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<TITLE>Nemaura Medical Inc.</TITLE>
<META NAME="author" CONTENT="Michael J Daniels">
<META NAME="date" CONTENT="03/27/2014">
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<DIV style="width:720px"><P style="margin:0px" align=center>As filed with the Securities and Exchange Commission on March 28, 2014 </P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=right>Registration No. 333- _________</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=center><B>UNITED STATES</B></P>
<P style="margin:0px" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0px" align=center><B>Washington, D.C. 20549</B></P>
<P style="margin:0px" align=center><B>____________</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=center><B>FORM S-1</B></P>
<P style="margin:0px" align=center><B>REGISTRATION STATEMENT</B></P>
<P style="margin:0px" align=center>UNDER</P>
<P style="margin:0px" align=center>THE SECURITIES ACT OF 1933</P>
<P style="margin:0px" align=center><B>____________</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; font-size:16pt" align=center><FONT style="background-color:#D5CBD7"><B>NEMAURA MEDICAL INC.</B></FONT></P>
<P style="margin:0px" align=center><I>(Exact name of registrant as specified in its charter)</I></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=182.267 /><TD width=18.2 /><TD /><TD width=18.267 /><TD width=200.467 /></TR>
<TR><TD style="margin-top:0px" valign=top width=182.267><P style="margin:0px" align=center><U>Nevada</U></P>
</TD><TD style="margin-top:0px" valign=top width=18.2><P style="margin:0px">&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=center><U>2841</U></P>
</TD><TD style="margin-top:0px" valign=top width=18.267><P style="margin:0px">&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=200.467><P style="margin:0px" align=center><U>46-5027260</U></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=182.267><P style="margin:0px" align=center><I>(State or jurisdiction of</I></P>
</TD><TD style="margin-top:0px" valign=top width=18.2><P style="margin:0px"><I>&nbsp;&nbsp;</I></P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=center><I>(Primary Standard Industrial</I></P>
</TD><TD style="margin-top:0px" valign=top width=18.267><P style="margin:0px"><I>&nbsp;&nbsp;</I></P>
</TD><TD style="margin-top:0px" valign=top width=200.467><P style="margin:0px" align=center><I>(I.R.S. Employer</I></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=182.267><P style="margin:0px" align=center><I>incorporation or organization)</I></P>
</TD><TD style="margin-top:0px" valign=top width=18.2><P style="margin:0px"><I>&nbsp;&nbsp;</I></P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px" align=center><I>Classification Code Number)</I></P>
</TD><TD style="margin-top:0px" valign=top width=18.267><P style="margin:0px"><I>&nbsp;&nbsp;</I></P>
</TD><TD style="margin-top:0px" valign=top width=200.467><P style="margin:0px" align=center><I>Identification No.)</I></P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=center>Charnwood Building Holywell Park</P>
<P style="margin:0px" align=center>Ashby Road</P>
<P style="margin:0px" align=center>Loughborough, Leicestershire</P>
<P style="margin:0px" align=center>United Kingdom</P>
<P style="margin:0px" align=center>LE11 3AQ </P>
<P style="margin:0px" align=center><I>(Address and telephone number of principal executive offices)</I></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=center>Dewan Fazlul Hoque Chowdhury</P>
<P style="margin:0px" align=center>Chief Executive Officer</P>
<P style="margin:0px" align=center>85 Toothill Road</P>
<P style="margin:0px" align=center>Loughborough</P>
<P style="margin:0px" align=center>United Kingdom</P>
<P style="margin:0px" align=center>LE11 1PN</P>
<P style="margin:0px" align=center><I>(Name, address and telephone number of agent for service)</I></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=center>Copies to:</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=center>Mitchell S. Nussbaum, Esq.</P>
<P style="margin:0px" align=center>Loeb &amp; Loeb LLP</P>
<P style="margin:0px" align=center>345 Park Avenue</P>
<P style="margin:0px" align=center>New York, NY 10154</P>
<P style="margin:0px" align=center>(212) 407-4923</P>
<P style="margin:0px" align=center>(212) 898-1184 (fax)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Approximate date of commencement of proposed sale to the public:</B> From time to time after the effective date of this registration statement.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box. <FONT style="font-family:Menlo Regular,Times New Roman"><font style='font-family:Arial Unicode MS,Times New Roman'>&#9746;</font></FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <FONT style="font-family:Menlo Regular,Times New Roman"><font style='font-family:Arial Unicode MS,Times New Roman'>&#9744;</font></FONT></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <FONT style="font-family:Menlo Regular,Times New Roman"><font style='font-family:Arial Unicode MS,Times New Roman'>&#9744;</font></FONT></P>
<P style="margin:0px; font-size:8pt" align=center>&nbsp;&nbsp;</P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <FONT style="font-family:Menlo Regular,Times New Roman"><font style='font-family:Arial Unicode MS,Times New Roman'>&#9744;</font></FONT></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of <font style='font-family:Arial Unicode MS,Times New Roman'>&#8220;</font>large accelerated filer,<font style='font-family:Arial Unicode MS,Times New Roman'>&#8221;</font> <font style='font-family:Arial Unicode MS,Times New Roman'>&#8220;</font>accelerated filer<font style='font-family:Arial Unicode MS,Times New Roman'>&#8221;</font> and <font style='font-family:Arial Unicode MS,Times New Roman'>&#8220;</font>smaller reporting company<font style='font-family:Arial Unicode MS,Times New Roman'>&#8221;</font> in Rule 12b-2 of the Exchange Act. (Check one):</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=36.8 /><TD /><TD width=27.667 /><TD width=240.067 /></TR>
<TR><TD style="margin-top:0px" valign=top width=36.8><P style="margin:0px; font-family:Menlo Regular,Times New Roman"><font style='font-family:Arial Unicode MS,Times New Roman'>&#9744;</font></P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">Large accelerated filer</P>
</TD><TD style="margin-top:0px" valign=top width=27.667><P style="margin:0px; font-family:Menlo Regular,Times New Roman"><font style='font-family:Arial Unicode MS,Times New Roman'>&#9744;</font></P>
</TD><TD style="margin-top:0px" valign=top width=240.067><P style="margin:0px">Accelerated filer</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=36.8><P style="margin:0px; font-family:Menlo Regular,Times New Roman"><font style='font-family:Arial Unicode MS,Times New Roman'>&#9744;</font></P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">Non-accelerated filer (Do not check if a smaller reporting company)</P>
</TD><TD style="margin-top:0px" valign=top width=27.667><P style="margin:0px; font-family:Menlo Regular,Times New Roman"><font style='font-family:Arial Unicode MS,Times New Roman'>&#9746;</font></P>
</TD><TD style="margin-top:0px" valign=top width=240.067><P style="margin:0px">Smaller reporting company</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=center><B>CALCULATION OF REGISTRATION FEE</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=18.067 /><TD width=303.533 /><TD width=6.067 /><TD width=6.067 /><TD width=85.667 /><TD width=6.2 /><TD width=7.467 /><TD width=92.733 /><TD width=6.333 /><TD width=7.6 /><TD width=89.733 /><TD width=6.333 /><TD width=7.6 /><TD width=76.6 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=321.6 colspan=2><P style="margin:0px"><B>Title of Class of Securities to be Registered</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.067><P style="margin:0px"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=91.733 colspan=2><P style="margin:0px" align=center><B>Amount</B></P>
<P style="margin:0px" align=center><B>To be Registered </B><FONT style="font-size:8pt"><SUB>(1)</SUB></FONT><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=100.2 colspan=2><P style="margin:0px" align=center><B>Proposed Maximum Aggregate Price Per&nbsp;Share </B><FONT style="font-size:8pt"><SUB>(2)</SUB></FONT>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=6.333><P style="margin:0px"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.333 colspan=2><P style="margin:0px" align=center><B>Proposed Maximum Aggregate Offering Price&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=6.333><P style="margin:0px"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=84.2 colspan=2><P style="margin:0px" align=center><B>Amount&nbsp;of Registration Fee </B><FONT style="font-size:8pt"><SUB>(3)</SUB></FONT></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=321.6 colspan=2><P style="margin:0px">Common Stock, $0.001 par value per share</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=6.067><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=6.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=85.667><P style="margin:0px; padding-right:5.4px" align=right>20,000,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=6.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.467><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=92.733><P style="margin:0px; padding-left:-62.067px; padding-right:9.8px" align=right>.02</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=89.733><P style="margin:0px; padding-right:5.467px" align=right>400,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=6.333><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.6><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=76.6><P style="margin:0px; padding-right:6px" align=right>51.52</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=18.067><P style="margin:0px">&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=701.933 colspan=13><P style="margin:0px">(1)&nbsp;&nbsp;Pursuant to Rule 416 of the Securities Act of 1933, as amended, the shares of Common Stock offered hereby also include such presently indeterminate number of shares of our Common Stock as shall be issued by us to the selling stockholders as a result of stock splits, stock dividends or similar transactions.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=18.067><P style="margin:0px">&nbsp;&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=701.933 colspan=13><P style="margin:0px">(2)&nbsp;&nbsp;The proposed offering price per share for the selling stockholders was estimated solely for purposes of calculating the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended and was based upon the most recent sales price per share.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=18.067><P style="margin:0px">&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=701.933 colspan=13><P style="margin:0px">(3)&nbsp;&nbsp;Paid herewith.&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.</B></P>
<P style="margin:0px; font-size:8pt" align=center>&nbsp;&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; color:#FF0000" align=center><B>SUBJECT TO COMPLETION &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2014 </B></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR>
<BR></P>
<P style="margin:0px" align=center>1</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px; font-family:Arial,Times New Roman; font-size:9pt; color:#FF0000">The information in this prospectus is not complete and may be changed. The selling stockholders may not sell these securities publicly until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</P>
<P style="margin:0px"><B>&nbsp;</B></P>
<P style="margin:0px" align=center><B>PRELIMINARY PROSPECTUS</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px" align=center><B>20,000,000 shares of Common Stock</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">This prospectus relates to the public offering of up to 20,000,000 shares of common stock, par value $0.001 per share (the &#147;Common Stock&#148;), of NEMAURA MEDICAL INC., by the selling stockholders set forth in the Selling Stockholder table on page 19.&nbsp;&nbsp;The securities offered by the selling stockholders pursuant to this prospectus will have an aggregate public offering price of up to $400,000. &nbsp;The shares were issued to the selling stockholders in private transactions, which were exempt from the registration and prospectus delivery requirements of the Securities Act of 1933, as amended.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Nemaura&#146;s common stock is presently not traded on any market or securities exchange. Accordingly, the sales price to the public is fixed at $0.02 per share for the duration of the offering. &nbsp;A trading market will be available if our stock becomes quoted on a trading exchange.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">Management has not made a decision to seek quotation on the OTCBB at this time and there is no guarantee that a quotation will be sought. &nbsp;The selling stockholders must sell their shares at the fixed price of $0.02 per share, unless and until a public market for our Common Stock is established, or the shares are registered on a national securities exchange or on any over-the-counter market. &nbsp;Information regarding the selling stockholders and the time and manner in which they may offer and sell the Shares under this prospectus is provided under &#147;Selling Stockholders&#148; and &#147;Plan of Distribution&#148; in this prospectus.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We will not receive any of the proceeds from the sale of Common Stock by the selling stockholders. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We will pay the expenses of registering these shares.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; color:#FF0000" align=justify><B>INVESTMENT IN THE COMMON STOCK INVOLVES A HIGH DEGREE OF RISK. YOU SHOULD CONSIDER CAREFULLY THE RISK FACTORS BEGINNING ON PAGE 3 OF THIS PROSPECTUS BEFORE PURCHASING ANY OF THE SHARES OFFERED BY THIS PROSPECTUS.</B></P>
<P style="margin:0px; color:#FF0000" align=justify>&nbsp;</P>
<P style="margin:0px; color:#FF0000" align=justify><B>NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE.&nbsp;&nbsp;ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=center>____________________</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2014</B></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>2</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin:0px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin:0px"><BR></P>
<A NAME="TOC"></A><P style="margin:0px" align=center><B>TABLE OF CONTENTS</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD /><TD width=42.067 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px" align=center>Page&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#PARTI"><U>PART I &#150; INFORMATION REQUIRED IN PROSPECTUS</U></A><U></U></P>
</TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px">&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px" align=justify>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px">&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#prospectussummary"><U>PROSPECTUS SUMMARY</U></A><U></U></P>
</TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px" align=center>4</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#riskfactors"><U>RISK FACTORS</U></A><U></U></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px" align=center>6</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#FORWARDLOOKINGSTATEMENTS"><U>FORWARD-LOOKING STATEMENTS</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px" align=center>18</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#USEOFPROCEEDS"><U>USE OF PROCEEDS</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px" align=center>18</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#DERERMINATIONOFOFFERINGPRICE"><U>DETERMINATION OF OFFERING PRICE</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px" align=center>18</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#SELLINGSTOCKHOLDERS"><U>SELLING STOCKHOLDERS</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px" align=center>18</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#PLANOFDISTRIBUTION"><U>PLAN OF DISTRIBUTION</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px" align=center>20</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#DESCRIPTIONOFSECURITIESTOBEREGISTERED"><U>DESCRIPTION OF SECURITIES TO BE REGISTERED</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px" align=center>21</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#DESCRIPTIONOFBUSINESS"><U>DESCRIPTION OF BUSINESS</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px" align=center>24</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#DESCRIPTIONOFPROPERTY"><U>DESCRIPTION OF PROPERTY</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px" align=center>32</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#LEGALPROCEEDINGS"><U>LEGAL PROCEEDINGS</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px" align=center>32</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#MANAGEMENTSDISCUSSIONANDANALYSISOF"><U>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px" align=center>32</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#MARKETFORREGISTRANTSCOMMONEQUITY"><U>MARKET FOR REGISTRANT&#146;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px" align=center>36</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#CHANGESANDDISAGREEMENTS"><U>CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px" align=center>36</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#DIRECTORSEXECUTIVEOFFICERS"><U>DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px" align=center>36</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#CORPORATEGOVERNANCE"><U>CORPORATE GOVERNANCE</U></A><FONT style="color:#000000"> </FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px" align=center>38</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#SECURITYOWNERSHIP"><U>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px" align=center>38</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#EXECUTIVECOMPENSATION"><U>EXECUTIVE COMPENSATION</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px" align=center>39</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#CERTAINRELATIONSHIPS"><U>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</U></A><FONT style="color:#000000"> </FONT></P>
</TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px" align=center>40</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#LEGALMATTERS"><U>LEGAL MATTERS</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px" align=center>40</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#EXPERTS"><U>EXPERTS</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px" align=center>40</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#ADDITIONALINFORMATION"><U>ADDITIONAL INFORMATION</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px" align=center>40</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#DISCLOSUREOFCOMMISSION"><U>DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px" align=center>41</P>
</TD><A NAME="FINANCIALINFORMATION"></A></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#FSINDEX"><U>FINANCIAL INFORMATION</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px">&nbsp;&nbsp;F-1</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#PARTII"><U>PART II&nbsp;&nbsp;&nbsp;INFORMATION NOT REQUIRED IN PROSPECTUS</U></A><U></U></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px">&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px">&nbsp;&nbsp;</P>
</TD><A NAME="OTHEREXPENSES"></A></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#OTHEREXPENSES"><U>OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px" align=center>II-1</P>
</TD><A NAME="INDEMNIFICATIONOFOFFICERS"></A></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#INDEMNIFICATIONOFOFFICERS"><U>INDEMNIFICATION OF DIRECTORS AND OFFICERS</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px" align=center>II-1</P>
</TD><A NAME="RECENTSALESOF"></A></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#RECENTSALESOF"><U>RECENT SALES OF UNREGISTERED SECURITIES</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px" align=center>II-2</P>
</TD><A NAME="EXHIBITS"></A></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#EXHIBITS"><U>EXHIBITS</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px" align=center>II-3</P>
</TD><A NAME="UNDERTAKINGS"></A></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#UNDERTAKINGS"><U>UNDERTAKINGS</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=42.067><P style="margin:0px" align=center>II-4</P>
</TD><A NAME="SIGNATURES"></A></TR>
<TR><TD style="margin-top:0px" valign=top><P style="margin:0px; color:#0000FF" align=justify><A HREF="#SIGNATURES"><U>SIGNATURES</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=42.067><P style="margin:0px" align=center>II-6</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">You may only rely on the information contained in this prospectus or that we have referred you to. We have not authorized anyone to provide you with different information. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities other than the Common Stock offered by this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Common Stock in any circumstances in which such offer or solicitation is unlawful. Neither the delivery of this prospectus nor any sale made in connection with this prospectus shall, under any circumstances, create any implication that there has been no change in our affairs since the date of this prospectus.</P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>3</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<A NAME="PARTI"></A><P style="margin:0px" align=center><B>PART I </B></P>
<A NAME="prospectussummary"></A><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>Prospectus Summary</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">This summary highlights information contained elsewhere in this prospectus. You should read the entire prospectus carefully, including, the section entitled &#147;Risk Factors&#148; before deciding to invest in our Common Stock.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>The Company</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">&nbsp;NEMAURA MEDICAL INC. (&#147;we&#148;, the &#147;Company&#148;, the &#147;Registrant&#148;) was organized on December 24, 2013 under the laws of the State of Nevada. We are a development stage company as defined by the Financial Accounting Standards Board (FASB) ASC No. 915, Development Stage Entities. Through our subsidiaries, Dermal Diagnostics Limited and Trial Clinic Limited, we perform medical device research and manufacturing specializing in discovering, developing and commercializing a continuous glucose monitoring (&#147;CGM&#148;) device which consists of a disposable patch containing a sensor, and a non-disposable miniature electronic watch with a re-chargeable power source. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We currently have one (1) CGM watch product candidate. &nbsp;Our initial focus has been on the development of a CGM watch that can more efficiently and effectively apply a very small electrical current to the skin, which leads to efficient extraction of glucose from the body into a chamber in the patch. The glucose sensor detects the level of glucose and stores the data on an internal memory platform, as well as displaying the glucose reading on an LCD display. &nbsp;An alarm is set-off when the reading is 'out of range'. &nbsp;The effectiveness of the (CGM) in blood sugar control facilitates therapeutic adjustments to avoid hypo-glycemic and hyper-glycemic excursions.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Corporate Structure</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We are a holding company organized under the corporate laws of the State of Nevada. &nbsp;We own 100% of the ordinary shares of Region Green Limited, a British Virgins Islands corporation. &nbsp;Region Green Limited owns 100% of the shares of Dermal Diagnostics (Holdings) Limited, a corporation formed in England and Wales. Dermal Diagnostics (Holdings) owns 100% of the shares of our two operating entities Dermal Diagnostics Limited and Trial Clinic Limited, both of which were formed in England and Wales. &nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The following diagram illustrates our corporate and shareholder structure as of the date of this prospectus</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><img src="nemauras1002.gif" alt="[nemauras1002.gif]" align=middle height=338.6 width=575.667></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>4</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin:0px" align=center><B>The Offering</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">This prospectus is related to the resale of up to 20,000,000 shares of Common Stock offered by the selling stockholders identified in the &#147;Selling Stockholders&#148; section on page 19. </P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=294.067 /><TD /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=294.067><P style="margin:0px">Common Stock offered by the selling stockholders</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px">Up to 20,000,000 shares of Common Stock.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=294.067><P style="margin:0px">&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=294.067><P style="margin:0px">Common Stock outstanding prior to the offering</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px">200,000,000 <FONT style="font-size:7pt">(1)</FONT></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=294.067><P style="margin:0px">&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=294.067><P style="margin:0px">Common Stock to be outstanding after the offering</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px">200,000,000</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=294.067><P style="margin:0px">&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=294.067><P style="margin:0px">Use of proceeds</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px">We will not receive any proceeds from the sale of the Common Stock hereunder.&nbsp;&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=30 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=30><P style="margin:0px">&nbsp;&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">(1)&nbsp;&nbsp;Based upon the total number of issued and outstanding shares as of March 26, 2014.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>5</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<A NAME="riskfactors"></A><P style="margin:0px" align=center><B>RISK FACTORS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><I>Investing in our Common Stock involves a high degree of risk. You should carefully consider the risks described below with all of the other information included in this prospectus before making an investment decision. If any of the possible adverse events described below actually occurs, our business, results of operations or financial condition would likely suffer. In such an event, if our shares are listed on a national securities exchange, or quoted in the over the counter markets, the market price of our Common Stock could decline and you could lose all or part of your investment.</I></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Risks Related to Our Product Candidate and Operation</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>We are a development stage company as defined by the Financial Accounting Standards Board (FASB) ASC No. 915.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We are a development stage company that, since inception, has devoted substantially all of its efforts establishing a new business and while operations have commenced we have generated no revenue from our limited operations.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>We are largely dependent on the success of our sole product candidate, the CGM Watch, and we may not be able to successfully commercialize this potential product.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We have incurred and will continue to incur significant costs relating to the development and marketing of our sole<B> </B>product candidate, the CGM Watch. We have not obtained approval to market this potential product in any jurisdiction and we may never be able to obtain approval or, if approvals are obtained, to commercialize this product successfully.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We have recently begun to direct our efforts toward the expansion of our scientific staff and research capabilities to identify and develop product candidates in addition to the CGM Watch. We do not know whether any preclinical development or clinical trials for this or other product candidates we may develop will begin on time or be completed on schedule, if at all. In addition, we do not know whether any of our potential clinical trials will result in marketable products. We do not anticipate that any additional product candidates will reach the market for at least several years, if at all.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">If we fail to successfully commercialize our product(s), we may be unable to generate sufficient revenue to sustain and grow our business, and our business, financial condition and results of operations will be adversely affected.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>If we fail to obtain regulatory approval of the CGM Watch or any of our other future products, we will be unable to commercialize these potential products.</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">The development, testing, manufacturing and marketing of our product is subject to extensive regulation by governmental authorities in Great Britain and the European Union. In particular, the process of obtaining CE approval by a Notified Body, a third party that can carry out a conformity assessment recognized by the European Union, is costly and time consuming, and the time required for such approval is uncertain. Our product must undergo rigorous preclinical and clinical testing and an extensive regulatory approval process mandated for the CE. Such regulatory review includes the determination of manufacturing capability and product performance. &nbsp;As of the date of this filing we have not applied for CE approval.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We can give no assurance that our current or future products will be approved by the European Union or Great Britain or any other governmental body. In addition, there can be no assurance that all necessary approvals will be granted for future products or that CE review or actions will not involve delays caused by requests for additional information or testing that could adversely affect the time to market for and sale of our product. Further failure to comply with applicable regulatory requirements can, among other things; result in the suspension of regulatory approval as well as possible civil and criminal sanctions.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Failure to enroll patients in our clinical trials may cause delays in developing the CGM Watch or any of our future products.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We may encounter delays in the development and commercialization, or fail to obtain marketing approval, of the CGM Watch or any other future products if we are unable to enroll enough patients to complete clinical trials. Our ability to enroll sufficient numbers of patients in our clinical trials depends on many factors, including the severity of illness of the population, the size of the patient population, the nature of the clinical protocol, the proximity of patients to clinical sites, and the eligibility criteria for the trial and competing clinical trials. Delays in planned patient enrollment may result in increased costs and harm our ability to complete our clinical trials and obtain regulatory approval.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>6</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin:0px"><B>Delays in clinical testing could result in increased costs to us and delay our ability to generate revenue.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Significant delays in clinical testing could materially adversely impact our product development costs. We do not know whether planned clinical trials will begin on time, will need to be restructured or will be completed on schedule, if at all. Clinical trials can be delayed for a variety of reasons, including delays in obtaining regulatory approval to commence and continue a study, delays in reaching agreement on acceptable clinical study terms with prospective sites, delays in obtaining institutional review board approval to conduct a study at a prospective site and delays in recruiting patients to participate in a study.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Significant delays in testing or regulatory approvals for any of our current or future products, including the CGM Watch, could prevent or cause delays in the commercialization of such product candidates, reduce potential revenues from the sale of such product candidates and cause our costs to increase.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Our clinical trials for any of our current or future products may produce negative or inconclusive results and we may decide, or regulators may require us, to conduct additional clinical and/or preclinical testing for these products or cease our trials.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We will only receive regulatory approval to commercialize a product candidate if we can demonstrate to the satisfaction of the applicable regulatory agency that the product is safe and effective. We do not know whether our future clinical trials will demonstrate safety and efficacy sufficiently to result in marketable products. Because our clinical trials for the CGM Watch may produce negative or inconclusive results, we may decide, or regulators may require us, to conduct additional clinical and/or preclinical testing for this product or cease our clinical trials. If this occurs, we may not be able to obtain approval for this product or our anticipated time to market for this product may be substantially delayed and we may also experience significant additional development costs. We may also be required to undertake additional clinical testing if we change or expand the indications for our product.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>If approved, the commercialization of our product, the CGM Watch, may not be profitable due to the need to develop sales, marketing and distribution capabilities, or make arrangements with a third party to perform these functions.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">In order for the commercialization of our potential product to be profitable, our product must be cost-effective and economical to manufacture on a commercial scale. Subject to regulatory approval, we expect to incur significant sales, marketing, distribution, and to the extent we do not outsource manufacturing, manufacturing expenses in connection with the commercialization of the CGM Watch and our other potential products. We do not currently have a dedicated sales force or manufacturing capability, and we have no experience in the sales, marketing and distribution of medical diagnostic device products. In order to commercialize the CGM Watch or any of our other potential products that we may develop, we must develop sales, marketing and distribution capabilities or make arrangements with a third party to perform these functions. Developing a sales force is expensive and time-consuming, and we may not be able to develop this capacity. If we are unable to establish adequate sales, marketing and distribution capabilities, independently or with others, we may not be able to generate significant revenue and may not become profitable. Our future profitability will depend on many factors, including, but not limited to:</P>
<P style="margin:0px"><BR></P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">the costs and timing of developing a commercial scale manufacturing facility or the costs of outsourcing the manufacturing of the CGM Watch;</P>
</TD></TR>
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<P style="margin:0px"><BR></P>
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<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">receipt of regulatory approval of the CGM Watch;</P>
</TD></TR>
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<P style="margin:0px"><BR></P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">the terms of any marketing restrictions or post-marketing commitments imposed as a condition of approval by regulatory authorities;</P>
</TD></TR>
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<P style="margin:0px"><BR></P>
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<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">the costs of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights;</P>
</TD></TR>
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<P style="margin:0px"><BR></P>
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<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">costs of establishing sales, marketing and distribution capabilities;</P>
</TD></TR>
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<P style="margin:0px"><BR></P>
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<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">the effect of competing technological and market developments; and</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">the terms and timing of any collaborative, licensing and other arrangements that we may establish.</P>
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<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>7</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px">Even if we receive regulatory approval for the CGM Watch or any other product candidates, we may never receive significant revenues from any of them. To the extent that we are not successful in commercializing our potential products, we will incur significant additional losses if we do not successfully commercialize our products.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Our proprietary rights may not adequately protect our intellectual property and product and if we cannot obtain adequate protection of our intellectual property and product, we may not be able to successfully market our product.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Our commercial success will depend in part on obtaining and maintaining intellectual property protection for our technologies and product. We will only be able to protect our technologies and product from unauthorized use by third parties to the extent that valid and enforceable patents cover them, or that other market exclusionary rights apply.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">While we have issued enforceable patents covering the CGM Watch, the patent positions of companies like ours can be highly uncertain and involve complex legal and factual questions for which important legal principles remain unresolved. No consistent policy regarding the breadth of claims allowed in such companies&#146; patents has emerged to date in Great Britain and the European Union. The general patent environment outside the United States involves significant uncertainty. Accordingly, we cannot predict the breadth of claims that may be allowed or that the scope of these patent rights would provide a sufficient degree of future protection that would permit us to gain or keep our competitive advantage with respect to this product and technology. Additionally, companies like ours are dependent on creating a pipeline of products. We may not be able to develop additional proprietary technologies or products that produce commercially viable products or that are themselves patentable.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Our issued patents may be subject to challenge and possibly invalidated by third parties. Changes in either the patent laws or in the interpretations of patent laws in Great Britain or the European Union or other countries may diminish the market exclusionary ability of our intellectual property.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">In addition, others may independently develop similar or alternative technologies that may be outside the scope of our intellectual property. Should third parties obtain patent rights to similar technology, this may have an adverse effect on our business.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">To the extent that consultants or key employees apply technological information independently developed by them or by others to our product, disputes may arise as to the proprietary rights of the information, which may not be resolved in our favor. Consultants and key employees that work with our confidential and proprietary technologies are required to assign all intellectual property rights in their discoveries to us. However, these consultants or key employees may terminate their relationship with us, and we cannot preclude them indefinitely from dealing with our competitors. If our trade secrets become known to competitors with greater experience and financial resources, the competitors may copy or use our trade secrets and other proprietary information in the advancement of their products, methods or technologies. If we were to prosecute a claim that a third party had illegally obtained and was using our trade secrets, it would be expensive and time consuming and the outcome would be unpredictable. In addition, courts in Great Britain and the European Union are sometimes less willing to protect trade secrets than courts in the United States. Moreover, if our competitors independently develop equivalent knowledge, we would lack any contractual claim to this information, and our business could be harmed.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Our ability to commercialize our product will depend on our ability to sell such products without infringing the patent or proprietary rights of third parties. If we are sued for infringing intellectual property rights of third parties, such litigation will be costly and time consuming and an unfavorable outcome would have a significant adverse effect on our business.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Our ability to commercialize our product will depend on our ability to sell such products without infringing the patents or other proprietary rights of third parties. Third-party intellectual property in the field of diagnostic medical devices is complicated, and third-party intellectual property rights in this field are continuously evolving. We have not performed searches for third-party intellectual property rights that may raise freedom-to-operate issues, and we have not obtained legal opinions regarding commercialization of our product other than patent research prior to the filing of our patent applications, and search and examination reports from the respective patent examination offices. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">In addition, because patent applications are published months after their filing, and because applications can take several years to issue, there may be currently pending third-party patent applications that are unknown to us, which may later result in issued patents. If a third-party claims that we infringe on its patents or other proprietary rights, we could face a number of issues that could seriously harm our competitive position, including:</P>
<P style="margin:0px"><BR></P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">infringement claims that, with or without merit, can be costly and time consuming to litigate, can delay the regulatory approval process and can divert management<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s attention from our core business strategy;</P>
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<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>8</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px"><BR>
<BR>
<BR></P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">substantial damages for past infringement which we may have to pay if a court determines that our products or technologies infringe upon a competitor<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s patent or other proprietary rights;</P>
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<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">if a license is available from a holder, we may have to pay substantial royalties or grant cross licenses to our patents or other proprietary rights; and</P>
</TD></TR>
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<P style="margin:0px"><BR></P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">Re-designing our process so that it does not infringe the third-party intellectual property, which may not be possible, or which may require substantial time and expense including delays in bringing our own products to market.</P>
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<P style="margin:0px"><BR></P>
<P style="margin:0px">Such actions could harm our competitive position and our ability to generate revenue and could result in increased costs.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Nemaura Medical Inc. is an Emerging Growth Company (EGC) as defined under the Jumpstart Our Business Startups (JOBS) Act.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">An &#147;emerging growth company&#148; is an issuer whose initial public offering was or will be completed after Dec. 8, 2011, and had total annual gross revenues of less than $1 billion during its most recently completed fiscal year. An issuer&#146;s EGC status terminates on the earliest of:</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; float:left">&#149;</P>
<P style="margin:0px; text-indent:-2px">The last day of the first fiscal year of the issuer during which it had total annual gross revenues of $1 billion or more;</P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; clear:left; float:left">&#149;</P>
<P style="margin:0px; text-indent:-2px">The last day of the fiscal year of the issuer following the fifth anniversary of the date of the issuer&#146;s initial public offering;</P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">The date on which such issuer has issued more than $1 billion in non-convertible debt securities during the prior three-year period determined on a rolling basis; or</P>
<P style="margin-top:0px; margin-bottom:-2px; width:48px; clear:left; float:left">&#149;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">The date on which the issuer is deemed to be a &#147;large accelerated filer&#148; under the Exchange Act, which means, among other things, that it has a public float in excess of $700 million.</P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px">Pursuant to the JOBS Act of 2012, as an emerging growth company the Company can elect to opt out of the extended transition period for any new or revised accounting standards that may be issued by the PCAOB or the SEC. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the standard for the private company. This may make comparison of the Company's financial statements with any other public company which is not either an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible as possible different or revised standards may be used.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company has elected to use the extended transition period for complying with new or revised financial accounting standards available under Section 102(b)(2)(B) of the Act. Among other things, this means that the Company's independent registered public accounting firm will not be required to provide an attestation report on the effectiveness of the Company's internal control over financial reporting so long as it qualifies as an emerging growth company, which may increase the risk that weaknesses or deficiencies in the internal control over financial reporting go undetected. Likewise, so long as it qualifies as an emerging growth company, the Company may elect not to provide certain information, including certain financial information and certain information regarding compensation of executive officers that would otherwise have been required to provide in filings with the SEC, which may make it more difficult for investors and securities analysts to evaluate the Company. As a result, investor confidence in the Company and the market price of its common stock may be adversely affected.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">As an Emerging Growth Company our investors could suffer the loss of their investment in the event of a downturn of the economy, the loss of one or more of the Officers or Directors, broad market fluctuations, or revenues and operating results falling below our expectations.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>If our product, the CGM Watch, does not gain market acceptance among physicians, patients and the medical community, we will be unable to generate significant revenue, if any.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The CGM Watch that we developed may not achieve market acceptance among physicians, patients, third-party payers and others in the medical community. If we receive the regulatory approvals necessary for commercialization, the degree of market acceptance will depend upon a number of factors, including:</P>
<P style="margin:0px"><BR></P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">limited indications of regulatory approvals;</P>
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<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>9</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px"><BR>
<BR>
<BR></P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">the establishment and demonstration in the medical community of the clinical efficacy and safety of our product and its potential advantages over existing diagnostic medical devices;</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">the prevalence and severity of any side effects;</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">our ability to offer our product at an acceptable price;</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">the relative convenience and ease of use of our product;</P>
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<P style="margin:0px"><BR></P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">the strength of marketing and distribution support; and</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">sufficient third-party coverage or reimbursement.</P>
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<P style="margin:0px"><BR></P>
<P style="margin:0px">The market may not accept the CGM Watch based on any number of the above factors. If the CGM Watch is approved, there may be other therapies available which directly compete for the same target market. The market may choose to continue utilizing the existing products for any number of reasons, including familiarity with or pricing of these existing products. The failure of any of our product to gain market acceptance could impair our ability to generate revenue, which could have a material adverse effect on our future business,</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>We have no commercial manufacturing facility for our CGM Watch and no experience in manufacturing products for commercial purposes and the failure to find manufacturing partners or create a manufacturing facility ourselves could have an adverse impact on our ability to grow our business.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We have no commercial manufacturing facility for the CGM Watch and no experience in manufacturing commercial quantities of our product. As such, we are dependent on third parties to supply our product according to our specifications, in sufficient quantities, on time, in compliance with appropriate regulatory standards and at competitive prices. We cannot be sure that we will be able to obtain an adequate supply of our product candidates on acceptable terms, or at all.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Manufacturers supplying diagnostic medical devices must comply with regulations which require, among other things, compliance with evolving regulations under Medical Device Directives stipulated under ISO13485. The manufacturing of products at any facility will be subject to strict quality control, testing and record keeping requirements, and continuing obligations regarding the submission of safety reports and other post-market information. Both the sensor and patch manufacturing facilities for the CGM Watch are currently ISO13485 certified. We cannot guarantee that the facilities will continue to pass regulatory inspection, or that future changes to ISO13485 standards will not also affect the manufactures of the sensors and patches.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>If we fail to attract and retain senior management, consultants, advisors and scientific and technical personnel, our product development and commercialization efforts could be impaired.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Our performance is substantially dependent on the performance of our senior management and key scientific and technical personnel, particularly Dr. Dewan Fazlul Hoque Chowdhury, President, Chairman and Chief Executive Officer. Although we have entered into an employment agreement with Dr. Chowdhury, there is no assurance that he will remain in our employ for the entire term of such employment agreement. The loss of the services of any member of our senior management or our scientific or technical staff may significantly delay or prevent the development of our product and other business objectives by diverting management&#146;s attention to transition matters and identification of suitable replacements, if any, and could have a material adverse effect on our business, operating results and financial condition.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We also rely on consultants and advisors to assist us in formulating our research and development strategy. All of our consultants and advisors are either self-employed or employed by other organizations, and they may have conflicts of interest or other commitments, such as consulting or advisory contracts with other organizations, that may affect their ability to contribute to us.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">In addition, we believe that we will need to recruit additional executive management and scientific and technical personnel. There is currently intense competition for skilled executives and employees with relevant scientific and technical expertise, and this competition is likely to continue. The inability to attract and retain sufficient scientific, technical and managerial personnel could limit or delay our product development efforts, which would adversely affect the development of our product and commercialization of our potential product and growth of our business.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>10</P>
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<P style="margin:0px"><B>We expect to expand our research, development, clinical research and marketing capabilities and, as a result, we may encounter difficulties in managing our growth, which could disrupt our operations.</B></P>
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<P style="margin:0px">We expect to have significant growth in expenditures, the number of our employees and the scope of our operations, in particular with respect to those potential products that we elect to commercialize independently or together with others. To manage our anticipated future growth, we must continue to implement and improve our managerial, operational and financial systems, expand our facilities and continue to train qualified personnel. Due to our limited resources, we may not be able to effectively manage the expansion of our operations or train additional qualified personnel. The physical expansion of our operations may lead to significant costs and may divert our management and business development resources. Any inability to manage growth could delay the execution of our business plan or disrupt our operations.</P>
<P style="margin:0px; font-size:8pt" align=center>&nbsp;&nbsp;</P>
<P style="margin:0px"><B>We will need to raise additional funds in order to finance the anticipated commercialization of our product by incurring indebtedness, through collaboration and licensing arrangements, or by issuing securities which may cause dilution to existing stockholders, or require us to relinquish rights to our technologies and our product.</B></P>
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<P style="margin:0px">Developing our product, conducting clinical trials, establishing manufacturing facilities and developing marketing and distribution capabilities is expensive. We will need to finance future cash needs through additional public or private equity offerings, debt financings or corporate collaboration and licensing arrangements. We cannot be certain that additional funding will be available to us on acceptable terms, or at all. If adequate funds are not available, we may be required to delay, reduce the scope of, or eliminate one or more of our research or development programs or our commercialization efforts. To the extent that we raise additional funds by issuing equity securities, our stockholders may experience dilution. To the extent that we raise additional funds through collaboration and licensing arrangements, it may be necessary to relinquish some rights to our technologies or our product or grant licenses on terms that are not favorable to us.</P>
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<P style="margin:0px; font-family:Times-BoldItalic,Times New Roman"><B>We have a limited operating history and you should not rely on our historical financial data as an indicator of our future financial performance.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We have a limited operating history in the medical device industry. You should consider our business and prospects in light of the risks and difficulties we face with our limited operating history and should not rely on our past results as an indication of our future performance. In particular, we may face challenges in planning our growth strategy and forecasting market demand accurately as a result of our limited historical data and limited experience in implementing and evaluating our business strategies. If we are unable to successfully address these risks, difficulties and challenges as a result of our limited operating history, our ability to implement our strategic initiatives could be adversely affected, which may in turn have a material adverse effect on our business, financial condition, results of operations and prospects.</P>
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<P style="margin:0px"><B>We have a history of losses and may not achieve or maintain profitability.</B></P>
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<P style="margin:0px">We have incurred net losses every year since our inception in 2009 and have generated minimal revenue during the development stage from product sales or licenses to date. As of December 31, 2013, we had a deficit accumulated during the development stage of approximately $2,579,764. We may expect to incur losses for the next several years and cannot be certain that we will ever achieve profitability. As a result, our business is subject to all of the risks inherent in the development of a new business enterprise, such as the risk that we may not obtain substantial additional capital needed to support the expenses of developing our technology and commercializing our potential products; develop a market for our potential products; successfully transition from a company with a research focus to a company capable of either manufacturing and selling potential products or profitably licensing our potential products to others; and/or attract and retain qualified management, technical and scientific staff.</P>
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<P style="margin:0px"><B>We currently have not generated any revenue from product sales and may never become profitable.</B></P>
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<P style="margin:0px">To date, we have generated no revenue for product sales and we do not know when or if our product will generate revenue. Our ability to generate revenue depends on a number of factors, including our ability to successfully complete clinical trials for the CGM Watch and obtain regulatory approval to commercialize these potential products. Even then, we will need to establish and maintain sales, marketing, distribution and to the extent we do not outsource manufacturing, manufacturing capabilities. We plan to rely on one or more strategic collaborators to help generate revenues in markets outside of Great Britain however, we cannot be sure that our collaborators, if any, will be successful. Our ability to generate revenue will also be impacted by certain challenges, risks and uncertainties frequently encountered in the establishment of new technologies and products in emerging markets and evolving industries. These challenges include our ability to:</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">execute our business model;</P>
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<P style="margin:0px; font-size:8pt; color:#0000FF"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">create brand recognition;</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">manage growth in our operations;</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">create a customer base cost-effectively;</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">retain customers;</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">access additional capital when required; and</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">attract and retain key personnel.</P>
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<P style="margin:0px">We cannot be certain that our business model will be successful or that it will successfully address these and other challenges, risks and uncertainties. If we are unable to generate significant revenue, we may not become profitable, and we may be unable to continue our operations. Even if we are able to commercialize the CGM Watch, we may not achieve profitability for at least several years, if at all, after generating material revenue. However, we believe that we do not have sufficient cash to fund operations for a minimum of 12 months.</P>
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<P style="margin:0px; font-family:Times-BoldItalic,Times New Roman"><B>Fluctuations in foreign exchange rates may adversely affect our financial condition and results of operations.</B></P>
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<P style="margin:0px">Our functional currency is the Great Britain Pound Sterling (&#147;GBP&#148;). &nbsp;The reporting currency is the United States dollar (US$). &nbsp;Income and expenditures are translated at the average exchange rates prevailing during the reporting period. &nbsp;Assets and liabilities are translated at the exchange rates as of balance sheet date. &nbsp;Stockholder&#146;s equity is translated into United States dollars from GBP at historical exchange rates. &nbsp;Currency fluctuations and restrictions on currency exchange may adversely affect our business, including limiting our ability to convert GBP into foreign currencies and, if the GBP were to decline in value, reducing our revenue in U.S. dollar terms. &nbsp;To the extent the U.S. dollar strengthens against foreign currencies, the translation of these foreign currencies denominated transactions results in reduced revenue, operating expenses and net income for our international operations. Similarly, to the extent the U.S. dollar weakens against foreign currencies, the translation of these foreign currency denominated transactions results in increased revenue, operating expenses and net income for our international operations. We are also exposed to foreign exchange rate fluctuations as we convert the financial statements of our foreign subsidiaries into U.S. dollars in consolidation. If there is a change in foreign currency exchange rates, the conversion of the foreign subsidiaries&#146; financial statements into U.S. dollars will lead to a translation gain or loss which is recorded as a component of other comprehensive income. We have not entered into agreements or purchased instruments to hedge our exchange rate risks. The availability and effectiveness of any hedging transaction may be limited and we may not be able to successfully hedge our exchange rate risks.</P>
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<P style="margin:0px"><B>Risks Related to Our Industry</B></P>
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<P style="margin:0px"><B>Our competitors may develop products that are less expensive, safer or more effective, which may diminish or eliminate the commercial success of any potential products that we may commercialize.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">If our competitor&#146;s market products that are less expensive, safer or more effective than our future products developed from our product candidates, or that reach the market before our products, we may not achieve commercial success. For example, if approved, the CGM Watch&#146;s primary competition in the glucose monitoring device setting will be companies such as Abbott, Dexcom, Echo and Medtronic who produce glucose monitoring devices. &nbsp;&nbsp;The market may choose to continue utilizing the existing products for any number of reasons, including familiarity with or pricing of these existing products. The failure of our product to compete with products marketed by our competitors would impair our ability to generate revenue, which would have a material adverse effect on our future business, financial condition and results of operations.</P>
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<P style="margin:0px">We expect to compete with several companies including Abbott, Dexcom, Echo and Medtronic, and our competitors may:</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">develop and market products that are less expensive or more effective than our future product;</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">commercialize competing products before we can launch any products developed from our product candidate;</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">operate larger research and development programs or have substantially greater financial resources than we do;</P>
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<P style="margin:0px" align=center>12</P>
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<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">initiate or withstand substantial price competition more successfully than we can;</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">have greater success in recruiting skilled technical and scientific workers from the limited pool of available talent;</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">more effectively negotiate third-party licenses and strategic relationships; and</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">take advantage of acquisition or other opportunities more readily than we can.</P>
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<P style="margin:0px">We expect to compete for market share against large medical diagnostic device manufacturing companies, smaller companies that are collaborating with larger companies, new companies, and other public and private research organizations.</P>
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<P style="margin:0px">In addition, our industry is characterized by rapid technological change. Because our research approach integrates many technologies, it may be difficult for us to stay abreast of the rapid changes in each technology. If we fail to stay at the forefront of technological change, we may be unable to compete effectively. Our competitors may render our technologies obsolete by advances in existing technological approaches or the development of new or different approaches, potentially eliminating the advantages in our product discovery process that we believe we derive from our research approach and proprietary technologies.</P>
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<P style="margin:0px"><B>The use of hazardous materials in our operations may subject us to environmental claims or liabilities.</B></P>
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<P style="margin:0px">Our research and development activities involve the use of hazardous chemical materials. Injury or contamination from these materials may occur and we could be held liable for any damages, which could exceed our available financial resources. This liability could materially adversely affect our business, financial condition and results of operations.</P>
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<P style="margin:0px">We are subject to laws and regulations governing the use, manufacture, storage, handling and disposal of hazardous materials and waste products. We may be required to incur significant costs to comply with environmental laws and regulations in the future that could materially adversely affect our business, financial condition and results of operations.</P>
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<P style="margin:0px"><B>If we fail to comply with extensive regulations enforced by regulatory agencies with respect to diagnostic medical device products, the commercialization of our product could be prevented, delayed or halted.</B></P>
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<P style="margin:0px">Research, preclinical development, clinical trials, manufacturing and marketing of our product is subject to extensive regulation by various government authorities. We have not received marketing approval for the CGM Watch. The process of obtaining the required regulatory approvals is lengthy and expensive, and the time required for such approvals is uncertain. The approval process is affected by such factors as:</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">the indication and claims of the diagnostic device;</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">the quality of submission relating to the product;</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">the product<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s clinical efficacy and safety;</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">the manufacturing facility compliance;</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">the availability of alternative devices;</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">the risks and benefits demonstrated in clinical trials; and</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">the patent status and marketing exclusivity rights of certain innovative products.</P>
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<P style="margin:0px">Any regulatory approvals that we or our partners receive for our product may also be subject to limitations on the indicated uses for which the product may be marketed or contain requirements for potentially costly post-marketing follow-up studies. The subsequent discovery of previously unknown problems with the product, including adverse events of unanticipated severity or frequency, may result in restrictions on the marketing of the product and withdrawal of the product from the market.</P>
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<P style="margin:0px">Manufacturing, labeling, storage and distribution activities also are subject to strict regulation and licensing by government authorities. The manufacturing facilities for our product will be subject to periodic inspection by the regulatory authorities and from time to time, these agencies may send notice of deficiencies as a result of such inspections. Our failure or the failure of our </P>
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<P style="margin:0px" align=center>13</P>
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<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
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<P style="margin:0px">manufacturing facilities, to continue to meet regulatory standards or to remedy any deficiencies could result in corrective action by the authorities, including the interruption or prevention of marketing, closure of our manufacturing facilities, and fines or penalties.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Regulatory authorities also will require post-marketing surveillance to monitor and report potential adverse effects of our product. If approved, any of our products&#146; subsequent failure to comply with applicable regulatory requirements could, among other things, result in warning letters, fines, suspension or revocation of regulatory approvals, product recalls or seizures, operating restrictions, injunctions and criminal prosecutions.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">Government policies may change and additional government regulations may be enacted that could prevent or delay regulatory approval of our product. We cannot predict the likelihood, nature or extent of adverse government regulation that may arise from future legislation or administrative action. If we are not able to maintain regulatory compliance, we might not be permitted to market our product and our business could suffer.</P>
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<P style="margin:0px"><B>In the future, we intend to distribute and sell our product outside of the United Kingdom and the European Union, which will subject us to further regulatory risk.</B></P>
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<P style="margin:0px">In addition to seeking approval from the United Kingdom and the European Union for the CGM Watch, we will seek regulatory approval from the FDA in the United States to market the CGM Watch. We may in the future also seek approvals for additional countries. The regulatory review process varies from country to country, and approval by foreign government authorities is unpredictable, uncertain and generally expensive. The ability to market our product could be substantially limited due to delays in receipt of, or failure to receive, the necessary approvals or clearances. &nbsp;Marketing of our product in these countries, and in most other countries, is not permitted until we have obtained required approvals or exemptions in each individual country. Failure to obtain necessary regulatory approvals could impair our ability to generate revenue from international sources.</P>
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<P style="margin:0px"><B>Market acceptance of our product will be limited if users are unable to obtain adequate reimbursement from third-party payers.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Government health administration authorities, private health insurers and other organizations generally provide reimbursement for products like our product and our commercial success will depend in part on these third-party payers agreeing to reimburse patients for the costs of our product. Even if we succeed in bringing our product to market, we cannot assure you that third-party payers will consider our product cost effective or provide reimbursement in whole or in part for its use.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Significant uncertainty exists as to the reimbursement status of newly approved health care products. Our product is intended to replace or alter existing therapies or procedures. These third-party payers may conclude that our product is less safe, effective or cost-effective than these existing therapies or procedures. Therefore, third-party payers may not approve our product for reimbursement.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">If third-party payers do not approve our product for reimbursement or fail to reimburse for them adequately, sales will suffer as some physicians or their patients will opt for a competing product that is approved for reimbursement or is adequately reimbursed. Even if third-party payers make reimbursement available, these payers&#146; reimbursement policies may adversely affect our ability and the ability of our potential collaborators to sell our product on a profitable basis.</P>
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<P style="margin:0px">The trend toward managed healthcare, the growth of organizations such as health maintenance organizations and legislative proposals to reform healthcare and government insurance programs could significantly influence the purchase of healthcare services and products, resulting in lower prices and reduced demand for our product which could adversely affect our business, financial condition and results of operations.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">In addition, legislation and regulations affecting the pricing of our product may change in ways adverse to us before or after the regulatory agencies approve our product for marketing. While we cannot predict the likelihood of any of these legislative or regulatory proposals, if any government or regulatory agencies adopt these proposals, they could materially adversely affect our business, financial condition and results of operations.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Product liability claims may damage our reputation and, if insurance proves inadequate, the product liability claims may harm our business.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We may be exposed to the risk of product liability claims that is inherent in the diagnostic medical device. A product liability claim may damage our reputation by raising questions about our product&#146;s safety and efficacy and could limit our ability to sell our product by preventing or interfering with commercialization of our product.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>14</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px">In addition, product liability insurance for our industry is generally expensive to the extent it is available at all. There can be no assurance that we will be able to obtain and maintain such insurance on acceptable terms or that we will be able to secure increased coverage if the commercialization of our product progresses, or that future claims against us will be covered by our product liability insurance. Moreover, there can be no assurance that any product liability coverage from any insurance policy and/or any rights of indemnification and contribution that we may have will offset any future claims. We currently do not maintain product liability insurance. A successful claim against us with respect to uninsured liabilities and not subject to any indemnification or contribution could have a material adverse effect on our business, financial condition and results of operations.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>We could be negatively impacted by the application or enforcement of fraud and abuse laws, including anti-kickback laws and other anti-referral laws.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We are not aware of any current business practice which is in violation of any fraud and abuse law. However, continued vigilance to assure compliance with all potentially applicable laws will be a necessary expense associated with product development. For example, all product marketing efforts must be strictly scrutinized to assure that they are not associated with improper remunerations to referral sources in violation of any anti-kickback statutes. Remunerations may include potential future activities for our product, including discounts, rebates and bundled sales, which must be appropriately structured to take advantage of statutory and regulatory &#147;safe harbors.&#148; From time to time we may engage physicians in consulting activities. In addition, we may decide to sponsor continuing medical education activities for physicians or other medical personnel. We also may award or sponsor study grants to physicians from time to time. All relationships with physicians, including consulting arrangements, continuing medical education and study grants, must be similarly reviewed for compliance with any anti-kickback statute to assure that remuneration is not provided in return for referrals. Patient inducements may also be unlawful. Inaccurate reports of product pricing, or a failure to provide a product at an appropriate price to various governmental entities, could also serve as a basis for an enforcement action under various theories.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Claims which are &#147;tainted&#148; by virtue of kickbacks or a violation of self-referral rules may be alleged as false claims if other elements of a violation are established. Because our potential customers may seek payments from healthcare programs for our product, even during the clinical trial stages, we must assure that we take no actions which could result in the submission of false claims. For example, free product samples which are knowingly or with reckless disregard billed to healthcare programs could constitute false claims. If the practice was facilitated or fostered by us, we could be liable. Moreover, inadequate accounting for or a misuse of grant funds used for product research and development could be alleged as a violation of relevant statutes.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The risk of our being found in violation of these laws is increased by the fact that many of them have not been fully interpreted by the regulatory authorities or the courts, and their provisions are open to a variety of interpretations, and additional legal or regulatory change.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Risks Related to Our Common Stock</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Our stock price may be volatile.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The stock market, particularly in recent years, has experienced significant volatility particularly with respect to pharmaceutical, biotechnology and other diagnostic medical device company stocks. The volatility of pharmaceutical, biotechnology and other diagnostic medical device company stocks often does not relate to the operating performance of the companies represented by the stock. Factors that could cause this volatility in the market price of our Common Stock include:</P>
<P style="margin:0px"><BR></P>
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<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">results from and any delays in our clinical trials;</P>
</TD></TR>
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<P style="margin:0px"><BR></P>
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<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">failure or delays in entering our product into clinical trials;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
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<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">failure or discontinuation of any of our research programs;</P>
</TD></TR>
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<P style="margin:0px"><BR></P>
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<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">delays in establishing new strategic relationships;</P>
</TD></TR>
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<P style="margin:0px"><BR></P>
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<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">delays in the development or commercialization of our product;</P>
</TD></TR>
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<P style="margin:0px"><BR></P>
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<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">market conditions in the diagnostic medical device sectors and issuance of new or changed securities analysts<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font> reports or recommendations;</P>
</TD></TR>
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<BR></P>
<P style="margin:0px" align=center>15</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
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<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">actual and anticipated fluctuations in our financial and operating results;</P>
</TD></TR>
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<P style="margin:0px"><BR></P>
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<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">developments or disputes concerning our intellectual property or other proprietary rights;</P>
</TD></TR>
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<P style="margin:0px"><BR></P>
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<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">introduction of technological innovations or new commercial products by us or our competitors;</P>
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<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">issues in manufacturing our product;</P>
</TD></TR>
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<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">market acceptance of our product;</P>
</TD></TR>
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<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">third-party healthcare reimbursement policies;</P>
</TD></TR>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">regulatory actions affecting us or our industry;</P>
</TD></TR>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">litigation or public concern about the safety of our product; and</P>
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</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">additions or departures of key personnel.</P>
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<P style="margin:0px"><BR></P>
<P style="margin:0px">These and other external factors may cause the market price and demand for our Common Stock to fluctuate substantially, which may limit or prevent investors from readily selling their shares of Common Stock and may otherwise negatively affect the liquidity of our Common Stock. In the past, when the market price of a stock has been volatile, holders of that stock have instituted securities class action litigation against the company that issued the stock. If any of our stockholders brought a lawsuit against us, we could incur substantial costs defending the lawsuit. Such a lawsuit could also divert the time and attention of our management.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><B>We have not paid and may not pay any dividends on our Common Stock.</B></P>
<P style="margin:0px">We have paid no dividends on our Common Stock to date and may not pay dividends to holders of our Common Stock in the foreseeable future. While our future dividend policy will be based on the operating results and capital needs of the business, it is currently anticipated that any earnings will be retained to finance our future expansion and for the implementation of our business plan. As an investor, you should take note of the fact that a lack of a dividend can further affect the market value of our stock, and could significantly affect the value of any investment in our Company.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>We will be subject to the reporting requirements of federal securities laws. This can be expensive and may divert resources from other projects, and thus impairing our ability to grow.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We will be subject to the information and reporting requirements of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), and other federal securities laws, including compliance with the Sarbanes-Oxley Act of 2002 (the &#147;Sarbanes-Oxley Act&#148;).&nbsp;&nbsp;The costs of preparing and filing annual and quarterly reports, proxy statements and other information with the SEC (including reporting of any Merger that may occur in the future) and furnishing audited reports to stockholders will cause our expenses to be higher than they would have been if&nbsp;we had remained privately held.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>If we fail to establish and maintain an effective system of internal control, we may not be able to report our financial results accurately or to prevent fraud. Any inability to report and file our financial results accurately and timely could harm our reputation and adversely impact the trading price of our Common Stock.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Upon completion of this offering, we will be subject to reporting obligations under the U.S. securities laws. The Securities and Exchange Commission, or the SEC, as required by Section 404 of the Sarbanes- Oxley Act of 2002, or the Sarbanes-Oxley Act, adopted rules requiring every public company to include a management report on such company&#146;s internal control over financial reporting in its annual report, which contains management&#146;s assessment of the effectiveness of the company&#146;s internal control over financial reporting. &nbsp;Our management may conclude that our internal control over our financial reporting is not effective Our reporting obligations as a public company will place a significant strain on our management, operational and financial resources and systems for the foreseeable future.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Prior to this offering, we have been a private company with a short operating history and limited accounting personnel and other resources with which to address our internal control and procedures over financial reporting. &nbsp;We have identified material weaknesses, which include (i) the limited segregation of duties and a lack of sufficient personnel with an appropriate level of accounting </P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>16</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px">knowledge, experience and training in the application of US GAAP commensurate with our financial reporting requirements; (ii) insufficient policies and procedures relating to the consistent development, maintenance and retention of documentation to support the amounts and the disclosures in the financial statements. &nbsp;We will continue to implement measures to remedy these material weaknesses as well as other deficiencies. &nbsp;If we fail to timely achieve and maintain the adequacy of our internal controls, we may not be able to conclude that we have effective internal control over financial reporting. Moreover, effective internal control over financial reporting is necessary for us to produce reliable financial reports and is important to help prevent fraud. As a result, our failure to achieve and maintain effective internal control over financial reporting could result in the loss of investor confidence in the reliability of our financial statements, which in turn could harm our business and negatively impact the market price of our commons stock. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Effective internal control is necessary for us to provide reliable financial reports and prevent fraud. If we cannot provide reliable financial reports or prevent fraud, we may not be able to manage our business as effectively as we would if an effective control environment existed, and our business and reputation with investors may be harmed. As a result, our small size and any current internal control deficiencies may adversely affect our financial condition, results of operation and access to capital. We have not performed an in-depth analysis to determine if historical un-discovered failures of internal controls exist, and may in the future discover areas of our internal control that need improvement.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Public company compliance may make it more difficult to attract and retain officers and directors.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Sarbanes-Oxley Act and new rules subsequently implemented by the SEC have required changes in corporate governance practices of public companies. As a public company, we expect these new rules and regulations to increase our compliance costs in 2014 and beyond and to make certain activities more time consuming and costly. As a public company, we also expect that these new rules and regulations may make it more difficult and expensive for us to obtain director and officer liability insurance in the future and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified persons to serve on our board of directors or as executive officers.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>A limited trading market for our Common Stock may result in limited liquidity for shares of our Common Stock and significant volatility in our stock price.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Our Stock is not quoted on the OTCBB or any other exchange and no assurance can be given that an active public trading market will develop or, if developed, that it will be sustained. The OTCBB is generally regarded as a less efficient and less prestigious trading market than other national markets. There is no assurance if or when our Common Stock will be quoted on the OTCBB or another more prestigious exchange or market. Active trading markets generally result in lower price volatility and more efficient execution of buy and sell orders. The absence of an active trading market reduces the liquidity of our Common Stock.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The market price of our stock is likely to be highly volatile because for some time there will likely be a thin trading market for the stock, which causes trades of small blocks of stock to have a significant impact on our stock price. As a result of the lack of trading activity, the quoted price for our Common Stock on the OTCBB is not necessarily a reliable indicator of its fair market value. Further, if we cease to be quoted, holders of our Common Stock would find it more difficult to dispose of, or to obtain accurate quotations as to the market value of, our Common Stock, and the market value of our Common Stock would likely decline.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Our Common Stock will be deemed a &#147;penny stock,&#148; which makes it more difficult for our investors to sell their shares.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Our Common Stock will be subject to the &#147;penny stock&#148; rules adopted under Section 15(g) of the Exchange Act. The penny stock rules generally apply to companies whose common stock is not listed on The Nasdaq Stock Market or other national securities exchange and trades at less than $5.00 per share, other than companies that have had average revenue of at least $6,000,000 for the last three years or that have tangible net worth of at least $5,000,000 ($2,000,000 if the company has been operating for three or more years). These rules require, among other things, that brokers who trade penny stock to persons other than &#147;established customers&#148; complete certain documentation, make suitability inquiries of investors and provide investors with certain information concerning trading in the security, including a risk disclosure document and quote information under certain circumstances. Many brokers have decided not to trade penny stocks because of the requirements of the penny stock rules and, as a result, the number of broker-dealers willing to act as market makers in such securities is limited. If we remain subject to the penny stock rules for any significant period, it could have an adverse effect on the market, if any, for our securities. If our securities are subject to the penny stock rules, investors will find it more difficult to dispose of our securities.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Offers or availability for sale of a substantial number of shares of our Common Stock may cause the price of our Common Stock to decline.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>17</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px">If our stockholders sell substantial amounts of our Common Stock in the public market upon the expiration of any statutory holding period, under Rule 144, or issued upon the exercise of outstanding options or warrants, it could create a circumstance commonly referred to as an &#147;overhang&#148; and in anticipation of which the market price of our Common Stock could fall. The existence of an overhang, whether or not sales have occurred or are occurring, also could make more difficult our ability to raise additional financing through the sale of equity or equity-related securities in the future at a time and price that we deem reasonable or appropriate.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Times-BoldItalic,Times New Roman"><B>The interests of Mr. Chowdhury, or the controlling shareholders, may not always coincide with the interests of us and our other shareholders, and the controlling shareholders may exert significant control or substantial influence over us and may take actions that are not in, or may conflict with, public shareholders&#146; best interests.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The controlling shareholders will control the exercise of voting rights of over 50 % of the shares eligible to vote in any of our annual or special meeting. &nbsp;Therefore, these controlling shareholders will be able to exercise significant influence over all matters that require us to obtain shareholder approval, including the election of directors to our board and approval of significant corporate transactions that we may consider, such as a merger or other sale of our company or its assets. &nbsp;The controlling shareholders may cause us to take actions that are not in, or may conflict with, the interests of us or the public shareholders. In the case where the interests of the controlling shareholders conflict with those of our other shareholders, or if the controlling shareholders choose to cause us to pursue objectives that would conflict with the interests of our other shareholders, such other shareholders could be left in a disadvantageous position by such actions caused by the controlling shareholders and the price of our common stock could be adversely affected.</P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<A NAME="FORWARDLOOKINGSTATEMENTS"></A><P style="margin:0px" align=center><B>FORWARD-LOOKING STATEMENTS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Statements in this prospectus may be &#147;forward-looking statements.&#148; Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in this prospectus, including the risks described under &#147;Risk Factors,&#148; and &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; in this prospectus and in other documents which we file with the SEC. In addition, such statements could be affected by risks and uncertainties related to our ability to raise any financing which we may require for our operations, competition, government regulations and requirements, pricing and development difficulties, our ability to make acquisitions and successfully integrate those acquisitions with our business, as well as general industry and market conditions and growth rates, and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this prospectus, except as may be required under applicable securities laws.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="USEOFPROCEEDS"></A><P style="margin:0px" align=center><B>USE OF PROCEEDS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We will receive no proceeds from the sale of shares of Common Stock offered by the selling security holders.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="DERERMINATIONOFOFFERINGPRICE"></A><P style="margin:0px" align=center><B>DETERMINATION OF THE OFFERING PRICE</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Our Common Stock is not traded on any national securities exchange and is not quoted on any over-the-counter market. As a result, the selling stockholders may only sell the shares at a fixed price per share. &nbsp;If our shares become quoted on the Over-The-Counter Bulletin Board, or are registered on a national securities exchange, the selling stockholders may sell all or a portion of their shares in the over-the-counter market at market prices prevailing at the time of sale, or related to the market price at the time of sale, or at other negotiated prices. &nbsp;Our offering price was based on the last price per share sold in a private offering.</P>
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<A NAME="SELLINGSTOCKHOLDERS"></A><P style="margin-top:0px; margin-bottom:8.867px" align=center><B>SELLING STOCKHOLDERS</B></P>
<P style="margin:0px">This prospectus includes 20,000,000 shares of Common Stock offered for resale by the selling stockholders identified below. &nbsp;The selling stockholders acquired their shares from the Company in private transactions. &nbsp;We are registering the shares to permit the selling stockholders and their pledgees, donees, transferees and other successors-in-interest that receive their shares from a selling </P>
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<P style="margin:0px" align=center>18</P>
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<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
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<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px">stockholder as a gift, partnership distribution or other non-sale related transfer after the date of this prospectus to resell the shares when and as they deem appropriate in the manner described in the &#147;Plan of Distribution&#148;.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The following table details the names of the selling stockholders, the number of shares owned by the selling stockholders, and the number of shares that may be offered by the selling stockholders for resale under this prospectus. The number and percentage of shares beneficially owned is determined in accordance with Rule 13d-3 of the Exchange Act and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rule, beneficial ownership includes any shares as to which the selling stockholder has sole or shared voting power or investment power and also any shares, which the selling stockholder has the right to acquire within 60 days. Applicable percentage ownership is based on 200,000,000 shares of Common Stock outstanding as of&nbsp;March 26, 2014, together with securities exercisable or convertible into shares of Common Stock within 60 days of such date for the stockholder. Number and percentage owned after the offering assumes the sale of all or none of the shares offered under this prospectus. All shares of Common Stock offered under this prospectus are currently issued and outstanding. &nbsp;Not all of our shareholders have registered shares in this offering. </P>
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<P style="margin:0px">The selling stockholders may sell up to 20,000,000 shares of our Common Stock from time to time in one or more offerings under this prospectus. Because the selling stockholders may offer all, some or none of the shares they hold, and because, based upon information provided to us, there are currently no agreements, arrangements, or understandings with respect to the sale of any of the shares, no definitive estimate as to the number of shares that will be held by the selling stockholders after the offering can be provided. The following table has been prepared on the assumption that all or none of the shares offered under this prospectus will be sold to parties unaffiliated with the selling stockholders.&nbsp;&nbsp;With the exception of Mr. Chowdhury, none of the selling stockholders has been an officer or director of us or any of our predecessors or affiliates within the last three years, nor has any selling stockholder had a material relationship with us except as described in the footnotes below.</P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=223.6 /><TD width=124.067 /><TD width=124.133 /><TD width=124.067 /><TD width=124.133 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=223.6><P style="margin:0px" align=center><B>Name of Selling Security Holder</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=124.067><P style="margin:0px" align=center><B>Shares Beneficially Owned Prior to Offering</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=124.133><P style="margin:0px" align=center><B>Maximum Number of Shares to be Sold</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=124.067><P style="margin:0px" align=center><B>Amount of Securities Owned After the Offering</B><FONT style="font-size:8pt"><B><SUP>3</SUP></B></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=124.133><P style="margin:0px" align=center><B>Percentage of Securities Owned After the Offering</B><FONT style="font-size:8pt"><B><SUP>3</SUP></B></FONT></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Addjab Limited <FONT style="font-size:8pt"><SUP>7</SUP></FONT></P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>1,200,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>1,200,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Adeeba Ahmed</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Afzul Mohmud</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Ahmed Dadibhai</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Amaira Badat</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Ambreen Hussain</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Ammaar Mohmud</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Anis Jamall</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Asif Mohmud</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Charles Heard</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>David Scott</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Dewan M. H. Chowdhury</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>4,136,875</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>4,136,875</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Dominic Slattery</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>10,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>10,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>East Yield Investment Ltd.<FONT style="font-size:8pt"><SUP>4</SUP></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>2,347,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>2,347,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Faheema Mohmud</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Fazila Timol</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>200,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>200,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Fortune Lake Mgmt. Ltd.<FONT style="font-size:8pt"><SUP>6</SUP></FONT></P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>2,347,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>2,347,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Hafsa Bibi Timol</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Hasan Dadibhai</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Hayat Ouziad</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Ibrahaim Patel</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Ismail Makda</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Julie Barton-Naylor</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Julie Pomeroy</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Jumaid Jamall</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Junaid Mansoor</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Karmen Cheung</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Karrar Khan</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Kathryn Farrar</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Khadija Dadibhai</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
</TABLE>
<P style="margin:0px; font-size:8pt; color:#0000FF"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=223.6 /><TD width=124.067 /><TD width=124.133 /><TD width=124.067 /><TD width=124.133 /></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Michael Daniels</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>165,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>165,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Mohammed Zakir Shaikh</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Muhammad Dadibahi</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Museji Takolia</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Nafeesah Munshi</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Nasira Hasani</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Noorjehan Takolia</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Oves Timol</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>200,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>200,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Pine Capital Asset Mgt. Inc.<FONT style="font-size:8pt"><SUP>5</SUP></FONT></P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>7,141,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>7,141,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Rabia Ismail</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Richard Freeman</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Richard Toon</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Riyaz Timol</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>1,697,125</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>1,697,125</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Robert Carson</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Ruksana Khan</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Safira Mohmud</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Safiyyah Ahmed</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Saleha Lokhat</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>200,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>200,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Sameer Hussain</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Sarfaraz Ismail</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Sohail Hasani</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Somaiya Ravat</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Stephen Metcalf</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Suhayl Ismail</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Susan Gibbons</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Tahseen Rehman Minhas</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Vincent Crabtree</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Waliul Islam</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Wasif Hasani</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Yiqing Han</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=223.6><P style="margin:0px" align=center>Yunus Bhayat</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=223.6><P style="margin:0px" align=center>Yusuf Timol</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>200,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>200,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=223.6><P style="margin:0px" align=center>Zohra Adam</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=124.067><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=124.133><P style="margin:0px" align=center>3,000</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=124.067><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=124.133><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" width=223.6><P style="margin:0px" align=center><B>TOTAL</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" width=124.067><P style="margin:0px" align=center><B>20,000,000</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" width=124.133><P style="margin:0px" align=center><B>20,000,000</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" width=124.067><P style="margin:0px" align=center><B>-0-</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" width=124.133><P style="margin:0px" align=center><B>-0-</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=36 /><TD width=684 /></TR>
<TR><TD style="margin-top:0px" valign=top width=36><P style="margin:0px; font-size:8pt"><SUB>(1)</SUB></P>
</TD><TD style="margin-top:0px" valign=top width=684><P style="margin:0px">Under applicable SEC rules, a person is deemed to beneficially own securities which the person has the right to acquire within 60 days through the exercise of any option or warrant or through the conversion of a convertible security. Also under applicable SEC rules, a person is deemed to be the &#147;beneficial owner&#148; of a security with regard to which the person directly or indirectly, has or shares (a) voting power, which includes the power to vote or direct the voting of the security, or (b) investment power, which includes the power to dispose, or direct the disposition, of the security, in each case, irrespective of the person&#146;s economic interest in the security. Each listed selling stockholder has the sole investment and voting power with respect to all shares of Common Stock shown as beneficially owned by such selling stockholder, except as otherwise indicated in these footnotes.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=36><P style="margin:0px; font-size:8pt"><SUB>(2)</SUB></P>
</TD><TD style="margin-top:0px" valign=top width=684><P style="margin:0px">As of March 26, 2014, there were 200,000,000 shares of our Common Stock issued and outstanding. In determining the percent of Common Stock beneficially owned by a selling stockholder as of March 26, 2014, (a) the numerator is the number of shares of Common Stock beneficially owned by such selling stockholder (including the shares that he has the right to acquire within 60 days of March 26, 2014), and (b) the denominator is the sum of the 200,000,000 shares of Common Stock outstanding on March 26, 2014.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=36><P style="margin:0px; font-size:8pt"><SUB>(3)</SUB></P>
</TD><TD style="margin-top:0px" valign=top width=684><P style="margin:0px">Represents the amount and percentage of shares in the event all of the securities are sold during the offering.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=36><P style="margin:0px; font-size:8pt"><SUB>(4)</SUB></P>
</TD><TD style="margin-top:0px" valign=top width=684><P style="margin:0px">The beneficial owner, shareholder, Officer and Director is Albert Li.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=36><P style="margin:0px; font-size:8pt"><SUB>(5)</SUB></P>
</TD><TD style="margin-top:0px" valign=top width=684><P style="margin:0px">The beneficial owners and Officers and Directors are Clarence Chan and Victor Lee.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=36><P style="margin:0px; font-size:8pt"><SUB>(6)</SUB></P>
</TD><TD style="margin-top:0px" valign=top width=684><P style="margin:0px">The beneficial owner, shareholder, Officer and Director is Wong Lap Woon.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=36><P style="margin:0px; font-size:8pt"><SUB>(7)</SUB></P>
</TD><TD style="margin-top:0px" valign=top width=684><P style="margin:0px">The beneficial owners are Shakeel Arshad and Farrukh Akram, and the Office and Director is Lindsey Daniels.</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<A NAME="PLANOFDISTRIBUTION"></A><P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>20</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px" align=center><B>PLAN OF DISTRIBUTION</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The selling stockholders, and any of their donees, pledgees, transferees or other successors-in-interest selling shares of Common Stock received after the date of this prospectus from a selling stockholder as a gift, pledge, partnership distribution or other transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of Common Stock on any stock exchange, market or trading facility on which the shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices. We have not been advised of any arrangements by the selling stockholders for the sale of any of the Common Stock owned by them.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The selling stockholders may use any one or more of the following methods when disposing of shares or interests therein:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">crosses, where the same broker acts as an agent on both sides of the trade;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">an exchange distribution in accordance with the rules of the applicable exchange;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">privately negotiated transactions;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">short sales;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">a combination of any such methods of sale; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">any other method permitted pursuant to applicable law.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The selling stockholders may, from time to time, pledge or grant a security interest in some or all of the shares of Common Stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of Common Stock, from time to time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of selling stockholders to include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders also may transfer the shares of Common Stock in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus; provided, however, that prior to any such transfer the following information (or such other information as may be required by the federal securities laws from time to time) with respect to each such selling beneficial owner must be added to the prospectus by way of a prospectus supplement or post-effective amendment, as appropriate: (1)&nbsp;the name of the selling beneficial owner; (2)&nbsp;any material relationship the selling beneficial owner has had within the past three years with us or any of our predecessors or affiliates; (3)&nbsp;the amount of securities of the class owned by such security beneficial owner before the transfer; (4)&nbsp;the amount to be offered for the security beneficial owner&#146;s account; and (5)&nbsp;the amount and (if one percent or more) the percentage of the class to be owned by such security beneficial owner after the transfer is complete.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Any selling stockholder and any other person participating in a distribution will be subject to applicable provisions of the Exchange Act and the rules and regulations under that statute, including, without limitation, possibly Regulation M. This may limit the timing of purchases and sales of any of the securities by a selling stockholder and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the securities to engage in market-making activities with respect to the securities. All of the foregoing may affect the marketability of the securities and the ability of any person or entity to engage in market-making activities with respect to the securities.</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>21</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="DESCRIPTIONOFSECURITIESTOBEREGISTERED"></A><P style="margin-top:0px; margin-bottom:8.867px" align=center><B>DESCRIPTION OF SECURITIES TO BE REGISTERED</B></P>
<P style="margin:0px">This prospectus relates to the public offering of up to 20,000,000 shares of Common Stock by the selling stockholders. The total amount of shares consists of 20,000,000 shares of Common Stock that are currently issued and outstanding.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Authorized Capital Stock</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">We have authorized 420,000,000 shares of capital stock, par value $0.001 per share which are shares of Common Stock. &nbsp;We have no authorized preferred stock.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Common Stock</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The holders of our Common Stock are entitled to one vote per share. In addition, the holders of our Common Stock will be entitled to receive ratably such dividends, if any, as may be declared by our board of directors out of legally available funds; however, the current policy of our board of directors is to retain earnings, if any, for operations and growth. Upon liquidation, dissolution or winding-up, the holders of our Common Stock will be entitled to share ratably in all assets that are legally available for distribution. The holders of our Common Stock will have no preemptive, subscription, redemption or conversion rights.&nbsp;&nbsp;The holders of our Common Stock do not have cumulative rights in the election of directors. The rights, preferences and privileges of holders of our Common Stock will be subject to, and may be adversely affected by, the rights of the holders of any series of preferred stock, which may be designated solely by action of our board of directors and issued in the future.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Warrants</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We have issued no warrants as of the date of this prospectus. &nbsp;&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Anti-takeover Effects of Our Articles of Incorporation and By-laws</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Our articles of incorporation do not provide any provisions that may have anti-takeover effects, making it more difficult for or preventing a third party from acquiring control of our company or changing our board of directors and management.&nbsp;&nbsp;The holders of our common stock do not have cumulative voting rights in the election of our directors, which makes it more difficult for minority stockholders to be represented on the board.&nbsp;&nbsp;The existence of authorized but unissued shares of common stock could render more difficult or discourage an attempt to obtain control of our company by means of a proxy contest, tender offer, merger, or otherwise.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Our By-laws do not provide any provisions that may have anti-takeover effects.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><B>Anti-takeover Effects of Nevada Law</B></P>
<P style="margin:0px"><B><I>Business Combinations</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The &#147;business combination&#148; provisions of Sections 78.411 to 78.444, inclusive, of the Nevada Revised Statutes, or NRS, generally prohibit a Nevada corporation with at least 200 stockholders of record, a &#147;resident domestic corporation,&#148; from engaging in various &#147;combination&#148; transactions with any &#147;interested stockholder&#148; unless certain conditions are met or the corporation has elected in its articles of incorporation to not be subject to these provisions.&nbsp;&nbsp;We have not elected to opt out of these provisions and if we meet the definition of resident Domestic Corporation, now or in the future, our company will be subject to these provisions.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">A &#147;combination&#148; is generally defined to include (a) a merger or consolidation of the resident domestic corporation or any subsidiary of the resident domestic corporation with the interested stockholder or affiliate or associate of the interested stockholder; (b) any sale, lease, exchange, mortgage, pledge, transfer, or other disposition, in one transaction or a series of transactions, by the resident domestic corporation or any subsidiary of the resident domestic corporation to or with the interested stockholder or affiliate or associate of the interested stockholder having: (i) an aggregate market value equal to 5% or more of the aggregate market value of the assets of the resident domestic corporation, (ii) an aggregate market value equal to 5% or more of the aggregate market value of all outstanding shares of the resident domestic corporation, or (iii) 10% or more of the earning power or net income of the resident domestic corporation; (c) the issuance or transfer in one transaction or series of transactions of shares of the resident domestic corporation or any subsidiary of the resident domestic corporation having an aggregate market value equal to 5% or more of the resident domestic corporation to the interested stockholder or affiliate or associate of the interested stockholder; and (d) certain other transactions with an interested stockholder or affiliate or associate of the interested stockholder.</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>22</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">An &#147;interested stockholder&#148; is generally defined as a person who, together with affiliates and associates, owns (or within three years, did own) 10% or more of a corporation&#146;s voting stock. An &#147;affiliate&#148; of the interested stockholder is any person that directly or indirectly through one or more intermediaries is controlled by or is under common control with the interested stockholder. An &#147;associate&#148; of an interested stockholder is any (a) corporation or organization of which the interested stockholder is an officer or partner or is directly or indirectly the beneficial owner of 10% or more of any class of voting shares of such corporation or organization; (b) trust or other estate in which the interested stockholder has a substantial beneficial interest or as to which the interested stockholder serves as trustee or in a similar fiduciary capacity; or (c) relative or spouse of the interested stockholder, or any relative of the spouse of the interested stockholder, who has the same home as the interested stockholder.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">If applicable, the prohibition is for a period of two years after the date of the transaction in which the person became an interested stockholder, unless such transaction is approved by the board of directors prior to the date the interested stockholder obtained such status; or the combination is approved by the board of directors and thereafter is approved at a meeting of the stockholders by the affirmative vote of stockholders representing at least 60% of the outstanding voting power held by disinterested stockholders; and extends beyond the expiration of the two-year period, unless (a) the combination was approved by the board of directors prior to the person becoming an interested stockholder; (b) the transaction by which the person first became an interested stockholder was approved by the board of directors before the person became an interested stockholder; (c) the transaction is approved by the affirmative vote of a majority of the voting power held by disinterested stockholders at a meeting called for that purpose no earlier than two years after the date the person first became an interested stockholder; or (d) if the consideration to be paid to all stockholders other than the interested stockholder is, generally, at least equal to the highest of: (i) the highest price per share paid by the interested stockholder within the three years immediately preceding the date of the announcement of the combination or in the transaction in which it became an interested stockholder, whichever is higher, plus compounded interest and less dividends paid, (ii) the market value per share of common shares on the date of announcement of the combination and the date the interested stockholder acquired the shares, whichever is higher, plus compounded interest and less dividends paid, or (iii) for holders of preferred stock, the highest liquidation value of the preferred stock, plus accrued dividends, if not included in the liquidation value. With respect to (i) and (ii) above, the interest is compounded at the rate for one-year United States Treasury obligations from time to time in effect.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Applicability of the Nevada business combination statute would discourage parties interested in taking control of our company if they cannot obtain the approval of our board of directors. These provisions could prohibit or delay a merger or other takeover or change in control attempt and, accordingly, may discourage attempts to acquire our company even though such a transaction may offer our stockholders the opportunity to sell their stock at a price above the prevailing market price.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Control Share Acquisitions</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The &#147;control share&#148; provisions of Sections 78.411 to 78.444, inclusive, of the Nevada Revised Statutes, apply to &#147;issuing corporations&#148; that are Nevada corporations with at least 200 stockholders of record, including at least 100 stockholders of record who are Nevada residents, and that conduct business directly or indirectly in Nevada, unless the corporation has elected to not be subject to these provisions.</P>
<P style="margin:0px"><BR></P>
<A NAME="page_59"></A><P style="margin:0px">The control share statute prohibits an acquirer of shares of an issuing corporation, under certain circumstances, from voting its shares of a corporation&#146;s stock after crossing certain ownership threshold percentages, unless the acquirer obtains approval of the target corporation&#146;s disinterested stockholders. The statute specifies three thresholds: (a) one-fifth or more but less than one-third, (b) one-third but less than a majority, and (c) a majority or more, of the outstanding voting power. Generally, once a person acquires shares in excess of any of the thresholds, those shares and any additional shares acquired within 90 days thereof become &#147;control shares&#148; and such control shares are deprived of the right to vote until disinterested stockholders restore the right. These provisions also provide that if control shares are accorded full voting rights and the acquiring person has acquired a majority or more of all voting power, all other stockholders who do not vote in favor of authorizing voting rights to the control shares are entitled to demand payment for the fair value of their shares in accordance with statutory procedures established for dissenters&#146; rights.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">A corporation may elect to not be governed by, or &#147;opt out&#148; of, the control share provisions by making an election in its articles of incorporation or bylaws, provided that the opt-out election must be in place on the 10<FONT style="font-size:7pt">th</FONT> day following the date an acquiring person has acquired a controlling interest, that is, crossing any of the three thresholds described above.&nbsp;&nbsp;We have not opted out of these provisions and will be subject to the control share provisions of the NRS if we meet the definition of an issuing corporation upon an acquiring person acquiring a controlling interest unless we later opt out of these provisions and the opt out is in effect on the 10<FONT style="font-size:7pt">th</FONT> day following such occurrence.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The effect of the Nevada control share statute is that the acquiring person, and those acting in association with the acquiring person, will obtain only such voting rights in the control shares as are conferred by a resolution of the stockholders at an annual or special </P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>23</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px">meeting of the stockholders. &nbsp;The Nevada control share law, if applicable, could have the effect of discouraging takeovers of our company based on the following organizational structure.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><img src="nemauras1004.gif" alt="[nemauras1004.gif]" align=middle height=338.6 width=575.667></P>
<P style="margin:0px"><BR></P>
<A NAME="DESCRIPTIONOFBUSINESS"></A><P style="margin:0px" align=center><B>DESCRIPTION OF BUSINESS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Corporate History Overview</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We are a development stage company as defined by the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) No. 915 Development Stage Entities. &nbsp;Since inception we have devoted substantially all of our efforts establishing a new business and while operations have commenced we have generated no revenue from our limited operations.</P>
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<P style="margin:0px">We are a holding corporation that owns one hundred percent (100%) of a diagnostic medical device company specializing in discovering, developing and commercializing specialty medical devices. &nbsp;We were organized on December 24, 2013 under the laws of the State of Nevada.&nbsp; &nbsp;We own one hundred percent (100%) of Region Green Limited, a British Virgin Islands corporation formed on December 12, 2013. &nbsp;Region Green Limited owns one hundred percent (100%) of the stock in Dermal Diagnostic (Holdings) Limited, an England and Wales corporation formed on December 11, 2013. &nbsp;We own one hundred percent (100%) of the stock in Dermal Diagnostics Limited, an England and Wales corporation formed on January 23, 2009 and Trial Clinic Limited, an England and Wales corporation formed on December 1, 2011. &nbsp;</P>
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<P style="margin:0px">In December 2013, we restructured the company and re-domiciled as a domestic corporation in the United States. &nbsp;The corporate re-organization was accomplished to preserve the tax advantages under the laws of the England and Wales tax laws for the benefit of the shareholders of both Dermal Diagnostics Limited and Trial Clinic Limited.</P>
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<P style="margin:0px">Dermal Diagnostics Limited (&#147;DDL&#148;), an England and Wales corporation, is a diagnostic medical device company headquartered in Loughborough, Leicestershire, England.&nbsp;DDL was founded in 2009 to engage in the discovery, development and commercialization of &nbsp;diagnostic medical devices. The Company&#146;s initial focus has been on the development of a novel continuous glucose monitoring (CGM) device which consists of a disposable patch containing a sensor, and a non-disposable miniature electronic watch with a re-chargeable power source. CGM through a non-invasive patch can enable early detection of subtle changes in blood glucose levels.</P>
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<P style="margin:0px">Manufacturers for our sensors are Parlex,(a division of Johnson Electrics) Isle of White, UK ; Polarseal Limited, Surrey, England for our patches; and CIL Limited located in Andover, UK for the manufacture of our electronics.</P>
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<P style="margin:0px">Our clinical testing will be conducted by contract clinical research organizations. These will be conducted in various centers around the world to cover a wide demographic &#150; including the Middle East, Asia, and Europe and the USA &#150; all of which are managed by our in-house medical devices director.</P>
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<BR></P>
<P style="margin:0px" align=center>24</P>
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<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
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<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
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<P style="margin:0px">Our business is conducted through our wholly owned subsidiaries Dermal Diagnostics Limited and Trial Clinic Limited. The discussion of our business in this&nbsp;prospectus is that of our current business which is conducted through Dermal Diagnostics Limited and Trial Clinic Limited. &nbsp;The organizational diagram below shows our current business structure.</P>
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<P style="margin:0px" align=center><img src="nemauras1006.gif" alt="[nemauras1006.gif]" align=middle height=338.6 width=575.667></P>
<P style="margin:0px"><B>Our Products</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We currently have one (1) CGM watch product. &nbsp;The CGM Watch is purely the packaging for the electronics that control and receive feedback from the &#147;sensor-patch&#148; which is our patented technology. &nbsp;Additionally, we have identified the potential for the CGM watch to be useful in the mobile phone application with wireless data transmission from the watch. &nbsp;The CGM Watch is a continuous glucose monitoring device which consists of a disposable patch containing a sensor, and a non-disposable miniature electronic watch with a re-chargeable power source. The system applies a very small electrical current to the skin, which leads to efficient extraction of glucose from the body into a chamber in the patch. The glucose sensor detects the level of glucose and stores the data on an internal memory platform, as well as displaying the glucose reading on an LCD display. &nbsp;An alarm is set-off when the reading is 'out of range'. The technique utilized in this device has been the subject of extensive studies with over twenty (20) clinical reports in the public domain, and is the only non-invasive technique to have been approved by both the FDA and EMEA. The effectiveness of Continuous Glucose Monitoring (CGM) in blood sugar control facilitates the therapeutic adjustments to avoid hypo-glycemic and hyper-glycemic excursions. </P>
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<P style="margin:0px">Additional applications for the CGM Watch may include:</P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">Mobile Phone Application <font style='font-family:Arial Unicode MS,Times New Roman'>&#8211;</font> with wireless data transmission from watch;</P>
</TD></TR>
</TABLE>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">Development of a Web-server accessed by physicians and diabetic professionals to track the condition remotely thereby reducing healthcare costs and managing the condition more effectively;</P>
</TD></TR>
</TABLE>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">A complete virtual GP that monitors a person<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s vital signs and transmits results via the web; and</P>
</TD></TR>
</TABLE>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">With further investment, other patches can be developed which are able to measure alternative analytes, including lactates, uric acid, lithium and drugs. &nbsp;This would be a step-change in the monitoring of conditions, particularly in the hospital setting. &nbsp;Lactate monitoring is currently used to determine the relative fitness of professional athletes.</P>
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</TABLE>
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<BR></P>
<P style="margin:0px" align=center>25</P>
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<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
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<P style="margin:0px"><B>Our Business Strategy</B></P>
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<P style="margin:0px">We are a development stage company as defined by the Financial Accounting Standards Board (FASB) ASC No. 915. &nbsp;Since inception we have devoted substantially all of our efforts establishing a new business and while operations have commenced we have generated no revenue from our limited operations. &nbsp;We intend to lead in the discovery, development and commercialization of innovative and targeted diagnostic medical devices that improve disease monitoring, management and overall patient care. We plan to take the following steps to implement our strategy:</P>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px"><I>Seek regulatory approval for the CGM Watch in the United Kingdom and the European Union and in other selective countries including the Middle East.</I> &nbsp;&nbsp;We plan to perform clinical trials in the United Kingdom and the European Union and Middle East for our product.&nbsp;&nbsp;If we achieve regulatory approval, we would expect to license our product outside of the United Kingdom and the European Union and may seek regulatory approval in the United States to support our licensing capabilities.</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px"><I>Develop our own specialty sales and marketing teams to market the CGM Watch in the United Kingdom and the European Union.</I> We intend to develop specialty sales teams and/or enter into licensing agreements with established marketing companies for production and distribution of our product in the United Kingdom and the European Union.</P>
</TD></TR>
</TABLE>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px"><I>Expand the indications for which the CGM Watch may be used</I>. We believe that the CGM Watch may offer other significant benefits other than those found in the non-acute setting for the monitoring of other diseases.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=86.667 /><TD /></TR>
<TR><TD style="margin-top:0px" width=86.667><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px"><I>Expand our product pipeline through our proprietary platform technologies, acquisitions and strategic licensing arrangements.</I> We intend to leverage our proprietary platform technologies to grow our portfolio of product candidates for the diagnosis of diabetes and other diseases. In addition, we intend to license our product and acquire products and technologies that are consistent with our research and development and business focus and strategies.</P>
</TD></TR>
</TABLE>
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<P style="margin:0px"><B>Product Development</B></P>
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<P style="margin:0px">Management has extensive experience in regulatory and clinical development of diagnostic medical devices. We intend to take advantage of our extensive clinical research and development experience in the field of diagnostic medical devices in an attempt to increase the probability of product approval.&nbsp;&nbsp;We believe that while the overall regulatory process for diagnostic medical devices for diabetes is currently similar to those governing other diagnostic devices, the development timelines may be significantly shorter. Whereas typical clinical trials involving pharmaceuticals must be monitored over long periods (often years), diagnostic medical devices for diabetes may take significantly less time to evaluate. This shortened clinical development time relative to pharmaceuticals is a function of the speed with which a diabetes diagnostic medical device can be tested and evaluated for its clinical output, in this case the accuracy with which it can trend blood glucose levels, which is in the order of several hours and days to see the end point, as compared to several months and years where drugs undergo clinical studies. Also, because the results of the absorption of glucose through the patch are instantaneous, the clinical trials do not initially require long term follow-up for primary endpoints that typically may take significant periods of time to evaluate. Accordingly, we believe our clinical trials may enroll quickly and that the evaluable data will be made available to us in similar fashion. When taken together, we believe our experience in the clinical development of diabetes diagnostic medical devices, familiarity with the regulatory approval process in the United Kingdom and the European Union and shorter development times may allow for our first product to emerge onto the commercial markets within 2 years. &nbsp;As we continue to raise funds for marketing the device in some European Union territories, we will also collaborate with future licensees and marketing partners to achieve our product development and meet our projected milestones.</P>
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<P style="margin:0px" align=center><B>Product Development Timelines</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=404.467 /><TD width=249.533 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=404.467><P style="margin:0px" align=center><B>Milestone</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=249.533><P style="margin:0px" align=center><B>Target Completion Date</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=404.467><P style="margin:0px">Production and safety testing of devices for clinical test</P>
</TD><TD style="margin-top:0px" width=249.533><P style="margin:0px" align=center>April 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=404.467><P style="margin:0px">Production and testing and verification of up to 100 devices for clinical test</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=249.533><P style="margin:0px" align=center>June 30 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=404.467><P style="margin:0px">Ethics approval for clinical testing</P>
</TD><TD style="margin-top:0px" width=249.533><P style="margin:0px" align=center>June 30, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=404.467><P style="margin:0px">Submission for first CE approval with first set of claims</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=249.533><P style="margin:0px" align=center>August 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=404.467><P style="margin:0px">File algorithm patent in all major global territories</P>
</TD><TD style="margin-top:0px" width=249.533><P style="margin:0px" align=center>September 30, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=404.467><P style="margin:0px">Clinical testing phases I to III to define device claims</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=249.533><P style="margin:0px" align=center>December 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=404.467><P style="margin:0px">Manufacturing development of devices</P>
</TD><TD style="margin-top:0px" width=249.533><P style="margin:0px" align=center>December 31, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=404.467><P style="margin:0px">Manufacturing development of sensors</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=249.533><P style="margin:0px" align=center>December 31, 2014</P>
</TD></TR>
</TABLE>
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<P style="margin:0px" align=center>26</P>
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<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
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<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px"><B>Market Opportunity for the Company&#146;s Products</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">According to the International Diabetes Federation Diabetes Atlas (the &#147;IDF&#148;), there are approximately 382 million people in the world who have diabetes as of December 2013. &nbsp;The IDF is predicting that by 2035 this will rise to 592 million people. &nbsp;The number of people with type 2 diabetes is increasing in every country and currently eighty percent (80%) of people with diabetes live in low- and middle-income countries. &nbsp;The greatest number of people with diabetes is between 40 and 59 years of age.</P>
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<P style="margin:0px">Statistics published by the IDF report that diabetes is a huge and growing problem, and the costs to society are high and escalating. In addition, Europe has the highest prevalence of children with type 1 diabetes. &nbsp;</P>
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<P style="margin:0px" align=center><B>Statistical Data for Diabetes in Europe</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=240 /><TD width=240 /><TD width=240 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=240><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=240><P style="margin:0px" align=center><B>2013</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000; border-bottom:1px solid #000000" valign=top width=240><P style="margin:0px" align=center><B>2035</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=240><P style="margin:0px">Adult population</P>
<P style="margin:0px">(20-79 years, millions)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=240><P style="margin:0px" align=center>659</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=240><P style="margin:0px" align=center>669</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=720 colspan=3><P style="margin:0px" align=center><B>Diabetes (20 &#150; 79 years)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Regional prevalence (%)</P>
</TD><TD style="margin-top:0px" valign=top width=240><P style="margin:0px" align=center>8.5</P>
</TD><TD style="margin-top:0px" valign=top width=240><P style="margin:0px" align=center>10.3</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=240><P style="margin:0px">Comparative prevalence (%)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=240><P style="margin:0px" align=center>6.8</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=240><P style="margin:0px" align=center>7.1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=240><P style="margin:0px">Number of people with diabetes </P>
<P style="margin:0px">(millions)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=240><P style="margin:0px" align=center>56.3</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=240><P style="margin:0px" align=center>68.9</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=720 colspan=3><P style="margin:0px" align=center><B>Impaired Glucose Tolerance (20 &#150; 79 years)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Regional prevalence (%)</P>
</TD><TD style="margin-top:0px" valign=top width=240><P style="margin:0px" align=center>9.2</P>
</TD><TD style="margin-top:0px" valign=top width=240><P style="margin:0px" align=center>11.0</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=240><P style="margin:0px">Comparative prevalence (%)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=240><P style="margin:0px" align=center>8.1</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=240><P style="margin:0px" align=center>8.9</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=240><P style="margin:0px">Number of people with IGT (millions)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=240><P style="margin:0px" align=center>60.6</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=240><P style="margin:0px" align=center>73.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=720 colspan=3><P style="margin:0px" align=center><B>Type 1 diabetes (0 &#150; 14 years)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=240><P style="margin:0px">Number of children with type 1 </P>
<P style="margin:0px">diabetes (thousands)</P>
</TD><TD style="margin-top:0px" width=240><P style="margin:0px" align=center>129.4</P>
</TD><TD style="margin-top:0px" width=240><P style="margin:0px" align=center>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=240><P style="margin:0px">Number of newly diagnosed cases per year (thousands)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=240><P style="margin:0px" align=center>20.0</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=240><P style="margin:0px" align=center>-</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Each year approximately 600,000 people die from diabetes in Europe. &nbsp;&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>Deaths From Diabetes</B></P>
<P style="margin:0px" align=center><img src="nemauras1008.gif" alt="[nemauras1008.gif]" align=middle height=165 width=260.533></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Europe has the highest incidence of children with type 1 diabetes according to data supplied from IDF.org. The top five countries for the number of people afflicted with diabetes in Europe are listed in the table below.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>Top 5 Countries In Europe For People Afflicted With Diabetes 20-79 Years (2013)</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=360 /><TD width=360 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=360><P style="margin:0px" align=center><B>Countries/Territories</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=360><P style="margin:0px" align=center><B>Millions</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=360><P style="margin:0px" align=center>Russian Federation</P>
</TD><TD style="margin-top:0px" valign=top width=360><P style="margin:0px" align=center>10.9</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=360><P style="margin:0px" align=center>Germany</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=360><P style="margin:0px" align=center>7.6</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=360><P style="margin:0px" align=center>Turkey</P>
</TD><TD style="margin-top:0px" valign=top width=360><P style="margin:0px" align=center>7</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=360><P style="margin:0px" align=center>Spain</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=360><P style="margin:0px" align=center>3.8</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=360><P style="margin:0px" align=center>Italy</P>
</TD><TD style="margin-top:0px" valign=top width=360><P style="margin:0px" align=center>3.6</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>27</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px">Type 1 diabetes, once known as juvenile diabetes or insulin-dependent diabetes, is a chronic condition in which the pancreas produces little or no insulin, a hormone needed to allow sugar (glucose) to enter cells to produce energy. The far more common type 2 diabetes occurs when the body becomes resistant to the effects of insulin or doesn't make enough insulin. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Various factors may contribute to type 1 diabetes including genetics and exposure to certain viruses. Although type 1 diabetes typically appears during childhood or adolescence, it also can develop in adults. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Despite active research, type 1 diabetes has no cure, although it can be managed. With proper treatment, people who have type 1 diabetes can expect to live longer, healthier lives than they did in the past. &nbsp;Type 1diabetes includes autoimmune type 1 diabetes (type 1a) which is characterized by having positive autoantibodies, as well as idiopathic type 1 diabetes (type 1b) where autoantibodies are negative and c-peptide is low. &nbsp;Patients with type 1 diabetes (insulin dependent) require long term treatment with exogenous insulin and these patients perform self-monitoring of blood glucose (SMBG) to calculate the appropriate dose of insulin. SMBG is done by using blood samples obtained by finger sticks but frequent SMBG does not detect all the significant deviations in blood glucose, specifically in patients who have rapidly fluctuating glucose levels.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Type 2 diabetes, once known as adult-onset or noninsulin-dependent diabetes, is a chronic condition that affects the way your body metabolizes sugar (glucose), your body's main source of fuel. With type 2 diabetes, your body either resists the effects of insulin, a hormone that regulates the movement of sugar into your cells, or doesn't produce enough insulin to maintain a normal glucose level. Untreated, type 2 diabetes can be life-threatening. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">More common in adults, type 2 diabetes increasingly affects children as childhood obesity increases. There's no cure for type 2 diabetes, but it can be managed by eating well, exercising and maintaining a healthy weight. If diet and exercise don't control the blood sugar, diabetes medications or insulin therapy may be required.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Each year, millions of patients undergo diabetes testing in the European Union and in the United States. The main reason for this testing is to detect and evaluate diabetes in patients with symptoms of diabetes. These studies provide clinical benefit in the initial evaluation of patients with suspected but unproven diabetes, and in those patients in whom a diagnosis of diabetes has been established and information on prognosis or risk is required.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We believe that our market opportunity is a direct function of the number of persons tested, diagnosed and treated for either type 1 or type 2 diabetes. The IDF indicates that the total world market opportunity for a continuous glucose monitoring device is in the billions of dollars and is projected to grow annually through the year 2035. We estimate the potential market opportunity five years following the approval of our first product at between $1billion and $7 billion annually.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>CGM Watch Market Opportunity </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We do not believe it is possible to estimate the number of diabetes patients that undergo finger pricks or other types of invasive glucose monitoring. However we believe there is no product currently on the market that may allow for non-invasive continuous glucose monitoring. &nbsp;We believe the CGM Watch may be readily adopted by the medical community for the assessment of a patient continuously. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We believe our non-invasive CGM Watch possesses many significant advantages and may represent an ideal device for the detection of discordances in an individual&#146;s blood sugar levels, and the identification of jeopardized hyper and hypo glycemic excursions. If approved for commercialization, we believe the CGM Watch may represent a best in class non-invasive continuous glucose monitoring device to reach those afflicted with diabetes. While we cannot estimate the market share that our CGM Watch may capture, we assume that the CGM Watch will capture a significant share of the non-invasive continuous glucose monitoring market. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Commercialization Plan</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company intends to develop its products through the completion of stage II studies and/or stage III studies, designed to verify the claims that the device may be used as an adjunct to finger-stick measurement, at which point it will seek to partner with organizations that may facilitate the further development and distribution of its products. The Company intends also to seek early in the research and development cycle, strategic partners for programs that may fall outside of the Company<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s core competencies.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>28</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px"><B>Competition</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We expect to compete with several medical device manufacturing companies including Dexcom, Abbott, Echo and Medtronic, and our competitors may:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=55.4 /><TD /></TR>
<TR><TD style="margin-top:0px" width=55.4><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px"><P style="margin:0px; padding-left:24px">develop and market products that are less expensive or more effective than our future product;</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=55.4><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px"><P style="margin:0px; padding-left:24px">commercialize competing products before we or our partners can launch any products developed by us;</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=55.4><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px">operate larger research and development programs or have substantially greater financial resources than we do;</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=55.4><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px; text-indent:24px">initiate or withstand substantial price competition more successfully than we can;</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=55.4><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px">have greater success in recruiting skilled technical and scientific workers from the limited pool of available talent;</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=55.4><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding-left:24px">more effectively negotiate third-party licenses and strategic relationships; and</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=55.4><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px; text-indent:24px">take advantage of acquisition or other opportunities more readily than we can.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We will compete for market share against large pharmaceutical and biotechnology companies, smaller companies that are collaborating with larger pharmaceutical companies, new companies, academic institutions, government agencies and other public and private research organizations. Many of these competitors, either alone or together with their partners, may develop new products that will compete with ours, and these competitors may, and in certain cases do, operate larger research and development programs or have substantially greater financial resources than we do.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We believe that when the CGM Watch is approved for sales, it will be the current standard for companies that are engaged in the development and commercialization of diagnostic medical devices for diabetes continuous glucose monitoring. We do see competition coming from specific competitors for the CGM Watch. &nbsp;It is difficult to analyze Nemaura&#146;s major competitors since there are no non-invasive diagnostic medical devices to continuously monitor blood glucose levels. &nbsp;At the present time Echo Therapeutics, Inc. &nbsp;(NASDAQ: ECTE) has submitted an application to the Conformite Europeenne (CE) Mark Technical File to its European Notified Body to obtain market approval for its Symphony CGM System in the hospital critical care environment. &nbsp;This device is for continuous glucose blood level monitoring in a critical care environment in hospitals. &nbsp;This device does require the removal of the top layer of skin. &nbsp;As a result we do not believe this device to be a direct competitor to our product.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>Competitors Data</B></P>
<P style="margin:0px" align=center><BR></P>
</DIV><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=92.8 /><TD width=125.4 /><TD width=197.533 /><TD width=174.067 /><TD width=144.6 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border:1px solid #000000" valign=top width=92.8><P style="margin:0px"><B>Feature</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=125.4><P style="margin:0px"><B>Abbott FreeStyle Navigator</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=197.533><P style="margin:0px"><B>MiniMed Paradigm&#174; REAL-Time System</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=174.067><P style="margin:0px"><B>MiniMed Guardian&#174; REAL-Time System</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=144.6><P style="margin:0px"><B>DexCom&#153; SEVEN&#174; PLUS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=92.8><P style="margin:0px"><B>Photos</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=125.4><P style="margin:0px" align=center><img src="nemauras1009.jpg" alt="[nemauras1009.jpg]" align=middle height=160.733 width=120.6></P>
<P style="margin:0px; font-size:9pt" align=center>Photo from DexCom</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=197.533><P style="margin:0px; font-size:9pt" align=center><img src="nemauras1010.jpg" alt="[nemauras1010.jpg]" align=middle height=124.933 width=153.6>MiniMed Paradigm REAL-Time with new, smaller MiniLinkTM Transmitter Photo from Medtronic MiniMed</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=174.067><P style="margin:0px; font-size:9pt" align=center><img src="nemauras1011.jpg" alt="[nemauras1011.jpg]" align=middle height=92.333 width=128.867>Guardian REAL-Time System with new, smaller MiniLinkTM Transmitter Photo from Medtronic MiniMed</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=144.6><P style="margin:0px; font-size:9pt" align=center><img src="nemauras1012.jpg" alt="[nemauras1012.jpg]" align=middle height=151.667 width=113.467>Photo from DexCom</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=92.8><P style="margin:0px"><B>Availablility</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-right:1px solid #000000; border-bottom:1px solid #000000" width=125.4><P style="margin:0px; font-size:9pt" align=center>Across the US</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-right:1px solid #000000; border-bottom:1px solid #000000" width=197.533><P style="margin:0px; font-size:9pt" align=center>Across the US</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-right:1px solid #000000; border-bottom:1px solid #000000" width=174.067><P style="margin:0px; font-size:9pt" align=center>Across the US</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-right:1px solid #000000; border-bottom:1px solid #000000" width=144.6><P style="margin:0px; font-size:9pt" align=center>Across the US</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=92.8><P style="margin:0px"><B>FDA approval</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=125.4><P style="margin:0px; font-size:9pt" align=center>March 13, 2008 for adults 18+</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=197.533><P style="margin:0px; font-size:9pt" align=center>Children 7-17 and Adults 18+</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=174.067><P style="margin:0px; font-size:9pt" align=center>Children 7-17 and Adults 18+</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=144.6><P style="margin:0px; font-size:9pt" align=center>March 2006 for adults 18 and older</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=92.8><P style="margin:0px"><B>Communicates with an insulin pump</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=125.4><P style="margin:0px; font-size:9pt" align=center>No</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-right:1px solid #000000; border-bottom:1px solid #000000" width=197.533><P style="margin:0px; font-size:9pt" align=center>Yes, communicates with the Paradigm 522 and 722 pumps</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-right:1px solid #000000; border-bottom:1px solid #000000" width=174.067><P style="margin:0px; font-size:9pt" align=center>No</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-right:1px solid #000000; border-bottom:1px solid #000000" width=144.6><P style="margin:0px; font-size:9pt" align=center>No</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=92.8><P style="margin:0px"><B>Accuracy</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=125.4><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=197.533><P style="margin:0px; font-size:9pt" align=center>Consensus Error Grid: 98.9% A+B MARD (Mean) - 19.7% MARD (Median) - 15.6%</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=174.067><P style="margin:0px; font-size:9pt" align=center>Consensus Error Grid: 98.9% A+B MARD (Mean) - 19.7%</P>
<P style="margin:0px; font-size:9pt" align=center>MARD (Median) - 15.6%</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=144.6><P style="margin:0px; font-size:9pt" align=center>Clark Error Grid 97% A&amp;B; Median 11.4%; Mean 15.7%</P>
</TD></TR>
</TABLE>
<DIV style="width:720px"><P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR>
<BR></P>
<P style="margin:0px" align=center>29</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR>
<BR></P>
</DIV><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=92.8 /><TD width=125.4 /><TD width=197.533 /><TD width=174.067 /><TD width=144.6 /></TR>
<TR><TD style="margin-top:0px; background-color:#C0C0C0; border:1px solid #000000" width=92.8><P style="margin:0px"><B>Accuracy</B></P>
</TD><TD style="margin-top:0px; background-color:#C0C0C0; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=top width=641.6 colspan=4><P style="margin:0px; font-size:9pt" align=center>GluocoWatch Biographer data for comparison:</P>
<P style="margin:0px; font-size:9pt" align=center>MARD: 17% to 21%</P>
<P style="margin:0px; font-size:9pt" align=center>Clarke Error Grid A+B: 94% Clarke Error Grid A: 60%</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=92.8><P style="margin:0px"><B>Skin-intrusive</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=125.4><P style="margin:0px; font-size:9pt" align=center>yes</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=197.533><P style="margin:0px; font-size:9pt" align=center>yes</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=174.067><P style="margin:0px; font-size:9pt" align=center>yes</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=144.6><P style="margin:0px; font-size:9pt" align=center>yes</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C0C0C0; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=92.8><P style="margin:0px"><B>Start-up</B></P>
<P style="margin:0px"><B>Initialization Time</B></P>
</TD><TD style="margin-top:0px; background-color:#C0C0C0; border-right:1px solid #000000; border-bottom:1px solid #000000" width=125.4><P style="margin:0px; font-size:9pt" align=center>2 hours</P>
</TD><TD style="margin-top:0px; background-color:#C0C0C0; border-right:1px solid #000000; border-bottom:1px solid #000000" width=197.533><P style="margin:0px; font-size:9pt" align=center>2 hours</P>
</TD><TD style="margin-top:0px; background-color:#C0C0C0; border-right:1px solid #000000; border-bottom:1px solid #000000" width=174.067><P style="margin:0px; font-size:9pt" align=center>2 hours</P>
</TD><TD style="margin-top:0px; background-color:#C0C0C0; border-right:1px solid #000000; border-bottom:1px solid #000000" width=144.6><P style="margin:0px; font-size:9pt" align=center>2 hours</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=92.8><P style="margin:0px"><B>10 hours</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=125.4><P style="margin:0px; font-size:9pt" align=center>Calibrate at 10, 12, 24 and 72 hours after insertion with no further calibration for the final 2 days of the 5 day wear</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=197.533><P style="margin:0px; font-size:9pt" align=center>First calibration is 2 hours after insertion. Second calibration within next 6 hours after first, then every 12 hours. Will alarm if calibration value not entered.</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=174.067><P style="margin:0px; font-size:9pt" align=center>First calibration is 2 hours after insertion. Second calibration within next 6 hours after first, then every 12 hours. Will alarm if calibration value not entered.</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=144.6><P style="margin:0px; font-size:9pt" align=center>Calibrate every 12 hours, first calibration must have 2 done within 30 minutes of each other. Can calibrate at any glucose rate of change (blood glucose need not be stable).</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C0C0C0; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=92.8><P style="margin:0px"><B>Displays glucose numbers</B></P>
</TD><TD style="margin-top:0px; background-color:#C0C0C0; border-right:1px solid #000000; border-bottom:1px solid #000000" width=125.4><P style="margin:0px; font-size:9pt" align=center>Every 1 minute</P>
</TD><TD style="margin-top:0px; background-color:#C0C0C0; border-right:1px solid #000000; border-bottom:1px solid #000000" width=197.533><P style="margin:0px; font-size:9pt" align=center>Every 5 minutes</P>
</TD><TD style="margin-top:0px; background-color:#C0C0C0; border-right:1px solid #000000; border-bottom:1px solid #000000" width=174.067><P style="margin:0px; font-size:9pt" align=center>Every 5 minutes</P>
</TD><TD style="margin-top:0px; background-color:#C0C0C0; border-right:1px solid #000000; border-bottom:1px solid #000000" width=144.6><P style="margin:0px; font-size:9pt" align=center>Every 5 minutes</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=92.8><P style="margin:0px"><B>Computer Software</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=125.4><P style="margin:0px; font-size:9pt" align=center>Freestyle CoPilot</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=197.533><P style="margin:0px; font-size:9pt" align=center>Carelink&#153; Personal Software</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=174.067><P style="margin:0px; font-size:9pt" align=center>Carelink&#153; Personal Software</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=144.6><P style="margin:0px; font-size:9pt" align=center>DexCom Data Manager&#174; 3 Software</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#C0C0C0; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=92.8><P style="margin:0px"><B>Warranty</B></P>
</TD><TD style="margin-top:0px; background-color:#C0C0C0; border-right:1px solid #000000; border-bottom:1px solid #000000" width=125.4><P style="margin:0px; padding:0px; font-size:9pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#C0C0C0; border-right:1px solid #000000; border-bottom:1px solid #000000" width=197.533><P style="margin:0px; font-size:9pt" align=center>6 months on transmitter, 4 years on insulin pump</P>
</TD><TD style="margin-top:0px; background-color:#C0C0C0; border-right:1px solid #000000; border-bottom:1px solid #000000" width=174.067><P style="margin:0px; font-size:9pt" align=center>9 months on transmitter, 1 year on monitor</P>
</TD><TD style="margin-top:0px; background-color:#C0C0C0; border-right:1px solid #000000; border-bottom:1px solid #000000" width=144.6><P style="margin:0px; font-size:9pt" align=center>1 year warranty for receiver and transmitter</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" width=92.8><P style="margin:0px"><B>FDA Approval Links</B></P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=125.4><P style="margin:0px; font-size:9pt" align=center>FreeStyle Navigator&#174; Continuous Glucose Monitoring System -P050020</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=197.533><P style="margin:0px; font-size:9pt" align=center>Paradigm REAL-Time and Guardian REAL-Time Systems P980022/S015</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=174.067><P style="margin:0px; font-size:9pt" align=center>Paradigm REAL-Time and Guardian REAL-Time Systems P980022/S015</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" width=144.6><P style="margin:0px; font-size:9pt" align=center>STS-7 Continuous Glucose Monitoring System - P050012/S001</P>
</TD></TR>
</TABLE>
<DIV style="width:720px"><P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin:0px"><B>Intellectual Property</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Nemaura has retained qualified patent counsel, Serjeants LLP in Leicester, UK in all matters relating to our technologies.&nbsp;&nbsp;The Company believes that clear and extensive patent coverage for its technologies is central to long-term success and will invest accordingly.&nbsp;&nbsp;This applies to both domestic and international patent coverage.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Nemaura has obtained the licenses to its patents and patent applications from any and all necessary assignees that are the patent assignee in each case.&nbsp;&nbsp;These patents cover all of the Company&#146;s lead technologies and include additional indications that are outside the field of diabetes diagnostic medical devices.&nbsp;&nbsp;The Company intends to take the lead in the preservation and/or prosecution of these patents and patent applications going forward as required.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Following is a list of our patents pending:</I></B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=720 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=720><P style="margin:0px" align=center><B>Patent Applications Pending</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=720><P style="margin:0px; padding-left:-7.2px">Australian Patent Application 200965416</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=720><P style="margin:0px; padding-left:-7.2px">Brazilian Patent Application P10915328-4</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=720><P style="margin:0px; padding-left:-7.2px">Canadian Patent Application 2766331</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=720><P style="margin:0px; padding-left:-7.2px">Chinese Patent Application 200980130090.3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=720><P style="margin:0px; padding-left:-7.2px">Indian Patent Application 218-KOLNP/2011</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=720><P style="margin:0px; padding-left:-7.2px">Japanese Patent Application 2011-51599</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=720><P style="margin:0px; padding-left:-7.2px">United Kingdom Patent Application 1208950.4</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Governmental Regulations</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Government authorities in the United Kingdom and Wales and the European Union as well as other foreign countries extensively regulate, among other things, the research, development, testing, manufacture, labeling, promotion, advertising, distribution, sampling, marketing and import and export of medical devices, including patches and other pharmaceutical products. Our Patches for Reverse Iontophoresis in the United Kingdom and Wales will be subject to strict regulation and require regulatory approval prior to commercial distribution. The process of obtaining governmental approvals and complying with ongoing regulatory requirements requires the expenditure of substantial time and financial resources. In addition, statutes, rules, regulations and policies may change </P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>30</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px">and new legislation or regulations may be issued that could delay such approvals. If we fail to comply with applicable regulatory requirements at any time during the product development process, approval process, or after approval, we may become subject to administrative or judicial sanctions. These sanctions could include the authority&#146;s refusal to approve pending applications, withdrawals of approvals, clinical holds, warning letters, product recalls, product seizures, total or partial suspension of our operations, injunctions, fines, civil penalties or criminal prosecution. Any agency enforcement action could have a material adverse effect on us.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The European Commission on Public Health (the &#147;ECPH&#148;) provides the&nbsp;regulation for the development and commercialization of new medical diagnostic devices. &nbsp;Any medical device placed on the European market must comply with the relevant legislation, notably with Directive 93/42/EEC, with the active implantable devices Directive 90/385/EEC or with the in vitro devices Directive 98/79/EC. We must first determine whether the device we intend to manufacture or import falls under any of these directives. &nbsp;All medical devices must fulfil the essential requirements set out in the above mentioned directives. &nbsp;Where available relevant standards may be used to demonstrate compliance with the essential requirements defined in the devices Directives. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Manufacturers also need to determine the appropriate conformity assessment route. For devices falling under Directive 93/42/EEC other than custom-made devices and devices intended for clinical investigation, the conformity assessment route depends on the class of the device, to be determined in accordance with certain rules set forth in the directives.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Once the applicable class or list has been determined, manufacturers need to follow the appropriate conformity assessment procedure. Subject to the type of the device, this may require manufacturers to have their quality systems and technical documentation reviewed by a Notified Body before they can place their products on the market. &nbsp;A Notified Body is a third party body that can carry out a conformity assessment recognized by the European Union. The Notified Body will need to assure itself that relevant requirements have been met before issuing relevant certification. Manufacturers can then place the CE marking on their products to demonstrate compliance with the requirements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Other Regulation in the United Kingdom and Wales and the EU</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Healthcare Reimbursement</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Government and private sector initiatives to limit the growth of healthcare costs, including price regulation, competitive pricing, coverage and payment policies, and managed-care arrangements, are continuing in many countries where we do business, including the United Kingdom and Wales. These changes are causing the marketplace to put increased emphasis on the delivery of more cost-effective medical products. Government programs, private healthcare insurance and managed-care plans have attempted to control costs by limiting the amount of reimbursement they will pay for particular procedures or treatments. This has created an increasing level of price sensitivity among customers for products. Some third-party payers must also approve coverage for new or innovative devices or therapies before they will reimburse healthcare providers who use the medical devices or therapies. Even though a new medical product may have been cleared for commercial distribution, we may find limited demand for the product until reimbursement approval has been obtained from governmental and private third-party payers.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Environmental Regulation</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We are also subject to various environmental laws and regulations both within and outside the United Kingdom and Wales. Like many other medical device companies, our operations involve the use of substances, including hazardous wastes, which are regulated under environmental laws, primarily manufacturing and sterilization processes. We do not expect that compliance with environmental protection laws will have a material impact on our consolidated results of operations, financial position or cash flow. These laws and regulations are all subject to change, however, and we cannot predict what impact, if any, such changes might have on our business, financial condition or results of operations.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Foreign Regulation</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Whether or not we obtain regulatory approval for a product, we must obtain approval from the comparable regulatory authorities of foreign countries before we can commence clinical trials or marketing of the product in those countries. The approval process varies from country to country, and the time may be longer or shorter than that required for EC approval. The requirements governing the conduct of clinical trials, product licensing, pricing and reimbursement also vary greatly from country to country.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Under European Union regulatory systems, we may submit marketing authorization applications under a decentralized procedure. The decentralized procedure provides for mutual recognition of national approval decisions. Under this procedure, the holder of a national marketing authorization may submit an application to the remaining member states. Within 90&nbsp;days of receiving the applications and </P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>31</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px">assessment report, each member state must decide whether to recognize approval. This procedure is referred to as the mutual recognition procedure, or called the MRP.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">In addition, regulatory approval of prices is required in most countries other than the United States. We face the risk that the prices which result from the regulatory approval process would be insufficient to generate an acceptable return to us or our collaborators.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Employees</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We currently have three (3) full-time and two part-time employees to manage the ongoing operation, though it is expected that selective hires will be made to allow us to manage ongoing clinical trials. &nbsp;The company anticipates augmenting the staff with eleven (11) full-time and two (2) part-time employees during the fiscal year 2014.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="DESCRIPTIONOFPROPERTY"></A><P style="margin:0px" align=center><B>DESCRIPTION OF PROPERTY</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Our offices are located in Charnwood Building Holywell Park, Ashby Road, Loughborough, Leicestershire, United Kingdom.&nbsp;&nbsp;The offices house our headquarters; offices; laboratory; and small in-house manufacturing facility. The monthly rent is $3,884.&nbsp;&nbsp;The lease is for a term of one (1) year expiring on December 31, 2014. &nbsp;We believe that we will be able to continue on a year to year lease for as long as necessary.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="LEGALPROCEEDINGS"></A><P style="margin:0px" align=center><B>LEGAL PROCEEDINGS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We do not know of any material, active, pending or threatened proceeding against&nbsp;us or&nbsp;our subsidiaries, nor are we, or&nbsp;any subsidiary,&nbsp;involved as a plaintiff or defendant in any material proceeding or pending litigation.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="MANAGEMENTSDISCUSSIONANDANALYSISOF"></A><P style="margin:0px" align=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL </B></P>
<P style="margin:0px" align=center><B>CONDITION AND RESULTS OF OPERATIONS</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">This report contains forward-looking statements. These forward-looking statements include, without limitation, statements containing the words &#147;believes,&#148; &#147;anticipates,&#148; &#147;expects,&#148; &#147;intends,&#148; &#147;projects,&#148; &#147;will,&#148; and other words of similar import or the negative of those terms or expressions. Forward-looking statements in this report include, but are not limited to, expectations of future levels of research and development spending, general and administrative spending, levels of capital expenditures and operating results, sufficiency of our capital resources, our intention to pursue and consummate strategic opportunities available to us, including sales of certain of our assets. Forward-looking statements subject to certain known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.&nbsp;&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><B>Corporate Overview</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">We are a development stage company as defined by the Financial Accounting Standards Board (FASB) ASC No. 915. &nbsp;Since inception we have devoted substantially all of our efforts establishing a new business and while operations have commenced we have generated no revenue from our limited operations. &nbsp;We are a holding company for a diagnostic medical device company and a clinical trial company specializing in discovering, developing and commercializing diagnostic medical devices with initial applications in the area of diabetes.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">The Company&nbsp;was organized on December 24, 2013 under the laws of the State of Nevada.&nbsp;Due to the corporate tax laws of the United Kingdom we have re-organized our corporate structure to provide the continuity of ownership of the common stock for our original incorporator and subsequent investors and protect their tax incentives for long term capital gain.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>32</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px" align=center><B>Corporate Structure Diagram <img src="nemauras1014.gif" alt="[nemauras1014.gif]" align=middle height=338.067 width=575.667></B></P>
<P style="margin:0px"><B>Recent Developments</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">In November of 2013 the Board of Directors of the Company chose to move forward into the public markets. &nbsp;The Board has elected to file a registration statement with the United States Securities and Exchange Commission and a Form 211 Application with FINRA (Financial Industry Regulatory Authority) for a trading symbol on the OTCBB.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><B><I>Recent Accounting Pronouncements</I></B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">&nbsp;<B><I>Critical Accounting Policies</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#147;GAAP&#148;) have been condensed or omitted. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and notes thereto.<B> </B>The results of operations for interim periods presented are not necessarily indicative of the operating results for the full fiscal year.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Research and Development Expenses </I></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px">The Company charges research and development expenses to operations as incurred. Research and development expenses primarily consist of salaries and related expenses for personnel and outside contractor and consulting services. Other research and development expenses include the costs of materials and supplies used in research and development, prototype manufacturing, clinical studies, related information technology and an allocation of facilities costs.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>Income taxes</I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided to reduce the carrying amount of deferred income tax assets if it is considered more likely than not that some portion, or all, of the deferred income tax assets will not be realized.</P>
<P style="margin:0px">The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained.&nbsp; </P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>33</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px">Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company has elected to classify interest and penalties related to unrecognized tax benefits as part of income tax expense in the consolidated statements of comprehensive loss.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:8.867px"><B>Results Of Operations </B></P>
<P style="margin:0px"><B><U>Nine Months Ended December 31, 2013 Compared To The Nine Months Ended December 31, 2012</U></B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><B><I>Revenue</I></B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">We are a development stage company that has since inception that has devoted substantially all of its efforts establishing a new business and while operations have commenced we have generated no revenue from our limited operations. &nbsp;There were no operating revenues for the nine months ended December 31, 2013 and 2012.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><B><I>Research and Development Expenses</I></B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">Research and development expenses were $253,043 and $494,042 for the nine months ended December 31, 2013 and 2012, respectively. The decrease was primarily due to increases in&nbsp;clinical trial expenses being performed in house rather than the use subcontractors.&nbsp; We expect research and development expenses to increase in future periods as we continue our clinical studies of our CGM Watch and pursue our strategic opportunities.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B><I>General and Administrative Expenses</I></B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">General and administrative expenses were $171,064 and $128,887 for the nine months ended December 31, 2013 and 2012, respectively.&nbsp; General and administrative expenses increased approximately 33% due to increases in consultants and regulatory fees.&nbsp;&nbsp;We expect general and administrative expenses to increase going forward, in the long term, as we proceed to move our technologies forward toward commercialization.</P>
<P style="margin:0px">&nbsp;&nbsp;</P>
<P style="margin:0px"><B><U>Fiscal Year Ended March 31, 2013 compared to the Fiscal Year Ended March 31, 2012</U></B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><B><I>Revenue</I></B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">During each of the years ended March 31, 2013 and 2012, we had no revenues, and are considered a development stage company.&nbsp;&nbsp;We do not expect to have revenues relating to our products prior to December 31, 2014.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><B><I>Research and Development Expenses</I></B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">Research and development expenses were $658,724 and $580,437 for the fiscal years ended March 31,&nbsp;2013 and 2012, respectively. The increase was primarily due to increases in&nbsp;clinical trial expenses overall in the fiscal year ended March 31, 2013.&nbsp;We expect research and development expenses to continue to increase in future periods as we continue our clinical studies of our CGM Watch and pursue our strategic opportunities.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><B><I>General and Administrative Expenses</I></B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">General and administrative expenses were $171,850 and $118,333 for the fiscal years ended March 31, 2013 and 2012, respectively. The increase was due to additional management of subcontractors, and legal regulatory consultancy and quality systems development and implementation.&nbsp;We expect general and administrative expenses to increase going forward, in the long term, as we proceed to move our technologies forward toward commercialization.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><B><U>Effects of exchange rate</U></B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">For the years ended March 31, 2013 and 2012 we had exchange rates that affected our cash flows. &nbsp;For the years ended March 31, 2013 and 2012 we had ($10,724) and ($485) respectively that impacted our cash flows.</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>34</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Liquidity and Capital Resources</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We have experienced net losses and negative cash flows from operations since our inception.&nbsp;&nbsp;We have sustained cumulative losses of $2,579,764 through December 31, 2013.&nbsp; We have historically financed our operations through the issuances of equity, UK government grants and contributions of services from related entities. &nbsp;&nbsp;</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">We continue to actively pursue various funding options, including equity offerings and debt financings, to obtain additional funds to continue the development of&nbsp;our products and bring them to commercial markets. There can be no assurance that we will be able to consummate any fund raising transactions on terms acceptable to us or at all.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">Our current cash and cash equivalents of approximately $6,826 as of December 31, 2013 will not be sufficient to fund our operations into the 2015 fiscal year.&nbsp;&nbsp;This projection of insufficient funds is based on the budgeted monthly operating expenses including projected costs for clinical trials.&nbsp;&nbsp;There can be no assurances that we will be able to continue to raise additional capital as may be needed and meet&nbsp;our projections for operating expenses.&nbsp;&nbsp;If we are unable to raise additional capital as we need to meet&nbsp;our projections for operating expenses,&nbsp;our liquidity will be materially adversely affected and we may be forced to cease or significantly delay our clinical trials.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">We believe that the successful growth and operation of our business is dependent upon our ability to do any or all of the following:</P>
<P style="margin:0px">&nbsp;</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=52 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=52><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">obtain adequate sources of debt or equity financing to pay unfunded operating expenses and fund long-term business operations; and</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=52 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=52><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">manage or control working capital requirements by controlling operating expenses.</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">In March of 2014 we received proceeds of approximately $400,000 in connection with the private placement of 20 million shares of our common stock.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">There can be no assurance that we will be successful in achieving our long-term plans as set forth above, or that such plans, if consummated, will enable us to obtain profitable operations or continue in the long-term.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">Net cash used in operating activities for the nine months ended December 31, 2013 was ($205,136) which reflected half of our net loss of ($424,107).&nbsp;&nbsp;Net cash used in operating activities for the nine months ended December 31, 2012 was ($620,381), which reflected our net loss of ($622,929).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Net cash used in operating activities for the year ended March 31, 2013 was ($768,306) which primarily reflected our net loss of ($830,574).&nbsp;&nbsp;Net cash used in operating activities for the year ended March 31, 2012 was ($604,540), which primarily reflected our net loss of ($698,770).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Net cash used in investing activities was $10,956 for the nine months ended December 31, 2013, which reflected the purchase of intellectual property.&nbsp;&nbsp;For the nine months ended December 31, 2012, net cash used in investing activities was $28,417, which reflected the purchase of intellectual property.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Net cash used in investing activities was $29,274 for the year ended March 31, 2013, which reflected the purchase of intellectual property.&nbsp;&nbsp;For the year ended March 31, 2012, net cash used in investing activities was $6,294, which reflected the purchase of intellectual property.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">Net cash provided by financing activities was $711,416 for the year ended March 31,&nbsp;2013.&nbsp;&nbsp;For the year ended March 31, 2012, net cash provided by financing activities was $718,116. Net cash provided by financing activities represents proceeds from the issuance of common stock for cash.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><B>Off-Balance Sheet Arrangements</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">We have no off-balance sheet arrangements, including unrecorded derivative instruments that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. We have certain warrants and options outstanding but we do not expect to receive sufficient proceeds from the exercise of these instruments unless and until the trading price of our Common Stock is significantly </P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>35</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px">greater than the applicable exercise prices of the options and warrants and mainly following any necessary registering of underlying securities.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">&nbsp;<A NAME="MARKETFORREGISTRANTSCOMMONEQUITY"></A></P>
<P style="margin:0px" align=center><B>MARKET FOR REGISTRANT&#146;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">Our Common Stock has not been approved for quotation on the OTCBB or any other quotation medium.&nbsp;&nbsp; There is no established public trading market for our securities. There can be no assurance that a regular trading market will develop or if developed, may not be sustained. </P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">As of March 26, 2014, we have not appointed an outside transfer agent.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><B>Dividend Policy</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">We have not previously paid any cash dividends on our Common Stock and do not anticipate or contemplate paying dividends on our Common Stock in the foreseeable future. We currently intend to utilize all available funds to develop our business. We can give no assurances that we will ever have excess funds available to pay dividends.</P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<A NAME="CHANGESANDDISAGREEMENTS"></A><P style="margin:0px" align=center><B>CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS </B></P>
<P style="margin:0px" align=center><B>ON ACCOUNTING AND FINANCIAL DISCLOSURE</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">On December 6, 2013 we engaged &nbsp;GHP Horwath, PC as our independent auditors. They are our first auditors and we have had no disagreements with GHP Horwath, PC on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, in connection with its reports.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="DIRECTORSEXECUTIVEOFFICERS"></A><P style="margin:0px" align=center><B>DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">The following persons are our executive officers and directors, and hold the positions set forth opposite their respective names.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>Executive Officers and Directors</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=267.667 /><TD width=55.467 /><TD /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=267.667><P style="margin:0px"><B>Name</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=55.467><P style="margin:0px"><B>Age</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px"><B>Position</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=267.667><P style="margin:0px">Dewan Fazlul Hoque Chowdhury</P>
</TD><TD style="margin-top:0px" valign=top width=55.467><P style="margin:0px">41</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">Chief Executive Officer, President, Chairman and Director</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=267.667><P style="margin:0px">Bashir Timol</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=55.467><P style="margin:0px">39</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px">Director</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Our directors hold office until the earlier of their death, resignation or removal or until their successors have been qualified.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><B>Dewan Fazlul Hoque Chowdhury</B>. Dr. Chowdhury has been our President, Chief Executive Officer and a member of our board of directors since our incorporation on January 20, 2009. &nbsp;He is in charge of research and development of our core technologies, product development, innovation and commercialization. He also coordinates and oversees legal compliance; development of the company mission; policy and planning. Prior to establishing the Company, Dr. Chowdhury was the founder and CEO of Microneedle Technologies and Nemaura Pharma Limited where he played a pivotal role in the development, manaufacture and launch of a microneedle device used in skin clinics, which is also currently being evalauted for skin cancer drug delivery. Dr. Chowdhury identified and negotiated a multi-million pound licensing deal for a transdermal patch to treat Alzheimer&#146;s disease. Additionally he was involved in negotiations for out-licensing patches to treat Parkinson&#146;s and Hypertension, and in-licensing complementary technologies.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Dr. Chowdhury<FONT style="font-family:Calibri,Times New Roman; font-size:11pt"> </FONT>originally trained as a pharmaceutical scientist, and has a Masters in Microsystems and Nanotechnology from Cranfield University, and a Doctorate from the University of Oxford on nano-drug delivery. His experience in the Pharmaceutical Industry spans from product development to manufacturing, and technical and corporate management. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Bashir Timol</B>. Mr. Timol has been a Director since Nemaura Medical Inc. was organized on December 24, 2013. &nbsp;Prior to this, he has been a director of Dermal Diagnostics Limited from October 30, 2013. Mr. Timol is responsible for financial planning, business and market development and corporate strategies. &nbsp;Mr, Timol possesses over 10 years&#146; experience in food and beverage, franchise, and logistic operations. &nbsp;He is an entrepreneur investing and operating a number of retail food chains in the UK, including DIXY Chicken and Costa Coffee. &nbsp;Mr. Timol holds a bachelor degree in Economics.</P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>36</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>Executive Officers <BR>
</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=267.667 /><TD width=55.467 /><TD /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=267.667><P style="margin:0px"><B>Name</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=55.467><P style="margin:0px"><B>Age</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top><P style="margin:0px"><B>Position</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=267.667><P style="margin:0px">Julie Pomeroy</P>
</TD><TD style="margin-top:0px" valign=top width=55.467><P style="margin:0px">58</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">Director of Finance</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=267.667><P style="margin:0px">Professor Karrar Khan</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=55.467><P style="margin:0px">79</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px">Director of Product Development</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=267.667><P style="margin:0px">David Scott</P>
</TD><TD style="margin-top:0px" valign=top width=55.467><P style="margin:0px">64</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">Director of Commercial Development and Licensing</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=267.667><P style="margin:0px">Dr. Richard Toon</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=55.467><P style="margin:0px">45</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top><P style="margin:0px">Technical and Business Development Manager</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:8.867px"><B>Julie Pomeroy</B>.<FONT style="font-family:Calibri,Times New Roman"> </FONT>Ms. Pomeroy is a physics graduate of Birmingham University in 1977 and began her professional career with Robson Rhodes, qualifying as a Chartered Accountant in 1980. After qualifying as an associate of the Chartered Institute of Taxation, she worked for Arthur Andersen and Price Waterhouse and subsequently moved into the commercial sector in the early 1990&#146;s as Group Tax Manager and subsequently Director of Corporate Finance for a utility company. She also qualified as an associate of the Institute of Corporate Treasurers. Ms. Pomeroy also served as the Chief Financial Officer of Weston Medical, a drug delivery company and Group FD at Carter &amp; Carter Group. She has led two full list offerings on the London Stock Exchange, and is also a Chartered Director. &nbsp;She was employed at Secantor Limited&nbsp;from 2006 to the present as a Senior associate providing part time services as a Finance Director to growing SMEs. </P>
<P style="margin:0px"><B>Professor Karrar Khan</B>. Professor Kahn received his BA in 1965 and his Ph.D. from Portsmouth University in 1973. His experience includes 20 years as Head of Pharmaceutical Development for Boots Pharmaceuticals and Knoll and two years as Director for OSI where he managed their pharmaceutical development, analytical operations and DMPK. His expertise ranges from development for phase 1 to phase 3- 4 and significant experience of bringing prescription and OTC products to market on a global level. &nbsp;In addition he has contributed to the registration and launch of over 60 pharmaceutical products.&nbsp;Professor Khan is a Qualified person under the EC Quality Assurance Directive. Professor Kahn will assist in product development and product strategies of the Company. &nbsp;Professor Khan worked as a consultant for TauRx Therapeutics Limited from 2007 until the present. &nbsp;He joined Nemaura in 2009 and is Product Development Director for Nemaura.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>David Scott</B>.&nbsp;&nbsp;Mr. Scott is a trained chemist with a BSc in Chemistry from Nottingham University in 1972. He is a skilled negotiator who has closed a number of major deals for inward and outward licensing for pharmaceutical products, delivery systems and technologies. He has also provided licensing training for a number of multinational pharmaceutical companies and training organizations and has published numerous reports. &nbsp;Mr. Scott will assist the Company in negotiating licensing contracts and development. He is the author of the best-selling report, &quot;Scrip&#146;s Practical Guide to Pharmaceutical Licensing&#148;. &nbsp;Mr. Scott is also an accredited &#147;Certified Licensing Professional&#148;. &nbsp;David has spent the past 17 years as a freelance consultant and has provided strategic advice on inward and outward licensing agreements on behalf of a range of worldwide clients. He joined Nemaura in 2009.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Dr. Richard Toon</B>.<B> </B><FONT style="font-family:MS Mincho,Times New Roman"><B><font style='font-family:Arial Unicode MS,Times New Roman'>&#8232;</font></B></FONT>Dr. Toon is a chartered chemist who originally trained as a synthetic chemist and more recently trained in law. He received his BSc from Nottingham University in 1995 and his PhD in Organic Chemistry from Loughborough University in 1999. More recently he received his Graduate Diploma Law (2004) from Nottingham Trent University when he focused his career has on commercial law activities, such as contract negotiation, intellectual property issues, and business development. Dr. Toon was a Research Specialist at 3M Healthcare from 2002 to 2009 then an Enterprise Business Manager at Keele University from 2009 to 2012. &nbsp;Dr. Toon joined Nemaura in 2010.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Family Relationships</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">There are no family relationships between any of our directors and our executive officers.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><B>Involvement in Certain Legal Proceedings</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">To our knowledge, during the past ten (10) years, none of our directors, executive officers, promoters, control persons, or nominees has been:</P>
<P style="margin:0px">&nbsp;</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=52 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=52><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">the subject of any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>37</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px"><BR>
<BR>
<BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=52 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=52><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">convicted in a criminal proceeding or is subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=52 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=52><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; or</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&nbsp;</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=52 /><TD /></TR>
<TR><TD style="margin-top:0px" valign=top width=52><P style="margin:0px; font-family:Symbol" align=center>&#183;</P>
</TD><TD style="margin-top:0px" valign=top><P style="margin:0px">found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Code of Ethics</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We adopted a Code of Ethics on January 15, 2014 that applies to all directors, officers and employees. &nbsp;Our Code of Ethics is available on our website at www.nemaura.co.uk.com. A copy of our code of ethics will also be provided to any person without charge, upon written request sent to us at our offices located at Charnwood Building Holywell Park, Ashby Road, Loughborough, Leicestershire, United Kingdom.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="CORPORATEGOVERNANCE"></A><P style="margin-top:0px; margin-bottom:8.867px" align=center><B>CORPORATE GOVERNANCE</B></P>
<P style="margin:0px">We are not listed on a national securities exchange or in an inter-dealer quotation system that has requirements that a majority of the board of directors be independent. &nbsp;Further, we have not applied for a listing with a national exchange or in an inter-dealer quotation system which has requirements that a majority of the board of directors be independent. &nbsp;We have no independent directors on our Board of Directors as defined in Item 407 of Regulation S-K. &nbsp;At this time our entire Board of Directors is responsible for the duties and obligations of an Audit, Compensation and Nominating Committees. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">In the future we will conduct our regular Board of Director meetings on the last business Friday of each quarter for the calendar year. &nbsp;Each of our directors attended our previous meetings. We have no standing committees regarding compensation, audit or other nominating committees. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">At our future annual shareholders meetings, each shareholder will be given specific information on how he/she can direct communications to the Officers and Directors of the corporation. &nbsp;All communications from shareholders will be relayed to the members of the Board of Directors. &nbsp;</P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<A NAME="SECURITYOWNERSHIP"></A><P style="margin:0px" align=center><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The following tables set forth certain information as of March 26, 2014 regarding the beneficial ownership of our Common Stock, by (i) each person or entity who, to our knowledge, owns more than 5% of our Common Stock; (ii) our executive officers; (iii) each director; and (iv) all of our executive officers and directors as a group. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Unless otherwise indicated in the footnotes to the following table, each person named in the table has sole voting and investment power and that person&#146;s address is c/o NEMAURA MEDICAL INC., Charnwood Building Holywell Park, Ashby Road, Loughborough, Leicestershire, United Kingdom LE11 3AQ. Shares of Common Stock subject to options, warrants, or other rights currently exercisable or exercisable within 60 days of March 26, 2014, are deemed to be beneficially owned and outstanding for computing the share ownership and percentage of the stockholder holding such options, warrants or other rights, but are not deemed outstanding for computing the percentage of any other stockholder.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>Beneficial Ownership</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=288 /><TD width=193.8 /><TD width=238.2 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=288><P style="margin:0px"><B>Name and Address of Beneficial Owner</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=193.8><P style="margin:0px" align=center><B>Shares&nbsp;Beneficially&nbsp;Owned(1)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=238.2><P style="margin:0px" align=center><B>Percentage Total&nbsp;Voting Power(1)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" width=288><P style="margin:0px">Chowdhury, Dewan F.H.</P>
</TD><TD style="margin-top:0px" width=193.8><P style="margin:0px" align=center>87,537,000</P>
</TD><TD style="margin-top:0px" width=238.2><P style="margin:0px" align=center>43.77%</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=288><P style="margin:0px">Timol, Bashir</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=193.8><P style="margin:0px" align=center>26,261,100</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=238.2><P style="margin:0px" align=center>13.13%</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=288><P style="margin:0px"><B>Total Officers and Directors as a Group<SUP>(2)</SUP></B></P>
</TD><TD style="margin-top:0px" width=193.8><P style="margin:0px" align=center><B>113,798,100<SUP>(1)</SUP></B></P>
</TD><TD style="margin-top:0px" width=238.2><P style="margin:0px" align=center><B>56.90%<SUP>(1)</SUP></B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=288><P style="margin:0px"><B>Holders of 5% or more of our Common Stock</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=193.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" width=238.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=288><P style="margin:0px">Ismail, Sufyan</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=193.8><P style="margin:0px" align=center>21,884,250</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=238.2><P style="margin:0px" align=center>10.94%</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" width=720 colspan=3><P style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:9pt; float:left">(1)</P>
<P style="margin:0px; text-indent:-2px; font-size:9pt">Based upon 200,000,000 shares of our Common Stock outstanding. &nbsp;.</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>38</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<A NAME="EXECUTIVECOMPENSATION"></A><P style="margin:0px" align=center><B>EXECUTIVE COMPENSATION</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">At the present time Dr. Chowdhury and Mr. Timol receive cash compensation for their services. The following table sets forth information concerning the annual and long-term compensation of our Officers and Directors, and the most highly compensated employee and/or executive Officers. &nbsp;The listed individuals shall be hereinafter referred to as the &quot;Named Executive Officer.&quot;</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>Summary Compensation</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=126.933 /><TD width=65.6 /><TD width=66.267 /><TD width=65.933 /><TD width=65.867 /><TD width=65.867 /><TD width=65.867 /><TD width=77 /><TD width=59.867 /><TD width=60.8 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=126.933><P style="margin:0px" align=center><B>Name and principal position</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=65.6><P style="margin:0px" align=center><B>Year</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=66.267><P style="margin:0px" align=center><B>Salary</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=65.933><P style="margin:0px" align=center><B>Bonus</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=65.867><P style="margin:0px" align=center><B>Stock Awards</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=65.867><P style="margin:0px" align=center><B>Option Awards</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=65.867><P style="margin:0px" align=center><B>Non-Equity Incentive Plan Com-pensation ($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=77><P style="margin:0px" align=center><B>Non-Qualified Deferred Compen-sation Earnings</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=59.867><P style="margin:0px" align=center><B>All Other Compen-sation</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000; border-bottom:3px double #000000" valign=bottom width=60.8><P style="margin:0px" align=center><B>Total</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=126.933><P style="margin:0px">Dr. Chowdhury, Dewan F.H. <SUP>1</SUP></P>
</TD><TD style="margin-top:0px" width=65.6><P style="margin:0px" align=center>2014 YTD</P>
</TD><TD style="margin-top:0px" width=66.267><P style="margin:0px" align=center>25,249</P>
</TD><TD style="margin-top:0px" width=65.933><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=77><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=60.8><P style="margin:0px" align=center>25,249</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=126.933><P style="margin:0px">Bashir Timol <SUP>2</SUP></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=65.6><P style="margin:0px" align=center>2014 YTD</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=66.267><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=65.933><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=77><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=59.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=60.8><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=126.933><P style="margin:0px">Dr. Chowdhury, Dewan F.H.</P>
</TD><TD style="margin-top:0px" width=65.6><P style="margin:0px" align=center>2013</P>
</TD><TD style="margin-top:0px" width=66.267><P style="margin:0px" align=center>18,937</P>
</TD><TD style="margin-top:0px" width=65.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=77><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=60.8><P style="margin:0px" align=center>18,937</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=126.933><P style="margin:0px">Bashir Timol</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=65.6><P style="margin:0px" align=center>2013</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=66.267><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=65.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=77><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=59.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=60.8><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=126.933><P style="margin:0px">Dr. Chowdhury, Dewan F.H.</P>
</TD><TD style="margin-top:0px" width=65.6><P style="margin:0px" align=center>2012</P>
</TD><TD style="margin-top:0px" width=66.267><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=65.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=77><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=59.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px" width=60.8><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=126.933><P style="margin:0px">Bashir Timol</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=65.6><P style="margin:0px" align=center>2012</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=66.267><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=65.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=65.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=77><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=59.867><P style="margin:0px" align=center>-0-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=60.8><P style="margin:0px" align=center>-0-</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=720 colspan=10><P style="margin:0px"><SUP>1</SUP> There is an employment contract with Dr. Chowdhury that was executed November 13, 2013. &nbsp;&nbsp;<SUP>&nbsp;</SUP></P>
<P style="margin:0px"><SUP>2 </SUP>There is no employment contract with Mr. Timol. &nbsp;&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Outstanding equity awards for 2014</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">There are no outstanding equity awards as of the fiscal year ended March 26, 2014.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Compensation Committee Interlocks and Insider Participation</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We do not have a standing compensation committee. &nbsp;Mr. Chowdhury determined his own compensation, which is set forth in his employment agreement. &nbsp;There are no compensation committee interlocks to disclose.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Compensation of Directors</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Pursuant to our By Laws, Directors will not be compensated for their services in their capacity as directors. If and when the Company has net profits, after all expenses are paid prior to any income tax being considered, director compensation for actual attendance at each regular or special meeting of the Board may be authorized. At this time, Directors are not paid for meetings attended. &nbsp;All travel and lodging expenses associated with corporate matters are reimbursed by us, if and when incurred. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">As of the fiscal year ended March 31, 2013, our Directors had received no compensation. Our Directors will not be compensated for their services in their capacity as directors, but may, by resolution of the board, be paid a fixed sum and expenses for actual attendance at each regular or special meeting of the Board. &nbsp;At this time, Directors&#146; meeting expenses are not paid. &nbsp;In the future, such payment will be revisited as the Company&#146;s performance and income improves. &nbsp;There can be no guarantee that we will ever have profits from which our Directors may receive payment.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<A NAME="CERTAINRELATIONSHIPS"></A><P style="margin:0px" align=center><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Except as set forth below, as of the beginning of the last fiscal year, there have been no transactions, whether directly or indirectly, between us and any of our officers, directors or their family members.</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>39</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Nemaura Pharma Limited (Pharma) and NDM Technologies Limited (NDM) are entities controlled by the Company&#146;s majority shareholder, Mr. Chowdhury. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">From inception, Pharma invoiced DDL and TCL for research and development services. &nbsp;In addition, certain operating expenses of DDL and TCL were incurred and paid by Pharma and NDM. In accordance with the United States Securities and Exchange Commission (SEC) Staff Accounting Bulletin 55, these financial statements reflect all of the costs associated with the operations of DDL and TCL. While certain costs incurred by Pharma and NDM are directly attributable to DDL and TCL, other costs were shared between the organizations. In situations where the costs were shared, expense has been allocated between Pharma and NDM and DDL and TCL using a fixed percentage allocation. Management believes that the methodologies used are reasonable. &nbsp;DDL and TCL advanced Pharma certain amounts to cover a portion of the costs. &nbsp;The remaining amounts where contributed to the Company in the form of contributed services.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Following is a summary of activity between the Company and Pharma and NDM for the years ended March 31, 2013 and 2012 and for the period from inception (January 20, 2009) through March 31, 2013.</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=384.733 /><TD width=114 /><TD width=4.867 /><TD width=109.133 /><TD width=107.267 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=384.733 rowspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=228 colspan=3><P style="margin:0px; padding-left:-1.933px; padding-right:-0.467px" align=center><B>Year Ended </B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=107.267 rowspan=2><P style="margin:0px" align=center><B>Period from January 20, 2009 (Date of Inception) to March 31, 2013</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=114><P style="margin:0px; padding-left:34px" align=center><B>March 31,</B></P>
<P style="margin:0px; padding-left:34px" align=center><B>2013</B></P>
<P style="margin:0px; padding-left:34px" align=center><B>($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=114 colspan=2><P style="margin:0px; padding-left:-1.933px; padding-right:-0.467px" align=center><B>March 31,</B></P>
<P style="margin:0px; padding-left:-1.933px; padding-right:-0.467px" align=center><B>2012</B></P>
<P style="margin:0px; padding-left:-1.933px; padding-right:-0.467px" align=center><B>($)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=384.733><P style="margin:0px">Balance due (to) Pharma and NDM at beginning of period</P>
</TD><TD style="margin-top:0px" valign=bottom width=118.867 colspan=2><P style="margin:0px; padding-left:-1.933px; padding-right:22.4px" align=right>0</P>
</TD><TD style="margin-top:0px" valign=bottom width=109.133><P style="margin:0px; padding-left:-1.933px; padding-right:22.4px" align=right>0</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=107.267><P style="margin:0px" align=right>0</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=384.733><P style="margin:0px">Amounts advanced to Pharma</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=118.867 colspan=2><P style="margin:0px; padding-left:-1.933px; padding-right:22.4px" align=right>797,580</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=109.133><P style="margin:0px; padding-left:-1.933px; padding-right:22.4px" align=right>610,834</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=107.267><P style="margin:0px" align=right>1,717,310</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=384.733><P style="margin:0px">Amounts invoiced by Pharma to DDL and TCL</P>
</TD><TD style="margin-top:0px" valign=bottom width=118.867 colspan=2><P style="margin:0px; padding-left:-1.933px; padding-right:22.4px" align=right>(441,754)</P>
</TD><TD style="margin-top:0px" valign=bottom width=109.133><P style="margin:0px; padding-left:-1.933px; padding-right:22.4px" align=right>(487,749)</P>
</TD><TD style="margin-top:0px" valign=bottom width=107.267><P style="margin:0px" align=right>(923,216)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=384.733><P style="margin:0px">Expenses paid by Pharma on behalf of DDL and TCL</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=118.867 colspan=2><P style="margin:0px; padding-left:-1.933px; padding-right:22.4px" align=right>(388,819)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=109.133><P style="margin:0px; padding-left:-1.933px; padding-right:22.4px" align=right>(211,022)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=107.267><P style="margin:0px" align=right>(1,716,008)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=384.733><P style="margin:0px">Assets contributed by Pharma on behalf of DDL and TCL</P>
</TD><TD style="margin-top:0px" valign=bottom width=118.867 colspan=2><P style="margin:0px; padding-left:-1.933px; padding-right:22.4px" align=right>(26,547)</P>
</TD><TD style="margin-top:0px" valign=bottom width=109.133><P style="margin:0px; padding-left:-1.933px; padding-right:22.4px" align=right>(4,777)</P>
</TD><TD style="margin-top:0px" valign=bottom width=107.267><P style="margin:0px" align=right>(57,643)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=384.733><P style="margin:0px">Capital contribution by Pharma (excess of expenses paid over amounts advanced)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=118.867 colspan=2><P style="margin:0px; padding-left:-1.933px; padding-right:22.4px" align=right>59,227</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=109.133><P style="margin:0px; padding-left:-1.933px; padding-right:22.4px" align=right>86,006</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=107.267><P style="margin:0px" align=right>485,145</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=384.733><P style="margin:0px">Foreign currency translation</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=118.867 colspan=2><P style="margin:0px; padding-left:-1.933px; padding-right:22.4px" align=right>313</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=109.133><P style="margin:0px; padding-left:-1.933px; padding-right:22.4px" align=right>6,708</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=107.267><P style="margin:0px" align=right>14,403</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=384.733><P style="margin:0px">Balance due from (to) Pharma and NDM at end of the period</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=118.867 colspan=2><P style="margin:0px; padding-left:-1.933px; padding-right:22.4px" align=right>0</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=109.133><P style="margin:0px; padding-left:-1.933px; padding-right:22.4px" align=right>0</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=107.267><P style="margin:0px" align=right>0</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<A NAME="LEGALMATTERS"></A><P style="margin-top:0px; margin-bottom:8.867px" align=center><B>LEGAL MATTERS</B></P>
<P style="margin-top:0px; margin-bottom:8.867px">The validity of the shares offered hereby will be passed upon for us by Loeb &amp; Loeb LLP, 345 Park Avenue., Suite 18, New York, NY 10154.</P>
<A NAME="EXPERTS"></A><P style="margin-top:0px; margin-bottom:8.867px" align=center><B>EXPERTS</B></P>
<P style="margin:0px">The audited financial statements of Nemaura Medical Inc. included herein have been audited by GHP Horwath, P.C. independent registered accounting firm, for the periods and to the extent set forth in their report appearing herein. Such financial statements have been so included in reliance upon the report of such firm given upon the firm&#146;s authority as an expert in auditing and accounting.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<A NAME="ADDITIONALINFORMATION"></A><P style="margin:0px" align=center><B>ADDITIONAL INFORMATION</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We have filed with the SEC a registration statement on Form S-1 under the Securities Act, with respect to the Common Stock offered hereby. This prospectus does not contain all of the information set forth in the registration statement and the exhibits and schedules thereto. Some items are omitted in accordance with the rules and regulations of the SEC. For further information with respect to us and the Common Stock offered hereby, we refer you to the registration statement and the exhibits and schedules filed therewith. Statements contained in this prospectus as to the contents of any contract, agreement or any other document referred to are summaries of the material terms of the respective contract, agreement or other document. With respect to each of these contracts, agreements or other documents filed as an exhibit to the registration statement, reference is made to the exhibits for a more complete description of the matter involved. A copy of the registration statement, and the exhibits and schedules thereto, may be inspected without charge at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. Copies of these materials may be obtained by writing to the Public Reference Section of the SEC at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at </P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>40</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px">1-800-SEC-0330 for further information on the operation of the public reference facilities. The SEC maintains a website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of the SEC&#146;s website is http://www.sec.gov.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We will file periodic reports and other information with the SEC. Such periodic reports and other information will be available for inspection and copying at the public reference room and website of the SEC referred to above. We maintain a website at http://www.nemaura.co.uk.com. You may access our future annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act with the SEC free of charge at our website as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. The information and other content contained on our website are not part of the prospectus.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<A NAME="DISCLOSUREOFCOMMISSION"></A><P style="margin:0px" align=center><B>DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION </B></P>
<P style="margin:0px" align=center><B>FOR SECURITIES ACT LIABILITIES</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Our articles of incorporation do not provide that we will indemnify our officers and directors to the fullest extent permitted under the Nevada Revised Statute (&#147;NRS&#148;). Our corporate by-laws provide for indemnification in accordance with NRS Section 78.7502 which provides that a corporation shall indemnify any director, officer, employee, or agent of a corporation against expenses, including attorneys&#146; fees, actually and reasonably incurred by him in connection with any defense to the extent that a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action, suit, or proceeding referred to Section 78.7502(1) or 78.7502(2), or in defense of any claim, issue, or matter therein.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">NRS 78.7502(1) provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative, except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys&#146; fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with the action, suit or proceeding if he: (a) is not liable pursuant to NRS 78.138; or (b) acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">NRS Section 78.7502(2) provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses, including amounts paid in settlement and attorneys&#146; fees actually and reasonably incurred by him in connection with the defense or settlement of the action or suit if he: (a) is not liable pursuant to NRS 78.138; or (b) acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation. Indemnification may not be made for any claim, issue or matter as to which such a person has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals there from, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Our by-laws provide that we will indemnify our directors and officers to the fullest extent permitted by the NRS and shall advance reasonable costs and expenses incurred with respect to any proceeding to which a person is made a party as a result of being a director or officer in advance of final disposition of such proceeding without regard to any limitations set forth in the NRS. We may purchase and maintain liability insurance, or make other arrangements for such obligations or otherwise, to the extent permitted by the NRS.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">NRS Section 78.747 provides that except as otherwise provided by specific statute, no director or officer of a corporation is individually liable for a debt or liability of the corporation, unless the director or officer acts as the alter ego of the corporation. The court as a matter of law must determine the question of whether a director or officer acts as the alter ego of a corporation.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in </P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>41</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px">connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by us is against public policy as expressed hereby in the Securities Act and we will be governed by the final adjudication of such issue.</P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<A NAME="JUMPSTART"></A><P style="margin-top:0px; margin-bottom:8.867px" align=center><B>JUMPSTART OUR BUSINESS STARTUPS ACT</B></P>
<P style="margin-top:0px; margin-bottom:8.867px">In April, 2012, the Jumpstart Our Business Startups Act (&quot;JOBS Act&quot;) was enacted into law. The JOBS Act provides, among other things: </P>
<P style="margin-top:0px; margin-bottom:8.867px">Exemptions for emerging growth companies from certain financial disclosure and governance requirements for up to five years and provides a new form of financing to small companies; </P>
<P style="margin-top:0px; margin-bottom:8.867px">Amendments to certain provisions of the federal securities laws to simplify the sale of securities and increase the threshold number of record holders required to trigger the reporting requirements of the Securities Exchange Act of 1934; </P>
<P style="margin-top:0px; margin-bottom:8.867px">Relaxation of the general solicitation and general advertising prohibition for Rule 506 offerings; </P>
<P style="margin-top:0px; margin-bottom:8.867px">Adoption of a new exemption for public offerings of securities in amounts not exceeding $50 million; and </P>
<P style="margin-top:0px; margin-bottom:8.867px">Exemption from registration by a non-reporting company of offers and sales of securities of up to $1,000,000 that comply with rules to be adopted by the SEC pursuant to Section 4(6) of the Securities Act and exemption of such sales from state law registration, documentation or offering requirements. </P>
<P style="margin-top:0px; margin-bottom:8.867px">In general, under the JOBS Act a company is an emerging growth company if its initial public offering (&quot;IPO&quot;) of common equity securities was effected after December 8, 2011 and the company had less than $1 billion of total annual gross revenues during its last completed fiscal year. A company will no longer qualify as an emerging growth company after the earliest of </P>
<P style="margin-top:0px; margin-bottom:8.867px">(i) the completion of the fiscal year in which the company has total annual gross revenues of $1 billion or more, </P>
<P style="margin-top:0px; margin-bottom:8.867px">(ii) the completion of the fiscal year of the fifth anniversary of the company's IPO; </P>
<P style="margin-top:0px; margin-bottom:8.867px">(iii) the company's issuance of more than $1 billion in nonconvertible debt in the prior three-year period, or </P>
<P style="margin-top:0px; margin-bottom:8.867px">(iv) the company becoming a &quot;larger accelerated filer&quot; as defined under the Securities Exchange Act of 1934. </P>
<P style="margin-top:0px; margin-bottom:8.867px">The JOBS Act provides additional new guidelines and exemptions for non-reporting companies and for non-public offerings. Those exemptions that impact the Company are discussed below. </P>
<P style="margin-top:0px; margin-bottom:8.867px">Financial Disclosure. The financial disclosure in a registration statement filed by an emerging growth company pursuant to the Securities Act of 1933 will differ from registration statements filed by other companies as follows: </P>
<P style="margin-top:0px; margin-bottom:8.867px">(i) audited financial statements required for only two fiscal years;</P>
<P style="margin-top:0px; margin-bottom:8.867px">(ii) selected financial data required for only the fiscal years that were audited;</P>
<P style="margin-top:0px; margin-bottom:8.867px">(iii) executive compensation only needs to be presented in the limited format now required for smaller reporting companies. (A smaller reporting company is one with a public float of less than $75 million as of the last day of its most recently completed second fiscal quarter) </P>
<P style="margin-top:0px; margin-bottom:8.867px">However, the requirements for financial disclosure provided by Regulation S-K promulgated by the Rules and Regulations of the SEC already provide certain of these exemptions for smaller reporting companies. The Company is a smaller reporting company. Currently a smaller reporting company is not required to file as part of its registration statement selected financial data and only needs audited financial statements for its two most current fiscal years and no tabular disclosure of contractual obligations. </P>
<P style="margin-top:0px; margin-bottom:8.867px">The JOBS Act also exempts the Company's independent registered public accounting firm from complying with any rules adopted by the Public Company Accounting Oversight Board (&quot;PCAOB&quot;) after the date of the JOBS Act's enactment, except as otherwise required by SEC rule. </P>
<P style="margin-top:0px; margin-bottom:8.867px">The JOBS Act also exempts an emerging growth company from any requirement adopted by the PCAOB for mandatory rotation of the Company's accounting firm or for a supplemental auditor report about the audit. </P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>42</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px">Internal Control Attestation. The JOBS Act also provides an exemption from the requirement of the Company's independent registered public accounting firm to file a report on the Company's internal control over financial reporting, although management of the Company is still required to file its report on the adequacy of the Company's internal control over financial reporting. </P>
<P style="margin-top:0px; margin-bottom:8.867px">Section 102(a) of the JOBS Act exempts emerging growth companies from the requirements in &#167;14A(e) of the Securities Exchange Act of 1934 for companies with a class of securities registered under the 1934 Act to hold shareholder votes for executive compensation and golden parachutes. </P>
<P style="margin-top:0px; margin-bottom:8.867px">Other Items of the JOBS Act. The JOBS Act also provides that an emerging growth company can communicate with potential investors that are qualified institutional buyers or institutions that are accredited to determine interest in a contemplated offering either prior to or after the date of filing the respective registration statement. The Act also permits research reports by a broker or dealer about an emerging growth company regardless if such report provides sufficient information for an investment decision. In addition the JOBS Act precludes the SEC and FINRA from adopting certain restrictive rules or regulations regarding brokers, dealers and potential investors, communications with management and distribution of a research reports on the emerging growth company IPO. </P>
<P style="margin-top:0px; margin-bottom:8.867px">Section 106 of the JOBS Act permits emerging growth companies to submit 1933 Act registration statements on a confidential basis provided that the registration statement and all amendments are publicly filed at least 21 days before the issuer conducts any road show. This is intended to allow the emerging growth company to explore the IPO option without disclosing to the market the fact that it is seeking to go public or disclosing the information contained in its registration statement until the company is ready to conduct a roadshow. </P>
<P style="margin-top:0px; margin-bottom:8.867px">Election to Opt Out of Transition Period. Section 102(b) (1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a 1933 Act registration statement declared effective or do not have a class of securities registered under the 1934 Act) are required to comply with the new or revised financial accounting standard. </P>
<P style="margin-top:0px; margin-bottom:8.867px">The JOBS Act provides a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of the transition period pursuant to Section 107(b).</P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>43</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<A NAME="FSINDEX"></A><P style="margin-top:0px; margin-bottom:8.867px" align=center><B>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=657 /><TD width=63 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=657><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=63><P style="margin:0px" align=center><B>Page</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=657><P style="margin:0px; color:#0000FF"><A HREF="#fsbs"><U>Consolidated Balance Sheets as of December 31, 2013 (unaudited)</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=63><P style="margin:0px" align=right>F-2</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=657><P style="margin:0px; color:#0000FF"><A HREF="#fsis"><U>Consolidated Statements of Comprehensive Income (Loss) for the nine months ended December 31, 2013 and 2012 and from inception (January 20, 2009) through December 31, 2013 (unaudited)</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=63><P style="margin:0px" align=right>F-3</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=657><P style="margin:0px; color:#0000FF"><A HREF="#fscf"><U>Consolidated Changes of Cashflows for the periods ended December 31, 2013 and 2012 and from inception (January 20, 2009) through December 31, 2013Consolidated Changes of Cash flows (unaudited)</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=63><P style="margin:0px" align=right>F-4</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=657><P style="margin:0px; color:#0000FF"><A HREF="#FSNOTES"><U>Notes to Consolidated Financial Statements (unaudited)</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=63><P style="margin:0px" align=right>F-5-9</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR>
<BR></P>
<P style="margin:0px" align=center>F-1</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin:0px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin:0px" align=center><B>(A DEVELOPMENT STAGE COMPANY)</B></P>
<A NAME="fsbs"></A><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>CONSOLIDATED BALANCE SHEET</B></P>
<P style="margin:0px" align=center><B>(UNAUDITED)</B></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=584.467 /><TD width=135.533 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=584.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=135.533><P style="margin:0px" align=center><B>As of December 31, (unaudited)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=584.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=135.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=584.467><P style="margin:0px; padding-left:12px"><B><U>ASSETS</U></B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=135.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=584.467><P style="margin:0px; padding-left:12px">Current Assets:</P>
</TD><TD style="margin-top:0px" valign=top width=135.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=584.467><P style="margin:0px; padding-left:24px">Cash </P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=135.533><P style="margin:0px" align=right>6,826</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=584.467><P style="margin:0px; padding-left:24px">Other receivable</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=135.533><P style="margin:0px" align=right>2,253</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=584.467><P style="margin:0px; padding-left:12px"><B>Total Current Assets</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=135.533><P style="margin:0px" align=right>9,079</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=584.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=135.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=584.467><P style="margin:0px; padding-left:12px">Other Assets:</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=135.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=584.467><P style="margin:0px; padding-left:24px">Intangible assets, net of accumulated amortization</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=135.533><P style="margin:0px" align=right>71,939</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=584.467><P style="margin:0px; padding-left:11.733px">Total assets</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=top width=135.533><P style="margin:0px" align=right>81,018</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=584.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=135.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=584.467><P style="margin:0px; padding-left:12px"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=135.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=584.467><P style="margin:0px; padding-left:12px">Current Liabilities:</P>
</TD><TD style="margin-top:0px" valign=top width=135.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=584.467><P style="margin:0px; padding-left:11.733px">Accrued expenses and other liabilities</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=135.533><P style="margin:0px" align=right>18,228</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=584.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=135.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=584.467><P style="margin:0px; padding-left:49.533px">Total current liabilities</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=135.533><P style="margin:0px" align=right>18,228</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=584.467><P style="margin:0px; padding-left:49.533px">Total liabilities</P>
</TD><TD style="margin-top:0px" valign=top width=135.533><P style="margin:0px" align=right>18,228</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=584.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=135.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=584.467><P style="margin:0px; padding-left:11.733px">Commitments:</P>
</TD><TD style="margin-top:0px" valign=top width=135.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=584.467><P style="margin:0px; padding-left:11.733px">Stockholders&#146; Equity:</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=135.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=584.467><P style="margin:0px; padding-left:11.733px">Common stock, $0.001 par value,</P>
</TD><TD style="margin-top:0px" valign=top width=135.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=584.467><P style="margin:0px; padding-left:11.733px">420,000,000 shares authorized and </P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=135.533><P style="margin:0px; padding-left:2.267px; padding-right:11.667px" align=right>180,000</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=584.467><P style="margin:0px; padding-left:11.733px">180,000,000 shares issued and outstanding</P>
</TD><TD style="margin-top:0px" valign=top width=135.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=584.467><P style="margin:0px; padding-left:11.733px">Additional paid in capital</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=135.533><P style="margin:0px" align=right>2,477,652</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=584.467><P style="margin:0px; padding-left:11.733px">Accumulated deficit</P>
</TD><TD style="margin-top:0px" valign=top width=135.533><P style="margin:0px" align=right>(2,579,764)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=584.467><P style="margin:0px; padding-left:12px">Accumulated other comprehensive income</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=135.533><P style="margin:0px" align=right>(15,098)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=584.467><P style="margin:0px; padding-left:49.533px">Total stockholders&#146; equity</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=135.533><P style="margin:0px" align=right>62,790</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=584.467><P style="margin:0px; padding-left:49.533px">Total liabilities and stockholders&#146; equity</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=top width=135.533><P style="margin:0px" align=right>81,018</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:-9.467px" align=center>See notes to the consolidated financial statements</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>F-2</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:-9.467px" align=center><B>NEMAURA MEDICAL INC</B></P>
<P style="margin:0px; padding-left:-9.467px" align=center><B>(A DEVELOPMENT STAGE COMPANY)</B></P>
<A NAME="fsis"></A><P style="margin:0px; padding-left:-9.467px" align=center><B>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)</B></P>
<P style="margin:0px" align=center><B>(UNAUDITED)</B></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=394.733 /><TD width=104.667 /><TD width=104.667 /><TD width=115.933 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=394.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=209.333 colspan=2><P style="margin:0px" align=center><B>Nine months ended</B></P>
<P style="margin:0px" align=center><B>December 31,</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=115.933><P style="margin:0px" align=center><B>Cumulative From Inception (January 20, 2009)</B></P>
<P style="margin:0px" align=center><B>Through December 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=394.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=104.667><P style="margin:0px" align=center><B>2013</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=104.667><P style="margin:0px" align=center><B>2012</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=115.933><P style="margin:0px" align=center><B>2013</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=394.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.933><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=394.733><P style="margin:0px; padding-left:12px">Revenues</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=104.667><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=104.667><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=115.933><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=394.733><P style="margin:0px; padding-left:48px">Total Revenues</P>
</TD><TD style="margin-top:0px" valign=top width=104.667><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=104.667><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=top width=115.933><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=394.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=115.933><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=394.733><P style="margin:0px; padding-left:12px">Operating Expenses:</P>
</TD><TD style="margin-top:0px" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.933><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=394.733><P style="margin:0px; padding-left:24px">Research and development</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=104.667><P style="margin:0px" align=right>253,043</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=104.667><P style="margin:0px" align=right>494,042</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=115.933><P style="margin:0px" align=right>2,106,679</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=394.733><P style="margin:0px; padding-left:24px">General and administrative</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.667><P style="margin:0px" align=right>171,064</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.667><P style="margin:0px" align=right>128,887</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=115.933><P style="margin:0px" align=right>473,085</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=394.733><P style="margin:0px; padding-left:48px">Total operating expenses</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=104.667><P style="margin:0px" align=right>424,107</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=104.667><P style="margin:0px" align=right>622,929</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=115.933><P style="margin:0px" align=right>2,579,764</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=394.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.933><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=394.733><P style="margin:0px; padding-left:11.733px">Loss from operations</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=104.667><P style="margin:0px" align=right>(424,107)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=104.667><P style="margin:0px" align=right>(622,929)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=115.933><P style="margin:0px" align=right>(2,579,764)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=394.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.933><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=394.733><P style="margin:0px; padding-left:12px">Net loss</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=104.667><P style="margin:0px" align=right>(424,107)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=104.667><P style="margin:0px" align=right>(622,929)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=115.933><P style="margin:0px" align=right>(2,579,764)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=394.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.933><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=394.733><P style="margin:0px; padding-left:12px">Other comprehensive income/(loss)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=115.933><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=394.733><P style="margin:0px; padding-left:24px">Foreign currency translation adjustment</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.667><P style="margin:0px" align=right>9,906</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=104.667><P style="margin:0px" align=right>(9,947)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=115.933><P style="margin:0px" align=right>(12,938)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=394.733><P style="margin:0px; padding-left:11.733px">Comprehensive loss</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=top width=104.667><P style="margin:0px" align=right>(414,201)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=top width=104.667><P style="margin:0px" align=right>(632,876)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=top width=115.933><P style="margin:0px" align=right>(2,592,702)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=394.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=115.933><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=394.733><P style="margin:0px">Loss per share</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=115.933><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=394.733><P style="margin:0px; padding-left:24px">Basic and diluted </P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=104.667><P style="margin:0px" align=right>*</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=104.667><P style="margin:0px" align=right>*</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=115.933><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=394.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=104.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=115.933><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=394.733><P style="margin:0px; padding-left:12px">Weighted average number of shares outstanding</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=104.667><P style="margin:0px" align=right>180,000,000</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=104.667><P style="margin:0px" align=right>180,000,000</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=115.933><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px; font-family:Calibri,Times New Roman">* &nbsp;<FONT style="font-family:Times New Roman">Per share amounts are less than $0.01</FONT></P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:-9.467px" align=center>See notes to the consolidated financial statements</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>F-3</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin:0px; padding-left:38.533px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin:0px; padding-left:38.533px" align=center><B>(A DEVELOPMENT STAGE COMPANY)</B></P>
<P style="margin:0px" align=center><BR></P>
<A NAME="fscf"></A><P style="margin:0px; padding-left:38.533px" align=center><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>
<P style="margin:0px; padding-left:38.533px" align=center><B>NINE MONTHS ENDED DECEMBER 31, 2013 AND INCEPTION TO DECEMBER 31, 2013</B></P>
<P style="margin:0px; padding-left:48px" align=center><B>(UNAUDITED)</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=364.133 /><TD width=125.533 /><TD width=12.133 /><TD width=16 /><TD width=62.8 /><TD width=12.133 /><TD width=127.267 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=364.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=228.6 colspan=5><P style="margin:0px" align=center><B>For the Nine Months Ended December 31</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=127.267><P style="margin:0px" align=center><B>Cumulative From Inception (January 20, 2009) through December 31, </B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=364.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=153.667 colspan=3><P style="margin:0px" align=center><B>2013</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=74.933 colspan=2><P style="margin:0px" align=center><B>2012</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=127.267><P style="margin:0px" align=center><B>2013</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=364.133><P style="margin:0px; padding-right:-18.933px"><B>Cash Flows From Operating Activities:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=137.667 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=127.267><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=364.133><P style="margin:0px; padding-left:21.467px; padding-right:-18.933px">Net loss</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=125.533><P style="margin:0px; padding-right:2.867px" align=right>(424,107)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;(622,929)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;(2,579,764)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=364.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=125.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=364.133><P style="margin:0px; padding-left:21.467px; padding-right:-18.933px">Adjustments to reconcile net loss to net cash used in operating activities:</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=125.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=364.133><P style="margin:0px; padding-left:21.467px; padding-right:-18.933px">&nbsp;&nbsp;Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=125.533><P style="margin:0px; padding-right:2.867px" align=right>2,230</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;2,046</P>
</TD><TD style="margin-top:0px" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;14,005</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=364.133><P style="margin:0px; padding-left:21.467px; padding-right:-18.933px">&nbsp;&nbsp;Contributed services by a related party</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=125.533><P style="margin:0px; padding-right:2.867px; font-family:Calibri,Times New Roman" align=right>218,863</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding-right:2.667px; font-family:Calibri,Times New Roman" align=right>189</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding-right:2.667px; font-family:Calibri,Times New Roman" align=right>704,017</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=364.133><P style="margin:0px; padding-left:21.467px; padding-right:-18.933px">Changes in assets and liabilities:</P>
</TD><TD style="margin-top:0px" valign=bottom width=125.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=364.133><P style="margin:0px; padding-left:21.467px; padding-right:-18.933px">&nbsp;&nbsp;Other receivables</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=125.533><P style="margin:0px; padding-right:2.867px" align=right>(2,122)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;313</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;(4,457)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=364.133><P style="margin:0px; padding-left:21.467px; padding-right:-18.933px">Net cash used in operating activities</P>
</TD><TD style="margin-top:0px; border-top:1.333px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=125.533><P style="margin:0px; padding-right:2.867px" align=right>(205,136)</P>
</TD><TD style="margin-top:0px; border-top:1.333px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;(620,381)</P>
</TD><TD style="margin-top:0px; border-top:1.333px solid #000000; border-bottom:1.333px solid #000000" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;(1,866,199)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=364.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=125.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=364.133><P style="margin:0px; padding-right:-18.933px"><B>Cash Flows from Investing Activities:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=125.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding-right:2.667px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding-right:2.667px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=364.133><P style="margin:0px; padding-left:22.8px; padding-right:-18.933px">Purchase of Intellectual Property</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=125.533><P style="margin:0px; padding-right:2.867px" align=right>(10,956)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;(28,417)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;(82,464)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=364.133><P style="margin:0px; padding-left:22.8px; padding-right:-18.933px">Net cash used in investing activities</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=125.533><P style="margin:0px; padding-right:2.867px" align=right>(10,956)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;(28,417)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;(82,464)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=364.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=125.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding-right:2.667px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding-right:2.667px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=364.133><P style="margin:0px; padding-right:-18.933px"><B>Cash Flows From Financing Activities:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=125.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding-right:2.667px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding-right:2.667px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=364.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=125.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=364.133><P style="margin:0px; padding-left:22.8px; padding-right:-18.933px">Proceeds from common stock</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=125.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding-right:2.667px" align=right>355,709</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding-right:2.667px" align=right>1,953,637</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=364.133><P style="margin:0px; padding-left:22.8px; padding-right:-18.933px">Net cash provided by financing activities</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=125.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding-right:2.667px" align=right>355,709</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding-right:2.667px" align=right>1,953,637</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=364.133><P style="margin:0px; padding-left:22.8px; padding-right:-18.933px">Net increase (decrease) in cash</P>
</TD><TD style="margin-top:0px" valign=bottom width=125.533><P style="margin:0px; padding-right:2.867px" align=right>(216,092)</P>
</TD><TD style="margin-top:0px" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;(293,089)</P>
</TD><TD style="margin-top:0px" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;4,974</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=364.133><P style="margin:0px; padding-left:22.8px; padding-right:-18.933px">Effect of exchange rate changes on cash</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=125.533><P style="margin:0px; padding-right:2.867px" align=right>22,433</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;(3,147)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;1,852</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=364.133><P style="margin:0px; padding-left:22.8px; padding-right:-18.933px">Cash, beginning of period</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=125.533><P style="margin:0px; padding-right:2.867px" align=right>200,485</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;297,410</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding-right:2.667px; font-family:Calibri,Times New Roman" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=364.133><P style="margin:0px; padding-left:22.8px; padding-right:-18.933px">Cash, end of period</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=125.533><P style="margin:0px; padding-right:2.867px" align=right>6,826</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=90.933 colspan=3><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;1,174</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=139.4 colspan=2><P style="margin:0px; padding-right:2.667px" align=right>&nbsp;6,826</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:28.4px; padding-right:-18.933px" align=center>See notes to the consolidated financial statements</P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>F-4</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin:0px" align=center><B>(A DEVELOPMENT STAGE COMPANY)</B></P>
<P style="margin:0px" align=center><BR></P>
<A NAME="FSNOTES"></A><P style="margin:0px" align=center><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P style="margin:0px" align=center><B>DECEMBER 31, 2013 AND 2012</B></P>
<P style="margin:0px" align=center><B>(UNAUDITED)</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>NOTE 1 &#150; ORGANIZATION AND PRINCIPAL ACTIVITIES</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Dermal Diagnostics Limited (DDL) and Trial Clinic Limited (TCL) were incorporated in England and Wales on 20 January 2009 and 12 January 2011, respectively. &nbsp;Together, these two entities perform medical device research and manufacturing of a continuous glucose monitoring system (&#147;CGM&#148;). &nbsp;The CGM system is a non-invasive, wireless continuous glucose monitoring device for use by persons with Type I and Type II diabetes, and also for screening pre-diabetic patients. The CGM allows for the extraction of analytes, such as glucose, in a non-invasive manner to the surface of the skin where it is measured using unique sensors and interpreted using a unique algorithm.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Dermal Diagnostics (Holdings) Limited (DDHL), is a holding company that was incorporated in England and Wales on 11 December 2013 and acquired 100% of the equity interests of DDL and TCL. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Region Green Limited (RGL), is a holding company that was incorporated in the British Virgins Islands on 12 December 2013 and acquired 100% of the equity interests of DDHL.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Nemaura Medical Inc. (&#147;Nemaura&#148; or &#147;Company&#148;) was organized on December 24, 2013 under the laws of the State of Nevada with an authorized share capital of 420 million common shares. &nbsp;Also on December 24, 2013 Nemaura acquired 100% of the equity interests of RGL. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">At the time of these acquisition transactions, DDL, TCL, DDHL, RGL and Nemaura were under common control. &nbsp;Accordingly, in 2013 these transactions have been accounted for as a common control transaction in a manner similar to a pooling of interests. The weighted average number of ordinary shares outstanding during the respective periods has been retrospectively adjusted to reflect the December 24, 2013 recapitalization that resulted in the issuance of 180 million ordinary shares of Nemaura Medical Inc.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>NOTE 2 &#150; BASIS OF PRESENTATION</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The accompanying consolidated financial statements include the accounts of the Company and the Company&#146;s subsidiaries, DDL, TCL, DDHL and RGL. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, and all significant intercompany balances and transactions have been eliminated.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">From inception the Company&#146;s activities have primarily consisted of establishing facilities, recruiting personnel, conducting research and development, developing business and financial plans and raising capital. Accordingly the Company is considered to be in the development stage, and these financial statements have been prepared in accordance with the provisions Accounting Standards Codification (&#147;ASC&#148;) No. 915, &#147;Development Stage Entities.&#148;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The accompanying balance sheet as of December 31, 2013, and 2012 and the related statements of comprehensive income (loss), and cash flows for the nine months ended December 31, 2013 and 2012, have been prepared by the Company without audit and following the same accounting policies and methods of computation as compared to the year ended March 31, 2013. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for such periods have been made. The results of operations for the nine months ended December 31, 2013 (unaudited), are not necessarily indicative of operating results for the full year.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The functional currency for the majority of the Company&#146;s operations is the Great Britain Pound Sterling (&#147;GBP&#148;), and the reporting currency is the US Dollar.</P>
<P style="margin-top:6.8px; margin-bottom:6.8px">Going concern and management&#146;s plans:</P>
<P style="margin-top:6.8px; margin-bottom:6.8px">The consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company is in the development stage, has not generated revenues and has incurred net losses of approximately $424,000 and $623,000 during the nine month periods ended December 31, 2013 and 2012, respectively. &nbsp;At December 31, 2013, the Company has a working capital deficit and a stockholders&#146; deficit of approximately $9,100 and $2,580,000, respectively. &nbsp;</P>
<P style="margin:6.8px"><BR>
<BR></P>
<P style="margin:0px" align=center>F-5</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin:0px" align=center><B>(A DEVELOPMENT STAGE COMPANY)</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</B></P>
<P style="margin:0px" align=center><B>DECEMBER 31, 2013 AND 2012</B></P>
<P style="margin:0px" align=center><B>(UNAUDITED)</B></P>
<P style="margin-top:6.8px; margin-bottom:6.8px">The accompanying consolidated financial statements do not include any adjustments relating to the recoverability or classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. &nbsp;The following paragraphs describe management&#146;s plans with regard to these conditions. &nbsp;</P>
<P style="margin:0px">Subsequent to period end the Company received total proceeds of $400,000 from the sale of 20 million shares in a private placement.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Calibri,Times New Roman">The Company continues to explore sources of additional financing to satisfy its current operating requirements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>NOTE 3 &#150; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px">(a) &nbsp;Economic and political risk</P>
<P style="margin:0px">The Company&#146;s operations are conducted in United Kingdom. Accordingly, the political, economic, and legal environments in the United Kingdom may influence the Company&#146;s business, financial condition, and results of operations. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(b) &nbsp;Cash </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company considers highly liquid investments purchased with original maturities of three months or less to be cash equivalents. &nbsp;The Company currently has no cash equivalents and cash consists primarily of cash deposits maintained in a major financial institution in the United Kingdom.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">(c) Fair value of financial instruments</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company&#146;s financial instruments primarily consist of cash held in a major UK financial institution.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(d) Intangible assets</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Intangible assets consist of licenses and patents associated with the CGM and are amortized on a straight-line basis, generally over their legal life. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(e) Research and Development Expenses </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company charges research and development expenses to operations as incurred. Research and development expenses primarily consist of salaries and related expenses for personnel and outside contractor and consulting services. Other research and development expenses include the costs of materials and supplies used in research and development, prototype manufacturing, clinical studies, related information technology and an allocation of facilities costs.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(f) Income taxes</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided to reduce the carrying amount of deferred income tax assets if it is considered more likely than not that some portion, or all, of the deferred income tax assets will not be realized.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. &nbsp;Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. </P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>F-6</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin:0px" align=center><B>(A DEVELOPMENT STAGE COMPANY)</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</B></P>
<P style="margin:0px" align=center><B>DECEMBER 31, 2013 AND 2012</B></P>
<P style="margin:0px" align=center><B>(UNAUDITED)</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">The Company has elected to classify interest and penalties related to unrecognized tax benefits as part of income tax expense in the consolidated statements of comprehensive income/(loss).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(g) Earnings per share</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. The impact of any potentially dilutive securities is excluded. For the nine months ended </P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">December 31, 2013, the ordinary shares outstanding have been retroactively adjusted to reflect the December 24, 2013 recapitalization.<FONT style="font-family:Calibri,Times New Roman"> </FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(h) Use of estimates</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Actual results may differ from those estimates.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(i) Foreign currency translation</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The functional currency of the Company is the Great Britain Pound Sterling (&#147;GBP&#148;). &nbsp;The reporting currency is the United States dollar (US$). &nbsp;Stockholders equity is translated into United States dollars from GBP at historical exchange rates. &nbsp;Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rates prevailing during the reporting period. &nbsp;The translation rates are as follows:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=399.267 /><TD width=25.8 /><TD width=8.933 /><TD width=144.333 /><TD width=141.667 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=399.267><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=25.8><P style="margin:0px; font-family:Calibri,Times New Roman"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=8.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=144.333><P style="margin:0px" align=center><B>December 31</B></P>
<P style="margin:0px" align=right><B>2013 (unaudited)&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=141.667><P style="margin:0px" align=center><B>December 31</B></P>
<P style="margin:0px" align=center><B>2012 (unaudited)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=399.267><P style="margin:0px">Period end GBP : US$ exchange rate</P>
</TD><TD style="margin-top:0px" valign=top width=25.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=8.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=144.333><P style="margin:0px" align=right>1:1.656&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=141.667><P style="margin:0px" align=right>1:1.626</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=399.267><P style="margin:0px">Average period/yearly GBP : US$ exchange rate</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=25.8><P style="margin:0px; font-family:Calibri,Times New Roman">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=8.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=144.333><P style="margin:0px" align=right>1:1.560&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=141.667><P style="margin:0px" align=right>1:1.582</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Adjustments resulting from translating the financial statements into the United States dollar are recorded as a separate component of accumulated other comprehensive income in Stockholders&#146; Equity.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(k) Recent accounting pronouncements</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company does not expect the adoption of recent accounting pronouncements to have a material impact on its consolidated financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>F-7</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin:0px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin:0px" align=center><B>(A DEVELOPMENT STAGE COMPANY)</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONT.)</B></P>
<P style="margin:0px" align=center><B>DECEMBER 31, 2013 AND 2012</B></P>
<P style="margin:0px" align=center><B>(UNAUDITED)</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><B>NOTE 4 &#150; CASH </B></P>
<P style="margin:0px">As of December 31, 2013 (unaudited), the Company had $6,826 in cash which is held at a major UK banking institution. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>NOTE 5 &#150; INTANGIBLE ASSETS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:0.6px">As of December 31, 2013 (unaudited) intangible assets are summarized as follows: </P>
<P style="margin-top:0px; margin-bottom:0.6px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=558 /><TD width=162 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=558><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=162><P style="margin-top:0px; margin-bottom:0.6px" align=right><B>December 31, 2013</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=558><P style="margin:0px">Patents and licenses</P>
</TD><TD style="margin-top:0px" valign=top width=162><P style="margin:0px" align=right>$ &nbsp;80,667</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=558><P style="margin:0px">Less accumulated amortization</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=162><P style="margin:0px" align=right>(8,728)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=558><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=top width=162><P style="margin:0px" align=right>$ &nbsp;71,939</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:0.6px" align=justify><BR></P>
<P style="margin:0px">Estimated amortization expense is approximately $3,800 for each of the next five years. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>NOTE 6 &#150; RELATED PARTY TRANSACTIONS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Nemaura Pharma Limited (Pharma) and NDM Technologies Limited (NDM) are entities controlled by the Company&#146;s majority shareholder DFH Chowdhury. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">From inception, Pharma invoiced DDL and TCL for research and development services. &nbsp;In addition, certain operating expenses of DDL and TCL were incurred and paid by Pharma and NDM. &nbsp;In accordance with the United States Securities and Exchange Commission (SEC) Staff Bulletin 55, these financial statements reflect all of the costs associated with the operations of DDL and TCL. &nbsp;While certain costs incurred by Pharma and NDM are directly attributable to DDL and TCL, other costs were shared between the organizations. &nbsp;In situations where the costs were shared, expense has been allocated between Pharma and NDM and DDL and TCL using a fixed percentage allocation. &nbsp;Management believes that the methodologies used are reasonable. &nbsp;DDL and TCL advanced Pharma certain amounts to cove a portion of the costs. &nbsp;The remaining amounts were contributed to the Company in the form of contributed services.</P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>F-8</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin:0px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin:0px" align=center><B>(A DEVELOPMENT STAGE COMPANY)</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</B></P>
<P style="margin:0px" align=center><B>DECEMBER 31, 2013 AND 2012</B></P>
<P style="margin:0px" align=center><B>(UNAUDITED)</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">Following is a summary of activity between the Company and Pharma and NDM for the nine months ended December 31,<B> </B>2013 and 2012 and the period from inception (January 20, 2009) through December 31, 2013:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=357.667 /><TD width=123.4 /><TD width=5.867 /><TD width=117.6 /><TD width=115.467 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=357.667 rowspan=2><P style="margin:0px" align=justify><BR></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=246.867 colspan=3><P style="margin:0px" align=center><B>Nine Months Ended December 31,</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=115.467 rowspan=2><P style="margin:0px" align=center><B>Period from January 20, 2009 (Date of Inception) to December 31, 2013</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=123.4><P style="margin:0px" align=center><B>2013</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=123.467 colspan=2><P style="margin:0px" align=center><B>2012</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.667><P style="margin:0px">Balance due (to) Pharma and NDM at beginning of period</P>
</TD><TD style="margin-top:0px" valign=bottom width=129.267 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=117.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000" valign=bottom width=115.467><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=357.667><P style="margin:0px">Amounts advanced to Pharma</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=129.267 colspan=2><P style="margin:0px" align=right>221,208</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.6><P style="margin:0px" align=right>648,733</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=115.467><P style="margin:0px" align=right>1,936,173</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.667><P style="margin:0px">Amounts invoiced by Pharma to DDL and TCL</P>
</TD><TD style="margin-top:0px" valign=bottom width=129.267 colspan=2><P style="margin:0px" align=right>(398,673)</P>
</TD><TD style="margin-top:0px" valign=bottom width=117.6><P style="margin:0px" align=right>(331,315)</P>
</TD><TD style="margin-top:0px" valign=bottom width=115.467><P style="margin:0px" align=right>(1,375,921)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=357.667><P style="margin:0px">Expenses paid by Pharma on behalf of DDL and TCL</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=129.267 colspan=2><P style="margin:0px" align=right>(25,289)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.6><P style="margin:0px" align=right>(291,614)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=115.467><P style="margin:0px" align=right>(1,203,842)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.667><P style="margin:0px">Intellectual property costs paid by Pharma on behalf of DDL and TCL</P>
</TD><TD style="margin-top:0px" valign=bottom width=129.267 colspan=2><P style="margin:0px" align=right>(3,399)</P>
</TD><TD style="margin-top:0px" valign=bottom width=117.6><P style="margin:0px" align=right>(26,372)</P>
</TD><TD style="margin-top:0px" valign=bottom width=115.467><P style="margin:0px" align=right>(62,951)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=357.667><P style="margin:0px">Capital contributed by Pharma (excess of expenses paid over amounts advanced)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=129.267 colspan=2><P style="margin:0px" align=right>218,863</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.6><P style="margin:0px" align=right>189</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=115.467><P style="margin:0px" align=right>704,017</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.667><P style="margin:0px">Foreign exchange differences</P>
</TD><TD style="margin-top:0px" valign=bottom width=129.267 colspan=2><P style="margin:0px" align=right>(12,710)</P>
</TD><TD style="margin-top:0px" valign=bottom width=117.6><P style="margin:0px" align=right>379</P>
</TD><TD style="margin-top:0px" valign=bottom width=115.467><P style="margin:0px" align=right>2,524</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=357.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=129.267 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=117.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=115.467><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=357.667><P style="margin:0px">Balance due from (to) Pharma and NDM at end of the period</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=129.267 colspan=2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=117.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=115.467><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>NOTE 7 &#150; SUBSEQUENT EVENTS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">In March 2014, the Company issued 20 million shares in a private placement transaction for cash proceeds of $400,000 of which $230,000 is being held in escrow to pay certain expenses. &nbsp;The balance is expected to be available to the company in the first fiscal quarter of 2015.</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>F-9</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin-top:0px; margin-bottom:11.133px" align=center><B>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>
<P style="margin-top:0px; margin-bottom:11.133px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:11.133px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=657 /><TD width=63 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=657><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=63><P style="margin:0px; font-size:11pt" align=right><B>Page</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=657><P style="margin:0px; color:#0000FF"><A HREF="#fsareport"><U>Report of Independent Registered Public Accountant</U></A><FONT style="color:#000000"> </FONT></P>
</TD><TD style="margin-top:0px" valign=top width=63><P style="margin:0px" align=right>F-11</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=657><P style="margin:0px; color:#0000FF"><A HREF="#fsabs"><U>Consolidated Balance Sheets as of March 31, 2013 and 2012</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=63><P style="margin:0px" align=right>F-12</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=657><P style="margin:0px; color:#0000FF"><A HREF="#fsais"><U>Consolidated Statements of Comprehensive Income (Loss) for the years ended March 31, 2013, and &nbsp;2012 and from inception (January 20, 2009) through to March 31,2013</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=63><P style="margin:0px" align=right>F-13</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=657><P style="margin:0px; color:#0000FF"><A HREF="#fsasce"><U>Consolidated Statements of Changes of Stockholders&#146; Equity for the years ended March 31, 2013 and 2012 and from inception (January 20, 2009) through to March 31,2013</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=63><P style="margin:0px" align=right>F-14</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=657><P style="margin:0px; color:#0000FF"><A HREF="#fsascf"><U>Consolidated Statement of Cashflows for the years ended March 31, 2013, and &nbsp;2012 and from inception (January 20, 2009) through to March 31,2013</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px" valign=top width=63><P style="margin:0px" align=right>F-15</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=657><P style="margin:0px; color:#0000FF"><A HREF="#fsanotes"><U>Notes to Consolidated Financial Statements</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=63><P style="margin:0px" align=right>F-16-20</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:12.2px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>F-10</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<A NAME="fsareport"></A><P style="margin:0px" align=center><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANT</B></P>
<P style="margin-top:0px; margin-bottom:12.2px" align=center><BR></P>
<P style="margin:0px">Board of Directors</P>
<P style="margin:0px">Nemaura Medical Inc.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>We have audited the accompanying consolidated balance sheets of Nemaura Medical Inc. and its subsidiaries (A Development Stage Company) (the &#147;Company&#148;) as of March 31, 2013 and 2012, and the related statements of comprehensive income (loss), changes in stockholders&#146; equity, and cash flows for each of the years then ended, and for the period from inception (January 20, 2009) through March 31, 2013. These financial statements are the responsibility of the Company&#146;s management. Our responsibility is to express an opinion on these financial statements based on our audits.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify>In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Nemaura Medical Inc. and its subsidiaries as of March 31, 2013 and 2012, and the results of their operations and their cash flows for each of the years then ended, and for the period from inception (January 20, 2009) through March 31, 2013, in conformity with accounting principles generally accepted in the United States of America.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company has significant transactions and relationships with related parties that are described in Note 6 to the consolidated financial statements. It is possible that the terms of these transactions may not be the same as those that would result from transactions among unrelated parties.</P>
<P style="margin-top:0px; margin-bottom:12.2px" align=center><BR></P>
<P style="margin:0px; font-size:11pt">/S/ GHP HORWATH, P.C.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:11pt">Denver, Colorado</P>
<P style="margin:0px; font-size:11pt">March 27, 2014</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>F-11</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin:0px" align=center><B>(A DEVELOPMENT STAGE COMPANY)</B></P>
<P style="margin:0px" align=center><BR></P>
<A NAME="fsabs"></A><P style="margin:0px" align=center><B>CONSOLIDATED BALANCE SHEETS</B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=397.467 /><TD width=85.267 /><TD width=112.467 /><TD width=124.8 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=397.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=112.467><P style="margin:0px" align=center><B>As of March 31,</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=124.8><P style="margin:0px" align=center><B>As of March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=397.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=112.467><P style="margin:0px" align=center>($) 2013</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=124.8><P style="margin:0px" align=center>($) 2012</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=124.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=397.467><P style="margin:0px; padding-left:11.733px"><B>ASSETS</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=112.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=124.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.467><P style="margin:0px; padding-left:11.733px">Current Assets:</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=124.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=397.467><P style="margin:0px; padding-left:24px">Cash and </P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=112.467><P style="margin:0px" align=right>200,485</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=124.8><P style="margin:0px" align=right>297,373</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.467><P style="margin:0px; padding-left:24px">Other receivable</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=112.467><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=124.8><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=397.467><P style="margin:0px; padding-left:36px">Total Current Assets</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=112.467><P style="margin:0px" align=right>200,485</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=124.8><P style="margin:0px" align=right>297,689</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=124.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=397.467><P style="margin:0px; padding-left:12px">Other Assets:</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=112.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=124.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.467><P style="margin:0px; padding-left:24px">Intangible assets, net of accumulated amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=112.467><P style="margin:0px" align=right>57,643</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=124.8><P style="margin:0px" align=right>33,632</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=397.467><P style="margin:0px; padding-left:24px">Total assets</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=112.467><P style="margin:0px" align=right>258,128</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=124.8><P style="margin:0px" align=right>331,321</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=124.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=397.467><P style="margin:0px; padding-left:12px"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=112.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=124.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.467><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=124.8><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=397.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=112.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=124.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.467><P style="margin:0px; padding-left:12px">Commitments:</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=124.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=397.467><P style="margin:0px; padding-left:24px">Stockholders&#146; Equity:</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=112.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=124.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=124.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=397.467><P style="margin:0px; padding-left:24px">Common stock, $0.001 par value, 420,000,000 shares authorized and 180,000,000 shares issued and outstanding</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=112.467><P style="margin:0px" align=right>180,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=124.8><P style="margin:0px" align=right>180,000</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=124.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=397.467><P style="margin:0px; padding-left:24px">Additional paid in capital</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=112.467><P style="margin:0px" align=right>2,258,789</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=124.8><P style="margin:0px" align=right>1,488,146</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.467><P style="margin:0px; padding-left:24px">Accumulated deficit</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=112.467><P style="margin:0px" align=right>(2,155,657)</P>
</TD><TD style="margin-top:0px" valign=bottom width=124.8><P style="margin:0px" align=right>(1,325,083)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=397.467><P style="margin:0px; padding-left:24px">Accumulated other comprehensive income</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=112.467><P style="margin:0px" align=right>(25,004)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=124.8><P style="margin:0px" align=right>(11,742)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=397.467><P style="margin:0px; padding-left:36px">Total stockholders&#146; equity</P>
</TD><TD style="margin-top:0px" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=112.467><P style="margin:0px" align=right>258,128</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=124.8><P style="margin:0px" align=right>331,321</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=397.467><P style="margin:0px; padding-left:36px">Total liabilities and stockholders&#146; equity</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=85.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=112.467><P style="margin:0px" align=right>258,128</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=124.8><P style="margin:0px" align=right>331,321</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:11.133px"><BR></P>
<P style="margin-top:0px; margin-bottom:11.133px"><BR></P>
<P style="margin-top:0px; margin-bottom:11.133px; padding-left:-9.467px" align=center>See notes to the consolidated financial statements</P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>F-12</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px" align=center><B>NEMAURA MEDICAL INC</B></P>
<P style="margin:0px" align=center><B>(A EVELOPMENT STAGE COMPANY)</B></P>
<P style="margin:0px" align=center><BR></P>
<A NAME="fsais"></A><P style="margin:0px; padding-left:-9.467px" align=center><B>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=292.533 /><TD width=72.733 /><TD width=58.4 /><TD width=104.333 /><TD width=94.467 /><TD width=97.533 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=292.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" width=198.8 colspan=2><P style="margin:0px" align=center><B>Year Ended March, 31</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=97.533><P style="margin:0px" align=center><B>From Inception (January 20, 2009)</B></P>
<P style="margin:0px" align=center><B>To March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=292.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=104.333><P style="margin:0px" align=center><B>($) 2013</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=94.467><P style="margin:0px" align=center><B>($) 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=97.533><P style="margin:0px" align=center><B>($) 2013</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292.533><P style="margin:0px">Revenues</P>
</TD><TD style="margin-top:0px" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.333><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.467><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=97.533><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=292.533><P style="margin:0px; padding-left:49.533px">Total revenues</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=104.333><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=94.467><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=97.533><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=292.533><P style="margin:0px; padding-left:2.267px">Operating Expenses:</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=104.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=94.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=97.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292.533><P style="margin:0px; padding-left:11.733px">Research and development</P>
</TD><TD style="margin-top:0px" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.333><P style="margin:0px" align=right>658,724</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.467><P style="margin:0px" align=right>580,437</P>
</TD><TD style="margin-top:0px" valign=bottom width=97.533><P style="margin:0px" align=right>1,853,637</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=292.533><P style="margin:0px; padding-left:11.733px">General and administrative</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=104.333><P style="margin:0px" align=right>171,850</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=94.467><P style="margin:0px" align=right>118,333</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=97.533><P style="margin:0px" align=right>302,020</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292.533><P style="margin:0px; padding-left:49.533px">Total operating expenses</P>
</TD><TD style="margin-top:0px" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.333><P style="margin:0px" align=right>830,574</P>
</TD><TD style="margin-top:0px" valign=bottom width=94.467><P style="margin:0px" align=right>698,770</P>
</TD><TD style="margin-top:0px" valign=bottom width=97.533><P style="margin:0px" align=right>2,155,657</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=292.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=104.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=94.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=97.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292.533><P style="margin:0px; padding-left:11.733px">Loss from operations</P>
</TD><TD style="margin-top:0px" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=104.333><P style="margin:0px" align=right>(830,574)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=94.467><P style="margin:0px" align=right>(698,770)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.533><P style="margin:0px" align=right>(2,155,657)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=292.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=104.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=94.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=97.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292.533><P style="margin:0px; padding-left:2.267px">Net loss</P>
</TD><TD style="margin-top:0px" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=104.333><P style="margin:0px; padding-left:-7.2px" align=right>(830,574)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=94.467><P style="margin:0px" align=right>(698,770)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=97.533><P style="margin:0px" align=right>(2,155,657)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=292.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=104.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=94.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=97.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292.533><P style="margin:0px; padding-left:2.267px">Other comprehensive income/(loss)</P>
</TD><TD style="margin-top:0px" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=292.533><P style="margin:0px; padding-left:14.267px">Foreign currency translation adjustment</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=104.333><P style="margin:0px" align=right>(13,262)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=94.467><P style="margin:0px" align=right>(604)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=97.533><P style="margin:0px" align=right>(25,004)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292.533><P style="margin:0px">Comprehensive loss</P>
</TD><TD style="margin-top:0px" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=104.333><P style="margin:0px" align=right>(843,836)</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=94.467><P style="margin:0px" align=right>(699,374)</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" valign=bottom width=97.533><P style="margin:0px" align=right>(2,180,661)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=292.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=104.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=94.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=97.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=292.533><P style="margin:0px">Loss per share</P>
</TD><TD style="margin-top:0px" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=292.533><P style="margin:0px; padding-left:14.267px">Basic and diluted </P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=104.333><P style="margin:0px" align=right>(0.01)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=94.467><P style="margin:0px" align=right>*</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=97.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=292.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=104.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=94.467><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=97.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=292.533><P style="margin:0px; padding-left:2.267px">Weighted average number of shares outstanding</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=72.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=58.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=104.333><P style="margin:0px" align=right>180,000,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=94.467><P style="margin:0px" align=right>180,000,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=97.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:14.533px">*<FONT style="font-family:Calibri,Times New Roman"> &nbsp;</FONT>Per share amount is less than $0.01</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:11.133px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:11.133px; padding-left:-9.467px" align=center>See notes to the consolidated financial statements</P>
<P style="margin-top:0px; margin-bottom:11.133px" align=center><BR></P>
<P style="line-height:10.5pt; margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>F-13</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; padding-left:-9.467px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin:0px; padding-left:-9.467px" align=center><B>(A DEVELOPMENT STAGE COMPANY)</B></P>
<P style="margin:0px" align=center><BR></P>
<A NAME="fsasce"></A><P style="margin:0px; padding-left:-9.467px" align=center><B>CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS&#146; EQUITY</B></P>
<P style="margin:0px; padding-left:-9.467px" align=center><B>FOR THE PERIOD FROM INCEPTION (JANUARY 20, 2009) THROUGH 31 MARCH 2013 </B></P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=162.933 /><TD width=102.533 /><TD width=101.067 /><TD width=118.867 /><TD width=117.2 /><TD width=117.4 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=162.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=102.533><P style="margin:0px" align=center><B>Share capital</B></P>
<P style="margin:0px" align=center><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=101.067><P style="margin:0px" align=center><B>Additional Paid in Capital</B></P>
<P style="margin:0px" align=center><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=118.867><P style="margin:0px" align=center><B>Accumulated Deficit</B></P>
<P style="margin:0px" align=center><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=117.2><P style="margin:0px" align=center><B>Accumulated</B></P>
<P style="margin:0px" align=center><B>Other Comprehensive Income</B></P>
<P style="margin:0px" align=center><B>$</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=117.4><P style="margin:0px" align=center><B>Total Stockholders&#146; Equity</B></P>
<P style="margin:0px" align=center><B>$</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=162.933><P style="margin:0px">Balance at January 20, 2009 (Inception)</P>
</TD><TD style="margin-top:0px" valign=bottom width=102.533><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=101.067><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=118.867><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=117.2><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=117.4><P style="margin:0px" align=right>-</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=162.933><P style="margin:0px">Common Stock issued for cash</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=102.533><P style="margin:0px" align=right>180,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=101.067><P style="margin:0px" align=right>344,105</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=118.867><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.2><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.4><P style="margin:0px" align=right>524,105</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=162.933><P style="margin:0px">Contribution services by related party</P>
</TD><TD style="margin-top:0px" valign=bottom width=102.533><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=101.067><P style="margin:0px" align=right>339,919</P>
</TD><TD style="margin-top:0px" valign=bottom width=118.867><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=117.2><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px" valign=bottom width=117.4><P style="margin:0px" align=right>339,919</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=162.933><P style="margin:0px">Net Loss</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=102.533><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=101.067><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=118.867><P style="margin:0px" align=right>(626,313)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.2><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.4><P style="margin:0px" align=right>(626,313)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162.933><P style="margin:0px">Other comprehensive income &#150;foreign currency transaction gain (loss)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=102.533><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.067><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=118.867><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=117.2><P style="margin:0px" align=right>(11,138)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=117.4><P style="margin:0px" align=right>(11,138)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=162.933><P style="margin:0px">Balance at March 31, 2011</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=102.533><P style="margin:0px" align=right>180,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=101.067><P style="margin:0px" align=right>684,024</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=118.867><P style="margin:0px" align=right>(626,313)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.2><P style="margin:0px" align=right>(11,138)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.4><P style="margin:0px" align=right>226,573</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=162.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=118.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=117.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=117.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=162.933><P style="margin:0px">Common stock issued for cash</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=102.533><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=101.067><P style="margin:0px" align=right>718,116</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=118.867><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.2><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.4><P style="margin:0px" align=right>718,116</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=162.933><P style="margin:0px">Contributed services by related party</P>
</TD><TD style="margin-top:0px" valign=bottom width=102.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.067><P style="margin:0px" align=right>86,006</P>
</TD><TD style="margin-top:0px" valign=bottom width=118.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=117.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=117.4><P style="margin:0px" align=right>86,006</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=162.933><P style="margin:0px">Net loss</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=102.533><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=101.067><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=118.867><P style="margin:0px" align=right>(698,770)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.2><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.4><P style="margin:0px" align=right>(698,770)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162.933><P style="margin:0px">Other comprehensive income &#150; foreign currency translation gain (loss)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=102.533><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.067><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=118.867><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=117.2><P style="margin:0px" align=right>(604)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=117.4><P style="margin:0px" align=right>(604)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=162.933><P style="margin:0px">Balance at March 31, 2012</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=102.533><P style="margin:0px" align=right>180,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=101.067><P style="margin:0px" align=right>1,488,146</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=118.867><P style="margin:0px" align=right>(1,325,083)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.2><P style="margin:0px" align=right>(11,742)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.4><P style="margin:0px" align=right>331,321</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=162.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=102.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=118.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=117.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=117.4><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=162.933><P style="margin:0px">Common stock issued for cash</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=102.533><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=101.067><P style="margin:0px" align=right>711,416</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=118.867><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.2><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.4><P style="margin:0px" align=right>711,416</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=162.933><P style="margin:0px">Contributed services by related party</P>
</TD><TD style="margin-top:0px" valign=bottom width=102.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=101.067><P style="margin:0px" align=right>59,227</P>
</TD><TD style="margin-top:0px" valign=bottom width=118.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=117.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=117.4><P style="margin:0px" align=right>59,227</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=162.933><P style="margin:0px">Net loss</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=102.533><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=101.067><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=118.867><P style="margin:0px" align=right>(830,574)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.2><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117.4><P style="margin:0px" align=right>(830,574)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=162.933><P style="margin:0px">Other comprehensive income - foreign currency translation gain (loss)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=102.533><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=101.067><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=118.867><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=117.2><P style="margin:0px" align=right>(13,262)</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=117.4><P style="margin:0px" align=right>(13,262)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=top width=162.933><P style="margin:0px">Balance at March, 31, 2013</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=102.533><P style="margin:0px" align=right>180,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=101.067><P style="margin:0px" align=right>2,258,789</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=118.867><P style="margin:0px" align=right>(2,155,657)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=117.2><P style="margin:0px" align=right>(25,004)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=117.4><P style="margin:0px" align=right>258,128</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; padding-left:-9.467px" align=center>See notes to the consolidated financial statements</P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>F-14</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; padding-left:38.533px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin:0px; padding-left:38.533px" align=center><B>(A DEVELOPMENT STAGE COMPANY)</B></P>
<P style="margin:0px" align=center><BR></P>
<A NAME="fsascf"></A><P style="margin:0px; padding-left:38.533px" align=center><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=305.133 /><TD width=58.733 /><TD width=108.333 /><TD width=108.133 /><TD width=139.667 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=305.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=58.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=216.467 colspan=2><P style="margin:0px" align=center><B>For the Years</B></P>
<P style="margin:0px" align=center><B>Ended March 31</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=139.667><P style="margin:0px" align=center><B>Cumulative From Inception (January 20, 2009) through March 31, 2013</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=305.133><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=58.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=108.333><P style="margin:0px" align=right><B>2013 ($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=108.133><P style="margin:0px; padding-right:-18.933px" align=center><B>2012 ($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=139.667><P style="margin:0px; padding-right:-18.933px" align=center><B>2011($)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=305.133><P style="margin:0px"><B>Cash Flows From Operating Activities:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=58.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108.333><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=right><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=108.133><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=139.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=305.133><P style="margin:0px; padding-left:15.467px">Net loss</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=58.733><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=108.333><P style="margin:0px" align=right>(830,574)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=108.133><P style="margin:0px" align=right>(698,770)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=139.667><P style="margin:0px" align=right>(2,155,657)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=305.133><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=58.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108.133><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=139.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=305.133><P style="margin:0px; padding-left:15.467px">Adjustments to reconcile net loss to net cash used in operating activities:</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=58.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=108.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=108.133><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=139.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=305.133><P style="margin:0px; padding-left:15.467px">Depreciation and amortization</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108.333><P style="margin:0px" align=right>2,725</P>
</TD><TD style="margin-top:0px" valign=bottom width=108.133><P style="margin:0px" align=right>1,518</P>
</TD><TD style="margin-top:0px" valign=bottom width=139.667><P style="margin:0px" align=right>11,777</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=305.133><P style="margin:0px; padding-left:16.8px">Contributed services by related party</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=58.733><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=108.333><P style="margin:0px" align=right>59,227</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=108.133><P style="margin:0px" align=right>86,006</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=139.667><P style="margin:0px" align=right>&nbsp;485,152</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=305.133><P style="margin:0px; padding-left:15.467px">Changes in assets and liabilities:</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108.133><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=139.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=305.133><P style="margin:0px; padding-left:15.467px">Other receivable</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=58.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=108.333><P style="margin:0px" align=right>316</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=108.133><P style="margin:0px" align=right>6,706</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=139.667><P style="margin:0px" align=right>(2,335)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=305.133><P style="margin:0px; padding-left:16.8px">Net cash used in operating activities</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=108.333><P style="margin:0px" align=right>(768,306)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=108.133><P style="margin:0px" align=right>(604,540)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=139.667><P style="margin:0px" align=right>(1,661,063)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=305.133><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=58.733><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=108.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=108.133><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=139.667><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:11pt" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=305.133><P style="margin:0px"><B>Cash Flows from Investing Activities:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=58.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108.133><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=139.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=305.133><P style="margin:0px; padding-left:16.8px">Purchase of Intellectual Property</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=58.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=108.333><P style="margin:0px" align=right>(29,274)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=108.133><P style="margin:0px" align=right>(6,294)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=139.667><P style="margin:0px" align=right>(71,508)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=305.133><P style="margin:0px; padding-left:16.8px">Net cash used in investing activities</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.733><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=108.333><P style="margin:0px" align=right>(29,274)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=108.133><P style="margin:0px" align=right>(6,294)</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=139.667><P style="margin:0px" align=right>(71,508)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=305.133><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=58.733><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=108.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=108.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=139.667><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=305.133><P style="margin:0px"><B>Cash Flows From Financing Activities:</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=58.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108.333><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108.133><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=139.667><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=305.133><P style="margin:0px; padding-left:16.8px">Common stock issued for cash</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=58.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=108.333><P style="margin:0px" align=right>711,416</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=108.133><P style="margin:0px" align=right>718,116</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=139.667><P style="margin:0px" align=right>1,953,637</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=305.133><P style="margin:0px; padding-left:16.8px">Net cash provided by financing activities</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=108.333><P style="margin:0px" align=right>711,416</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=108.133><P style="margin:0px" align=right>718,116</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=139.667><P style="margin:0px" align=right>1,953,637</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=305.133><P style="margin:0px; padding-left:16.8px">Net increase (decrease) in cash </P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=58.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=108.333><P style="margin:0px" align=right>(86,164)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=108.133><P style="margin:0px" align=right>107,282</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=139.667><P style="margin:0px" align=right>221,066</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=305.133><P style="margin:0px; padding-left:16.8px">Effect of exchange rate changes on cash </P>
</TD><TD style="margin-top:0px" valign=bottom width=58.733><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px" valign=bottom width=108.333><P style="margin:0px" align=right>(10,724)</P>
</TD><TD style="margin-top:0px" valign=bottom width=108.133><P style="margin:0px" align=right>(485)</P>
</TD><TD style="margin-top:0px" valign=bottom width=139.667><P style="margin:0px" align=right>(20,581)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=305.133><P style="margin:0px; padding-left:16.8px">Cash, beginning of period</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=58.733><P style="margin:0px; padding:0px; font-size:11pt">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=108.333><P style="margin:0px" align=right>297,373</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=108.133><P style="margin:0px" align=right>190,576</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" valign=bottom width=139.667><P style="margin:0px" align=right>0</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=305.133><P style="margin:0px; padding-left:16.8px">Cash, end of period</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.733><P style="margin:0px"><BR></P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=108.333><P style="margin:0px" align=right>200,485</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=108.133><P style="margin:0px" align=right>297,373</P>
</TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=139.667><P style="margin:0px" align=right>200,485</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:10.5pt; margin-top:0px; margin-bottom:11.067px; padding-left:28.4px; padding-right:-18.933px" align=center>See notes to the consolidated financial statements</P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>F-15</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin:0px" align=center><B>(A DEVELOPMENT STAGE COMPANY)</B></P>
<A NAME="fsanotes"></A><P style="margin:0px" align=center><B>Notes to consolidated financial statements</B></P>
<P style="margin:0px" align=center><B>March 31, 2013</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>NOTE 1 &#150; ORGANIZATION AND PRINCIPAL ACTIVITIES</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify>Dermal Diagnostics Limited (DDL) and Trial Clinic Limited (TCL) were incorporated in England and Wales on January 20, 2009 and January 12, 2011, respectively. &nbsp;Together, these two entities perform medical device research and manufacturing of a continuous glucose monitoring system (&#147;CGM&#148;). &nbsp;The CGM system is a non-invasive, wireless continuous glucose monitoring device for use by persons with Type I and Type II diabetes, and also for screening pre-diabetic patients. The CGM allows for the extraction of analytes, such as glucose, in a non-invasive manner to the surface of the skin where it is measured using unique sensors and interpreted using a unique algorithm.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Dermal Diagnostics (Holdings) Limited (DDHL) is a holding company that was incorporated in England and Wales on December 11, 2013 and acquired 100% of the equity interests of DDL and TCL.</P>
<P style="margin:0px" align=justify>&nbsp;&nbsp;</P>
<P style="margin:0px" align=justify>Region Green Limited (RGL), is a holding company that was incorporated in the British Virgin Islands on December 12, 2013 and acquired 100% of the equity interests of DDHL.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Nemaura Medical Inc. (&#147;Nemaura&#148; or &#147;Company&#148;) was organized on December 24, 2013 under the laws of the State of Nevada with an authorized share capital of 420 million common shares. &nbsp;Also on December 24, 2013 Nemaura acquired 100% of the equity interests of RGL. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">At the time of these acquisition transactions, DDL, TCL, DDHL, RGL and Nemaura were under common control. &nbsp;Accordingly, in 2013 these transactions have been accounted for as a common control transaction in a manner similar to a pooling of interests. The weighted average number of ordinary shares outstanding during the respective periods has been retrospectively adjusted to reflect the December 24, 2013 recapitalization that resulted in the issuance of 180 million ordinary shares of Nemaura Medical Inc.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><B>NOTE 2 &#150; BASIS OF PRESENTATION</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The accompanying consolidated financial statements include the accounts of the Company and the Company&#146;s subsidiaries, DDL, TCL, DDHL and RGL. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, and all significant intercompany balances and transactions have been eliminated.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>From inception the Company&#146;s activities have primarily consisted of establishing facilities, recruiting personnel, conducting research and development, developing business and financial plans and raising capital. Accordingly, the Company is considered to be in the developmental stage, and these financial statements have been prepared in accordance with the provisions Accounting Standards Codification (&#147;ASC&#148;) No. 915, &#147;Development Stage Entities.&#148;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The functional currency for the majority of the Company&#146;s operations is the Great Britain Pound Sterling (&#147;GBP&#148;), and the reporting currency is the US Dollar.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B>NOTE 3 &#150; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify>(a) &nbsp;Economic and political risk</P>
<P style="margin:0px" align=justify>The Company&#146;s operations are conducted in United Kingdom. Accordingly, the political, economic, and legal environments in the United Kingdom may influence the Company&#146;s business, financial condition, and results of operations. </P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>F-16</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin:0px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin:0px" align=center><B>(A DEVELOPMENT STAGE COMPANY)</B></P>
<P style="margin:0px" align=center><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</B></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><B>March 31, 2013</B></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify>&nbsp;(b) &nbsp;Cash </P>
<P style="margin:0px" align=justify>The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. &nbsp;The Company currently has no cash equivalents and cash consists primarily of cash deposits maintained in a major financial institution in the United Kingdom.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px">(c) Fair value of financial instruments</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company&#146;s financial instruments primarily consist of cash held in a major financial institution in the United Kingdom. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px">(d) Intangible assets</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Intangible assets consist of licenses and patents associated with the CGM and are amortized on a straight-line basis, generally over their legal life. </P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">(e) Research and Development Expenses </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company charges research and development expenses to operations as incurred. Research and development expenses primarily consist of salaries and related expenses for personnel and outside contractor and consulting services. Other research and development expenses include the costs of materials and supplies used in research and development, prototype manufacturing, clinical studies, related information technology and an allocation of facilities costs. &nbsp;Research and development expenses are net of grants received from the UK&#146;s Technology Strategy Board. &nbsp;Total grants received through March 31, 2013 were approximately $666,485.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px">(f) Income taxes</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided to reduce the carrying amount of deferred income tax assets if it is considered more likely than not that some portion, or all, of the deferred income tax assets will not be realized.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. &nbsp;Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company has elected to classify interest and penalties related to unrecognized tax benefits as part of income tax expense in the consolidated statements of comprehensive income/(loss).</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(g) Earnings per share</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. The impact of any potentially dilutive securities is excluded. For the years ended March 31, 2013 and 2012, the ordinary shares outstanding have been retroactively adjusted to reflect the December 24, 2013 recapitalization. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>F-17</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin:0px" align=center><B>(A DEVELOPMENT STAGE COMPANY)</B></P>
<P style="margin:0px" align=center><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</B></P>
<P style="margin:0px" align=center><B>March 31, 2013</B></P>
<P style="margin-top:0px; margin-bottom:8.867px">(h) Use of estimates</P>
<P style="margin:0px">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Actual results may differ from those estimates.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(i) Foreign currency translation</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The functional currency of the Company is the Great Britain Pound Sterling (&#147;GBP&#148;). &nbsp;The reporting currency is the United States dollar (US$). &nbsp;Stockholder&#146;s equity is translated into United States dollars from GBP at historical exchange rates. &nbsp;Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rates prevailing during the reporting period. &nbsp;The translation rates are as follows:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=411.067 /><TD width=26.6 /><TD width=122.133 /><TD width=23.4 /><TD width=127.6 /><TD width=9.2 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=411.067><P style="margin:0px"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=26.6><P style="margin:0px"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" width=122.133><P style="margin:0px" align=center><B>March 31, 2013</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=23.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1.333px solid #000000" width=127.6><P style="margin:0px" align=center><B>March 31, 2012</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=9.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=411.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=26.6><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" width=122.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=23.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=127.6><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=9.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=411.067><P style="margin:0px">Year end GBP : US$ exchange rate</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=26.6><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=122.133><P style="margin:0px" align=center>1:1.523</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" width=23.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" width=127.6><P style="margin:0px" align=center>1:1.598</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=9.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=411.067><P style="margin:0px">Average period/yearly GBP : US$ exchange rate&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
</TD><TD style="margin-top:0px" valign=top width=26.6><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" width=122.133><P style="margin:0px" align=center>1:1.581</P>
</TD><TD style="margin-top:0px" width=23.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=127.6><P style="margin:0px" align=center>1:1.596</P>
</TD><TD style="margin-top:0px" valign=top width=9.2><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px">Adjustments resulting from translating the financial statements into the United States dollar are recorded as a separate component of accumulated other comprehensive income in Stockholders&#146; Equity.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(j) Recent accounting pronouncements</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company does not expect the adoption of recent accounting pronouncements to have a material impact on its consolidated financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>NOTE 4 &#150; CASH </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">As of March 31, 2013 and 2012, the Company held $200,485 and $297,373, respectively, in cash which is held at a major UK banking institution. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><B>NOTE 5 &#150; INTANGIBLE ASSETS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">As of March 31, 2013 and March 31, 2012 intangible assets are summarized as follows: </P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=474 /><TD width=133.067 /><TD width=112.933 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=474><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=133.067><P style="margin:0px" align=center><B>March 31, 2013</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=112.933><P style="margin:0px" align=center><B>March 31, 2012</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=474><P style="margin:0px" align=justify>Patents and licenses</P>
</TD><TD style="margin-top:0px" width=133.067><P style="margin:0px" align=center>63,768</P>
</TD><TD style="margin-top:0px" width=112.933><P style="margin:0px" align=center>37,032</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=474><P style="margin:0px" align=justify>Less accumulated amortization</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" width=133.067><P style="margin:0px" align=center>(6,125)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" width=112.933><P style="margin:0px" align=center>(3,400)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=474><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:3px double #000000" width=133.067><P style="margin:0px" align=center>57,643</P>
</TD><TD style="margin-top:0px; border-bottom:3px double #000000" width=112.933><P style="margin:0px" align=center>33,632</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px">Estimated amortization expense is approximately $3,800 for each of the next five years. </P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>F-18</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin:0px" align=center><B>(A DEVELOPMENT STAGE COMPANY)</B></P>
<P style="margin:0px" align=center><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</B></P>
<P style="margin:0px" align=center><B>March 31, 2013</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=justify><B>NOTE 6 &#150; RELATED PARTY TRANSACTIONS</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px">Nemaura Pharma Limited (Pharma) and NDM Technologies Limited (NDM) are entities controlled by the Company&#146;s majority shareholder DFH Chowdhury. &nbsp;&nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px">From inception, Pharma invoiced DDL and TCL for research and development services. &nbsp;In addition, certain operating expenses of DDL and TCL were incurred and paid by Pharma and NDM. In accordance with the United States Securities and Exchange Commission (SEC) Staff Accounting Bulletin 55, these financial statements reflect all of the costs associated with the operations of DDL and TCL. While certain costs incurred by Pharma and NDM are directly attributable to DDL and TCL, other costs were shared between the organizations. In situations where the costs were shared, expense has been allocated between Pharma and NDM and DDL and TCL using a fixed percentage allocation. Management believes that the methodologies used are reasonable. &nbsp;DDL and TCL advanced Pharma certain amounts to cover a portion of the costs. &nbsp;The remaining amounts where contributed to the Company in the form of contributed services.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Following is a summary of activity between the Company and Pharma and NDM for the years ended March 31, 2013 and 2012 and for the period from inception (January 20, 2009) through March 31, 2013.</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=386.933 /><TD width=117 /><TD width=108.533 /><TD width=107.533 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=386.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=117><P style="margin:0px" align=center><B>Year Ended March 31,</B></P>
<P style="margin:0px" align=center><B>2013</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=108.533><P style="margin:0px" align=center><B>Year Ended March 31,</B></P>
<P style="margin:0px" align=center><B>2012</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=107.533><P style="margin:0px" align=center><B>Period from January 20, 2009 (Date of Inception) to March 31, 2013</B></P>
<P style="margin:0px" align=center><B>($)</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=386.933><P style="margin:0px">Balance due (to) Pharma and NDM at beginning of period</P>
</TD><TD style="margin-top:0px" valign=bottom width=117><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=108.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=107.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=386.933><P style="margin:0px">Amounts advanced to Pharma</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117><P style="margin:0px" align=right>797,580</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=108.533><P style="margin:0px" align=right>610,834</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=107.533><P style="margin:0px" align=right>1,717,310</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=386.933><P style="margin:0px">Amounts invoiced by Pharma to DDL and TCL</P>
</TD><TD style="margin-top:0px" valign=bottom width=117><P style="margin:0px" align=right>(441,754)</P>
</TD><TD style="margin-top:0px" valign=bottom width=108.533><P style="margin:0px" align=right>(487,749)</P>
</TD><TD style="margin-top:0px" valign=bottom width=107.533><P style="margin:0px" align=right>(983,216)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=386.933><P style="margin:0px">Expenses paid by Pharma on behalf of DDL and TCL</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117><P style="margin:0px" align=right>(388,819)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=108.533><P style="margin:0px" align=right>(211,022)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=107.533><P style="margin:0px" align=right>(1,175,999)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=386.933><P style="margin:0px">Intellectual property costs paid by Pharma on behalf of DDL and TCL</P>
</TD><TD style="margin-top:0px" valign=bottom width=117><P style="margin:0px" align=right>(26,547)</P>
</TD><TD style="margin-top:0px" valign=bottom width=108.533><P style="margin:0px" align=right>(4,777)</P>
</TD><TD style="margin-top:0px" valign=bottom width=107.533><P style="margin:0px" align=right>(57,643)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=386.933><P style="margin:0px">Capital contribution by Pharma (excess of expenses paid over amounts advanced)</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=117><P style="margin:0px" align=right>59,227</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=108.533><P style="margin:0px" align=right>86,006</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=107.533><P style="margin:0px" align=right>485,145</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=386.933><P style="margin:0px">Foreign currency translation</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=117><P style="margin:0px" align=right>313</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=108.533><P style="margin:0px" align=right>6,708</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=107.533><P style="margin:0px" align=right>14,403</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=386.933><P style="margin:0px">Balance due from (to) Pharma and NDM at end of the period</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=117><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=108.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=107.533><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>NOTE 7 &#150; INCOME TAXES</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company and its subsidiaries file separate income tax returns.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>The United States of America</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company is incorporated in the State of Nevada in the U.S., and is subject to U.S. federal corporate income tax at progressive rates ranging from 15% to 35%. The state of Nevada does not impose any state corporate income tax.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>British Virgin Islands</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">RGL is incorporated in the British Virgin Islands (&#147;BVI&#148;). Under the current laws of the BVI, RGL is not subject to tax on income or capital gains. In addition, upon payments of dividends by RGL, no BVI withholding tax is imposed.</P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>F-19</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px" align=center><B>NEMAURA MEDICAL INC.</B></P>
<P style="margin:0px" align=center><B>(A DEVELOPMENT STAGE COMPANY)</B></P>
<P style="margin:0px" align=center><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONT.)</B></P>
<P style="margin:0px" align=center><B>March 31, 2013</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>United Kingdom</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">DDL, TCL and DDHL are all incorporated in the United Kingdom (UK) and the applicable UK statutory income tax rate for these companies is 20%.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">For the years ended March 31, 2013 and 2012, and for the period from January 20, 2009 (Date of Inception), loss before income tax expense (benefit) all arose in the UK.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px">Reconciliation of our effective tax rate to income (loss) to the statutory U.S federal tax rate is as follows:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=407.333 /><TD width=7.2 /><TD width=7.2 /><TD width=65.667 /><TD width=7.2 /><TD width=7.2 /><TD width=7.2 /><TD width=51 /><TD width=7.8 /><TD width=7.2 /><TD width=7.2 /><TD width=65.4 /><TD width=7.2 /><TD width=7.2 /><TD width=7.2 /><TD width=50.8 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=407.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=305.467 colspan=14><P style="margin:0px" align=center><B>Year ended March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=407.333><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=145.467 colspan=6><P style="margin:0px" align=center><B>2013</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.8><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=145 colspan=6><P style="margin:0px" align=center><B>2012</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=407.333><P style="margin:0px">Loss before income taxes</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.667><P style="margin:0px" align=right>(830,574)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=58.2 colspan=2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.8><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.4><P style="margin:0px" align=right>(698,770)</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=58 colspan=2><P style="margin:0px" align=right>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=407.333><P style="margin:0px">Expected tax benefit</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=65.667><P style="margin:0px" align=right>(282,000)&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=51><P style="margin:0px" align=right>(34%</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.8><P style="margin:0px" align=right>)&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=65.4><P style="margin:0px" align=right>(238,000)&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=50.8><P style="margin:0px" align=right>(34%)</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=407.333><P style="margin:0px">Foreign tax differential</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.667><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;116,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=51><P style="margin:0px" align=right>14%</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.8><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=65.4><P style="margin:0px" align=right>98,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=50.8><P style="margin:0px" align=right>14%</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=407.333><P style="margin:0px">Non-deductible expenses</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=65.667><P style="margin:0px" align=right>78,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=51><P style="margin:0px" align=right>9%</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.8><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=65.4><P style="margin:0px" align=right>42,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=50.8><P style="margin:0px" align=right>6%</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=407.333><P style="margin:0px">Change in valuation allowance</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:1.333px solid #000000" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=65.667><P style="margin:0px" align=right>88,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=51><P style="margin:0px" align=right>11%</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=65.4><P style="margin:0px" align=right>98,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=50.8><P style="margin:0px" align=right>14%</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=407.333><P style="margin:0px">Actual income tax expense</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=7.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1.333px solid #000000; border-bottom:3px double #000000" valign=bottom width=65.667><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1.333px solid #000000" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1.333px solid #000000" valign=bottom width=7.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1.333px solid #000000; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1.333px solid #000000; border-bottom:3px double #000000" valign=bottom width=51><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1.333px solid #000000" valign=bottom width=7.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1.333px solid #000000" valign=bottom width=7.2><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px" align=right>$</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1.333px solid #000000; border-bottom:3px double #000000" valign=bottom width=65.4><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1.333px solid #000000" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1.333px solid #000000" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1.333px solid #000000; border-bottom:3px double #000000" valign=bottom width=7.2><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1.333px solid #000000; border-bottom:3px double #000000" valign=bottom width=50.8><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px">The tax effects of the temporary differences that give rise to significant portions of deferred income tax assets are presented below:</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=408.2 /><TD width=29.8 /><TD width=126 /><TD width=11.933 /><TD width=6.067 /><TD width=5.933 /><TD width=18 /><TD width=114.067 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=408.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=29.8><P style="margin:0px"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=282 colspan=6><P style="margin:0px" align=center><B>As of March 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=408.2><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=29.8><P style="margin:0px"><B>&nbsp;</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=137.933 colspan=2><P style="margin:0px" align=center><B>2013</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=6.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=5.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=132.067 colspan=2><P style="margin:0px" align=center><B>2012</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=408.2><P style="margin:0px">Net operating tax loss carried forwards</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.8><P style="margin:0px" align=right>$&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=126><P style="margin:0px" align=right>&nbsp;(186,000)</P>
</TD><TD style="margin-top:0px" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=6.067><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=5.933><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px" align=right>$&nbsp;</P>
</TD><TD style="margin-top:0px" valign=bottom width=114.067><P style="margin:0px" align=right>(98,000)</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=408.2><P style="margin:0px">Total deferred income tax assets</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=29.8><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=126><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=6.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=5.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=18><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=114.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=408.2><P style="margin:0px">Valuation allowance</P>
</TD><TD style="margin-top:0px" valign=bottom width=29.8><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=126><P style="margin:0px" align=right>&nbsp;&nbsp;&nbsp;186,000</P>
</TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=11.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=6.067><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=5.933><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=18><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-bottom:2px solid #000000" valign=bottom width=114.067><P style="margin:0px" align=right>&nbsp;&nbsp;98,000</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=408.2><P style="margin:0px">Net deferred tax assets</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=29.8><P style="margin:0px" align=right>$&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=126><P style="margin:0px" align=right>-</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=11.933><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-top:1px solid #000000" valign=bottom width=6.067><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=5.933><P style="margin:0px" align=right>&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=18><P style="margin:0px" align=right>$&nbsp;</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:3px double #000000" valign=bottom width=114.067><P style="margin:0px" align=right>-</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">For each of the years ended March 31, 2013 and 2012, the Company did not have unrecognized tax benefits, and therefore no interest or penalties related to unrecognized tax benefits were accrued. Management does not expect that the amount of unrecognized tax benefits will change significantly within the next twelve months.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company mainly files income tax returns in the United States and the UK. The Company is subject to U.S. federal income tax examination by tax authorities for tax years beginning in 2013. &nbsp;&nbsp;The UK tax returns for the Company&#146;s UK subsidiaries are open to examination by the UK tax authorities for the tax years beginning in January 20, 2009. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">The Company has Net Operating Losses (NOLs) of approximately $547,000 at March 31, 2013. &nbsp;These NOLs may be carried forward indefinitely.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>NOTE 8 &#150; SUBSEQUENT EVENTS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">In March 2014 the Company issued 20 million shares in a private placement transaction for cash proceeds of $400,000 of which $230,000 is being held in escrow to pay certain expenses. &nbsp;The balance is expected to be available to the company in the first fiscal quarter of 2015.</P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>F-20</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<A NAME="PARTII"></A><P style="margin-top:0px; margin-bottom:8.867px" align=center><B>PART II &nbsp;&nbsp;INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>
<P style="margin-top:0px; margin-bottom:8.867px"><B>Item 13. &nbsp;Other Expenses Of Issuance And Distribution</B></P>
<P style="margin:0px">We will pay all expenses in connection with the registration and sale of the Common Stock by the selling stockholders. The expenses of issuance and distribution are set forth below.</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=212.8 /><TD width=22.4 /><TD width=84 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=212.8><P style="margin:0px">SEC Filing Fee</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=22.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=84><P style="margin:0px" align=right>80*</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=212.8><P style="margin:0px">Legal Expenses</P>
</TD><TD style="margin-top:0px" valign=top width=22.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px" align=right>25,000*</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=212.8><P style="margin:0px">Accounting Expenses</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=22.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=84><P style="margin:0px" align=right>47,000*</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=212.8><P style="margin:0px">Miscellaneous</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=22.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=84><P style="margin:0px" align=right>4,588*</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=212.8><P style="margin:0px">Total</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=22.4><P style="margin:0px">$</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=84><P style="margin:0px" align=right>76,668*</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=212.8><P style="margin:0px">* Estimate</P>
</TD><TD style="margin-top:0px" valign=top width=22.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=84><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 14. &nbsp;Indemnification Of Directors And Officers</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">We are a Nevada corporation and generally governed by the Nevada Private Corporations Code, Title 78 of the Nevada Revised Statutes, or NRS.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Section 78.138 of the NRS provides that, unless the corporation&#146;s Articles of Incorporation provide otherwise, a director or officer will not be individually liable unless it is proven that (i) the director&#146;s or officer&#146;s acts or omissions constituted a breach of his or her fiduciary duties, and (ii) such breach involved intentional misconduct, fraud, or a knowing violation of the law. Our Articles of Incorporation provide that no director or officer shall be personally liable to the corporation or any of its stockholders for damages for any breach of fiduciary duty as a director or officer except (i) for acts or omissions that involve intentional misconduct or a knowing violation of law by the director, (ii) for conduct violating the NRS, or (iii) for any transaction from which the director will personally receive a benefit in money, property, or services to which the director is not legally entitled.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Section 78.7502 of the NRS permits a company to indemnify its directors and officers against expenses, judgments, fines, and amounts paid in settlement actually and reasonably incurred in connection with a threatened, pending, or completed action, suit, or proceeding, if the officer or director (i) is not liable pursuant to NRS 78.138, or (ii) acted in good faith and in a manner the officer or director reasonably believed to be in or not opposed to the best interests of the corporation and, if a criminal action or proceeding, had no reasonable cause to believe the conduct of the officer or director was unlawful. Section 78.7502 of the NRS also precludes indemnification by the corporation if the officer or director has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court determines that in view of all the circumstances, the person is fairly and reasonably entitled to indemnity for such expenses and requires a corporation to indemnify its officers and directors if they have been successful on the merits or otherwise in defense of any claim, issue, or matter resulting from their service as a director or officer.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Section 78.751 of the NRS permits a Nevada company to indemnify its officers and directors against expenses incurred by them in defending a civil or criminal action, suit, or proceeding as they are incurred and in advance of final disposition thereof, upon determination by the stockholders, the disinterested board members, or by independent legal counsel. Section 78.751 of NRS requires a corporation to advance expenses as incurred upon receipt of an undertaking by or on behalf of the officer or director to repay the amount if it is ultimately determined by a court of competent jurisdiction that such officer or director is not entitled to be indemnified by the company if so provided in the corporations articles of incorporation, bylaws, or other agreement. Section 78.751 of the NRS further permits the company to grant its directors and officer&#146;s additional rights of indemnification under its articles of incorporation, bylaws, or other agreement.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Section 78.752 of the NRS provides that a Nevada company may purchase and maintain insurance or make other financial arrangements on behalf of any person who is or was a director, officer, employee, or agent of the company, or is or was serving at the request of the company as a director, officer, employee, or agent of another company, partnership, joint venture, trust, or other enterprise, for any liability asserted against him and liability and expenses incurred by him in his capacity as a director, officer, employee, or agent, or arising out of his status as such, whether or not the company has the authority to indemnify him against such liability and expenses.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>II-1</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px">Our By-Laws implement the indemnification provisions permitted by Chapter 78 of the NRS by providing that we shall indemnify our directors and officers to the fullest extent and under all circumstances permitted by the NRS against expense, liability, and loss reasonably incurred or suffered by them in connection with their service as an officer or director. &nbsp;Our By-Laws also provide that we will indemnify our directors and officers to the fullest extent permitted by the NRS and shall advance reasonable costs and expenses incurred with respect to any proceeding to which a person is made a party as a result of being a director or officer in advance of final disposition of such proceeding without regard to any limitations set forth in the NRS 78.7502. We may purchase and maintain liability insurance, or make other arrangements for such obligations or otherwise, to the extent permitted by the NRS.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">At the present time, there is no pending litigation or proceeding involving a director, officer, employee, or other agent of ours in which indemnification would be required or permitted. We are not aware of any threatened litigation or proceeding that may result in a claim for such indemnification.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 15. &nbsp;Recent Sales Of Unregistered Securities</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px">The information below lists all of the securities sold by us during the past three years which were not registered under the Securities Act. &nbsp;The securities sold were by the Company and stock purchase agreements were executed by each individual. &nbsp;The shares were sold and the subscriptions accepted by the Company in March of 2014.</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=246 /><TD width=114 /><TD width=180 /><TD width=180 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=246><P style="margin:0px" align=center><B>Name of Selling Security Holder</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=114><P style="margin:0px" align=center><B>Amount of Securities Purchased</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=180><P style="margin:0px" align=center><B>Amount of Consideration</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=bottom width=180><P style="margin:0px" align=center><B>Type of Consideration</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Addjab Limited</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>1,200,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$24,000.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Adeeba Ahmed</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Afzul Mohmud</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Ahmed Dadibhai</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Amaira Badat</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Ambreen Hussain</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Ammaar Mohmud</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Anis Jamall</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Asif Mohmud</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Charles Heard</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">David Scott</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Dewan M. H. Chowdhury</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>4,136,875</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$82,737.50</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Dominic Slattery</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>10,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$200.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">East Yield Investment Limited</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>2,347,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$46,940.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Faheema Mohmud</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Fazila Timol</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>200,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$4,000.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Fortune Lake Management Limited</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>2,347,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$46,940.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Hafsa Bibi Timol</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Hasan Dadibhai</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Hayat Ouziad</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Ibrahaim Patel</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Ismail Makda</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Julie Barton-Naylor</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Julie Pomeroy</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Jumaid Jamall</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Junaid Mansoor</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Karmen Cheung</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Karrar Khan</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Kathryn Farrar</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Khadija Dadibhai</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Michael Daniels</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>165,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$3,300.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Mohammed Zakir Shaikh</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Muhammad Dadibahi</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Museji Takolia</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR>
<BR></P>
<P style="margin:0px" align=center>II-2</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR>
<BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=246 /><TD width=114 /><TD width=180 /><TD width=180 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Nafeesah Munshi</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Noorjehan Takolia</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Oves Timol</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>200,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$4,000.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Pine Capital Asset Mgt. Inc.</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>7,141,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$142,820.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Rabia Ismail</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Richard Freeman</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Richard Toon</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Riyaz Timol</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>1,697,125</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$33,942.50</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Robert Carson</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Ruksana Khan</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Safira Mohmud</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Safiyyah Ahmed</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Saleha Lokhat</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>200,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$4,000.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Sameer Hussain</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Sarfaraz Ismail</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Sohail Hasani</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Somaiya Ravat</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Stephen Metcalf</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Suhayl Ismail</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Susan Gibbons</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Syed Mohammad Hasani</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Tahseen Rehman Minhas</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Vincent Crabtree</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Waliul Islam</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Wasif Hasani</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Yiqing Han</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=246><P style="margin:0px">Yunus Bhayat</P>
</TD><TD style="margin-top:0px" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px">Yusuf Timol</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right>200,000</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>$4,000.00</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=246><P style="margin:0px">Zohra Adam</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=114><P style="margin:0px" align=right>3,000</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=180><P style="margin:0px" align=right>$60.00</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=180><P style="margin:0px" align=right>Cash</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=246><P style="margin:0px"><B>TOTAL</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=114><P style="margin:0px" align=right><B>20,000,000</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right><B>$400,000</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=bottom width=180><P style="margin:0px" align=right><B>Cash</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px">For each of the transactions referred to above, we relied upon an exemption from registration afforded by Section 4(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder, which exempt transactions by an issuer not involving any public offering.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><B>Item 16. Exhibits and Financial Statement Schedules</B></P>
<P style="margin-top:0px; margin-bottom:8.867px"><B>EXHIBITS</B></P>
<P style="margin-top:0px; margin-bottom:8.867px"><B>The following exhibits are filed as part of this registration statement</B></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=84 /><TD width=636 /></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=84><P style="margin:0px"><B>Exhibit No.</B></P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7; border-bottom:1px solid #000000" valign=top width=636><P style="margin:0px"><B>Description</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=84><P style="margin:0px">3.1</P>
</TD><TD style="margin-top:0px" valign=top width=636><P style="margin:0px">Articles of Incorporation.</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=84><P style="margin:0px">3.2</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=636><P style="margin:0px">Bylaws.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=84><P style="margin:0px">5.1*</P>
</TD><TD style="margin-top:0px" valign=top width=636><P style="margin:0px">Opinion of Loeb &amp; Loeb LLP regarding legality of securities.</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=84><P style="margin:0px">10.4</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=636><P style="margin:0px">Lease Agreement between Loughborough University and NEMAURA MEDICAL INC. dated January 1, 2014.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=84><P style="margin:0px">10.5</P>
</TD><TD style="margin-top:0px" valign=top width=636><P style="margin:0px">Employment Agreement dated November 1, 2013 between the Company and Dewan F.H. Chowdhury.</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=84><P style="margin:0px">10.6</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=636><P style="margin:0px">Employment Agreement dated November 1, 2013 between the Company and Ambreen Hussain</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=84><P style="margin:0px">10.7</P>
</TD><TD style="margin-top:0px" valign=top width=636><P style="margin:0px">Employment Agreement dated November 1, 2013 between the Company and Junaid Mansoor.</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=84><P style="margin:0px">10.8</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=636><P style="margin:0px">Employment Agreement dated November 1, 2013 between the Company and Robert Carson.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=84><P style="margin:0px">10.9</P>
</TD><TD style="margin-top:0px" valign=top width=636><P style="margin:0px">Employment Agreement dated November 1, 2013 between the Company and Waliul Islam.</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=84><P style="margin:0px">14.1</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=636><P style="margin:0px">Code of Ethics adopted by the Board of Directors.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=84><P style="margin:0px">23.1</P>
</TD><TD style="margin-top:0px" valign=top width=636><P style="margin:0px">Consent of Independent Registered Public Accounting Firm.</P>
</TD></TR>
<TR><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=84><P style="margin:0px">23.2*</P>
</TD><TD style="margin-top:0px; background-color:#D5CBD7" valign=top width=636><P style="margin:0px">Consent of Loeb &amp; Loeb LLP. </P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=84><P style="margin:0px">24</P>
</TD><TD style="margin-top:0px" valign=top width=636><P style="margin:0px">Power of Attorney (included in signature page)</P>
</TD></TR>
</TABLE>
<P style="margin:0px">*To be filed by amendment</P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px" align=center>II-3</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px"><B>Item 17. Undertakings </B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left">1.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">The undersigned registrant hereby undertakes to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">(i)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">(ii)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective registration statement.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">(iii)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.</P>
<P style="margin:0px; padding-left:96px; clear:left">Provided, however, that paragraphs (B)(1)(i) and (B)(1)(ii) of this section do not apply if the registration statement is on Form S-3, Form S-8 or Form F-3, and the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; float:left">2.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">The undersigned registrant hereby undertakes that, for the purpose of determining any liability under the Securities Act of 1933, as amended, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left">3.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">The undersigned registrant hereby undertakes to remove from registration by means of a post-effective amendment any of the securities being registered that remain unsold at the termination of the Offering.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left">4.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left">5.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">The undersigned registrant hereby undertakes that, for the purposes of determining liability to any purchaser:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">(i)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left">6.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">The registrant hereby undertakes that, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">(i)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">Any preliminary prospectus or prospectus of the undersigned registrant relating to the Offering required to be filed pursuant to Rule 424;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">(ii)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">Any free writing prospectus relating to the Offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">(iii)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">The portion of any other free writing prospectus relating to the Offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:72px; width:96px; clear:left; float:left">(iv)</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">Any other communication that is an offer in the Offering made by the undersigned registrant to the purchaser.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; clear:left; float:left">7.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px">Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to directors, officers and controlling persons of the undersigned registrant according the foregoing provisions, or otherwise, the </P>
<P style="margin:0px; clear:left"><BR>
<BR></P>
<P style="margin:0px" align=center>II-4</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; padding-left:48px">undersigned registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933, as amended, and will be governed by the final adjudication of such issue.</P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>II-5</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin:0px; font-size:8pt; color:#0000FF; page-break-before:always"><A HREF="#TOC"><B><I><U>Table of Contents</U></I></B></A><B><I><U></U></I></B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><B>SIGNATURES</B></P>
<P style="margin-top:0px; margin-bottom:8.867px">&nbsp;In accordance with the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing this Form S-1 and has authorized this Form S-1 to be signed on its behalf by the undersigned in the City of Manchester, England, on March 28, 2014. </P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=352.867 /><TD width=33.667 /><TD width=333.467 /></TR>
<TR><TD style="margin-top:0px" valign=top width=352.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=367.133 colspan=2><P style="margin:0px">NEMAURA MEDICAL INC.</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=352.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=33.667><P style="margin:0px">By:</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=333.467><P style="margin:0px">/s/DEWAN F. H. CHOWDHURY</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=352.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=33.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=333.467><P style="margin:0px">Dewan F. H. Chowdhury</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=352.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=33.667><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=333.467><P style="margin:0px">President and Chief Executive Officer</P>
<P style="margin:0px">(Principal Executive Officer)</P>
</TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Dewan F.H, Chowdhury as his true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him and in his name, place, and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments, exhibits thereto and other documents in connection therewith) to this Registration Statement and any subsequent registration statement filed by the registrant pursuant to Rule 462(b) of the Securities Act of 1933, as amended, which relates to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof. </P>
<P style="margin-top:0px; margin-bottom:8.867px">Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated:</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD width=216 /><TD width=14.4 /><TD /><TD width=180 /></TR>
<TR><TD style="margin-top:0px" valign=top width=216><P style="margin-top:13.333px; margin-bottom:0px; padding-bottom:4px; border-bottom:1px solid #000000" align=center><B>Name</B></P>
</TD><TD style="margin-top:0px" valign=top width=14.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top><P style="margin-top:13.333px; margin-bottom:0px; padding-bottom:4px; border-bottom:1px solid #000000" align=center><B>Position</B></P>
</TD><TD style="margin-top:0px" valign=top width=180><P style="margin-top:13.333px; margin-bottom:0px; padding-bottom:4px; border-bottom:1px solid #000000" align=center><B>Date</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=216><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=14.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=180><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=216><P style="margin:0px; padding-bottom:4px; border-bottom:1px solid #000000">/s/DEWAN F. H. CHOWDHURY</P>
</TD><TD style="margin-top:0px" valign=top width=14.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=180><P style="margin:0px">March 28, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=216><P style="margin:0px">Dewan F. H. Chowdhury</P>
</TD><TD style="margin-top:0px" valign=top width=14.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top><P style="margin:0px">President, Chief Executive Officer (Principal Executive Officer), Chief Financial Officer (Principal&nbsp;Financial&nbsp;and&nbsp;Accounting Officer and Chairman</P>
</TD><TD style="margin-top:0px" valign=top width=180><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=216><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=14.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=180><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=216><P style="margin:0px; padding-bottom:4px; border-bottom:1px solid #000000">/s/BASHIR TIMOL</P>
</TD><TD style="margin-top:0px" valign=top width=14.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=180><P style="margin:0px">March 28, 2014</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=216><P style="margin:0px">Bashir Timol</P>
</TD><TD style="margin-top:0px" valign=top width=14.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top><P style="margin:0px">Director</P>
</TD><TD style="margin-top:0px" valign=top width=180><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=top width=216><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=14.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=top width=180><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<P style="margin-top:0px; margin-bottom:8.867px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><BR>
<BR></P>
<P style="margin:0px" align=center>II-6</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:9.8px"><BR></P>
</DIV></BODY>
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Nemaura Medical Inc.
As filed with the Securities and Exchange Commission on March 28, 2014
Registration No. 333- _________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
____________
NEMAURA MEDICAL INC.
(Exact name of registrant as specified in its charter)
Nevada
2841
46-5027260
(State or jurisdiction of
(Primary Standard Industrial
(I.R.S. Employer
incorporation or organization)
Classification Code Number)
Identification No.)
Charnwood Building Holywell Park
Ashby Road
Loughborough, Leicestershire
United Kingdom
LE11 3AQ
(Address and telephone number of principal executive offices)
Dewan Fazlul Hoque Chowdhury
Chief Executive Officer
85 Toothill Road
Loughborough
United Kingdom
LE11 1PN
(Name, address and telephone number of agent for service)
Copies to:
Mitchell S. Nussbaum, Esq.
Loeb & Loeb LLP
345 Park Avenue
New York, NY 10154
(212) 407-4923
(212) 898-1184 (fax)
Approximate date of commencement of proposed sale to the public:
From time to time after the effective date of this registration statement.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box.
☒
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
☐
Table of Contents
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of
"
large accelerated filer,
"
"
accelerated filer
"
and
"
smaller reporting company
"
in Rule 12b-2 of the Exchange Act. (Check one):
☐
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer (Do not check if a smaller reporting company)
☒
Smaller reporting company
CALCULATION OF REGISTRATION FEE
Title of Class of Securities to be Registered
Amount
To be Registered
(1)
Proposed Maximum Aggregate Price Per Share
(2)
Proposed Maximum Aggregate Offering Price
Amount of Registration Fee
(3)
Common Stock, $0.001 par value per share
20,000,000
$
.02
$
400,000
$
51.52
(1)  Pursuant to Rule 416 of the Securities Act of 1933, as amended, the shares of Common Stock offered hereby also include such presently indeterminate number of shares of our Common Stock as shall be issued by us to the selling stockholders as a result of stock splits, stock dividends or similar transactions.
(2)  The proposed offering price per share for the selling stockholders was estimated solely for purposes of calculating the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended and was based upon the most recent sales price per share.
(3)  Paid herewith.
The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.
SUBJECT TO COMPLETION        , 2014
1
Table of Contents
The information in this prospectus is not complete and may be changed. The selling stockholders may not sell these securities publicly until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
PRELIMINARY PROSPECTUS
NEMAURA MEDICAL INC.
20,000,000 shares of Common Stock
This prospectus relates to the public offering of up to 20,000,000 shares of common stock, par value $0.001 per share (the "Common Stock"), of NEMAURA MEDICAL INC., by the selling stockholders set forth in the Selling Stockholder table on page 19.  The securities offered by the selling stockholders pursuant to this prospectus will have an aggregate public offering price of up to $400,000.  The shares were issued to the selling stockholders in private transactions, which were exempt from the registration and prospectus delivery requirements of the Securities Act of 1933, as amended.
Nemaura's common stock is presently not traded on any market or securities exchange. Accordingly, the sales price to the public is fixed at $0.02 per share for the duration of the offering.  A trading market will be available if our stock becomes quoted on a trading exchange.
Management has not made a decision to seek quotation on the OTCBB at this time and there is no guarantee that a quotation will be sought.  The selling stockholders must sell their shares at the fixed price of $0.02 per share, unless and until a public market for our Common Stock is established, or the shares are registered on a national securities exchange or on any over-the-counter market.  Information regarding the selling stockholders and the time and manner in which they may offer and sell the Shares under this prospectus is provided under "Selling Stockholders" and "Plan of Distribution" in this prospectus.
We will not receive any of the proceeds from the sale of Common Stock by the selling stockholders.
We will pay the expenses of registering these shares.
INVESTMENT IN THE COMMON STOCK INVOLVES A HIGH DEGREE OF RISK. YOU SHOULD CONSIDER CAREFULLY THE RISK FACTORS BEGINNING ON PAGE 3 OF THIS PROSPECTUS BEFORE PURCHASING ANY OF THE SHARES OFFERED BY THIS PROSPECTUS.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE.  ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
____________________
The date of this prospectus is              , 2014
2
Table of Contents
NEMAURA MEDICAL INC.
TABLE OF CONTENTS
Page
PART I – INFORMATION REQUIRED IN PROSPECTUS
PROSPECTUS SUMMARY
4
RISK FACTORS
6
FORWARD-LOOKING STATEMENTS
18
USE OF PROCEEDS
18
DETERMINATION OF OFFERING PRICE
18
SELLING STOCKHOLDERS
18
PLAN OF DISTRIBUTION
20
DESCRIPTION OF SECURITIES TO BE REGISTERED
21
DESCRIPTION OF BUSINESS
24
DESCRIPTION OF PROPERTY
32
LEGAL PROCEEDINGS
32
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
32
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
36
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
36
DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS
36
CORPORATE GOVERNANCE
38
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
38
EXECUTIVE COMPENSATION
39
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
40
LEGAL MATTERS
40
EXPERTS
40
ADDITIONAL INFORMATION
40
DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
41
FINANCIAL INFORMATION
F-1
PART II   INFORMATION NOT REQUIRED IN PROSPECTUS
OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
II-1
INDEMNIFICATION OF DIRECTORS AND OFFICERS
II-1
RECENT SALES OF UNREGISTERED SECURITIES
II-2
EXHIBITS
II-3
UNDERTAKINGS
II-4
SIGNATURES
II-6
You may only rely on the information contained in this prospectus or that we have referred you to. We have not authorized anyone to provide you with different information. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities other than the Common Stock offered by this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Common Stock in any circumstances in which such offer or solicitation is unlawful. Neither the delivery of this prospectus nor any sale made in connection with this prospectus shall, under any circumstances, create any implication that there has been no change in our affairs since the date of this prospectus.
3
Table of Contents
PART I
Prospectus Summary
This summary highlights information contained elsewhere in this prospectus. You should read the entire prospectus carefully, including, the section entitled "Risk Factors" before deciding to invest in our Common Stock.
The Company
NEMAURA MEDICAL INC. ("we", the "Company", the "Registrant") was organized on December 24, 2013 under the laws of the State of Nevada. We are a development stage company as defined by the Financial Accounting Standards Board (FASB) ASC No. 915, Development Stage Entities. Through our subsidiaries, Dermal Diagnostics Limited and Trial Clinic Limited, we perform medical device research and manufacturing specializing in discovering, developing and commercializing a continuous glucose monitoring ("CGM") device which consists of a disposable patch containing a sensor, and a non-disposable miniature electronic watch with a re-chargeable power source.
We currently have one (1) CGM watch product candidate.  Our initial focus has been on the development of a CGM watch that can more efficiently and effectively apply a very small electrical current to the skin, which leads to efficient extraction of glucose from the body into a chamber in the patch. The glucose sensor detects the level of glucose and stores the data on an internal memory platform, as well as displaying the glucose reading on an LCD display.  An alarm is set-off when the reading is 'out of range'.  The effectiveness of the (CGM) in blood sugar control facilitates therapeutic adjustments to avoid hypo-glycemic and hyper-glycemic excursions.
Corporate Structure
We are a holding company organized under the corporate laws of the State of Nevada.  We own 100% of the ordinary shares of Region Green Limited, a British Virgins Islands corporation.  Region Green Limited owns 100% of the shares of Dermal Diagnostics (Holdings) Limited, a corporation formed in England and Wales. Dermal Diagnostics (Holdings) owns 100% of the shares of our two operating entities Dermal Diagnostics Limited and Trial Clinic Limited, both of which were formed in England and Wales.
The following diagram illustrates our corporate and shareholder structure as of the date of this prospectus
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The Offering
This prospectus is related to the resale of up to 20,000,000 shares of Common Stock offered by the selling stockholders identified in the "Selling Stockholders" section on page 19.
Common Stock offered by the selling stockholders
Up to 20,000,000 shares of Common Stock.
Common Stock outstanding prior to the offering
200,000,000
(1)
Common Stock to be outstanding after the offering
200,000,000
Use of proceeds
We will not receive any proceeds from the sale of the Common Stock hereunder.
(1)  Based upon the total number of issued and outstanding shares as of March 26, 2014.
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RISK FACTORS
Investing in our Common Stock involves a high degree of risk. You should carefully consider the risks described below with all of the other information included in this prospectus before making an investment decision. If any of the possible adverse events described below actually occurs, our business, results of operations or financial condition would likely suffer. In such an event, if our shares are listed on a national securities exchange, or quoted in the over the counter markets, the market price of our Common Stock could decline and you could lose all or part of your investment.
Risks Related to Our Product Candidate and Operation
We are a development stage company as defined by the Financial Accounting Standards Board (FASB) ASC No. 915.
We are a development stage company that, since inception, has devoted substantially all of its efforts establishing a new business and while operations have commenced we have generated no revenue from our limited operations.
We are largely dependent on the success of our sole product candidate, the CGM Watch, and we may not be able to successfully commercialize this potential product.
We have incurred and will continue to incur significant costs relating to the development and marketing of our sole
product candidate, the CGM Watch. We have not obtained approval to market this potential product in any jurisdiction and we may never be able to obtain approval or, if approvals are obtained, to commercialize this product successfully.
We have recently begun to direct our efforts toward the expansion of our scientific staff and research capabilities to identify and develop product candidates in addition to the CGM Watch. We do not know whether any preclinical development or clinical trials for this or other product candidates we may develop will begin on time or be completed on schedule, if at all. In addition, we do not know whether any of our potential clinical trials will result in marketable products. We do not anticipate that any additional product candidates will reach the market for at least several years, if at all.
If we fail to successfully commercialize our product(s), we may be unable to generate sufficient revenue to sustain and grow our business, and our business, financial condition and results of operations will be adversely affected.
If we fail to obtain regulatory approval of the CGM Watch or any of our other future products, we will be unable to commercialize these potential products.
The development, testing, manufacturing and marketing of our product is subject to extensive regulation by governmental authorities in Great Britain and the European Union. In particular, the process of obtaining CE approval by a Notified Body, a third party that can carry out a conformity assessment recognized by the European Union, is costly and time consuming, and the time required for such approval is uncertain. Our product must undergo rigorous preclinical and clinical testing and an extensive regulatory approval process mandated for the CE. Such regulatory review includes the determination of manufacturing capability and product performance.  As of the date of this filing we have not applied for CE approval.
We can give no assurance that our current or future products will be approved by the European Union or Great Britain or any other governmental body. In addition, there can be no assurance that all necessary approvals will be granted for future products or that CE review or actions will not involve delays caused by requests for additional information or testing that could adversely affect the time to market for and sale of our product. Further failure to comply with applicable regulatory requirements can, among other things; result in the suspension of regulatory approval as well as possible civil and criminal sanctions.
Failure to enroll patients in our clinical trials may cause delays in developing the CGM Watch or any of our future products.
We may encounter delays in the development and commercialization, or fail to obtain marketing approval, of the CGM Watch or any other future products if we are unable to enroll enough patients to complete clinical trials. Our ability to enroll sufficient numbers of patients in our clinical trials depends on many factors, including the severity of illness of the population, the size of the patient population, the nature of the clinical protocol, the proximity of patients to clinical sites, and the eligibility criteria for the trial and competing clinical trials. Delays in planned patient enrollment may result in increased costs and harm our ability to complete our clinical trials and obtain regulatory approval.
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Delays in clinical testing could result in increased costs to us and delay our ability to generate revenue.
Significant delays in clinical testing could materially adversely impact our product development costs. We do not know whether planned clinical trials will begin on time, will need to be restructured or will be completed on schedule, if at all. Clinical trials can be delayed for a variety of reasons, including delays in obtaining regulatory approval to commence and continue a study, delays in reaching agreement on acceptable clinical study terms with prospective sites, delays in obtaining institutional review board approval to conduct a study at a prospective site and delays in recruiting patients to participate in a study.
Significant delays in testing or regulatory approvals for any of our current or future products, including the CGM Watch, could prevent or cause delays in the commercialization of such product candidates, reduce potential revenues from the sale of such product candidates and cause our costs to increase.
Our clinical trials for any of our current or future products may produce negative or inconclusive results and we may decide, or regulators may require us, to conduct additional clinical and/or preclinical testing for these products or cease our trials.
We will only receive regulatory approval to commercialize a product candidate if we can demonstrate to the satisfaction of the applicable regulatory agency that the product is safe and effective. We do not know whether our future clinical trials will demonstrate safety and efficacy sufficiently to result in marketable products. Because our clinical trials for the CGM Watch may produce negative or inconclusive results, we may decide, or regulators may require us, to conduct additional clinical and/or preclinical testing for this product or cease our clinical trials. If this occurs, we may not be able to obtain approval for this product or our anticipated time to market for this product may be substantially delayed and we may also experience significant additional development costs. We may also be required to undertake additional clinical testing if we change or expand the indications for our product.
If approved, the commercialization of our product, the CGM Watch, may not be profitable due to the need to develop sales, marketing and distribution capabilities, or make arrangements with a third party to perform these functions.
In order for the commercialization of our potential product to be profitable, our product must be cost-effective and economical to manufacture on a commercial scale. Subject to regulatory approval, we expect to incur significant sales, marketing, distribution, and to the extent we do not outsource manufacturing, manufacturing expenses in connection with the commercialization of the CGM Watch and our other potential products. We do not currently have a dedicated sales force or manufacturing capability, and we have no experience in the sales, marketing and distribution of medical diagnostic device products. In order to commercialize the CGM Watch or any of our other potential products that we may develop, we must develop sales, marketing and distribution capabilities or make arrangements with a third party to perform these functions. Developing a sales force is expensive and time-consuming, and we may not be able to develop this capacity. If we are unable to establish adequate sales, marketing and distribution capabilities, independently or with others, we may not be able to generate significant revenue and may not become profitable. Our future profitability will depend on many factors, including, but not limited to:
·
the costs and timing of developing a commercial scale manufacturing facility or the costs of outsourcing the manufacturing of the CGM Watch;
·
receipt of regulatory approval of the CGM Watch;
·
the terms of any marketing restrictions or post-marketing commitments imposed as a condition of approval by regulatory authorities;
·
the costs of filing, prosecuting, defending and enforcing any patent claims and other intellectual property rights;
·
costs of establishing sales, marketing and distribution capabilities;
·
the effect of competing technological and market developments; and
·
the terms and timing of any collaborative, licensing and other arrangements that we may establish.
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Even if we receive regulatory approval for the CGM Watch or any other product candidates, we may never receive significant revenues from any of them. To the extent that we are not successful in commercializing our potential products, we will incur significant additional losses if we do not successfully commercialize our products.
Our proprietary rights may not adequately protect our intellectual property and product and if we cannot obtain adequate protection of our intellectual property and product, we may not be able to successfully market our product.
Our commercial success will depend in part on obtaining and maintaining intellectual property protection for our technologies and product. We will only be able to protect our technologies and product from unauthorized use by third parties to the extent that valid and enforceable patents cover them, or that other market exclusionary rights apply.
While we have issued enforceable patents covering the CGM Watch, the patent positions of companies like ours can be highly uncertain and involve complex legal and factual questions for which important legal principles remain unresolved. No consistent policy regarding the breadth of claims allowed in such companies' patents has emerged to date in Great Britain and the European Union. The general patent environment outside the United States involves significant uncertainty. Accordingly, we cannot predict the breadth of claims that may be allowed or that the scope of these patent rights would provide a sufficient degree of future protection that would permit us to gain or keep our competitive advantage with respect to this product and technology. Additionally, companies like ours are dependent on creating a pipeline of products. We may not be able to develop additional proprietary technologies or products that produce commercially viable products or that are themselves patentable.
Our issued patents may be subject to challenge and possibly invalidated by third parties. Changes in either the patent laws or in the interpretations of patent laws in Great Britain or the European Union or other countries may diminish the market exclusionary ability of our intellectual property.
In addition, others may independently develop similar or alternative technologies that may be outside the scope of our intellectual property. Should third parties obtain patent rights to similar technology, this may have an adverse effect on our business.
To the extent that consultants or key employees apply technological information independently developed by them or by others to our product, disputes may arise as to the proprietary rights of the information, which may not be resolved in our favor. Consultants and key employees that work with our confidential and proprietary technologies are required to assign all intellectual property rights in their discoveries to us. However, these consultants or key employees may terminate their relationship with us, and we cannot preclude them indefinitely from dealing with our competitors. If our trade secrets become known to competitors with greater experience and financial resources, the competitors may copy or use our trade secrets and other proprietary information in the advancement of their products, methods or technologies. If we were to prosecute a claim that a third party had illegally obtained and was using our trade secrets, it would be expensive and time consuming and the outcome would be unpredictable. In addition, courts in Great Britain and the European Union are sometimes less willing to protect trade secrets than courts in the United States. Moreover, if our competitors independently develop equivalent knowledge, we would lack any contractual claim to this information, and our business could be harmed.
Our ability to commercialize our product will depend on our ability to sell such products without infringing the patent or proprietary rights of third parties. If we are sued for infringing intellectual property rights of third parties, such litigation will be costly and time consuming and an unfavorable outcome would have a significant adverse effect on our business.
Our ability to commercialize our product will depend on our ability to sell such products without infringing the patents or other proprietary rights of third parties. Third-party intellectual property in the field of diagnostic medical devices is complicated, and third-party intellectual property rights in this field are continuously evolving. We have not performed searches for third-party intellectual property rights that may raise freedom-to-operate issues, and we have not obtained legal opinions regarding commercialization of our product other than patent research prior to the filing of our patent applications, and search and examination reports from the respective patent examination offices.
In addition, because patent applications are published months after their filing, and because applications can take several years to issue, there may be currently pending third-party patent applications that are unknown to us, which may later result in issued patents. If a third-party claims that we infringe on its patents or other proprietary rights, we could face a number of issues that could seriously harm our competitive position, including:
·
infringement claims that, with or without merit, can be costly and time consuming to litigate, can delay the regulatory approval process and can divert management
'
s attention from our core business strategy;
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substantial damages for past infringement which we may have to pay if a court determines that our products or technologies infringe upon a competitor
'
s patent or other proprietary rights;
·
if a license is available from a holder, we may have to pay substantial royalties or grant cross licenses to our patents or other proprietary rights; and
·
Re-designing our process so that it does not infringe the third-party intellectual property, which may not be possible, or which may require substantial time and expense including delays in bringing our own products to market.
Such actions could harm our competitive position and our ability to generate revenue and could result in increased costs.
Nemaura Medical Inc. is an Emerging Growth Company (EGC) as defined under the Jumpstart Our Business Startups (JOBS) Act.
An "emerging growth company" is an issuer whose initial public offering was or will be completed after Dec. 8, 2011, and had total annual gross revenues of less than $1 billion during its most recently completed fiscal year. An issuer's EGC status terminates on the earliest of:
•
The last day of the first fiscal year of the issuer during which it had total annual gross revenues of $1 billion or more;
•
The last day of the fiscal year of the issuer following the fifth anniversary of the date of the issuer's initial public offering;
•
The date on which such issuer has issued more than $1 billion in non-convertible debt securities during the prior three-year period determined on a rolling basis; or
•
The date on which the issuer is deemed to be a "large accelerated filer" under the Exchange Act, which means, among other things, that it has a public float in excess of $700 million.
Pursuant to the JOBS Act of 2012, as an emerging growth company the Company can elect to opt out of the extended transition period for any new or revised accounting standards that may be issued by the PCAOB or the SEC. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the standard for the private company. This may make comparison of the Company's financial statements with any other public company which is not either an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible as possible different or revised standards may be used.
The Company has elected to use the extended transition period for complying with new or revised financial accounting standards available under Section 102(b)(2)(B) of the Act. Among other things, this means that the Company's independent registered public accounting firm will not be required to provide an attestation report on the effectiveness of the Company's internal control over financial reporting so long as it qualifies as an emerging growth company, which may increase the risk that weaknesses or deficiencies in the internal control over financial reporting go undetected. Likewise, so long as it qualifies as an emerging growth company, the Company may elect not to provide certain information, including certain financial information and certain information regarding compensation of executive officers that would otherwise have been required to provide in filings with the SEC, which may make it more difficult for investors and securities analysts to evaluate the Company. As a result, investor confidence in the Company and the market price of its common stock may be adversely affected.
As an Emerging Growth Company our investors could suffer the loss of their investment in the event of a downturn of the economy, the loss of one or more of the Officers or Directors, broad market fluctuations, or revenues and operating results falling below our expectations.
If our product, the CGM Watch, does not gain market acceptance among physicians, patients and the medical community, we will be unable to generate significant revenue, if any.
The CGM Watch that we developed may not achieve market acceptance among physicians, patients, third-party payers and others in the medical community. If we receive the regulatory approvals necessary for commercialization, the degree of market acceptance will depend upon a number of factors, including:
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limited indications of regulatory approvals;
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the establishment and demonstration in the medical community of the clinical efficacy and safety of our product and its potential advantages over existing diagnostic medical devices;
·
the prevalence and severity of any side effects;
·
our ability to offer our product at an acceptable price;
·
the relative convenience and ease of use of our product;
·
the strength of marketing and distribution support; and
·
sufficient third-party coverage or reimbursement.
The market may not accept the CGM Watch based on any number of the above factors. If the CGM Watch is approved, there may be other therapies available which directly compete for the same target market. The market may choose to continue utilizing the existing products for any number of reasons, including familiarity with or pricing of these existing products. The failure of any of our product to gain market acceptance could impair our ability to generate revenue, which could have a material adverse effect on our future business,
We have no commercial manufacturing facility for our CGM Watch and no experience in manufacturing products for commercial purposes and the failure to find manufacturing partners or create a manufacturing facility ourselves could have an adverse impact on our ability to grow our business.
We have no commercial manufacturing facility for the CGM Watch and no experience in manufacturing commercial quantities of our product. As such, we are dependent on third parties to supply our product according to our specifications, in sufficient quantities, on time, in compliance with appropriate regulatory standards and at competitive prices. We cannot be sure that we will be able to obtain an adequate supply of our product candidates on acceptable terms, or at all.
Manufacturers supplying diagnostic medical devices must comply with regulations which require, among other things, compliance with evolving regulations under Medical Device Directives stipulated under ISO13485. The manufacturing of products at any facility will be subject to strict quality control, testing and record keeping requirements, and continuing obligations regarding the submission of safety reports and other post-market information. Both the sensor and patch manufacturing facilities for the CGM Watch are currently ISO13485 certified. We cannot guarantee that the facilities will continue to pass regulatory inspection, or that future changes to ISO13485 standards will not also affect the manufactures of the sensors and patches.
If we fail to attract and retain senior management, consultants, advisors and scientific and technical personnel, our product development and commercialization efforts could be impaired.
Our performance is substantially dependent on the performance of our senior management and key scientific and technical personnel, particularly Dr. Dewan Fazlul Hoque Chowdhury, President, Chairman and Chief Executive Officer. Although we have entered into an employment agreement with Dr. Chowdhury, there is no assurance that he will remain in our employ for the entire term of such employment agreement. The loss of the services of any member of our senior management or our scientific or technical staff may significantly delay or prevent the development of our product and other business objectives by diverting management's attention to transition matters and identification of suitable replacements, if any, and could have a material adverse effect on our business, operating results and financial condition.
We also rely on consultants and advisors to assist us in formulating our research and development strategy. All of our consultants and advisors are either self-employed or employed by other organizations, and they may have conflicts of interest or other commitments, such as consulting or advisory contracts with other organizations, that may affect their ability to contribute to us.
In addition, we believe that we will need to recruit additional executive management and scientific and technical personnel. There is currently intense competition for skilled executives and employees with relevant scientific and technical expertise, and this competition is likely to continue. The inability to attract and retain sufficient scientific, technical and managerial personnel could limit or delay our product development efforts, which would adversely affect the development of our product and commercialization of our potential product and growth of our business.
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We expect to expand our research, development, clinical research and marketing capabilities and, as a result, we may encounter difficulties in managing our growth, which could disrupt our operations.
We expect to have significant growth in expenditures, the number of our employees and the scope of our operations, in particular with respect to those potential products that we elect to commercialize independently or together with others. To manage our anticipated future growth, we must continue to implement and improve our managerial, operational and financial systems, expand our facilities and continue to train qualified personnel. Due to our limited resources, we may not be able to effectively manage the expansion of our operations or train additional qualified personnel. The physical expansion of our operations may lead to significant costs and may divert our management and business development resources. Any inability to manage growth could delay the execution of our business plan or disrupt our operations.
We will need to raise additional funds in order to finance the anticipated commercialization of our product by incurring indebtedness, through collaboration and licensing arrangements, or by issuing securities which may cause dilution to existing stockholders, or require us to relinquish rights to our technologies and our product.
Developing our product, conducting clinical trials, establishing manufacturing facilities and developing marketing and distribution capabilities is expensive. We will need to finance future cash needs through additional public or private equity offerings, debt financings or corporate collaboration and licensing arrangements. We cannot be certain that additional funding will be available to us on acceptable terms, or at all. If adequate funds are not available, we may be required to delay, reduce the scope of, or eliminate one or more of our research or development programs or our commercialization efforts. To the extent that we raise additional funds by issuing equity securities, our stockholders may experience dilution. To the extent that we raise additional funds through collaboration and licensing arrangements, it may be necessary to relinquish some rights to our technologies or our product or grant licenses on terms that are not favorable to us.
We have a limited operating history and you should not rely on our historical financial data as an indicator of our future financial performance.
We have a limited operating history in the medical device industry. You should consider our business and prospects in light of the risks and difficulties we face with our limited operating history and should not rely on our past results as an indication of our future performance. In particular, we may face challenges in planning our growth strategy and forecasting market demand accurately as a result of our limited historical data and limited experience in implementing and evaluating our business strategies. If we are unable to successfully address these risks, difficulties and challenges as a result of our limited operating history, our ability to implement our strategic initiatives could be adversely affected, which may in turn have a material adverse effect on our business, financial condition, results of operations and prospects.
We have a history of losses and may not achieve or maintain profitability.
We have incurred net losses every year since our inception in 2009 and have generated minimal revenue during the development stage from product sales or licenses to date. As of December 31, 2013, we had a deficit accumulated during the development stage of approximately $2,579,764. We may expect to incur losses for the next several years and cannot be certain that we will ever achieve profitability. As a result, our business is subject to all of the risks inherent in the development of a new business enterprise, such as the risk that we may not obtain substantial additional capital needed to support the expenses of developing our technology and commercializing our potential products; develop a market for our potential products; successfully transition from a company with a research focus to a company capable of either manufacturing and selling potential products or profitably licensing our potential products to others; and/or attract and retain qualified management, technical and scientific staff.
We currently have not generated any revenue from product sales and may never become profitable.
To date, we have generated no revenue for product sales and we do not know when or if our product will generate revenue. Our ability to generate revenue depends on a number of factors, including our ability to successfully complete clinical trials for the CGM Watch and obtain regulatory approval to commercialize these potential products. Even then, we will need to establish and maintain sales, marketing, distribution and to the extent we do not outsource manufacturing, manufacturing capabilities. We plan to rely on one or more strategic collaborators to help generate revenues in markets outside of Great Britain however, we cannot be sure that our collaborators, if any, will be successful. Our ability to generate revenue will also be impacted by certain challenges, risks and uncertainties frequently encountered in the establishment of new technologies and products in emerging markets and evolving industries. These challenges include our ability to:
·
execute our business model;
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create brand recognition;
·
manage growth in our operations;
·
create a customer base cost-effectively;
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retain customers;
·
access additional capital when required; and
·
attract and retain key personnel.
We cannot be certain that our business model will be successful or that it will successfully address these and other challenges, risks and uncertainties. If we are unable to generate significant revenue, we may not become profitable, and we may be unable to continue our operations. Even if we are able to commercialize the CGM Watch, we may not achieve profitability for at least several years, if at all, after generating material revenue. However, we believe that we do not have sufficient cash to fund operations for a minimum of 12 months.
Fluctuations in foreign exchange rates may adversely affect our financial condition and results of operations.
Our functional currency is the Great Britain Pound Sterling ("GBP").  The reporting currency is the United States dollar (US$).  Income and expenditures are translated at the average exchange rates prevailing during the reporting period.  Assets and liabilities are translated at the exchange rates as of balance sheet date.  Stockholder's equity is translated into United States dollars from GBP at historical exchange rates.  Currency fluctuations and restrictions on currency exchange may adversely affect our business, including limiting our ability to convert GBP into foreign currencies and, if the GBP were to decline in value, reducing our revenue in U.S. dollar terms.  To the extent the U.S. dollar strengthens against foreign currencies, the translation of these foreign currencies denominated transactions results in reduced revenue, operating expenses and net income for our international operations. Similarly, to the extent the U.S. dollar weakens against foreign currencies, the translation of these foreign currency denominated transactions results in increased revenue, operating expenses and net income for our international operations. We are also exposed to foreign exchange rate fluctuations as we convert the financial statements of our foreign subsidiaries into U.S. dollars in consolidation. If there is a change in foreign currency exchange rates, the conversion of the foreign subsidiaries' financial statements into U.S. dollars will lead to a translation gain or loss which is recorded as a component of other comprehensive income. We have not entered into agreements or purchased instruments to hedge our exchange rate risks. The availability and effectiveness of any hedging transaction may be limited and we may not be able to successfully hedge our exchange rate risks.
Risks Related to Our Industry
Our competitors may develop products that are less expensive, safer or more effective, which may diminish or eliminate the commercial success of any potential products that we may commercialize.
If our competitor's market products that are less expensive, safer or more effective than our future products developed from our product candidates, or that reach the market before our products, we may not achieve commercial success. For example, if approved, the CGM Watch's primary competition in the glucose monitoring device setting will be companies such as Abbott, Dexcom, Echo and Medtronic who produce glucose monitoring devices.   The market may choose to continue utilizing the existing products for any number of reasons, including familiarity with or pricing of these existing products. The failure of our product to compete with products marketed by our competitors would impair our ability to generate revenue, which would have a material adverse effect on our future business, financial condition and results of operations.
We expect to compete with several companies including Abbott, Dexcom, Echo and Medtronic, and our competitors may:
·
develop and market products that are less expensive or more effective than our future product;
·
commercialize competing products before we can launch any products developed from our product candidate;
·
operate larger research and development programs or have substantially greater financial resources than we do;
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initiate or withstand substantial price competition more successfully than we can;
·
have greater success in recruiting skilled technical and scientific workers from the limited pool of available talent;
·
more effectively negotiate third-party licenses and strategic relationships; and
·
take advantage of acquisition or other opportunities more readily than we can.
We expect to compete for market share against large medical diagnostic device manufacturing companies, smaller companies that are collaborating with larger companies, new companies, and other public and private research organizations.
In addition, our industry is characterized by rapid technological change. Because our research approach integrates many technologies, it may be difficult for us to stay abreast of the rapid changes in each technology. If we fail to stay at the forefront of technological change, we may be unable to compete effectively. Our competitors may render our technologies obsolete by advances in existing technological approaches or the development of new or different approaches, potentially eliminating the advantages in our product discovery process that we believe we derive from our research approach and proprietary technologies.
The use of hazardous materials in our operations may subject us to environmental claims or liabilities.
Our research and development activities involve the use of hazardous chemical materials. Injury or contamination from these materials may occur and we could be held liable for any damages, which could exceed our available financial resources. This liability could materially adversely affect our business, financial condition and results of operations.
We are subject to laws and regulations governing the use, manufacture, storage, handling and disposal of hazardous materials and waste products. We may be required to incur significant costs to comply with environmental laws and regulations in the future that could materially adversely affect our business, financial condition and results of operations.
If we fail to comply with extensive regulations enforced by regulatory agencies with respect to diagnostic medical device products, the commercialization of our product could be prevented, delayed or halted.
Research, preclinical development, clinical trials, manufacturing and marketing of our product is subject to extensive regulation by various government authorities. We have not received marketing approval for the CGM Watch. The process of obtaining the required regulatory approvals is lengthy and expensive, and the time required for such approvals is uncertain. The approval process is affected by such factors as:
·
the indication and claims of the diagnostic device;
·
the quality of submission relating to the product;
·
the product
'
s clinical efficacy and safety;
·
the manufacturing facility compliance;
·
the availability of alternative devices;
·
the risks and benefits demonstrated in clinical trials; and
·
the patent status and marketing exclusivity rights of certain innovative products.
Any regulatory approvals that we or our partners receive for our product may also be subject to limitations on the indicated uses for which the product may be marketed or contain requirements for potentially costly post-marketing follow-up studies. The subsequent discovery of previously unknown problems with the product, including adverse events of unanticipated severity or frequency, may result in restrictions on the marketing of the product and withdrawal of the product from the market.
Manufacturing, labeling, storage and distribution activities also are subject to strict regulation and licensing by government authorities. The manufacturing facilities for our product will be subject to periodic inspection by the regulatory authorities and from time to time, these agencies may send notice of deficiencies as a result of such inspections. Our failure or the failure of our
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manufacturing facilities, to continue to meet regulatory standards or to remedy any deficiencies could result in corrective action by the authorities, including the interruption or prevention of marketing, closure of our manufacturing facilities, and fines or penalties.
Regulatory authorities also will require post-marketing surveillance to monitor and report potential adverse effects of our product. If approved, any of our products' subsequent failure to comply with applicable regulatory requirements could, among other things, result in warning letters, fines, suspension or revocation of regulatory approvals, product recalls or seizures, operating restrictions, injunctions and criminal prosecutions.
Government policies may change and additional government regulations may be enacted that could prevent or delay regulatory approval of our product. We cannot predict the likelihood, nature or extent of adverse government regulation that may arise from future legislation or administrative action. If we are not able to maintain regulatory compliance, we might not be permitted to market our product and our business could suffer.
In the future, we intend to distribute and sell our product outside of the United Kingdom and the European Union, which will subject us to further regulatory risk.
In addition to seeking approval from the United Kingdom and the European Union for the CGM Watch, we will seek regulatory approval from the FDA in the United States to market the CGM Watch. We may in the future also seek approvals for additional countries. The regulatory review process varies from country to country, and approval by foreign government authorities is unpredictable, uncertain and generally expensive. The ability to market our product could be substantially limited due to delays in receipt of, or failure to receive, the necessary approvals or clearances.  Marketing of our product in these countries, and in most other countries, is not permitted until we have obtained required approvals or exemptions in each individual country. Failure to obtain necessary regulatory approvals could impair our ability to generate revenue from international sources.
Market acceptance of our product will be limited if users are unable to obtain adequate reimbursement from third-party payers.
Government health administration authorities, private health insurers and other organizations generally provide reimbursement for products like our product and our commercial success will depend in part on these third-party payers agreeing to reimburse patients for the costs of our product. Even if we succeed in bringing our product to market, we cannot assure you that third-party payers will consider our product cost effective or provide reimbursement in whole or in part for its use.
Significant uncertainty exists as to the reimbursement status of newly approved health care products. Our product is intended to replace or alter existing therapies or procedures. These third-party payers may conclude that our product is less safe, effective or cost-effective than these existing therapies or procedures. Therefore, third-party payers may not approve our product for reimbursement.
If third-party payers do not approve our product for reimbursement or fail to reimburse for them adequately, sales will suffer as some physicians or their patients will opt for a competing product that is approved for reimbursement or is adequately reimbursed. Even if third-party payers make reimbursement available, these payers' reimbursement policies may adversely affect our ability and the ability of our potential collaborators to sell our product on a profitable basis.
The trend toward managed healthcare, the growth of organizations such as health maintenance organizations and legislative proposals to reform healthcare and government insurance programs could significantly influence the purchase of healthcare services and products, resulting in lower prices and reduced demand for our product which could adversely affect our business, financial condition and results of operations.
In addition, legislation and regulations affecting the pricing of our product may change in ways adverse to us before or after the regulatory agencies approve our product for marketing. While we cannot predict the likelihood of any of these legislative or regulatory proposals, if any government or regulatory agencies adopt these proposals, they could materially adversely affect our business, financial condition and results of operations.
Product liability claims may damage our reputation and, if insurance proves inadequate, the product liability claims may harm our business.
We may be exposed to the risk of product liability claims that is inherent in the diagnostic medical device. A product liability claim may damage our reputation by raising questions about our product's safety and efficacy and could limit our ability to sell our product by preventing or interfering with commercialization of our product.
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In addition, product liability insurance for our industry is generally expensive to the extent it is available at all. There can be no assurance that we will be able to obtain and maintain such insurance on acceptable terms or that we will be able to secure increased coverage if the commercialization of our product progresses, or that future claims against us will be covered by our product liability insurance. Moreover, there can be no assurance that any product liability coverage from any insurance policy and/or any rights of indemnification and contribution that we may have will offset any future claims. We currently do not maintain product liability insurance. A successful claim against us with respect to uninsured liabilities and not subject to any indemnification or contribution could have a material adverse effect on our business, financial condition and results of operations.
We could be negatively impacted by the application or enforcement of fraud and abuse laws, including anti-kickback laws and other anti-referral laws.
We are not aware of any current business practice which is in violation of any fraud and abuse law. However, continued vigilance to assure compliance with all potentially applicable laws will be a necessary expense associated with product development. For example, all product marketing efforts must be strictly scrutinized to assure that they are not associated with improper remunerations to referral sources in violation of any anti-kickback statutes. Remunerations may include potential future activities for our product, including discounts, rebates and bundled sales, which must be appropriately structured to take advantage of statutory and regulatory "safe harbors." From time to time we may engage physicians in consulting activities. In addition, we may decide to sponsor continuing medical education activities for physicians or other medical personnel. We also may award or sponsor study grants to physicians from time to time. All relationships with physicians, including consulting arrangements, continuing medical education and study grants, must be similarly reviewed for compliance with any anti-kickback statute to assure that remuneration is not provided in return for referrals. Patient inducements may also be unlawful. Inaccurate reports of product pricing, or a failure to provide a product at an appropriate price to various governmental entities, could also serve as a basis for an enforcement action under various theories.
Claims which are "tainted" by virtue of kickbacks or a violation of self-referral rules may be alleged as false claims if other elements of a violation are established. Because our potential customers may seek payments from healthcare programs for our product, even during the clinical trial stages, we must assure that we take no actions which could result in the submission of false claims. For example, free product samples which are knowingly or with reckless disregard billed to healthcare programs could constitute false claims. If the practice was facilitated or fostered by us, we could be liable. Moreover, inadequate accounting for or a misuse of grant funds used for product research and development could be alleged as a violation of relevant statutes.
The risk of our being found in violation of these laws is increased by the fact that many of them have not been fully interpreted by the regulatory authorities or the courts, and their provisions are open to a variety of interpretations, and additional legal or regulatory change.
Risks Related to Our Common Stock
Our stock price may be volatile.
The stock market, particularly in recent years, has experienced significant volatility particularly with respect to pharmaceutical, biotechnology and other diagnostic medical device company stocks. The volatility of pharmaceutical, biotechnology and other diagnostic medical device company stocks often does not relate to the operating performance of the companies represented by the stock. Factors that could cause this volatility in the market price of our Common Stock include:
·
results from and any delays in our clinical trials;
·
failure or delays in entering our product into clinical trials;
·
failure or discontinuation of any of our research programs;
·
delays in establishing new strategic relationships;
·
delays in the development or commercialization of our product;
·
market conditions in the diagnostic medical device sectors and issuance of new or changed securities analysts
'
reports or recommendations;
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·
actual and anticipated fluctuations in our financial and operating results;
·
developments or disputes concerning our intellectual property or other proprietary rights;
·
introduction of technological innovations or new commercial products by us or our competitors;
·
issues in manufacturing our product;
·
market acceptance of our product;
·
third-party healthcare reimbursement policies;
·
regulatory actions affecting us or our industry;
·
litigation or public concern about the safety of our product; and
·
additions or departures of key personnel.
These and other external factors may cause the market price and demand for our Common Stock to fluctuate substantially, which may limit or prevent investors from readily selling their shares of Common Stock and may otherwise negatively affect the liquidity of our Common Stock. In the past, when the market price of a stock has been volatile, holders of that stock have instituted securities class action litigation against the company that issued the stock. If any of our stockholders brought a lawsuit against us, we could incur substantial costs defending the lawsuit. Such a lawsuit could also divert the time and attention of our management.
We have not paid and may not pay any dividends on our Common Stock.
We have paid no dividends on our Common Stock to date and may not pay dividends to holders of our Common Stock in the foreseeable future. While our future dividend policy will be based on the operating results and capital needs of the business, it is currently anticipated that any earnings will be retained to finance our future expansion and for the implementation of our business plan. As an investor, you should take note of the fact that a lack of a dividend can further affect the market value of our stock, and could significantly affect the value of any investment in our Company.
We will be subject to the reporting requirements of federal securities laws. This can be expensive and may divert resources from other projects, and thus impairing our ability to grow.
We will be subject to the information and reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and other federal securities laws, including compliance with the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act").  The costs of preparing and filing annual and quarterly reports, proxy statements and other information with the SEC (including reporting of any Merger that may occur in the future) and furnishing audited reports to stockholders will cause our expenses to be higher than they would have been if we had remained privately held.
If we fail to establish and maintain an effective system of internal control, we may not be able to report our financial results accurately or to prevent fraud. Any inability to report and file our financial results accurately and timely could harm our reputation and adversely impact the trading price of our Common Stock.
Upon completion of this offering, we will be subject to reporting obligations under the U.S. securities laws. The Securities and Exchange Commission, or the SEC, as required by Section 404 of the Sarbanes- Oxley Act of 2002, or the Sarbanes-Oxley Act, adopted rules requiring every public company to include a management report on such company's internal control over financial reporting in its annual report, which contains management's assessment of the effectiveness of the company's internal control over financial reporting.  Our management may conclude that our internal control over our financial reporting is not effective Our reporting obligations as a public company will place a significant strain on our management, operational and financial resources and systems for the foreseeable future.
Prior to this offering, we have been a private company with a short operating history and limited accounting personnel and other resources with which to address our internal control and procedures over financial reporting.  We have identified material weaknesses, which include (i) the limited segregation of duties and a lack of sufficient personnel with an appropriate level of accounting
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knowledge, experience and training in the application of US GAAP commensurate with our financial reporting requirements; (ii) insufficient policies and procedures relating to the consistent development, maintenance and retention of documentation to support the amounts and the disclosures in the financial statements.  We will continue to implement measures to remedy these material weaknesses as well as other deficiencies.  If we fail to timely achieve and maintain the adequacy of our internal controls, we may not be able to conclude that we have effective internal control over financial reporting. Moreover, effective internal control over financial reporting is necessary for us to produce reliable financial reports and is important to help prevent fraud. As a result, our failure to achieve and maintain effective internal control over financial reporting could result in the loss of investor confidence in the reliability of our financial statements, which in turn could harm our business and negatively impact the market price of our commons stock.
Effective internal control is necessary for us to provide reliable financial reports and prevent fraud. If we cannot provide reliable financial reports or prevent fraud, we may not be able to manage our business as effectively as we would if an effective control environment existed, and our business and reputation with investors may be harmed. As a result, our small size and any current internal control deficiencies may adversely affect our financial condition, results of operation and access to capital. We have not performed an in-depth analysis to determine if historical un-discovered failures of internal controls exist, and may in the future discover areas of our internal control that need improvement.
Public company compliance may make it more difficult to attract and retain officers and directors.
The Sarbanes-Oxley Act and new rules subsequently implemented by the SEC have required changes in corporate governance practices of public companies. As a public company, we expect these new rules and regulations to increase our compliance costs in 2014 and beyond and to make certain activities more time consuming and costly. As a public company, we also expect that these new rules and regulations may make it more difficult and expensive for us to obtain director and officer liability insurance in the future and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified persons to serve on our board of directors or as executive officers.
A limited trading market for our Common Stock may result in limited liquidity for shares of our Common Stock and significant volatility in our stock price.
Our Stock is not quoted on the OTCBB or any other exchange and no assurance can be given that an active public trading market will develop or, if developed, that it will be sustained. The OTCBB is generally regarded as a less efficient and less prestigious trading market than other national markets. There is no assurance if or when our Common Stock will be quoted on the OTCBB or another more prestigious exchange or market. Active trading markets generally result in lower price volatility and more efficient execution of buy and sell orders. The absence of an active trading market reduces the liquidity of our Common Stock.
The market price of our stock is likely to be highly volatile because for some time there will likely be a thin trading market for the stock, which causes trades of small blocks of stock to have a significant impact on our stock price. As a result of the lack of trading activity, the quoted price for our Common Stock on the OTCBB is not necessarily a reliable indicator of its fair market value. Further, if we cease to be quoted, holders of our Common Stock would find it more difficult to dispose of, or to obtain accurate quotations as to the market value of, our Common Stock, and the market value of our Common Stock would likely decline.
Our Common Stock will be deemed a "penny stock," which makes it more difficult for our investors to sell their shares.
Our Common Stock will be subject to the "penny stock" rules adopted under Section 15(g) of the Exchange Act. The penny stock rules generally apply to companies whose common stock is not listed on The Nasdaq Stock Market or other national securities exchange and trades at less than $5.00 per share, other than companies that have had average revenue of at least $6,000,000 for the last three years or that have tangible net worth of at least $5,000,000 ($2,000,000 if the company has been operating for three or more years). These rules require, among other things, that brokers who trade penny stock to persons other than "established customers" complete certain documentation, make suitability inquiries of investors and provide investors with certain information concerning trading in the security, including a risk disclosure document and quote information under certain circumstances. Many brokers have decided not to trade penny stocks because of the requirements of the penny stock rules and, as a result, the number of broker-dealers willing to act as market makers in such securities is limited. If we remain subject to the penny stock rules for any significant period, it could have an adverse effect on the market, if any, for our securities. If our securities are subject to the penny stock rules, investors will find it more difficult to dispose of our securities.
Offers or availability for sale of a substantial number of shares of our Common Stock may cause the price of our Common Stock to decline.
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If our stockholders sell substantial amounts of our Common Stock in the public market upon the expiration of any statutory holding period, under Rule 144, or issued upon the exercise of outstanding options or warrants, it could create a circumstance commonly referred to as an "overhang" and in anticipation of which the market price of our Common Stock could fall. The existence of an overhang, whether or not sales have occurred or are occurring, also could make more difficult our ability to raise additional financing through the sale of equity or equity-related securities in the future at a time and price that we deem reasonable or appropriate.
The interests of Mr. Chowdhury, or the controlling shareholders, may not always coincide with the interests of us and our other shareholders, and the controlling shareholders may exert significant control or substantial influence over us and may take actions that are not in, or may conflict with, public shareholders' best interests.
The controlling shareholders will control the exercise of voting rights of over 50 % of the shares eligible to vote in any of our annual or special meeting.  Therefore, these controlling shareholders will be able to exercise significant influence over all matters that require us to obtain shareholder approval, including the election of directors to our board and approval of significant corporate transactions that we may consider, such as a merger or other sale of our company or its assets.  The controlling shareholders may cause us to take actions that are not in, or may conflict with, the interests of us or the public shareholders. In the case where the interests of the controlling shareholders conflict with those of our other shareholders, or if the controlling shareholders choose to cause us to pursue objectives that would conflict with the interests of our other shareholders, such other shareholders could be left in a disadvantageous position by such actions caused by the controlling shareholders and the price of our common stock could be adversely affected.
FORWARD-LOOKING STATEMENTS
Statements in this prospectus may be "forward-looking statements." Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in this prospectus, including the risks described under "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this prospectus and in other documents which we file with the SEC. In addition, such statements could be affected by risks and uncertainties related to our ability to raise any financing which we may require for our operations, competition, government regulations and requirements, pricing and development difficulties, our ability to make acquisitions and successfully integrate those acquisitions with our business, as well as general industry and market conditions and growth rates, and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this prospectus, except as may be required under applicable securities laws.
USE OF PROCEEDS
We will receive no proceeds from the sale of shares of Common Stock offered by the selling security holders.
DETERMINATION OF THE OFFERING PRICE
Our Common Stock is not traded on any national securities exchange and is not quoted on any over-the-counter market. As a result, the selling stockholders may only sell the shares at a fixed price per share.  If our shares become quoted on the Over-The-Counter Bulletin Board, or are registered on a national securities exchange, the selling stockholders may sell all or a portion of their shares in the over-the-counter market at market prices prevailing at the time of sale, or related to the market price at the time of sale, or at other negotiated prices.  Our offering price was based on the last price per share sold in a private offering.
SELLING STOCKHOLDERS
This prospectus includes 20,000,000 shares of Common Stock offered for resale by the selling stockholders identified below.  The selling stockholders acquired their shares from the Company in private transactions.  We are registering the shares to permit the selling stockholders and their pledgees, donees, transferees and other successors-in-interest that receive their shares from a selling
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stockholder as a gift, partnership distribution or other non-sale related transfer after the date of this prospectus to resell the shares when and as they deem appropriate in the manner described in the "Plan of Distribution".
The following table details the names of the selling stockholders, the number of shares owned by the selling stockholders, and the number of shares that may be offered by the selling stockholders for resale under this prospectus. The number and percentage of shares beneficially owned is determined in accordance with Rule 13d-3 of the Exchange Act and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rule, beneficial ownership includes any shares as to which the selling stockholder has sole or shared voting power or investment power and also any shares, which the selling stockholder has the right to acquire within 60 days. Applicable percentage ownership is based on 200,000,000 shares of Common Stock outstanding as of March 26, 2014, together with securities exercisable or convertible into shares of Common Stock within 60 days of such date for the stockholder. Number and percentage owned after the offering assumes the sale of all or none of the shares offered under this prospectus. All shares of Common Stock offered under this prospectus are currently issued and outstanding.  Not all of our shareholders have registered shares in this offering.
The selling stockholders may sell up to 20,000,000 shares of our Common Stock from time to time in one or more offerings under this prospectus. Because the selling stockholders may offer all, some or none of the shares they hold, and because, based upon information provided to us, there are currently no agreements, arrangements, or understandings with respect to the sale of any of the shares, no definitive estimate as to the number of shares that will be held by the selling stockholders after the offering can be provided. The following table has been prepared on the assumption that all or none of the shares offered under this prospectus will be sold to parties unaffiliated with the selling stockholders.  With the exception of Mr. Chowdhury, none of the selling stockholders has been an officer or director of us or any of our predecessors or affiliates within the last three years, nor has any selling stockholder had a material relationship with us except as described in the footnotes below.
Name of Selling Security Holder
Shares Beneficially Owned Prior to Offering
Maximum Number of Shares to be Sold
Amount of Securities Owned After the Offering
3
Percentage of Securities Owned After the Offering
3
Addjab Limited
7
1,200,000
1,200,000
-0-
-0-
Adeeba Ahmed
3,000
3,000
-0-
-0-
Afzul Mohmud
3,000
3,000
-0-
-0-
Ahmed Dadibhai
3,000
3,000
-0-
-0-
Amaira Badat
3,000
3,000
-0-
-0-
Ambreen Hussain
3,000
3,000
-0-
-0-
Ammaar Mohmud
3,000
3,000
-0-
-0-
Anis Jamall
3,000
3,000
-0-
-0-
Asif Mohmud
3,000
3,000
-0-
-0-
Charles Heard
3,000
3,000
-0-
-0-
David Scott
3,000
3,000
-0-
-0-
Dewan M. H. Chowdhury
4,136,875
4,136,875
-0-
-0-
Dominic Slattery
10,000
10,000
-0-
-0-
East Yield Investment Ltd.
4
2,347,000
2,347,000
-0-
-0-
Faheema Mohmud
3,000
3,000
-0-
-0-
Fazila Timol
200,000
200,000
-0-
-0-
Fortune Lake Mgmt. Ltd.
6
2,347,000
2,347,000
-0-
-0-
Hafsa Bibi Timol
3,000
3,000
-0-
-0-
Hasan Dadibhai
3,000
3,000
-0-
-0-
Hayat Ouziad
3,000
3,000
-0-
-0-
Ibrahaim Patel
3,000
3,000
-0-
-0-
Ismail Makda
3,000
3,000
-0-
-0-
Julie Barton-Naylor
3,000
3,000
-0-
-0-
Julie Pomeroy
3,000
3,000
-0-
-0-
Jumaid Jamall
3,000
3,000
-0-
-0-
Junaid Mansoor
3,000
3,000
-0-
-0-
Karmen Cheung
3,000
3,000
-0-
-0-
Karrar Khan
3,000
3,000
-0-
-0-
Kathryn Farrar
3,000
3,000
-0-
-0-
Khadija Dadibhai
3,000
3,000
-0-
-0-
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Michael Daniels
165,000
165,000
-0-
-0-
Mohammed Zakir Shaikh
3,000
3,000
-0-
-0-
Muhammad Dadibahi
3,000
3,000
-0-
-0-
Museji Takolia
3,000
3,000
-0-
-0-
Nafeesah Munshi
3,000
3,000
-0-
-0-
Nasira Hasani
3,000
3,000
-0-
-0-
Noorjehan Takolia
3,000
3,000
-0-
-0-
Oves Timol
200,000
200,000
-0-
-0-
Pine Capital Asset Mgt. Inc.
5
7,141,000
7,141,000
-0-
-0-
Rabia Ismail
3,000
3,000
-0-
-0-
Richard Freeman
3,000
3,000
-0-
-0-
Richard Toon
3,000
3,000
-0-
-0-
Riyaz Timol
1,697,125
1,697,125
-0-
-0-
Robert Carson
3,000
3,000
-0-
-0-
Ruksana Khan
3,000
3,000
-0-
-0-
Safira Mohmud
3,000
3,000
-0-
-0-
Safiyyah Ahmed
3,000
3,000
-0-
-0-
Saleha Lokhat
200,000
200,000
-0-
-0-
Sameer Hussain
3,000
3,000
-0-
-0-
Sarfaraz Ismail
3,000
3,000
-0-
-0-
Sohail Hasani
3,000
3,000
-0-
-0-
Somaiya Ravat
3,000
3,000
-0-
-0-
Stephen Metcalf
3,000
3,000
-0-
-0-
Suhayl Ismail
3,000
3,000
-0-
-0-
Susan Gibbons
3,000
3,000
-0-
-0-
Tahseen Rehman Minhas
3,000
3,000
-0-
-0-
Vincent Crabtree
3,000
3,000
-0-
-0-
Waliul Islam
3,000
3,000
-0-
-0-
Wasif Hasani
3,000
3,000
-0-
-0-
Yiqing Han
3,000
3,000
-0-
-0-
Yunus Bhayat
3,000
3,000
-0-
-0-
Yusuf Timol
200,000
200,000
-0-
-0-
Zohra Adam
3,000
3,000
-0-
-0-
TOTAL
20,000,000
20,000,000
-0-
-0-
(1)
Under applicable SEC rules, a person is deemed to beneficially own securities which the person has the right to acquire within 60 days through the exercise of any option or warrant or through the conversion of a convertible security. Also under applicable SEC rules, a person is deemed to be the "beneficial owner" of a security with regard to which the person directly or indirectly, has or shares (a) voting power, which includes the power to vote or direct the voting of the security, or (b) investment power, which includes the power to dispose, or direct the disposition, of the security, in each case, irrespective of the person's economic interest in the security. Each listed selling stockholder has the sole investment and voting power with respect to all shares of Common Stock shown as beneficially owned by such selling stockholder, except as otherwise indicated in these footnotes.
(2)
As of March 26, 2014, there were 200,000,000 shares of our Common Stock issued and outstanding. In determining the percent of Common Stock beneficially owned by a selling stockholder as of March 26, 2014, (a) the numerator is the number of shares of Common Stock beneficially owned by such selling stockholder (including the shares that he has the right to acquire within 60 days of March 26, 2014), and (b) the denominator is the sum of the 200,000,000 shares of Common Stock outstanding on March 26, 2014.
(3)
Represents the amount and percentage of shares in the event all of the securities are sold during the offering.
(4)
The beneficial owner, shareholder, Officer and Director is Albert Li.
(5)
The beneficial owners and Officers and Directors are Clarence Chan and Victor Lee.
(6)
The beneficial owner, shareholder, Officer and Director is Wong Lap Woon.
(7)
The beneficial owners are Shakeel Arshad and Farrukh Akram, and the Office and Director is Lindsey Daniels.
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PLAN OF DISTRIBUTION
The selling stockholders, and any of their donees, pledgees, transferees or other successors-in-interest selling shares of Common Stock received after the date of this prospectus from a selling stockholder as a gift, pledge, partnership distribution or other transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of Common Stock on any stock exchange, market or trading facility on which the shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices. We have not been advised of any arrangements by the selling stockholders for the sale of any of the Common Stock owned by them.
The selling stockholders may use any one or more of the following methods when disposing of shares or interests therein:
·
ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;
·
block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction;
·
crosses, where the same broker acts as an agent on both sides of the trade;
·
purchases by a broker-dealer as principal and resale by the broker-dealer for its account;
·
an exchange distribution in accordance with the rules of the applicable exchange;
·
privately negotiated transactions;
·
short sales;
·
through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;
·
broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share;
·
a combination of any such methods of sale; and
·
any other method permitted pursuant to applicable law.
The selling stockholders may, from time to time, pledge or grant a security interest in some or all of the shares of Common Stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of Common Stock, from time to time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of selling stockholders to include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders also may transfer the shares of Common Stock in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus; provided, however, that prior to any such transfer the following information (or such other information as may be required by the federal securities laws from time to time) with respect to each such selling beneficial owner must be added to the prospectus by way of a prospectus supplement or post-effective amendment, as appropriate: (1) the name of the selling beneficial owner; (2) any material relationship the selling beneficial owner has had within the past three years with us or any of our predecessors or affiliates; (3) the amount of securities of the class owned by such security beneficial owner before the transfer; (4) the amount to be offered for the security beneficial owner's account; and (5) the amount and (if one percent or more) the percentage of the class to be owned by such security beneficial owner after the transfer is complete.
Any selling stockholder and any other person participating in a distribution will be subject to applicable provisions of the Exchange Act and the rules and regulations under that statute, including, without limitation, possibly Regulation M. This may limit the timing of purchases and sales of any of the securities by a selling stockholder and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the securities to engage in market-making activities with respect to the securities. All of the foregoing may affect the marketability of the securities and the ability of any person or entity to engage in market-making activities with respect to the securities.
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DESCRIPTION OF SECURITIES TO BE REGISTERED
This prospectus relates to the public offering of up to 20,000,000 shares of Common Stock by the selling stockholders. The total amount of shares consists of 20,000,000 shares of Common Stock that are currently issued and outstanding.
Authorized Capital Stock
We have authorized 420,000,000 shares of capital stock, par value $0.001 per share which are shares of Common Stock.  We have no authorized preferred stock.
Common Stock
The holders of our Common Stock are entitled to one vote per share. In addition, the holders of our Common Stock will be entitled to receive ratably such dividends, if any, as may be declared by our board of directors out of legally available funds; however, the current policy of our board of directors is to retain earnings, if any, for operations and growth. Upon liquidation, dissolution or winding-up, the holders of our Common Stock will be entitled to share ratably in all assets that are legally available for distribution. The holders of our Common Stock will have no preemptive, subscription, redemption or conversion rights.  The holders of our Common Stock do not have cumulative rights in the election of directors. The rights, preferences and privileges of holders of our Common Stock will be subject to, and may be adversely affected by, the rights of the holders of any series of preferred stock, which may be designated solely by action of our board of directors and issued in the future.
Warrants
We have issued no warrants as of the date of this prospectus.
Anti-takeover Effects of Our Articles of Incorporation and By-laws
Our articles of incorporation do not provide any provisions that may have anti-takeover effects, making it more difficult for or preventing a third party from acquiring control of our company or changing our board of directors and management.  The holders of our common stock do not have cumulative voting rights in the election of our directors, which makes it more difficult for minority stockholders to be represented on the board.  The existence of authorized but unissued shares of common stock could render more difficult or discourage an attempt to obtain control of our company by means of a proxy contest, tender offer, merger, or otherwise.
Our By-laws do not provide any provisions that may have anti-takeover effects.
Anti-takeover Effects of Nevada Law
Business Combinations
The "business combination" provisions of Sections 78.411 to 78.444, inclusive, of the Nevada Revised Statutes, or NRS, generally prohibit a Nevada corporation with at least 200 stockholders of record, a "resident domestic corporation," from engaging in various "combination" transactions with any "interested stockholder" unless certain conditions are met or the corporation has elected in its articles of incorporation to not be subject to these provisions.  We have not elected to opt out of these provisions and if we meet the definition of resident Domestic Corporation, now or in the future, our company will be subject to these provisions.
A "combination" is generally defined to include (a) a merger or consolidation of the resident domestic corporation or any subsidiary of the resident domestic corporation with the interested stockholder or affiliate or associate of the interested stockholder; (b) any sale, lease, exchange, mortgage, pledge, transfer, or other disposition, in one transaction or a series of transactions, by the resident domestic corporation or any subsidiary of the resident domestic corporation to or with the interested stockholder or affiliate or associate of the interested stockholder having: (i) an aggregate market value equal to 5% or more of the aggregate market value of the assets of the resident domestic corporation, (ii) an aggregate market value equal to 5% or more of the aggregate market value of all outstanding shares of the resident domestic corporation, or (iii) 10% or more of the earning power or net income of the resident domestic corporation; (c) the issuance or transfer in one transaction or series of transactions of shares of the resident domestic corporation or any subsidiary of the resident domestic corporation having an aggregate market value equal to 5% or more of the resident domestic corporation to the interested stockholder or affiliate or associate of the interested stockholder; and (d) certain other transactions with an interested stockholder or affiliate or associate of the interested stockholder.
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An "interested stockholder" is generally defined as a person who, together with affiliates and associates, owns (or within three years, did own) 10% or more of a corporation's voting stock. An "affiliate" of the interested stockholder is any person that directly or indirectly through one or more intermediaries is controlled by or is under common control with the interested stockholder. An "associate" of an interested stockholder is any (a) corporation or organization of which the interested stockholder is an officer or partner or is directly or indirectly the beneficial owner of 10% or more of any class of voting shares of such corporation or organization; (b) trust or other estate in which the interested stockholder has a substantial beneficial interest or as to which the interested stockholder serves as trustee or in a similar fiduciary capacity; or (c) relative or spouse of the interested stockholder, or any relative of the spouse of the interested stockholder, who has the same home as the interested stockholder.
If applicable, the prohibition is for a period of two years after the date of the transaction in which the person became an interested stockholder, unless such transaction is approved by the board of directors prior to the date the interested stockholder obtained such status; or the combination is approved by the board of directors and thereafter is approved at a meeting of the stockholders by the affirmative vote of stockholders representing at least 60% of the outstanding voting power held by disinterested stockholders; and extends beyond the expiration of the two-year period, unless (a) the combination was approved by the board of directors prior to the person becoming an interested stockholder; (b) the transaction by which the person first became an interested stockholder was approved by the board of directors before the person became an interested stockholder; (c) the transaction is approved by the affirmative vote of a majority of the voting power held by disinterested stockholders at a meeting called for that purpose no earlier than two years after the date the person first became an interested stockholder; or (d) if the consideration to be paid to all stockholders other than the interested stockholder is, generally, at least equal to the highest of: (i) the highest price per share paid by the interested stockholder within the three years immediately preceding the date of the announcement of the combination or in the transaction in which it became an interested stockholder, whichever is higher, plus compounded interest and less dividends paid, (ii) the market value per share of common shares on the date of announcement of the combination and the date the interested stockholder acquired the shares, whichever is higher, plus compounded interest and less dividends paid, or (iii) for holders of preferred stock, the highest liquidation value of the preferred stock, plus accrued dividends, if not included in the liquidation value. With respect to (i) and (ii) above, the interest is compounded at the rate for one-year United States Treasury obligations from time to time in effect.
Applicability of the Nevada business combination statute would discourage parties interested in taking control of our company if they cannot obtain the approval of our board of directors. These provisions could prohibit or delay a merger or other takeover or change in control attempt and, accordingly, may discourage attempts to acquire our company even though such a transaction may offer our stockholders the opportunity to sell their stock at a price above the prevailing market price.
Control Share Acquisitions
The "control share" provisions of Sections 78.411 to 78.444, inclusive, of the Nevada Revised Statutes, apply to "issuing corporations" that are Nevada corporations with at least 200 stockholders of record, including at least 100 stockholders of record who are Nevada residents, and that conduct business directly or indirectly in Nevada, unless the corporation has elected to not be subject to these provisions.
The control share statute prohibits an acquirer of shares of an issuing corporation, under certain circumstances, from voting its shares of a corporation's stock after crossing certain ownership threshold percentages, unless the acquirer obtains approval of the target corporation's disinterested stockholders. The statute specifies three thresholds: (a) one-fifth or more but less than one-third, (b) one-third but less than a majority, and (c) a majority or more, of the outstanding voting power. Generally, once a person acquires shares in excess of any of the thresholds, those shares and any additional shares acquired within 90 days thereof become "control shares" and such control shares are deprived of the right to vote until disinterested stockholders restore the right. These provisions also provide that if control shares are accorded full voting rights and the acquiring person has acquired a majority or more of all voting power, all other stockholders who do not vote in favor of authorizing voting rights to the control shares are entitled to demand payment for the fair value of their shares in accordance with statutory procedures established for dissenters' rights.
A corporation may elect to not be governed by, or "opt out" of, the control share provisions by making an election in its articles of incorporation or bylaws, provided that the opt-out election must be in place on the 10
th
day following the date an acquiring person has acquired a controlling interest, that is, crossing any of the three thresholds described above.  We have not opted out of these provisions and will be subject to the control share provisions of the NRS if we meet the definition of an issuing corporation upon an acquiring person acquiring a controlling interest unless we later opt out of these provisions and the opt out is in effect on the 10
th
day following such occurrence.
The effect of the Nevada control share statute is that the acquiring person, and those acting in association with the acquiring person, will obtain only such voting rights in the control shares as are conferred by a resolution of the stockholders at an annual or special
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meeting of the stockholders.  The Nevada control share law, if applicable, could have the effect of discouraging takeovers of our company based on the following organizational structure.
DESCRIPTION OF BUSINESS
Corporate History Overview
We are a development stage company as defined by the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) No. 915 Development Stage Entities.  Since inception we have devoted substantially all of our efforts establishing a new business and while operations have commenced we have generated no revenue from our limited operations.
We are a holding corporation that owns one hundred percent (100%) of a diagnostic medical device company specializing in discovering, developing and commercializing specialty medical devices.  We were organized on December 24, 2013 under the laws of the State of Nevada.   We own one hundred percent (100%) of Region Green Limited, a British Virgin Islands corporation formed on December 12, 2013.  Region Green Limited owns one hundred percent (100%) of the stock in Dermal Diagnostic (Holdings) Limited, an England and Wales corporation formed on December 11, 2013.  We own one hundred percent (100%) of the stock in Dermal Diagnostics Limited, an England and Wales corporation formed on January 23, 2009 and Trial Clinic Limited, an England and Wales corporation formed on December 1, 2011.
In December 2013, we restructured the company and re-domiciled as a domestic corporation in the United States.  The corporate re-organization was accomplished to preserve the tax advantages under the laws of the England and Wales tax laws for the benefit of the shareholders of both Dermal Diagnostics Limited and Trial Clinic Limited.
Dermal Diagnostics Limited ("DDL"), an England and Wales corporation, is a diagnostic medical device company headquartered in Loughborough, Leicestershire, England. DDL was founded in 2009 to engage in the discovery, development and commercialization of  diagnostic medical devices. The Company's initial focus has been on the development of a novel continuous glucose monitoring (CGM) device which consists of a disposable patch containing a sensor, and a non-disposable miniature electronic watch with a re-chargeable power source. CGM through a non-invasive patch can enable early detection of subtle changes in blood glucose levels.
Manufacturers for our sensors are Parlex,(a division of Johnson Electrics) Isle of White, UK ; Polarseal Limited, Surrey, England for our patches; and CIL Limited located in Andover, UK for the manufacture of our electronics.
Our clinical testing will be conducted by contract clinical research organizations. These will be conducted in various centers around the world to cover a wide demographic – including the Middle East, Asia, and Europe and the USA – all of which are managed by our in-house medical devices director.
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Our business is conducted through our wholly owned subsidiaries Dermal Diagnostics Limited and Trial Clinic Limited. The discussion of our business in this prospectus is that of our current business which is conducted through Dermal Diagnostics Limited and Trial Clinic Limited.  The organizational diagram below shows our current business structure.
Our Products
We currently have one (1) CGM watch product.  The CGM Watch is purely the packaging for the electronics that control and receive feedback from the "sensor-patch" which is our patented technology.  Additionally, we have identified the potential for the CGM watch to be useful in the mobile phone application with wireless data transmission from the watch.  The CGM Watch is a continuous glucose monitoring device which consists of a disposable patch containing a sensor, and a non-disposable miniature electronic watch with a re-chargeable power source. The system applies a very small electrical current to the skin, which leads to efficient extraction of glucose from the body into a chamber in the patch. The glucose sensor detects the level of glucose and stores the data on an internal memory platform, as well as displaying the glucose reading on an LCD display.  An alarm is set-off when the reading is 'out of range'. The technique utilized in this device has been the subject of extensive studies with over twenty (20) clinical reports in the public domain, and is the only non-invasive technique to have been approved by both the FDA and EMEA. The effectiveness of Continuous Glucose Monitoring (CGM) in blood sugar control facilitates the therapeutic adjustments to avoid hypo-glycemic and hyper-glycemic excursions.
Additional applications for the CGM Watch may include:
·
Mobile Phone Application
–
with wireless data transmission from watch;
·
Development of a Web-server accessed by physicians and diabetic professionals to track the condition remotely thereby reducing healthcare costs and managing the condition more effectively;
·
A complete virtual GP that monitors a person
'
s vital signs and transmits results via the web; and
·
With further investment, other patches can be developed which are able to measure alternative analytes, including lactates, uric acid, lithium and drugs.  This would be a step-change in the monitoring of conditions, particularly in the hospital setting.  Lactate monitoring is currently used to determine the relative fitness of professional athletes.
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Our Business Strategy
We are a development stage company as defined by the Financial Accounting Standards Board (FASB) ASC No. 915.  Since inception we have devoted substantially all of our efforts establishing a new business and while operations have commenced we have generated no revenue from our limited operations.  We intend to lead in the discovery, development and commercialization of innovative and targeted diagnostic medical devices that improve disease monitoring, management and overall patient care. We plan to take the following steps to implement our strategy:
·
Seek regulatory approval for the CGM Watch in the United Kingdom and the European Union and in other selective countries including the Middle East.
We plan to perform clinical trials in the United Kingdom and the European Union and Middle East for our product.  If we achieve regulatory approval, we would expect to license our product outside of the United Kingdom and the European Union and may seek regulatory approval in the United States to support our licensing capabilities.
·
Develop our own specialty sales and marketing teams to market the CGM Watch in the United Kingdom and the European Union.
We intend to develop specialty sales teams and/or enter into licensing agreements with established marketing companies for production and distribution of our product in the United Kingdom and the European Union.
·
Expand the indications for which the CGM Watch may be used
. We believe that the CGM Watch may offer other significant benefits other than those found in the non-acute setting for the monitoring of other diseases.
·
Expand our product pipeline through our proprietary platform technologies, acquisitions and strategic licensing arrangements.
We intend to leverage our proprietary platform technologies to grow our portfolio of product candidates for the diagnosis of diabetes and other diseases. In addition, we intend to license our product and acquire products and technologies that are consistent with our research and development and business focus and strategies.
Product Development
Management has extensive experience in regulatory and clinical development of diagnostic medical devices. We intend to take advantage of our extensive clinical research and development experience in the field of diagnostic medical devices in an attempt to increase the probability of product approval.  We believe that while the overall regulatory process for diagnostic medical devices for diabetes is currently similar to those governing other diagnostic devices, the development timelines may be significantly shorter. Whereas typical clinical trials involving pharmaceuticals must be monitored over long periods (often years), diagnostic medical devices for diabetes may take significantly less time to evaluate. This shortened clinical development time relative to pharmaceuticals is a function of the speed with which a diabetes diagnostic medical device can be tested and evaluated for its clinical output, in this case the accuracy with which it can trend blood glucose levels, which is in the order of several hours and days to see the end point, as compared to several months and years where drugs undergo clinical studies. Also, because the results of the absorption of glucose through the patch are instantaneous, the clinical trials do not initially require long term follow-up for primary endpoints that typically may take significant periods of time to evaluate. Accordingly, we believe our clinical trials may enroll quickly and that the evaluable data will be made available to us in similar fashion. When taken together, we believe our experience in the clinical development of diabetes diagnostic medical devices, familiarity with the regulatory approval process in the United Kingdom and the European Union and shorter development times may allow for our first product to emerge onto the commercial markets within 2 years.  As we continue to raise funds for marketing the device in some European Union territories, we will also collaborate with future licensees and marketing partners to achieve our product development and meet our projected milestones.
Product Development Timelines
Milestone
Target Completion Date
Production and safety testing of devices for clinical test
April 31, 2014
Production and testing and verification of up to 100 devices for clinical test
June 30 2014
Ethics approval for clinical testing
June 30, 2014
Submission for first CE approval with first set of claims
August 31, 2014
File algorithm patent in all major global territories
September 30, 2014
Clinical testing phases I to III to define device claims
December 31, 2014
Manufacturing development of devices
December 31, 2014
Manufacturing development of sensors
December 31, 2014
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Market Opportunity for the Company's Products
According to the International Diabetes Federation Diabetes Atlas (the "IDF"), there are approximately 382 million people in the world who have diabetes as of December 2013.  The IDF is predicting that by 2035 this will rise to 592 million people.  The number of people with type 2 diabetes is increasing in every country and currently eighty percent (80%) of people with diabetes live in low- and middle-income countries.  The greatest number of people with diabetes is between 40 and 59 years of age.
Statistics published by the IDF report that diabetes is a huge and growing problem, and the costs to society are high and escalating. In addition, Europe has the highest prevalence of children with type 1 diabetes.
Statistical Data for Diabetes in Europe
2013
2035
Adult population
(20-79 years, millions)
659
669
Diabetes (20 – 79 years)
Regional prevalence (%)
8.5
10.3
Comparative prevalence (%)
6.8
7.1
Number of people with diabetes
(millions)
56.3
68.9
Impaired Glucose Tolerance (20 – 79 years)
Regional prevalence (%)
9.2
11.0
Comparative prevalence (%)
8.1
8.9
Number of people with IGT (millions)
60.6
73.7
Type 1 diabetes (0 – 14 years)
Number of children with type 1
diabetes (thousands)
129.4
-
Number of newly diagnosed cases per year (thousands)
20.0
-
Each year approximately 600,000 people die from diabetes in Europe.
Deaths From Diabetes
Europe has the highest incidence of children with type 1 diabetes according to data supplied from IDF.org. The top five countries for the number of people afflicted with diabetes in Europe are listed in the table below.
Top 5 Countries In Europe For People Afflicted With Diabetes 20-79 Years (2013)
Countries/Territories
Millions
Russian Federation
10.9
Germany
7.6
Turkey
7
Spain
3.8
Italy
3.6
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Type 1 diabetes, once known as juvenile diabetes or insulin-dependent diabetes, is a chronic condition in which the pancreas produces little or no insulin, a hormone needed to allow sugar (glucose) to enter cells to produce energy. The far more common type 2 diabetes occurs when the body becomes resistant to the effects of insulin or doesn't make enough insulin.
Various factors may contribute to type 1 diabetes including genetics and exposure to certain viruses. Although type 1 diabetes typically appears during childhood or adolescence, it also can develop in adults.
Despite active research, type 1 diabetes has no cure, although it can be managed. With proper treatment, people who have type 1 diabetes can expect to live longer, healthier lives than they did in the past.  Type 1diabetes includes autoimmune type 1 diabetes (type 1a) which is characterized by having positive autoantibodies, as well as idiopathic type 1 diabetes (type 1b) where autoantibodies are negative and c-peptide is low.  Patients with type 1 diabetes (insulin dependent) require long term treatment with exogenous insulin and these patients perform self-monitoring of blood glucose (SMBG) to calculate the appropriate dose of insulin. SMBG is done by using blood samples obtained by finger sticks but frequent SMBG does not detect all the significant deviations in blood glucose, specifically in patients who have rapidly fluctuating glucose levels.
Type 2 diabetes, once known as adult-onset or noninsulin-dependent diabetes, is a chronic condition that affects the way your body metabolizes sugar (glucose), your body's main source of fuel. With type 2 diabetes, your body either resists the effects of insulin, a hormone that regulates the movement of sugar into your cells, or doesn't produce enough insulin to maintain a normal glucose level. Untreated, type 2 diabetes can be life-threatening.
More common in adults, type 2 diabetes increasingly affects children as childhood obesity increases. There's no cure for type 2 diabetes, but it can be managed by eating well, exercising and maintaining a healthy weight. If diet and exercise don't control the blood sugar, diabetes medications or insulin therapy may be required.
Each year, millions of patients undergo diabetes testing in the European Union and in the United States. The main reason for this testing is to detect and evaluate diabetes in patients with symptoms of diabetes. These studies provide clinical benefit in the initial evaluation of patients with suspected but unproven diabetes, and in those patients in whom a diagnosis of diabetes has been established and information on prognosis or risk is required.
We believe that our market opportunity is a direct function of the number of persons tested, diagnosed and treated for either type 1 or type 2 diabetes. The IDF indicates that the total world market opportunity for a continuous glucose monitoring device is in the billions of dollars and is projected to grow annually through the year 2035. We estimate the potential market opportunity five years following the approval of our first product at between $1billion and $7 billion annually.
CGM Watch Market Opportunity
We do not believe it is possible to estimate the number of diabetes patients that undergo finger pricks or other types of invasive glucose monitoring. However we believe there is no product currently on the market that may allow for non-invasive continuous glucose monitoring.  We believe the CGM Watch may be readily adopted by the medical community for the assessment of a patient continuously.
We believe our non-invasive CGM Watch possesses many significant advantages and may represent an ideal device for the detection of discordances in an individual's blood sugar levels, and the identification of jeopardized hyper and hypo glycemic excursions. If approved for commercialization, we believe the CGM Watch may represent a best in class non-invasive continuous glucose monitoring device to reach those afflicted with diabetes. While we cannot estimate the market share that our CGM Watch may capture, we assume that the CGM Watch will capture a significant share of the non-invasive continuous glucose monitoring market.
Commercialization Plan
The Company intends to develop its products through the completion of stage II studies and/or stage III studies, designed to verify the claims that the device may be used as an adjunct to finger-stick measurement, at which point it will seek to partner with organizations that may facilitate the further development and distribution of its products. The Company intends also to seek early in the research and development cycle, strategic partners for programs that may fall outside of the Company
'
s core competencies.
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Competition
We expect to compete with several medical device manufacturing companies including Dexcom, Abbott, Echo and Medtronic, and our competitors may:
·
develop and market products that are less expensive or more effective than our future product;
·
commercialize competing products before we or our partners can launch any products developed by us;
·
operate larger research and development programs or have substantially greater financial resources than we do;
·
initiate or withstand substantial price competition more successfully than we can;
·
have greater success in recruiting skilled technical and scientific workers from the limited pool of available talent;
·
more effectively negotiate third-party licenses and strategic relationships; and
·
take advantage of acquisition or other opportunities more readily than we can.
We will compete for market share against large pharmaceutical and biotechnology companies, smaller companies that are collaborating with larger pharmaceutical companies, new companies, academic institutions, government agencies and other public and private research organizations. Many of these competitors, either alone or together with their partners, may develop new products that will compete with ours, and these competitors may, and in certain cases do, operate larger research and development programs or have substantially greater financial resources than we do.
We believe that when the CGM Watch is approved for sales, it will be the current standard for companies that are engaged in the development and commercialization of diagnostic medical devices for diabetes continuous glucose monitoring. We do see competition coming from specific competitors for the CGM Watch.  It is difficult to analyze Nemaura's major competitors since there are no non-invasive diagnostic medical devices to continuously monitor blood glucose levels.  At the present time Echo Therapeutics, Inc.  (NASDAQ: ECTE) has submitted an application to the Conformite Europeenne (CE) Mark Technical File to its European Notified Body to obtain market approval for its Symphony CGM System in the hospital critical care environment.  This device is for continuous glucose blood level monitoring in a critical care environment in hospitals.  This device does require the removal of the top layer of skin.  As a result we do not believe this device to be a direct competitor to our product.
Competitors Data
Feature
Abbott FreeStyle Navigator
MiniMed Paradigm® REAL-Time System
MiniMed Guardian® REAL-Time System
DexCom™ SEVEN® PLUS
Photos
Photo from DexCom
MiniMed Paradigm REAL-Time with new, smaller MiniLinkTM Transmitter Photo from Medtronic MiniMed
Guardian REAL-Time System with new, smaller MiniLinkTM Transmitter Photo from Medtronic MiniMed
Photo from DexCom
Availablility
Across the US
Across the US
Across the US
Across the US
FDA approval
March 13, 2008 for adults 18+
Children 7-17 and Adults 18+
Children 7-17 and Adults 18+
March 2006 for adults 18 and older
Communicates with an insulin pump
No
Yes, communicates with the Paradigm 522 and 722 pumps
No
No
Accuracy
Consensus Error Grid: 98.9% A+B MARD (Mean) - 19.7% MARD (Median) - 15.6%
Consensus Error Grid: 98.9% A+B MARD (Mean) - 19.7%
MARD (Median) - 15.6%
Clark Error Grid 97% A&B; Median 11.4%; Mean 15.7%
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Accuracy
GluocoWatch Biographer data for comparison:
MARD: 17% to 21%
Clarke Error Grid A+B: 94% Clarke Error Grid A: 60%
Skin-intrusive
yes
yes
yes
yes
Start-up
Initialization Time
2 hours
2 hours
2 hours
2 hours
10 hours
Calibrate at 10, 12, 24 and 72 hours after insertion with no further calibration for the final 2 days of the 5 day wear
First calibration is 2 hours after insertion. Second calibration within next 6 hours after first, then every 12 hours. Will alarm if calibration value not entered.
First calibration is 2 hours after insertion. Second calibration within next 6 hours after first, then every 12 hours. Will alarm if calibration value not entered.
Calibrate every 12 hours, first calibration must have 2 done within 30 minutes of each other. Can calibrate at any glucose rate of change (blood glucose need not be stable).
Displays glucose numbers
Every 1 minute
Every 5 minutes
Every 5 minutes
Every 5 minutes
Computer Software
Freestyle CoPilot
Carelink™ Personal Software
Carelink™ Personal Software
DexCom Data Manager® 3 Software
Warranty
6 months on transmitter, 4 years on insulin pump
9 months on transmitter, 1 year on monitor
1 year warranty for receiver and transmitter
FDA Approval Links
FreeStyle Navigator® Continuous Glucose Monitoring System -P050020
Paradigm REAL-Time and Guardian REAL-Time Systems P980022/S015
Paradigm REAL-Time and Guardian REAL-Time Systems P980022/S015
STS-7 Continuous Glucose Monitoring System - P050012/S001
Intellectual Property
Nemaura has retained qualified patent counsel, Serjeants LLP in Leicester, UK in all matters relating to our technologies.  The Company believes that clear and extensive patent coverage for its technologies is central to long-term success and will invest accordingly.  This applies to both domestic and international patent coverage.
Nemaura has obtained the licenses to its patents and patent applications from any and all necessary assignees that are the patent assignee in each case.  These patents cover all of the Company's lead technologies and include additional indications that are outside the field of diabetes diagnostic medical devices.  The Company intends to take the lead in the preservation and/or prosecution of these patents and patent applications going forward as required.
Following is a list of our patents pending:
Patent Applications Pending
Australian Patent Application 200965416
Brazilian Patent Application P10915328-4
Canadian Patent Application 2766331
Chinese Patent Application 200980130090.3
Indian Patent Application 218-KOLNP/2011
Japanese Patent Application 2011-51599
United Kingdom Patent Application 1208950.4
Governmental Regulations
Government authorities in the United Kingdom and Wales and the European Union as well as other foreign countries extensively regulate, among other things, the research, development, testing, manufacture, labeling, promotion, advertising, distribution, sampling, marketing and import and export of medical devices, including patches and other pharmaceutical products. Our Patches for Reverse Iontophoresis in the United Kingdom and Wales will be subject to strict regulation and require regulatory approval prior to commercial distribution. The process of obtaining governmental approvals and complying with ongoing regulatory requirements requires the expenditure of substantial time and financial resources. In addition, statutes, rules, regulations and policies may change
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and new legislation or regulations may be issued that could delay such approvals. If we fail to comply with applicable regulatory requirements at any time during the product development process, approval process, or after approval, we may become subject to administrative or judicial sanctions. These sanctions could include the authority's refusal to approve pending applications, withdrawals of approvals, clinical holds, warning letters, product recalls, product seizures, total or partial suspension of our operations, injunctions, fines, civil penalties or criminal prosecution. Any agency enforcement action could have a material adverse effect on us.
The European Commission on Public Health (the "ECPH") provides the regulation for the development and commercialization of new medical diagnostic devices.  Any medical device placed on the European market must comply with the relevant legislation, notably with Directive 93/42/EEC, with the active implantable devices Directive 90/385/EEC or with the in vitro devices Directive 98/79/EC. We must first determine whether the device we intend to manufacture or import falls under any of these directives.  All medical devices must fulfil the essential requirements set out in the above mentioned directives.  Where available relevant standards may be used to demonstrate compliance with the essential requirements defined in the devices Directives.
Manufacturers also need to determine the appropriate conformity assessment route. For devices falling under Directive 93/42/EEC other than custom-made devices and devices intended for clinical investigation, the conformity assessment route depends on the class of the device, to be determined in accordance with certain rules set forth in the directives.
Once the applicable class or list has been determined, manufacturers need to follow the appropriate conformity assessment procedure. Subject to the type of the device, this may require manufacturers to have their quality systems and technical documentation reviewed by a Notified Body before they can place their products on the market.  A Notified Body is a third party body that can carry out a conformity assessment recognized by the European Union. The Notified Body will need to assure itself that relevant requirements have been met before issuing relevant certification. Manufacturers can then place the CE marking on their products to demonstrate compliance with the requirements.
Other Regulation in the United Kingdom and Wales and the EU
Healthcare Reimbursement
Government and private sector initiatives to limit the growth of healthcare costs, including price regulation, competitive pricing, coverage and payment policies, and managed-care arrangements, are continuing in many countries where we do business, including the United Kingdom and Wales. These changes are causing the marketplace to put increased emphasis on the delivery of more cost-effective medical products. Government programs, private healthcare insurance and managed-care plans have attempted to control costs by limiting the amount of reimbursement they will pay for particular procedures or treatments. This has created an increasing level of price sensitivity among customers for products. Some third-party payers must also approve coverage for new or innovative devices or therapies before they will reimburse healthcare providers who use the medical devices or therapies. Even though a new medical product may have been cleared for commercial distribution, we may find limited demand for the product until reimbursement approval has been obtained from governmental and private third-party payers.
Environmental Regulation
We are also subject to various environmental laws and regulations both within and outside the United Kingdom and Wales. Like many other medical device companies, our operations involve the use of substances, including hazardous wastes, which are regulated under environmental laws, primarily manufacturing and sterilization processes. We do not expect that compliance with environmental protection laws will have a material impact on our consolidated results of operations, financial position or cash flow. These laws and regulations are all subject to change, however, and we cannot predict what impact, if any, such changes might have on our business, financial condition or results of operations.
Foreign Regulation
Whether or not we obtain regulatory approval for a product, we must obtain approval from the comparable regulatory authorities of foreign countries before we can commence clinical trials or marketing of the product in those countries. The approval process varies from country to country, and the time may be longer or shorter than that required for EC approval. The requirements governing the conduct of clinical trials, product licensing, pricing and reimbursement also vary greatly from country to country.
Under European Union regulatory systems, we may submit marketing authorization applications under a decentralized procedure. The decentralized procedure provides for mutual recognition of national approval decisions. Under this procedure, the holder of a national marketing authorization may submit an application to the remaining member states. Within 90 days of receiving the applications and
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assessment report, each member state must decide whether to recognize approval. This procedure is referred to as the mutual recognition procedure, or called the MRP.
In addition, regulatory approval of prices is required in most countries other than the United States. We face the risk that the prices which result from the regulatory approval process would be insufficient to generate an acceptable return to us or our collaborators.
Employees
We currently have three (3) full-time and two part-time employees to manage the ongoing operation, though it is expected that selective hires will be made to allow us to manage ongoing clinical trials.  The company anticipates augmenting the staff with eleven (11) full-time and two (2) part-time employees during the fiscal year 2014.
DESCRIPTION OF PROPERTY
Our offices are located in Charnwood Building Holywell Park, Ashby Road, Loughborough, Leicestershire, United Kingdom.  The offices house our headquarters; offices; laboratory; and small in-house manufacturing facility. The monthly rent is $3,884.  The lease is for a term of one (1) year expiring on December 31, 2014.  We believe that we will be able to continue on a year to year lease for as long as necessary.
LEGAL PROCEEDINGS
We do not know of any material, active, pending or threatened proceeding against us or our subsidiaries, nor are we, or any subsidiary, involved as a plaintiff or defendant in any material proceeding or pending litigation.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
This report contains forward-looking statements. These forward-looking statements include, without limitation, statements containing the words "believes," "anticipates," "expects," "intends," "projects," "will," and other words of similar import or the negative of those terms or expressions. Forward-looking statements in this report include, but are not limited to, expectations of future levels of research and development spending, general and administrative spending, levels of capital expenditures and operating results, sufficiency of our capital resources, our intention to pursue and consummate strategic opportunities available to us, including sales of certain of our assets. Forward-looking statements subject to certain known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Corporate Overview
We are a development stage company as defined by the Financial Accounting Standards Board (FASB) ASC No. 915.  Since inception we have devoted substantially all of our efforts establishing a new business and while operations have commenced we have generated no revenue from our limited operations.  We are a holding company for a diagnostic medical device company and a clinical trial company specializing in discovering, developing and commercializing diagnostic medical devices with initial applications in the area of diabetes.
The Company was organized on December 24, 2013 under the laws of the State of Nevada. Due to the corporate tax laws of the United Kingdom we have re-organized our corporate structure to provide the continuity of ownership of the common stock for our original incorporator and subsequent investors and protect their tax incentives for long term capital gain.
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Corporate Structure Diagram
Recent Developments
In November of 2013 the Board of Directors of the Company chose to move forward into the public markets.  The Board has elected to file a registration statement with the United States Securities and Exchange Commission and a Form 211 Application with FINRA (Financial Industry Regulatory Authority) for a trading symbol on the OTCBB.
Recent Accounting Pronouncements
Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.
Critical Accounting Policies
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and notes thereto.
The results of operations for interim periods presented are not necessarily indicative of the operating results for the full fiscal year.
Research and Development Expenses
The Company charges research and development expenses to operations as incurred. Research and development expenses primarily consist of salaries and related expenses for personnel and outside contractor and consulting services. Other research and development expenses include the costs of materials and supplies used in research and development, prototype manufacturing, clinical studies, related information technology and an allocation of facilities costs.
Income taxes
Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided to reduce the carrying amount of deferred income tax assets if it is considered more likely than not that some portion, or all, of the deferred income tax assets will not be realized.
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained.
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Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company has elected to classify interest and penalties related to unrecognized tax benefits as part of income tax expense in the consolidated statements of comprehensive loss.
Results Of Operations
Nine Months Ended December 31, 2013 Compared To The Nine Months Ended December 31, 2012
Revenue
We are a development stage company that has since inception that has devoted substantially all of its efforts establishing a new business and while operations have commenced we have generated no revenue from our limited operations.  There were no operating revenues for the nine months ended December 31, 2013 and 2012.
Research and Development Expenses
Research and development expenses were $253,043 and $494,042 for the nine months ended December 31, 2013 and 2012, respectively. The decrease was primarily due to increases in clinical trial expenses being performed in house rather than the use subcontractors.  We expect research and development expenses to increase in future periods as we continue our clinical studies of our CGM Watch and pursue our strategic opportunities.
General and Administrative Expenses
General and administrative expenses were $171,064 and $128,887 for the nine months ended December 31, 2013 and 2012, respectively.  General and administrative expenses increased approximately 33% due to increases in consultants and regulatory fees.  We expect general and administrative expenses to increase going forward, in the long term, as we proceed to move our technologies forward toward commercialization.
Fiscal Year Ended March 31, 2013 compared to the Fiscal Year Ended March 31, 2012
Revenue
During each of the years ended March 31, 2013 and 2012, we had no revenues, and are considered a development stage company.  We do not expect to have revenues relating to our products prior to December 31, 2014.
Research and Development Expenses
Research and development expenses were $658,724 and $580,437 for the fiscal years ended March 31, 2013 and 2012, respectively. The increase was primarily due to increases in clinical trial expenses overall in the fiscal year ended March 31, 2013. We expect research and development expenses to continue to increase in future periods as we continue our clinical studies of our CGM Watch and pursue our strategic opportunities.
General and Administrative Expenses
General and administrative expenses were $171,850 and $118,333 for the fiscal years ended March 31, 2013 and 2012, respectively. The increase was due to additional management of subcontractors, and legal regulatory consultancy and quality systems development and implementation. We expect general and administrative expenses to increase going forward, in the long term, as we proceed to move our technologies forward toward commercialization.
Effects of exchange rate
For the years ended March 31, 2013 and 2012 we had exchange rates that affected our cash flows.  For the years ended March 31, 2013 and 2012 we had ($10,724) and ($485) respectively that impacted our cash flows.
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Liquidity and Capital Resources
We have experienced net losses and negative cash flows from operations since our inception.  We have sustained cumulative losses of $2,579,764 through December 31, 2013.  We have historically financed our operations through the issuances of equity, UK government grants and contributions of services from related entities.
We continue to actively pursue various funding options, including equity offerings and debt financings, to obtain additional funds to continue the development of our products and bring them to commercial markets. There can be no assurance that we will be able to consummate any fund raising transactions on terms acceptable to us or at all.
Our current cash and cash equivalents of approximately $6,826 as of December 31, 2013 will not be sufficient to fund our operations into the 2015 fiscal year.  This projection of insufficient funds is based on the budgeted monthly operating expenses including projected costs for clinical trials.  There can be no assurances that we will be able to continue to raise additional capital as may be needed and meet our projections for operating expenses.  If we are unable to raise additional capital as we need to meet our projections for operating expenses, our liquidity will be materially adversely affected and we may be forced to cease or significantly delay our clinical trials.
We believe that the successful growth and operation of our business is dependent upon our ability to do any or all of the following:
·
obtain adequate sources of debt or equity financing to pay unfunded operating expenses and fund long-term business operations; and
·
manage or control working capital requirements by controlling operating expenses.
In March of 2014 we received proceeds of approximately $400,000 in connection with the private placement of 20 million shares of our common stock.
There can be no assurance that we will be successful in achieving our long-term plans as set forth above, or that such plans, if consummated, will enable us to obtain profitable operations or continue in the long-term.
Net cash used in operating activities for the nine months ended December 31, 2013 was ($205,136) which reflected half of our net loss of ($424,107).  Net cash used in operating activities for the nine months ended December 31, 2012 was ($620,381), which reflected our net loss of ($622,929).
Net cash used in operating activities for the year ended March 31, 2013 was ($768,306) which primarily reflected our net loss of ($830,574).  Net cash used in operating activities for the year ended March 31, 2012 was ($604,540), which primarily reflected our net loss of ($698,770).
Net cash used in investing activities was $10,956 for the nine months ended December 31, 2013, which reflected the purchase of intellectual property.  For the nine months ended December 31, 2012, net cash used in investing activities was $28,417, which reflected the purchase of intellectual property.
Net cash used in investing activities was $29,274 for the year ended March 31, 2013, which reflected the purchase of intellectual property.  For the year ended March 31, 2012, net cash used in investing activities was $6,294, which reflected the purchase of intellectual property.
Net cash provided by financing activities was $711,416 for the year ended March 31, 2013.  For the year ended March 31, 2012, net cash provided by financing activities was $718,116. Net cash provided by financing activities represents proceeds from the issuance of common stock for cash.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements, including unrecorded derivative instruments that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. We have certain warrants and options outstanding but we do not expect to receive sufficient proceeds from the exercise of these instruments unless and until the trading price of our Common Stock is significantly
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greater than the applicable exercise prices of the options and warrants and mainly following any necessary registering of underlying securities.
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our Common Stock has not been approved for quotation on the OTCBB or any other quotation medium.   There is no established public trading market for our securities. There can be no assurance that a regular trading market will develop or if developed, may not be sustained.
As of March 26, 2014, we have not appointed an outside transfer agent.
Dividend Policy
We have not previously paid any cash dividends on our Common Stock and do not anticipate or contemplate paying dividends on our Common Stock in the foreseeable future. We currently intend to utilize all available funds to develop our business. We can give no assurances that we will ever have excess funds available to pay dividends.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ON ACCOUNTING AND FINANCIAL DISCLOSURE
On December 6, 2013 we engaged  GHP Horwath, PC as our independent auditors. They are our first auditors and we have had no disagreements with GHP Horwath, PC on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, in connection with its reports.
DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS
The following persons are our executive officers and directors, and hold the positions set forth opposite their respective names.
Executive Officers and Directors
Name
Age
Position
Dewan Fazlul Hoque Chowdhury
41
Chief Executive Officer, President, Chairman and Director
Bashir Timol
39
Director
Our directors hold office until the earlier of their death, resignation or removal or until their successors have been qualified.
Dewan Fazlul Hoque Chowdhury
. Dr. Chowdhury has been our President, Chief Executive Officer and a member of our board of directors since our incorporation on January 20, 2009.  He is in charge of research and development of our core technologies, product development, innovation and commercialization. He also coordinates and oversees legal compliance; development of the company mission; policy and planning. Prior to establishing the Company, Dr. Chowdhury was the founder and CEO of Microneedle Technologies and Nemaura Pharma Limited where he played a pivotal role in the development, manaufacture and launch of a microneedle device used in skin clinics, which is also currently being evalauted for skin cancer drug delivery. Dr. Chowdhury identified and negotiated a multi-million pound licensing deal for a transdermal patch to treat Alzheimer's disease. Additionally he was involved in negotiations for out-licensing patches to treat Parkinson's and Hypertension, and in-licensing complementary technologies.
Dr. Chowdhury
originally trained as a pharmaceutical scientist, and has a Masters in Microsystems and Nanotechnology from Cranfield University, and a Doctorate from the University of Oxford on nano-drug delivery. His experience in the Pharmaceutical Industry spans from product development to manufacturing, and technical and corporate management.
Bashir Timol
. Mr. Timol has been a Director since Nemaura Medical Inc. was organized on December 24, 2013.  Prior to this, he has been a director of Dermal Diagnostics Limited from October 30, 2013. Mr. Timol is responsible for financial planning, business and market development and corporate strategies.  Mr, Timol possesses over 10 years' experience in food and beverage, franchise, and logistic operations.  He is an entrepreneur investing and operating a number of retail food chains in the UK, including DIXY Chicken and Costa Coffee.  Mr. Timol holds a bachelor degree in Economics.
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Executive Officers
Name
Age
Position
Julie Pomeroy
58
Director of Finance
Professor Karrar Khan
79
Director of Product Development
David Scott
64
Director of Commercial Development and Licensing
Dr. Richard Toon
45
Technical and Business Development Manager
Julie Pomeroy
.
Ms. Pomeroy is a physics graduate of Birmingham University in 1977 and began her professional career with Robson Rhodes, qualifying as a Chartered Accountant in 1980. After qualifying as an associate of the Chartered Institute of Taxation, she worked for Arthur Andersen and Price Waterhouse and subsequently moved into the commercial sector in the early 1990's as Group Tax Manager and subsequently Director of Corporate Finance for a utility company. She also qualified as an associate of the Institute of Corporate Treasurers. Ms. Pomeroy also served as the Chief Financial Officer of Weston Medical, a drug delivery company and Group FD at Carter & Carter Group. She has led two full list offerings on the London Stock Exchange, and is also a Chartered Director.  She was employed at Secantor Limited from 2006 to the present as a Senior associate providing part time services as a Finance Director to growing SMEs.
Professor Karrar Khan
. Professor Kahn received his BA in 1965 and his Ph.D. from Portsmouth University in 1973. His experience includes 20 years as Head of Pharmaceutical Development for Boots Pharmaceuticals and Knoll and two years as Director for OSI where he managed their pharmaceutical development, analytical operations and DMPK. His expertise ranges from development for phase 1 to phase 3- 4 and significant experience of bringing prescription and OTC products to market on a global level.  In addition he has contributed to the registration and launch of over 60 pharmaceutical products. Professor Khan is a Qualified person under the EC Quality Assurance Directive. Professor Kahn will assist in product development and product strategies of the Company.  Professor Khan worked as a consultant for TauRx Therapeutics Limited from 2007 until the present.  He joined Nemaura in 2009 and is Product Development Director for Nemaura.
David Scott
.  Mr. Scott is a trained chemist with a BSc in Chemistry from Nottingham University in 1972. He is a skilled negotiator who has closed a number of major deals for inward and outward licensing for pharmaceutical products, delivery systems and technologies. He has also provided licensing training for a number of multinational pharmaceutical companies and training organizations and has published numerous reports.  Mr. Scott will assist the Company in negotiating licensing contracts and development. He is the author of the best-selling report, "Scrip's Practical Guide to Pharmaceutical Licensing".  Mr. Scott is also an accredited "Certified Licensing Professional".  David has spent the past 17 years as a freelance consultant and has provided strategic advice on inward and outward licensing agreements on behalf of a range of worldwide clients. He joined Nemaura in 2009.
Dr. Richard Toon
.
Dr. Toon is a chartered chemist who originally trained as a synthetic chemist and more recently trained in law. He received his BSc from Nottingham University in 1995 and his PhD in Organic Chemistry from Loughborough University in 1999. More recently he received his Graduate Diploma Law (2004) from Nottingham Trent University when he focused his career has on commercial law activities, such as contract negotiation, intellectual property issues, and business development. Dr. Toon was a Research Specialist at 3M Healthcare from 2002 to 2009 then an Enterprise Business Manager at Keele University from 2009 to 2012.  Dr. Toon joined Nemaura in 2010.
Family Relationships
There are no family relationships between any of our directors and our executive officers.
Involvement in Certain Legal Proceedings
To our knowledge, during the past ten (10) years, none of our directors, executive officers, promoters, control persons, or nominees has been:
·
the subject of any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;
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·
convicted in a criminal proceeding or is subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);
·
subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; or
·
found by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law.
Code of Ethics
We adopted a Code of Ethics on January 15, 2014 that applies to all directors, officers and employees.  Our Code of Ethics is available on our website at www.nemaura.co.uk.com. A copy of our code of ethics will also be provided to any person without charge, upon written request sent to us at our offices located at Charnwood Building Holywell Park, Ashby Road, Loughborough, Leicestershire, United Kingdom.
CORPORATE GOVERNANCE
We are not listed on a national securities exchange or in an inter-dealer quotation system that has requirements that a majority of the board of directors be independent.  Further, we have not applied for a listing with a national exchange or in an inter-dealer quotation system which has requirements that a majority of the board of directors be independent.  We have no independent directors on our Board of Directors as defined in Item 407 of Regulation S-K.  At this time our entire Board of Directors is responsible for the duties and obligations of an Audit, Compensation and Nominating Committees.
In the future we will conduct our regular Board of Director meetings on the last business Friday of each quarter for the calendar year.  Each of our directors attended our previous meetings. We have no standing committees regarding compensation, audit or other nominating committees.
At our future annual shareholders meetings, each shareholder will be given specific information on how he/she can direct communications to the Officers and Directors of the corporation.  All communications from shareholders will be relayed to the members of the Board of Directors.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following tables set forth certain information as of March 26, 2014 regarding the beneficial ownership of our Common Stock, by (i) each person or entity who, to our knowledge, owns more than 5% of our Common Stock; (ii) our executive officers; (iii) each director; and (iv) all of our executive officers and directors as a group.
Unless otherwise indicated in the footnotes to the following table, each person named in the table has sole voting and investment power and that person's address is c/o NEMAURA MEDICAL INC., Charnwood Building Holywell Park, Ashby Road, Loughborough, Leicestershire, United Kingdom LE11 3AQ. Shares of Common Stock subject to options, warrants, or other rights currently exercisable or exercisable within 60 days of March 26, 2014, are deemed to be beneficially owned and outstanding for computing the share ownership and percentage of the stockholder holding such options, warrants or other rights, but are not deemed outstanding for computing the percentage of any other stockholder.
Beneficial Ownership
Name and Address of Beneficial Owner
Shares Beneficially Owned(1)
Percentage Total Voting Power(1)
Chowdhury, Dewan F.H.
87,537,000
43.77%
Timol, Bashir
26,261,100
13.13%
Total Officers and Directors as a Group
(2)
113,798,100
(1)
56.90%
(1)
Holders of 5% or more of our Common Stock
Ismail, Sufyan
21,884,250
10.94%
(1)
Based upon 200,000,000 shares of our Common Stock outstanding.  .
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EXECUTIVE COMPENSATION
At the present time Dr. Chowdhury and Mr. Timol receive cash compensation for their services. The following table sets forth information concerning the annual and long-term compensation of our Officers and Directors, and the most highly compensated employee and/or executive Officers.  The listed individuals shall be hereinafter referred to as the "Named Executive Officer."
Summary Compensation
Name and principal position
Year
Salary
($)
Bonus
($)
Stock Awards
($)
Option Awards
($)
Non-Equity Incentive Plan Com-pensation ($)
Non-Qualified Deferred Compen-sation Earnings
($)
All Other Compen-sation
($)
Total
($)
Dr. Chowdhury, Dewan F.H.
1
2014 YTD
25,249
-0-
-0-
-0-
-0-
-0-
-0-
25,249
Bashir Timol
2
2014 YTD
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
Dr. Chowdhury, Dewan F.H.
2013
18,937
-0-
-0-
-0-
-0-
-0-
18,937
Bashir Timol
2013
-0-
-0-
-0-
-0-
-0-
-0-
-0-
Dr. Chowdhury, Dewan F.H.
2012
-0-
-0-
-0-
-0-
-0-
-0-
-0-
Bashir Timol
2012
-0-
-0-
-0-
-0-
-0-
-0-
-0-
1
There is an employment contract with Dr. Chowdhury that was executed November 13, 2013.
2
There is no employment contract with Mr. Timol.
Outstanding equity awards for 2014
There are no outstanding equity awards as of the fiscal year ended March 26, 2014.
Compensation Committee Interlocks and Insider Participation
We do not have a standing compensation committee.  Mr. Chowdhury determined his own compensation, which is set forth in his employment agreement.  There are no compensation committee interlocks to disclose.
Compensation of Directors
Pursuant to our By Laws, Directors will not be compensated for their services in their capacity as directors. If and when the Company has net profits, after all expenses are paid prior to any income tax being considered, director compensation for actual attendance at each regular or special meeting of the Board may be authorized. At this time, Directors are not paid for meetings attended.  All travel and lodging expenses associated with corporate matters are reimbursed by us, if and when incurred.
As of the fiscal year ended March 31, 2013, our Directors had received no compensation. Our Directors will not be compensated for their services in their capacity as directors, but may, by resolution of the board, be paid a fixed sum and expenses for actual attendance at each regular or special meeting of the Board.  At this time, Directors' meeting expenses are not paid.  In the future, such payment will be revisited as the Company's performance and income improves.  There can be no guarantee that we will ever have profits from which our Directors may receive payment.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Except as set forth below, as of the beginning of the last fiscal year, there have been no transactions, whether directly or indirectly, between us and any of our officers, directors or their family members.
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Nemaura Pharma Limited (Pharma) and NDM Technologies Limited (NDM) are entities controlled by the Company's majority shareholder, Mr. Chowdhury.
From inception, Pharma invoiced DDL and TCL for research and development services.  In addition, certain operating expenses of DDL and TCL were incurred and paid by Pharma and NDM. In accordance with the United States Securities and Exchange Commission (SEC) Staff Accounting Bulletin 55, these financial statements reflect all of the costs associated with the operations of DDL and TCL. While certain costs incurred by Pharma and NDM are directly attributable to DDL and TCL, other costs were shared between the organizations. In situations where the costs were shared, expense has been allocated between Pharma and NDM and DDL and TCL using a fixed percentage allocation. Management believes that the methodologies used are reasonable.  DDL and TCL advanced Pharma certain amounts to cover a portion of the costs.  The remaining amounts where contributed to the Company in the form of contributed services.
Following is a summary of activity between the Company and Pharma and NDM for the years ended March 31, 2013 and 2012 and for the period from inception (January 20, 2009) through March 31, 2013.
Year Ended
Period from January 20, 2009 (Date of Inception) to March 31, 2013
($)
March 31,
2013
($)
March 31,
2012
($)
Balance due (to) Pharma and NDM at beginning of period
0
0
0
Amounts advanced to Pharma
797,580
610,834
1,717,310
Amounts invoiced by Pharma to DDL and TCL
(441,754)
(487,749)
(923,216)
Expenses paid by Pharma on behalf of DDL and TCL
(388,819)
(211,022)
(1,716,008)
Assets contributed by Pharma on behalf of DDL and TCL
(26,547)
(4,777)
(57,643)
Capital contribution by Pharma (excess of expenses paid over amounts advanced)
59,227
86,006
485,145
Foreign currency translation
313
6,708
14,403
Balance due from (to) Pharma and NDM at end of the period
0
0
0
LEGAL MATTERS
The validity of the shares offered hereby will be passed upon for us by Loeb & Loeb LLP, 345 Park Avenue., Suite 18, New York, NY 10154.
EXPERTS
The audited financial statements of Nemaura Medical Inc. included herein have been audited by GHP Horwath, P.C. independent registered accounting firm, for the periods and to the extent set forth in their report appearing herein. Such financial statements have been so included in reliance upon the report of such firm given upon the firm's authority as an expert in auditing and accounting.
ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form S-1 under the Securities Act, with respect to the Common Stock offered hereby. This prospectus does not contain all of the information set forth in the registration statement and the exhibits and schedules thereto. Some items are omitted in accordance with the rules and regulations of the SEC. For further information with respect to us and the Common Stock offered hereby, we refer you to the registration statement and the exhibits and schedules filed therewith. Statements contained in this prospectus as to the contents of any contract, agreement or any other document referred to are summaries of the material terms of the respective contract, agreement or other document. With respect to each of these contracts, agreements or other documents filed as an exhibit to the registration statement, reference is made to the exhibits for a more complete description of the matter involved. A copy of the registration statement, and the exhibits and schedules thereto, may be inspected without charge at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. Copies of these materials may be obtained by writing to the Public Reference Section of the SEC at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at
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1-800-SEC-0330 for further information on the operation of the public reference facilities. The SEC maintains a website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of the SEC's website is http://www.sec.gov.
We will file periodic reports and other information with the SEC. Such periodic reports and other information will be available for inspection and copying at the public reference room and website of the SEC referred to above. We maintain a website at http://www.nemaura.co.uk.com. You may access our future annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act with the SEC free of charge at our website as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. The information and other content contained on our website are not part of the prospectus.
DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION
FOR SECURITIES ACT LIABILITIES
Our articles of incorporation do not provide that we will indemnify our officers and directors to the fullest extent permitted under the Nevada Revised Statute ("NRS"). Our corporate by-laws provide for indemnification in accordance with NRS Section 78.7502 which provides that a corporation shall indemnify any director, officer, employee, or agent of a corporation against expenses, including attorneys' fees, actually and reasonably incurred by him in connection with any defense to the extent that a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action, suit, or proceeding referred to Section 78.7502(1) or 78.7502(2), or in defense of any claim, issue, or matter therein.
NRS 78.7502(1) provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative, except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with the action, suit or proceeding if he: (a) is not liable pursuant to NRS 78.138; or (b) acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.
NRS Section 78.7502(2) provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses, including amounts paid in settlement and attorneys' fees actually and reasonably incurred by him in connection with the defense or settlement of the action or suit if he: (a) is not liable pursuant to NRS 78.138; or (b) acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation. Indemnification may not be made for any claim, issue or matter as to which such a person has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals there from, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.
Our by-laws provide that we will indemnify our directors and officers to the fullest extent permitted by the NRS and shall advance reasonable costs and expenses incurred with respect to any proceeding to which a person is made a party as a result of being a director or officer in advance of final disposition of such proceeding without regard to any limitations set forth in the NRS. We may purchase and maintain liability insurance, or make other arrangements for such obligations or otherwise, to the extent permitted by the NRS.
NRS Section 78.747 provides that except as otherwise provided by specific statute, no director or officer of a corporation is individually liable for a debt or liability of the corporation, unless the director or officer acts as the alter ego of the corporation. The court as a matter of law must determine the question of whether a director or officer acts as the alter ego of a corporation.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in
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connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by us is against public policy as expressed hereby in the Securities Act and we will be governed by the final adjudication of such issue.
JUMPSTART OUR BUSINESS STARTUPS ACT
In April, 2012, the Jumpstart Our Business Startups Act ("JOBS Act") was enacted into law. The JOBS Act provides, among other things:
Exemptions for emerging growth companies from certain financial disclosure and governance requirements for up to five years and provides a new form of financing to small companies;
Amendments to certain provisions of the federal securities laws to simplify the sale of securities and increase the threshold number of record holders required to trigger the reporting requirements of the Securities Exchange Act of 1934;
Relaxation of the general solicitation and general advertising prohibition for Rule 506 offerings;
Adoption of a new exemption for public offerings of securities in amounts not exceeding $50 million; and
Exemption from registration by a non-reporting company of offers and sales of securities of up to $1,000,000 that comply with rules to be adopted by the SEC pursuant to Section 4(6) of the Securities Act and exemption of such sales from state law registration, documentation or offering requirements.
In general, under the JOBS Act a company is an emerging growth company if its initial public offering ("IPO") of common equity securities was effected after December 8, 2011 and the company had less than $1 billion of total annual gross revenues during its last completed fiscal year. A company will no longer qualify as an emerging growth company after the earliest of
(i) the completion of the fiscal year in which the company has total annual gross revenues of $1 billion or more,
(ii) the completion of the fiscal year of the fifth anniversary of the company's IPO;
(iii) the company's issuance of more than $1 billion in nonconvertible debt in the prior three-year period, or
(iv) the company becoming a "larger accelerated filer" as defined under the Securities Exchange Act of 1934.
The JOBS Act provides additional new guidelines and exemptions for non-reporting companies and for non-public offerings. Those exemptions that impact the Company are discussed below.
Financial Disclosure. The financial disclosure in a registration statement filed by an emerging growth company pursuant to the Securities Act of 1933 will differ from registration statements filed by other companies as follows:
(i) audited financial statements required for only two fiscal years;
(ii) selected financial data required for only the fiscal years that were audited;
(iii) executive compensation only needs to be presented in the limited format now required for smaller reporting companies. (A smaller reporting company is one with a public float of less than $75 million as of the last day of its most recently completed second fiscal quarter)
However, the requirements for financial disclosure provided by Regulation S-K promulgated by the Rules and Regulations of the SEC already provide certain of these exemptions for smaller reporting companies. The Company is a smaller reporting company. Currently a smaller reporting company is not required to file as part of its registration statement selected financial data and only needs audited financial statements for its two most current fiscal years and no tabular disclosure of contractual obligations.
The JOBS Act also exempts the Company's independent registered public accounting firm from complying with any rules adopted by the Public Company Accounting Oversight Board ("PCAOB") after the date of the JOBS Act's enactment, except as otherwise required by SEC rule.
The JOBS Act also exempts an emerging growth company from any requirement adopted by the PCAOB for mandatory rotation of the Company's accounting firm or for a supplemental auditor report about the audit.
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Internal Control Attestation. The JOBS Act also provides an exemption from the requirement of the Company's independent registered public accounting firm to file a report on the Company's internal control over financial reporting, although management of the Company is still required to file its report on the adequacy of the Company's internal control over financial reporting.
Section 102(a) of the JOBS Act exempts emerging growth companies from the requirements in §14A(e) of the Securities Exchange Act of 1934 for companies with a class of securities registered under the 1934 Act to hold shareholder votes for executive compensation and golden parachutes.
Other Items of the JOBS Act. The JOBS Act also provides that an emerging growth company can communicate with potential investors that are qualified institutional buyers or institutions that are accredited to determine interest in a contemplated offering either prior to or after the date of filing the respective registration statement. The Act also permits research reports by a broker or dealer about an emerging growth company regardless if such report provides sufficient information for an investment decision. In addition the JOBS Act precludes the SEC and FINRA from adopting certain restrictive rules or regulations regarding brokers, dealers and potential investors, communications with management and distribution of a research reports on the emerging growth company IPO.
Section 106 of the JOBS Act permits emerging growth companies to submit 1933 Act registration statements on a confidential basis provided that the registration statement and all amendments are publicly filed at least 21 days before the issuer conducts any road show. This is intended to allow the emerging growth company to explore the IPO option without disclosing to the market the fact that it is seeking to go public or disclosing the information contained in its registration statement until the company is ready to conduct a roadshow.
Election to Opt Out of Transition Period. Section 102(b) (1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a 1933 Act registration statement declared effective or do not have a class of securities registered under the 1934 Act) are required to comply with the new or revised financial accounting standard.
The JOBS Act provides a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of the transition period pursuant to Section 107(b).
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NEMAURA MEDICAL INC.
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Page
Consolidated Balance Sheets as of December 31, 2013 (unaudited)
F-2
Consolidated Statements of Comprehensive Income (Loss) for the nine months ended December 31, 2013 and 2012 and from inception (January 20, 2009) through December 31, 2013 (unaudited)
F-3
Consolidated Changes of Cashflows for the periods ended December 31, 2013 and 2012 and from inception (January 20, 2009) through December 31, 2013Consolidated Changes of Cash flows (unaudited)
F-4
Notes to Consolidated Financial Statements (unaudited)
F-5-9
F-1
Table of Contents
NEMAURA MEDICAL INC.
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
As of December 31, (unaudited)
ASSETS
Current Assets:
Cash
6,826
Other receivable
2,253
Total Current Assets
9,079
Other Assets:
Intangible assets, net of accumulated amortization
71,939
Total assets
81,018
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accrued expenses and other liabilities
18,228
Total current liabilities
18,228
Total liabilities
18,228
Commitments:
Stockholders' Equity:
Common stock, $0.001 par value,
420,000,000 shares authorized and
180,000
180,000,000 shares issued and outstanding
Additional paid in capital
2,477,652
Accumulated deficit
(2,579,764)
Accumulated other comprehensive income
(15,098)
Total stockholders' equity
62,790
Total liabilities and stockholders' equity
81,018
See notes to the consolidated financial statements
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NEMAURA MEDICAL INC
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(UNAUDITED)
Nine months ended
December 31,
Cumulative From Inception (January 20, 2009)
Through December 31,
2013
($)
2012
($)
2013
($)
Revenues
-
-
-
Total Revenues
-
-
-
Operating Expenses:
Research and development
253,043
494,042
2,106,679
General and administrative
171,064
128,887
473,085
Total operating expenses
424,107
622,929
2,579,764
Loss from operations
(424,107)
(622,929)
(2,579,764)
Net loss
(424,107)
(622,929)
(2,579,764)
Other comprehensive income/(loss)
Foreign currency translation adjustment
9,906
(9,947)
(12,938)
Comprehensive loss
(414,201)
(632,876)
(2,592,702)
Loss per share
Basic and diluted
*
*
Weighted average number of shares outstanding
180,000,000
180,000,000
*
Per share amounts are less than $0.01
See notes to the consolidated financial statements
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NEMAURA MEDICAL INC.
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED DECEMBER 31, 2013 AND INCEPTION TO DECEMBER 31, 2013
(UNAUDITED)
For the Nine Months Ended December 31
Cumulative From Inception (January 20, 2009) through December 31,
2013
($)
2012
($)
2013
($)
Cash Flows From Operating Activities:
Net loss
(424,107)
(622,929)
(2,579,764)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
2,230
2,046
14,005
Contributed services by a related party
218,863
189
704,017
Changes in assets and liabilities:
Other receivables
(2,122)
313
(4,457)
Net cash used in operating activities
(205,136)
(620,381)
(1,866,199)
Cash Flows from Investing Activities:
Purchase of Intellectual Property
(10,956)
(28,417)
(82,464)
Net cash used in investing activities
(10,956)
(28,417)
(82,464)
Cash Flows From Financing Activities:
Proceeds from common stock
355,709
1,953,637
Net cash provided by financing activities
355,709
1,953,637
Net increase (decrease) in cash
(216,092)
(293,089)
4,974
Effect of exchange rate changes on cash
22,433
(3,147)
1,852
Cash, beginning of period
200,485
297,410
Cash, end of period
6,826
1,174
6,826
See notes to the consolidated financial statements
F-4
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NEMAURA MEDICAL INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2013 AND 2012
(UNAUDITED)
NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES
Dermal Diagnostics Limited (DDL) and Trial Clinic Limited (TCL) were incorporated in England and Wales on 20 January 2009 and 12 January 2011, respectively.  Together, these two entities perform medical device research and manufacturing of a continuous glucose monitoring system ("CGM").  The CGM system is a non-invasive, wireless continuous glucose monitoring device for use by persons with Type I and Type II diabetes, and also for screening pre-diabetic patients. The CGM allows for the extraction of analytes, such as glucose, in a non-invasive manner to the surface of the skin where it is measured using unique sensors and interpreted using a unique algorithm.
Dermal Diagnostics (Holdings) Limited (DDHL), is a holding company that was incorporated in England and Wales on 11 December 2013 and acquired 100% of the equity interests of DDL and TCL.
Region Green Limited (RGL), is a holding company that was incorporated in the British Virgins Islands on 12 December 2013 and acquired 100% of the equity interests of DDHL.
Nemaura Medical Inc. ("Nemaura" or "Company") was organized on December 24, 2013 under the laws of the State of Nevada with an authorized share capital of 420 million common shares.  Also on December 24, 2013 Nemaura acquired 100% of the equity interests of RGL.
At the time of these acquisition transactions, DDL, TCL, DDHL, RGL and Nemaura were under common control.  Accordingly, in 2013 these transactions have been accounted for as a common control transaction in a manner similar to a pooling of interests. The weighted average number of ordinary shares outstanding during the respective periods has been retrospectively adjusted to reflect the December 24, 2013 recapitalization that resulted in the issuance of 180 million ordinary shares of Nemaura Medical Inc.
NOTE 2 – BASIS OF PRESENTATION
The accompanying consolidated financial statements include the accounts of the Company and the Company's subsidiaries, DDL, TCL, DDHL and RGL. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, and all significant intercompany balances and transactions have been eliminated.
From inception the Company's activities have primarily consisted of establishing facilities, recruiting personnel, conducting research and development, developing business and financial plans and raising capital. Accordingly the Company is considered to be in the development stage, and these financial statements have been prepared in accordance with the provisions Accounting Standards Codification ("ASC") No. 915, "Development Stage Entities."
The accompanying balance sheet as of December 31, 2013, and 2012 and the related statements of comprehensive income (loss), and cash flows for the nine months ended December 31, 2013 and 2012, have been prepared by the Company without audit and following the same accounting policies and methods of computation as compared to the year ended March 31, 2013. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for such periods have been made. The results of operations for the nine months ended December 31, 2013 (unaudited), are not necessarily indicative of operating results for the full year.
The functional currency for the majority of the Company's operations is the Great Britain Pound Sterling ("GBP"), and the reporting currency is the US Dollar.
Going concern and management's plans:
The consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company is in the development stage, has not generated revenues and has incurred net losses of approximately $424,000 and $623,000 during the nine month periods ended December 31, 2013 and 2012, respectively.  At December 31, 2013, the Company has a working capital deficit and a stockholders' deficit of approximately $9,100 and $2,580,000, respectively.
F-5
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NEMAURA MEDICAL INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2013 AND 2012
(UNAUDITED)
The accompanying consolidated financial statements do not include any adjustments relating to the recoverability or classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.  The following paragraphs describe management's plans with regard to these conditions.
Subsequent to period end the Company received total proceeds of $400,000 from the sale of 20 million shares in a private placement.
The Company continues to explore sources of additional financing to satisfy its current operating requirements.
NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a)  Economic and political risk
The Company's operations are conducted in United Kingdom. Accordingly, the political, economic, and legal environments in the United Kingdom may influence the Company's business, financial condition, and results of operations.
(b)  Cash
The Company considers highly liquid investments purchased with original maturities of three months or less to be cash equivalents.  The Company currently has no cash equivalents and cash consists primarily of cash deposits maintained in a major financial institution in the United Kingdom.
(c) Fair value of financial instruments
The Company's financial instruments primarily consist of cash held in a major UK financial institution.
(d) Intangible assets
Intangible assets consist of licenses and patents associated with the CGM and are amortized on a straight-line basis, generally over their legal life.
(e) Research and Development Expenses
The Company charges research and development expenses to operations as incurred. Research and development expenses primarily consist of salaries and related expenses for personnel and outside contractor and consulting services. Other research and development expenses include the costs of materials and supplies used in research and development, prototype manufacturing, clinical studies, related information technology and an allocation of facilities costs.
(f) Income taxes
Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided to reduce the carrying amount of deferred income tax assets if it is considered more likely than not that some portion, or all, of the deferred income tax assets will not be realized.
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained.  Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
F-6
Table of Contents
NEMAURA MEDICAL INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2013 AND 2012
(UNAUDITED)
The Company has elected to classify interest and penalties related to unrecognized tax benefits as part of income tax expense in the consolidated statements of comprehensive income/(loss).
(g) Earnings per share
Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. The impact of any potentially dilutive securities is excluded. For the nine months ended
December 31, 2013, the ordinary shares outstanding have been retroactively adjusted to reflect the December 24, 2013 recapitalization.
(h) Use of estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Actual results may differ from those estimates.
(i) Foreign currency translation
The functional currency of the Company is the Great Britain Pound Sterling ("GBP").  The reporting currency is the United States dollar (US$).  Stockholders equity is translated into United States dollars from GBP at historical exchange rates.  Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rates prevailing during the reporting period.  The translation rates are as follows:
December 31
2013 (unaudited)
December 31
2012 (unaudited)
Period end GBP : US$ exchange rate
1:1.656
1:1.626
Average period/yearly GBP : US$ exchange rate
1:1.560
1:1.582
Adjustments resulting from translating the financial statements into the United States dollar are recorded as a separate component of accumulated other comprehensive income in Stockholders' Equity.
(k) Recent accounting pronouncements
The Company does not expect the adoption of recent accounting pronouncements to have a material impact on its consolidated financial statements.
F-7
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NEMAURA MEDICAL INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONT.)
DECEMBER 31, 2013 AND 2012
(UNAUDITED)
NOTE 4 – CASH
As of December 31, 2013 (unaudited), the Company had $6,826 in cash which is held at a major UK banking institution.
NOTE 5 – INTANGIBLE ASSETS
As of December 31, 2013 (unaudited) intangible assets are summarized as follows:
December 31, 2013
Patents and licenses
$  80,667
Less accumulated amortization
(8,728)
$  71,939
Estimated amortization expense is approximately $3,800 for each of the next five years.
NOTE 6 – RELATED PARTY TRANSACTIONS
Nemaura Pharma Limited (Pharma) and NDM Technologies Limited (NDM) are entities controlled by the Company's majority shareholder DFH Chowdhury.
From inception, Pharma invoiced DDL and TCL for research and development services.  In addition, certain operating expenses of DDL and TCL were incurred and paid by Pharma and NDM.  In accordance with the United States Securities and Exchange Commission (SEC) Staff Bulletin 55, these financial statements reflect all of the costs associated with the operations of DDL and TCL.  While certain costs incurred by Pharma and NDM are directly attributable to DDL and TCL, other costs were shared between the organizations.  In situations where the costs were shared, expense has been allocated between Pharma and NDM and DDL and TCL using a fixed percentage allocation.  Management believes that the methodologies used are reasonable.  DDL and TCL advanced Pharma certain amounts to cove a portion of the costs.  The remaining amounts were contributed to the Company in the form of contributed services.
F-8
Table of Contents
NEMAURA MEDICAL INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 2013 AND 2012
(UNAUDITED)
Following is a summary of activity between the Company and Pharma and NDM for the nine months ended December 31,
2013 and 2012 and the period from inception (January 20, 2009) through December 31, 2013:
Nine Months Ended December 31,
Period from January 20, 2009 (Date of Inception) to December 31, 2013
($)
2013
($)
2012
($)
Balance due (to) Pharma and NDM at beginning of period
Amounts advanced to Pharma
221,208
648,733
1,936,173
Amounts invoiced by Pharma to DDL and TCL
(398,673)
(331,315)
(1,375,921)
Expenses paid by Pharma on behalf of DDL and TCL
(25,289)
(291,614)
(1,203,842)
Intellectual property costs paid by Pharma on behalf of DDL and TCL
(3,399)
(26,372)
(62,951)
Capital contributed by Pharma (excess of expenses paid over amounts advanced)
218,863
189
704,017
Foreign exchange differences
(12,710)
379
2,524
Balance due from (to) Pharma and NDM at end of the period
NOTE 7 – SUBSEQUENT EVENTS
In March 2014, the Company issued 20 million shares in a private placement transaction for cash proceeds of $400,000 of which $230,000 is being held in escrow to pay certain expenses.  The balance is expected to be available to the company in the first fiscal quarter of 2015.
F-9
Table of Contents
NEMAURA MEDICAL INC.
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Page
Report of Independent Registered Public Accountant
F-11
Consolidated Balance Sheets as of March 31, 2013 and 2012
F-12
Consolidated Statements of Comprehensive Income (Loss) for the years ended March 31, 2013, and  2012 and from inception (January 20, 2009) through to March 31,2013
F-13
Consolidated Statements of Changes of Stockholders' Equity for the years ended March 31, 2013 and 2012 and from inception (January 20, 2009) through to March 31,2013
F-14
Consolidated Statement of Cashflows for the years ended March 31, 2013, and  2012 and from inception (January 20, 2009) through to March 31,2013
F-15
Notes to Consolidated Financial Statements
F-16-20
F-10
Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANT
Board of Directors
Nemaura Medical Inc.
We have audited the accompanying consolidated balance sheets of Nemaura Medical Inc. and its subsidiaries (A Development Stage Company) (the "Company") as of March 31, 2013 and 2012, and the related statements of comprehensive income (loss), changes in stockholders' equity, and cash flows for each of the years then ended, and for the period from inception (January 20, 2009) through March 31, 2013. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Nemaura Medical Inc. and its subsidiaries as of March 31, 2013 and 2012, and the results of their operations and their cash flows for each of the years then ended, and for the period from inception (January 20, 2009) through March 31, 2013, in conformity with accounting principles generally accepted in the United States of America.
The Company has significant transactions and relationships with related parties that are described in Note 6 to the consolidated financial statements. It is possible that the terms of these transactions may not be the same as those that would result from transactions among unrelated parties.
/S/ GHP HORWATH, P.C.
Denver, Colorado
March 27, 2014
F-11
Table of Contents
NEMAURA MEDICAL INC.
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED BALANCE SHEETS
As of March 31,
As of March 31,
($) 2013
($) 2012
ASSETS
Current Assets:
Cash and
200,485
297,373
Other receivable
-
316
Total Current Assets
200,485
297,689
Other Assets:
Intangible assets, net of accumulated amortization
57,643
33,632
Total assets
258,128
331,321
LIABILITIES AND STOCKHOLDERS' EQUITY
-
-
Commitments:
Stockholders' Equity:
Common stock, $0.001 par value, 420,000,000 shares authorized and 180,000,000 shares issued and outstanding
180,000
180,000
Additional paid in capital
2,258,789
1,488,146
Accumulated deficit
(2,155,657)
(1,325,083)
Accumulated other comprehensive income
(25,004)
(11,742)
Total stockholders' equity
258,128
331,321
Total liabilities and stockholders' equity
258,128
331,321
See notes to the consolidated financial statements
F-12
Table of Contents
NEMAURA MEDICAL INC
(A EVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Year Ended March, 31
From Inception (January 20, 2009)
To March 31,
($) 2013
($) 2012
($) 2013
Revenues
-
-
-
Total revenues
-
-
-
Operating Expenses:
Research and development
658,724
580,437
1,853,637
General and administrative
171,850
118,333
302,020
Total operating expenses
830,574
698,770
2,155,657
Loss from operations
(830,574)
(698,770)
(2,155,657)
Net loss
(830,574)
(698,770)
(2,155,657)
Other comprehensive income/(loss)
Foreign currency translation adjustment
(13,262)
(604)
(25,004)
Comprehensive loss
(843,836)
(699,374)
(2,180,661)
Loss per share
Basic and diluted
(0.01)
*
Weighted average number of shares outstanding
180,000,000
180,000,000
*
Per share amount is less than $0.01
See notes to the consolidated financial statements
F-13
Table of Contents
NEMAURA MEDICAL INC.
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE PERIOD FROM INCEPTION (JANUARY 20, 2009) THROUGH 31 MARCH 2013
Share capital
$
Additional Paid in Capital
$
Accumulated Deficit
$
Accumulated
Other Comprehensive Income
$
Total Stockholders' Equity
$
Balance at January 20, 2009 (Inception)
-
-
-
-
-
Common Stock issued for cash
180,000
344,105
-
-
524,105
Contribution services by related party
-
339,919
-
-
339,919
Net Loss
-
-
(626,313)
-
(626,313)
Other comprehensive income –foreign currency transaction gain (loss)
-
-
-
(11,138)
(11,138)
Balance at March 31, 2011
180,000
684,024
(626,313)
(11,138)
226,573
Common stock issued for cash
-
718,116
-
-
718,116
Contributed services by related party
86,006
86,006
Net loss
-
-
(698,770)
-
(698,770)
Other comprehensive income – foreign currency translation gain (loss)
-
-
-
(604)
(604)
Balance at March 31, 2012
180,000
1,488,146
(1,325,083)
(11,742)
331,321
Common stock issued for cash
-
711,416
-
-
711,416
Contributed services by related party
59,227
59,227
Net loss
-
-
(830,574)
-
(830,574)
Other comprehensive income - foreign currency translation gain (loss)
-
-
-
(13,262)
(13,262)
Balance at March, 31, 2013
180,000
2,258,789
(2,155,657)
(25,004)
258,128
See notes to the consolidated financial statements
F-14
Table of Contents
NEMAURA MEDICAL INC.
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years
Ended March 31
Cumulative From Inception (January 20, 2009) through March 31, 2013
2013 ($)
2012 ($)
2011($)
Cash Flows From Operating Activities:
Net loss
(830,574)
(698,770)
(2,155,657)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
2,725
1,518
11,777
Contributed services by related party
59,227
86,006
485,152
Changes in assets and liabilities:
Other receivable
316
6,706
(2,335)
Net cash used in operating activities
(768,306)
(604,540)
(1,661,063)
Cash Flows from Investing Activities:
Purchase of Intellectual Property
(29,274)
(6,294)
(71,508)
Net cash used in investing activities
(29,274)
(6,294)
(71,508)
Cash Flows From Financing Activities:
Common stock issued for cash
711,416
718,116
1,953,637
Net cash provided by financing activities
711,416
718,116
1,953,637
Net increase (decrease) in cash
(86,164)
107,282
221,066
Effect of exchange rate changes on cash
(10,724)
(485)
(20,581)
Cash, beginning of period
297,373
190,576
0
Cash, end of period
200,485
297,373
200,485
See notes to the consolidated financial statements
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NEMAURA MEDICAL INC.
(A DEVELOPMENT STAGE COMPANY)
Notes to consolidated financial statements
March 31, 2013
NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES
Dermal Diagnostics Limited (DDL) and Trial Clinic Limited (TCL) were incorporated in England and Wales on January 20, 2009 and January 12, 2011, respectively.  Together, these two entities perform medical device research and manufacturing of a continuous glucose monitoring system ("CGM").  The CGM system is a non-invasive, wireless continuous glucose monitoring device for use by persons with Type I and Type II diabetes, and also for screening pre-diabetic patients. The CGM allows for the extraction of analytes, such as glucose, in a non-invasive manner to the surface of the skin where it is measured using unique sensors and interpreted using a unique algorithm.
Dermal Diagnostics (Holdings) Limited (DDHL) is a holding company that was incorporated in England and Wales on December 11, 2013 and acquired 100% of the equity interests of DDL and TCL.
Region Green Limited (RGL), is a holding company that was incorporated in the British Virgin Islands on December 12, 2013 and acquired 100% of the equity interests of DDHL.
Nemaura Medical Inc. ("Nemaura" or "Company") was organized on December 24, 2013 under the laws of the State of Nevada with an authorized share capital of 420 million common shares.  Also on December 24, 2013 Nemaura acquired 100% of the equity interests of RGL.
At the time of these acquisition transactions, DDL, TCL, DDHL, RGL and Nemaura were under common control.  Accordingly, in 2013 these transactions have been accounted for as a common control transaction in a manner similar to a pooling of interests. The weighted average number of ordinary shares outstanding during the respective periods has been retrospectively adjusted to reflect the December 24, 2013 recapitalization that resulted in the issuance of 180 million ordinary shares of Nemaura Medical Inc.
NOTE 2 – BASIS OF PRESENTATION
The accompanying consolidated financial statements include the accounts of the Company and the Company's subsidiaries, DDL, TCL, DDHL and RGL. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, and all significant intercompany balances and transactions have been eliminated.
From inception the Company's activities have primarily consisted of establishing facilities, recruiting personnel, conducting research and development, developing business and financial plans and raising capital. Accordingly, the Company is considered to be in the developmental stage, and these financial statements have been prepared in accordance with the provisions Accounting Standards Codification ("ASC") No. 915, "Development Stage Entities."
The functional currency for the majority of the Company's operations is the Great Britain Pound Sterling ("GBP"), and the reporting currency is the US Dollar.
NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a)  Economic and political risk
The Company's operations are conducted in United Kingdom. Accordingly, the political, economic, and legal environments in the United Kingdom may influence the Company's business, financial condition, and results of operations.
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NEMAURA MEDICAL INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
March 31, 2013
(b)  Cash
The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents.  The Company currently has no cash equivalents and cash consists primarily of cash deposits maintained in a major financial institution in the United Kingdom.
(c) Fair value of financial instruments
The Company's financial instruments primarily consist of cash held in a major financial institution in the United Kingdom.
(d) Intangible assets
Intangible assets consist of licenses and patents associated with the CGM and are amortized on a straight-line basis, generally over their legal life.
(e) Research and Development Expenses
The Company charges research and development expenses to operations as incurred. Research and development expenses primarily consist of salaries and related expenses for personnel and outside contractor and consulting services. Other research and development expenses include the costs of materials and supplies used in research and development, prototype manufacturing, clinical studies, related information technology and an allocation of facilities costs.  Research and development expenses are net of grants received from the UK's Technology Strategy Board.  Total grants received through March 31, 2013 were approximately $666,485.
(f) Income taxes
Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided to reduce the carrying amount of deferred income tax assets if it is considered more likely than not that some portion, or all, of the deferred income tax assets will not be realized.
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained.  Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company has elected to classify interest and penalties related to unrecognized tax benefits as part of income tax expense in the consolidated statements of comprehensive income/(loss).
(g) Earnings per share
Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. The impact of any potentially dilutive securities is excluded. For the years ended March 31, 2013 and 2012, the ordinary shares outstanding have been retroactively adjusted to reflect the December 24, 2013 recapitalization.
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NEMAURA MEDICAL INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
March 31, 2013
(h) Use of estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Actual results may differ from those estimates.
(i) Foreign currency translation
The functional currency of the Company is the Great Britain Pound Sterling ("GBP").  The reporting currency is the United States dollar (US$).  Stockholder's equity is translated into United States dollars from GBP at historical exchange rates.  Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rates prevailing during the reporting period.  The translation rates are as follows:
March 31, 2013
March 31, 2012
Year end GBP : US$ exchange rate
1:1.523
1:1.598
Average period/yearly GBP : US$ exchange rate
1:1.581
1:1.596
Adjustments resulting from translating the financial statements into the United States dollar are recorded as a separate component of accumulated other comprehensive income in Stockholders' Equity.
(j) Recent accounting pronouncements
The Company does not expect the adoption of recent accounting pronouncements to have a material impact on its consolidated financial statements.
NOTE 4 – CASH
As of March 31, 2013 and 2012, the Company held $200,485 and $297,373, respectively, in cash which is held at a major UK banking institution.
NOTE 5 – INTANGIBLE ASSETS
As of March 31, 2013 and March 31, 2012 intangible assets are summarized as follows:
March 31, 2013
($)
March 31, 2012
($)
Patents and licenses
63,768
37,032
Less accumulated amortization
(6,125)
(3,400)
57,643
33,632
Estimated amortization expense is approximately $3,800 for each of the next five years.
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NEMAURA MEDICAL INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
March 31, 2013
NOTE 6 – RELATED PARTY TRANSACTIONS
Nemaura Pharma Limited (Pharma) and NDM Technologies Limited (NDM) are entities controlled by the Company's majority shareholder DFH Chowdhury.
From inception, Pharma invoiced DDL and TCL for research and development services.  In addition, certain operating expenses of DDL and TCL were incurred and paid by Pharma and NDM. In accordance with the United States Securities and Exchange Commission (SEC) Staff Accounting Bulletin 55, these financial statements reflect all of the costs associated with the operations of DDL and TCL. While certain costs incurred by Pharma and NDM are directly attributable to DDL and TCL, other costs were shared between the organizations. In situations where the costs were shared, expense has been allocated between Pharma and NDM and DDL and TCL using a fixed percentage allocation. Management believes that the methodologies used are reasonable.  DDL and TCL advanced Pharma certain amounts to cover a portion of the costs.  The remaining amounts where contributed to the Company in the form of contributed services.
Following is a summary of activity between the Company and Pharma and NDM for the years ended March 31, 2013 and 2012 and for the period from inception (January 20, 2009) through March 31, 2013.
Year Ended March 31,
2013
($)
Year Ended March 31,
2012
($)
Period from January 20, 2009 (Date of Inception) to March 31, 2013
($)
Balance due (to) Pharma and NDM at beginning of period
Amounts advanced to Pharma
797,580
610,834
1,717,310
Amounts invoiced by Pharma to DDL and TCL
(441,754)
(487,749)
(983,216)
Expenses paid by Pharma on behalf of DDL and TCL
(388,819)
(211,022)
(1,175,999)
Intellectual property costs paid by Pharma on behalf of DDL and TCL
(26,547)
(4,777)
(57,643)
Capital contribution by Pharma (excess of expenses paid over amounts advanced)
59,227
86,006
485,145
Foreign currency translation
313
6,708
14,403
Balance due from (to) Pharma and NDM at end of the period
NOTE 7 – INCOME TAXES
The Company and its subsidiaries file separate income tax returns.
The United States of America
The Company is incorporated in the State of Nevada in the U.S., and is subject to U.S. federal corporate income tax at progressive rates ranging from 15% to 35%. The state of Nevada does not impose any state corporate income tax.
British Virgin Islands
RGL is incorporated in the British Virgin Islands ("BVI"). Under the current laws of the BVI, RGL is not subject to tax on income or capital gains. In addition, upon payments of dividends by RGL, no BVI withholding tax is imposed.
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NEMAURA MEDICAL INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONT.)
March 31, 2013
United Kingdom
DDL, TCL and DDHL are all incorporated in the United Kingdom (UK) and the applicable UK statutory income tax rate for these companies is 20%.
For the years ended March 31, 2013 and 2012, and for the period from January 20, 2009 (Date of Inception), loss before income tax expense (benefit) all arose in the UK.
Reconciliation of our effective tax rate to income (loss) to the statutory U.S federal tax rate is as follows:
Year ended March 31,
2013
2012
Loss before income taxes
$
(830,574)
$
(698,770)
Expected tax benefit
(282,000)
(34%
)
(238,000)
(34%)
Foreign tax differential
116,000
14%
98,000
14%
Non-deductible expenses
78,000
9%
42,000
6%
Change in valuation allowance
88,000
11%
98,000
14%
Actual income tax expense
$
-
$
-
The tax effects of the temporary differences that give rise to significant portions of deferred income tax assets are presented below:
As of March 31,
2013
2012
Net operating tax loss carried forwards
$
(186,000)
$
(98,000)
Total deferred income tax assets
Valuation allowance
186,000
98,000
Net deferred tax assets
$
-
$
-
For each of the years ended March 31, 2013 and 2012, the Company did not have unrecognized tax benefits, and therefore no interest or penalties related to unrecognized tax benefits were accrued. Management does not expect that the amount of unrecognized tax benefits will change significantly within the next twelve months.
The Company mainly files income tax returns in the United States and the UK. The Company is subject to U.S. federal income tax examination by tax authorities for tax years beginning in 2013.   The UK tax returns for the Company's UK subsidiaries are open to examination by the UK tax authorities for the tax years beginning in January 20, 2009.
The Company has Net Operating Losses (NOLs) of approximately $547,000 at March 31, 2013.  These NOLs may be carried forward indefinitely.
NOTE 8 – SUBSEQUENT EVENTS
In March 2014 the Company issued 20 million shares in a private placement transaction for cash proceeds of $400,000 of which $230,000 is being held in escrow to pay certain expenses.  The balance is expected to be available to the company in the first fiscal quarter of 2015.
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PART II   INFORMATION NOT REQUIRED IN PROSPECTUS
Item 13.  Other Expenses Of Issuance And Distribution
We will pay all expenses in connection with the registration and sale of the Common Stock by the selling stockholders. The expenses of issuance and distribution are set forth below.
SEC Filing Fee
$
80*
Legal Expenses
$
25,000*
Accounting Expenses
$
47,000*
Miscellaneous
$
4,588*
Total
$
76,668*
* Estimate
Item 14.  Indemnification Of Directors And Officers
We are a Nevada corporation and generally governed by the Nevada Private Corporations Code, Title 78 of the Nevada Revised Statutes, or NRS.
Section 78.138 of the NRS provides that, unless the corporation's Articles of Incorporation provide otherwise, a director or officer will not be individually liable unless it is proven that (i) the director's or officer's acts or omissions constituted a breach of his or her fiduciary duties, and (ii) such breach involved intentional misconduct, fraud, or a knowing violation of the law. Our Articles of Incorporation provide that no director or officer shall be personally liable to the corporation or any of its stockholders for damages for any breach of fiduciary duty as a director or officer except (i) for acts or omissions that involve intentional misconduct or a knowing violation of law by the director, (ii) for conduct violating the NRS, or (iii) for any transaction from which the director will personally receive a benefit in money, property, or services to which the director is not legally entitled.
Section 78.7502 of the NRS permits a company to indemnify its directors and officers against expenses, judgments, fines, and amounts paid in settlement actually and reasonably incurred in connection with a threatened, pending, or completed action, suit, or proceeding, if the officer or director (i) is not liable pursuant to NRS 78.138, or (ii) acted in good faith and in a manner the officer or director reasonably believed to be in or not opposed to the best interests of the corporation and, if a criminal action or proceeding, had no reasonable cause to believe the conduct of the officer or director was unlawful. Section 78.7502 of the NRS also precludes indemnification by the corporation if the officer or director has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court determines that in view of all the circumstances, the person is fairly and reasonably entitled to indemnity for such expenses and requires a corporation to indemnify its officers and directors if they have been successful on the merits or otherwise in defense of any claim, issue, or matter resulting from their service as a director or officer.
Section 78.751 of the NRS permits a Nevada company to indemnify its officers and directors against expenses incurred by them in defending a civil or criminal action, suit, or proceeding as they are incurred and in advance of final disposition thereof, upon determination by the stockholders, the disinterested board members, or by independent legal counsel. Section 78.751 of NRS requires a corporation to advance expenses as incurred upon receipt of an undertaking by or on behalf of the officer or director to repay the amount if it is ultimately determined by a court of competent jurisdiction that such officer or director is not entitled to be indemnified by the company if so provided in the corporations articles of incorporation, bylaws, or other agreement. Section 78.751 of the NRS further permits the company to grant its directors and officer's additional rights of indemnification under its articles of incorporation, bylaws, or other agreement.
Section 78.752 of the NRS provides that a Nevada company may purchase and maintain insurance or make other financial arrangements on behalf of any person who is or was a director, officer, employee, or agent of the company, or is or was serving at the request of the company as a director, officer, employee, or agent of another company, partnership, joint venture, trust, or other enterprise, for any liability asserted against him and liability and expenses incurred by him in his capacity as a director, officer, employee, or agent, or arising out of his status as such, whether or not the company has the authority to indemnify him against such liability and expenses.
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Our By-Laws implement the indemnification provisions permitted by Chapter 78 of the NRS by providing that we shall indemnify our directors and officers to the fullest extent and under all circumstances permitted by the NRS against expense, liability, and loss reasonably incurred or suffered by them in connection with their service as an officer or director.  Our By-Laws also provide that we will indemnify our directors and officers to the fullest extent permitted by the NRS and shall advance reasonable costs and expenses incurred with respect to any proceeding to which a person is made a party as a result of being a director or officer in advance of final disposition of such proceeding without regard to any limitations set forth in the NRS 78.7502. We may purchase and maintain liability insurance, or make other arrangements for such obligations or otherwise, to the extent permitted by the NRS.
At the present time, there is no pending litigation or proceeding involving a director, officer, employee, or other agent of ours in which indemnification would be required or permitted. We are not aware of any threatened litigation or proceeding that may result in a claim for such indemnification.
Item 15.  Recent Sales Of Unregistered Securities
The information below lists all of the securities sold by us during the past three years which were not registered under the Securities Act.  The securities sold were by the Company and stock purchase agreements were executed by each individual.  The shares were sold and the subscriptions accepted by the Company in March of 2014.
Name of Selling Security Holder
Amount of Securities Purchased
Amount of Consideration
Type of Consideration
Addjab Limited
1,200,000
$24,000.00
Cash
Adeeba Ahmed
3,000
$60.00
Cash
Afzul Mohmud
3,000
$60.00
Cash
Ahmed Dadibhai
3,000
$60.00
Cash
Amaira Badat
3,000
$60.00
Cash
Ambreen Hussain
3,000
$60.00
Cash
Ammaar Mohmud
3,000
$60.00
Cash
Anis Jamall
3,000
$60.00
Cash
Asif Mohmud
3,000
$60.00
Cash
Charles Heard
3,000
$60.00
Cash
David Scott
3,000
$60.00
Cash
Dewan M. H. Chowdhury
4,136,875
$82,737.50
Cash
Dominic Slattery
10,000
$200.00
Cash
East Yield Investment Limited
2,347,000
$46,940.00
Cash
Faheema Mohmud
3,000
$60.00
Cash
Fazila Timol
200,000
$4,000.00
Cash
Fortune Lake Management Limited
2,347,000
$46,940.00
Cash
Hafsa Bibi Timol
3,000
$60.00
Cash
Hasan Dadibhai
3,000
$60.00
Cash
Hayat Ouziad
3,000
$60.00
Cash
Ibrahaim Patel
3,000
$60.00
Cash
Ismail Makda
3,000
$60.00
Cash
Julie Barton-Naylor
3,000
$60.00
Cash
Julie Pomeroy
3,000
$60.00
Cash
Jumaid Jamall
3,000
$60.00
Cash
Junaid Mansoor
3,000
$60.00
Cash
Karmen Cheung
3,000
$60.00
Cash
Karrar Khan
3,000
$60.00
Cash
Kathryn Farrar
3,000
$60.00
Cash
Khadija Dadibhai
3,000
$60.00
Cash
Michael Daniels
165,000
$3,300.00
Cash
Mohammed Zakir Shaikh
3,000
$60.00
Cash
Muhammad Dadibahi
3,000
$60.00
Cash
Museji Takolia
3,000
$60.00
Cash
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Nafeesah Munshi
3,000
$60.00
Cash
Noorjehan Takolia
3,000
$60.00
Cash
Oves Timol
200,000
$4,000.00
Cash
Pine Capital Asset Mgt. Inc.
7,141,000
$142,820.00
Cash
Rabia Ismail
3,000
$60.00
Cash
Richard Freeman
3,000
$60.00
Cash
Richard Toon
3,000
$60.00
Cash
Riyaz Timol
1,697,125
$33,942.50
Cash
Robert Carson
3,000
$60.00
Cash
Ruksana Khan
3,000
$60.00
Cash
Safira Mohmud
3,000
$60.00
Cash
Safiyyah Ahmed
3,000
$60.00
Cash
Saleha Lokhat
200,000
$4,000.00
Cash
Sameer Hussain
3,000
$60.00
Cash
Sarfaraz Ismail
3,000
$60.00
Cash
Sohail Hasani
3,000
$60.00
Cash
Somaiya Ravat
3,000
$60.00
Cash
Stephen Metcalf
3,000
$60.00
Cash
Suhayl Ismail
3,000
$60.00
Cash
Susan Gibbons
3,000
$60.00
Cash
Syed Mohammad Hasani
3,000
$60.00
Cash
Tahseen Rehman Minhas
3,000
$60.00
Cash
Vincent Crabtree
3,000
$60.00
Cash
Waliul Islam
3,000
$60.00
Cash
Wasif Hasani
3,000
$60.00
Cash
Yiqing Han
3,000
$60.00
Cash
Yunus Bhayat
3,000
$60.00
Cash
Yusuf Timol
200,000
$4,000.00
Cash
Zohra Adam
3,000
$60.00
Cash
TOTAL
20,000,000
$400,000
Cash
For each of the transactions referred to above, we relied upon an exemption from registration afforded by Section 4(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder, which exempt transactions by an issuer not involving any public offering.
Item 16. Exhibits and Financial Statement Schedules
EXHIBITS
The following exhibits are filed as part of this registration statement
Exhibit No.
Description
3.1
Articles of Incorporation.
3.2
Bylaws.
5.1*
Opinion of Loeb & Loeb LLP regarding legality of securities.
10.4
Lease Agreement between Loughborough University and NEMAURA MEDICAL INC. dated January 1, 2014.
10.5
Employment Agreement dated November 1, 2013 between the Company and Dewan F.H. Chowdhury.
10.6
Employment Agreement dated November 1, 2013 between the Company and Ambreen Hussain
10.7
Employment Agreement dated November 1, 2013 between the Company and Junaid Mansoor.
10.8
Employment Agreement dated November 1, 2013 between the Company and Robert Carson.
10.9
Employment Agreement dated November 1, 2013 between the Company and Waliul Islam.
14.1
Code of Ethics adopted by the Board of Directors.
23.1
Consent of Independent Registered Public Accounting Firm.
23.2*
Consent of Loeb & Loeb LLP.
24
Power of Attorney (included in signature page)
*To be filed by amendment
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Item 17. Undertakings
1.
The undersigned registrant hereby undertakes to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933.
(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.
Provided, however, that paragraphs (B)(1)(i) and (B)(1)(ii) of this section do not apply if the registration statement is on Form S-3, Form S-8 or Form F-3, and the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.
2.
The undersigned registrant hereby undertakes that, for the purpose of determining any liability under the Securities Act of 1933, as amended, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
3.
The undersigned registrant hereby undertakes to remove from registration by means of a post-effective amendment any of the securities being registered that remain unsold at the termination of the Offering.
4.
The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
5.
The undersigned registrant hereby undertakes that, for the purposes of determining liability to any purchaser:
(i)
If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.
6.
The registrant hereby undertakes that, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
(i)
Any preliminary prospectus or prospectus of the undersigned registrant relating to the Offering required to be filed pursuant to Rule 424;
(ii)
Any free writing prospectus relating to the Offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;
(iii)
The portion of any other free writing prospectus relating to the Offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and
(iv)
Any other communication that is an offer in the Offering made by the undersigned registrant to the purchaser.
7.
Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to directors, officers and controlling persons of the undersigned registrant according the foregoing provisions, or otherwise, the
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undersigned registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933, as amended, and will be governed by the final adjudication of such issue.
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SIGNATURES
In accordance with the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing this Form S-1 and has authorized this Form S-1 to be signed on its behalf by the undersigned in the City of Manchester, England, on March 28, 2014.
NEMAURA MEDICAL INC.
By:
/s/DEWAN F. H. CHOWDHURY
Dewan F. H. Chowdhury
President and Chief Executive Officer
(Principal Executive Officer)
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Dewan F.H, Chowdhury as his true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him and in his name, place, and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments, exhibits thereto and other documents in connection therewith) to this Registration Statement and any subsequent registration statement filed by the registrant pursuant to Rule 462(b) of the Securities Act of 1933, as amended, which relates to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated:
Name
Position
Date
/s/DEWAN F. H. CHOWDHURY
March 28, 2014
Dewan F. H. Chowdhury
President, Chief Executive Officer (Principal Executive Officer), Chief Financial Officer (Principal Financial and Accounting Officer and Chairman
/s/BASHIR TIMOL
March 28, 2014
Bashir Timol
Director
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