908 272-7000
Moore Global Network Limited
546 5
th
Avenue, 6th Floor, New York, NY
    10036-5000
212 682-1234
F-
6
We conducted our audit
in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control
over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed
risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit
provides a reasonable basis for our opinion.
Definition and Limitations
of Internal Control over Financial Reporting
A company's internal control over financial
reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
consolidated financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal
control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use, or disposition of the company's assets that could have a material effect on the consolidated financial statements.
Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, 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.
MS
PC
Certified Public Accountants and Advisors,
A Professional Corporation
New York, New York
May 15, 2023
PCAOB ID : 717
F-
7
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the Shareholders and the Board of Directors
of
Luokung Technology Corp.
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated
balance sheets of Luokung Technology Corp. and. subsidiaries (the "Company") as of December 31, 2020, and the related consolidated
statements of operations and comprehensive loss, changes in shareholders' equity and cash flows for each of the two years in the
period ended December 31, 2020, and the related notes (collectively referred to as the "consolidated financial statements").
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of
the Company as of December 31, 2020, and the consolidated results of its operations and its cash flows for each of the two years in the
period ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the 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.
F-
8
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM (CONTINUED)
Critical Audit Matters
The critical audit matters communicated below
are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated
to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and
(2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in
any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters
below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Impairment of goodwill and intangible assets
Description of the Matter
As reflected in the Company's consolidated
financial statements for the year ended December 31, 2020, the Company's goodwill and intangible balances amounted to $11,957,839
and $42,716,594, respectively, as at December 31, 2020. As discussed in Note 9 to the consolidated financial statements, the Company recognized
impairment of goodwill of $3,619,968 associated with the acquisition of Jiangsu Zhong Chuan Rui You Information and Technology Limited
("Zhong Chuan Rui You") in 2014. In addition, intangible assets included patents of $41,869,413 recognized in connection with
the acquisition of Superengine Holding Limited ("Superengine") in 2018. As discussed in Note 2 to the consolidated financial
statements, goodwill is tested for impairment at least annually and intangible assets are tested for impairment when events and circumstances
exist that indicate the carrying value of intangibles may not be recoverable. Auditing management's annual quantitative goodwill
and intangible assets impairment tests was complex and involved a high degree of subjectivity due to the significant estimation required
in determining the fair value of the reporting units and the intangible assets. The fair value estimates related to the Company's
reporting units and the intangible assets were sensitive to significant assumptions such as discount rates, revenue growth rates, operating
margins, working capital rates, royalty rates, and terminal growth rates, which are forward-looking and could be affected by future economic
and market conditions.
How We Addressed the Matter in Our Audit
We obtained an understanding of controls over
the Company's quantitative goodwill and intangible assets impairment tests. For example, we tested the significant assumptions used
to develop the estimate including forecasted revenue growth rates and profitability, discount rates and the completeness and accuracy
of the data used in the calculations. To test the estimated fair value of the Company's reporting units and intangible assets, we
performed audit procedures that included, among others, assessing fair value methodologies and testing the significant assumptions discussed
above and the completeness and accuracy of the underlying data used by the Company in its analyses. For example, we obtained contracts
to support forecasted revenue, and we compared the significant assumptions used by management to current industry, market and economic
trends, to historical results of the Company's business and other guideline companies within the same industry and to other relevant factors.
We performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the reporting units and intangible
assets that would result from changes in the assumptions. We evaluated the independence, qualifications of, and the methodologies employed
by, the third-party specialist engaged by the Company to assist in estimation of the fair value of goodwill and intangible assets.
F-
9
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM (CONTINUED)
Critical Audit Matters (continued)
Allowance for expected credit losses on
accounts and other receivables
Description of the Matter
At December 31, 2020 the Company's had gross
accounts receivable of $26,941,374 offset by an allowance for expected credit losses of $22,960,432, and gross other receivables
of $16,303,017 offset by an allowance for expected credit losses of $9,189,616. As discussed in Note 2 to the consolidated financial
statements, the Company recognizes an allowance for expected credit losses over the life of accounts and other receivables. Management
measures expected losses on an individual basis and collectively where similar risk characteristics exist using historical default experience
to estimate an allowance.
In addition to adjusted historical default, current economic conditions
and estimates of forward-looking information including reasonable and supportable forecasts are also considered. To the extent that situations
and trends arise which are not captured in management's model,
management will layer on additional qualitative adjustments.
Auditing management's estimates of the allowance
for credit losses for accounts and other receivables involves a high degree of complexity in testing the model and modeling assumptions
used to derive the segmentation level loss estimates utilized in the allowance calculation. Additionally, in light of the current economic
environment, auditing the estimate is complex due to the judgments necessary to evaluate management's qualitative assessments of
how to adjust the historical default experience, as well as the macro-economic forecast to estimate current expected credit losses over
the life of the accounts and other receivables.
How We Addressed the Matter in Our Audit
We obtained an understanding of the Company's
controls over the allowance for expected credit losses process, including management's review and approval of models used
to calculate the estimate and the evaluation of the completeness and accuracy of data inputs, assumptions, and outputs of those models.
We tested the quantitative model methodology,
modeling assumptions, model calculation and clerical accuracy of the segmentation level loss estimates. We tested the completeness and
accuracy of historical data. We evaluated management's identification of historical loss periods used in the models. We also assessed
management's adjustments to historical loss data and evaluated whether those adjustments were reflective of management's current
expected loss estimates, and consistent with the underlying supporting documentation for any such quantitative adjustments. We evaluated
the inputs used by management in determining the qualitative adjustments for consistency with management's evaluation framework.
We tested the completeness and accuracy of underlying portfolio and macro-economic data considered by management in determining the qualitative
adjustments. We also inspected management's documentation of the evaluation of adjustments considered for consistency with the underlying
data and evaluated the reasonableness of the qualitative adjustments recorded. We evaluated the reasonableness of the overall allowance
estimate, inclusive of the adjustments for qualitative factors, through comparison of historical estimation results to actual recorded
losses. We also reviewed subsequent events and transactions and considered whether they corroborated or contradicted the Company's
estimation conclusion.
/s/
Moore Stephens CPA Limited
Certified Public Accountants
We began serving as the Company's auditor
in 2018. In 2021, we became the predecessor auditor.
Hong Kong
May 14, 2021
PCAOB ID:
844
F-
10
LUOKUNG TECHNOLOGY CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN U.S. DOLLARS)
As of December 31,
2022
2021
Assets
Current assets:
Cash
$
1,264,881
$
16,443,929
Restricted cash
-
351,334
Accounts receivable, net of allowance for expected credit losses
7,283,566
13,803,367
Other receivables and prepayment
36,203,895
26,455,037
Notes receivable
73,328
672,347
Total current assets
44,825,670
57,726,014
Non-current assets:
Property and equipment, net
3,523,810
5,582,480
Intangible assets, net
87,659,719
102,885,017
Goodwill
80,294,407
81,770,963
Investment
426,923
438,647
Right-of-use assets
2,725,777
4,484,843
Deferred tax assets
327,730
-
Other assets
4,849,175
4,155,236
Other receivables, net (long term)
9,003,964
8,145,659
Total non-current assets
188,811,505
207,462,845
TOTAL ASSETS
233,637,175
265,188,859
Liabilities
Current liabilities:
Accounts payable
8,091,759
9,192,619
Accrued liabilities and other payables
82,095,458
89,358,279
Contract liabilities
2,066,634
1,575,067
Lease liabilities – current portion
1,665,410
1,446,823
Amounts due to related parties
912,351
135,718
Total current liabilities
94,831,612
101,708,506
Non-current liabilities:
Lease liabilities – non-current portion
1,148,526
3,064,357
Accrued liabilities and other payables
3,347,540
3,666,995
Deferred tax liabilities
-
2,900,999
Total non- current liabilities
4,496,066
9,632,351
TOTAL LIABILITIES
99,327,678
111,340,857
Commitments and contingencies
Mezzanine equity
Redeemable preferred shares, $
0.01
par value,
21,794,872
shares authorized, issued and outstanding at
December 31, 2022 and 2021
10,204,326
10,204,326
Shareholders' Equity
Share capital
Preferred shares, $
0.01
par value;
2,500,000
shares authorized, issued and outstanding at December 31, 2022;
1,000,000
shares authorized, issued and outstanding at December 31, 2021
25,000
10,000
Ordinary shares, $
0.01
par value;
500,000,000
shares authorized;
492,498,688
and
385,542,224
shares issued and outstanding at December 31, 2022 and 2021
4,924,987
3,855,422
Additional paid-in capital
343,901,804
316,322,976
Accumulated deficit
(
235,249,958
)
(
182,710,276
)
Accumulated other comprehensive income (loss)
542,969
(
1,592,762
)
Total equity attributable to owners of the company
114,144,802
135,885,360
Non-controlling interest
9,960,369
7,758,316
Total Shareholders' Equity
124,105,171
143,643,676
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
$
233,637,175
$
265,188,859
See accompanying notes to the consolidated financial
statements
F-
11
LUOKUNG TECHNOLOGY CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
(IN U.S. DOLLARS)
For the years ended
December 31,
2022
2021
2020
Revenues
$
93,593,186
$
145,067,965
$
18,263,788
Less: Cost of revenues
77,941,665
129,026,086
17,479,479
Less: Operating expenses:
Selling and marketing
5,656,184
6,057,161
1,708,222
General and administrative
20,663,654
30,127,176
29,925,057
Research and development
49,873,652
45,476,113
9,401,883
Total operating expenses
76,193,490
81,660,450
41,035,162
Loss from operations
(
60,541,969
)
(
65,618,571
)
(
40,250,853
)
Other (expense) income:
Interest expense
(
3,363,106
)
(
4,122,434
)
(
3,625,748
)
Foreign exchange (losses) gains, net
(
294,750
)
(
70,776
)
2,078,714
Gain from investment
9,100
-
-
Other income, net
10,037,660
214,459
1,740,922
Total other income (expense), net
6,388,904
(
3,978,751
)
193,888
Loss before income taxes
(
54,153,065
)
(
69,597,322
)
(
40,056,965
)
Income tax benefit
3,941,324
8,126,337
-
Net loss
$
(
50,211,741
)
$
(
61,470,985
)
$
(
40,056,965
)
Less: Net (income) loss attributable to non-controlling interest
(
2,327,941
)
(
7,330,267
)
191,325
Net loss attributable to owners of the Company
$
(
52,539,682
)
$
(
68,801,252
)
$
(
39,865,640
)
Comprehensive loss:
Net loss
(
50,211,741
)
(
61,470,985
)
(
40,056,965
)
Other comprehensive income (loss):
Foreign currency translation adjustment
2,204,206
(
58,700
)
(
2,937,074
)
Comprehensive loss
$
(
48,007,535
)
$
(
61,529,685
)
$
(
42,994,039
)
Less: Comprehensive (loss) income attributable to the non-controlling interest
(
68,475
)
(
10,084
)
41,022
Comprehensive loss attributable to owners of the Company
$
(
48,076,010
)
$
(
61,539,769
)
$
(
42,953,017
)
Net loss per ordinary share:
Basic and Diluted
$
(
3.72
)
$
(
6.30
)
$
(
5.40
)
Weighted average number of ordinary shares outstanding: Basic and Diluted
14,122,993
11,163,577
7,399,468
See accompanying notes to the consolidated financial
statements
F-
12
LUOKUNG TECHNOLOGY CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS'
EQUITY
(IN U.S. DOLLARS)
Ordinary shares
Preferred shares
Additional
paid-in
Accumulated
Accumulated
other
comprehensive
Income
Non-
controlling
Total
Shareholders'
Shares
Amount
Shares
Amount
capital
deficit
(loss)
Interest
Equity
Balance as of December 31, 2019
209,081,533
$
2,090,816
22,794,872
$
227,949
$
124,092,191
$
(
73,376,872
)
$
1,372,074
$
(
433,155
)
$
53,973,003
Issuance of ordinary shares
28,898,849
288,989
-
-
33,518,112
-
-
-
33,807,101
Issuance of preferred shares
-
-
1,500,310
15,003
6,123,201
-
-
-
6,138,204
Transfer of redeemable preferred shares to mezzanine equity
-
-
(
21,794,872
)
(
217,949
)
(
9,986,377
)
-
-
-
(
10,204,326
)
Net loss
-
-
-
-
-
(
39,865,640
)
-
(
191,325
)
(
40,056,965
)
Acquisition of subsidiaries
1,789,618
17,896
-
-
1,020,082
-
-
731,858
1,769,836
Foreign currency translation adjustment
-
-
-
-
-
-
(
2,896,052
)
(
41,022
)
(
2,937,074
)
Balance as of December 31, 2020
239,770,000
$
2,397,701
2,500,310
$
25,003
$
154,767,209
$
(
113,242,512
)
$
(
1,523,978
)
$
66,356
$
42,489,779
Issuance of ordinary shares
138,660,796
1,386,607
-
-
174,032,100
-
-
-
175,418,707
Redemption of preferred shares
-
-
(
1,500,310
)
(
15,003
)
(
6,123,201
)
-
-
-
(
6,138,204
)
Dividends of Preferred Shares
-
-
-
-
-
(
666,512
)
-
-
(
666,512
)
Net loss
-
-
-
-
-
(
68,801,252
)
-
7,330,267
(
61,470,985
)
Acquisition of subsidiaries
7,111,428
71,114
-
-
(
6,353,132
)
-
-
(
10,966
)
(
6,292,984
)
Contribution
362,575
362,575
Foreign currency translation adjustment
-
-
-
-
-
-
(
68,784
)
10,084
(
58,700
)
Balance as of December 31, 2021
385,542,224
$
3,855,422
1,000,000
$
10,000
$
316,322,976
$
(
182,710,276
)
$
(
1,592,762
)
$
7,758,316
$
143,643,676
Issuance of ordinary shares
106,956,464
1,069,565
-
-
27,286,328
-
-
-
28,355,893
Issuance of preferred shares
1,500,000
15,000
292,500
307,500
Net loss
-
-
-
-
-
(
52,539,682
)
-
2,327,941
(
50,211,741
)
Acquisition of subsidiaries
-
-
-
-
-
-
-
(
194,363
)
(
194,363
)
Foreign currency translation adjustment
-
-
-
-
-
-
2,135,731
68,475
2,204,206
Balance as of December 31, 2022
492,498,688
$
4,924,987
2,500,000
$
25,000
$
343,901,804
$
(
235,249,958
)
$
542,969
$
9,960,369
$
124,105,171
See accompanying notes to the consolidated financial
statements
F-
13
LUOKUNG TECHNOLOGY CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN U.S. DOLLARS)
For the years ended December 31,
2022
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(
50,211,741
)
$
(
61,470,985
)
$
(
40,056,965
)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization
17,142,292
13,432,153
5,597,137
Amortization of right-of-use assets
1,607,244
1,148,071
408,843
Exchange difference
-
70,777
(
2,019,441
)
Loss on disposal of property and equipment
-
107,495
13,663
Allowance for expected credit losses
(
222,967
)
5,249,448
17,005,297
Share-based compensation expense
18,342,333
21,186,441
4,804,378
Gain on derecognition of lease
-
-
(
65,479
)
Write-off of accounts and other payables
-
(
1,355
)
(
169,886
)
Impairment of goodwill
1,854,221
1,994,986
3,619,968
Impairment of property and equipment
162,544
-
-
Loss on disposal of a subsidiary
-
-
126,373
Deferred income taxes
(
3,950,202
)
(
8,222,748
)
-
Changes in assets and liabilities:
Accounts receivable
8,296,578
(
8,003,940
)
(
1,830,920
)
Notes receivable
561,392
(
664,448
)
-
Other receivables and prepayment
(
922,812
)
(
23,049,706
)
(
10,355,091
)
Accounts payable
(
390,793
)
100,905
1,078,131
Accrued liabilities and other payables
(
9,457,741
)
4,547,481
7,936,699
Contract liabilities
682,211
702,595
(
1,483,240
)
Lease liability
(
1,341,431
)
(
997,298
)
(
433,275
)
Tax payable
(
16,685
)
(
1,126
)
-
Inventories
(
4,968
)
83,295
-
Net cash used in operating activities
(
17,870,525
)
(
53,787,959
)
(
15,823,808
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment
(
424,872
)
(
1,541,831
)
(
33,974
)
Purchase of other assets
(
725,966
)
(
4,150,786
)
-
Partial payment made for acquisition of a subsidiary
-
(
67,957,424
)
(
18,743,810
)
Disposal of subsidiary
-
-
(
126,374
)
Purchase of investments
-
(
439,502
)
(
188,403
)
Deposit for investments
-
(
6,435,734
)
(
289,851
)
Proceeds from disposal of property and equipment
-
155
-
Business acquisitions, net of cash acquired
216,641
2,128,637
1,016
Net cash used in investing activities
(
934,197
)
(
78,396,485
)
(
19,381,396
)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Repayment to) Advances from related parties
(
326,458
)
1,090,770
(
82,829
)
Additional capital investment from  minority shareholders
-
378,207
-
Payment of preferred stock dividends
-
(
666,512
)
-
Redemption of preferred stock
-
(
6,123,201
)
-
Proceeds from issuance of debt
-
-
21,738,815
Proceeds from issuance of shares
7,420,000
154,231,470
9,882,432
Net cash provided by financing activities
7,093,542
148,910,734
31,538,418
Effect of foreign exchange rate changes
(
3,819,202
)
(
2,820
)
42,892
Net (decrease) increase in cash
(
15,530,382
)
16,723,470
(
3,623,894
)
Cash at beginning of the year
16,795,263
71,793
3,695,687
Cash at end of the year
$
1,264,881
$
16,795,263
$
71,793
Supplemental cash flow disclosures:
Cash paid for amounts included in the measurement of lease liabilities
(
1,341,431
)
(
997,298
)
(
433,275
)
Interest paid
-
119,814
3,504
Income taxes paid
-
-
-
RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS:
Cash
1,264,881
16,443,929
71,793
Restricted cash
-
351,334
-
Total cash, and restricted cash
$
1,264,881
16,795,263
71,793
Non- cash investing and financing transaction:
Right-of-use assets obtained in exchange for new operating lease liabilities
-
-
889,403
Share-based compensation expense
18,034,833
21,186,441
4,804,378
See accompanying notes to the consolidated financial
statements
F-
14
LUOKUNG TECHNOLOGY CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN U.S. DOLLARS)
NOTE 1 – DESCRIPTION OF BUSINESS AND ORGANIZATION
Luokung Technology Corp. ("LKCO"),
formerly Kingtone Wirelessinfo Solution Holding Ltd ("Kingtone Wireless") was incorporated in the British Virgin Islands on
October 27, 2009 under the name of Reizii Capital Management Limited. It has wholly-owned subsidiaries and a variable interest entity
("VIE"). Its wholly-owned subsidiaries include: Topsky Info-tech Holdings Pte Ltd. ("Topsky"), which was established
in Singapore on November 3, 2009, and Xi'an Softech Co., Ltd. ("Softech"), which was established in Xi'an, Shaanxi
Province, China on November 27, 2009 by Topsky. Its VIE is Xi'an Kingtone Information Technology Co., Ltd. ("Kingtone Information")
which was incorporated in Xi'an, Shaanxi province, China on December 28, 2001.
On May 10, 2019 and November 6, 2020, LK Technology
entered into a Stock Purchase Agreement and The Supplementary Agreement to Stock Purchase Agreement with the shareholders of BotBrain
AI Limited ("Botbrain"), a limited liability company incorporated under the laws of the British Virgin Islands, pursuant to
which LK Technology acquired
67.36
% of the issued and outstanding shares of BotBrain for an aggregate purchase price of $
2.5
million (RMB
16.4
million), of which $
1.5
million (RMB
9.6
million) was to be paid in cash to obtain
20
% of BotBrain; and LKCO issued
1,789,618
ordinary
shares to acquire the remaining
47.36
% of BotBrain. The closing of the acquisition was completed on December 4, 2020.
On August 28, 2019, the Company entered into a
Share Purchase Agreement, pursuant to which the Company will acquire 100% of the equity interests of Saleya Holdings Limited ("Saleya")
from Saleya's shareholders for an aggregate purchase price of approximately $120 million. On March 17, 2021, the Company completed
the acquisition of its 100% equity interest in Saleya for a consideration of (i) a cash amount of $102 million (RMB666 million), (ii)
9,819,926 LKCO ordinary shares and (iii) 1,500,310 LKCO preferred shares pursuant to a supplemental agreement dated February 24, 2021.
The main operating subsidiary, eMapgo Technologies (Beijing) Co., Ltd. is a provider of navigation and electronic map services in China,
as well as a provider of Internet map services and geographic information system engineering.
The acquisition enables us to develop our
smart transportation business, including autonomous driving and vehicle-road collaboration (V2X). From April 2021 to December 2021, Saleya
contributed $
9.1
million to smart transportation revenue and incurred a net loss of $
4.5
million.
LKCO, its subsidiaries and its VIEs (collectively
the "Company") is a leading spatial-temporal intelligent big data services company and provider of interactive location-based
services ("LBS") and high-definition maps ("HD Maps") in China. It has established its presence in smart transportation,
carbon neutrality and natural resource management services, and LBS related intelligent industrialized applications. In smart transportation,
not only does Luokung provide HD Map and other autonomous driving enabling technologies, such as vehicle position fusion, collaborative
navigation, and simulation testing to enable smart vehicles, but also provides key enabling services, such as 24/7 road hazard awareness,
real-time road visibility monitoring, intelligent road management and maintenance, and vehicle-road collaboration to assist smart road
capabilities. In carbon neutrality and natural resource management services, Luokung expands on its remote sensing AI big data processing
capabilities to address a broader market focusing on industrial applications in carbon emission, carbon neutrality, geographical resources,
forestry resources, water resources, crops, etc. In LBS related intelligent industrialized applications, Luokung offers LBS, covering
direct LBS business services, LBS as platform to enable business' customer serving operations, and LBS advertising business.
F-
15
As of December 31, 2022, details of the Company's
subsidiaries and VIEs are as follows:
Name
Date of incorporation
Place of incorporation
Percentage of
legal ownership
Subsidiaries:
LK Technology Ltd.
Mar-3- 11
BVI
100
%
Dream Beyond Global Limited
Dec-12- 18
BVI
100
%
Superengine Holding Limited
Jun-14- 18
BVI
100
%
Saleya Holding Limited
(1)
Apr-6- 06
BVI
100
%
MMB Limited
Apr-11- 13
Hong Kong
100
%
Mobile Media (China) Limited
Nov-6- 07
Hong Kong
100
%
Beijing Luokuang Spatial-Temporal Data Technology Co., Ltd.
Feb-1- 13
PRC
100
%
Shenzhen Luokung Technology Co., Ltd.
Dec-23- 10
PRC
100
%
Yunnan Luokung Technology Co., Ltd.
Jul-7- 21
PRC
100
%
DMG Infotech Co., Ltd
(1)
Oct-20- 06
PRC
100
%
Jiangsu Zhong Chuan Rui You Information and Technology Co., Ltd. ("Zhong Chuan Rui You")
May-26- 11
PRC
100
%
Huoerguosi Luokung Information and Technology Co., Ltd.
Jul-19- 17
PRC
100
%
Shenzhen Jiu Zhou Shi Dai Digital and Technology Co., Ltd.
Nov-26- 04
PRC
100
%
Shanghai PICO AI Technology Co., Ltd.
Jul-23- 21
PRC
100
%
Luokung Zhitong Technology Co., Ltd.
May-18- 20
PRC
51
%
Beijing Yuanli Anda Technology Co., Ltd.
Jun-13- 18
PRC
51
%
Beijing Wave Function Culture Development Co., Ltd ("Wave Function")
(2)
Mar-30- 21
PRC
41
%
Yunnan Wave Function Technology Co., Ltd
(2)
Jul-22- 21
PRC
41
%
BOTBRAIN AI LIMITED
May-22- 19
BVI
67.36
%
BOTBRAIN LIMITED
Sep-10- 19
Hong Kong
67.36
%
Beijing BotBrain AI Information Technology Ltd.
Jan-14- 20
PRC
67.36
%
Nanjing BotBrain AI Technology Co., Ltd.
Mar-6- 19
PRC
43.78
%
Beijing GWIN Digital Technology Co., Ltd.
Jun-17- 21
PRC
70
%
Luokung Remote Sensing Technology Co., Ltd.
Oct-25- 21
PRC
75
%
Yunnan eMapgo Technologies Co., Ltd.
May-10-22
PRC
100
%
Beijing BotAiot Intelligence Co., Ltd.
Mar-9-22
PRC
34.35
%
Wave Function Big Data (Yunnan) Co., Ltd.(2)
Feb-17-22
PRC
41
%
Beijing Luokung Zhishang Cateing Management Co., Ltd.
Mar-16-22
PRC
100
%
Pinkong Partner Ltd.
Jun-24-21
BVI
75
%
PICO AI Ltd.
Jul-14-21
BVI
75
%
PICO AI HongKong Limited
Jul-20-21
Hong Kong
75
%
PicoAI US Inc.
Aug-26-21
U.S.A
52.5
%
F-
16
Name
Date of incorporation
Place of incorporation
Percentage of
legal ownership
Contractual Control:
Superengine Graphics Software Technology Development (Suzhou) Co., Ltd. ("Suzhou Superengine")
Apr-2- 04
PRC
100
%
Anhui Superengine Intelligent Technology co., Ltd
Oct-26- 17
PRC
100
%
SuperEngine (Hainan) Technology Development Co., Ltd.
Aug-20- 20
PRC
100
%
Luokung Datong Data Technology Co., Ltd.
Aug-27- 20
PRC
75
%
VIEs:
Beijing Zhong Chuan Shi Xun Technology Co., Ltd. ("Zhong Chuan Shi Xun")
May-17- 04
PRC
100
%
Beijing BotBrain AI Technology Co., Ltd. ("Beijing BotBrain")
Jan-18- 16
PRC
67.36
%
eMapgo Technologies (Beijing) Co., Ltd.
(1)
("EMG")
Mar-12- 04
PRC
100
%
(1)
Acquired on March 17, 2021
(2)
Luokung entered into a formal agreement with a
10
% shareholder and agreed to control these entities through the cooperation of a
10
% shareholder who votes consistent with the Company's wishes.
F-
17
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Basis of presentation
The consolidated financial statements of the Company
have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP").
Going concern
The consolidated financial statements of the
Company have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business. The Company incurred losses for the past three years and as of
December 31, 2022, net current liabilities of the Company amounted to $
50,005,942
. These factors raise substantial doubt about the
Company's ability to continue as a going concern. The Company intends to meet its cash requirements for the 12 months after
the issuance date of this report through a combination of debt and equity financing. On March 27, 2023, signed a shares
subscription agreement with a strategic investor, CHINA ORIENT SMART ECOTECH INVESTMENT GROUP LIMITED, pursuant to which the Company
agreed to issue a total of
5,469,019
restricted ordinary shares for an aggregate of $
220
million of investment. The
closing of the investment is in two tranches. The first tranche of $
22
million is expected be within 30 working days from the date
of the Share Subscription Agreement, and the remaining $
198
million is expected to be within 60 days thereafter.
Principles of consolidation
The consolidated financial statements include
the financial statements of LKCO, its subsidiaries, including the wholly-foreign owned enterprises ("WFOEs"), entities the
Company controls by contracts and VIEs for which the Company is the primary beneficiary. WFOEs are entities incorporated under the laws
of the PRC and are wholly owned by foreign (non-PRC) investor(s). All transactions and balances among the Company, its subsidiaries, entities
controlled by contracts and consolidated VIEs have been eliminated upon consolidation. The results of subsidiaries, entities controlled
by contracts and consolidated VIEs acquired or disposed of are recorded in the consolidated statements of operations from the effective
date of acquisition or control or up to the effective date of disposal, as appropriate.
A subsidiary is an entity in which (i) the Company
directly or indirectly controls more than
50
% of the voting power; or (ii) the Company has the power to appoint or remove the majority
of the members of the board of directors or to cast a majority of votes at the meeting of the board of directors or to govern the financial
and operating policies of the entity pursuant to a statute or under an agreement among the shareholders or equity holders. An entity controlled
by contracts is required to be consolidated by the primary beneficiary of the entity if the equity holders in the entity do not have controlling
financial interest in the entity. A VIE is required to be consolidated by the primary beneficiary of the entity if the equity holders
in the entity do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity
to finance its activities without additional subordinated financial support from other parties.
Suzhou Superengine and its subsidiary, Auhui Superengine,
Superengine (Hainan) Technology Development Limited and Luokuang Datong Data Technology Limited are consolidated pursuant to an agreement
signed among Suzhou Superengine, the legal owners of Suzhou Superengine and Zhong Chuan Shi Xun giving all the rights and obligations
and control of Suzhou Superengine to Zhong Chuan Shi Xun.
To comply with the PRC legal restrictions on foreign
ownership, the Company operates such restricted services in the PRC through certain PRC domestic companies, whose nominal equity interests
are held by certain management members or founders of the Company or certain other third parties. Part of the registered capital of these
PRC domestic companies was funded by certain management members, or founders of the Company or certain other third parties. The Company
has entered into certain exclusive business services agreements with these PRC domestic companies, which entitle it to receive a majority
of their residual returns and make it obligatory for the Company to absorb a majority of the risk of losses from their activities. In
addition, the Company has entered into certain agreements with those management members, founders, or certain other third parties, including
equity interest pledge agreements of the nominal equity interests held by those management members, founders or certain other third parties
in these PRC domestic companies, and exclusive option agreements to acquire such nominal equity interests in these PRC domestic companies
when permitted by the PRC laws, rules and regulations.
F-
18
Details of the typical VIE structure of the Company's
significant consolidated VIEs, namely Zhong Chuan Shi Xun, Beijing BotBrain and EMG are set forth below:
(i)
Contracts that give the Company effective control of VIEs
Exclusive option agreements
Each VIE equity holder has granted the WFOEs exclusive
call options to purchase the nominal equity interest in the VIEs at an exercise price equal to (i) with regard to Zhong Chuan Shi Xun,
the minimum price as permitted by applicable PRC laws, or (ii) with regard to Beijing BotBrain, RMB
10
in aggregate, or if appraisal is
required as requested by relevant PRC laws, the price as determined by the relevant parties, or (iii) with regard to EMG, RMB
1
in aggregate
or other price as determined by the relevant parties, provided that if required by relevant PRC laws, the minimum price as permitted by
PRC laws shall apply. The WFOEs may designate another entity or individual to purchase the nominal equity interests, if applicable, under
the call options. Each call option is exercisable subject to the condition that applicable PRC laws, rules and regulations do not prohibit
completion of the transfer of the nominal equity interests pursuant to the call option. The VIEs shall not declare any dividend or other
distribution to its equity holders unless with the approval of the WFOEs. With regard to Zhong Chuan Shi Xun and Beijing BotBrain, the
exclusive call option agreements remain in effect for ten (
10
) years and may be renewed at the election of the WFOEs. With regard
to EMG, the exclusive call option agreement shall remain in effect until all nominal equity interest under the call option has been transferred
to the WFOE or its designated entity or individual.
Equity pledge agreements
As for Zhong Chuan Shi Xun and Beijing
BotBrain, pursuant to the relevant equity pledge agreements, the relevant VIE equity holders have pledged all of their interests in the
equity of the VIEs as a continuing security interest in favor of the corresponding WFOEs to secure the performance of obligations by the
VIEs and/or the equity holders under the exclusive business cooperation agreements. Each WFOE is entitled to exercise its right to dispose
of the VIE equity holders' pledged interests in the equity of the VIE in accordance with applicable PRC laws in the event of any
breach or default, and VIE equity holders shall cease to be entitled to any rights or interests associated with their nominal equity interests
in the VIEs. These equity pledge agreements remain in force until and unless the obligations of the VIE equity holders to the WFOEs under
the exclusive business cooperation agreements have been fulfilled.
As for EMG, pursuant to the relevant
equity pledge agreement, the relevant VIE equity holder has pledged all of its nominal equity interest in the VIE as a continuing first
priority security interest in favor of the corresponding WFOE to secure the performance of obligations by the VIE as set forth in the
relevant exclusive option agreement, proxy agreement, the equity pledge agreement and the VIE's obligation to repay the secured
indebtedness. The VIE equity holder shall not be entitled to receive any dividend associated with its nominal equity interest without the approval of the WFOE, and the dividend received by the VIE equity holder shall be deposited in the account designated by the WFOE and subject to
the supervision of the WFOE. In the event of any breach or default, the WFOE shall be entitled to all rights to relief, including but
not limited to disposing the nominal equity interest held by the VIE equity holder. The equity pledge agreement shall remain in force
until and unless the obligations of the VIE equity holder to the WFOE under the exclusive option agreement, proxy agreement, the equity
pledge agreement have been fulfilled or all the secured indebtedness has been paid off.
Power of Attorney.
As for Zhong Chuan Shi Xun and Beijing
BotBrain, pursuant to the relevant power of attorney, each of the relevant VIE equity holders irrevocably appoints the corresponding WFOE
as its attorney-in-fact to exercise on its behalf any and all rights that such equity holder has in respect of its nominal equity interests
in the relevant VIE conferred by relevant laws and regulations and the articles of associate of such VIE. The power of attorney shall
remain effective as long as such VIE equity holder remains as a shareholder of Zhong Chuan Shi Xun or Beijing BotBrain.
As for EMG, pursuant to the relevant
power of attorney, the relevant VIE equity holder irrevocably appoints certain the person designated by the corresponding WFOE as its
attorney-in-fact to exercise on its behalf any and all rights that such equity holder has in respect of its nominal equity interest in
the relevant VIE conferred by relevant laws and regulations and the articles of associate of such VIE. The power of attorney of EMG shall
remain effective until March 11, 2044, and will be renewed automatically for another ten (
10
) years unless the parties to the power of
attorney agree otherwise.
F-
19
(ii)
Contracts that enable the Company to receive the economic benefits from the VIEs
Exclusive business cooperation agreements
As for Zhong Chuan Shi Xun, Beijing BotBrain and
EMG, each relevant VIE has entered into an exclusive business services agreement with the corresponding WFOE, pursuant to which the relevant
WFOE provides exclusive business services to the VIE. In exchange, (i) Zhong Chuan Shi Xun pays a service fee to the corresponding WFOE
which shall be no less than
80
% of Zhong Chuan Shi Xun's after-tax profits; (ii) Beijing BotBrain pays a service fee to the corresponding
WFOE which shall be reasonably determined by such WFOE based on certain factors; (iii) EMG pays a service fee to the corresponding WFOE
which shall be
20
% of EMG's annual income. Luokung exercises control over the VIEs through a Call Option Agreement, an Equity Pledge
Agreement, an Exclusive Business Cooperation Agreement and a Proxy Agreement. The amount of service fees to be paid by EMG and BotBrain
shall be determined solely by the WFOE or as mutually agreed by the WFOE and the VIEs. Based on the control Luokung exercises through
the agreements and based on its ability to determine the fees paid by EMG and BotBrain, Luokung is considered the primary beneficiary
of the VIEs. There is no fixed payment schedule in settling the amounts due from the VIEs. Payments are made based on the cash position
of the VIEs.
Based on these contractual agreements, the Company
believes that the PRC domestic companies as described above should be considered as VIEs because the equity holders do not have significant
equity at risk nor do they have the characteristics of a controlling financial interest. Given that the Company is the primary beneficiary
of these PRC domestic companies, the Company believes that these VIEs should be consolidated based on the structure as described above.
Under the contractual arrangements with the consolidated
VIEs, the Company has the power to direct activities of the consolidated VIEs. Therefore, the Company considers that there is no asset
in any of the consolidated VIEs that can be used only to settle obligations of the consolidated VIEs, except for registered capital and
PRC statutory reserves. As all consolidated VIEs are incorporated as limited liability companies under the Company Law of the PRC, creditors
of the consolidated VIEs do not have recourse to the general credit of the Company for the liabilities of the consolidated VIEs.
Currently there is no contractual arrangement
which requires the Company to provide additional financial support to the consolidated VIEs. However, as the Company conducts its businesses
primarily based on the licenses and approvals held by its consolidated VIEs, the Company has provided and will continue to provide financial
support to the consolidated VIEs considering the business requirements of the consolidated VIEs, as well as the Company's own business
objectives in the future. On March 29, 2022, the Company entered a SPA with the shareholders of iTraffic and its operating affiliate Hongda
Jiutong, per the SPA, the Company will purchase
100
% of the ownership of iTraffic. The Company didn't consolidate iTraffic as control
of that company will not be effective until the full closing of the share acquisition, which is still pending as of the date of issuance
of this report. The investment is carried at cost and assessed for impairment when there are indications that the fair value does not
exceed the carrying value.
Use of estimates
The preparation of consolidated financial statements
in conformity with US GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. The most significant estimates are the allowance for expected credit losses, the useful lives of property
and equipment and intangible assets, valuation allowance for deferred tax assets, and impairment of long-lived assets and goodwill and
the fair value of assets acquired and liabilities assumed in business combinations. Actual results could differ from those estimates.
Fair value measurements
Fair value is the price that would be received
from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under
current market conditions. When determining the fair value measurements for assets and liabilities required or permitted to be recorded
at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions
that market participants would use when pricing the asset or liability.
F-
20
Financial Accounting Standards Board ("FASB")
Accounting Standards Codification ("ASC") 820, "Fair Value Measurements", provides a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which
the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement
as follows:
Level 1
Level 1 applies to assets or liabilities for which
there are quoted prices in active markets for identical assets or liabilities.
Level 2
Level 2 applies to assets or liabilities for which
there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices
for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume
or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived
principally from, or corroborated by, observable market data.
Level 3
Level 3 applies to assets or liabilities for which
there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or
liabilities.
Cash and cash equivalents
Cash primarily consists of cash, money market
funds, investments in interest bearing demand deposit accounts, time deposits and highly liquid investments with original maturities of
three months or less from the date of purchase and are stated at cost which approximates their fair value. As of December 31, 2022 and
2021, the Company has no cash equivalents.
Accounts receivable, net of allowance for expected
credit losses
Accounts receivable are recognized and carried
at the original invoiced amount less an allowance for expected credit losses.
Allowance for expected credit losses
Effective January 1, 2020, the Company adopted
Accounting Standards Update 2016-13 "Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial
Instruments". The Company estimates its allowance for current expected credit losses based on an expected loss model, compared to
prior periods which were estimated using an incurred loss model which did not require the consideration of forward-looking economic variables
and conditions in the reserve calculation across the portfolio. The impact related to adopting the new standard was not material. Certain
changes resulting from the new standard impacted the Company's description of its significant accounting policies compared to 2020.
The Company estimates its allowances for expected
credit losses for accounts and other receivables by considering past events, including any historical default, current economic conditions
and certain forward-looking information, including reasonable and supportable forecasts. As of January 1, 2020, the methodologies that
the Company uses to estimate the allowance for expected credit losses for accounts and other receivables are as follows:
Individually evaluated—The Company reviews
all accounts and other receivables considered at risk semi-annually and performs an analysis based upon current information available
about the customers and other debtors, such as financial statements, news reports, published credit ratings as well as collateral net
of repossession cost, prior collection history and current and future expected economic conditions. Using this information, the Company
determines the expected cash flow for the accounts and other receivables and calculates an estimate of the potential loss and the probability
of loss. For those accounts for which the loss is probable, the Company records a specific allowance.
Collectively evaluated—The Company determines
its allowances for credit losses for collectively evaluated accounts and other receivables based on appropriate groupings.
F-
21
The Company considers forward-looking macroeconomic
variables such as gross domestic product, unemployment rates, equity prices and corporate profits when quantifying the impact of economic
forecasts on its allowance for expected credit losses. Macroeconomic variables may vary based on historical experiences, portfolio composition
and current environment. The Company also considers the impact of current conditions and economic forecasts relating to specific industries
and client-credit ratings, in addition to performing a qualitative review of credit risk factors across the portfolio. Under this approach,
forecasts of these variables over two years are considered reasonable and supportable. Beyond two years, the Company reverts
to long-term average loss experience. Forward-looking estimates require the use of judgment, particularly in times of economic uncertainty.
The Company writes off receivables when all efforts at collection have been exhausted and the receivable is considered uncollectible.
Property and equipment, net
Property and equipment are carried at cost less
accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives:
Wi-Fi equipment
–
3
years
Office and other equipment
–
3
to
5
years
Vehicles
–
5
years
Costs of repairs and maintenance are expensed
as incurred and asset improvements are capitalized. The gain or loss on disposal of property and equipment is the difference between the
net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statement of operations and comprehensive
loss. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts
and any resulting gain or loss is included in the results of operations for the respective period.
Intangible assets
Intangible assets with finite lives are amortized
using the straight-line method over the estimated economic lives.
Intangible assets have weighted average economic
lives from the date of purchase as follows:
Copyright
–
10
years
Trademarks
–
10
years
Patents
–
10
years
Customer Relationship
–
10
years
Technology
–
7
years
Software
–
5
years
Goodwill
The Company assesses goodwill for impairment in
accordance with FASB ASC subtopic 350-20, "Intangibles—Goodwill and Other: Goodwill ("ASC 350-20")," which
requires that goodwill to be tested for impairment at the reporting unit level at least annually and more frequently upon the occurrence
of certain events, as defined by ASC 350-20.
The Company has the option to assess qualitative
factors first to determine whether it is necessary to perform the impairment test in accordance with ASC 350-20. If the Company believes,
as a result of the qualitative assessment, that it is more-likely-than-not that the fair value of the reporting unit is less than its
carrying amount, the quantitative impairment test described below is required. Otherwise, no further testing is required. In the qualitative
assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting
unit, and other specific information related to the operations. In performing the quantitative impairment test, the Company compares the
carrying amount of the reporting unit to the fair value of the reporting unit based on either quoted market prices of the ordinary shares
or estimated fair value using a combination of the income approach and the market approach. If the carrying value of the reporting unit
exceeds the fair value of the reporting unit, then the excess is recognized as an impairment loss.
In 2022 and 2021, the Company performed a qualitative
assessment for goodwill and evaluated all relevant factors, including but not limited to macroeconomic conditions, industry and market
conditions, and financial performance. The Company concluded that it is necessary to perform a quantitative assessment. The Company completed
the quantitative goodwill impairment assessment based on the discounted future cash flows that the reporting units are expected to generate
and determined after evaluating the results, events and circumstances, that the carrying values of the reporting units exceeded their
fair values. Therefore, the Company recorded impairment on goodwill of $
1,854,221
and $
1,994,986
of BotBrain for the year ended December
31, 2022 and 2021.
F-
22
Impairment or disposal of long-lived assets
Long-lived assets other than goodwill are included
in impairment evaluations when events and circumstances exist that indicate the carrying value of these assets may not be recoverable.
In accordance with FASB ASC 360, "Property, Plant and Equipment," the Company assesses the recoverability of the carrying
value of long-lived assets by first grouping its long-lived assets with other assets and liabilities at the lowest level for which identifiable
cash flows are largely independent of the cash flows of other assets and liabilities (the asset group) and, secondly, estimating the undiscounted
future cash flows that are directly associated with and expected to arise from the use of and eventual disposition of such asset group.
If the carrying value of the asset group exceeds the estimated undiscounted cash flows, the Company recognizes an impairment loss to the
extent the carrying value of the long-lived asset exceeds its fair value. The Company determines fair value through quoted market prices
in active markets or, if quotations of market prices are unavailable, through the performance of internal analysis using a discounted
cash flow methodology or by obtaining external appraisals from independent valuation firms. The undiscounted and discounted cash flow
analyses are based on a number of estimates and assumptions, including the expected period over which the asset will be utilized, projected
future operating results of the asset group, discount rate and long-term growth rate.
As of December 31, 2022 and 2021, the Company
assessed the impairment of its long-lived assets and identified impairment indications. For intangible assets, the impairment loss was
$
nil
, $
nil
and $
nil
for the years ended 2022, 2021 and 2020, respectively.
Business combination
The Company accounts for business combinations
using the acquisition method of accounting in accordance with FASB ASC Topic 805, "Business Combinations"
.
Acquisition
method accounting requires that the consideration transferred be allocated to the assets, including separately identifiable assets, and
liabilities the Company acquired, based on their estimated fair values. The consideration transferred in an acquisition is measured as
the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well
as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the
acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately
at their fair value as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total
cost of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest
in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree, is recorded as goodwill. If the cost of acquisition
is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in earnings.
Revenue recognition
The Company recognizes revenue in accordance with
ASC Topic 606, "Revenue from Contracts with Customers"
Internet LBS and related smart industry advertising
Advertising services  LBS Business
Zhong Chuan Rui You and Wave Function derive revenue
from the provision of user acquisition services to their advertisers on the strength of the LBS services they offer; customers pay them
based on performance, as measured by CPI (Cost Per Install), CPM (Cost Per Mile), and CPC (Cost Per Click). They recognize revenue over
time because customers receive and consume the benefit of their advertising services throughout the contract period.
Software and services
SuperEngine generates revenues primarily in the
form of sale of a software license and provision of technology services. License fees include perpetual license fees, term license fees
and royalties. Technology services primarily consist of fees for providing technology support services and technology solution services
that enable customers to gain real-time operational intelligence by harnessing the value of their data.
Revenue for the sale of software licenses is recognized
at the point in time when the right to use the software is provided to its customers. Term license fees and royalties are recognized over
time throughout the contract period.
Technology support service revenue is recognized
over time as the services are performed because the customer receives and consumes the benefit of its performance throughout the contract
period. Technology solution service revenue is recognized at the point in time when the service is completed. SuperEngine bills for the
services it has performed in accordance with the terms of the contract. It recognizes the revenues associated with these professional
services as it delivers the services to the customers.
F-
23
Smart transportation
Map data licensing
EMG provides perpetual map data licenses to customers
and collects one time license fees from customers. Revenue is recognized at the point in time when customers obtain the right to use the
map data.
Autonomous driving simulation & verification test
EMG provides data collection and desensitization
for compliance with legal requirements to system manufacturers and automobile manufacturers for autonomous driving simulation and verification
testing. Revenues are derived from the provision of data collection and desensitization service for compliance with legal requirements.
Revenues are recognized over time as the services are performed because the customer receives and consumes the benefit of its performance
throughout the contract period.
Map service platform local deployment
Through local deployment, EMG provides a one-time
map service platform license or a map service platform license for a certain period with timely updates to the map service platform during
such contract to certain public sectors and enterprises to support their location-based application. The map service platform includes
map data and software that support certain map applications such as display, search, routing and others. Revenues from a map data license
for a certain period are recognized ratably over time because the customer receives and consumes the benefit of the map services throughout
the contract period.
The Company does not offer credits or refunds
and therefore has not recorded any sales return allowance for any of the periods presented. Upon a periodic review of outstanding accounts
receivable, amounts that are deemed to be uncollectible are written off against the allowance for doubtful accounts. The Company's
policy is to record revenues net of any applicable sales, use or excise taxes.
Contract liabilities represent prepayments from
customers and are recognized as revenue when the services are rendered.
The following table shows the amount of revenue
recognized that was included in contract liabilities as at December 31, 2021 and 2022:
Revenue recognised in 2021
$
(
787,181
)
Increase in contract liabilities
1,698,739
Exchange difference
5,967
December 31, 2021
1,575,067
Revenue recognised in 2022
(
389,238
)
Increase in contract liabilities
1,036,139
Exchange difference
(
155,334
)
December 31, 2022
$
2,066,634
F-
24
Disaggregation of revenue
The following tables disaggregate revenues under
ASC 606 by product line for the years ended December 31, 2022, 2021 and 2020.
Fiscal Year Ended December 31,
2022
2021
2020
(dollars in thousands)
Revenues
Advertising
$
81,008
$
131,423
$
17,895
Software and services
508
4,545
369
Smart transportation
12,077
9,100
-
Total revenues
$
93,593
$
145,068
$
18,264
Advertising
86.6
%
90.6
%
98.0
%
Software and services
0.5
%
3.1
%
2.0
%
Smart transportation
12.9
%
6.3
-
Total
100.0
%
100.0
%
100.0
%
Foreign currency translation
The functional and reporting currency of the Company
and the Company's subsidiaries domiciled in BVI and Hong Kong is the United States dollar ("U.S. dollar"). The financial
records of the Company's other subsidiaries and VIEs located in the PRC are maintained in their local currency, the Chinese Renminbi
("RMB"), which is the functional currency of these entities.
Monetary assets and liabilities denominated in
currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance
sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at
the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the statements
of operations.
The Company's entities with a functional
currency of RMB translate their operating results and financial position into the U.S. dollar, the Company's reporting currency.
Assets and liabilities are translated using the exchange rates in effect on the balance sheet date. Revenues, expenses, gains and losses
are translated using the average rate for the year. Retained earnings and equity are translated using the historical rate. Translation
adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive income.
F-
25
Earnings per share
ASC Topic 260 "Earnings per Share,"
requires presentation of both basic and diluted earnings per share ("EPS") with a reconciliation of the numerator and denominator
of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution. Diluted EPS
reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted
into ordinary shares or resulted in the issuance of ordinary shares that then shared in the earnings of the entity.
Basic net loss per share is computed by dividing
net loss available to ordinary shareholders by the weighted average number of shares of ordinary shares outstanding during the period.
Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of ordinary shares, ordinary shares
equivalents and potentially dilutive securities outstanding during each period. Potentially dilutive ordinary shares consist of the ordinary
shares issuable upon the exercise of ordinary shares warrants (using the treasury stock method). Ordinary shares equivalents are not included
in the calculation of diluted earnings per share if their effect would be anti-dilutive. In a period in which the Company has a net
loss, all potentially dilutive securities are excluded from the computation of diluted shares outstanding as they would have had an anti-dilutive
impact.
7,803,132
and
32,905,298
shares that would be issued upon exercise of the warrants in 2022 and 2021, respectively, are not included
in EPS as their exercise would be anti-dilutive. The following is a table of basic and diluted net loss per share:
Year Ended December 31,
2022
2021
2020
Net loss available to owners of the Company for basic and diluted net loss per share of ordinary shares
$
(
52,539,682
)
$
(
68,801,252
)
$
(
39,865,640
)
Weighted average ordinary stock outstanding - basic and diluted
14,122,993
11,163,577
7,399,468
Net loss per ordinary share attributable to owners of the Company - basic and diluted
$
(
3.72
)
$
(
6.30
)
$
(
5.40
)
EPS for 2022 and 2021 reflects the 30:1 share combination of March 22, 2023. Please see Note 16.
Income taxes
Deferred income taxes are recognized for temporary
differences between the tax bases of assets and liabilities and their reported amounts in the financial statements, net operating loss
carry forwards and credits, by applying enacted statutory tax rates applicable to future years to these items. Deferred tax assets are
reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred
tax assets will not be realized. Current income taxes are provided for in accordance with the laws and regulations applicable to the Company
as enacted by the relevant tax authorities.
The impact of an uncertain income tax position
on the income tax return must be recognized at the largest amount that is more-likely-than not to be sustained upon audit by the relevant
tax authorities. An uncertain income tax position will not be recognized if it has less than a
50
% likelihood of being sustained. Additionally,
the Company classifies the interest and penalties, if any, as a component of income tax expense. For years ended December 31, 2022, 2021
and 2020, the Company did not have any material interest or penalties associated with tax positions nor did the Company have any significant
unrecognized uncertain tax positions.
Contingencies
The Company records accruals for certain of its
outstanding legal proceedings or claims when it is probable that a liability will be incurred and the amount of loss can be reasonably
estimated. The Company evaluates the developments in legal proceedings or claims that could affect the amount of any accrual, as well
as any developments that would make a loss contingency both probable and reasonably estimable.
Segment reporting
Operating segments are reported in a manner consistent
with the internal reporting provided to our chief operating decision maker, who is our Chief Executive Officer ("CEO"), who
reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance
and allocating resources. The Company had one single operating and reportable segment for the years ended December 31, 2022, 2021 and
2020. All the Company's customers and virtually all of its assets are located in the PRC, therefore, no geographical segment information
is presented.
F-
26
Related parties
Parties are considered to be related to the Company
if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with
the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal
owners of the Company and its management and other parties with which the Company may deal with if one party controls or can significantly
influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully
pursuing its own separate interests. The Company discloses all significant related party transactions.
Leases
According to FASB ASC 842 "Leases",
lessees are required to record a right of use asset and lease liabilities for all leases other than those that have a lease term of 12
months or less. At the lease commencement date, a lessee should measure and record the lease liability equal to the present value of scheduled
lease payments discounted using the rate implicit in the lease or the lease's incremental borrowing rate, and the right of use asset
is calculated on the basis of the initial measurement of the lease liability, plus any lease payments at or before the commencement date
and direct costs, minus any incentives received. Over the lease term, a lessee must amortize the right of use asset and record the interest
expense on the lease liability. The recognition and classification of lease expenses depend on the classification of the lease as either
operating or finance.
When the Company is the lessor, minimum contractual
rental from leases is recognized on a straight-line basis over the non-cancelable term of the lease. With respect to a particular lease,
actual amounts billed in accordance with the lease during any given period may be higher or lower than the amount of rental revenue recognized
for the period. Straight-line rental revenue commences when the customer assumes control of the leased premises. Accrued straight-line
rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements.
If later, the billing amount exceeds the straight-line rental revenue, the variance will be credited to accrued straight-line rents receivable.
Contingent rental revenue is accrued when the contingency is removed.
Advertising costs
Advertising costs include expenses associated
with direct marketing. All advertising costs are expensed as incurred and included in selling and marketing expenses. During the years
ended December 31, 2022, 2021 and 2020, advertising costs amounted to $
58,075
, $
915,203
and $
133,634
, respectively.
Comprehensive loss
Comprehensive loss includes net loss and foreign
currency translation adjustments and is presented net of tax. The tax effect is
nil
for the three years ended December 31, 2022, 2021
and 2020 in the consolidated statements of comprehensive loss.
Concentration of credit risk
Financial instruments that potentially
expose the Company to concentrations of credit risk consist primarily of cash, accounts receivable and other receivables. While the cash maintained in banks in China is uninsured, these financial
institutions all have high credit and quality ratings in China. For the year ended December 31,
2022,
three
customers accounted for
53.0
% of total revenue. For the year ended December 31, 2021,
two
customers accounted for
32
% of
total revenue. For the year ended December 31, 2020,
three
customers accounted for
40.4
% of total revenue. At December 31, 2022 and
2021, the Company had credit risk exposure of uninured cash in banks of $
1,264,881
and $
16,795,263
, respectively. The Company does
not require collateral to support financial instruments that are subject to credit risk
The net sales to customers representing at least
10
% of net total sales are as follows:
Year Ended December 31,
Customer
2022
2021
2020
A
25
%
-
-
B
16
%
-
-
C
12
%
-
-
D
-
-
21
%
E
-
-
10
%
F
-
-
10
%
G
-
18
%
-
H
-
13
%
-
F-
27
The following customers had balances of at least
10
% of the total trade receivables at the respective balance sheet dates set forth below:
December 31,
Customer
2022
2021
I
-
18
%
J
-
18
%
K
-
19
%
L
21
%
-
M
33
%
-
Recent accounting pronouncements
In October 2021, the FASB issued ASU 2021-08,
Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers to improve the
accounting for acquired revenue contracts with customers in a business combination. ASU 2021-08 is effective for fiscal years, and for
interim periods within those fiscal years, beginning after December 15, 2022. This ASU is not expected to have a material effect on the
Company's consolidated financial statements.
In March 2022, the FASB issued ASU 2022-02, Financial
Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings ("TDR") and Vintage Disclosures ("ASU 2022-02").
ASU 2022-02 eliminates the TDR recognition and measurement guidance, enhance existing disclosure requirements and introduce new requirements
related to certain modifications of receivables made to borrowers experiencing financial difficulty. For entities that have not yet adopted
ASU 2016-13, the ASU is effective upon adoption of the amendments in ASU 2016-13. Early adoption is not permitted before an entity's adoption
of ASU 2016-13. This ASU is not expected to have a material effect on the Company's consolidated financial statements.
Other new pronouncements issued but not effective
until after December 31, 2022 are not expected to have a material impact on the Company's financial position, results of operations
or liquidity.
NOTE 3 – BUSINESS COMBINATIONS
Business combinations in 2021 :
On March 17, 2021, the Company completed the acquisition
of its
100
% equity interest in Saleya, to complement its businesses and achieve synergies. The Company believes Saleya provides it with
a clear competitive advantage in the fields of autonomous driving, smart electric vehicles, intelligent transportation, and smart cities,
through which the Company expects to accelerate its development in this industry. Results of the acquired entities' operations have
been included in the Company's consolidated financial statements since the acquisition date.
March 17,
2021
Purchase consideration
-
Cash consideration
$
110,232,401
Share based payment
12,395,710
122,628,111
Net assets acquired,
Cash
1,639,102
Prepayment, deposit and other receivables (current)
1,205,027
Accounts receivable
1,844,197
Bills receivable
14,944
Amount due from related parties
389,775
Property, plant and equipment
1,133,622
Intangible assets
72,832,550
Accounts payable
(
2,789,224
)
Contract liabilities
(
271,995
)
Other payable
(
5,989,133
)
Amount due to related parties
(
340,220
)
Short term loan
(
6,815,175
)
Tax payable
(
22,069
)
Long-term payable
(
913,061
)
Deferred tax liability arising from IA (tax rate
15
%)
(
10,911,952
)
Exchange reserve
(
186,386
)
Goodwill
71,808,110
Goodwill, which is non-deductible for tax purposes,
is primarily attributable to the synergies expected to be achieved from the acquisition. Refer to Note 9 for details.
F-
28
The valuations used in the purchase price allocation
described above were determined by the Company with the assistance of an independent third-party valuation firm. The valuation report
considered generally accepted valuation methodologies such as the relief from royalty method. As the acquiree is a private company, the
fair value estimate is based on significant inputs that market participants would consider, which mainly include (a) discount rates, (b)
projected terminal values based on future cash flows (c) financial multiples of companies in the same industries and (d) adjustments for
lack of control or lack of marketability.
LKCO& SALEYA
Pro forma Consolidated Statements of Operations
and Comprehensive Loss
For the Year Ended December 31, 2020
(unaudited)
LUOKUNG
SALEYA
Pro forma
Pro forma
Technology
HOLDINGS
Adjustments
Consolidated
(historical)
(historical)
Revenues
$
18,263,788
$
6,693,061
$
(
93,702
)
[1]
$
24,863,147
Cost of revenues
17,479,479
7,239,558
7,152,609
[1], [2]
31,871,646
GROSS PROFIT (LOSS)
784,309
(
546,497
)
(
7,246,311
)
(
7,008,499
)
Operating expenses
41,035,162
7,270,900
165,582
48,471,644
Loss from operations
(
40,250,853
)
(
7,817,397
)
(
7,411,893
)
(
55,480,143
)
Other income, net
193,888
274,055
467,943
NET LOSS
(
40,056,965
)
(
7,543,342
)
(
7,411,893
)
(
55,012,200
)
Less: Net loss attributable to non-controlling interest
191,325
-
191,325
Net loss attributable to owners of LKCO
(
39,865,640
)
(
7,543,342
)
(
54,820,875
)
COMPREHENSIVE LOSS
$
(
42,994,039
)
$
(
8,449,399
)
(
7,411,893
)
$
(
58,855,331
)
Net loss per share - basic and diluted
(
0.18
)
(
0.17
)
Weighted average shares outstanding-basis and diluted
221,984,037
94,941,399
[3]
316,925,436
[1]
To eliminate intercompany transactions
[2]
To record amortization of intangible assets.
[3]
To adjust the weighted average number of ordinary shares which would have been outstanding during the year had the Acquisition occurred on the first day of the year presented.
NOTE 4 – INCOME TAX
At December 31, 2022, the Company had unused net
operating loss carryforwards of approximately $
131,835,099
for income tax purposes, which expire between 2023 and 2027.
At December 31,
2022, 2021 and 2020, these net operating losses carryforwards may result in future income tax benefits of $
25,506,592
, $
21,953,981
and
$
10,974,429
, respectively.
Valuation allowances provided against the deferred
tax assets are mainly related to the net operating loss carry forwards, as the Company's management believes that only a portion of the
deferred tax benefit is more likely than not to be realized based on the Company's forecasts of future taxable income. The amount
of the valuation allowance as of December 31, 2022 and 2021 was $
16,007,067
and $
14,570,809
, respectively. In making such determination,
the Company considered factors including future taxable income as a result of the business development exclusive of reversing temporary
differences and tax loss carry forwards per the Company's projections.
Deferred income taxes reflect the net effects
of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used
for income tax purposes.
Significant components of the Company's
deferred tax liabilities and assets of December 31, 2022 and 2021 are as follows:
December 31,
December 31,
2022
2021
Deferred tax liabilities arising from acquisitions of subsidiaries
$
(
9,171,795
)
$
(
10,284,171
)
Deferred tax asset
Net operating loss carryforward
25,506,592
21,953,981
Valuation allowance
(
16,007,067
)
(
14,570,809
)
Net deferred tax asset
9,499,525
7,383,172
F-
29
Movement of valuation allowance
December 31,
2022
December 31,
2021
At the beginning of the year
$
14,570,809
$
10,974,429
Acquisition of subsidiary
-
4,489,762
Current year addition
4,549,975
7,993,933
Expired
(
134,802
)
(
1,673,664
)
Exchange difference
(
2,048,140
)
381,779
Over provided in last year
1,185,578
(
212,258
)
Recognized during the year
(
2,116,353
)
(
7,383,172
)
At the end of the year
16,007,067
14,570,809
The Company is not subject to taxation in BVI
under the current BVI law. Subsidiaries operating in the PRC are subject to PRC Enterprise Income Tax at the statutory rate of
25
% for
the years ended December 31, 2022, 2021 and 2020. Five of our subsidiaries qualify as high-technology enterprises and benefit from a preferential
tax rate of
15
%. They are qualified as a "high-technology enterprise" until July 15, 2022 to November 18, 2025, respectively.
Subsidiaries operating in Hong Kong are subject to Hong Kong income taxes at a rate of
16.5
% for the years ended December 31, 2022, 2021
and 2020.
A reconciliation of the income tax benefit to the amount computed by applying the current PRC statutory tax rate of
25
% to the loss before income taxes in the consolidated statements
of comprehensive income is as follows:
December 31,
December 31,
December 31,
2022
2021
2020
Loss before income taxes
$
(
54,153,065
)
$
(
69,597,322
)
$
(
40,056,965
)
Tax loss at the PRC statutory tax rate of
25
%
13,538,266
17,399,330
(
9,611,948
)
Taxable items
(
3,532,743
)
-
-
Deductible items
3,470,728
-
-
Non-deductible items
-
(
20,201,962
)
7,353,006
Non-taxable items
-
19,124,786
(
853,004
)
Change in valuation allowance
(
1,957,164
)
(
697,508
)
1,764,787
Effect of different tax rates in other jurisdictions
(
5,588,499
)
(
8,043,850
)
178,444
Effect of
15
% preferential rate for certain PRC subsidiaries
(
1,989,264
)
545,541
1,168,715
Income tax benefit
3,941,324
8,126,337
-
NOTE 5 – ACCOUNTS RECEIVABLE
At December 31, 2022 and 2021, accounts receivable
consisted of the following:
December 31,
December 31,
2022
2021
Accounts receivable
$
28,383,755
$
38,138,683
Less: allowance for expected credit losses
(
21,100,189
)
(
24,335,316
)
$
7,283,566
$
13,803,367
During the years ended December 31, 2022, 2021
and 2020, allowance for expected credit losses (recovery) amounted to $(
1,167,837
), $
235,464
and $
7,866,302
respectively and was recorded
in general and administrative expenses.
F-
30
NOTE 6 – OTHER RECEIVABLES AND PREPAYMENT
At December 31, 2022 and 2021, other receivables
and prepayment consisted of the following:
December 31,
2022
December 31,
2021
Current
Advances to suppliers
$
1,534,605
$
1,198,006
VAT recoverable
(1)
1,378,449
862,488
Advances to business partners
(2)
34,499,312
25,537,541
Others
(3)
5,953,078
159,839
Other receivable from investors
6,715,893
5,361,360
50,081,337
33,119,234
Less: allowance for expected credit losses
(
13,877,442
)
(
6,664,197
)
$
36,203,895
$
26,455,037
Non-current
Loans to employees
228,274
22,104
Deposit for equity investment
(4)
8,700,000
6,435,734
Loan to minority shareholders
(5)
673,247
7,861,502
Other
71,582
458,482
9,673,103
14,777,822
Less: allowance for expected credit losses
(
669,139
)
(
6,632,163
)
$
9,003,964
8,145,659
(1)
The balance of advanced VAT represents input VAT available for deducting the amount of VAT paid in the future.
(2)
Business partners mostly include suppliers.
As of December 31, 2022, the advance to a third party business partner is unsecured, is repayable before December 31, 2023.
(3)
Others mainly consist of partial consideration of share based payments amounting to $
2,502,000
and loan to certain non-controlling shareholders of BotBrain amounting to  $
679,254
.
(4)
In 2022 and 2021, deposit for equity investment represents an intended
investment in
100
% equity interest of Dinoplus Ai Holdings Limited,
100
% equity interest of PICOAI US INC, which was consolidated in 2022
and
1.364
% equity interest of Beyond Net Service Limited. The investments are carried at cost and assessed for impairment when there are
indications that the fair value does not exceed the carrying value.
(5)
The minority shareholders pledged their shares in LKCO for the interest-free loans which are repayable in 2023.
During the years ended December 31, 2022, 2021
and 2020, allowance for expected credit losses amounted to $
1,697,978
, $
5,013,984
and $
9,138,995
, respectively and was recorded in general
and administrative expenses.
F-
31
NOTE 7 – PROPERTY AND EQUIPMENT
At December 31, 2022 and 2021, property and equipment
consisted of the following:
December 31,
December 31,
Useful life
2022
2021
Wi-Fi equipment
3
Years
$
-
$
3,429,541
Vehicles
5
Years
386,255
370,831
Office and other equipment
3
–
5
Years
6,251,261
6,471,712
6,637,516
10,272,084
Less: accumulated depreciation and impairment
-
3,113,706
)
(
4,689,604
)
$
3,523,810
$
5,582,480
For the years ended December 31, 2022, 2021 and
2020, depreciation expense amounted to $
1,905,226
, $
756,464
and $
140,001
, respectively, of which $
990,818
, $
40,485
and $
nil
, respectively,
was included in cost of revenue, and $
33.421
$
12,735
and $
6,360
, respectively, was included in selling and marketing expenses and the
remainder was included in general and administrative expense and research and development expenses.
The Company recognized an impairment loss on property
and equipment of $
162,544
, $
nil
and $
nil
for the years ended December 31, 2022, 2021 and 2020, respectively, for idled Wi-Fi equipment.
NOTE 8 – INTANGIBLE ASSETS, NET
As of December 31, 2022
Gross
carrying
value
Accumulated
amortization
and
impairment
Net
carrying
value
Software
$
276,249
$
(
224,608
)
$
51,641
Copyright
847,181
(
169,436
)
677,745
Trademarks
21,143,485
(
4,711,018
)
16,432,467
Customer relationship
1,044,928
(
182,861
)
862,067
Technology
51,783,276
(
12,945,821
)
38,837,455
Patents
54,564,831
(
23,766,487
)
30,798,344
$
129,659,950
$
(
42,000,231
)
$
87,659,719
As of December 31, 2021
Gross
carrying
value
Accumulated
amortization
and
impairment
Net
carrying
value
Software
$
288,964
$
(
210,358
)
$
78,606
Copyright
847,181
(
84,718
)
762,463
Trademarks
21,256,665
(
2,832,381
)
18,424,284
Customer Relationship
1,044,928
(
78,372
)
966,556
Technology
51,783,276
(
5,548,208
)
46,235,068
Patents
54,610,445
(
18,192,405
)
36,418,040
$
129,831,459
$
(
26,946,440
)
$
102,885,017
F-
32
Amortization expense of intangible assets was
$
15,237,066
, $
12,675,687
and $
5,457,136
for the years ended December 31, 2022, 2021 and 2020, respectively.
As of December 31, 2022, future minimum amortization
expenses in respect of intangible assets are as follows:
Year ending December 31,
2023
$
14,985,735
2024
14,985,735
2025
14,985,735
2026
14,985,735
2027
14,985,735
Thereafter
12,731,044
$
87,659,719
NOTE 9 – GOODWILL
In September of 2014, Zhong Chuan Shi Xun acquired
a
100
% interest in Zhong Chuan Rui You for a consideration of $
7,391,894
(RMB
48,000,000
). Zhong Chuan Rui You is primarily engaged in
Wi-Fi business, deploying Wi-Fi equipment on trains and providing passengers with entertainment and information services on trains. The
fair value of the identifiable net assets of Zhong Chuan Rui You was $
151,958
(RMB
963,000
) and goodwill of $
7,239,936
was recorded.
In August of 2018, LK Technology acquired a
100
%
interest in Superengine Holding Limited for a consideration of $
60,000,000
, which was paid by the issuance of ordinary shares of the Company
in an amount equal to the quotient of (x) the Purchase Price divided by (y) the average of the closing prices of the Ordinary Shares on
the NASDAQ Capital Market over the 12 months period preceding July 31, 2018. Superengine possesses patented technologies in spatial-temporal
big data indexing, storage, transmission and visualization that can be used in vector maps, HD intelligent maps, interactive location
services, smart cities, intelligent transportation systems, mapping and surveying, remote sensing and monitoring. The fair value of the
identifiable net assets of Superengine was $
1,440,349
, and an intangible asset of $
54,070,987
and goodwill of $
4,488,664
were recorded.
On December 4, 2020, the Company acquired a
67.36
%
equity interest in BoBtrain for a consideration of $
2.5
million (RMB
16.4
million). BotBrain is primarily engaged in smart learning. The
fair value of the identifiable net assets of BotBrain was negative $
607,120
and goodwill of $
3,849,207
was recorded.
On March 17, 2021, the Company completed the acquisition
of its
100
% equity interest in Saleya for a consideration of (i) a cash amount of $
102
million (RMB
666
million), (ii)
9,819,926
LKCO ordinary
shares and (iii)
1,500,310
LKCO preferred shares pursuant to a supplemental agreement dated February 24, 2021. The fair value of the identifiable
net liabilities of Saleya was $
10,828,009
, and an intangible asset of $
72,746,349
and goodwill of
$71,808,110
were recorded. Refer to
Note 3 for details.
December 31,
December 31,
2022
2021
Gross carrying value of goodwill
Zhong Chuan Rui You
$
7,239,936
$
7,239,936
Superengine
4,488,664
4,488,664
BotBrain
3,849,207
3,849,207
Saleya
71,808,110
71,808,110
PICO
377,665
-
Less: impairment
Zhong Chuan Rui You
(
3,619,968
)
(
3,619,968
)
Superengine
-
-
BotBrain
(
3,849,207
)
(
1,994,986
)
Saleya
-
-
Net carrying value of goodwill
Zhong Chuan Rui You
3,619,968
3,619,968
Superengine
4,488,664
4,488,664
BotBrain
-
1,854,221
Saleya
71,808,110
71,808,110
PICO
377,665
-
$
80,294,407
$
81,770,963
Our assessment of goodwill for impairment includes
various inputs, including forecasted revenue, forecasted operating profits, terminal growth rates, and weighted-average costs of capital.
The projected cash flows used in calculating the fair value of our reporting units, using the income approach, considered historical and
estimated future results and general economic and market conditions, as well as the impact of planned business and operational strategies.
F-
33
In assessing potential impairment of the
goodwill attributed to BotBrain, we noted the demand for corporate training was significantly reduced, market competition,
particularly due to the larger players offering lower prices, severely eroded Botbrain's market share, and the increased
investment of the larger players as indicators of an impairment. As a result of these indicators, we estimated the fair value of the
reporting units using an income approach based on projected discounted cash flows. Based principally on lower forecasted revenue and
operating profits caused by lower demand for our commercial gaming products, we recorded a $
1,854,221
non-cash impairment loss in
general and administrative expenses during the year ended December 31, 2022.
NOTE 10 – ACCRUED LIABILITIES AND OTHER
PAYABLES
At December 31, 2022 and 2021, accrued liabilities
and other payables consisted of the following:
December 31,
December 31,
2022
2021
Current
Accrued payroll
$
11,537,461
$
3,696,307
VAT payable
3,677,364
3,111,259
Individual tax payable
93,206
111,147
Other loans
(1)
51,440,650
54,852,359
Advertising payable
(2)
8,080,476
18,530,235
Other payable
7,266,301
9,056,972
$
82,095,458
$
89,358,279
(1)
Other loans primarily consist of a loan from Geely Technology which bears interest at
8
% per annum and other interest-free loans from third parties for working capital purposes. On November 13, 2019, the Company entered into a Share Subscription Agreement with Geely Technology to issue
21,794,872
preferred shares at a purchase price of $
1.95
per share for an aggregate purchase price of $
42,500,000
. Per the terms of the agreement, the Company recognized $
32,910,257
as a loan. The Company received $
21,743,857
as of December 31, 2019 and the remaining amount was received in January 2020. Geely Technology may request repayment after November of 2020, and under such circumstance, the Company shall pay it back in January of 2021. On December 24, 2020, Geely Technology sent a notice of redemption and the loan was reclassified as current as of December 31, 2020. The Company is in negotiation for an extension with Geely Technology.
Pursuant to the Share Subscription Agreement, Geely had the right to require the Company to repurchase all or part of the Preferred Shares in cash at a repurchase price upon the following events: (i) six (6) months after the closing date; (ii) the proposed acquisition of eMapgo Technologies (Beijing) Co., Ltd. was terminated; (iii) the Company breached the Share Subscription Agreement; or (iv) within six (6) months from the closing date provided that the Company had sufficient funds after completing the Proposed Acquisition. The repurchase price per each Preferred Share was the higher of (i) $
1.95
per share; or (ii) the US dollars equivalent to RMB
13.7648
per share (the "Repurchase Price"), where the exchange rate was the central parity rate between RMB and USD published by the People's Bank of China the day before Geely issued the repurchase notice, plus an eight percent (
8
%) annual simple interest rate basis calculated from the date such Purchase Price was fully paid until the date of full payment of the Repurchase Price, which was required to be made in a lump sum on the date of the payment of the Repurchase Price, plus all declared but unpaid dividends with respect to the Preferred Shares. The Company was obligated to pay the corresponding Repurchase Price within sixty (60) days following twelve (12) months after the Purchased Shares were issued. Geely had the right to convert the Preferred Shares into the Company's ordinary shares at the ratio of 1:1 at any time. The repurchase right discussed above did not apply to the ordinary shares so converted.
Pursuant to the Share Subscription Agreement, in addition to the Preferred Shares, the Company issued to Geely a warrant to purchase
10,897,436
ordinary shares (the "Warrant"). Each warrant entitles Geely to purchase one ordinary share at an exercise price (the "Warrant Exercise Price"), equal to one hundred twenty percent (
120
%) of the Purchase Price of the Preferred Shares (i.e. USD
2.34
). After Geely elects to convert the Preferred Shares into ordinary shares, the Company shall have the right to require Geely to exercise the Warrant in the event that the volume weighted average price ("VWAP") for any trailing 20-day period is in excess of one hundred twenty-five percent (
125
%) of the Warrant Exercise Price (i.e. USD
2.925
). Upon receipt of the notice of exercise of the Warrant, Geely shall decide whether to exercise the Warrant in accordance with applicable Chinese governmental regulatory requirements (including but not limited to ODI procedures) and shall promptly notify the Company in writing of the result of such decision. If Geely decides not to exercise the Warrant, the Warrant shall become void.
Since the preferred stock may be redeemed at the option of the holder, the redeemable preferred stock has been classified as mezzanine equity and recognized at the amount of the proceeds on the date of issuance less the fair value of the loan portion of $
32.9
million. The Company used share price on the issuance date as a reference to determine the fair value of the loan portion.
F-
34
(2)
Advertising payable represents the payments owed to the vendors that provide advertising activities for the Company to promote the Luokuang mobile application.
NOTE 11 – AMOUNTS DUE TO RELATED PARTIES
At December 31, 2022 and 2021, amounts due to
related parties consisted of the following:
December 31,
December 31,
Name of related party
2022
2021
Mr. Song
(1)
$
912,351
$
135,718
(1)
The Company's CEO and Chairman
Amounts due to related parties are non-interest
bearing, unsecured and payable on demand.
NOTE 12 – OPERATING LEASE
In accordance with ASC 842, the Company measured
and recognized a right of use asset of $
2,725,777
and $
4,484,843
and lease liability of $
2,813,936
and $
4,511,180
, respectively, as of
December 31, 2022 and 2021.
The Company entered into operating lease agreements
primarily for offices. Certain lease agreements contain an option for the Company to renew a lease for a term of up to five years or an
option to terminate a lease early. The Company considers these options in determining the classification and measurement of the leases.
The following table shows the total lease cost
and the cash flows arising from the operating leases, and information about weighted-average remaining lease term and weighted-average
discount rate.
December 31,
2022
December 31,
2021
Lease cost
Operating lease cost
$
1,607,245
$
1,227,115
Short term lease
790,440
378,763
Total lease cost
$
2,397,685
$
1,605,878
Other information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases
$
2,397,685
$
1,605,878
Right-of-use assets obtained in exchange for new operating lease liabilities
Nil
Nil
Weighted-average remaining lease term - operating lease
20
months
32
months
Weighted-average discount rate - operating lease
6.75
%
6.75
%
F-
35
As of December 31, 2022, future minimum lease
payments on operating leases were as follows:
December 31,
2022
Maturity of lease liabilities
2023
$
2,722,721
2024
1,104,558
2025
65,492
Total minimum lease payments
$
3,892,771
Short term lease
(
790,440
)
Imputed interest
(
288,395
)
Present value of minimum lease payments
$
2,813,936
Less: classified as current liabilities
(
1,665,410
)
Non-current liabilities
$
1,148,526
NOTE 13 – SHARE CAPITAL
During the year 2021, the Company issued
14,521,763
ordinary shares in total for professional fees and development costs of $
16,198,565
has been recognized based on the trading price on
the date the shares were issued.
On February 5, 2021, the Company entered into
a securities purchase agreement with certain institutional investors for a registered direct offering of $
5.0
million of ordinary shares
at a price of $
0.52
per share. On February 10, 2021, the offering was closed and the Company received net proceeds of approximately $
4.4
million. The Company issued a total of
9,615,387
ordinary shares to the institutional investors. As part of the transaction, the Company
also issued to the investors warrants for the purchase of up to
4,807,694
ordinary shares at an exercise price of $
0.68
per share for
a term of three years from the date of issuance. From February 10 to 16, 2021, the institutional investors purchased
4,805,129
warrants,
and the placement agent purchased
480,770
warrants.
F-
36
On February 11, 2021, the Company entered into
another securities purchase agreement with certain institutional investors for a registered direct offering of approximately $
15.0
million
of ordinary shares at a price of $
0.888
per share. On February 17, 2021, the offering was closed and the Company received net proceeds
of approximately $
17.7
million. The Company issued a total of
16,891,892
ordinary shares to the institutional investors. As part of the
transaction, the Company also issued to the investors warrants for the purchase of up to
8,445,946
ordinary shares at an exercise price
of $
1.11
per share for a term of three years from the date of issuance. From February 19 to 26, 2021 the institutional investors purchased
8,440,631
warrants.
On February 17, 2021, the Company entered into
another securities purchase agreement with certain institutional investors for a registered direct offering of $
100
million of ordinary
shares at a price of $
2.08
per share. On February 19, 2021, the offering was closed and the Company received net proceeds of approximately
$
92.7
million. The Company issued a total of
48,076,923
ordinary shares to the institutional investors. As part of the transaction, the
Company also issued to the investors warrants for the purchase of up to
19,230,768
ordinary shares at an exercise price of $
1.60
per share
for a term of three years from the date of issuance.
On September 22, 2021, the Company entered into
another securities purchase agreement with certain institutional investors for a registered direct offering of approximately $
32.8
million
of ordinary shares at a price of $
1.20
per share. On September 23, 2021, the offering was closed and the Company received net proceeds
of approximately $
30.5
million. The Company issued a total of
27,333,300
ordinary shares to the institutional investors. As part of the
transaction, the Company also issued to the investors warrants for the purchase of up to
13,666,650
ordinary shares at an exercise price
of $
1.60
per share for a term of three years from the date of issuance.
The following summarizes warrant transactions related to registered
direct offerings in 2022 and 2021:
2022
2021
Warrants
Weighted
average
exercise price $
Warrants
Weighted
average
exercise price $
Warrants outstanding at beginning of year
1,096,843
48.00
Granted
6,706,289
1.68
46,631,828
1.41
Exercised
13,726,530
0.94
Forfeited
-
-
-
-
Warrants  outstanding at end of year
7,803,132
8.19
32,905,298
1.60
Exercisable at end of year
7,803,132
8.19
32,905,298
1.60
On April 16, 2021, the Company issued
7,111,428
ordinary shares to the shareholders of Saleya as a part of the consideration in connection to the acquisition of
100
% equity interest
in Saleya pursuant to a supplemental agreement dated February 24, 2021.
In September of 2021, the Company issued
570,001
ordinary shares to certain current directors as compensation for their services and stock-based compensation expense of $
803,701
has been
recognized based on the trading price on the date the shares were issued.
In September of 2021, the Company issued
7,925,000
ordinary shares to employees for their services for year 2021 and 2022 under the 2018 omnibus equity plan and stock-based compensation
expense of $
4,184,175
was recognized in 2021 and $
5,919,775
was recognized in 2022 based on the trading price on the date the shares were
issued.
F-
37
During the year 2022, the Company
issued
74,289,797
ordinary shares in total for professional fees and development costs, and $
16,325,559
of expense has been
recognized based on the trading price on the date the shares were issued.
On July 26, 2022, the Company entered into another
securities purchase agreement with certain institutional investors for a registered direct offering of approximately $
8
million of ordinary
shares at a price of $
0.30
per share. On July 29, 2022, the offering was closed and the Company received net proceeds of approximately
$
7.42
million. The Company issued a total of
26,666,667
ordinary shares to the institutional investors. As part of the transaction, the
Company also issued to the investors warrants for the purchase of up to
26,666,667
ordinary shares at an exercise price of $
0.41
per share
for a term of three years from the date of issuance.
On March 29, 2022, the Company issued
6,000,000
shares of its ordinary shares as partial payment for the purchase price of RMB
12,156,200
(equivalent to approximately $
1,745,427
) for
100
% the equity interest of Hongda Jiutong.
As of December 31, 2022 and 2021, we had
492,498,688
and
385,542,224
ordinary shares issued and outstanding.
As of December 31, 2022 and 2021, we had
2,500,000
and
1,000,000
Preferred Shares and Series A Preferred Shares issued and outstanding.
Preferred Shares
Subject to the memorandum
and articles of association (and, for greater clarity, without prejudice to any special rights conferred thereby on the holders of any
other shares), a Preferred Share of our company confers on the holder:
(a)
the right to
399
votes at a meeting of the members of our company or on any resolution of members;
(b)
the right to an equal share in any distribution paid by our company;
(c)
the right to an equal share in the distribution of the surplus assets of our company on a winding up;
(d)
be freely transferable, in whole or in part, by Mr. Xuesong Song to any third party through one or more Private Transactions (as defined in our articles of association), subject to Applicable Law (as defined in our articles of association); and
(e)
be freely transferable, in whole or in part, by Mr. Xuesong Song to any third party through one or more Public Transactions, subject to Applicable Law and Automatic Conversion (as defined in our articles of association) of such Preferred Share(s) into Ordinary Share(s).
Each Preferred Share shall
be automatically converted at any time after issue and without the payment of any additional sum into an equal number of fully paid Ordinary
Shares upon the conclusion of any transfer by Mr. Xuesong Song to any third party through one or more Public Transactions (as defined
in our articles of association).
Series A Preferred Shares
Subject to the memorandum
and articles of association (and, for greater clarity, without prejudice to any special rights conferred thereby on the holders of any
other shares), a Series A Preferred Share of the Company confers on the holder:
(a) no right to vote at a
meeting of the members of our company or on any resolution of members;
(b) the right to an equal
share in any distribution paid by our company;
(c) the right to an equal
share in the distribution of the surplus assets of our company on our liquidation;
(d) the right, at such holder's
sole discretion, to convert all or any portion of the holder's Series A Preferred Shares into Ordinary Shares at any time commencing
after the date of issue of such Series A Preferred Shares. The conversion rate for the Series A Preferred Shares shall be one (1) Ordinary
Share for every one (1) Series A Preferred Share. Before any holder of Series A Preferred Shares shall be entitled to convert the same
into Ordinary Shares and to receive certificate(s) for such Ordinary Shares, he shall surrender the certificate(s) for his Series A Preferred
Shares at the office of our company and shall give written notice to our company at such office that he elects to convert the same. Our
company shall, as soon as practicable thereafter, issue and deliver at such office to such holder of Series A Preferred Shares a certificate(s)
for the number of Ordinary Shares to which he shall be entitled.
Such conversion shall be deemed to have been made immediately prior to
the close of business on the date of such surrender of the certificate(s) for the Series A Preferred Shares to be converted, and the person
or persons entitled to receive the Ordinary Shares issuable upon such conversion shall be treated for all purposes as the record holder(s)
of such Ordinary Shares on such date. The directors may effect conversion in any matter permitted by law including, without prejudice
to the generality of the foregoing, repurchasing or redeeming the relevant Series A Preferred Shares and applying the proceeds towards
the issue of the relevant number of new Ordinary Shares. The provisions of clause 8(3)(e) of our memorandum of association shall not apply
to the Ordinary Shares so converted; and
F-
38
(e) the right, at such holder's
sole discretion, to require the redemption or repurchase by our company of all or any portion of the holder's Series A Preferred
Shares (the "Purchased Shares") in cash at a Repurchase Price defined below upon the following events: (1) six (6) months
after the closing date as defined in the share subscription agreement entered into between our company and Geely Technology dated 13 November
2019 (the "Share Subscription Agreement"); (2) the proposed acquisition of eMapgo Technologies (Beijing) Co., Ltd. (the "Proposed
Acquisition") by our company is terminated; (3) our company breaches the Share Subscription Agreement; or (4) within six (6) months
from the closing date as defined in the Share Subscription Agreement provided that our company has sufficient funds after completing the
Proposed Acquisition by our company. The repurchase price for each Series A Preferred Shares shall be the higher of (i) US$
1.95
per share;
or (ii) the US dollars equivalent to RMB
13.7648
per share (the "Repurchase Price"), where the exchange rate shall be the central
parity rate between RMB and USD published by the People's Bank of China the day before Geely Technology issues the repurchase notice,
plus an eight percent (
8
%) annual simple interest rate basis calculated from the date such Repurchase Price was fully paid until the date
of full payment of the Repurchase Price, which shall be made in a lump sum on the date of the payment of the Repurchase Price, plus all
declared but unpaid dividends with respect to the Series A Preferred Shares. Before any holder of Series A Preferred Shares shall be entitled
to require the redemption or repurchase by our company of all or any portion of the holder's Series A Preferred Shares, he shall
surrender the certificate(s) for his Series A Preferred Shares at the office of our company and shall give written notice to our company
(the "Redemption Notice") at such office that he elects to require the redemption or repurchase by our company of the same.
Our company shall pay the corresponding Repurchase Price within sixty (60) days following twelve (12) months after the Purchased Shares
are issued.
NOTE 14 – RETIREMENT AND WELFARE BENEFITS
The Company's full-time employees are entitled
to staff welfare benefits including medical care, casualty, housing benefits, education benefits, unemployment insurance and pension benefits
through a PRC government-mandated multi-employer defined contribution plan. The Company is required to accrue the employer-portion for
these benefits based on certain percentages of the employees' salaries. The total provision for such employee benefits is $
5,701,074
,
$
3,429,528
and $
457,998
during the years ended December 31, 2022, 2021 and 2020, respectively, of which $
nil
, $
209,120
and $
20,545
, respectively,
was charged to cost of revenue, $
994,290
, $
591,410
and $
90,542
, respectively, was charged to selling and marketing expenses, $
642,496
,
$
456,370
and $
83,886
, respectively, was charged to general and administrative expenses and $
4,064,288
, $
2,172,628
and $
263,025
, respectively,
was charged to research and development expenses. The Group is required to make contributions to the plan out of the amounts accrued for
all staff welfare benefits except for education benefits. The PRC government is responsible for the staff welfare benefits including medical
care, casualty, housing benefits, unemployment insurance and pension benefits to be paid to these employees.
NOTE 15 – STATUTORY RESERVES
As stipulated by the relevant law and regulations
in the PRC, the Group's subsidiaries and VIEs in the PRC are required to maintain a non-distributable statutory surplus reserve.
Appropriations to the statutory surplus reserve are required to be made at not less than
10
% of profit after taxes as reported in the
subsidiaries' statutory financial statements prepared under PRC GAAP. Once appropriated, these amounts are not available for future
distribution to owners or shareholders. Once the general reserve accumulates to
50
% of the subsidiaries' registered capital, the
subsidiaries can choose not to provide more reserves. The statutory reserve may be applied against prior year losses, if any, and may
be used for general business expansion and production and increase in registered capital of the subsidiaries. The Company allocated $
nil
to statutory reserves during the years ended December 31, 2022, 2021 and 2020, respectively. The statutory reserves cannot be transferred
to the Company in the form of loans or advances and are not distributable as cash dividends except in the event of liquidation.
NOTE 16 – SUBSEQUENT EVENTS
On March 22, 2023, the Company implemented a 30-to-1
share combination on its ordinary shares.
On March 27, 2023, signed a shares subscription
agreement with a strategic investor, CHINA ORIENT SMART ECOTECH INVESTMENT GROUP LIMITED, pursuant to which the Company agreed to issue
a total of
5,469,019
restricted ordinary shares for an aggregate of $
220
million of investment. The closing of the investment
is in two tranches. The first tranche of $
22
million is expected be within 30 working days from the date of the Share Subscription Agreement,
and the remaining $
198
million is expected to be within 60 days thereafter.
In the normal course of its business, the Company
is party to litigation as both a defendant and plaintiff. As of December 31, 2022, the Company is a defendant in a case involving a contract
dispute and another an administrative dispute. In consultation with its counsel, the Company estimates its potential combined loss as
$
980,000
; however, the cases are ongoing, the Company is defending itself vigorously and the final outcome of both cases cannot be determined
at this time.
F-39