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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><b>As filed with the Securities
and Exchange Commission on August 11, 2022</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><b>Registration No. 333- </b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p><div>

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

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</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&#160;</p><div>

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

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

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

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <ix:nonNumeric contextRef="c0" name="dei:DocumentType">S-1</ix:nonNumeric></b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 100%; border-bottom: black 1.5pt solid; padding: 0.5pt 0.5pt 1pt; font-size: 10pt; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName"><span style="font-size: 10pt"><b>BRAIN SCIENTIFIC INC.</b></span></ix:nonNumeric></td></tr> <tr style="vertical-align: top"> <td style="padding: 0.5pt; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><i>(Exact name of registrant as specified in its charter)</i></span></td></tr> </table><div>
</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 32%; border-bottom: black 1.5pt solid; padding: 0.5pt 0.5pt 1pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode"><span style="font-size: 10pt"><b>Nevada</b></span></ix:nonNumeric></td> <td style="width: 2%; padding: 0.5pt 0.5pt 1.5pt">&#160;</td> <td style="width: 32%; border-bottom: black 1.5pt solid; padding: 0.5pt 0.5pt 1pt; text-align: center"><span style="font-size: 10pt"><b>3841</b></span></td> <td style="width: 2%; padding: 0.5pt 0.5pt 1.5pt">&#160;</td> <td style="width: 32%; border-bottom: black 1.5pt solid; padding: 0.5pt 0.5pt 1pt; text-align: center"><span style="font-size: 10pt"><b>81-0876714</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0.5pt; text-align: center"><span style="font-size: 10pt"><i>(State or other jurisdiction of <br/>
incorporation or organization)</i></span></td> <td style="padding: 0.5pt">&#160;</td> <td style="padding: 0.5pt; text-align: center"><span style="font-size: 10pt"><i>(Primary Standard Industrial <br/>
Classification Code Number)</i></span></td> <td style="padding: 0.5pt">&#160;</td> <td style="padding: 0.5pt; text-align: center"><span style="font-size: 10pt"><i>(I.R.S. Employer <br/>
Identification Number)</i></span></td></tr> <tr style="font-size: 8pt; vertical-align: bottom"> <td style="font-size: 8pt; padding: 0.5pt; text-align: center">&#160;</td> <td style="font-size: 8pt; padding: 0.5pt">&#160;</td> <td style="font-size: 8pt; padding: 0.5pt; text-align: center">&#160;</td> <td style="font-size: 8pt; padding: 0.5pt">&#160;</td> <td style="font-size: 8pt; padding: 0.5pt; text-align: center">&#160;</td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>6700 Professional Parkway</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Lakewood Ranch, FL 34240</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(917) 388-1578</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>(Address, including zip code, and telephone
number, including</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>area code, of registrant&#8217;s principal executive
offices)</i></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>6700 Professional Parkway</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Lakewood Ranch, FL 34240</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(917) 388-1578</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>(Name, address, including zip code, and
telephone</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>number, including area code, of agent for service)</i></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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  <tr style="vertical-align: top">
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Joseph Lucosky, Esq.</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Lawrence Metelitsa, Esq.</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Lucosky Brookman LLP</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>101 Wood Avenue South</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Woodbridge, NJ 08830</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(732) 395-4400</b></p></td>
    <td style="width: 50%; padding: 0.5pt; text-align: center"><span style="font-size: 10pt"><b>Steven D. Uslaner, Esq.<br/>
Mark F. Coldwell, Esq.<br/>
Littman Krooks LLP<br/>
1325 Avenue of the Americas, 15<sup>th</sup></b>&#160;<b>Floor<br/>
New York, NY 10019<br/>
Tel. No.: (212) 490-2020<br/>
Fax No.: (212) 490-2990</b></span></td></tr>
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</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 100%; border-bottom: black 1.5pt solid; padding: 0.5pt 0.5pt 1pt; text-align: center"><span style="font-size: 10pt">As soon as practicable after the effective date of this registration statement</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0.5pt; text-align: center"><span style="font-size: 10pt"><i>(Approximate date of commencement of proposed sale to the public)</i></span></td></tr>
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</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) 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. &#9744;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>



</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
    <td style="width: 100%; text-align: center"></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221;
and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 50%; padding: 0.5pt"><span style="font-size: 10pt">Large accelerated filer &#9744;</span></td> <td style="width: 50%; padding: 0.5pt"><span style="font-size: 10pt">Accelerated filer &#9744;</span></td></tr> <tr style="vertical-align: top"> <td style="padding: 0.5pt"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c0" name="dei:EntityFilerCategory">Non-accelerated Filer</ix:nonNumeric> &#9746;</span></td> <td style="padding: 0.5pt"><span style="font-size: 10pt">Smaller reporting company <ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntitySmallBusiness">&#9746;</ix:nonNumeric></span></td></tr> <tr style="vertical-align: top"> <td style="padding: 0.5pt">&#160;</td> <td style="padding: 0.5pt"><span style="font-size: 10pt">Emerging growth company <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></td></tr> </table><div>
</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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, or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a),
may determine.</b></p><div>

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

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

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

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




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

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

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

</div><p style="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information in this preliminary prospectus
is not complete and may be changed. We <span><b>and the selling stockholders&#160;</b></span> may not
sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary
prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not
permitted.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="color: Red; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; color: Red; width: 33%"><span style="font-size: 10pt"><b>PRELIMINARY PROSPECTUS</b></span></td>
    <td style="border-bottom: Black 1.5pt solid; color: Red; width: 33%; text-align: center"><span style="font-size: 10pt"><b>SUBJECT TO COMPLETION</b></span></td>
    <td style="border-bottom: Black 1.5pt solid; color: Red; text-align: right"><span style="font-size: 10pt"><b>DATED __________ __, 2022</b></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_001.jpg" style="height: 150px; width: 240px"/></p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Each Unit Consisting of One Share of Common
Stock and</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>One Warrant to Purchase One Share of Common
Stock</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are offering _______ units
(each a &#8220;Unit&#8221; and collectively, the &#8220;Units&#8221;) of Brain Scientific Inc. (the &#8220;Company,&#8221; &#8220;Brain
Scientific,&#8221; &#8220;we,&#8221; &#8220;our&#8221; or &#8220;us&#8221;) with each Unit consisting of one share of our common stock,
par value $0.001 per share, which we refer to as the &#8220;Common Stock,&#8221; and one warrant (a &#8220;Warrant&#8221;) to purchase
one share of Common Stock. The Warrants included in the Units are exercisable immediately, will expire ___ years from the date of issuance
and have an exercise price of $___ per share ( ___% of the price per Unit sold in this offering).</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><span>The Units
have no stand-alone rights and will not be certificated or issued in stand-alone form.</span> Purchasers will receive only shares of common
stock and warrants. The shares of Common Stock and Warrants may be transferred separately, immediately upon issuance. The offering also
includes the shares of Common stock issuable from time to time upon exercise of the Warrants.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the selling stockholders
identified herein (the &#8220;Selling Stockholders&#8221;) are offering 41,534,495 shares of Common stock, consisting of (i) 22,638,000
shares of Common Stock issuable upon conversion of the PPO Debentures (as defined herein) and (ii) 18,896,495 shares of Common Stock underlying
the PPO Warrants (as defined herein). The 41,534,495 shares of Common Stock offered by the Selling Stockholders are defined herein as
the &#8220;Selling Stockholder Shares.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Our Common Stock is presently traded on the Pink
Tier of the OTC Markets Group, Inc. (&#8220;OTC Markets&#8221;), under the symbol &#8220;BRSF.&#8221; On August 9, 2022, the last reported
sale price of our Common Stock was $0.12. We intend to apply to list our Common Stock and Warrants on the Nasdaq Capital Market under
the symbols &#8220;BRSF&#8221; and &#8220;BRSFW&#8221;, respectively. No assurance can be given that our application will be approved
or that the trading prices of our Common Stock on the over-the-counter market will be indicative of the prices of our Common Stock if
our Common Stock were traded on the Nasdaq Capital Market. If our listing application is not approved by the Nasdaq Stock Market, we will
not be able to consummate this offering. The public offering price per Unit will be determined at the time of pricing and may be at a
discount to the current market price of our Common Stock. The recent market price of our Common Stock used throughout this prospectus
may not be indicative of the final offering price of the Units. Prior to this offering, there has been no trading market for the Warrants.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">Unless otherwise noted and other than in our historical
financial statements and the notes thereto, the share and per share information in this prospectus reflects the proposed reverse split
of the outstanding Common Stock at an assumed [&#9679;]-for-[&#9679;]&#160;ratio to occur prior to the closing of the offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify"></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Investing in our securities involves a
high degree of risk. See &#8220;Risk Factors&#8221; beginning on page 14 of this prospectus. You should carefully consider these
risk factors, as well as the information contained in this prospectus, before purchasing any of the securities offered by this
prospectus.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Neither the Securities and Exchange commission
nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus.
Any representation to the contrary is a criminal offense.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">&#160;&#160;&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid">Per Unit</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid">Total</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%">Public Offering price</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Underwriter&#8217;s discounts and commissions (1)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Proceeds to us before expenses (2)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Proceeds to Selling Stockholders, before expenses   (3)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 3%"><span style="font-size: 10pt">(1)</span></td>
    <td style="width: 97%; text-align: justify"><span style="font-size: 10pt">See &#8220;Underwriting&#8221; beginning on page 98 for
    additional information regarding underwriting compensation.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The amount of offering proceeds to us presented in this table does not give effect to any exercise of the: (i) Underwriters&#8217; Over-Allotment Option we have granted to the underwriters as described below and (ii) the Representative&#8217;s Warrants being issued to the underwriters as described below.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The amount of offering proceeds to us presented in this table does not give effect to the sale of the Selling Stockholder Shares as we will receive no proceeds from any such sales.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We have granted a 45-day&#160;option to the representative
of the underwriters to purchase up to ______ additional shares of our Common Stock and/or up to _________ additional&#160;Warrants, solely
to cover over-allotments, if any, which we refer to herein as the &#8220;Underwriters&#8217; Over-Allotment Option.&#8221; The securities issuable
upon exercise of the Underwriters&#8217; Over-Allotment Option will be identical to those offered by this prospectus and have been registered
under the registration statement of which this prospectus forms a part.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0.1in 0pt 0; text-align: justify">The underwriters expect to deliver the
shares of Common Stock and Warrants against payment in New York, New York on or about&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center"><i>Sole Book-Running Manager</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center"><b>JOSEPH GUNNAR &amp; CO. LLC</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is &#160;&#160;&#160;&#160;&#160;&#160;&#160;,
2022</p><div>




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

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

</div><!-- Field: Page; Sequence: 3 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 90%"><a href="#a_001"><span style="font-size: 10pt">PROSPECTUS SUMMARY</span></a></td>
    <td style="vertical-align: bottom; width: 10%; text-align: center">1</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_002"><span style="font-size: 10pt">THE OFFERING</span></a></td>
    <td style="vertical-align: bottom; text-align: center">7</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_003"><span style="font-size: 10pt">SUMMARY FINANCIAL DATA</span></a></td>
    <td style="vertical-align: bottom; text-align: center">9</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_004"><span style="font-size: 10pt">RISK FACTORS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">14</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_005"><span style="font-size: 10pt">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">39</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_006"><span style="font-size: 10pt">USE OF PROCEEDS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">40</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_007"><span style="font-size: 10pt">MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">41</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_008"><span style="font-size: 10pt">DIVIDEND POLICY</span></a></td>
    <td style="vertical-align: bottom; text-align: center">41</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_009"><span style="font-size: 10pt">CAPITALIZATION</span></a></td>
    <td style="vertical-align: bottom; text-align: center">41</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_010"><span style="font-size: 10pt">DILUTION</span></a></td>
    <td style="vertical-align: bottom; text-align: center">42</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_011"><span style="font-size: 10pt">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">44</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_012"><span style="font-size: 10pt">BUSINESS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">52</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_013"><span style="font-size: 10pt">MANAGEMENT</span></a></td>
    <td style="vertical-align: bottom; text-align: center">79</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_014"><span style="font-size: 10pt">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">89</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_015"><span style="font-size: 10pt">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</span></a></td>
    <td style="vertical-align: bottom; text-align: center">90</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_016"><span style="font-size: 10pt"><span style="text-decoration:underline">SELLING STOCKHOLDERS</span><span><b>&#160;</b></span></span></a></td>
    <td style="vertical-align: bottom; text-align: center">92</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_017"><span style="font-size: 10pt">DESCRIPTION OF CAPITAL STOCK</span></a></td>
    <td style="vertical-align: bottom; text-align: center">95</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_018"><span style="font-size: 10pt"><span style="text-decoration:underline">DESCRIPTION OF SECURITIES WE ARE OFFERING</span></span></a></td>
    <td style="vertical-align: bottom; text-align: center">96</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_019"><span style="font-size: 10pt">UNDERWRITING</span></a></td>
    <td style="vertical-align: bottom; text-align: center">98</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_020"><span style="font-size: 10pt">LEGAL MATTERS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">105</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_021"><span style="font-size: 10pt">EXPERTS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">105</td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_022"><span style="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</span></a></td>
    <td style="vertical-align: bottom; text-align: center">106</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><a href="#a_023"><span style="font-size: 10pt">INDEX TO FINANCIAL STATEMENTS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">F-1</span></td></tr>
  <tr>
    <td style="vertical-align: top"><a href="#a_024"><span style="font-size: 10pt">PART II INFORMATION NOT REQUIRED IN PROSPECTUS</span></a></td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">II-1</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>We have not authorized anyone to provide any
information or to make any representations other than those contained in this prospectus or in any free writing prospectuses we have prepared.
We take no responsibility for and can provide no assurance as to the reliability of, any other information that others may give you. This
prospectus is an offer to sell only the Units offered hereby, but only under circumstances and in jurisdictions where it is lawful to
do so. The information contained in this prospectus is current only as of its date.</b></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Market and Other Industry Data</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Unless otherwise indicated, market data and certain
industry forecasts used throughout this prospectus were obtained from various sources, including internal surveys, market research, consultant
surveys, publicly available information and industry publications and surveys. Industry surveys, publications, consultant surveys and
forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but that the
accuracy and completeness of such information is not guaranteed. We have not independently verified any of the data from third-party sources
nor have we ascertained the underlying economic assumptions relied upon therein. Similarly, internal surveys, industry forecasts and market
research, which we believe to be reliable based upon our management&#8217;s knowledge of the industry, have not been independently verified.
The future performance of the industry and markets in which we operate and intend to operate is necessarily subject to a high degree of
uncertainty and risk due to a variety of factors, including those described in the sections titled &#8220;Risk Factors&#8221; and &#8220;Special
Note Regarding Forward-looking Statements&#8221; and elsewhere in this prospectus. These and other factors could cause results to differ
materially from those expressed in these publications and reports.</p><div>

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

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

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

</div><div style="padding-right: 4pt; padding-left: 4pt; border: Black 1.5pt solid; width: 98%">

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

<a id="a_001"></a><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PROSPECTUS SUMMARY</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">This <i>summary highlights selected information
contained elsewhere in this prospectus and does not contain all the information that you should consider before making your investment
decision. Before investing in our Units, you should carefully read this entire prospectus, including the information set forth under the
&#8220;Risk Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221;
sections of this prospectus and our consolidated financial statements and the accompanying notes included in this prospectus. Except as
otherwise indicated herein or as the context otherwise requires, references in this prospectus to &#8220;Brain Scientific,&#8221; the
&#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; refer to Brain Scientific Inc. and its wholly-owned subsidiaries,
Piezo Motion Corp., a Delaware corporation, Memory MD, Inc., a Delaware corporation, Discovery Technology International, Inc., a Delaware
corporation, Memory MD Russia, a Russian corporation, Memory MD Europe, a Polish corporation, and Lilya (Ukraine), a Ukraine corporation.</i></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt; text-align: justify">We are a MedTech company with two innovative
product lines: neurology and motion products. Since October 1, 2021, we have had two direct subsidiaries, each of which is focused on
one of our complimentary product lines.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt; text-align: justify">The products of our subsidiary Memory
MD, Inc., hereinafter referred to as the Neurology Products, are medical devices designed for the neurology market. The products of our
subsidiary Piezo Motion Corp., hereinafter referred to as the Motion Products, are small piezoelectric motors which are designed for and
expected to have valuable and beneficial uses as motors within medical devices and devices outside of the MedTech industry.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt; text-align: justify">Since the merger between Brain Scientific
Inc. and Piezo Motion Corp., we have focused on building an experienced team and platform to grow revenues from existing products and
introduce new technologies to the market while leveraging our store of intellectual property.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt; text-align: justify">To date, substantially all of our revenues have been derived from our
Russian subsidiary, Memory MD Russia, which has operated as a distributor of third-party medical devices within Russia. The Russian invasion
of Ukraine in February 2022 negatively impacted the operation of our Russian subsidiary. With the uncertainty raised due to the continued
Russian invasion of Ukraine, we do not anticipate having these medical device sales restart in Russia in the foreseeable future. No decision
has been made as to winding down operations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0; text-align: justify">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify; ">The two lines of products
that we currently sell are (i) Neurology Products and (ii) Motion Products.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i><span style="text-decoration:underline">Neurology Products</span></i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The Neurology Products of our subsidiary Memory
MD, Inc. are medical devices and software products designed for the neurology market. We believe our Neurology Products represent a step
forward in EEG technology and may be used in a wider range of applications beyond the traditional hospital or neurologist office.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Electroencephalography, or EEG, is a method to
identify and to evaluate the electrical activity of the brain. An EEG could be beneficial, when used with other tools in the diagnosis
of brain-related issues, including epilepsy, brain activity after a stroke, and sleep disorders. An EEG may also be used to determine
the electrical activity of a comatose individual.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Our initial Neurology Products are intended to
allow for simplifying and making more ambulatory the completion of EEG. Further, the NeuroCap&#8482; and NeuroEEG&#8482; Products, both
510K FDA cleared and available for sale, are focused on providing efficient tools to the EEG medical market. Our technology allows a miniature,
wireless, clinical device capable of recording an EEG and provides the data to medical staff without the bulky hardware or necessitating
a neurology technician to place the cap. The NeuroEEG&#8482; amplifier and desktop software used to store and analyze data captured from
the NeuroCap&#8482; are anticipated to have strong margins, utilizing a distribution network to provide access to hospitals, neurologists,
and general practitioners as well as the various telehealth and tele-neurology companies.</p>

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="text-align: center; width: 33%">&#160;<img alt="" src="image_002.jpg" style="height: 242px; width: 180px"/></td>
  <td style="text-align: center; width: 34%">&#160;<img alt="" src="image_003.jpg" style="height: 236px; width: 200px"/></td>
  <td style="text-align: center; width: 33%"><img alt="" src="image_004.jpg" style="height: 234px; width: 190px"/>&#160;</td></tr>
</table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><i>NeuroCap</i>&#8482;</p>

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

</div><div>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The NeuroCap&#8482; is an FDA-cleared disposable,
soft layered cap with an integrated electrode circuit that is designed to address existing problems of conventional EEG systems. The silver
embedded wiring is pre-gelled, so it requires no prepping of the skin before application. NeuroCap&#8482; makes it possible for medical
staff of all levels to perform EEG tests, without having to laboriously apply electrodes one-by-one or spend considerable time cleaning
an EEG headset after each use.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 6pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The NeuroCap&#8482; works in parallel with the
NeuroEEG&#8482; amplifier device to successfully carry out EEG tests. However, the NeuroCap&#8482; can also work with other EEG devices
in addition to our NeuroEEG. The NeuroCap&#8482;&#8217;s electrode placement follows standard alignment pursuant to the international
10-20 system. The acquisition of electrical brain activity is carried out by non-invasive pre-gelled passive Ag/AgCl scalp (cutaneous)
electrodes, ensuring maximum comfortability for the wearer. Benefits of NeuroCap&#8482; include:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 6pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">22 electrodes and 19 active
EEG channels for performing high-quality routine EEG tests;</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 6pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">disposable EEG headset for reducing
the risk of contagion and cross-contamination;</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 6pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">pre-gelled electrodes for reducing
patient discomfort and concern over messy gels; and</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 6pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">malleable structure and adjustable
Velcro straps allowing full adjustability during placement in patients with head injuries.</span></td>
</tr></table>

<p style="text-indent: 0.25in; margin-top: 0; margin-bottom: 0"><span style="font-size: 6pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Expanding its potential uses, the NeuroCap&#8482;&#8217;s
easy to follow numbered straps makes application easy by healthcare workers of all skill levels. <span style="font-size: 10pt">We estimate
preparation for the EEG can be completed in approximately 5 minutes. It is user-friendly and requires minimal training. It can be utilized
for EEG testing for up to 4 hours. A routine EEG is reimbursable under several Current Procedural Terminology (CPT<sup>&#174;</sup>) codes
referring to a routine EEG.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 6pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">To date, initial sales of NeuroCap&#8482; have
been made direct to a small number of hospitals and clinics. In 2022, we entered into a manufacturing agreement which we anticipate will
allow us to begin providing NeuroCap&#8482; for broader sale in August 2022. Our strategy is to expand to indirect sales through representatives
and distributors.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_005.jpg" style="height: 214px; width: 270px"/>&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><i>NeuroEEG</i>&#8482;</p>

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

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NeuroEEG&#8482; connects wirelessly to the
computer, allowing freedom of movement for the patient and enabling telemedicine applications. Currently, we believe a shortage of EEG
testing equipment and technicians exists in some areas. Other technology may require a specialized technician to apply the gel and electrodes
individually. A neurology technician may be more expensive and in shorter supply. They may not be staffed and available 24/7 for some
hospitals.</p>

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 6pt">&#160;</span></p>

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">NeuroCap&#8482; and NeuroEEG&#8482;
can be used for recording EEGs in neurology clinics, urban and rural ED&#8217;s, ICU&#8217;s, urgent care clinics, nursing homes and assisted
living facilities, sports facilities, remote clinical research studies and a variety of other settings.</p>

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="font-size: 6pt">&#160;</span></p>

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We are in the process of applying for
our CE certification, which will certify that our NeuroCap&#8482; meets all sales requirements in the European Union and European-Economic
Area countries.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_006.jpg" style="height: 243px; width: 300px"/>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><i>NeuroHub</i>&#8482;</p>

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

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

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">NeuroHub&#8482;, fka NeuroNet Cloud, is being
developed to collect and aggregate data from current and future Company devices like the NeuroCap&#8482; and NeuroEEG&#8482; and from
external sources such as research and medical data banks, 3rd-party devices, and clinical-use applications. We believe that NeuroHub&#8482;
will allow for comprehensive monitoring and facilitate collaborative diagnosis, analysis, research, treatment, and prevention by employing
sophisticated Artificial Intelligence or AI and machine learning or ML algorithms utilizing historical and current patient, device and
platform data.</p>




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

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We anticipate that NeuroHub&#8482; will allow
white-labeling to provide facilities, physicians, and patients with a HIPAA-compliant branded portal for Tele-neurology/Tele-medicine
services, enabling secure access to patient data for evaluation and assessment by internal and external clinical specialists and neurologists.
The platform will also integrate with Electronic Medical Records or EMRs and other external medical record databases to ensure up-to-date
and complete access to patient information.</p>

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

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We anticipate that NeuroHub&#8482; will allow
users to access patient and clinical data to evaluate patient conditions remotely. We believe that such an infrastructure removes the
need for direct contact with the patient, opening up underserved geographic locations with an undersupply of physicians to meet the growing
demand for neurological care as aging patient populations continue to grow.</p>

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

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">NeuroHub&#8482; remains in development and is
not currently integrated into our NeuroCap&#8482; or NeuroEEG&#8482;.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span style="text-decoration:underline">Motion Products</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Piezo Motion is a provider of piezo motor technology
with significant investment in research and development of affordable piezoelectric motors to meet, and exceed, the needs of today&#8217;s global
markets. We are committed to the development of innovative piezoelectric technology and motion products that enhance their functionality
in a multitude of applications. We work with startups, OEMs, research institutions and industrial companies from around the world empowering
the visionaries behind their products.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Piezo Motion&#8217;s piezoelectric motors are
currently divided into two main series (the <i>Blue Series</i> and the <i>Imperial Series</i>) based on design and construction methodology.</p>

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

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

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

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: center; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><img alt="" src="image_007.jpg"/></i></span></p>
                                                                      <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>LCS</i></span></p></td>
    <td style="text-align: center; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><img alt="" src="image_008.jpg"/><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>RBS</i></span></td>
    <td style="text-align: center; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><p style="margin-top: 0; margin-bottom: 0"><i><img alt="" src="image_009.jpg"/></i></p>
                                                                      <p style="margin-top: 0; margin-bottom: 0"><i>LAS &#160;&#160;</i></p></td>
    <td style="vertical-align: bottom; text-align: center; width: 52%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><img alt="" src="image_010.jpg"/></i></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>RAS</i></span></p></td></tr>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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

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

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="vertical-align: bottom; text-align: center; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> <img alt="" src="image_011.jpg"/></i></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>PM-22R</i></span></p></td>
    <td style="text-align: center; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="image_012.jpg"/></p>
                                                                                <p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>LPM-50</i></span></p></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Piezo Motion has recently completed an extensive
engineering program culminating in the development and initial launch of a unique line of small rotary and linear piezo motor products
hereinafter referred to as the Blue Series, control electronics and associated software. Piezo Motion&#8217;s motor product line utilizes
engineering polymers making them suitable for equipment and for high volume OEM applications. While there are several types of piezo motors
on the market, the design and technology employed by Piezo Motion is new and combines what we perceive to be key advantages, such as superior
precision and power density with affordability and ease-of-manufacture.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Piezo Motion&#8217;s Blue Series piezo motors
are available in a variety of sizes and configurations and are divided into twelve core motor platforms which include rotary motors (Models
RBS, RAS) and linear motors (Models LCS, LBS and LAS). These core motor models differ in output specification and are further divided
into variants/versions which include versions having hollow-shaft and solid-shaft rotors, versions having integrated magnetic and/or optical
encoders and versions which are non-magnetic and suitable for use within medical MRI. For each motor product line Piezo Motion has developed
hardware control electronics together with motion control software including firmware and operating software.&#160;</p>

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

</div><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><div style="padding-right: 4pt; padding-left: 4pt; border: Black 1.5pt solid; width: 98%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; ">The second series of
motors available is the Imperial Series which employs a unique piezoelectric drive system, in which a ring-shaped piezo resonator with
a peripheral vibration shell is directly coupled to an array of&#160;radially positioned stainless-steel pushers. This unique rotary motor
design enables a substantial increase in the coupling efficiency between the stator and the rotor, which increases overall motor efficiency
and provides superior resolution and torque. The Imperial Series includes powerful motors capable of extremely faster response times,
coupled with submicron-level angular steps and exceptional torque. The range includes both bidirectional (reversible) and unidirectional
PCB-mounted piezo motor models, like the Blue Series.</p>

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

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We believe that our propriety piezo technology
may be up to 1,000 times more precise and up to 100 times faster to respond than the DC competitors. A typical rotary stepper motor might
be configured to make up to 200 &#8211; 500 steps in each rotation. By comparison, our Blue Series rotary motors provide over 600,000
steps per full rotation and our Imperial Series can achieve over 2.5 million steps per full rotation. These performance attributes provide
smoother and more precise motion. Our technology is also extremely scalable, enabling manufacture of very compact motors with our smallest
being the length and width of a thumbnail.</p>

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

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Piezo Motion&#8217;s products are suited for a
variety of industries such as MedTech, Pharmaceutical, Aerospace, Industrial Automation, autonomous vehicles and Laser and Photonics.
Our current focus for our piezoelectric motors remains on the MedTech, market.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><b>Corporate History</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.25in; ">&#160;</p>

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">We were initially organized on November 18, 2013
as a Nevada limited liability company under the name Global Energy Express LLC. On December 18, 2015, we converted from a Nevada limited
liability company to a Nevada corporation under the name All Soft Gels Inc. On September 18, 2018, we changed our name from All Soft Gels
Inc. to Brain Scientific Inc. and changed our ticker symbol on the OTC Market to &#8220;BRSF&#8221;.</p>

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

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">On September 21, 2018, we entered into a merger
agreement (the &#8220;Merger Agreement&#8221;) with MemoryMD, Inc. and AFGG Acquisition Corp. to acquire MemoryMD, Inc. (the &#8220;Acquisition&#8221;).
The transactions contemplated by the Merger Agreement were consummated on September 21, 2018 and, pursuant to the terms of the Merger
Agreement, all outstanding shares of MemoryMD were exchanged for shares of our Common Stock. Accordingly, we acquired 100% of Memory MD,
Inc. in exchange for the issuance of shares of our Common Stock and MemoryMD, Inc. became our wholly owned subsidiary. In conjunction
with the Acquisition, we ceased all direct operations and assigned all of our assets and liabilities from prior to the Acquisition and
assumed and commenced the business of MemoryMD as our sole business.</p>

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

<p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">On June 11, 2021, we entered into a
merger agreement (the &#8220;Piezo Merger Agreement&#8221;) with Piezo Motion Corp. and BRSF Acquisition Corp. to acquire Piezo Motion
(the &#8220;Piezo Acquisition&#8221;). The transactions contemplated by the Piezo Merger Agreement were consummated on October 1, 2021.
Pursuant to the terms of the Piezo Merger Agreement, all outstanding shares of Piezo Motion were exchanged for shares of our Common Stock.
Accordingly, we acquired 100% of Piezo Motion in exchange for the issuance of shares of our Common Stock and Piezo Motion became our wholly
owned subsidiary.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 6.75pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0pt 0pt 0; text-align: justify">Our principal executive offices are
located at 6700 Professional Parkway, Lakewood Ranch, FL 34240 and our telephone number is (917) 388-1578. We maintain a website at www.brainscientific.com
to which we regularly post copies of our press releases, as well as additional information about us. Information contained on, or accessible
through, our website does not constitute a part of this prospectus or our other filings with the SEC, and you should not consider any
information contained on, or that can be accessed through, our website as part of this prospectus or in deciding whether to purchase our
Units.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0pt 0pt 0; text-align: justify">All brand names or trademarks appearing
in this prospectus are the property of their respective holders. Use or display by us of other parties&#8217; trademarks, trade dress,
or products in this prospectus is not intended to, and does not, imply a relationship with, or endorsements or sponsorship of, us by the
trademark or trade dress owners.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0"><b>Recent Developments</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Reverse Stock Split</span></i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">On May 19, 2022, the Board approved the granting
of discretionary authority to the Board, at any time or times for a period of up to twelve months from the Record Date, to adopt an amendment
(the &#8220;Amendment&#8221;) to the Company&#8217;s Articles of Incorporation, as amended (the &#8220;Articles of Incorporation&#8221;),
to effect a reverse stock split (the &#8220;Reverse Stock Split&#8221;) with a ratio within the range of 1-for-10 to 1-for-100 (the &#8220;Reverse
Stock Split Ratio&#8221;).</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">On June 16, 2022, the Company received a written
consent in lieu of a meeting by the holders of 62.73% of the voting power of our Common Stock (the &#8220;Majority Stockholders&#8221;)
authorizing the Reverse Stock Split and the filing of the Amendment.</p>

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

</div><div>

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

</div><div style="padding-right: 4pt; padding-left: 4pt; border: Black 1.5pt solid; width: 98%">

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Increase in Authorized Shares</span></i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">On May 21, 2022, the Board authorized the increase
of the Company&#8217;s shares of authorized Common Stock from 200,000,000 to 750,000,000 pursuant to the Amendment (the &#8220;Increase
in Authorized Shares&#8221;).</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">On June 16, 2022, the Company received a written
consent in lieu of a meeting by the Majority Stockholders authorizing the Increase in Authorized Shares. The Increase in Authorized Shares
shall become effective upon the filing of a certificate of amendment with the Secretary of State of the State of Nevada. We currently
expect to file such a certificate of amendment on August 12, 2022.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Adoption of the 2022 Equity and Incentive
Plan</span></i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">On May 21, 2022, the Board approved, authorized,
and adopted the Brain Scientific 2022 Equity and Incentive Plan (the &#8220;2022 Plan&#8221;) and certain forms of ancillary agreements
to be used in connection with the issuance of stock and/or options pursuant to the 2022 Plan. The 2022 Plan provides for the issuance
of up to 12,500,000 shares of Common Stock through the grant of non-qualified options (the &#8220;Non-qualified Options&#8221;), incentive
options (the &#8220;Incentive Options&#8221; and together with the Non-qualified Options, the &#8220;Options&#8221;) and restricted stock
(the &#8220;Restricted Stock&#8221;) restricted stock units, stock appreciation rights (&#8220;<span style="text-decoration:underline">SARs</span>&#8221;) and other equity-based
awards to directors, officers, consultants, attorneys, advisors and employees.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">On June 16, 2022, the Company received a written
consent in lieu of a meeting by the Majority Stockholders approving the adoption of the 2022 Plan.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">PPO Debenture/Warrant Offering</span></i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 13, 2022, we consummated
a private placement offering (the &#8220;PPO Offering&#8221;) with thirteen accredited investors (the &#8220;Holders&#8221;), pursuant
to which the Holders purchased from us, for an aggregate purchase price of $5,110,000 (the &#8220;Purchase Price&#8221;) (i) 10% Original
Issue Discount Senior Secured Convertible Debentures in the principal amount of $5,659,500 (the &#8220;PPO Debentures&#8221;); and (ii)
warrants (the &#8220;PPO Warrants&#8221;) to purchase 18,896,495 shares of Common Stock.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><span>The PPO
</span>Debentures are due, subject to the terms therein, 12 months from their date of issuance unless extended pursuant to the terms thereunder
(the &#8220;Maturity Date&#8221;). The PPO Debentures contain mandatory and voluntary conversion features as follows:</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify; ">In the event a Qualified
Offering (as defined below) is consummated prior to the Maturity Date of the PPO Debentures, the PPO Debentures automatically convert
into shares of Common Stock, immediately upon the occurrence of a Qualified Offering (the &#8220;Mandatory Conversion&#8221;). The conversion
price per share of Common Stock pursuant to the PPO Debentures means, in the case of a Mandatory Conversion, the lesser of (i) $0.25 per
share (pre-split) and (ii) 70% of the offering price of Units in this Offering. In addition, Holders of the PPO Debentures shall have
the opportunity to force redemption up to 45% of principal amount, together with accrued interest (but excluding OID) in connection with
a Qualified Offering. For these purposes, a registered offering of our securities for aggregate gross proceeds to us of at least $5,000,000,
resulting in the listing for trading of the Common Stock on the NYSE American or The Nasdaq Capital Market shall be deemed a &#8220;Qualified
Offering&#8221; and the current terms of this offering will constitute a Qualified Offering for such purposes.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify; ">In the event of a Qualified
Offering the Holders may, at their discretion, require the Company to redeem up to 45% of the principal amount of the PPO Debentures (together
with accrued interest thereon, but excluding for these purposes the 10% Original Issuance Discount) (the &#8220;Qualified Offering Redemption
Option&#8221;).&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">The
holders of the PPO Debentures have the right from time to following the Maturity Date and prior to a Mandatory Conversion to convert all
or any part of the outstanding and unpaid principal and interest then due under the PPO Debentures into fully paid and non-assessable
shares of Common Stock (the &#8220;Voluntary Conversion&#8221;). The conversion price per share of Common Stock pursuant to the PPO Debentures
means, in the case of a Voluntary Conversion, the lower of (i) $0.25 per share or (ii) 75% of the average of the volume weighted average
price (&#8220;VWAP&#8221;) of the Common Stock during the ten-trading day period immediately prior to the applicable conversion date.</p>

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

</div><div>

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

</div><div style="padding-right: 4pt; padding-left: 4pt; border: Black 1.5pt solid; width: 98%">

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The PPO Warrants are exercisable
for a period of five years and six months commencing upon the earlier of (i) the Maturity Date or (ii) the closing of a Qualified Offering.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">The
exercise price of the PPO Warrants is (i) the Qualified Offering price per share, or (ii) if no Qualified Offering has occurred prior
to the Maturity Date then the lower of (i) $0.25 per share or (ii) 75% of the average of the VWAP of the Company&#8217;s Common Stock
during the ten (10) Trading Day period immediately prior to the Maturity Date (on an as adjusted basis giving effect to any splits, dividend
and the like during such ten (10) Trading Day period).</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">The
PPO Warrants contain a cashless exercise provision if at any time after 180 days following the closing of the Qualified Offering there
is no effective registration statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder.
The Company has agreed to use its commercially reasonable efforts to cause the filing of a registration statement with the SEC covering
the resale of the shares issuable upon conversion of the PPO Debentures and exercise of the PPO Warrants at the same time as the Qualified
Offering and shall use its commercially reasonable efforts to cause such registration statement to become effective at the time of the
Qualified Offering. The Company shall cause any registration statement filed pursuant to this section to remain effective for a period
of at least twelve (12) consecutive months after the date that the registration becomes effective.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify; ">In connection with the
PPO Offering, our subsidiaries Piezo Motion Corp., and Memory MD, Inc., executed guarantees in favor of the Holders, under which they
have jointly and severally, unconditionally, and irrevocably, guaranteed to the Holders the prompt and complete payment and performance
when due of our obligations pursuant to the securities purchase agreements executed in connection with the PPO Offering.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify; ">In connection with the
PPO Offering, we also entered into a security agreement (the &#8220;Security Agreement&#8221;) by and among us, each of the Holders, Piezo
Motion Corp., and Memory MD, Inc., whereby we granted each of the Holders a security interest in all of our assets to secure the prompt
payment, performance and discharge in full of all of the our obligations under the PPO Debentures and the obligations of Piezo Motion
Corp., and Memory MD, Inc., under the Guarantee.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">Additionally,
in connection with the PPO Offering, holders of certain of our convertible notes (the &#8220;Prior Convertible Notes&#8221;) converted
the Prior Convertible Notes into an aggregate of 54,536,573 shares of Common Stock based on a conversion price of $0.25 per share, including
principal and interest. To incentivize such noteholders to convert, we increased the principal amount of the Prior Convertible Notes by
$1,175,741 resulting in the approximate aggregate principal amount of $12,933,155 being converted into equity, plus interest of $700,988.
In connection with their original investment, these holders were entitled to warrants (the &#8220;Original Warrants&#8221;) based on 50%
coverage of their original investment amount. These Original Warrants will total 23,514,828 warrants and will have a term of four years
after issuance with an exercise price of $0.25 per share. The holders of the Prior Convertible Notes and Original Warrants also agreed
to waive and forgo the rights to the registration of the securities underlying the Prior Convertible Notes and Original Warrants.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Russian Invasion of Ukraine</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">On February 24, 2022, Russia invaded Ukraine.
Our Piezo research and development group in Kyiv has not been able to consistently work from the offices since that time. The team from
Kyiv work from the office and remotely. We do not know when they will have consistent access to the office. Further, we have engineering
resources capable of performing the work done in Kyiv from the United States.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2019, our Russian subsidiary,
Memory MD Russia, commenced acting as a distributor of third-party medical devices in Russia, which resulted in substantially all of our
revenue for 2020&#160;and 2021. The Russian invasion of Ukraine impacted the operation of our Russian subsidiary. With the uncertainty
raised due to the continued Russian invasion of Ukraine, we do not anticipate having sales restart in Russia in the foreseeable future.
No decision has been made as to winding down operations.</p>

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

</div><div>

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

</div><div style="padding-right: 4pt; padding-left: 4pt; border: Black 1.5pt solid; width: 98%">

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

<a id="a_002"></a><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>THE OFFERING</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 30%"><span style="font-size: 10pt">Securities offered by us:</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 68%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">_____ Units, each consisting of one share of Common
    Stock and one Warrant to purchase one share of Common Stock. The warrants included within the units are exercisable immediately, have
    an exercise price of $_____ per share (___of the assumed public offering price per unit described on the cover of this prospectus) and
    expire five years from the date of issuance. The terms of the Warrants will be governed by a warrant agency agreement, dated as of the
    effective date of this offering, between us and ______________ as the warrant agent (the &#8220;Warrant Agent&#8221;). This prospectus
    also relates to the offering of the shares of Common Stock issuable upon exercise of the Warrants. For more information regarding the
    Warrants, you should carefully read the section titled &#8220;Description of Our Securities&#8212;Warrants&#8221; in this prospectus.
    The shares of our Common Stock and the Warrants comprising the units are immediately separable upon issuance and will be issued separately
    in this offering.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Assumed Public Offering Price:</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;per Unit, which is the mid-point of the estimated offering price range described on the cover of this prospectus. <span style="font-family: Times New Roman, Times, Serif"><sup>1</sup></span></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Underwriters&#8217; Over-Allotment Option:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">We have granted the representative of the underwriters a 45 day option to purchase up to ______ additional shares of our Common Stock at a public offering price of $_______ per share and/or Warrants to purchase shares of our Common Stock at a public offering price of $0.0001 per warrant, less, in each case, the underwriting discounts payable by us, in any combination solely to cover over-allotments, if any.&#160;&#160;We refer to this option in this prospectus as the Underwriters&#8217; Over-Allotment Option.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Common Stock Offered by Selling Stockholders</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">The Selling Stockholders are offering 41,534,495 shares of Common Stock.
The Common Stock offered by the Selling Stockholders includes: (i) 22,638,000 shares of Common Stock issuable upon the conversion of the
PPO Debentures (at a conversion price of 70% of the public offering price); (ii) 18,896,495 shares of Common Stock underlying the PPO
Warrants. For a more detailed description of the PPO Debentures and the PPO Warrants, see &#8220;Recent Developments.&#8221;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Common Stock outstanding prior to this offering:</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">_____________ shares of Common Stock outstanding as of _________, 2022.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Common Stock to be outstanding<br/>
after this offering:</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">_________ shares (assuming that none of the Warrants are exercised) and ______ shares, if the Warrants offered hereby are exercised in full (1).&#160;&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Use of proceeds:</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that the net proceeds from this offering
    will be approximately $____________, or approximately $<b>___________</b> if the underwriter exercise the Underwriters&#8217; Over-Allotment
    Option in full, after deducting underwriting discounts and commissions and the estimated offering expenses payable by us. We will not
    receive any proceeds from the sale of the Selling Stockholder Shares by the Selling Stockholders or from any cash exercise of the PPO
    Warrants held by the Selling Stockholders.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we have not yet determined with certainty
    the manner in which we will allocate the net proceeds of this offering, we expect to use the net proceeds of this offering primarily for
    (i) development of our sales, marketing and administrative capabilities and organization, including but not limited to adding additional
    staff, public relations and advertising; (ii) development of our manufacturing and production capability, including capital expenditures;
    and (iii) working capital, other capital expenditures and general corporate purposes . In addition, we will be required to use up to $_____
    of net proceeds (assuming accrued interest of $_______through ______ __, 2022) to repay PPO Debentures pursuant to the Qualified Offering
    Redemption Option which may be exercised by holders of the PPO Debentures.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See &#8220;Use of Proceeds&#8221; for additional
    information.</p></td></tr>
</table>

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

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


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<table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>1</sup></span></td><td style="text-align: justify">The assumed public offering price of $ per unit, the mid-point
of the range described on the cover of this prospectus. The actual number of units we will offer will be determined based on the actual
public offering price.</td>
</tr></table>

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

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

</div><div style="padding-right: 4pt; padding-left: 4pt; border: Black 1.5pt solid; width: 98%">

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 30%"><span style="font-size: 10pt">Risk factors:</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: top">
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    As of August 9, 2022, the last reported sale price of our Common Stock on OTC Markets was $0.12. There is no present trading market for
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    symbols &#8220;BRSF&#8221; and &#8220;BRSFW&#8221;, respectively. If Nasdaq does not approve the listing of our Common Stock and Warrants,
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  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">We and our directors and officers have agreed with the underwriters not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of our Common Stock or securities convertible into Common Stock for a period of 180 days after the date of this prospectus. See &#8220;Underwriting&#8221; section.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 18pt">(1)</td><td style="text-align: justify; padding-right: 6.75pt">The number of shares of our Common Stock to be outstanding before and after this
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 24.75pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">_____ shares of Common Stock issuable upon exercise of the
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</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.5pt 0pt 60.5pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">46,143,287 shares of Common Stock issuable upon the conversion
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</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 60.75pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">9,211,132 shares of Common Stock issuable upon exercise of
outstanding warrants issued prior to the offering with a weighted average exercise price of approximately $0.45 per share;</td>
</tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">15,095,714 shares of Common Stock issuable upon exercise of
warrants issuable to holders of promissory notes upon the earlier of the consummation of this offering or April 1, 2023;</td>
</tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">4,504,214 shares of Common Stock issuable upon exercise of
outstanding stock options with a weighted average exercise price of approximately $0.35 per share;</td>
</tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">8,000,000 shares of Common Stock reserved for issuance pursuant
to issued and outstanding and future awards under our 2018 Equity Incentive Plan (the &#8220;2018 Plan&#8221;);</td>
</tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">2,015,626 shares of Common Stock issuable upon exercise of
warrants issued to the Underwriter in connection with the PPO;</td>
</tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">________ shares of Common Stock issuable upon exercise by
the underwriter of their option to purchase shares of common stock;</td>
</tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">any securities issuable upon the exercise of the Underwriters&#8217;
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</tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">_______ shares of Common Stock issuable upon exercise by the
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</tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 24.75pt; text-align: justify">Except as otherwise indicated,
all information in this prospectus assumes:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 24.75pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">a public offering price of $____per unit which is the mid-point
of the estimated offering price range described on the cover of this prospectus; and</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 24.75pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">a reverse stock split effected on _________ __, 2022 at a
ratio of 1:_.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 24.75pt; text-align: justify">&#160;</p>

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

</div><div>

</div><!-- Field: Page; Sequence: 12; Value: 1 --><div>
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</div><div style="padding-right: 4pt; padding-left: 4pt; border: Black 1.5pt solid; width: 98%">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<a id="a_003"></a><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SUMMARY FINANCIAL DATA
</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The following tables summarize our financial data
for the periods presented and should be read together with the sections of this prospectus titled &#8220;Risk Factors&#8221; and &#8220;Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations,&#8221; and our financial statements and related notes thereto
appearing elsewhere in this prospectus. The following summary statements of operations data for the three months ended March 31, 2022
and March 31, 2021 and the years ended December 31, 2021 and December 31, 2020 have been derived from our consolidated financial statements
and footnotes included elsewhere in this prospectus. Our historical results are not necessarily indicative of our future results or of
the results we expect in the future.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
</div><div>
</div><!-- Field: Page; Sequence: 13; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
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</div><div style="padding-right: 4pt; padding-left: 4pt; border: Black 1.5pt solid; width: 98%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><b>Brain Scientific Inc.
and Subsidiaries</b></p>

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; padding-left: 9pt">Cash</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">146,090</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">166,458</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-decoration: underline; text-align: center">LIABILITIES AND STOCKHOLDERS&#8217; DEFICIT</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

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

</div><div>

</div><!-- Field: Page; Sequence: 14; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><div style="padding-right: 4pt; padding-left: 4pt; border: Black 1.5pt solid; width: 98%">

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><b>Brain Scientific Inc.
and Subsidiaries</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><b>CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE LOSS</b></p>

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
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  </table>

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

</div><div>

</div><!-- Field: Page; Sequence: 15; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><div style="padding-right: 4pt; padding-left: 4pt; border: Black 1.5pt solid; width: 98%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><b>Brain Scientific Inc.
and Subsidiaries</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><b>CONDENSED CONSOLIDATED
BALANCE SHEETS</b></p>

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
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  </table>

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

</div><div>

</div><!-- Field: Page; Sequence: 16; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><div style="padding-right: 4pt; padding-left: 4pt; border: Black 1.5pt solid; width: 98%">

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><b>Brain Scientific Inc.
and Subsidiaries</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><b>CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE LOSS</b></p>

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

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

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

</div><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Investing in our securities
involves a high degree of risk. Before you invest in the Units, the Warrants and the Common Stock, you should carefully consider the following
risks, as well as general economic and business risks, and all of the other information contained in this registration statement. Any
of the following risks could harm our business, operating results and financial condition and cause the trading price of our Common Stock
to decline, which would cause you to lose all or part of your investment. When determining whether to invest, you should also refer to
the other information contained in this prospectus, including our financial statements and the related notes thereto.</i></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are a developmental stage medical device
company and have a history of significant operating losses; we expect to continue to incur operating losses, and we may never achieve
or maintain profitability.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a development stage
company and have incurred losses from inception and had an accumulated deficit of $24,438,861 as of March 31, 2022 and a working capital
deficit of $3,612,721 as of March 31, 2022. We had an accumulated deficit of $22,278,923 as of December 31, 2021 and a working capital
deficit of $2,874,735 as of December 31, 2021. We expect to continue to incur significant expenses and increasing operating and net losses
for the foreseeable future. To date, we have financed our operations primarily through debt and equity financings. To date, our primary
activities have been limited to, and our limited resources have been dedicated to, performing business and financial planning, raising
capital, recruiting personnel, negotiating with business partners and the licensors of our intellectual property and conducting development
activities, including the commercialization of our products.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have never been profitable
and do not expect to be profitable in the foreseeable future. Any profitability in the future will be dependent upon the successful development
of our business model, of which we can give no assurance of success. We expect our expenses to increase as we pursue our objectives. The
extent of our future operating losses and the timing of profitability are highly uncertain, and we expect to continue incurring significant
expenses and operating losses over the next several years. Our prior losses have had, and will continue to have, an adverse effect on
our stockholders&#8217; equity and working capital. Any additional operating losses may have an adverse effect on our stockholders&#8217; equity,
and we cannot assure you that we will ever be able to achieve profitability. Even if we achieve profitability, we may not be able to sustain
or increase profitability on a quarterly or annual basis. Our failure to become and remain profitable would depress the value of our company
and could impair our ability to raise capital, expand our business, maintain our development efforts, obtain regulatory approvals or continue
our operations. Accordingly, we are a highly speculative venture involving significant financial risk.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have generated limited revenues to date
and substantially all of our revenues have been generated from our Russian subsidiary.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have generated only limited
revenues from our two product lines. For the year ended December 31, 2021, Brain Scientific Inc. and Piezo Motion Corp had a combined
$790,069 in revenues. Memory MD Russia, operating as a distributor of third-party medical devices, accounted for 87.8% of all such revenues.
With the uncertainty raised due to the continued Russian invasion of Ukraine, we do not anticipate having these medical device sales restart
in Russia in the foreseeable future and no decision has been made as to winding down operations. Piezo Motion Corp had $36,651 in revenues
(4.6%) and Memory MD US had $60,651 (7.6%) of the revenues generated in fiscal 2021. The NeuroCap&#8482; and NeuroEEG&#8482; are both
ready for commercial availability within our Neurology Products. The Blue Series, Imperial Series and engineered customized motors are
also ready for commercial availability within our Motion Products. In 2022, manufacture of the NeuroCap&#8482; has started at our outsourced
manufacturing partner. Our Lakewood Ranch office can handle the manufacture of the Motion Products for the foreseeable future. Distribution
partners are in place for both products.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we do not gain the market
acceptance for either the Neurology or Motion Products, we will not be capable of generating the revenues required for sustaining our
business.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2019, we commenced acting
as a distributor of third-party medical devices in Russia, which resulted in substantially all of our revenue for 2020&#160;and 2021.
The Russian invasion of Ukraine on February 24, 2022 impacted the operation of our Russian subsidiary. With the uncertainty raised due
to the continued Russian invasion of Ukraine, we do not anticipate having sales restart in Russia in the foreseeable future. No decision
has been made as to winding down operations.</p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors are subject to all
the risks incident to the creation and development of a new business and each investor should be prepared to withstand a complete loss
of his, her or its investment. Furthermore, the accompanying financial statements have been prepared assuming that we will continue as
a going concern. We have not emerged from the development stage and may be unable to raise further equity. These factors raise substantial
doubt about our ability to continue as a going concern. Our financial statements do not include any adjustments that might result from
the outcome of this uncertainty.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has limited experience
in medical device and piezoelectric motor development and commercialization. Our ability to become profitable depends primarily on our
ability to develop our products, our successful completion of all necessary pre-clinical testing and clinical trials on such products,
our ability to obtain approval for such products and, if approved, successfully commercialize such products, our ongoing research and
development efforts, the timing and cost of clinical trials, our ability to identify personnel with the necessary skill sets or enter
into favorable alliances with third-parties who can provide substantial capabilities in clinical development, regulatory affairs, sales,
marketing and distribution and our ability to obtain and maintain necessary intellectual property rights to such products. Our limited
experience in piezoelectric motor and medical device development may make it more difficult for us to complete these tasks.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Even if we successfully develop
and market our products, we may not generate sufficient or sustainable revenue to achieve or sustain profitability, which could cause
us to cease operations and cause you to lose all of your investment. Because we are subject to these risks, you may have a difficult time
evaluating our business and your investment in our Company.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our ability to continue our operations requires
that we raise additional capital, and our operations could be curtailed if we are unable to obtain the additional funding as or when needed.
As a result, our registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going
concern in its report on our audited financial statements included in this prospectus. We will need to raise substantial additional funds
in the future, and these funds may not be available on acceptable terms or at all. A failure to obtain this necessary capital when needed
could force us to delay, limit, scale back or cease some or all operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the completion of the
audit of our financial statements for the year ended December 31, 2021, we concluded there was substantial doubt about our ability to
continue as a going concern. As a result, our independent registered public accounting firm included an explanatory paragraph regarding
this uncertainty in its report on those financial statements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The continued growth of our
business, including the development, regulatory approval and commercialization of our products, will significantly increase our expenses
going forward, regardless of our revenues. As a result, we are required to seek substantial additional funds to continue our business.
Our future capital requirements will depend on many factors, including:</p><div>

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

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

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

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

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

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

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may not be able to raise
additional capital on terms acceptable to us, or at all. Any failure to raise additional capital could compromise our ability to execute
on our business plan, and we may be forced to liquidate our assets. In such a scenario, the values we receive for our assets in liquidation
or dissolution could be significantly lower than the values reflected in our financial statements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we issue equity or debt
securities to raise additional funds, our existing stockholders may experience dilution, and the new equity or debt securities may have
rights, preferences and privileges senior to those of our existing stockholders. In addition, if we raise additional funds through collaborations,
licensing, joint ventures, strategic alliances, partnership arrangements or other similar arrangements, it may be necessary to relinquish
valuable rights to our potential future products or proprietary technologies or grant licenses on terms that are not favorable to us.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The amount of future financing which we
may require will depend on several factors, many of which are beyond our control. Our results of operations, financial condition and stock
price are likely to be adversely affected if our funding requirements increase or are otherwise greater than we expect.</i></b></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">If any of these factors cause our funding needs
to be greater than expected, our operations, financial condition, ability to continue operations and stock price may be adversely affected.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Our cash requirements may differ significantly
from our estimates from time to time, depending on a number of factors, including:</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">If we fail to raise additional funds on a timely
basis, we will need to scale back our business plans, which would adversely affect our business, financial condition, and stock price,
and we may even be forced to discontinue our operations and liquidate our assets.</p><div>

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

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>COVID-19 continues to evolve and has the
potential to disrupt business United States and many other parts of the world and may&#160;continue to&#160;adversely affect our business
operations, supply chains, employee availability, financial condition, liquidity and cash flow&#160;for an extended period of time.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">COVID-19 has receded as a
major disruption of business operations. However, if the virus continues to mutate, a risk exists of more shut-downs or disruption of
business operations and supply chains. It is impossible to predict the effect and ultimate impact of the COVID-19 pandemic as the situation
continues to evolve.&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ongoing&#160;significant reductions&#160;in
business related activities could result in&#160;further&#160;loss of sales and profits, as well as other material adverse effects. The
extent of the impact of COVID-19 worldwide on our business, financial results, liquidity and cash flows will depend largely on future
developments, which are highly uncertain and cannot be predicted.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Quality problems with, and product liability
claims in connection with our products&#160;could lead to recalls or safety alerts, harm to our reputation, or adverse verdicts or costly
settlements, and could have a material adverse effect on our financial condition and business operations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Quality is extremely important
to us and our customers due to the serious and costly consequences of product failure and our business exposes us to potential product
liability risks that are inherent in the design, manufacture, and marketing of our products. Component failures, manufacturing defects,
design flaws, off-label use, or inadequate disclosure of product-related risks or product-related information with respect to our products,
could result in an unsafe condition or injury to, or death of, a user of our products. These problems could lead to the recall of, or
issuance of a safety alert relating to, our products, and could result in unfavorable judicial decisions or settlements arising out of
product liability claims and lawsuits, including class actions, which could negatively affect our financial condition and business operations.
In particular, a material adverse event involving one of our products could result in reduced market acceptance and demand for all products
offered under our brand and could harm our reputation and ability to market products in the future.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">High quality products are
critical to the success of our business. If we fail to meet the high standards we set for ourselves and which our customers expect, and
our products are the subject of recalls, safety alerts, or other material adverse events, our reputation could be damaged, we could lose
customers, and our revenue and results of operations could decline. Our success also depends generally on our ability to manufacture to
exact tolerances precision-engineered components, subassemblies, and finished devices from multiple materials. If our components fail
to meet these standards or fail to adapt to evolving standards, our reputation, competitive advantage and market share could be negatively
impacted. In certain situations, we may undertake a voluntary recall of products or temporarily shut down product production lines if
we determine, based on performance relative to our own internal safety and quality monitoring and testing data, that we have or may be
in danger of failing to meet the high-quality standards we have set for ourselves and which our customers expect. Such recalls or cessation
of services or product manufacturing may also negatively impact our business.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any product liability claim
brought against us, with or without merit, could be costly to defend and resolve. Any of the foregoing problems, including product liability
claims or product recalls in the future, regardless of their ultimate outcome, could harm our reputation and have a material adverse effect
on our financial condition and business operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are dependent on patent and other proprietary
rights and our failure to protect such rights or to be successful in litigation related to our rights or the rights of others may result
in our payment of significant monetary damages. This would negatively impact our ability to sell current or future&#160;products or prohibit
us from enforcing our patent and other proprietary rights against others.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are and will continue to
be materially dependent on a combination of patents, trade secrets, and trademarks, non-disclosure and non-competition agreements, and
other intellectual property protections which will enable us to maintain our proprietary competitiveness. We also operate in an industry
characterized by extensive patent litigation. Patent litigation against us can result in significant damage awards and injunctions that
could prevent our manufacture and sale of affected products or require us to pay significant amounts in order to continue to manufacture
or sell affected products. At any given time, we could potentially be involved as a plaintiff and/or as a defendant in a number of patent
infringement and/or other contractual or intellectual property related actions, the outcomes of which may not be known for prolonged periods
of time. While it is not possible to predict the outcome of such litigation, we acknowledge the possibility that any such litigation could
result in our payment of significant monetary damages and/or royalty payments, negatively impact our ability to sell current or future
products or prohibit us from enforcing our patent and proprietary rights against others, which would have a material adverse effect on
the financial condition of our business and on our business operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While we intend to defend
against any threats to our intellectual property, including our patents, trade secrets, and trademarks, and while we intend to defend
against any actual or threatened breaches of our non-disclosure and non-competition agreements, may not adequately protect our intellectual
property or enforce such agreements. Further, patent or trademark applications currently pending that are owned by us may not result in
patents or trademarks being issued to us, patents or trademarks issued to or licensed by us in the past or in the future may be challenged
or circumvented by competitors and such patents or trademarks may be found invalid, unenforceable or insufficiently broad to protect our
proprietary advantages.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the laws of certain
countries in which we market, or intend to market, some or all of our products do not protect our intellectual property rights to the
same extent as the laws of the United States, which could make it easier for competitors to capture market position in such countries
by utilizing technologies and other intellectual property that are similar to those developed or licensed by us. Competitors may also
harm our sales by designing products or offering services that mirror the capabilities of our products, or the technology contained therein,
without infringing our intellectual property rights. If we are unable to protect our intellectual property in these countries, it could
have a material adverse effect on our financial condition and business operations.</p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to patented technology,
we rely on our unpatented technology, trade secrets and know-how. We generally seek to protect this information by confidentiality, non-disclosure
and assignment of invention agreements with our officers, employees, contractors and other service providers and with parties with which
we do business. These agreements may be breached, which breach may result in the misappropriation of such information, and we may not
have adequate remedies for any such breach. We cannot be certain that the steps we have taken will prevent unauthorized use or reverse
engineering of our technology.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, our trade secrets
may be disclosed to or otherwise become known or be independently developed by competitors. To the extent that our officers, employees,
contractors, other service providers, or other third parties with whom we do business use intellectual property owned by others in their
work for us, disputes may arise as to the rights in related or resulting know-how and inventions. If, for any of the above reasons, our
intellectual property is disclosed or misappropriated, it would harm our ability to protect our rights and have a material adverse effect
on our business, financial condition, and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we experience decreasing prices for our&#160;Neurology
Products&#160;and we are unable to reduce our expenses, our financial condition and business operations may suffer.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may experience decreasing
prices for our Neurology Products due to pricing pressure experienced by our customers from managed care organizations and other third-party
payers, increased market power of our customers as the medical device industry consolidates, and increased competition among medical engineering
and manufacturing service providers. If the prices for our Neurology Products decrease and we are unable to reduce our expenses, our results
of operations will be adversely affected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our research and development efforts rely
upon investments and investment collaborations, and we cannot guarantee that any previous or future investments or investment collaborations
will be successful.&#160;</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our commercialization strategy
requires a wide variety of technologically advanced and capable products. The rapid pace of technological development in the MedTech industry
and the specialized expertise required in different areas of medicine make it difficult for one company alone to develop a broad portfolio
of technological solutions. In addition to internally generated growth through our research and development efforts, we anticipate the
need to rely upon investments and investment collaborations to provide us access to new technologies both in areas served by our contemplated
businesses as well as in new areas. A failure to establish such collaborations may harm our financial condition and business operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Going forward, we expect to
make future investments where we believe that we can stimulate the development or acquisition of new technologies, Products to further
our strategic objectives and strengthen our existing business ventures. Investments and investment collaborations in and with medical
technology companies are inherently risky, and we cannot guarantee that any of our previous or future investments or investment collaborations
will be successful or will not have a materially adverse effect our financial condition and business operations.</p><div>

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

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

</div><!-- Field: Page; Sequence: 22; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our ability to offer new products and continue
the development of our existing products, depends upon us maintaining strong relationships with health care professionals.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we fail to maintain our
working relationships with health care professionals, many of our products may not be developed and offered in line with the needs and
expectations of the professionals who use and support our products, which could cause a decline in our earnings and profitability. The
research, development, marketing, and sales of our products is expected to be dependent upon our maintaining working relationships with
such health care professionals, and the use of our products is expected to often require the participation of health care professionals.
In addition, health care professionals are the primary customer groups we expect to market and sell our products directly to, further
highlighting the importance of our relationship with such health care professionals. If we are unable to maintain our relationships with
these professionals, we may lose our primary customer base, our products may not be utilized correctly or to their full potential, and
our ability to develop, manufacture, and market future products may be significantly stunted.</p><div>



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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We operate in a highly competitive industries
and we may be unable to compete effectively.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect to compete domestically
and internationally in the neurology, diagnostic imaging and MedTech markets and the motion control market. These markets are characterized
by rapid change resulting from technological advances and scientific discoveries. In the product lines and offered services in which we
compete, we face a mixture of competitors ranging from large manufacturers with multiple business lines to small manufacturers that offer
a limited selection of niche products. Development by other companies of new or improved products, processes, technologies, or the introduction
of reprocessed products or generic versions when our proprietary products lose their patent protection may make our existing products
or proposed products less competitive. Competitive factors include product reliability, product performance, product technology, product
quality, breadth of product lines, product services, customer support, price, and reimbursement approval from health care insurance providers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also face competition for
marketing, distribution, and collaborative development agreements, for establishing relationships health care professionals, medical associations,
and academic and research institutions, and for licenses to intellectual property. In addition, academic institutions, governmental agencies
and other public and private research organizations also may conduct research, seek patient protection and establish collaborative arrangements
for discovery, research, clinical development and marketing of products similar to ours. These companies, professionals, and institutions
compete with us in recruiting and retaining qualified scientific and management personnel, as well as in acquiring necessary product technologies.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Technological breakthroughs in electric
motors could render our Motion Products obsolete.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The electric motor market
is subject to rapid technological change and product innovation. Our electric motors are based on its proprietary technology, but several
companies are pursuing new technologies, including sensing technologies for electric engines. Any technological breakthroughs could render
our Motion Products obsolete, would have a material adverse effect on our business, financial condition and results of operations and
could result in our shareholders losing their entire investment.</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Any failure to attract and retain skilled
directors, executives, employees and consultants could impair our product development and commercialization activities.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business depends on the
skills, performance, and dedication of our current directors, executive officers and key engineering and technical advisors. We may need
to recruit additional directors, executive management employees, and advisers, particularly engineering, scientific and technical personnel,
which will require additional financial resources. In addition, there is currently intense competition for skilled directors, executives
and employees with relevant engineering, scientific and technical expertise, and this competition is likely to continue. If we are unable
to attract and retain persons with sufficient engineering, scientific, technical and managerial experience, we may be forced to limit
or delay our product development activities or may experience difficulties in successfully conducting our business, which would adversely
affect our operations and financial condition.</p><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our growth could suffer if the markets into
which we sell our products and services decline</i></b>.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our growth depends in part
on the growth of the markets which we serve. Any decline or lower than expected growth in our served markets could diminish demand for
our products and services, which would adversely affect us and our financial results. Certain of our businesses operate in industries
that may experience periodic, cyclical downturns. Demand for our products and services will also be sensitive to changes in our current
and future customer order patterns, which may be affected by announced price changes, changes in incentive programs, new product introductions
and customer inventory levels. Any of these factors could adversely affect our growth and results of operations in any given period.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have limited internal research and development
personnel, making us dependent on consulting relationships.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We consider research and development
to be an important part of the process of designing, developing, obtaining regulatory required approvals and the commercialization of
our products. We expect to continue to incur substantial costs related to research and development.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We will need to outsource and rely on third
parties for various aspects relating to the development, manufacture, sales and marketing of our products as well as in connection with
assisting us in the preparation and filing of our FDA submissions, and our future success will be dependent on the timeliness and effectiveness
of the efforts of these third parties.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are dependent on consultants
for important aspects of our product development strategy. We do not have the required financial resources and personnel to carry out
independently the development of our product candidate, and do not have the capability or resources to manufacture our current product
candidates in-house. As a result, we contract with and rely on third parties for important functions, including in connection with the
development and finalization of our products, the preparation and filing of our FDA submissions and eventual manufacturing and commercialization
of our product candidates. If problems develop in our relationships with third parties, or if such parties fail to perform as expected,
it could lead to delays or lack of progress in obtaining FDA clearance, significant cost increases, changes in our strategies, and even
failure of our product initiatives.</p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We expect to rely on third-party manufacturers
and will be dependent on their quality and effectiveness.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our products requires precise,
high-quality manufacturing. The manufacturing process of NeuroCap&#8482; is outsourced to a third-party, while the piezo electric motors
are currently manufactured in-house, by the Company. The failure to achieve and maintain high manufacturing standards, including failure
to detect or control anticipated or unanticipated manufacturing errors or the frequent occurrence of such errors, could result in user
injury or death, discontinuance or delay of ongoing or planned clinical studies, delays or failures in product testing or delivery, cost
overruns, product recalls or withdrawals and other problems that could seriously hurt our business. Contract medical device manufacturers
often encounter difficulties involving production yields, quality control and quality assurance and shortages of qualified personnel.
These manufacturers are subject to stringent regulatory requirements, including the FDA&#8217;s current good-manufacturing-practices regulations.
If our contract manufacturers fail to maintain ongoing compliance at any time, the production of our products could be interrupted, resulting
in delays or discontinuance of our clinical studies, additional costs and loss of potential revenues.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be subject to potential product liability
and other claims that could materially impact our business and financial condition.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The development and sale of
our products exposes us to the risk of significant damages from product liability and other claims, and the use of our product candidates
may result in adverse effects. We cannot predict all the possible harms or adverse effects that may result. We maintain a modest amount
of product liability insurance to provide some protection from claims. Nonetheless, we may not have sufficient resources to pay for any
liabilities resulting from a personal injury or other claim, even if it is partially covered by insurance. In addition to the possibility
of direct claims, we may be required to indemnify third parties against damages and other liabilities arising out of our development,
commercialization and other business activities, which would increase our liability exposure. If third parties that have agreed to indemnify
us fail to do so, we may be held responsible for those damages and other liabilities as well.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our competitors may develop products that
are more effective and less expensive than ours.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are engaged in the development
of Neurology Products and Motion Products, the marketing and sale of which is intensely competitive. Our competitors may:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 48px">&#160;</td>
    <td style="text-align: justify; width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">develop products that are less expensive or more effective than ours;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">commercialize competing products before we can launch our products;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">hold or obtain proprietary rights that could prevent us from commercializing our products; or</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">introduce competing products that render our product obsolete.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If our competitors market
Neurology Products or Motion Products that are less expensive or more effective than our products, or that gain or maintain greater market
acceptance, we may not be able to compete effectively.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not be able to successfully scale-up
manufacturing of our products in sufficient quality and quantity.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to conduct larger-scale
commercialization of our products, we will need to manufacture our products in substantially larger quantities. We may not be able to
successfully increase the manufacturing capacity for our products in a timely or cost-effective manner, or at all. In addition, quality
issues may arise during scale-up activities. If we are unable to successfully scale up the manufacture of our products in sufficient quality
and quantity, the further development of our products and expected sales will be delayed, which could significantly harm our business.</p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>A reduction or interruption in our supply
of raw materials coupled with an inability to develop alternative sources for such raw materials, and other similar supply chain management
difficulties, may adversely affect our ability to manufacture&#160;our products.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The manufacture of our Products
requires the timely delivery of sufficient amounts of quality components and materials and is highly exacting and complex, due in part
to strict regulatory requirements, and we cannot guarantee that our efforts to secure quality components and materials in a timely, cost
effective manner will be successful. Other problems in the manufacturing process, including equipment malfunction, failure to follow specific
protocols and procedures, defective raw materials and environmental factors, could lead to launch delays, product shortage, unanticipated
costs, lost revenues and damage to our reputation. A failure to identify and address manufacturing problems prior to the release of Products
to our customers may also result in quality or safety issues.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our operating results could be negatively
impacted if we are unable to capitalize on research and development spending.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have and intend to continue
to spend a significant amount of time and resources on research and development projects to develop and validate new and innovative products.
We believe these projects will result in the commercialization of new products and will create additional future sales. However, factors
including regulatory delays, safety concerns or patent disputes could delay the introduction or marketing of new products. Additionally,
unanticipated issues may arise in connection with current and future clinical studies that could delay or terminate a product&#8217;s
development prior to regulatory approval. We may experience an unfavorable impact on our financial condition and business operations if
we are unable to capitalize on those efforts by attaining the proper FDA approval or to successfully market new products.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We rely on third-party suppliers to provide
equipment, components and services, which creates certain risks and uncertainties that may adversely affect our business</i></b>.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business requires that
we buy equipment, components and services from third parties. Our reliance on third-party suppliers involves certain risks, including
poor quality or an unreliable supply chain, which could (i) adversely affect the reliability and reputation of our products; (ii) result
in changes in the cost of these purchases due to inflation, exchange rates, tariffs, or other factors; and (iii) result in shortages of
components, commodities or other materials, which could adversely affect our manufacturing efficiencies and our ability to make timely
delivery. Any of these uncertainties could adversely affect our profitability and ability to compete.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Certain materials and components used in
our products are required and qualified to be sourced from a single or a limited number of suppliers</i></b>.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because of any number of domestic
or global factors, certain materials used by us in our products, specifically ceramics associated with our piezo motion products for which
we rely on only two suppliers could become in short supply resulting in limited availability and/or increased costs. Although we believe
that alternative suppliers are available to supply materials and components to replace those currently used, doing so may require that
we redesign work and would require having those new sources qualified within our systems prior to making use of those new alternatives.
Any interruption in the supply from any supplier that serves as a sole source could delay product shipments and have a material adverse
effect on our business, financial condition and results of operations. Our profits may decline if the price of raw materials rise and
we cannot recover the increases from our then customers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We use various raw materials, such as piezoceramic,
steel and plastics, in our manufacturing operations</i></b>.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The raw materials used by
us to manufacture our products may become subject to volatility. As a result, it may be necessary for us to increase our product sales
price which could have a negative impact on our unit volume, revenue and potential operating income. We are also subject to risks associated
with United States and foreign legislation and regulations relating to imports, including quotas, duties, tariffs or taxes, and other
charges or restrictions on imports, which could adversely affect our operations and our ability to import raw materials and components
at current or increased levels. We cannot predict whether additional United States and foreign customs quotas, duties, tariffs, taxes
or other charges or restrictions, requirements as to where raw materials must be purchased, or other restrictions on our imports will
be imposed upon the importation of our products in the future or adversely modified, or what effect such actions would have on our costs
of operations.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>The Russian-Ukrainian Conflict may adversely affect our business,
financial condition and results.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In February 2022, the Russian
Federation commenced a military action with the country of Ukraine. The specific impact on our operations in Ukraine and Russia is not
fully determinable. No decision has been made as to winding down operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our research and development
operation in Ukraine have had to work remotely on a periodic basis. The team from Kyiv work from the office and remotely. We do not know
when they will have consistent access to the office. Further, we have engineering resources capable of performing the work done in Kyiv
from the United States.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The potential financial condition,
results of operations and cash flows is not determinable as of the date hereof. However, to the extent that such military action spreads
to other countries, intensifies, or otherwise remains active, such action could have a material adverse effect on our financial condition,
results of operations, and cash flows.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Security vulnerabilities in our systems
could lead to reduced revenues and claims against us.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operations may depend
upon our ability to withstand cyber-attacks. Third parties may develop and deploy viruses, worms, and other malicious software programs,
some of which may be designed to attack our systems or networks. Our operations also involve the storage and transmission of proprietary
information which may be the target of cyber-attacks. Hardware and software that we produce or procure from third parties also may contain
defects in manufacture or design, including bugs and other problems, which could compromise their ability to withstand cyber-attacks.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The costs to us to eliminate
or alleviate security vulnerabilities can be significant, and our efforts to address these problems may not be successful and could result
in interruptions, delays, cessation of service and loss of existing or potential customers that may impede our sales, manufacturing, distribution,
or other critical functions, as well as potential liability to the company. The risk that these types of events could seriously harm our
business is likely to increase as we expand our operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we or our third-party service providers
experience a security breach or unauthorized parties otherwise obtain access to our network, our data or our cloud services may be perceived
as not being secure, our reputation may be harmed, demand for our products may be reduced, and we may incur significant liabilities.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operations involve the
storage and transmission of data, and security breaches could result in the loss of this information, litigation, indemnity obligations
and other liability. We may become the target of cyber-attacks by third parties seeking unauthorized access to our data or users&#8217;
data or to disrupt our ability to provide service. While we have taken steps to protect the confidential information that we have access
to, including confidential information we may obtain through our customer support services or customer usage of our cloud services, our
security measures or those of our third-party service providers could be breached or we could suffer data loss. Computer malware, viruses,
social engineering (predominantly spear phishing attacks), and general hacking have become more prevalent in our industry, particularly
against cloud services. If our security measures are or are believed to have been breached as a result of third-party action, employee
error, malfeasance or otherwise, our reputation could be damaged, our business may suffer, and we could incur significant liability.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also process, store, and
transmit our own data as part of our business and operations. This data may include personally identifiable, confidential, or proprietary
information. There can be no assurance that any security measures that we or our third-party service providers have implemented will be
effective against current or future security threats. While we have developed systems and processes to protect the integrity, confidentiality
and security of our data, our security measures or those of our third-party service providers could fail and result in unauthorized access
to or disclosure, modification, misuse, loss or destruction of such data.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because there are many different
security breach techniques and such techniques continue to evolve, we may be unable to anticipate attempted security breaches and implement
adequate preventative measures. Any security breach or other security incident, or the perception that one has occurred, could result
in damage to our brand, disrupt normal business operations, require us to spend material resources to investigate or correct the breach,
expose us to legal liabilities, including litigation, regulatory enforcement, and indemnity obligations, and adversely affect our revenues
and operating results. These risks may increase as we continue to grow the number and scale of our cloud services, and process, store,
and transmit increasingly large amounts of data.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Motian product and medical device development
involves a lengthy and expensive process, with an uncertain outcome. We may incur additional costs or experience delays in completing,
or ultimately be unable to complete, the development and commercialization of any product.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Before obtaining marketing
approval from regulatory authorities for the sale of our Neurology Products under development in the United States or elsewhere, we must
complete all pre-clinical testing, clinical trials and other regulatory requirements necessitated by the FDA and foreign regulatory bodies
and demonstrate the performance and safety of our products. Clinical testing is expensive, difficult to design and implement, can take
many years to complete and is inherently uncertain as to outcome. A failure of one or more clinical trials can occur at any stage of testing.
Further, the outcomes of completed clinical trials may not be predictive of the success of later clinical trials, and interim results
of a clinical trial do not necessarily predict final results. Clinical data is often susceptible to varying interpretations and analyses,
and many companies that have believed their products performed satisfactorily in clinical trials have nonetheless failed to obtain marketing
approval. We have limited resources to complete the expensive process of medical device development, pre-clinical testing and clinical
trials, putting us at a disadvantage, particularly compared to some of our larger and established competitors, and we may not have sufficient
resources to commercialize our products under development in a timely fashion, if ever.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may experience numerous
unforeseen events during or as a result of clinical trials that could delay or prevent our ability to receive marketing approval or commercialize
our products, including:</p><div>

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

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

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

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

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

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

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

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

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

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


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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are required to conduct
additional clinical trials or other testing of our products under development beyond those that we contemplate, if we are unable to successfully
complete clinical trials of our products under development or other testing, if the results of these trials or tests are not favorable
or if there are safety concerns, we may:</p><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our development costs will
also increase if we experience delays in testing or marketing approvals. We do not know whether any of our clinical trials will begin
as planned, will need to be restructured or will be completed on schedule, or at all. Significant clinical trial delays also could allow
our competitors to bring innovative products to market before we do and impair our ability to successfully commercialize our products.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are subject to costly and complex laws
and governmental regulations and any adverse regulatory action may materially adversely affect our financial condition and business operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our medical devices are subject
to regulation by numerous government agencies, including the FDA and comparable agencies outside of the United States. To varying degrees,
each of these agencies requires us to comply with laws and regulations governing the development, testing, manufacturing, labeling, marketing,
and distribution of our products. We cannot guarantee that we will be able to obtain or maintain marketing clearance for our new products,
or enhancements or modifications to existing products, and the failure to maintain approvals or obtain approval or clearance could have
a material adverse effect on the financial condition of our business and our business operations. Even if we are able to obtain such approval
or clearance, it may take a significant amount of time, require the expenditure of substantial resources, involve stringent clinical and
pre-clinical testing, require increased post-market surveillance, involve modifications, repairs, or replacements of our products, and
result in limitation on the proposed uses of our products.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Both before and after a product
is commercially released or offered, we have ongoing responsibilities under FDA regulations. Many of our facilities and procedures and
those of our suppliers are also subject to periodic inspections by the FDA to determine compliance with the FDA&#8217;s requirements,
including the quality system regulations and medical device reporting regulations. The results of these inspections can include inspectional
observations on FDA&#8217;s Form-483, warning letters, or other forms of enforcement. If the FDA were to conclude that we are not in compliance
with applicable laws or regulations, or that any of our medical devices are ineffective or pose an unreasonable health risk, the FDA could
ban such medical devices, detain or seize adulterated or misbranded medical devices, order a recall, repair, replacement, or refund of
such devices, refuse to grant pending pre-market approval applications or require certificates of non-U.S. governments for exports, and/or
require us to notify health professionals and others that the devices present unreasonable risks of substantial harm to the public health.
The FDA may also assess civil or criminal penalties against us, our officers or employees and impose operating restrictions on a company-wide
basis or enjoin and/or restrain certain conduct resulting in violations of applicable law. The FDA may also recommend prosecution to the
U. S. Department of Justice. Governmental agencies comparable to the FDA which operate in foreign jurisdictions may also require us to
comply with regulations similar to those required by the FDA and failing to do so may result in material adverse ramifications similar
to those caused by a failure to comply with FDA regulations. Any adverse regulatory action, depending on its magnitude, may restrict us
from effectively marketing and selling our Products and limit our ability to obtain future pre-market clearances or approvals, and could
cause result in a substantial modification to our business practices and operations.</p><div>

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


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the FDA has taken
the position that device manufacturers are prohibited from promoting their products other than for the uses and indications set forth
in the approved product labeling. A number of enforcement actions have been taken against manufacturers that promote products for &#8220;off-label&#8221;
uses, including actions alleging that federal health care program reimbursement of products promoted for &#8220;off-label&#8221; uses
constitute false and fraudulent claims to the government. The failure to comply with &#8220;off-label&#8221; promotion restrictions can
result in significant civil or criminal exposure, administrative obligations and costs, and/or other potential penalties from, and/or
agreements with, the federal government.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Governmental regulations outside
the United States have become increasingly stringent and more common, and we may become subject to more rigorous regulation by governmental
authorities in the future in the event we determine to conduct business internationally. In the European Union, for example, a new Medical
Device Regulation was published in 2017 which, when it enters into full force, will impose significant additional premarket and post-market
requirements. Penalties for a company&#8217;s non-compliance with governmental regulation could be severe, including fines and revocation
or suspension of a company&#8217;s business license, mandatory price reductions and criminal sanctions. Any governmental law or regulation
imposed in the future may have a material adverse effect on us.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Legislative, regulatory, or medical cost
reimbursement changes may adversely impact our business.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">New laws, regulations and
judicial decisions, or new interpretations of existing laws, regulations and decisions, that relate to the health care system in the U.S.
and in other jurisdictions may change the nature of and regulatory requirements relating to innovations in medical devices, testing and
regulatory approvals, limit or eliminate payments for medical procedures and treatments, or subject the pricing of medical devices to
government control. In addition, third-party payors in the U.S. are increasingly attempting to contain health care costs by limiting both
coverage and the level of reimbursement of new products. Consequently, significant uncertainty exists as to the reimbursement status of
newly approved health care products. Significant changes in the health care system in the U.S. or elsewhere, including changes resulting
from adverse trends in third-party reimbursement programs, could have a material adverse effect on our projected future operating results
and our ability to raise capital, commercialize products, and remain in business.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Healthcare reform laws could adversely affect
our product candidate and financial condition.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the United States, there
have been, and continue to be, a number of legislative initiatives to contain healthcare costs. In March 2010, the Patient Protection
and Affordable Care Act, as amended by the Health Care and Education Affordability Reconciliation Act (ACA), was enacted in the United
States, which made a number of substantial changes in the way healthcare is financed by both governmental and private insurers. Among
other ways in which it may affect our business, the ACA implemented payment system reforms, including a national pilot program on payment
bundling to encourage hospitals, physicians, and other providers to improve the coordination, quality, and efficiency of certain healthcare
services through bundled payment models and expanded the eligibility criteria for Medicaid programs.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since its enactment, there
have been judicial, executive, and Congressional challenges to certain aspects of the ACA. On June 17, 2021, the U.S. Supreme Court dismissed
the most recent judicial challenge to the ACA without specifically ruling on the constitutionality of the ACA. Prior to the Supreme Court&#8217;s
decision, President Biden issued an executive order to initiate a special enrollment period from February 15, 2021 through August 15,
2021 for purposes of obtaining health insurance coverage through the ACA marketplace. The executive order also instructed certain governmental
agencies to review and reconsider their existing policies and rules that limit access to healthcare, including among others, reexamining
Medicaid demonstration projects and waiver programs that include work requirements, and policies that create unnecessary barriers to obtaining
access to health insurance coverage through Medicaid or the ACA. It is unclear how other healthcare reform measures of the Biden administration
or other efforts, if any, to challenge, repeal, or replace the ACA will impact the ACA or our business.</p><div>

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


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, other legislative
changes have been proposed and adopted since the ACA was enacted. On August 2, 2011, the Budget Control Act of 2011 was signed into law,
which, among other things, reduced Medicare payments to providers by 2% per fiscal year, effective on April 1, 2013 and, due to subsequent
legislative amendments to the statute, will remain in effect through 2030, with the exception of a temporary suspension implemented under
various COVID-19 relief legislation from May 1, 2020 through the end of 2021, unless additional Congressional action is taken. On January
2, 2013, the American Taxpayer Relief Act of 2012 was signed into law, which, among other things, further reduced Medicare payments to
several providers, including hospitals, and increased the statute of limitations period for the government to recover overpayments to
providers from three to five years.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, the Bipartisan Budget
Act of 2018 among other things, amended the Medicare statute, effective January 1, 2019, to reduce the coverage gap in most Medicare drug
plans, commonly known as the &#8220;donut hole,&#8221; by raising the manufacturer discount under the Medicare Part D coverage gap discount
program to 70%. It is unclear how the ACA and its implementation, as well as efforts to repeal or replace, or invalidate, the ACA, or
portions thereof, will affect our insulin pump or our business. Additional legislative changes, regulatory changes, and judicial challenges
related to the ACA remain possible. It is possible that the ACA, as currently enacted or as it may be amended in the future, and other
healthcare reform measures that may be adopted in the future, could have an adverse effect on our industry generally and on our ability
to commercialize our insulin pump and achieve profitability.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Following FDA clearance or approval, our
products will still be subject to recalls, which would harm our reputation, business operations and financial results.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following FDA clearance or
approval of our products, the FDA has the authority to require the recall of a product if we commence manufacturing of such product and
we or any contract manufacturers we retain fail to comply with relevant regulations pertaining to manufacturing practices, labeling, advertising
or promotional activities, or if new information is obtained concerning the safety or efficacy of the device. A government-mandated recall
could occur if the FDA finds that there is a reasonable probability that a device would cause serious, adverse health consequences or
death. A voluntary recall by us could occur as a result of manufacturing defects, labeling deficiencies, packaging defects or other failures
to comply with applicable regulations. Any recall would divert management&#8217;s attention and financial resources and harm our reputation
with customers. A recall involving one or more of our products would be harmful to our business, financial condition and results of operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are subject to environmental laws and
regulations and the risk of environmental liabilities, violations and litigation.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to numerous
United States federal, state, local and non-U.S. environmental, health and safety laws and regulations concerning, among other things,
the health and safety of our employees, the generation, storage, use and transportation of hazardous materials, emissions or discharges
of substances into the environment, investigation and remediation of hazardous substances or materials at various sites, chemical constituents
in medical products and end-of-life disposal and take-back programs for medical devices. Our operations involve the use of substances
regulated under such laws and regulations, primarily those used in manufacturing and sterilization processes. If we violate these environmental
laws and regulations, we could be fined, criminally charged or otherwise sanctioned by regulators.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, certain environmental
laws assess liability on current or previous owners or operators of real property for the costs of investigation, removal or remediation
of hazardous substances or materials at their properties or at properties which they have disposed of hazardous substances. Liability
for investigative, removal and remedial costs under certain U.S. federal and state laws are retroactive, strict and joint and several.
In addition to cleanup actions brought by governmental authorities, private parties could bring personal injury or other claims due to
the presence of, or exposure to, hazardous substances. The ultimate cost of site cleanup and timing of future cash outflows is difficult
to predict, given the uncertainties regarding the extent of the required cleanup, the interpretation of applicable laws and regulations,
and alternative cleanup methods.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may in the future be subject
to additional environmental claims for personal injury or cleanup based on our past, present or future business activities (including
the past activities of companies we may acquire). The costs of complying with current or future environmental protection and health and
safety laws and regulations, or liabilities arising from past or future releases of, or exposures to, hazardous substances, may exceed
our estimates, or have a material adverse effect on the financial condition of our business and our business operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our failure to comply with laws and regulations
relating to reimbursement of health care goods and services may subject us to penalties and adversely impact our reputation, financial
condition, and business operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our neurology products are
expected to be purchased primarily by medical professionals and organizations that typically bill various third-party payers, such as
governmental programs (e.g., Medicare, Medicaid and comparable non-U.S. programs), private insurance plans and managed care plans, for
the healthcare services provided to their patients. The ability of our customers to obtain appropriate reimbursement for products from
third-party payers is critical because it affects which products customers purchase and the prices they are willing to pay for such products.
As a result, our products are subject to regulation regarding quality and cost by the U.S. Department of Health and Human Services, including
the Centers for Medicare &amp; Medicaid Services or CMS as well as comparable state and non-U.S. agencies responsible for reimbursement
and regulation of health care goods and services. The principal U.S. federal laws implicated include those that prohibit (i) the filing
of false or improper claims for federal payment, known as the false claims laws, (ii) unlawful inducements for the referral of business
reimbursable under federally-funded health care programs, known as the anti-kickback laws, and (iii) health care service providers from
seeking reimbursement for providing certain services to a patient who was referred by a physician who has certain types of direct or indirect
financial relationships with the service provider, known as the Stark Law. Many states have similar laws that apply to reimbursement by
state Medicaid and other funded programs as well as in some cases to all payers. Insurance companies can also bring a private cause of
action claiming treble damages against a manufacturer for causing a false claim to be filed under the federal Racketeer Influenced and
Corrupt Organizations Act. In addition, if we were to become a manufacturer of FDA-approved devices reimbursable by federal healthcare
programs, we would be subject to the Physician Payments Sunshine Act, which would require us to annually report certain payments and other
transfers of value we make to U.S.-licensed physicians or U.S. teaching hospitals.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our anticipated domestic and
international operations may be subject to risks relating to changes in government and private medical reimbursement programs and policies,
and changes in legal regulatory requirements in the U.S. and around the world. Implementation of further legislative or administrative
reforms to the reimbursement system in the U.S. and outside of the U.S., or adverse decisions relating to our Products or services by
administrators of these systems in coverage or reimbursement, could significantly reduce reimbursement or result in the denial of coverage,
which could have an impact on the acceptance of and demand for our Products and the prices that our customers are willing to pay for them.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The laws and regulations of
healthcare related products that are applicable to us, including those described herein, are subject to evolving interpretations and enforcement
discretion. If a governmental authority were to conclude that we are not in compliance with applicable laws and regulations, we and our
officers and employees could be subject to severe criminal and civil penalties, including, for example, exclusion from participation as
a supplier of products or services to beneficiaries covered by CMS. Any failure to comply with laws and regulations relating to reimbursement
and healthcare products could adversely affect our financial condition and business operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are subject to federal, state and foreign
healthcare regulations related to anti-bribery and anti-corruption laws and could face substantial penalties if we fail to fully comply
with such regulations and laws.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relationships that we
and our potential distributors and others that market or may market our products have with healthcare professionals, such as physicians
and hospitals, are subject to scrutiny under various federal, state, foreign laws often referred to collectively as healthcare fraud and
abuse laws. In addition, U.S. and foreign government regulators have increased the enforcement of the Foreign Corrupt Practices Act and
other anti-bribery laws. We also must comply with a variety of other laws that protect the privacy of individually identifiable healthcare
information and impose extensive tracking and reporting related to all transfers of value provided to certain healthcare professionals.
These laws and regulations are broad in scope and are subject to evolving interpretation and we could be required to incur substantial
costs to monitor compliance or to alter our practices if we are found not to be in compliance. Violations of these laws may be punishable
by criminal or civil sanctions, including substantial fines, imprisonment of current or former employees and exclusion from participation
in governmental healthcare programs, all of which could have a material adverse effect on our financial condition and business operations.</p><div>

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

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our international operations expose it to
legal, political and regulatory risks, which could have a material effect on its business</i></b>.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have operations in Russia
and Ukraine. Memory MD Russia, a subsidiary of Memory MD Inc., has operated as a medical distribution company in Russia. Piezo Motion
Corp.&#8217;s research and development operations are located in Kyiv, Ukraine. The Russian invasion of Ukraine in February, 2022 exposes
our operations in both counties to risks. No decision has been made as to winding down operations. Moreover, we are required to comply
with various import laws and export control and economic sanctions laws, which may affect our transactions with certain customers, business
partners and other persons and dealings between our employees and subsidiaries. In certain circumstances, export control and economic
sanctions regulations or embargos may prohibit the export of certain products, services and technologies. In other circumstances, we may
be required to obtain an export license before exporting the controlled item. Compliance with the various import laws that apply to our
businesses can restrict our access to, and increase the cost of obtaining, certain products and at times can interrupt our supply of imported
inventory. In addition to government regulations regarding sale and export, we are subject to other regulations regarding our products.
For example, the SEC has adopted disclosure rules for companies that use conflict minerals in their products, with substantial supply
chain verification requirements in the event that the materials come from, or could have come from, the Democratic Republic of the Congo
or adjoining countries. These rules and verification requirements impose additional costs on us and on our suppliers and may limit the
sources or increase the cost of materials used in our products. Further, if we are unable to certify that are products are conflict free,
we may face challenges with our customers that could place us at a competitive disadvantage, and our reputation may be harmed.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We subject to a variety of
legal and regulatory proceedings in the course of our business that could adversely affect our financial results. For example, the raw
piezoceramic material used throughout our Motion Products is presently included as an exemption to the European Union&#8217;s Directive
2011/65/EU dealing with hazardous substance use in industrial, commercial, and consumer applications. One exemption (exemption 7-C) concerning
the use of lead (Pb) in piezoelectric ceramics presently exists allowing lead (Pb) to be used in the manufacture of PZT (lead-zirconate-titanate)
type piezoelectric ceramic products, which is the type of material we use in our Motion Products. European Union laws with respect to
the exemption could change in the future making it difficult to sell our products containing such materials within the European Union,
which would impact our revenues.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>There is not now, and there may never be,
an active market for our Common Stock and Warrants. We cannot assure you that our Common Stock and Warrants will become liquid. </i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There currently is no liquid
market for our Common Stock and no market for our Warrants. An investor may find it difficult to obtain accurate quotations as to the
market value of our Common Stock and Warrants and trading of our Common Stock and Warrants may be extremely sporadic. An active market
for our Common Stock and Warrants may never develop. In addition, if we failed to meet the criteria set forth in SEC regulations, various
requirements would be imposed by law on broker-dealers who sell our securities to persons other than established customers and accredited
investors. Consequently, such regulations may deter broker-dealers from recommending or selling our Common Stock, which may further affect
its liquidity. This would also make it more difficult for us to raise additional capital.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The price of our Common Stock might fluctuate
significantly, and you could lose&#160;all or part of your investment.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Volatility in the market price
of our Common Stock may prevent you from being able to sell your shares of our Common Stock at or above the price you paid for your shares.
The trading price of our Common Stock may be volatile and subject to wide price fluctuations in response to various factors, including:</p><div>

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

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

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

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

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

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


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

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

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

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

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These and other factors might
cause the market price of our Common Stock to fluctuate substantially, which may negatively affect the liquidity of our Common Stock.
In addition, from time to time, the stock market experiences price and volume fluctuations, some of which may be significant. This volatility
has had a significant impact on the market price of securities issued by many companies across many industries. The changes frequently
appear to occur without regard to the operating performance of the affected companies. Accordingly, the price of our Common Stock could
fluctuate based upon factors that have little or nothing to do with us, and these fluctuations could materially reduce our share price.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Securities class action litigation
has often been instituted against companies following periods of volatility in the overall market and in the market price of a company&#8217;s
securities. This litigation, if instituted against us, could result in substantial costs, divert our management&#8217;s attention and resources,
and harm our business, operating results and financial condition.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are a smaller reporting company, and
the reduced reporting requirements applicable to smaller reporting companies may make our Common Stock less attractive to investors.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a &#8220;smaller reporting
company&#8221; as defined in Section 12 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). For as long
as we continue to be a smaller reporting company, we may take advantage of exemptions from various reporting requirements that are applicable
to other public companies that are not smaller reporting companies, including not being required to comply with the auditor attestation
requirements of Section 404 of Sarbanes-Oxley Act of 2002 (&#8220;SOX&#8221;), reduced disclosure obligations regarding executive compensation
in our periodic reports and proxy statements, and exemptions from the requirements of holding nonbinding advisory votes on executive compensation,
and stockholder approval of any golden parachute payments not previously approved. We cannot predict if investors will find our Common
Stock less attractive because we may rely on these exemptions. If some investors find our Common Stock less attractive as a result, there
may be a less active trading market for our Common Stock and our stock price may be more volatile.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our Common Stock is subject to the &#8220;penny
stock&#8221; rules of the SEC, which makes transactions in our stock cumbersome and may reduce the value of an investment in our Units.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC has adopted regulations
which generally define a &#8220;penny stock&#8221; as an equity security that has a market price of less than $5.00 per share, subject to
specific exemptions. The SEC&#8217;s penny stock rules require a broker-dealer, before a transaction in a penny stock not otherwise exempt from
the rules, to deliver a standardized risk disclosure document that provides information about penny stocks and the risks in the penny
stock market. The broker-dealer must also provide the customer with current bid and offer quotations for the penny stock, the compensation
of the broker-dealer and the salesperson in the transaction, and monthly account statements showing the market value of each penny stock
held in the customer&#8217;s account. In addition, the penny stock rules generally require that before a transaction in a penny stock occurs,
the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive
the purchaser&#8217;s agreement to the transaction. If applicable in the future, these rules may restrict the ability of brokers-dealers to
sell our common stock and may affect the ability of investors to sell their shares, until our common stock no longer is considered a penny
stock.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Concentration of ownership of our Common
Stock among our existing executive officers, directors and principal stockholders may prevent new investors from influencing significant
corporate decisions.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our executive officers, directors,
principal stockholders and their affiliates, in the aggregate, beneficially own approximately 56.0% of our outstanding common stock as
of August 9, 2022. As a result, these persons, acting together, would be able to significantly influence all matters requiring stockholder
approval, including the election and removal of directors, any merger, consolidation, sale of all or substantially all of our assets,
or other significant corporate transactions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some of these persons or entities
may have interests different than yours. For example, they may be more interested in selling our company to an acquirer than other investors,
or they may want us to pursue strategies that deviate from the interests of other stockholders.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We intend to issue more shares to raise
capital, which will result in substantial dilution.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our certificate of incorporation
currently authorizes the issuance of a maximum of 200,000,000 shares of Common Stock and 10,000,000 shares of &#8220;blank check&#8221;
preferred stock but the Company has received authorization from the board of directors and majority stockholders to increase the amount
of authorized Common Stock to 750,000 shares. Any additional financings effected by us may result in the issuance of additional securities
without stockholder approval and the substantial dilution in the percentage of common stock held by our then existing stockholders. Moreover,
the securities issued in any such transaction may be valued on an arbitrary or non-arm&#8217;s-length basis by our management, resulting in
an additional reduction in the percentage of Common Stock held by our current stockholders on an as converted, fully-diluted basis. Our
board of directors has the power to issue any or all of such authorized but unissued shares without stockholder approval. To the extent
that additional shares of Common Stock or other securities convertible into or exchangeable for Common Stock are issued in connection
with a financing, dilution to the interests of our stockholders will occur and the rights of the holder of Common Stock might be materially
and adversely affected.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Anti-takeover provisions that may be in
our charter and bylaws may prevent or frustrate attempts by stockholders to change the board of directors or current management and could
make a third-party acquisition of us difficult.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our certificate of incorporation
and bylaws may contain provisions that may discourage, delay or prevent a merger, acquisition or other change in control that stockholders
may consider favorable, including transactions in which stockholders might otherwise receive a premium for their shares. These provisions
could limit the price that investors might be willing to pay in the future for shares of our Common Stock.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We do not intend to pay cash dividends on
our Common Stock in the foreseeable future.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have never declared or
paid cash dividends on our capital stock. Subject to any series of preferred stock we may issue in the future, we intend to retain all
available funds and any future earnings for use in the operation and expansion of our business and do not anticipate paying any cash dividends
on our Common Stock in the foreseeable future. Accordingly, you may have to sell some or all of your shares of our Common Stock in order
to generate cash flow from your investment. You may not receive a gain on your investment when you sell shares and you may lose the entire
amount of the investment.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our articles of incorporation allow for
our board of directors to create new series of preferred stock without further approval by our shareholders, which could adversely affect
the rights of the holders of our Common Stock.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has the authority to fix
and determine the relative rights and preferences of preferred stock. Currently, our board of directors has the authority to designate
and issue up to 10,000,000 shares of our preferred stock without further shareholder approval. In the future, our board of directors could
authorize the issuance of one or more series of preferred stock that would grant to holders, among other rights, the preferred right to
our assets upon liquidation, the right to receive dividend payments before dividends are distributed to the holders of Common Stock and
the right to the redemption of our preferred shares acquired by such persons, together with a premium, prior to the redemption of our
Common Stock. In addition, our board of directors could authorize the issuance of a series of preferred stock that has greater voting
power than our Common Stock or that is convertible into our Common Stock, which could decrease the relative voting power of our Common
Stock or result in dilution to our existing shareholders.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Failure to establish and maintain an effective
system of internal controls could result in material misstatements of our financial statements or cause us to fail to meet our reporting
obligations or fail to prevent fraud in which case, our stockholders could lose confidence in our financial reporting, which would harm
our business and could negatively impact the price of our stock.&#160;</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have assessed the effectiveness
of our internal control over financial reporting as of December 31, 2021. In making this assessment, we used the criteria set forth by
the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013). Based on
this assessment, management believes that, as of December 31, 2021, the Company did not maintain effective internal control over financial
reporting because of the effect of material weaknesses in our internal control over financial reporting. Specifically, we identified material
weaknesses in our internal control over financial reporting related to (i) limited policies and procedures that cover recording and reporting
of financial transactions associated with the foreign subsidiary; and (ii) lack of sufficient personnel in the accounting function due
to our limited resources resulting in lack of segregation of duties. The Company engages a third-party consultant to ensure the complete
and proper application of generally accepted accounting principles, particularly as it relates to valuation of warrants and other complex
debt /equity transactions. We plan to remediate those material weaknesses by (i) improving the effectiveness of the accounting group by
augmenting our existing resources with additional internal accounting staff to assist in the analysis and recording of transaction and
for improved segregation of duties. We plan to mitigate this identified deficiency by hiring additional accounting staff once we generate
significantly more revenue or raise significant additional working capital; and (ii) improving desired segregation procedures by strengthening
cross approval of various functions including quarterly internal audit procedures where appropriate.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Continued ineffective internal
control regarding our financial reporting could have an adverse effect on our business and financial results and the price of our Common
Stock could be negatively affected. This could also make it more difficult or more costly for us to obtain certain types of insurance,
including director and officer liability insurance, and we may be forced to accept reduced policy limits and coverage or incur substantially
higher costs to obtain the same or similar coverage. Any system of internal controls, however well designed and operated, is based in
part on certain assumptions and can provide only reasonable, not absolute, assurances that the objectives of the system are met. Any failure
or circumvention of the controls and procedures or failure to comply with regulation concerning control and procedures could have a material
effect on our business, results of operation and financial condition. Any of these events could result in an adverse reaction in the financial
marketplace due to a loss of investor confidence in the reliability of our financial statements, which ultimately could negatively affect
the market price of our shares, increase the volatility of our stock price and adversely affect our ability to raise additional funding.
The effect of these events could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors
and as executive officers.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our reporting obligations
as a public company will place a significant strain on our management, operational and financial resources and systems for the foreseeable
future. If we fail to timely achieve and maintain the adequacy of our internal control over financial reporting, we may not be able to
produce reliable financial reports or help prevent fraud. Our failure to achieve and maintain effective internal control over financial
reporting could prevent us from filing our periodic reports on a timely basis which could result in the loss of investor confidence in
the reliability of our financial statements, harm our business and negatively impact the trading price of our common stock.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>A significant portion of our total outstanding
shares are restricted from immediate resale but may be sold into the market in the future. This could cause the market price of our Common
Stock to drop significantly, even if our business is doing well.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales of a substantial number
of shares of our Common Stock in the public market could occur at any time. If our stockholders sell, or the market perceives that our
stockholders intend to sell, substantial amounts of our Common Stock in the public market, the market price of our Common Stock could
decline significantly.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Of the 105,401,858 shares
of our Common Stock issued and outstanding as of August 9, 2022, approximately 6,091,662 shares are freely tradable without restriction
by stockholders who are not our affiliates. We issued or are deemed to have issued an aggregate of approximately 15.6 million shares of
our Common Stock to the former Memory MD, Inc. stockholders and to the holders of convertible promissory notes upon their conversion,
At the completion of the Piezo Merger, we issued approximately 29.5 million shares of our Common Stock to the former Piezo Motion shareholders,
approximately 11.8 million shares of our Common Stock to the holders of Piezo Motion convertible promissory notes upon their conversion,
approximately 19.3 million shares of our Common Stock to holders of BSI convertible promissory notes upon their conversion which were
issued at or post the Piezo Merger or to the debt which was invested at closing For these issuances, &#160;among other issuances, in each
case, pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended, or the Securities Act, and
such shares are also &#8220;restricted securities&#8221; as defined in Rule 144. Most if not all of these shares are expected to be available
to register for resale in 2022, thus allowing the holders to sell their shares on the open market without restriction. In any event, substantially
all of these restricted securities may be publicly resold under Rule 144.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If securities or industry analysts do not
publish research or reports, or publish unfavorable research or reports, about us, our business or our market, our stock price and trading
volume could decline.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trading market for our
Common Stock will be influenced by the research and reports that securities or industry analysts publish about us and our business. Securities
or industry analysts may elect not to provide coverage of our Common Stock, and such lack of coverage may adversely affect the market
price of our Common Stock. In the event we do not secure additional securities or industry analyst coverage, we will not have any control
over the analysts or the content and opinions included in their reports. The price of our stock could decline if one or more securities
or industry analysts downgrade our stock or issue other unfavorable commentary or research. If one or more securities or industry analysts
ceases coverage of our company or fails to publish reports on us regularly, demand for our stock could decrease, which in turn could cause
our stock price or trading volume to decline.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Medicare, Medicaid,
health maintenance organizations and other third-party payors are increasingly attempting to contain healthcare costs by limiting both
coverage and the level of reimbursement of new medical devices, and, as a result, their coverage policies may be restrictive, or they
may not cover or provide adequate payment for our products.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Medicare, Medicaid, health
maintenance organizations and other third-party payors are increasingly attempting to contain healthcare costs by limiting both coverage
and the level of reimbursement of new medical devices, and, as a result, their coverage policies may be restrictive, or they may not cover
or provide adequate payment for our products. In order to obtain reimbursement arrangements, we may have to agree to a net sales price
lower than the net sales price we might charge in other sales channels. Our revenue may be limited by the continuing efforts of government
and third-party payors to contain or reduce the costs of healthcare through various increasingly sophisticated means, such as requiring
prospective reimbursement and second opinions, purchasing in groups, or redesigning benefits. Our future dependence on the commercial
success of our technologies makes us particularly susceptible to any cost containment or reduction efforts. Accordingly, unless the government
and other third-party payors provide adequate coverage and reimbursement for our products and the related insertion and removal procedures,
our financial performance may be limited.</p><div>

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


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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are a development stage company with
a limited operating history, making it difficult for you to evaluate our business and your investment.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operations are subject
to all of the risks inherent in the establishment of a new business enterprise, including but not limited to the absence of an operating
history, lack of fully-developed or commercialized products, insufficient capital, expected substantial and continual losses for the foreseeable
future, limited experience in dealing with regulatory issues, lack of manufacturing and marketing experience, need to rely on third parties
for the development and commercialization of our existing and proposed products, a competitive environment characterized by well-established
and well-capitalized competitors and reliance on key personnel.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may not be successful in
carrying out our business objectives. The revenue and income potential of our proposed business and operations are unproven as the lack
of operating history makes it difficult to evaluate the future prospects of our business. There is nothing at this time on which to base
an assumption that our business operations will prove to be successful or that we will ever be able to operate profitably. Accordingly,
we have no track record of successful business activities, strategic decision-making by management, fund-raising ability, and other factors
that would allow an investor to assess the likelihood that we will be successful in our business. There is a substantial risk that we
will not be successful in fully implementing our business plan, or if initially successful, in thereafter generating material operating
revenues or in achieving profitable operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Foreign currency exchange rates may adversely
affect our financial results</i></b>.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales and purchases in currencies
other than the United States. dollar expose us to fluctuations in foreign currencies relative to the United States dollar and may adversely
affect our financial results. Increased strength of the United States dollar increases the effective price of our products sold in United
States dollars into other countries, which may require us to lower its prices or adversely affect sales to the extent we do not increase
local currency prices. Decreased strength of the United States dollar could adversely affect the cost of materials, products and services
we purchase from non-United States denominated locations. Sales and expenses of our non-United States businesses are also translated into
United States dollars for SEC reporting purposes and the strengthening or weakening of the United States dollar could result in unfavorable
translation effects. We also face exchange rate risk from our investments in subsidiaries owned and operated in foreign countries.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Current economic and political conditions
make tax rules in any jurisdiction subject to significant change. </i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to income taxes
as well as non-income based taxes, in both the U.S. and ultimately various jurisdictions outside the U.S. where we intend to operate.
We cannot predict the overall impact that changes or revisions to any such tax laws and regulations, whether in in the United States or
in jurisdictions outside the United States, may have on our business. We may be subject to ongoing tax audits in various jurisdictions,
and the tax authorities conducting such audits may disagree with certain taxation positions we have taken and assess additional taxes.
Although we intend to regularly assess the likely outcomes of these audits in order to determine the appropriateness of our tax obligations,
there can be no assurance that we will accurately predict the outcomes of these audits, and the actual outcomes of these audits could
have a material adverse effect on our financial condition and business operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Economic and political instability around
the world could adversely affect our financial condition and business operations.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Economic and political instability
around the world may adversely affect our ability to develop, manufacture, market, and sell our products. Our customers and suppliers
may experience financial difficulties or be unable to borrow money to fund their operations which may adversely impact their ability to
purchase our products or services or to pay for our products on a timely basis, if at all. As with our customers and suppliers, these
economic conditions make it more difficult for us to accurately forecast and plan our future business activities. In addition, a significant
amount of our trade receivables are with national health care systems in the United States and in many foreign countries. Repayment of
these receivables is dependent upon the political and financial stability of those countries. In light of domestic and global economic
fluctuations, we continue to monitor the creditworthiness of customers located both inside and outside the United States. Failure to receive
payment of all or a significant portion of these receivables could adversely affect our financial condition and business operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to This Offering</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be unable to list our Common Stock
and Warrants on the Nasdaq Capital Market.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Prior to this offering, there has been a limited
public market for our Common Stock and no public market for our Warrants. We intend to apply to list our Common Stock and Warrants on
the Nasdaq Capital Market concurrently with the closing of the offering. However, we may not meet or maintain certain qualifying requirements
for Nasdaq. If we are unable to meet these requirements, we may be limited to trading conducted on OTC Markets and we may elect to not
proceed with this offering.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>There can be no assurance that we will be able to comply with
the continued listing standards of the Nasdaq Capital Market, a failure of which could result in a de-listing of our Common Stock.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The Nasdaq Capital Market requires that the trading
price of its listed stocks remain above one dollar in order for the stock to remain listed. If a listed stock trades below one dollar
for more than 30 consecutive trading days, then it is subject to delisting from the Nasdaq Capital Market. In addition, to maintain a
listing on the Nasdaq Capital Market, we must satisfy minimum financial and other continued listing requirements and standards, including
those regarding director independence and independent committee requirements, minimum stockholders&#8217; equity, and certain corporate
governance requirements. If we are unable to satisfy these requirements or standards, we could be subject to delisting, which would have
a negative effect on the price of our Common Stock and would impair your ability to sell or purchase our Common Stock when you wish to
do so. In the event of a delisting, we would expect to take actions to restore our compliance with the listing requirements, but we can
provide no assurance that any such action taken by us would allow our Common Stock to become listed again, stabilize the market price
or improve the liquidity of our Common Stock, prevent our Common Stock from dropping below the minimum bid price requirement, or prevent
future non-compliance with the listing requirements.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span><b><i>Holders of our Warrants
will have no rights as a common stockholder until they acquire our Common Stock.</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Warrants included in the
Units in this offering do not confer any rights of Common Stock ownership on their holders, such as voting rights or the right to receive
dividends, but rather merely represent the right to acquire shares of our Common Stock at a fixed price for a limited period of time.
Specifically, commencing on the date of issuance, holders of the Warrants may exercise their right to acquire the Common Stock and pay
the exercise price per share, prior to ___ years from the date of issuance, after which date any unexercised Warrants will expire and
have no further value. Until holders of the Warrants acquire Common Stock upon exercise of the Warrants, the holders will have no rights
with respect to the Common Stock issuable upon exercise of the Warrants. Upon exercise of the Warrants, the holder will be entitled to
exercise the rights of a stockholder as to the security exercised only as to matters for which the record date occurs after the exercise.
There can be no assurance that the market price of the Common Stock will ever equal or exceed the exercise price of the Warrants, and
consequently, whether it will ever be profitable for holders of the Warrants to exercise the Warrants.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Provisions of the Warrants offered by this
prospectus could discourage an acquisition of us by a third party</i></b><i>.</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">In addition to the discussion of the provisions
of our governing organizational documents, certain provisions of the Warrants offered by this prospectus could make it more difficult
or expensive for a third party to acquire us. The Warrants prohibit us from engaging in certain transactions constituting &#8220;fundamental
transactions&#8221; unless, among other things, the surviving entity assumes our obligations under the Warrants. These and other provisions
of the Warrants offered by this prospectus could prevent or deter a third party from acquiring us even where the acquisition could be
beneficial to you.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>As we have broad discretion in how we use
the proceeds from this offering, we may use the proceeds in ways with which you disagree.</i></b></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We have not allocated the net proceeds from this
offering for any specific purpose, except as generally set forth under &#8220;Use of Proceeds.&#8221; As set forth therein, our management
will have significant flexibility in applying the net proceeds of this offering. You will be relying on the judgment of our management
about the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the
proceeds are being used in ways you would agree with or ways which are likely to increase the value of your investment. Because of the
number and variability of factors that will determine our use of our net proceeds from this offering, their ultimate use may vary substantially
from their currently intended use. It is possible that the net proceeds will be invested in a way that does not yield a favorable, or
any, return for our company or your investment. The failure of our management to use such funds effectively could have a material adverse
effect on our business, financial condition, operating results and cash flow.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>There is a limited market for our securities,
which may make it more difficult to dispose of our securities and we may fail to sustain trading on Nasdaq, which could make it more difficult
for investors to sell their shares.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Our Common Stock is quoted on the Pink Tier of
OTC Markets, under the symbol &#8220;BRSF,&#8221; and, to date, has traded on a limited basis. We have applied to list our Common Stock
and Warrants on Nasdaq under the symbols &#8220;BRSF&#8221; and &#8220;BRSFW&#8221;, respectively. In the event our Common Stock and Warrants
begin trading on the Nasdaq, there can be no assurance that trading of the Common Stock and Warrants on such market will be sustained.
In the event that the Common Stock and Warrants are not listed on Nasdaq or if we do not sustain such listing, our Common Stock and Warrants
could be quoted only on the OTC Markets. Under such circumstances, you may find it significantly more difficult to trade, or to obtain
accurate quotations for our Common Stock and Warrants and our Common Stock and Warrants may become substantially less attractive to certain
purchasers, such as financial institutions, hedge funds, and other similar investors.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">An active market for our Common Stock and Warrants
may never develop, and we are under no obligation to seek out a more active market for our Common Stock and Warrants.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">If there is a thin trading market or &#8220;float&#8221;
for our Common Stock and Warrants, the market price for our Common Stock and Warrants may fluctuate significantly more than the stock
market as a whole. Without a large float, our Common Stock and Warrants would be less liquid than the stock and warrants of companies
with broader public ownership and, as a result, the trading prices of our Common Stock and Warrants may be more volatile. In addition,
in the absence of an active public trading market, investors may be unable to liquidate their investment in us. Furthermore, the stock
market is subject to significant price and volume fluctuations, and the price of our Common Stock and Warrants could fluctuate widely
in response to several factors, including, but not limited to:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our quarterly or annual operating results;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">changes in our earnings estimates or the failure to accurately
forecast and appropriately plan our expenses;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">failure to achieve our growth expectations;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">failure to attract customers and retain them;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the effect of increased or variable competition on our business;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">additions or departures of key or qualified personnel;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">failure to adequately protect our intellectual property;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">costs associated with defending claims, including intellectual
property infringement claims and related judgments or settlements;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">changes in governmental or other regulations affecting our
business;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our compliance with governmental or other regulations affecting
our business; and</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">changes in global or regional industry, general market, or
economic conditions.</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The stock market has experienced extreme price
and volume fluctuations in recent years that have significantly affected the quoted prices of the securities of many companies, including
companies in our industry. The changes may not be possible to predict and often appear to occur without regard to specific operating performance.
The price of our Common Stock and Warrants could fluctuate based upon factors that have little or nothing to do with our company and these
fluctuations could materially reduce our stock price.</p><div>

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


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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If you purchase our securities in this offering,
you may incur immediate and substantial dilution in the book value of your shares. You will experience further dilution if we issue additional
equity or equity-linked securities in the future.</i></b>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The public offering price per Unit may be substantially
higher than the net tangible book value per share of our Common Stock immediately prior to the offering. After giving effect to the sale
of $_________ of our Units in this offering, at the assumed public offering price of $______ per share, which is the last reported sale
price of our Common Stock on the OTCQB Market on _____, 2022, and after deducting the estimated underwriting discounts and commissions
and estimated offering expenses payable by us, purchasers of our Units in this offering will incur immediate dilution of $______ per share
in the net tangible book value of the Common Stock they acquire. For a further description of the dilution that investors in this offering
may experience, see &#8220;Dilution.&#8221;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">If we issue additional shares of Common Stock
(including pursuant to the exercise of outstanding stock options or warrants), or securities convertible into or exchangeable or exercisable
for shares of Common Stock, our stockholders, including investors who purchase shares of Common Stock in this offering, will experience
additional dilution, and any such issuances may result in downward pressure on the price of our Common Stock. We also cannot assure you
that we will be able to sell shares or other securities in any other offering at a price per share that is equal to or greater than the
price per share paid by investors in this offering, and investors purchasing shares or other securities in the future could have rights
superior to existing stockholders.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sales of a significant number of shares
of our Common Stock in the public markets, or the perception that such sales could occur, could depress the market price of our Common
Stock.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Sales of a substantial number of shares of our
Common Stock in the public markets could depress the market price of our Common Stock and impair our ability to raise capital through
the sale of additional equity securities. We, our directors and our executive officers have agreed not to sell, dispose of or hedge any
Common Stock or securities convertible into or exchangeable for shares of Common Stock during the period from the date of this prospectus
continuing through and including the date 180 days after the date of this prospectus, subject to certain exceptions. The underwriters
may, in their discretion, release the restrictions on any such shares at any time without notice. See &#8220;Underwriting.&#8221; We cannot
predict the effect that future sales of our Common Stock would have on the market price of our Common Stock.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may issue preferred stock, the terms
of which could adversely affect the voting power or value of our common stock.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Our certificate of incorporation authorizes us
to issue, without the approval of our stockholders, one or more classes or series of preferred stock having such designations, preferences,
limitations and relative rights, including preferences over our common stock respecting dividends and distributions, as our board of directors
may determine. The terms of one or more classes or series of preferred stock could adversely impact the voting power or value of our common
stock. For example, we might grant holders of preferred stock the right to elect some number of our directors in all events or on the
happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation
preferences we might assign to holders of preferred stock could affect the residual value of our common stock.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If securities analysts were to downgrade
our stock, publish negative research or reports or fail to publish reports about our business, our competitive position could suffer,
and our stock price and trading volume could decline.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The trading market for our common stock will,
to some extent, depend on the research and reports that securities analysts may publish about us, our business, our market or our competitors.
We do not have any control over these analysts. We do not currently have and may never obtain research coverage by securities analysts.
If no or few securities analysts commence coverage of us, the trading price of our stock would likely decrease. Even if we do obtain analyst
coverage, if one or more of the analysts who cover us should downgrade our stock or publish negative research or reports, cease coverage
of our company or fail to regularly publish reports about our business, our competitive position could suffer, and our stock price and
trading volume could decline.</p><div>

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


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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Our Reverse Stock Split</b>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>On or prior to the completion of the offering
we intend to implement a 1-for-____ reverse stock split, however,&#160;we cannot assure you that we will be able to comply with the minimum
bid price requirement of Nasdaq.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">There can be no assurance that the market price
of our Common Stock following the reverse stock split will remain at the level required for us to comply with&#160;the minimum bid price
required for Nasdaq to approve the listing of our Common Stock. It is not uncommon for the market price of a company&#8217;s Common Stock
to decline in the period following a reverse stock split. If the market price of our Common Stock declines following the effectuation
of the&#160;reverse stock split, the percentage decline may be greater than would occur in the absence of the&#160;reverse stock split.
In any event, other factors unrelated to the number of shares of our Common Stock outstanding, such as negative financial or operational
results, could adversely affect the market price of our Common Stock and jeopardize our ability to meet or maintain Nasdaq&#8217;s minimum
bid price requirement. In addition to specific listing and maintenance standards, Nasdaq has broad discretionary authority over the initial
and continued listing of securities, which it could exercise with respect to the listing of our Common Stock.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Even if the reverse stock split increases
the market price of our Common Stock, there can be no assurance that we will be able to comply with other initial listing standards of
Nasdaq.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Even if the market price of our Common Stock increases
sufficiently so that we comply with the minimum bid price requirement, we cannot assure you that we will be able to comply with the other
standards that we are required to meet in order to list our Common Stock on the Nasdaq. Our failure to meet these requirements may result
in our Common Stock not being listed on the Nasdaq, irrespective of our compliance with the minimum bid price requirement.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Following the reverse stock split,
the resulting market price of our Common Stock may not attract new investors, including institutional investors, and may not satisfy the
investing requirements of those investors. Consequently, the trading liquidity of our Common Stock may not improve.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Although we believe that a higher market price
of our Common Stock may help generate greater or broader investor interest, there can be no assurance that the reverse stock split will
result in a share price that will attract new investors, including institutional investors. In addition, there can be no assurance that
the market price of our Common Stock will satisfy the investing requirements of those investors. As a result, the trading liquidity of
our Common Stock may not necessarily improve.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The liquidity of the shares of our Common Stock
may be affected adversely by the reverse stock split given the reduced number of shares that&#160;are outstanding following the reverse
stock split, especially if the market price of our Common Stock does not increase as a result of the reverse stock split. In addition,
the reverse stock split may increase the number of stockholders who own odd lots (less than 100&#160;shares) of our Common Stock, creating
the potential for such stockholders to experience an increase in the cost of selling their shares and greater difficulty effecting such
sales.</p><div>

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


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

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">This prospectus includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, which we refer to as the Securities Act, and Section 21E
of the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, that relate to future events or to our future
operations or financial performance. Any forward-looking statement involves known and unknown risks, uncertainties and other factors that
may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of
activity, performance or achievements expressed or implied by such forward-looking statement.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Words such as, but not limited to, &#8220;believe,&#8221;
&#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221;
&#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;targets,&#8221; &#8220;likely,&#8221;
&#8220;will,&#8221; &#8220;would,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;continue,&#8221; &#8220;scheduled&#8221; and
similar expressions or phrases, or the negative of those expressions or phrases, are intended to identify forward-looking statements,
although not all forward-looking statements contain these identifying words. Although we believe that we have a reasonable basis for each
forward-looking statement contained in this registration statement, we caution you that these statements are based on our estimates or
projections of the future that are subject to known and unknown risks and uncertainties and other important factors that may cause our
actual results, level of activity, performance, experience or achievements to differ materially from those expressed or implied by any
forward-looking statement. Actual results, level of activity, performance, experience or achievements may differ materially from those
expressed or implied by any forward-looking statement as a result of various important factors, including our critical accounting policies
and risks and uncertainties relating, to:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our strategies, prospects, plans, expectations, forecasts
or objectives;</td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to achieve a marketable products and the costs
and timing thereof;</td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">acceptance of our products by our target market and our ability
to compete in such market;</td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to raise additional financing when needed and
the terms and timing thereof;</td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to expand, protect and maintain our intellectual
property rights;</td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our future operations, financial position, revenues, costs,
expenses, uses of cash, capital requirements, our need for additional financing or the period for which our existing cash resources will
be sufficient to meet our operating requirements;</td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our analysis of the target market for our products;</td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

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

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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relating to our products in including those of the United States Food and Drug Administration;</td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

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

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the timing and costs of our obtaining all regulatory approvals
and clearances identified immediately above;</td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our compliance with all applicable laws, rules and regulations,
including those of the Securities and Exchange Commission, or SEC, and the FDA;</td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our plans to list our Common Stock and Warrants on Nasdaq
and whether an active trading market for our Common Stock and Warrants will develop;</td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

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

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our reliance on and our ability to retain (and if necessary,
timely recruit and replace) our officers, directors and key employees and their ability to timely and competently perform at levels expected
of them;</td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to generate significant revenues and achieve profitability;</td>
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</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our commercialization, marketing and manufacturing capabilities
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</tr></table><div>

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


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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to expand, protect and maintain our intellectual
property position;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the success of competing third-party products;</td>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to fully remediate our identified internal control
material weaknesses;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to meet the initial or continuing listing requirement
of the Nasdaq Capital Market;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to comply with regulatory requirements relating
to our business, and the costs of compliance with those requirements;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the specific risk factors discussed under the heading &#8220;Risk
Factors&#8221; set forth in this prospectus; and</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">various other matters, many of which are beyond our control.</td>
</tr></table><div>

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

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>USE OF PROCEEDS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We estimate that our net proceeds
from this offering will be approximately $________($_____ if the Underwriters&#8217; Over-Allotment Option is fully exercised ), based
on an assumed public offering price of $_____ per Unit, which is the last reported sale price of our common stock on OTC Markets on _____,
2022, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us. We will not receive any
of the proceeds from the sale of Common Stock in this offering by the Selling Stockholders identified in this prospectus or from any cash
exercise of the PPO Warrants by the Selling Stockholders.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">As of _________, 2022, we had cash and cash equivalents
of approximately $_______. We currently expect that to use the net proceeds from this offering, together with the $_____of cash and cash
equivalents, primarily for the following purposes:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Approximately $________ to develop our sales, marketing and administrative capabilities and organization, including but not limited to adding additional staff, public relations and advertising;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Approximately $________to develop our manufacturing and production capability, including capital expenditures; and</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Notwithstanding the above, we may be required
to use up to $_____ of net proceeds (assuming accrued interest through ______ __, 2022) to repay PPO Debentures pursuant to the Qualified
Offering Redemption Option which may be exercised by holders of the PPO Debentures. Any portion of exercise of this option will reduce
amounts intended for sales , marketing and administrative capabilities and organization, on a pro rata basis.</p><div>

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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We believe that our existing cash and cash equivalents,
along with the net proceeds from this offering and any proceeds from the exercise of Warrants, together with interest on cash balances,
will be sufficient to fund our operating expenses and capital expenditure requirements through at least the next 12 months. The amount
and timing of our actual expenditures and actual use of the net proceeds of the offering will depend upon numerous factors, including
speed of market uptake of our products, market driven product development, progress of our continuing product research and development
activities, our ability to expand our outsourced manufacturing operations, and our ability to add the required staff to execute our business
plan, any collaborations that we may enter into with third parties, and any unforeseen delays or cash needs.</p><div>

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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our expected use of the net proceeds from this
offering represents our current intentions based upon our present plans and business conditions. As a result, our management will have
broad discretion in the application of the net proceeds, and investors will be relying on our judgment regarding the application of the
net proceeds of this offering. In addition, we might decide to postpone or not pursue certain of these activities if the net proceeds
from this offering and the other sources of cash are less than, or do not last as long as, expected. We have no current understandings,
agreements or commitments for any material acquisitions or licenses of any products, businesses or technologies.</p><div>

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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Pending their use, we plan to invest the net proceeds
from this offering in high-quality, short-term interest-bearing obligations, investment-grade instruments, certificates of deposit or
direct or guaranteed obligations of the U.S. government.</p><div>

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


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

</div><div><a id="a_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS</b></p><div>

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

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

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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Since March 18, 2020, our Common Stock has traded
on the Pink Tier of OTC Markets Group, Inc. under the trading symbol &#8220;BRSF&#8221; on a very limited basis. We have applied to list
our Common Stock and Warrants on Nasdaq under the symbols &#8220;BRSF&#8221; and &#8220;BRSFW&#8221;, respectively.</p><div>

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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Immediately following the offering, we expect
to have one class of common stock and no other classes of stock outstanding.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of August&#160;9, 2022,
there were approximately 141 registered holders of record of our Common Stock, and the last reported sale price of our Common Stock on
the OTC Markets on such date was $0.12 per share.</p><div>

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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Any OTC Markets quotations of our Common Stock
reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.</p><div>

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

</div><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DIVIDEND POLICY</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">We have never declared nor paid any cash dividends
on our capital stock. We do not intend to pay cash dividends on our Common Stock for the foreseeable future, and currently intend to retain
any future earnings to fund our operations and the development and growth of our business. Any future determination to declare and pay
dividends will be made at the discretion of our board of directors and will depend on various factors, including applicable laws, our
results of operations, our financial condition, our capital requirements, general business conditions, our future prospects and other
factors that our board of directors may deem relevant. Investors should not purchase our Common Stock with the expectation of receiving
cash dividends.</p><div>

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

</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CAPITALIZATION</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The following table sets forth our cash and cash
equivalents and capitalization as of March 31, 2022.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">On an actual basis.</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">on a pro-forma basis to give effect to (i) the issuance and
sale of the Units by us in this offering at the assumed public offering price of $_____ per Unit, which is the last reported sale price
of our Common Stock on OTC Markets on _______, 2022, after deducting the estimated discounts, non-accountable expense allowance and the
estimated offering expenses payable by us for net proceeds of $__________, which assumes that the over-allotment option is not exercised.</td>
</tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The as adjusted information below is illustrative
only and our capitalization following the closing of this offering will be adjusted based on the actual public offering price and other
terms of this offering determined at pricing. You should read this information together with our financial statements and the related
notes thereto included elsewhere in this prospectus and the information set forth under the heading &#8220;Management&#8217;s Discussion
and Analysis of Financial Condition and Results of Operations&#8221; included elsewhere in this prospectus.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Each $1.00 increase (decrease) in the assumed
public offering price of $______ per Unit would increase (decrease) the as adjusted amount of cash and cash equivalents, additional paid-in
capital, total stockholders&#8217; equity (deficit) and total capitalization by approximately $______, assuming that the number of Units
offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts
and commissions and estimated offering expenses payable by us. We may also increase or decrease the number of Units we are offering. Each
increase (decrease) of 100,000 Units in the number of Units we are offering would increase (decrease) the as adjusted amount of cash and
cash equivalents, additional paid-in capital, total stockholders&#8217; equity and total capitalization by approximately $_______, assuming
that the assumed public offering price remains the same, and after deducting the estimated underwriting discounts and commissions and
estimated offering expenses payable by us. The as adjusted information discussed above is illustrative only and will be adjusted based
on the actual public offering price and other terms of this offering determined at pricing.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The number of shares of our
Common Stock to be outstanding after this offering is based on 50,578,003 shares of our Common Stock outstanding as of March 31, 2022,
and excludes:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the ______ shares Common Stock issuable upon exercise of the Warrants (assuming the sale of _____ Units);</span></td></tr>
  </table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">46,143,287 shares of our Common Stock issuable upon the conversion
of outstanding promissory notes;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">9,211,132 shares of our Common Stock issuable upon exercise
of outstanding warrants</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">15,095,714 shares of our Common Stock issuable upon exercise
of outstanding warrants in connection with the PPO Offering upon consummation of the offering or April __, 2023;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">4,504,214 shares of our Common Stock issuable upon exercise
of outstanding stock options with a weighted average exercise price of approximately $0.35 per share;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">8,000,000 shares of our Common Stock reserved for issuance
pursuant to currently outstanding and future awards under our 2018 Plan;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">2,015,626 shares of our Common Stock issuable upon exercise
by the underwriter of warrants received in the PPO;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">________ shares of our Common Stock issuable upon exercise
by the underwriter of their option to purchase shares of common stock; and</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">_______ shares of our Common Stock issuable upon exercise
by the underwriter under its underwriter&#8217;s warrant</td>
</tr></table><div>

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

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>DILUTION</b></p><div>

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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span>Each Unit,
with an assumed public offering price of $______ per Unit, </span>which is the last reported sale price of our Common Stock on OTC Markets
on ________, 2022, <span>consists of one share of Common Stock and a Warrant to purchase one share of
Common Stock.</span></p><div>

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

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

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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">As of March 31, 2022, our historical net tangible
book value was $(14,130,333 ) or $(0.28) per share of Common Stock. Historical net tangible book value per share represents the amount
of our total tangible assets reduced by total liabilities, divided by 50,578,003, the number of shares of Common Stock outstanding on
March 31, 2022.</p><div>

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


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></p></div><div>
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</div><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">After giving effect to the sale of ______ Units,
at the assumed offering price of $___ per Unit, which is the last reported sale price of our Common Stock on OTC Markets on ____, 2022,
after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, and (ii) our net tangible
book value as of March 31, 2022 would have been $_____ or $_____ per share of Common Stock. This amount represents an immediate increase
in net tangible book value of $______ per share to our existing stockholders. Investors purchasing our Common Stock in this offering will
have paid $_______ more than the as adjusted net tangible book value per share of Common Stock after this offering.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table illustrates this dilution
on a per share basis:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%">Assumed offering price per share</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: transparent">
    <td>Historical net tangible book value per share as of March 31, 2022</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right"></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: transparent">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Dilution per share to new investors</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify; ">Sales by the Selling
Stockholders in this Offering will cause the number of shares held by existing stockholders to be reduced to &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares,
or &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;% of the total number of shares of our capital stock outstanding following
the completion of this Offering and will increase the number of shares held by new investors to &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares,
or &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;% of the total number of shares of our capital
stock outstanding following the completion of this Offering.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Each $1.00 increase (decrease) in the assumed
public offering price of $____ per share would increase (decrease) our net tangible book value after this offering by approximately $_____
per share, and increase (decrease) the dilution per share to new investors by approximately $_____ per share, after deducting the estimated
underwriting discounts and commissions and estimated offering expenses payable by us full.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The number of shares of our Common Stock to be
outstanding after this offering is based on 50,578,003 shares of our Common Stock outstanding as of March 31, 2022, and excludes, as of
such date:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the ______ shares of Common Stock issuable upon exercise of
the Warrants;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">46,143,287 shares of our Common Stock issuable upon the conversion
of outstanding promissory notes;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">9,211,132 shares of our Common Stock issuable upon exercise
of outstanding warrants issued prior to the offering with a weighted average exercise price of approximately $0.45 per share;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">15,095,714 shares of our Common Stock issuable upon exercise
of warrants issuable upon the earlier of the consummation of this offering or April __, 2023;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">4,504,214 shares of our Common Stock issuable upon exercise
of outstanding stock options with a weighted average exercise price of approximately $0.35 per share;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">7,249,208 shares of our Common Stock reserved for issuance
pursuant to future awards under the 2018 Plan;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">2,015,626 shares of our Common Stock issuable upon exercise
by the underwriter of warrants received in the PPO;</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">________ shares of our Common Stock issuable upon exercise
by the underwriter of their option to purchase shares of common stock; and</td>
</tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">_______ shares of our Common Stock issuable upon exercise
by the underwriter under its underwriter&#8217;s warrant</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">If the shares described above that are reserved
for issuance to the holders of our outstanding warrants, options, and promissory notes and under our 2018 Plan are issued, or we otherwise
issue additional shares of Common Stock in the future, there could be further dilution to investors participating in this offering. In
addition, we anticipate needing to raise additional capital before generating positive cash flows and we may choose to raise additional
capital because of market conditions or strategic considerations, even if we believe that we have sufficient funds for our current or
future operating plans. If we raise additional capital through the sale of equity or convertible debt securities, the issuance of these
securities could result in further dilution to our stockholders.</p><div>

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


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

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Management&#8217;s Discussion and Analysis of Financial Condition
and Results of Operations</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><i>You should read the following discussion and
analysis in conjunction with our unaudited condensed consolidated financial statements and the notes to those financial statements for
the three months ended March 31, 2022 and March 31, 2021 and consolidated financial statements and notes to those financial statements
for the years ended December 31, 2021 and December 31, 2020 included elsewhere in this prospectus. This discussion contains forward-looking
statements based upon current expectations that involve risks and uncertainties. See &#8220;Special Note Regarding Forward-Looking Statements.&#8221;
Our actual results may differ materially from those contained in or implied by any forward-looking statements. </i></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0pt; text-align: justify">We are a MedTech company with two innovative
product lines: neurology and motion products. Since October 1, 2021, we have had two direct subsidiaries, each of which is focused on
one of our complimentary product lines.</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0pt; text-align: justify">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0pt; text-align: justify">The products of our subsidiary Memory
MD, Inc., hereinafter referred to as the Neurology Products, are medical devices designed for the neurology market. The products of our
subsidiary Piezo Motion Corp., hereinafter referred to as the Motion Products, are small piezoelectric motors which are designed for and
expected to have valuable and beneficial uses as motors within medical devices and devices outside of the MedTech industry</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0pt; text-align: justify">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.75pt 0pt 0pt; text-align: justify">Since the merger between Brain Scientific
Inc. and Piezo Motion Corp., we have focused on building an experienced team and platform to grow revenues from existing products and
introduce new technologies to the market while leveraging our store of intellectual property.</p><div>

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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">Historically, we have financed our operations
principally through the issuance of convertible debt. Based on our current operating plan, substantial doubt about our ability to continue
as a going concern for a period of at least one year from the date that the financial statements included in this prospectus are issued
exists. Our ability to continue as a going concern depends on our ability to raise additional capital, through the sale of equity or debt
securities, to support our future operations. If we are unable to secure additional capital, we will be required to curtail our operations
and take additional measures to reduce costs. We have provided additional disclosure in Note 1 to the condensed consolidated financial
statements in and under&#160;<i>Liquidity</i>&#160;below.</p><div>

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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">We were initially organized on November 18, 2013
as a Nevada limited liability company under the name Global Energy Express LLC. On December 18, 2015, we converted from a Nevada limited
liability company to a Nevada corporation under the name All Soft Gels Inc. On September 18, 2018, we changed our name from All Soft Gels
Inc. to Brain Scientific Inc. and changed our ticker symbol on the OTC Pink market to &#8220;BRSF&#8221;.</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">&#8239;&#8239;&#8239;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">On September 21, 2018, we entered into a merger
agreement (the &#8220;Merger Agreement&#8221;) with Memory MD, Inc. and AFGG Acquisition Corp. to acquire Memory MD, Inc. (the &#8220;Acquisition&#8221;).
The transactions contemplated by the Merger Agreement were consummated on September 21, 2018 and, pursuant to the terms of the Merger
Agreement, all outstanding shares of Memory MD were exchanged for shares of Common Stock. Accordingly, we acquired 100% of Memory MD,
Inc. in exchange for the issuance of shares of Common Stock and Memory MD, Inc. became our wholly-owned subsidiary. In conjunction with
the Acquisition, we ceased all direct operations and assigned all of our assets and liabilities from prior to the Acquisition, and assumed
and commenced the business of Memory MD as our sole business.</p><div>

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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify">On June 11, 2021, we entered into another merger
agreement (the &#8220;Piezo Merger Agreement&#8221;) with Piezo Motion Corp. and BRSF Acquisition Corp. to acquire Piezo Motion Corp.
(the &#8220;Piezo Acquisition&#8221;). The transactions contemplated by the Piezo Merger Agreement were consummated on October 1, 2021.
Pursuant to the terms of the Piezo Merger Agreement, all outstanding shares of Piezo Motion Corp. were exchanged for shares of Common
Stock. Accordingly, we acquired 100% of Piezo Motion Corp.in exchange for the issuance of shares of Common Stock and Piezo Motion Corp.
became our wholly-owned subsidiary.</p><div>

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


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our financial statements are based upon the Piezo
Motion Corp. financials up until the Piezo Acquisition. The combined company financials are provided inclusive of the operations of the
Company unrelated to Piezo Motion Corp. for the fourth quarter of 2021. The accounting is based upon reverse merger accounting due to
the majority of outstanding shares after the Piezo Acquisition were with the Piezo shareholders.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The majority of our revenue
in 2021was from 4<sup>th</sup> quarter sales from our subsidiary which operates as a distributor of third-party medical devices in Russia
(except for $38,309 from Piezo Motion Corp. sales and $6,194 of sales from Memory MD in the U.S.). Sales of $93,664 in 2020 were based
upon sale of piezoelectric motors, including non-recurring engineering consulting and software licensing revenue. The Russian invasion
of Ukraine on February 24, 2022 has impacted our Russian operations for the foreseeable future. With the uncertainty raised due to the
continued Russian invasion of Ukraine, we do not anticipate having sales restart in Russia in the foreseeable future. No decision has
been made as to winding down operations.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have limited resources. To date, our primary
activities have been limited to, and our limited resources have been dedicated to, commercializing our piezoelectric motors, NeuroCap&#8482;
and NeuroEEG. performing business and financial planning, raising capital, recruiting personnel, and conducting development activities,
although we have acted as a distributor of third-party medical devices in Russia (which has generated revenue for us in 2021. Both our
Neurology Products and Motion Products are production ready for manufacture and sale. For all our products we have commenced some non-recurring,
initial sales.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Impacts of COVID-19</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The global outbreak of the coronavirus disease
2019 (COVID-19) was declared a pandemic by the World Health Organization and a national emergency by the U.S. government in March 2020.
This has negatively affected the U.S. and global economy, disrupted global supply chains, significantly restricted travel and transportation,
resulted in mandated closures and orders to &#8220;shelter-in-place&#8221; and created significant disruption of the financial markets.
The full extent of the COVID-19 impact on our operational and financial performance will depend on future developments, including, without
limitation, the duration and spread of the pandemic and related actions taken by U.S. and foreign government agencies to prevent disease
spread, all of which are uncertain, out of our control, and cannot be predicted.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We remain diligent in continuing to identify and
manage risks to our business given the changing uncertainties related to COVID-19. We may not be able to address the risks in a timely
manner, which could negatively impact our business, results of operations, financial condition and cash flows.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The continued spread of COVID-19 has also led
to disruption and volatility in the global capital markets. We will need to raise additional capital to support our operations in the
future. We may be unable to access the capital markets or additional capital may only be available to us on terms that could be significantly
detrimental to our existing stockholders and holders of the convertible promissory notes and to our business.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The discussion and analysis of our financial condition
and results of operations are based upon our condensed consolidated financial statements, which have been prepared in accordance with
U.S. GAAP. The preparation of these condensed consolidated financial statements requires us to make certain estimates and judgments that
affect the reported amounts of assets, liabilities, and expenses. On an ongoing basis, we make these estimates based on our historical
experience and on assumptions that we consider reasonable under the circumstances. Actual results may differ from these estimates and
reported results could differ under different assumptions or conditions. Our significant accounting policies and estimates are disclosed
in Note 1 of the Notes to Consolidated Financial Statements for the year ended December 31, 2021. As of March 31, 2022, there have been
no material changes to our significant accounting policies and estimates.</p><div>

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


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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Three Months Ended March 31,2022 and March
31,2021</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth the results of
operations of the Company for the three months ended March 31, 2022 and 2021.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">159,588</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,475</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">158,113</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: transparent">
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    <td style="text-align: left">$</td><td style="text-align: right">106,675</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">575</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">106,100</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">84,717</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">55,165</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">29,552</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: transparent">
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    <td style="text-align: left">$</td><td style="text-align: right">187,766</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">50,057</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">137,709</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">191,471</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">43,773</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">147,698</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: transparent">
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    <td style="text-align: left">$</td><td style="text-align: right">1,185,457</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">559,462</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">625,995</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Share based compensation</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">298,301</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">298,301</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: transparent">
    <td style="text-align: left">Interest expense</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">271,919</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">58,785</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">213,134</td><td style="text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenues for the three months ended March 31,
2022 and 2021 were generated primarily from the Russian subsidiary for distributing third-party medical devices in Russia (including those
purchased from a company affiliated with one of our former officers and directors), while we continue to commercialize our products. While
we intend to continue generating revenues through the sale of third-party medical devices, we do not intend for it to be our primary source
of revenue in the long-term. Sales for piezoelectric motors decreased from 2021 as the Company focused on the final commercialization
of the Blue Series of motors. Revenues for the three months ended March 31, 2021 of $1,475 related to the sales of evaluation kits. We
do not expect to generate recurring, material revenue from our products unless or until we successfully commercialize our products. If
we fail to successfully commercialize our developed products or fail to complete the development of any other product candidate we may
pursue in the future, in a timely manner, or fail to obtain regulatory approval, we may not be able to solely rely on generating substantial
and material revenue from the distribution of third-party medical devices.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">General and administrative expenses consist primarily
of personnel-related costs for administration, product management, for personnel in functions not directly associated with sales and marketing
or research and development activities. Other significant costs include rent, travel, legal fees relating to corporate matters, intellectual
property costs, professional fees for consultants assisting with regulatory, product development and financial matters, and product costs.
We anticipate that our general and administrative expenses will be steady in the near to support our continued commercialization of our
Products and maintaining the infrastructure for a public company.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">General and administrative expenses were $1,185,457
for the three months ended March 31, 2022, compared to $559,462 for the three months ended March 31, 2021. The increase in general and
administrative expenses was primarily due to an increase in payroll and related expenses, and amortization of intangible assets.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and development expenses consist of expenses
incurred in performing research and development activities in developing our Products. Research and development expenses include compensation
and benefits for research and development employees, overhead expenses, cost of laboratory supplies, costs related to regulatory operations,
fees paid to consultants, and other outside expenses. Research and development costs are expensed as incurred and costs incurred by third
parties are expensed as the contracted work is performed.</p><div>

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


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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect our research and development expenses
to be maintained at the current level until we begin generating revenue from our existing Neurology and Motion Products. We anticipate
it will then begin to increase as we exploit additional patents in our Motion Products and develop our Neurology Products, including conducting
preclinical testing and clinical trials.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and development expenses were $84,717
for the three months ended March 31, 2022, compared to $55,165 for the three months ended March 31, 2021. The increase in research and
development expenses were primarily due to increased activities in our Ukrainian office as well as payroll expenses.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Interest expense primarily consists of costs and
interest costs related to the convertible notes we issued in 2022 and 2021. The convertible notes bear interest at fixed rate of 10% per
annum.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Interest expense for the three months ended March
31, 2022 and for 2021 was $271,919 and 58,785 respectively. The March 2022 amount includes amortization of debt issuance costs and discounts
of approximately $16,453 related to the Company&#8217;s convertible and non-convertible promissory notes.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Professional fees were $187,766 for the three
months ended March 31, 2022, compared to $50,057 for the three months ended March 31, 2021. The increase was primarily due to an increase
in legal, accounting and consulting fees in the current quarter due to regulatory filings and requirements, and fund-raising activities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Years Ended December 31,2021 and December 31,2020</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth the results of
operations of the Company for the years Ended December 31, 2021 and December 31, 2020.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%">Revenues</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">265,747</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">172,083</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Cost of goods sold</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">182,519</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">43,762</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">138,757</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">329,452</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">210,706</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">118,746</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">$</td><td style="text-align: right">268,223</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">550,475</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">1,041,575</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">197,372</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">844,203</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">General and administrative</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,326,306</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,831,170</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,495,136</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">3,223,674</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">311,919</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">2,911,755</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Interest expense</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">467,849</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">29,474</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">438,375</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">89,787</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">89,787</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Loss on disposal of assets</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">4,067</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(4,067</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other (Income)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(1,110</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(1,110</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">Gain on forgiveness of paycheck protection loan</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(112,338</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(112,338</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Foreign Currency transaction loss</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">21</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenue for the fiscal
year ended December 31, 2021 was $265,747 compared to $93,664 for the fiscal year ended December 31, 2020. In the fiscal years ended
December 31, 2021, we generated the majority of our revenue through acting as a distributor of third-party medical devices in
Russia, and we did not have significant sales of our products. The increase in revenues in year ended December 31, 2021
resulted from inclusion of sales of third-party medical devices in Russia.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenues for 2021 were generated both from sale
of evaluation kits for piezoelectric motors of $38,309 for the year. Revenue includes 4<sup>th</sup> quarter sales of $6,194 of NeuroCaps
and of $221,244 from the Russian subsidiary for distributing third-party medical devices in Russia. Sales for piezoelectric motors reduced
from 2020 as Piezo focused on the final commercialization of the Blue Series of motors. In 2020, revenue had included non-recurring revenue
from engineering services and licensing of software for approximately $66k of revenue.</p><div>

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


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Cost of goods sold</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cost of goods sold were $182,519 for the fiscal
year ended December 31, 2021, compared to $43,792 for the fiscal year ended December 31, 2020. The increased cost of sales was primarily
due to the inclusion in sales of third-party medical devices in Russia during 4<sup>th</sup> quarter of 2021.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Research and development expenses</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and development expenses were $329,425
for the fiscal year ended December 31, 2021, compared to $210,706 for the fiscal year ended December 31, 2020. The increase was primarily
due to an increase in product validation activities and adding additional personnel to complete the commercialization of the Blues Series
piezoelectric motors.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Professional fees were $818,698 for the fiscal
year ended December 31, 2021, compared to $268,223 for the fiscal year ended December 31, 2020. In the fiscal year ended December 31,
2021, professional fees were associated with preparation for the Piezo Acquisition, including approximately $373,000 in legal expenses,
approximately $323,000 in accounting expenses, and approximately $67,000 of advisory expenses. In the fiscal year ended December 31, 2020,
professional fees were primarily related to approximately $232,000 in legal expenses and approximately $35,000 in accounting expenses.
The increase in professional fees in the fiscal year ended December 31, 2021 was due primarily to the Piezo Acquisition.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Sales and marketing expenses</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales and marketing expenses were $1,041,575,
for the fiscal year ended December 31, 2021, compared to $197,372 for the fiscal year ended December 31, 2020. The increase was primarily
due to hiring of personnel to begin the process of sales and marketing products as the Company readied for full commercialization.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">General and administrative expenses</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">General and administrative expenses were $6,549,981
for the fiscal year ended December 31, 2021, compared to $2,143,089 for the fiscal year ended December 31, 2020. In the fiscal year ended
December 31, 2021, general and administrative expenses included payroll expenses of approximately $1,985,000, expense associated with
stock-option based compensation of approximately $3,224,000, approximately $161,000 of insurance expense, $244,000 of consulting for product
engineering and system implementation and $216,000 of travel expenses. In the fiscal year ended December 31, 2020, general and administrative
expenses were primarily related to approximately $1,429,000 in payroll related expenses, approximately $321,000 in consulting fees and
approximately $9,000 in insurance expense. The increase in spending in the fiscal year ended December 31, 2020 was primarily attributable
to the stock-based compensation, increased D&amp;O insurance costs and an increase in payroll related expenses.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Interest expense, for the fiscal year ended December
31, 2021 was $467,849, related to the Company&#8217;s convertible and promissory notes. A further amortization of debt discount of $89,787
was expensed for the year ended December 31, 2021. Interest expense, for the fiscal year ended December 31, 2020 was $29,474, related
to the Company&#8217;s convertible promissory notes. The increase was due to the issuance of approximately $6.9 million of convertible
debt during the year ended December 31, 2021.</p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Other income and expense</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other expense for the fiscal year ended December
31, 2021 was $444,209. For the year ended December 31, 2021, other expense was derived primarily from interest expense of $467,849 and
debt discount amortization of $89,787 partially offset by gain on forgiveness of paycheck protection plan of $112,338 and other income
of $1,110.</p><div>

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


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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While we have generated
limited revenue in 2022 and 2021, we anticipate that we will continue to incur losses for the foreseeable future. Furthermore,
substantially all of such revenue was generated through acting as a distributor of third-party medical devices in Russia, which has
been negatively impacted by Russia&#8217;s invasion of Ukraine, and we did not have any material sales of our products. We
anticipate that our expenses will increase substantially as we develop our products and pursue pre-clinical testing and clinical
trials, seek any further regulatory approvals, contract to manufacture any products, establish our own sales, marketing and
distribution infrastructure to commercialize our products, hire additional staff, add operational, financial and management systems
and operate as a public company. We also expect to increase our expenses as a result of the Piezo Motor Corp. acquisition. As of
March 31, 2022 and December 31, 2021, we had $346,365 and $785,363 of cash, respectively, and an accumulated deficit of $24,438,861
and $22,278,923, respectively.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Historically, our primary source of cash has been
proceeds from the sale of convertible promissory notes and related party loans. We have also from time to time issued shares of our common
stock to individuals and entities as payment for services rendered to us in lieu of cash.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have no current source
of revenue to sustain our present activities other than as acting as a distributor of third-party medical devices in Russia (including
those purchased from a company affiliated with one of our offices and directors), which is not our primary business goal, and we do not
expect to generate material revenue, from our products until, and unless, the FDA or other regulatory authorities approve our products
under development, and we successfully commercialize our products. Until such time, if ever, as we can generate substantial product revenue,
we expect to finance our cash needs through our distributorship revenue, a combination of equity (preferred stock or common stock) and
debt financings as well as collaborations, strategic alliances and licensing arrangements. We do not have any committed external source
of funds. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest
of our stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect
your rights as a common stockholder. Debt financing, if available, may involve agreements that include covenants limiting or restricting
our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise
additional funds through collaborations, strategic alliances or licensing arrangements with third-party partners, we may have to relinquish
valuable rights to our technologies, future revenue streams or grant licenses on terms that may not be favorable to us. If we are unable
to raise additional funds through equity or debt financings or through collaborations, strategic alliances or licensing arrangements when
needed, we may be required to delay, limit, reduce or terminate our Product development, future commercialization efforts, or grant rights
to develop and market our cortical strip, grid electrode and depth electrode technology that we would otherwise prefer to develop and
market ourselves.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Our independent registered public accounting firm
included an explanatory paragraph in its report on our financial statements as of and for the years ended December 31, 2021 and 2020,
noting the existence of substantial doubt about our ability to continue as a going concern. This uncertainty arose from management&#8217;s
review of our results of operations and financial condition and its conclusion that, based on our operating plans, we did not have sufficient
existing working capital to sustain operations for a period of twelve months from the date of the issuance of these financial statements.</p><div>

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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We will require additional funds and/or generate
revenues, to continue to fund operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the three months ended March 31, 2022,
we issued convertible promissory notes in the amount of $1,150,000. We may obtain additional financing in the future through the issuance
of our common stock, through other equity or debt financings or through collaborations or partnerships with other companies. We may not
be able to raise additional capital on terms acceptable to us, or at all, and any failure to raise capital as and when needed could compromise
our ability to execute on our business plan.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Since March 31, 2022, we issued
convertible notes in the principal amount of $888,500 and debentures in the principal amount of $5,659,500. The convertible notes have
been converted to equity in connection with our PPO Offering at a conversion rate of $0.25 per share. See &#8220;PROSPECTUS SUMMARY &#8211;
PPO Debentures/Warrant Offering.&#8221;</p><div>

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


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market acceptance and
demand for our products is subject to numerous uncertainties. We have based these estimates on assumptions that may prove to be substantially
different than we currently anticipate and could use our cash resources sooner than we expect. Our ability to successfully transition
to profitability will be dependent upon achieving a level of product sales adequate to support our cost structure. We cannot assure you
that we will ever be profitable or generate positive cash flow from operating activities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Net cash used in operating activities</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in operating activities was $1,493,658
for the three months ended March 31, 2022 compared to $672,962 for the three months ended March 31, 2021. This fluctuation is primarily
due to an increase in net loss of $1,505,934 and a gain on lease settlement of $1,660, partially offset by increases in share based compensation
expenses of $298,301, depreciation and amortization expenses of $195,350, amortization of debt discount of $16,454 and a decrease in cash
used in working capital of $64,455.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Net cash used in investing activities</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in investing activities was $6,508
for the three months ended March 31, 2022, compared to $20,122 for the three months ended March 31, 2021. The decrease was due primarily
to a decrease in purchases of property and equipment.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Net cash provided by financing activities</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash provided by financing activities was
$1,060,759 for the three months ended March 31, 2022, which primarily consisted of the issuances of convertible promissory notes for aggregate
gross proceeds of $1,150,000, offset by the partial repayments of non-convertible promissory notes and accrued interest in the amount
of $89,241.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash provided by financing activities was
$1,319,982 for the three months ended March 31, 2021, which consisted of proceeds from the issuances of convertible promissory notes.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Critical Accounting Policies and Significant
Judgments and Estimates</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management&#8217;s discussion and analysis
of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with
accounting principles generally accepted in the United States of America, or GAAP. The preparation of these financial statements requires
us to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets
and liabilities as of the dates of the balance sheets and the reported amounts of revenue and expenses during the reporting periods. In
accordance with GAAP, we base our estimates on historical experience and on various other assumptions that we believe are reasonable under
the circumstances at the time such estimates are made. Actual results may differ materially from our estimates and judgments under different
assumptions or conditions. We periodically review our estimates in light of changes in circumstances, facts and experience. The effects
of material revisions in estimates are reflected in our financial statements prospectively from the date of the change in estimate.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While our significant accounting policies are
more fully described in the notes to our financial statements appearing elsewhere in this Report, we believe the following are the critical
accounting policies used in the preparation of our financial statements that require significant estimates and judgments.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Use of Estimates: </i>The preparation of consolidated
financial statements in conformity with U.S. GAAP 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 consolidated financial statements and
the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant
estimates in the accompanying consolidated financial statements include the estimates of useful lives for depreciation, the valuation
of stock options, and the valuation of derivative liabilities.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Fair Value of Financial Instruments: </i>Fair
value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between
market participants. A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices
in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Level 1 Inputs - Unadjusted
quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement
date.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Level 2 Inputs - Inputs other
than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include
quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets
that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities,
prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other
means.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Level 3 Inputs - Unobservable
inputs for determining the fair values of assets or liabilities that reflect an entity&#8217;s own assumptions about the assumptions
that market participants would use in pricing the assets or liabilities.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Financial instruments consist of cash and cash
equivalents, accounts receivable, accounts payable and borrowings. The fair value of current financial assets and current financial liabilities
approximates their carrying value because of the short-term maturity of these financial instruments.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Income Taxes.</i> The Company accounts for
income taxes under the asset and liability method, as required by the accounting standard for income taxes, ASC 740. Under this method,
deferred 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 basis, as well as net operating loss carryforwards. Deferred
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 tax assets and liabilities of a change in tax rates is recognized
in income in the period that includes the enactment date.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Stock Based Compensation. </i>The Company accounts
for the grant of restricted stock awards in accordance with ASC 718, &#8220;Compensation-Stock Compensation.&#8221; ASC 718 requires companies
to recognize in the statement of operations the grant-date fair value of equity-based compensation. The expense is recognized over the
period during which the employee is required to provide service in exchange for the compensation. Any remaining unrecognized balance will
be recognized ratably over the life of the vesting period and is a reduction of stockholders&#8217; equity.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company accounts for non-employee share-based
awards in accordance with the measurement and recognition criteria of ASC 505-50 &#8220;Equity-Based Payments to Non-Employees.&#8221;</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management does not believe that any recently
issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying consolidated financial
statements, other than those disclosed below.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2020, the FASB issued Accounting Standards
Update (&#8220;ASU&#8221;) 2020-06, <i>&#8220;Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging
- Contracts in Entity&#8217;s Own Equity (Subtopic 815 - 40)&#8221; </i>(&#8220;ASU 2020-06&#8221;). ASU 2020-06 simplifies the accounting
for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an
entity&#8217;s own equity. The ASU is part of the FASB&#8217;s simplification initiative, which aims to reduce unnecessary complexity
in U.S. GAAP. The ASU&#8217;s amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within
those fiscal years. The Company is currently evaluating the impact ASU 2020-06 will have on its financial statements.</p><div>

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


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

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>BUSINESS</b></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a MedTech company with two innovative product
lines: neurology and motion products. Since October 1, 2021, we have had two direct subsidiaries, each of which is focused on one of our
complimentary product lines.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The products of our subsidiary Memory MD, Inc.,
hereinafter referred to as the Neurology Products, are medical devices designed for the neurology market. The products of our subsidiary
Piezo Motion Corp., hereinafter referred to as the Motion Products, are small piezoelectric motors which are designed for and expected
to have valuable and beneficial uses as motors within medical devices and devices outside of the MedTech industry</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since the merger between Brain Scientific Inc.
and Piezo Motion Corp., we have focused on building an experienced team and platform to grow revenues from existing products and introduce
new technologies to the market while leveraging our store of intellectual property.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following diagram illustrates our legal structure
for our two primary revenue streams.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_013.jpg" style="height: 182px; width: 750px"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To date, substantially all
of our revenues have been derived from our Russian subsidiary, Memory MD Russia, which has operated as a distributor of third-party medical
devices within Russia. The Russian invasion of Ukraine in February 2022 negatively impacted the operation of our Russian subsidiary. With
the uncertainty raised due to the continued Russian invasion of Ukraine, we do not anticipate having these medical device sales restart
in Russia in the foreseeable future. No decision has been made as to winding down operations.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The two lines of products
that we currently sell are (i) Neurology Products and (ii) Motion Products.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i><span style="text-decoration:underline">Neurology Products</span></i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Neurology Products of our subsidiary Memory
MD, Inc. are medical devices and software products designed for the neurology market. We believe our Neurology Products represent a step
forward in EEG technology and will allow for use in a wider range of applications</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Electroencephalography, or EEG, is a method to
identify and to evaluate the electrical activity of the brain. An EEG could be beneficial, when used with other tools in the diagnosis
of brain-related issues, including epilepsy, brain activity after a stroke, and sleep disorders. An EEG may also be used to determine
the electrical activity of a comatose individual.</p><div>

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


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our initial Neurology Products are intended to
allow for simplifying and making more ambulatory the completion of EEG. Further, the NeuroCap&#8482; and NeuroEEG&#8482; Products, both
510K FDA cleared and available for sale, are focused on providing efficient tools to the EEG medical market. Our technology allows a miniature,
wireless, clinical device capable of recording an EEG and provides the data to medical staff without the bulky hardware or necessitating
a neurology technician to place the cap. The NeuroEEG&#8482; amplifier and desktop software used to store and analyze data captured from
the NeuroCap&#8482; are anticipated to have strong margins, utilizing a distribution network to provide access to hospitals, neurologists,
and general practitioners as well as the various telehealth and tele-neurology companies.</p><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 33%">&#160;<img alt="" src="image_002.jpg"/></td>
  <td style="text-align: center; width: 34%"><img alt="" src="image_003.jpg"/>&#160;</td>
  <td style="text-align: center; width: 33%"><img alt="" src="image_004.jpg"/>&#160;</td></tr>
</table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><i>NeuroCap</i>&#8482;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The NeuroCap&#8482; is an FDA cleared disposable,
soft layered cap with an integrated electrode circuit that is designed to address existing problems of conventional EEG systems. The silver
embedded wiring is pre-gelled, so it requires no prepping of the skin before application. NeuroCap&#8482; makes it possible for medical
staff of all levels to perform EEG tests, without having to laboriously apply electrodes one-by-one or spend considerable time cleaning
an EEG headset after each use.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The NeuroCap&#8482; works in parallel with the
NeuroEEG&#8482; amplifier device to successfully carry out EEG tests. However, the NeuroCap&#8482; can also work with other EEG devices
in addition to our NeuroEEG. The NeuroCap&#8482;&#8217;s electrode placement follows standard alignment pursuant to the international
10-20 system. The acquisition of electrical brain activity is carried out by non-invasive pre-gelled passive Ag/AgCl scalp (cutaneous)
electrodes, ensuring maximum comfortability for the wearer. Benefits of NeuroCap&#8482; include:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">22 electrodes and 19 active EEG channels for performing high-quality routine EEG tests;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">disposable EEG headset for reducing the risk of contagion and cross-contamination;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">&#160;pre-gelled electrodes for reducing patient discomfort and concern over messy gels; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">malleable structure and adjustable Velcro straps allowing full adjustability during placement in patients with head injuries.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Expanding its potential uses, the NeuroCap&#8482;&#8217;s
easy to follow numbered straps makes application easy by healthcare workers of all skill levels. We estimate preparation for the EEG can
be completed in approximately 5 minutes. It is user-friendly and requires minimal training. It can be utilized for EEG testing for up
to 4 hours. A routine EEG is currently reimbursable by several Current Procedural Terminology (CPT<sup>&#174;</sup>) codes referring to
a routine EEG.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To date, initial sales of NeuroCap&#8482; have
been made direct to a small number of hospitals and clinics. In 2022, we entered into a manufacturing agreement which we anticipate will
allow us to begin providing NeuroCap&#8482; for broader sale in August 2022 Our strategy is to expand to indirect sales through representatives
and distributors during 2022.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_005.jpg"/></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><i>NeuroEEG&#8482; </i>&#8482;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The NeuroEEG&#8482; connects wirelessly to the
computer, allowing freedom of movement for the patient and enabling telemedicine applications. Currently, we believe a shortage of EEG
testing equipment and technicians exists in some areas. Other technology may require a specialized technician to apply the gel and electrodes
individually. A neurology technician may be more expensive and in shorter supply. They may not be staffed and available 24/7 for some
hospitals.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_006.jpg"/>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><i>NeuroHub</i>&#8482;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NeuroHub&#8482;, fka NeuroNet Cloud, is being
developed to collect and aggregate data from current and future Company devices like the NeuroCap&#8482; and NeuroEEG&#8482; and from
external sources such as research and medical data banks, 3rd-party devices, and clinical-use applications. We believe that NeuroHub&#8482;
will allow for comprehensive monitoring and facilitate collaborative diagnosis, analysis, research, treatment, and prevention by employing
sophisticated Artificial Intelligence or AI and machine learning or ML algorithms utilizing historical and current patient, device, and
platform data.</p><div>

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


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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We anticipate that NeuroHub&#8482; will allow
white-labeling to provide facilities, physicians, and patients with a HIPAA-compliant branded portal for Tele-neurology/Tele-medicine
services, enabling secure access to patient data for evaluation and assessment by internal and external clinical specialists and neurologists.
The platform will also integrate with Electronic Medical Records or EMRs and other external medical record databases to ensure up-to-date
and complete access to patient information.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also anticipate that NeuroHub&#8482; will allow
users to access patient and clinical data to evaluate patient conditions remotely. We believe that such an infrastructure removes the
need for direct contact with the patient, opening up underserved geographic locations with an undersupply of physicians to meet the growing
demand for neurological care as aging patient populations continue to grow.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As designed, we anticipate that NeuroHub&#8482;
will allow for cross-referencing multiple points of data to aid with the following:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">EEG data and biomarker analysis;</td></tr></table><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Neurological disorders (Seizure, Sleep, Tumors, Infection/ Injury (TBI), Dementia, Stroke);</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Structural Injury Classifier (SIC), Brain Function Index (BFI), and Concussion Index (CI);</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Neurocognitive Assessments (Attention, behavioral, developmental); and</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Neurofeedback analysis and Neurofeedback Training (NFT)</td></tr></table><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our infrastructure is also being designed to gather
and mine brain-imaging data. Clinicians and researchers will be able to access data profiles of their patients and generate risk assessment
and treatment plans to address neurological conditions. This data could also be useful in establishing correlations between a myriad of
brain scans, allowing us to further understand connections about the brain that have not been discovered.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Artificial intelligence infrastructure in the
Company cloud refers to all modules used to perform automatic analysis of patient data. This infrastructure can receive inputs from many
different sources such as medical databases, normative data sets, and other patient health information. By using machine-learning algorithms,
the system is being designed to improve accuracy, providing for more advanced diagnostics as additional brain images are acquired.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The infrastructure is being designed to combine
neural networks with state-of-the-art tree search and pattern classification systems to build robust neurological health profiles of patient
brain scans. These models are expected to be self-learning, so the more data supplied to it, the more &#8220;educated&#8221; it is expected
to be.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our objective is to achieve better patient outcomes
at a reduced cost through robust modelling and correlational analysis of brain imaging and other biometric data. Significant patterns
recognized by the system are designed to help medical professionals detect nuances in an individual&#8217;s brain, allowing them to tailor
more personalized treatment plans for their patients. NeuroHub is being designed to handle millions of brain images to create robust models
that correlate health records, behaviors, and other neurological factors.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NeuroHub&#8482; remains in development and is
not currently integrated into our NeuroCap&#8482; or NeuroEEG&#8482;.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><span style="text-decoration:underline">Markets and Customers</span></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NeuroCap&#8482; and NeuroEEG&#8482;
can be used for recording EEGs in neurology clinics, urban and rural emergency departments (EDs), intensive care units (ICUs), urgent
care clinics, nursing homes and assisted living facilities, sports facilities, remote clinical research studies and a variety of other
settings.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We sell direct and through
distributors in the US and internationally.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are in the process
of applying for our CE certification, which will certify that our NeuroCap&#8482; meets all sales requirements in the European Union and
European-Economic Area countries.</p><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We compete within the domestic and global medical
device industry, referred to as the &#8220;MedTech&#8221; industry, which industry, on a global scale, is expected to reach an estimated
$594.5 billion by 2024, and it is forecast to grow at a compound annual growth rate or CAGR of 5.3% from 2020 to 2024, according to Statista.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The MedTech industry is characterized by rapid
change resulting from technological advances and scientific discoveries. We believe that U.S. medical device companies are highly regarded
on a global scale for their innovations and high-technology products, which innovations and products are produced due to a significant
investment in research and development.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Between both of our product lines, Neurology Products
and Motion Products, there is a significant opportunity for growth. The primary market for our Motion Products is within MedTech. However,
they can be used in multiple other businesses including drones, robotics, and automotive industries. As we continue to expand, based upon
the availability of funds to do so, we anticipate pursuing these additional markets.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The global EEG system and device market is expected
to reach $1.59 billion by 2026, growing at a CAGR of 8.7% during the forecast period according to Grand View Research. We believe the
increasing incidence and prevalence of neurological disorders, rising awareness about neurodegenerative disorders, high incidence of epilepsy,
sleeping disorders, Parkinson&#8217;s, and the increasing applications of brain monitoring in clinical trials are driving the growth of
this market. In 2018, standalone devices were estimated to generate the most revenue as they gained adoption in hospitals and specialized
centers. These customers are the primary target market for our neurology devices.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The U.S. had the highest revenue share of the
EEG system/device market according to Grand View Research. It is our plan to target the US market primarily, though we are pursuing sales
globally through our master agent LOK Corporation as well. Statista estimates the U.S. EEG market size at $355M in 2024, growing at a
5.6% CAGR over the forecast period.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Brain monitoring is a complex process, requiring
expensive and advanced devices and equipment that are mainly found only in hospitals. Hospitals also see a considerably larger inflow
of patients as compared to small clinics and other end users. Additionally, brain monitoring devices can pose a considerable burden in
terms of maintenance expenses on healthcare facilities; we believe that in general hospitals, more than other end users, are able to bear
such costs. Hence, brain monitoring devices are mostly used in hospitals, which consequently account for the largest market share.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The National Health Expenditure Accounts or NHEA
are the official estimates of total health care spending in the U.S. U.S. health care spending grew 9.7 percent in 2020, reaching $4.1
trillion or $12,530 per person. As a share of the nation&#8217;s Gross Domestic Product, health spending accounted for 19.7%.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Digital health innovations are driving growth
and opportunity in three major verticals of healthcare:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Remote Patient Monitoring. Devices and applications that allow care providers to keep tabs on chronically
ill, recently released, and overall &#8220;high-risk&#8221; patients (also referred to as remote patient management, or RPM). Wearable
patches that diagnose heart conditions, sensors that monitor asthma medication intake, and glucose monitors that send diabetics&#8217;
data straight to their smartphones are just a few examples.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Telehealth. Doctor access and advise, from outside the confines of an office visit. It could be mental
health counselling from across the country, diagnosis and prescription writing in pediatrics without taking a sick child to the office,
alternatives to primary care physician visits, and other, similar events.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Behavior Modification. Platforms that help patients change their habits and adopt healthier lifestyles, with the primary aim of preventing
illness and a clinically validated methodology of doing so. That includes smoking cessation tools and diabetes prevention through digital
weight loss and coaching, among other technologies.</td></tr></table><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Coverage in the U.S.</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reimbursement from private third-party healthcare
payors and, to a lesser extent, Medicare will be an important element of our success. Although the Centers for Medicare and Medicaid,
or CMS, and third-party payors have adopted coverage policies for our targeted indications, there is no guarantee this will continue at
the same levels or at all in the future.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The International Classification of Diseases,
Tenth Edition, or ICD-10 is a clinical cataloging system that went into effect for the U.S. healthcare industry on October 1, 2015, after
a series of lengthy delays. Accounting for modern advances in clinical treatment and medical devices, ICD-10 codes offer many more classification
options compared to those found in its predecessor, ICD-9. Within the healthcare industry, providers, coders, IT professionals, insurance
carriers, government agencies and others use ICD codes to properly note diseases on health records, to track epidemiological trends and
to assist in medical reimbursement decisions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that many of the indications we are
pursuing with our technologies are currently reimbursed on a widespread basis by Medicare, Medicaid, and private insurance companies.
&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Coverage Outside the U.S.</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we seek to commercialize our products in countries
outside the U.S., coverage may be available from certain governmental authorities, private health insurance plans, and labor unions. Coverage
systems in international markets vary significantly by country and, within some countries, by region. If we seek to commercialize our
technology, if approved, outside the U.S., coverage approvals must be obtained on a country-by-country, region-by-region or, in some instances,
a case-by case basis. Based on our ongoing evaluation, certain countries reimburse more highly than others.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Athletic performance encompasses the treatment
and prevention of injuries related to athletics and exercise. Our business plan includes positioning our products and services as a go-to-choice
in diagnostic tools for brain-related sports injuries. The EEG with cortical brain maps is highly capable of identifying post-concussion
syndrome. Concussions and traumatic brain injuries caused by contact sports are a growing and significant issue among athletes. The Center
for Disease Control and Prevention has reported that 1.6 million to 3.8 million concussions occur each year, and UPMC Sports Medicine
estimates 5 in 10 concussions go unreported or undetected with 2 in 10 high school athletes who play contact sports getting a concussion
in a given year.</p><div>

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

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

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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our business plan includes positioning our products
and services as a go-to-choice in diagnostic tools for brain-related sports injuries.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Education Enhancement: Analysis of EEGs may be useful in recognizing cognitive differences. The brain
scans of potential customers in this space can be a steppingstone for further research. The goal of selling to the education market is
to have the opportunity to measure baseline EEGs of students.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Clinical Trials: Clinical trials assess the safety and efficacy of a new drug, therapy, surgical procedure,
medical device, or other intervention and are essential tools in conducting research. When used in clinical trials, we expect our products
and services will give a fast and accurate analysis that may speed up the clinical trial process. Moreover, clinical imaging is the technique
and process of capturing images of the human body for clinical purposes to reveal, diagnose or examine diseases.</td></tr></table><div>

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Driver: Growing incidence of traumatic brain
injuries</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A traumatic brain injury or TBI is non-degenerative,
non-congenital damage to the brain from an external mechanical force, possibly leading to permanent or temporary impairment. TBI is a
major public health concern. According to the Journal of Neurosurgery, TBI is a leading cause of morbidity and mortality, with approximately
69 million people suffering TBI annually worldwide. Estimated incidence is highest in regions with good data such as North America and
Europe, indicating that better testing would likely uncover a higher global TBI incidence.&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Opportunity: Increasing and expanding therapeutic
applications of brain monitoring devices</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Apart from applications in neurological disorders,
neurodegenerative diseases, and psychiatric disorders, brain monitoring devices are also used in other therapeutic areas like insomnia,
post-traumatic stress disorder or PTSD, and sleep apnea. Quantitative EEG analysis is widely used to investigate the neurophysiological
characteristics of insomnia. EEG biofeedback is a training process that has been scientifically proven to aid in the management of PTSD.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A number of research studies have demonstrated
the effectiveness of neurofeedback for PTSD in adults. For instance, a research study published by the NCBI, or National Center for Biotechnology
Information, in 2016 demonstrated that 24 sessions of neurofeedback significantly reduced PTSD symptoms in adult sample populations. Similar
studies are also being conducted in children. Such positive research outcomes suggest that neurofeedback is a promising approach in the
treatment of PTSD. This is especially important because existing treatments can be quite difficult to tolerate and have limited effectiveness
for many individuals with PTSD. In addition, EEG is routinely used to measure and record brain wave activity for the diagnosis and treatment
of sleep apnea. These extended applications of brain monitoring devices are expected to provide growth opportunities for players operating
in this market.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Trained medical personnel are required to effectively
operate devices involved in the complex process of brain monitoring. The positioning of electrodes on the scalp and the insertion of muscular
needles require accuracy and can be performed only by highly trained personnel. In addition, the results generated by brain monitoring
machines are complex and can only be interpreted by qualified technicians or skilled professionals. Without these fundamental skills,
end users will face difficulties in maximizing the utility of their brain monitoring equipment. The presence of highly skilled medical
personnel and staff is, therefore, vital for the effective use of brain monitoring equipment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Currently, there is a shortage of skilled medical
personnel in both developed and developing countries. The AAMC, or Association of American Medical Colleges, estimates that the U.S. will
see a shortage of up to nearly 122,000 physicians by 2032 as demand for physicians continues to grow faster than supply, Furthermore,
according to the American Association of Colleges of Nursing, there is a projected shortage of registered nurses in the US, and it is
expected to intensify by 2030. Moreover, the shortage of trained and experienced neurodiagnostic technologists globally has compelled
hospitals to cross-train other allied health professionals to perform neurodiagnostic examinations. This presents a key challenge for
the growth of the global brain monitoring devices market.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For neurologists and other health providers, we
aim to provide a solution for monitoring patient health and safety across a variety of locations including the hospital, specialized clinics,
and home settings. In managing patients with epilepsy, providers can improve in areas concerning patient re-admittance, patient mortality
and morbidity. Providers can also proactivity prevent the onset of negative chronic health conditions by engaging with at-risk populations
at a fraction of the cost by implementing our affordable EEG solutions.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For health providers, our offering of an EEG monitoring
solution could ease data collection efforts. By providing an accurate and consistent stream of EEG data, our products and services are
being designed to allow physicians and other health professionals to make use of newly available bio-metric data to improve diagnosis,
treatment, and management of various neurological illnesses, effectively increasing the quality and value add of medical services.</p><div>

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

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our portability and integration potential augment
the existing suite of remote monitoring solutions, allowing physicians to differentiate between nuanced neurological conditions happening
more accurately within and outside the hospital setting. An example includes helping neurologist&#8217;s contrast nocturnal epilepsy patterns
across other sleep disorders such as parasomnia where individuals engage in abnormal movements during sleep.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span style="text-decoration:underline">Motion Products</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Piezo Motion is a provider of piezo motor technology
with significant investment in research and development of affordable piezoelectric motors to meet, and exceed, the needs of today&#8217;s global
markets. We are committed to the development of innovative piezoelectric technology and motion products that enhance their functionality
in a multitude of applications. We work with startups, OEMs, research institutions and industrial companies from around the world empowering
the visionaries behind their products.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Piezo Motion&#8217;s piezoelectric motors are
currently divided into two main series (the <i>Blue Series</i> and the <i>Imperial Series</i>) based on design and construction methodology.</p><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: center; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><img alt="" src="image_007.jpg"/></i></span></p>
                                                                      <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>LCS</i></span></p></td>
    <td style="text-align: center; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><img alt="" src="image_008.jpg"/><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>RBS</i></span></td>
    <td style="text-align: center; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><p style="margin-top: 0; margin-bottom: 0"><i><img alt="" src="image_009.jpg"/></i></p>
                                                                      <p style="margin-top: 0; margin-bottom: 0"><i>LAS &#160;&#160;</i></p></td>
    <td style="vertical-align: bottom; text-align: center; width: 52%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><img alt="" src="image_010.jpg"/></i></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>RAS</i></span></p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="vertical-align: bottom; text-align: center; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> <img alt="" src="image_011.jpg"/></i></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>PM-22R</i></span></p></td>
    <td style="text-align: center; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><p style="text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="image_012.jpg"/></p>
                                                                                <p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>LPM-50</i></span></p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Piezo Motion has recently completed an extensive
engineering program culminating in the development and initial launch of a unique line of small rotary and linear piezo motor products
hereinafter referred to as the Blue Series, control electronics and associated software. Piezo Motion&#8217;s motor product line utilizes
engineering polymers making them suitable for equipment and for high volume OEM applications. While there are several types of piezo motors
on the market, the design and technology employed by Piezo Motion is very new and combines what we perceive to be key advantages, such
as superior precision and power density with affordability and ease-of-manufacture.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Piezo Motion&#8217;s Blue Series piezo motors
are available in a variety of sizes and configurations and are divided into twelve core motor platforms which include rotary motors (Models
RBS, RAS) and linear motors (Models LCS, LBS and LAS). These core motor models differ in output specification and are further divided
into variants/versions which include versions having hollow-shaft and solid-shaft rotors, versions having integrated magnetic and/or optical
encoders and versions which are non-magnetic and suitable for use within medical MRI. For each motor product line Piezo Motion has developed
hardware control electronics together with motion control software including firmware and operating software.&#160;</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The second series of motors available is the
Imperial Series which employs a unique piezoelectric drive system, in which a ring-shaped piezo resonator with a peripheral vibration
shell is directly coupled to an array of&#160;radially positioned stainless-steel pushers. This unique rotary motor design enables a substantial
increase in the coupling efficiency between the stator and the rotor, which increases overall motor efficiency and provides superior resolution
and torque.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Imperial Series includes powerful motors
capable of extremely faster response times, coupled with submicron-level angular steps and exceptional torque. The range includes both
bidirectional (reversible) and unidirectional PCB-mounted piezo motor models, like the Blue Series.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that the piezoelectric motors of the
Blue Series are unique because they combine the key performance benefits of a piezo motor with the price point of traditional precision
direct current or DC motors. The Blue Series motor utilizes engineering polymers, making them very lightweight and suitable for equipment
and high-volume OEM applications. Unlike the classic DC motor (e.g., BLDC and stepper motors), the versatile design employed by the Blue
Series enables rotary and linear piezo motors consisting of very few parts, enabling economical manufacturing volume yielding a stable
and reliable final result. Piezo technology is inherently non-magnetic which enables motor designs for specialized applications where
traditional DC motors cannot be used. Piezo motors are also immune from electromagnetic or EM and radio frequency or RF interference and
generate no emissions which can aid original equipment manufacturer or OEM product compliance and reduce or eliminate shielding costs.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also believe that the Piezo-electric motors
of the Imperial Series are unique because they provide the highest level of precision performance within a robust metal enclosure. Imperial
Series motors are rotary and available in both reversible and non-reversible designs. These motors offer a much higher range of torque
outputs compared to the Blue Series and provide higher precision for the most demanding positioning applications. Like the Blue Series,
the piezo technology employed is inherently non-magnetic which enables motor designs for specialized applications where traditional DC
motors cannot be used. They are also immune from EM and RF interference and generate no emissions which can aid OEM product compliance
and reduce or eliminate shielding costs.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that our propriety piezo technology
may be up to 1,000 times more precise and up to 100 times faster to respond than the DC competitors. A typical rotary stepper motor might
be configured to make up to 200 &#8211; 500 steps in each rotation. By comparison, our Blue Series rotary motors provide over 600,000
steps per full rotation and our Imperial Series can achieve over 2.5 million steps per full rotation. These performance attributes provide
smoother and more precise motion. Our technology is also extremely scalable, enabling manufacture of very compact motors with our smallest
being the length and width of a thumbnail.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Piezo Motion&#8217;s target markets include industries
such as:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Medical Technology (&#8220;MedTech&#8221;) &#8211; Medical devices, whether surgical robots, infusion
MRI pumps, wearable drug dispensers, syringe pumps, or a number of other applications often require efficient, lightweight, and very precise
motion. Our motors can be made to avoid electromagnetic interference, which traditional motors cannot though it is a requirement for MRI
and some other MedTech applications. From precise brain incisions to being able to release a nanoliter of drug from a wearable dispenser,
our motors bring the precision needed for MedTech products today and into the future.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Pharmaceutical &#8211; Interlinked to the Medical Technology industry, the pharmaceutical industry relies
on precise testing and measurement of substances in order to provide patients and experiments with the correct dosage. Our motors&#8217;
smooth motion and high precision have applications in pharmaceutical testing, manufacture, and patient use, especially given the rising
use of wearable drug dispensing and micro dosing.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Aerospace (including Drones) &#8211; Aerospace provides many applications for our small motion solutions.
While our motors would not be ideal to power the blades flying a drone or aircraft, they are ideal for the small, precision movements
used to control the cameras on drones (e.g. gimbals), internal movement such as valves for larger aircraft, and many other precise control
and use-case related applications.</td></tr></table><div>

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

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

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

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<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Industrial Automation &#8211; With industry trends towards automation and miniaturization, the need for
precise movements with relation to robotic appendages, fluid control, and other fine movements will be a tailwind for our precision motion
products. Increased industrial automation also implies increased use of small sensor equipment, including optical and laser sensors, for
which our motor&#8217;s compact size, efficiency, and precision are ideal.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Autonomous Vehicles &#8211; Similar to industrial automation, autonomous vehicles require many small sensors,
cameras, and other equipment that often requires precision motion. Our motors, which can be as small as a human thumbnail, are well-placed
for such applications.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Laser and Photonics &#8211; We have active customers in the laser and photonics space, where a micro-scale
linear or angular movement can create a significant change to a beam&#8217;s path. From controlling the directionality of lasers themselves
to adjusting mirrors and lenses used alongside them, our motors can provide the precision and smooth motion that may be able to help this
industry move forward.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 28.2pt">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We compete within the domestic and global precision
micro motor and piezoelectric motor industries which combined are expected to grow at a CAGR of 4.1% from 2021 to 2026 to an estimated
$34.3B by 2026. The precision motion market is defined primarily by costly, high-precision piezoelectric motors and lower-end DC precision
motors. These are the motors that guide lasers, satellites, Mars rovers, and small cameras, among other things. This market continues
to value more compact, precise, efficient motors to address the trends of miniaturization and portability. These motors are used across
many industries, including aerospace, robotics, manufacturing, drones, telecommunications, and the medical field. We believe that we are
uniquely positioned with our patented technology to sell piezo precision at a price point that can compete with precision DC motors.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The primary focus for our piezoelectric motors
remains on the medical technology, or MedTech, market. Use cases for precision motion products in this space vary from lab equipment to
surgical robotics to drug delivery systems, to give a few examples. The MedTech industry is an optimal target because it increasingly
requires higher precision than DC motors can offer, low electromagnetic interference, and often an affordable price point to reduce system
costs. We believe that our products&#8217; unique advantages will play well into this space.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Driver: Trends toward miniaturization and portability</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Creating increasingly small and mobile devices
requires not just smaller and more energy-efficient motors within those devices but also more precise machinery to manufacture said devices.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to Machine Design, the need for miniature
motors is itself being expanded by trends towards the invent of collaborative robotic applications, robustness and extended life, safety
and analytics through encoders and other feedback devices, and autonomy through multi-axis control. Smaller drones, smaller assembly lines,
more complex smartphones and cameras, and more precise robotics all push the demand for miniaturized motors forward.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 28.2pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Portability has long been a trend for convenience,
but an interconnected global world, increasingly complex robotic systems, and an increasingly mobile workforce all speak to the need for
micro-sized motors to be more energy and weight efficient than before. According to an article from ISA (International Society of Automation),
increased human-robotics interactions and systems is a primary driver behind the trend of compact portability for robotics and motion
systems. These trends are likely to support market growth for our products.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Opportunity: Increased need for small precision motion systems</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To drive progress in current hardware systems
and robotics, and to keep pace with software and analytical developments, we believe increased motion precision is needed. The World Economic
Forum estimates that by 2025 humans will create 463 exabytes of data each day globally. For context, one exabyte is equal to 1 million
terabytes. This predicted influx of data creation data will likely drive more precise analytics, predictions, and recommendations &#8211;
but to drive change in the physical world we believe will require motion systems capable of such high precision.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Piezoelectric motors are generally more precise
than DC motors, so they stand to benefit from demand for greater precision. The primary historic limitation of piezoelectric motion for
precision applications has been their cost.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Challenge: The cost of piezoelectric motion systems</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Piezoelectric systems can often cost 10x as much
as a precision DC motor of a comparable size. For most precision use cases outside of the highest-cost, highest-precision applications,
precision DC motors are used today. We believe that piezoelectric motion can be far more affordable while still maintaining advantages
in precision, efficiency, simplicity, and weight compared to precision DC motors.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that our patented technology makes
us unique in this ability and will help us maintain pricing levels comparable to precision DC motors while offering piezoelectric motor
performance.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our piezoelectric motion devices have many applications.
Our primary markets are life sciences, MedTech, and lab instruments given those markets&#8217; focus on precision and need for miniaturization.
We believe devices in these fields can benefit from our technology: such potential applications include infusion MRI pumps, syringe pumps,
wearable drug dispensers, handheld drug dispensers, surgical robotics, microscopes and micro-positioning systems, and diagnostic testing
equipment.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">In addition to the life sciences industry, our
motors have market applications in a wider set of industries, some of which have already started to use our motors. These secondary target
markets include the advanced manufacturing, defense, laser/photonics/optic, semiconductor, and aerospace industries.</p><div>

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

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

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

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">We believe that we are well positioned within
the markets in which we operate. Our competitive strengths include:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Strong Portfolio of Intellectual Property. Our diverse intellectual property portfolio includes a series
of patents for use in existing products and future potential, manufacturing know-how, and FDA approvals, ranging from hardware to firmware
applications.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Diverse Commercial Application Opportunities. From smart wearable devices that monitor cognitive and behavioral
health in real-time, to enhanced Brain Computer Interface or BCI capabilities within the connected home and car environments, our EEG
technologies span a range of novel applications and commercial uses, including:</td></tr></table><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td>Global Brain Monitoring Market</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td>U.S. Healthcare Market</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td>Athletic Performance</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td>Government Initiatives</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td>Education Enhancement</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td>Clinical Trials</td></tr></table><div>

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

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

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

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

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

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

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

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

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Aerospace (including Drones)</td></tr></table><div>

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

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Scalable Integration</i>. We believe that we
offer the highest level of integration and flexibility while providing an optimal combination of convenience and performance. This is
achieved through the modular design and build of our products, allowing seamless integration of hardware and software components into
existing platforms. We are also engaged with strategic partners to augment the next generation of health wearables and technologies, forging
relationships with companies and individuals seeking to implement EEG solutions across a multitude of segments.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Experienced Leadership Team</i>. Our management
team has over 150 years of combined experience in sectors spanning across artificial intelligence, data mining, software development,
commercialization, and medical technology. Our team has a strong background in our technologies and applications and defining future potential
applications.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">NeuroCap&#8482;</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="text-decoration:underline">N</span>euroCap&#8482; is a NeuroCap&#8482; is FDA 510(k) cleared pre-gelled disposable EEG headset with
22 electrodes and 19 active EEG channels. The fixed electrode placement is in accordance with the international 10-20 system.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">NeuroCap&#8482; is compatible with any other encephalographs and amplifiers of EEG signals by the use
of a universal connector cable.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">The pre-gelled fixed electrode locations remove the time-consuming task of placing electrodes and measuring
and marking the patient&#8217;s head. This enables the use of this device by healthcare workers other than specialized neurological technicians
and can decrease discomfort experienced by the patient.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">The NeuroCap&#8482; is cleared for up to 4 hours of continuous use, well beyond the duration of a routine
EEG exam.</td></tr></table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">NeuroEEG&#8482;</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">NeuroEEG&#8482; is an FDA 510(k) cleared wireless 16 channel EEG amplifier device.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">NeuroEEG&#8482; is compatible with our NeuroCap&#8482; device via a cable and any computer with Bluetooth
capabilities. This allows for freedom of movement of the patient while undergoing an EEG exam.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">The compact size of the NeuroEEG&#8482;, roughly the size of a human palm, allows for field, ambulatory,
and remote use settings more than the larger traditional EEG devices commonplace today. When paired with the NeuroCap&#8482;, it can allow
for non-specialized healthcare personnel to conduct EEG exams remotely from a neurologist or hospital.</td></tr></table><div>

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

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

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

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

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><i>High Performance</i>: Technology that provides up to 1000 X&#8217;s Better Resolution, up to 100 X&#8217;s
Faster Reaction Time and up to 10X&#8217;s Greater Specific Power Stall Torque/Force compared to conventional DC motors (e.g. precision
BLDC motors and Stepper motors. A typical commercial rotary stepper motor provides between 200-500 steps to complete a full rotation,
whereas our rotary motors can provide over 600,000 steps per full rotation, making them extremely precise.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><i>Energy &amp; Cost Savings</i>: Our piezo motors operate at low voltage (e.g. 5.0 VDC to 12 VDC) and
have increased energy efficiency. They consume zero power in the hold position while still maintaining full torque. They are typically
used in direct-drive applications where the need for a gearhead and electrical brake is eliminated altogether.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><i>Unique Properties</i>: Our piezo motors are scalable in design (rotary and linear), can be operated
silently and provide a very smooth vibration-free rotation. Their non-magnetic design eliminates problems caused by electromagnetic interference.</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><i>Non</i>-<i>magnetic: </i>Our piezo motors are also available in completely non-magnetic (non-ferrous)
configurations making them ideal for specialized applications where traditional DC motors cannot be used (e.g. medical MRI)</td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><i>Lightweight: </i>Our piezo motors are between 50-75% less weight than comparable DC motors (e.g. BLDC
&amp; Stepper motors)</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; "><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><i>Low Cost</i>: Modern engineered thermoplastic design enables our piezo motors to be manufactured at
low cost and priced extremely competitively compared to other brands and technologies. The simplified electronic driver design lowers
ownership cost further.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b>Corporate History</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were initially organized on November 18, 2013
as a Nevada limited liability company under the name Global Energy Express LLC . On December 18, 2015, we converted from a Nevada limited
liability company to a Nevada corporation under the name All Soft Gels Inc. On September 18, 2018, we changed our name from All Soft Gels
Inc. to Brain Scientific Inc. and changed our ticker symbol on the OTC Pink market to &#8220;BRSF&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 21, 2018, we entered into a merger
agreement (the &#8220;Merger Agreement&#8221;) with Memory MD, Inc. and AFGG Acquisition Corp. to acquire Memory MD, Inc. (the &#8220;Acquisition&#8221;).
The transactions contemplated by the Merger Agreement were consummated on September 21, 2018 and, pursuant to the terms of the Merger
Agreement, all outstanding shares of Memory MD were exchanged for shares of our Common Stock. Accordingly, we acquired 100% of Memory
MD, Inc. in exchange for the issuance of shares of our Common Stock and Memory MD, Inc. became our wholly owned subsidiary. In conjunction
with the Acquisition, we ceased all direct operations and assigned all of our assets and liabilities from prior to the Acquisition and
assumed and commenced the business of Memory MD as our sole business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 11, 2021, we entered into a merger agreement
(the &#8220;Piezo Merger Agreement&#8221;) with Piezo Motion Corp. and BRSF Acquisition Corp. to acquire Piezo. (the &#8220;Piezo Acquisition&#8221;).
The transactions contemplated by the Piezo Merger Agreement were consummated on October 1, 2021. Pursuant to the terms of the Piezo Merger
Agreement, all outstanding shares of Piezo were exchanged for shares of our Common Stock. Accordingly, we acquired 100% of Piezo in exchange
for the issuance of shares of our Common Stock and Piezo became our wholly owned subsidiary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intellectual Property</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Protection of our intellectual property is a strategic
priority for our business. We rely on a combination of patents, trademarks, copyrights, trade secrets as well as nondisclosure and assignment
of invention agreements, confidentiality agreements and other measures to protect our intellectual property and other proprietary rights.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Patents and trademarks are significant to our
business to the extent that a product or an attribute of a product represents a unique design or process. Patent protection restricts
competitors from duplicating unique designs and features. To protect our proprietary secrets and competitive technologies, we have obtained
and are seeking to further obtain patents, trade secrets, trademarks, and other intellectual property protection on our products whenever
appropriate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this prospectus, we have obtained
a total of eleven (11) U.S. nonprovisional patents and thirteen (13) foreign patents including European, Japanese, and Chinese patents
related to our NeuroCap&#8482; and piezoelectric technologies. These patents are to protect our existing products for both neurology and
piezoelectric motors. For our piezoelectric motors, we currently exploit four of our relevant US patents. The remainder may be used for
future development.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have one European patent application pending
titled &#8220;Liner Piezoelectric Actuator on Rail System&#8221; (Application No. 18761639). We have also applied for one provisional
U.S. patent application titled &#8220;Integrated Brain Machine Interface Platform with Graphene Based Electrodes&#8221; (Application No.:
63/070,749) in the name of Memory MD, Inc., and one PCT patent application on the title.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also own four registered trademarks (Neuro
EEG, NeuroCap, NeuroHub, Brain Scientific).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2018, we entered into a Patent Assignment
and License Back Agreement with Boris Goldstein, our then Chairman, Secretary and Executive Vice President, Dmitriy Prilutskiy, Stanislav
Zabodaev and Medical Computer Systems Ltd. Pursuant to the agreement, among other things, Messrs. Goldstein, Prilutskiy and Zabodaev assigned
all of their rights to a patent entitled &#8220;Apparatus And Method For Conducting Electroencephalography&#8221; (Application No.: 15/898,611),
to us, and in return, we granted to Medical Computer Systems Ltd., an unaffiliated entity which also provides manufacturing services to
us, a limited, royalty-free, fully paid-up, worldwide, nonexclusive license (without the right to sublicense or assign), to the patent,
to practice, make and use the inventions, ideas and information embodied therein, and to make, use, offer to sell, sell, lease or import
products, services, processes, methods and materials embodying or deriving from the inventions, ideas and information from the patent
and any activities derived directly therefrom; provided, however, that if and upon FDA approval of a product, Medical Computer Systems&#8217;
aforementioned rights shall be limited to manufacturing and selling NeuroCap&#8482; products solely to us or on our behalf provided that
we purchase from Medical Computer Systems (and Medical Computer Systems makes available for sale) a minimum of 20,000 units of NeuroCap&#8482;
products per calendar year on reasonable terms and conditions to be determined by the parties in good faith; and provided further, however,
that Medical Computer Systems can without any limitation sell NeuroCap&#8482; products embodying or deriving from the inventions, ideas
and information from the patent in (i) the territories that made up the former USSR (excluding the Baltic countries) and (ii) Japan. In
furtherance of the foregoing first proviso, in the event we fail to purchase the annual minimum order for a particular calendar year,
Medical Computer Systems&#8217; limitation to manufacture and sell NeuroCap&#8482; products only to us pursuant to this proviso will be
suspended for the next calendar year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In September of 2015 we entered into a License
Agreement with Parker Hannifin Corporation in which we granted a worldwide license under our patents for certain pneumatic, gas and fluid
control devices for sale into the pneumatic industrial factory automation market, medical equipment gas/liquid control market and instrumentation
gas/liquid control market. Under the License Agreement we received an initial fee of two million dollars ($2,000,000.00) which was paid
in two annual installments in 2015 and 2016. To-date we have not received any additional royalties from Parker Hannifin -under the License
Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Competition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of our products face a mixture of competitors
ranging from large manufacturers with multiple business lines to small manufacturers offering a limited selection of products and services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many of the competitors whom we directly compete
with include companies who develop or intend to develop products which have capabilities similar to ours in both the neurology and motion
products markets. Similar competitive pressures on efficiency, quality and simplicity are shared by both of our product lines.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The MedTech industry is moving rapidly with wearable
technology, robotic surgery, and telemedicine. In the current environment of managed care, economically motivated customers, consolidation
among health care providers, increased competition, and declining reimbursement rates, we anticipate an increasing need to compete on
the basis of price and quality. In order to continue to compete effectively, we must continue to create or acquire advanced technology,
incorporate this technology into our current and future proprietary products, obtain regulatory approvals in a timely manner, maintain
high-quality manufacturing processes, and successfully market these products. Some of these initiatives include, but are not limited to,
creating integrated cloud solutions that connect specialists with generalists for simple data transfer and analysis, streamlining clinical
diagnoses with new medical devices, and opening revenue streams from secondary healthcare markets, such as primary care medical professionals
who utilize EEG analyses in their practices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The major U.S. medical device companies who we
deem as competitors include Baxter International Inc., Beckman Coulter Inc., Becton Dickinson and Company, Boston Scientific Corporation,
General Electric Company&#8217;s GE Healthcare, Johnson &amp; Johnson, St. Jude Medical, Inc., Stryker Corporation, and Medtronic plc.
Many of the companies which we presently compete against or may compete against in the future have or will have significantly greater
financial resources and expertise in research and development, manufacturing, preclinical testing, conducting clinical trials, obtaining
regulatory approvals, and marketing approved products than we do or will. Mergers and acquisitions in the pharmaceutical, biotechnology
and diagnostic industries may result in even more resources being concentrated among a smaller number of our competitors. Smaller or early-stage
companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies.
These competitors also compete with us in recruiting and retaining qualified scientific and management personnel and establishing clinical
trial sites and subject registration for clinical trials, as well as in acquiring technologies complementary to, or necessary for, our
development.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our motion products and services compete against
a range of competitors spanning large, established manufacturers with many product lines to startups with only a few employees doing custom
projects. Most of the competitors we directly compete with sell either piezoelectric motors at a higher price point than us or precision
DC motors at a similar price point but with lower precision and efficiency. Our indirect competitors sell other types of small, precise
motors or motion systems that may be able to fulfill some of the same use cases outside of the target focus of our products. Meanwhile
our Micro Dosing Pump competes for sale to labs and researchers against microinjectors and micropumps since our product fulfills the use
cases of both current product categories.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.4in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trends of miniaturization and portability
are putting pressure on manufacturers of motion systems to design smaller, more efficient, and more precise motors. In addition, the manufacturing
systems and robotics used to serve these trends also need increasingly precise motors. These trends play well into the advantages of piezoelectric
motors, which have traditionally come at a cost point prohibitive to many use cases outside of advanced aerospace, optics, and defense
industries. When piezoelectric motors are too expensive, precision DC motors, with poorer efficiency and precision, are the general solution.
Now we have invented piezoelectric motion systems that are significantly more affordable than traditional piezoelectric systems while
maintaining the unique advantages of piezoelectric technology. There are a couple of other small manufacturers attempting more affordable
piezoelectric motors as well but most focus on the high-end, ultra-precise applications piezoelectric motors are traditionally known for.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sales and Marketing</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have commenced the commercial roll-out of the
neurology products in 2018 and the Blue Series in 2020. For our neurology products we are initial targeting the U.S. market. For our motion
products, we intend to market on a global basis with business representatives in the U.S., Europe, and Asia.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our marketing organization operates as a shared
service across both product lines. Marketing focuses on digital platforms, support of marketing partners and participation in trade shows.
We are identifying additional long-term partners to accelerate market penetration, product diversification, and ultimate survivability
across targeted verticals. Through new implementations of our products and services, we expect to retain and capture additional market
share through continuous enhancements. Our neurology products are sold initially through distribution partners or directly to hospitals
and neurology clinics. Our motion products sales strategy focuses on OEM product manufactures where size, precision and scale are key
characteristics of their product needs. We provide resources online that allow OEM&#8217;s to learn and incorporate our motor into their
product designs. We offer evaluation kits direct from our website and through our partner network.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We plan to utilize partner relationships and co-marketing
opportunities as the initial driver of our marketing efforts, thereby benefiting from increased speed-to-market, as well as the ability
to leverage a pre-existing audience/customer base and communications channels. We expect to offer to early adopters our products and services
at preferential rates in exchange for expediting development, distribution, and sales of such products and services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our linear and rotary motion products are commercially
available directly from Piezo or from one of our worldwide distribution partners. We market our solution through an integrated digital
marketing program and in-person trade shows and conferences. Our partners market our products directly to their customers in their local
markets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since 2019, we have acted as a distributor of
third-party medical devices in Russia. With the uncertainty raised due to the continue Russian invasion of Ukraine, we do not anticipate
having sales restart in Russia in the foreseeable future. No decision has been made as to winding down operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Manufacturing, Supply and Quality Assurance</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our manufacturing is a combination of outsourced
and in-house for our two product lines.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently outsource the supply and manufacture
of all components of our neurology products. For our neurology products, we plan to continue with an outsourced manufacturing arrangement
for the foreseeable future. We expect that our third-party manufacturers will be competent to manufacture our products and have quality
systems established that meet FDA requirements. We believe that the manufacturer which we currently utilize or those manufacturers that
we may utilize in the future have or will have sufficient capacity to meet our launch requirements when and if our technology under development
is approved and are or will be able to scale up their capacity relatively quickly with minimal capital investment. We have also identified
capable second source manufacturers and suppliers in the event of disruption from any of our primary vendors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our piezoelectric motors are currently fully assembled
and tested in-house. The material components used in the assembly process include plastics, piezoceramics and metals. The main housing
for our motors is produced from engineered thermoplastic. We currently use two plastics companies to produce these injection molded parts.
One of these companies is located locally in Florida, the other company is located overseas. Our assembly area consists of a localized
storeroom, a site for fabrication, subassembly manufacturing, final assembly, and test/quality verification. We continue to look to enhance
our processes by focusing on automation and lean initiatives.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our piezoelectric motor materials from suppliers
are routinely inspected for quality and conformance against documented specifications. We are in the process of securing certification
for ISO 9001 quality management systems. Our piezoceramics are currently sourced from two suppliers, one is located in the US, the other
is overseas. The vast majority of all other components, including electronic components used in the assembly of our motors and associated
electronics, are available off-the-shelf from various suppliers sourced within the U.S.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that the suppliers we currently utilize
or that we may utilize in the future have or will have sufficient capacity to meet our launch requirements and are or will be able to
scale up their capacity relatively quickly as demand for our product grows. We believe that with increased future demand, our per unit
costs will decrease materially. Our suppliers meet the quality management systems for ISO 13485 or 9001 as required by the product. As
a medical device developer, the facilities of our sterilization and other critical suppliers are subject to periodic inspection by the
FDA and corresponding state and foreign agencies. We plan to audit our suppliers periodically to ensure conformity with the specifications,
policies, and procedures for our devices. We have also identified capable second source suppliers in the event of disruption from any
of our primary vendors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Research and Developments</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our research and development programs are performed
in the U. S., Ukraine and internationally. Our research and development is generally pursued by engineers and scientists employed by us
on a full-time basis or hired as per diem consultants or through partnerships with industry leaders in manufacturing, design, research,
and academia. We are also working with subcontractors in developing specific components of our technologies. Since the Russian invasion
of Ukraine on February 24, 2022, our personnel in Ukraine have periodically been able to work from the office. They are currently working
in the office and remotely; however, may not be able to return consistently to an office location during the foreseeable future</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The primary objective of our research and development
program is to advance the development of our existing and future products and technologies. This work includes studies focused on topics
such as:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Solid-state physics of piezoelectric materials;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Materials Research;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Electromechanical properties of piezoceramic materials;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Resonance and frequency response profiling of piezoceramic materials;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Piezoelectric motor and actuators concept and prototyping;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Thermodynamic relationships;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Impedance analyzer characterization of piezoelectric properties;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Development of electronic hardware for piezo resonator excitation;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Development of firmware and software algorithms for piezo motor control; and</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Intellectual property development.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Government Regulation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operations are subject to comprehensive federal,
state, and local laws and regulations in the jurisdictions in which we or our manufacturing and research and development partners do business.
The laws and regulations governing our business and interpretations of those laws and regulations are subject to frequent change. Our
ability to operate profitably will depend in part upon our ability, and that of our manufacturing and research and development partners
and affiliates, to operate in compliance with applicable laws and regulations. The laws and regulations relating to medical products that
apply to our business and that of our partners and affiliates continue to evolve, and we must, therefore, devote significant resources
to monitoring developments in legislation, enforcement, and regulation in such areas. As the applicable laws and regulations change, we
are likely to make conforming modifications in our business processes from time to time. We cannot provide assurance that a review of
our business by courts or regulatory authorities will not result in determinations that could adversely affect our operations or that
the regulatory environment will not change in a way that restricts our operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">U.S. Healthcare Regulation</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our NeuroEEG&#8482; and NeuroCap&#8482; are each
a medical device subject to extensive and ongoing regulation by the FDA, the U.S. Centers for Medicare&amp; Medicaid Services, or CMS,
the European Commission, and regulatory bodies in other countries. Regulations cover virtually every critical aspect of a medical device
company&#8217;s business operations, including research activities, product development, quality and risk management, contracting, reimbursement,
medical communications, and sales and marketing. In the U.S., the Federal Food, Drug and Cosmetic Act, or FDCA, and the implementing regulations
of the FDA govern product design and development, pre-clinical and clinical testing, premarket clearance or approval, product manufacturing,
quality systems, import and export, product labeling, product storage, recalls and field safety corrective actions, advertising and promotion,
product sales and distribution, and post-market clinical surveillance. Our business is subject to federal, state, local, and foreign regulations,
such as ISO 13485, ISO 14971, FDA&#8217;s Quality System Regulation, or QSR, contained in 21 CFR Part 820, and the European Commission&#8217;s
Directive 93/42/EEC concerning medical devices and its amendments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The FDA characterizes medical devices into one
of three classes. Devices that are considered by the FDA to pose lower risk are classified as Class I or II. Class I devices and are subject
to controls for labeling, pre-market notification and adherence to the FDA&#8217;s QSR. This pertains to manufacturers&#8217; methods
and documentation of the design, testing, production, control quality assurance, labeling, packaging, sterilization, storage, and shipping
of products, but are usually exempt from premarket notification requirements. Class II devices are subject to the same general controls
but may be subject to special controls such as performance standards, post-market surveillance, FDA guidelines, or particularized labeling,
and may also require clinical testing prior to clearance or approval. Class III devices are those for which insufficient information exists
to assure safety and effectiveness solely through general or special controls, including devices that support or sustain human life, are
of substantial importance in preventing impairment of human health, or which present a potential, unreasonable risk of illness or injury.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some Class I and Class II devices are exempted
by regulation from the pre-market notification requirement under Section 510(k) of the FDCA, also referred to as a 510(k) clearance, and
the requirement of compliance with substantially all of the QSR. However, a pre-market approval, or PMA application, is required for devices
deemed by the FDA to pose the greatest risk, such as life-sustaining, life-supporting or certain implantable devices, or those that are
&#8220;not substantially equivalent&#8221; either to a device previously cleared through the 510(k) process or to a &#8220;preamendment&#8221;
Class III device in commercial distribution before May 28, 1976 when PMA applications were not required. The PMA approval process is more
comprehensive than the 510(k) clearance process and typically takes several years to complete. While the 510(k) process is typically shorter
than a PMA process, both the 510(k) clearance and PMA processes can be expensive and lengthy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our current devices NeuroCap&#8482; and NeuroEEG&#8482;
devices are classified as Class II medical devices by the U.S.FDA.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FDA review of a PMA application generally takes
between one and three years but may take significantly longer. The FDA can delay, limit or deny approval of a PMA application for many
reasons, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the device may not be safe, effective, reliable or accurate to the FDA&#8217;s satisfaction;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the data from pre-clinical studies and clinical trials may be insufficient to support approval;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the manufacturing process or facilities may not meet applicable requirements; and</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">changes in FDA approval policies or adoption of new regulations may require additional data.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an FDA evaluation of a PMA application is favorable,
the FDA will either issue an approval letter, or approvable letter, which usually contains a number of conditions that must be met in
order to secure final approval of the PMA. When and if those conditions have been fulfilled to the satisfaction of the FDA, the agency
will issue a PMA approval letter authorizing commercial marketing of a device, subject to the conditions of approval and the limitations
established in the approval letter. If the FDA&#8217;s evaluation of a PMA application or manufacturing facilities is not favorable, the
FDA will deny approval of the PMA or issue a not approvable letter. The FDA also may determine that additional tests or clinical trials
are necessary, in which case the PMA approval may be delayed for several months or years while the trials are conducted, and data is submitted
in an amendment to the PMA. The PMA process can be expensive, uncertain and lengthy and a number of devices for which FDA approval has
been sought by other companies have never been approved by the FDA for marketing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">New PMA applications or PMA supplements may be
required for modifications to the manufacturing process, labeling, device specifications, materials or design of a device that has been
approved through the PMA process. PMA supplements often require submission of the same type of information as an initial PMA application,
except that the supplement is limited to information needed to support any changes from the device covered by the approved PMA application
and may or may not require as extensive technical or clinical data or the convening of an advisory panel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Clinical trials are typically required to support
a PMA application and are sometimes required for a 510(k) clearance. These trials generally require submission of an application for an
Investigational Device Exemption (IDE), to the FDA. An IDE allows the investigational device to be used in a clinical study in order to
collect safety and effectiveness data. The IDE application must be supported by appropriate data, such as animal and laboratory testing
results, showing that it is safe to test the device in humans and that the testing protocol is scientifically sound. The IDE application
must be approved in advance by the FDA for a specified number of patients, unless the product is deemed a non-significant risk device
and eligible for abbreviated IDE requirements. Generally, clinical trials for a significant risk device may begin once the IDE application
is approved by the FDA and the study protocol and informed consent are approved by appropriate institutional review boards at the clinical
trial sites. The FDA&#8217;s approval of an IDE allows clinical testing to go forward, but it does not bind the FDA to accept the results
of the trial as sufficient to prove the product&#8217;s safety and efficacy, even if the trial meets its intended success criteria. All
clinical trials must be conducted in accordance with the FDA&#8217;s IDE regulations that govern investigational device labeling, prohibit
promotion, and specify an array of recordkeeping, reporting and monitoring responsibilities of study sponsors and study investigators.
Clinical trials must further comply with the FDA&#8217;s regulations for institutional review board approval and for informed consent
and other human subject protections. Required records and reports are subject to inspection by the FDA. The results of clinical testing
may be unfavorable or, even if the intended safety and efficacy success criteria are achieved, may not be considered sufficient for the
FDA to grant approval or clearance of a product. Clinical trials must be entered into the clinical trials registry at clintrials.gov.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The commencement or completion of any clinical
trial may be delayed or halted, or be inadequate to support approval of a PMA application, for numerous reasons, including, but not limited
to, the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the FDA or other regulatory authorities do not approve a clinical trial protocol or a clinical trial,
or place a clinical trial on hold;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">patients do not enroll in clinical trials at the rate expected;</td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">patients, sponsors, or study sites do not comply with trial protocols;</td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">patient follow-up is not at the rate expected;</td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">patients experience adverse side effects;</td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">patients die during a clinical trial, even though their death may not be related to the products that
are part of our trial;</td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">institutional review boards and third-party clinical investigators may delay or reject the trial protocol;</td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">third-party clinical investigators decline to participate in a trial or do not perform a trial on the
anticipated schedule or consistent with the clinical trial protocol, good clinical practices, or other FDA requirements;</td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">the sponsor or third-party organizations do not perform data collection, monitoring and analysis in a
timely or accurate manner or consistent with the clinical trial protocol or investigational or statistical plans;</td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">third-party clinical investigators have significant financial interests related to the sponsor or the
study that the FDA deems to make the study results unreliable, or the company or investigators fail to disclose such interests;</td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">regulatory inspections of our clinical trials or manufacturing facilities, which may, among other things,
require us to undertake corrective action or suspend or terminate our clinical trials;</td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">changes in governmental regulations or administrative actions;</td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">the interim or final results of the clinical trial are inconclusive or unfavorable as to safety or efficacy;
and</td></tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">the FDA concludes that our trial design is inadequate to demonstrate safety and efficacy.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Health Insurance Portability and Accountability
Act of 1996 and Similar Foreign and State Laws and Regulations Affecting the Transmission, Security and Privacy of Health Information</i></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may also be subject to data privacy and security
regulation by both the federal government and the states in which we conduct our business. The Health Insurance Portability and Accountability
Act of 1996 or HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act, or HITECH, and their respective
implementing regulations, imposes specified requirements relating to the privacy, security and transmission of individually identifiable
health information. Among other things, HITECH makes HIPAA&#8217;s security standards directly applicable to business associates, defined
as service providers of covered entities that create, receive, maintain or transmit protected health information in connection with providing
a service for or on behalf of a covered entity. HITECH also created four new tiers of civil monetary penalties and gave state attorneys
general new authority to file civil actions for damages or injunctions in federal courts to enforce the federal HIPAA laws and seek attorneys&#8217;
fees and costs associated with pursuing federal civil actions. In addition, many state laws govern the privacy and security of health
information in certain circumstances, many of which differ from HIPAA and each other in significant ways and may not have the same effect.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Foreign data privacy regulations, such as the
EU Data Protection Directive (Directive 95/46/EC), the country-specific regulations that implement Directive 95/46/EC, and the EU General
Data Protection Regulation (GDPR) also govern the processing of personally identifiable data and may be stricter than U.S. laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Post-Marketing Restrictions and Enforcement</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After a device is placed on the market, numerous
regulatory requirements apply. These include, but are not limited to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td>submitting and updating establishment registration and device listings with the FDA;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">compliance with the QSR, which requires manufacturers to follow stringent design, testing, control, documentation, record maintenance,
including maintenance of complaint and related investigation files, and other quality assurance controls during the manufacturing process;</td></tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">unannounced routine or for-cause device facility inspections by the FDA, which may include our suppliers&#8217; and manufacturer&#8217;s
facilities;</td></tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">labeling regulations, which prohibit the promotion of products for uncleared or unapproved (or &#8220;off-label&#8221;) uses and impose
other restrictions relating to promotional activities;</td></tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">corrections and removal reporting regulations, which require that manufacturers report to the FDA field corrections or removals if
undertaken to reduce a risk to health posed by a device or to remedy a violation of the FDCA that may present a risk to health; and</td></tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">post-market surveillance regulations, which apply to certain Class II or III devices when necessary to protect the public health or
to provide additional safety and effectiveness data for the device.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, under the FDA medical device reporting,
or MDR, regulations, medical device manufacturers are required to report to the FDA information that a device has or may have caused or
contributed to a death or serious injury or has malfunctioned in a way that would likely cause or contribute to death or serious injury
if the malfunction of the device or a similar device of such manufacturer were to recur. The decision to file an MDR involves a judgment
by the manufacturer. If the FDA disagrees with the manufacturer&#8217;s determination, the FDA can take enforcement action.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The MDR requirements also extend to health care
facilities that use medical devices in providing care to patients, or &#8220;device user facilities,&#8221; which include hospitals, ambulatory
surgical facilities, nursing homes, outpatient diagnostic facilities, or outpatient treatment facilities, but not physician offices. A
device user facility must report any device-related death to both the FDA and the device manufacturer, or any device-related serious injury
to the manufacturer (or, if the manufacturer is unknown, to the FDA) within 10 days of the event. Device user facilities are not required
to report device malfunctions that would likely cause or contribute to death or serious injury if the malfunction were to recur but may
voluntarily report such malfunctions through MedWatch, the FDA&#8217;s Safety Information and Adverse Event Reporting Program.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The FDA also has the authority to require the
recall of commercialized medical device products in the event of material deficiencies or defects in design or manufacture. The authority
to require a recall must be based on an FDA finding that there is a reasonable probability that the device would cause serious adverse
health consequences or death. Manufacturers may, under their own initiative, recall a product if any distributed devices fail to meet
established specifications, are otherwise misbranded or adulterated under the FDCA, or if any other material deficiency is found. The
FDA requires that certain classifications of recalls be reported to the FDA within ten working days after the recall is initiated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The failure to comply with applicable regulatory
requirements can result in enforcement action by the FDA, which may include any of the following sanctions:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td>warning letters, fines, injunctions or civil penalties;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td>recalls, detentions or seizures of products;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td>operating restrictions;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td>delays in the introduction of products into the market;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td>total or partial suspension of production;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td>delay or refusal of the FDA or other regulators to grant 510(k) clearance, PMA approvals, or other marketing authorization to new
products;</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td>withdrawals of marketing authorizations; or</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td>in the most serious cases, criminal prosecution.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To ensure compliance with regulatory requirements,
medical device manufacturers are subject to market surveillance and periodic, pre-scheduled and unannounced inspections by the FDA, and
these inspections may include the manufacturing facilities of subcontractors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Federal Trade Commission Regulatory Oversight</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our advertising for our products and services
is subject to federal truth-in-advertising laws enforced by the Federal Trade Commission, or the FTC, as well as comparable state consumer
protection laws. Under the Federal Trade Commission Act, or FTC Act, the FTC is empowered, among other things, to (a) prevent unfair methods
of competition and unfair or deceptive acts or practices in or affecting commerce; (b) seek monetary redress and other relief for conduct
injurious to consumers; and (c) gather and compile information and conduct investigations relating to the organization, business, practices,
and management of entities engaged in commerce. The FTC has very broad enforcement authority, and failure to abide by the substantive
requirements of the FTC Act and other consumer protection laws can result in administrative or judicial penalties, including civil penalties,
injunctions affecting the manner in which we would be able to market services or products in the future, or criminal prosecution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>International Healthcare Regulation</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">International sales of medical devices are subject
to local government regulations, which may vary substantially from country to country. The time required to obtain approval in another
country may be longer or shorter than that required for FDA approval, and the requirements may differ. There is a trend towards harmonization
of quality system standards among the European Union, U.S., Canada and various other industrialized countries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The primary regulatory
body in Europe is that of the European Union, the European Commission, which includes most of the major countries in Europe. Other
countries, such as Switzerland, have voluntarily adopted laws and regulations that mirror those of the European Union with respect
to medical devices. The European Union has adopted numerous directives and standards regulating the design, manufacture, clinical
trials, labeling and adverse event reporting for medical devices. Devices that comply with the requirements of these relevant
directives will be entitled to bear the Conformit&#233; Europ&#233;enne (CE) conformity marking (as the logo <img alt="" src="celogo.jpg" style="width: 20px; height: 13px"/>
), indicating that the device conforms to the essential requirements of the applicable directives and, accordingly, can be
commercially distributed anywhere in the European Union and European Economic Area (EEA).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 76; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The method of assessing conformity varies depending
on the class of the product, but normally involves a combination of self-assessment by the manufacturer and a third-party assessment by
a &#8220;Notified Body.&#8221; This third-party assessment may consist of an audit of the manufacturer&#8217;s quality system and specific
testing of the manufacturer&#8217;s product. An assessment by a Notified Body of one country within the European Union is required in
order for a manufacturer to commercially distribute the product throughout the European Union. Additional local requirements may apply
on a country-by-country basis. Outside of the European Union, regulatory approval would need to be sought on a country-by-country basis
in order for us to market our Products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Medical devices in Europe are classified into
four primary categories. They are as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Devices are further segmented into the classes
noted below. In Vitro Diagnostic devices (IVDs) have their own classification scheme and while active implantable devices do not follow
the same classification system as provided by the Medical Device Directive (MDD), they are subject to similar requirements as Class III
devices:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Class IIb (medium/high risk)</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have wholly-owned subsidiaries
in Russia and in Europe (Poland) for current product distribution. With the uncertainty raised due to the continued Russian invasion of
Ukraine, we do not anticipate having sales in Russia in the foreseeable future. No decision has been made as to winding down operations.
Memory MD Europe has not started operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Other Regulatory Requirements</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Even after a device receives
clearance or approval and is placed in commercial distribution, numerous regulatory requirements apply. These include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">establishment registration and device listing;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">QSR, which requires manufacturers, including third party manufacturers, to follow stringent design, testing, risk management, production, control, supplier/contractor selection, complaint handling, documentation, and other quality assurance procedures during all aspects of the manufacturing process;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">labeling regulations that prohibit the promotion of products for uncleared, unapproved or &#8220;off-label&#8221; uses, and impose other restrictions on labeling, advertising, and promotion;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></p><div>

</div><!-- Field: Page; Sequence: 77; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Medical Device Reporting regulations, which require that manufacturers report to the FDA if their device may have caused or contributed to a death or serious injury or malfunctioned in a way that would likely cause or contribute to a death or serious injury if the malfunction were to recur;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">corrections and removals reporting regulations, which require that manufacturers report to the FDA field corrections and product recalls or removals if undertaken to reduce a risk to health posed by the device or to remedy a violation of the FDCA that may present a risk to health.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also, the FDA may require us to conduct post-market
surveillance studies or establish and maintain a system for tracking our Products through the chain of distribution to the patient level.
The FDA enforces regulatory requirements by conducting periodic, unannounced inspections and market surveillance. Inspections may include
the manufacturing facilities of our subcontractors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Failure to comply with applicable regulatory requirements
can result in enforcement actions by the FDA and other regulatory agencies. These may include any of the following sanctions or consequences:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">unanticipated expenditures;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">criminal prosecution.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our contract manufacturers, specification developers
and some suppliers of components or device accessories, also are required to manufacture our Neurology Products in compliance with current
good manufacturing practice requirements set forth in the QSR. The QSR requires a quality system for the design, manufacture, packaging,
labeling, storage, installation and servicing of marketed devices, and it includes extensive requirements with respect to quality management
and organization, device design, buildings, equipment, purchase and handling of components or services, production and process controls,
packaging and labeling controls, device evaluation, distribution, installation, complaint handling, servicing, and record keeping. The
FDA evaluates compliance with the QSR through periodic unannounced inspections that may include the manufacturing facilities of our subcontractors.
If the FDA believes that any of our contract manufacturers or regulated suppliers are not in compliance with these requirements, it can
shut down such manufacturing operations, require recall of our products, refuse to approve new marketing applications, institute legal
proceedings to detain or seize products, enjoin future violations or assess civil and criminal penalties against us or our officers or
other employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fraud and Abuse Laws</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to FDA restrictions, there are numerous
U.S. federal and state laws pertaining to healthcare fraud and abuse, including anti-kickback laws and physician self-referral laws. Our
relationships with healthcare providers and other third parties are subject to scrutiny under these laws. Violations of these laws are
punishable by criminal and civil sanctions, including, in some instances, imprisonment and exclusion from participation in federal and
state healthcare programs, including the Medicare, Medicaid and Veterans Administration health programs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Federal Anti-Kickback and Self-Referral Laws</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The federal Anti-Kickback Statute prohibits persons
from knowingly and willfully soliciting, receiving, offering or providing remuneration (including any kickback, bribe or rebate), directly
or indirectly, overtly or covertly, to induce either the referral of an individual, or the furnishing, recommending, or arranging of a
good or service, for which payment may be made under a federal healthcare program such as Medicare and Medicaid or other federal healthcare
programs. The term &#8220;remuneration&#8221; has been broadly interpreted to include anything of value, including such items as gifts,
discounts, the furnishing of supplies or equipment, credit arrangements, waiver of payments and providing anything at less than its fair
market value. Although there are a number of statutory exceptions and regulatory safe harbors protecting some common activities from prosecution,
the exceptions and safe harbors are drawn narrowly. Practices that involve remuneration that may be alleged to be intended to induce prescribing,
purchases or recommendations may be subject to scrutiny if they do not qualify for an exception or safe harbor. Failure to meet all of
the requirements of a particular applicable statutory exception or regulatory safe harbor does not make the conduct per se illegal under
the Anti-Kickback Statute. Instead, the legality of the arrangement will be evaluated on a case-by-case basis based on a review of all
its relevant facts and circumstances. Several courts have interpreted the statute&#8217;s intent requirement to mean that if any one purpose
of an arrangement involving remuneration is to induce referrals of (or purchases, or recommendations related to) federal healthcare covered
business, the Anti-Kickback Statute has been implicated and potentially violated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The penalties for violating the federal Anti-Kickback
Statute include imprisonment for up to five years, fines of up to $25,000 per violation and possible exclusion from federal healthcare
programs such as Medicare and Medicaid. Many states have adopted prohibitions similar to the federal Anti-Kickback Statute, some of which
do not have the same exceptions and apply to the referral of patients for healthcare services reimbursed by any source, not only by the
Medicare and Medicaid programs. Further, the Anti-Kickback Statute was amended by the Patient Protection and Affordable Care Act, or PPACA.
Specifically, as noted above, under the Anti-Kickback Statute, the government must prove the defendant acted &#8220;knowingly&#8221; to
prove a violation occurred. The PPACA added a provision to clarify that with respect to violations of the Anti-Kickback Statute, &#8220;a
person need not have actual knowledge&#8221; of the statute or specific intent to commit a violation of the statute. This change effectively
overturns case law interpretations that set a higher standard under which prosecutors had to prove the specific intent to violate the
law. In addition, the PPACA codified case law that a claim including items or services resulting from a violation of the federal Anti-Kickback
Statute constitutes a false or fraudulent claim for purposes of the federal civil False Claims Act.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We plan to provide the initial training to providers
and patients necessary for appropriate use of our technology either through our own educators or by contracting with outside educators
that have completed an appropriate training course. Outside educators are reimbursed for their services at fair market value.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Noncompliance with the federal anti-kickback legislation
could result in our exclusion from Medicare, Medicaid or other governmental programs, restrictions on our ability to operate in certain
jurisdictions, and civil and criminal penalties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Federal law also includes a provision commonly
known as the &#8220;Stark Law,&#8221; which prohibits a physician from referring Medicare or Medicaid patients to an entity providing
&#8220;designated health services,&#8221; including a company that furnishes durable medical equipment, in which the physician has an
ownership or investment interest or with which the physician has entered into a compensation arrangement. Violation of the Stark Law could
result in denial of payment, disgorgement of reimbursements received under a noncompliant arrangement, civil penalties, and exclusion
from Medicare, Medicaid or other governmental programs. We believe that we have structured our provider arrangements to comply with current
Stark Law requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Nevertheless, a determination of liability under
such laws could result in fines and penalties and restrictions on our ability to operate in these jurisdictions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, as some of these laws are still
evolving, we lack definitive guidance as to the application of certain key aspects of these laws as they relate to our arrangements with
providers with respect to patient training. We cannot predict the final form that these regulations will take or the effect that the final
regulations will have on us. As a result, our provider and training arrangements may ultimately be found to be not in compliance with
applicable federal law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Federal False Claims Act</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Federal False Claims Act provides, in part,
that the federal government may bring a lawsuit against any person whom it believes has knowingly presented, or caused to be presented,
a false or fraudulent request for payment from the federal government, or who has made a false statement or used a false record to get
a claim approved. In addition, amendments in 1986 to the Federal False Claims Act have made it easier for private parties to bring &#8220;qui
tam&#8221; whistleblower lawsuits against companies under the Federal False Claims Act. Penalties include fines ranging from $5,500 to
$11,000 for each false claim, plus three times the amount of damages that the federal government sustained because of the act of that
person. Qui tam actions have increased significantly in recent years, causing greater numbers of healthcare companies to have to defend
a false claim action, pay fines or be excluded from Medicare, Medicaid or other federal or state healthcare programs as a result of an
investigation arising out of such action.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are other federal anti-fraud laws that that
prohibit, among other actions, knowingly and willfully executing, or attempting to execute, a scheme to defraud any healthcare benefit
program, including private third-party payors, knowingly and willfully embezzling or stealing from a healthcare benefit program, willfully
obstructing a criminal investigation of a healthcare offense, and knowingly and willfully falsifying, concealing or covering up a material
fact or making any materially false, fictitious or fraudulent statement in connection with the delivery of or payment for healthcare benefits,
items or services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, HIPAA established two federal crimes
in the healthcare fraud and false statements relating to healthcare matters. The healthcare fraud statute prohibits knowingly and willfully
executing a scheme to defraud any healthcare benefit program, including private payors. A violation of this statute is a felony and may
result in fines, imprisonment or exclusion from government sponsored programs. The false statements statute prohibits knowingly and willfully
falsifying, concealing or covering up a material fact or making any materially false, fictitious or fraudulent statement in connection
with the delivery of or payment for healthcare benefits, items or services. A violation of this statute is a felony and may result in
fines or imprisonment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Civil Monetary Penalties Law</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the Anti-Kickback Statute and the
civil and criminal False Claims Acts, the federal government has the authority to seek civil monetary penalties, or CMPs, assessments,
and exclusion against an individual or entity based on a wide variety of prohibited conduct. For example, the Civil Monetary Penalties
Law authorizes the imposition of substantial CMPs against an entity that engages in activities including, but not limited to: (1) knowingly
presenting or causing to be presented, a claim for services not provided as claimed or which is otherwise false or fraudulent in any way;
(2) knowingly giving or causing to be given false or misleading information reasonably expected to influence the decision to discharge
a patient; (3) offering or giving remuneration to any beneficiary of a federal health care program likely to influence the receipt of
reimbursable items or services; (4) arranging for reimbursable services with an entity which is excluded from participation from a federal
health care program; (5) knowingly or willfully soliciting or receiving remuneration for a referral of a federal health care program beneficiary;
or (6) using a payment intended for a federal health care program beneficiary for another use. Noncompliance can result in civil money
penalties of up to $10,000 for each wrongful act, assessment of three times the amount claimed for each item or service and exclusion
from the federal healthcare programs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>State Fraud and Abuse Provisions</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many states have also adopted some form of anti-kickback
and anti-referral laws and a false claims act. We believe that we are in conformance to such laws. Nevertheless, a determination of liability
under such laws could result in fines and penalties and restrictions on our ability to operate in these jurisdictions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Physician Payment Sunshine Act</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Transparency laws regarding payments or other
items of value provided to healthcare providers and teaching hospitals may also impact our business practices. The federal Physician Payment
Sunshine Act requires most medical device manufacturers to report annually to the Secretary of Human Health Services financial arrangements,
payments, or other transfers of value made by that entity to physicians and teaching hospitals. The payment information is made publicly
available in a searchable format on a CMS website. Over the next several years, we will need to dedicate significant resources to establish
and maintain systems and processes in order to comply with these regulations. Failure to comply with the reporting requirements can result
in significant civil monetary penalties. Similar laws have been enacted or are under consideration in foreign jurisdictions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>U.S. Foreign Corrupt Practices Act</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The U.S. Foreign Corrupt Practices Act, or FCPA,
prohibits U.S. corporations and their representatives from offering, promising, authorizing or making corrupt payments, gifts or transfers
to any foreign government official, government staff member, political party or political candidate in an attempt to obtain or retain
business abroad. The FCPA also obligates companies whose securities are listed in the U.S. to comply with accounting provisions requiring
the company to maintain books and records that accurately and fairly reflect all transactions of the corporation, including international
subsidiaries, and to devise and maintain an adequate system of internal accounting controls for international operations. Activities that
violate the FCPA, even if they occur wholly outside the U.S., can result in criminal and civil fines, imprisonment, disgorgement, oversight,
and debarment from government contracts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>Corporate Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal executive offices
are located at 6700 Professional Parkway, Lakewood Ranch, Fl 34240. Our telephone number is (917) 388-1578. Our corporate website address
is located at&#160;<i>https://brainscientific.com</i>. The information contained in, or accessible from, our website or any other website
does not constitute a part of this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b>Listing on the Nasdaq Capital Market</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Common Stock is currently
quoted on the OTC Markets under the symbol &#8220;BRSF.&#8221; In connection with this offering, we intend to apply to have our Common
Stock and Warrants listed on the Nasdaq Capital Market under the symbols &#8220;BRSF&#8221; and &#8220;BRSFW,&#8221; respectively. If
approved, we expect to list our Common Stock and the Warrants offered in this offering on Nasdaq upon consummation of this offering, at
which point our Common Stock will cease to be traded on the OTC Markets. No assurance can be given that our listing application will be
approved. This offering will occur only if Nasdaq or another securities exchange approves the listing of our Common Stock and Warrants</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>Impact of COVID-19
Pandemic</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The recent outbreak of
COVID-19 has spread across the globe and is impacting worldwide economic activity. In response to the COVID-19 pandemic, during 2020 and
2021, we established policies and protocols to address safety considerations. The extent to which the COVID-19 pandemic will continue
to affect our business, financial condition, liquidity, and the Company&#8217;s operating results will depend on future developments,
which are highly uncertain and cannot be predicted. It will depend on various factors including the duration and severity of the outbreak,
the severity, or variants of COVID-19, including the omicron variant and its subvariants, and the effectiveness, acceptance, and availability
of vaccines in countries throughout the world, and new information which may emerge concerning the appropriate responses if and to the
extent that the availability of vaccines reduces restrictions imposed during the pandemic.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b>Inflation Risk</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not believe that
inflation has had a material effect on our business, results of operations, or financial condition. Nonetheless, if our costs were to
become subject to significant inflationary pressures, we may not be able to fully offset such higher costs. Our inability or failure to
do so could harm our business, results of operations, or financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b>Implications of Being a Smaller Reporting
Company</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a smaller reporting
company, we are eligible for exemptions from various reporting requirements applicable to other public companies that are not smaller
reporting companies, including, but not limited to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Reduced disclosure obligations (e.g., matters regarding executive compensation) in our periodic reports,
proxy statements and registration statements; and</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley
Act of 2002 (the &#8220;Sarbanes-Oxley Act&#8221;).&#160;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will remain a smaller
reporting company until the end of the fiscal year in which (i) we have a public common equity float of more than $250&#160;million, or
(ii) we have annual revenues for the most recently completed fiscal year of more than $100&#160;million plus we have a public common equity
float or public float of more than $700&#160;million. We also would not be eligible for status as a smaller reporting company if we become
an investment company, an asset-backed issuer or a majority-owned subsidiary of a parent company that is not a smaller reporting company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">We have elected to take
advantage of certain of the reduced disclosure obligations in the registration statement of which this prospectus is a part and may elect
to take advantage of other reduced reporting requirements in future filings. As a result, the information that we provide to our shareholders
may be different from what you might receive from other public reporting companies in which you hold equity interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Employees&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">As of August 9, 2022, we had twenty-three (23) employees,
none of whom are represented by a labor union or covered by a collective bargaining agreement. We consider our relationship with our employees
to be satisfactory.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Properties</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal executive office is located in leased
premises of approximately 3,562 square feet at a rental cost of $6,530 per month at 6700 Professional Parkway, Lakewood Ranch, FL 34240.
An additional leased premise which we primarily use for engineering purposes is located at 1(a) Kingsdown Business Park, Sidmouth, Devon
UK EX10 OP, with approximately 550 square feet at a rental cost of GBP400 per month. In Kyiv, we lease property of 158.9 m2 at a rental
cost of $3,500 per month. The lease is through July 1, 2023. We believe that these facilities are adequate for our current needs, including
providing the space and infrastructure to accommodate our development work based on our current operating plan. We do not own any real
estate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Available Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Our annual reports on Form 10-K, quarterly reports
on Form 10-Q, current reports on Form 8-K and amendments to such reports filed or furnished pursuant to section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as well as section 16 reports on Form 3, 4, or 5, are available free of charge on our website www.brainscientific.com.
as soon as it is reasonably practicable after they are filed or furnished with the SEC. Our Code of Business Conduct and Ethics is available
on our website. The Code of Business Conduct and charters are also available in print to any shareholder upon request without charge.
Requests for such documents should be directed to Bonnie-Jeanne Gerety, at Brain Scientific Inc., 6700 Professional Parkway, Lakewood
Ranch, Florida 34240. Our Internet website and the information contained on it or connected to it are not part of, or incorporated by,
reference into this prospectus. Our filings with the SEC are also available on the SEC&#8217;s website at http://www.sec.gov.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MANAGEMENT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Directors and Executive Officers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The following table sets forth information on
our executive officers and directors as of August 9, 2022. The term for each of our directors is generally 1 year and able to be extended
by mutual agreement. We do not have any promoters or control persons.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; width: 36%; border-bottom: black 1.5pt solid"><span style="font-size: 10pt"><b>Name</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="white-space: nowrap; width: 7%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Age</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="white-space: nowrap; width: 55%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-size: 10pt">Hassan Kotob</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">59</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap"><span style="font-size: 10pt">Chairman and Chief Executive Officer</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="white-space: nowrap"><span style="font-size: 10pt">Daniel Cloutier </span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">56</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap"><span style="font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-size: 10pt">Nickolay Kukekov (1)(2)(3)</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">48</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap"><span style="font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="white-space: nowrap"><span style="font-size: 10pt">Donald MacKenzie (1)(2)(3)</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">65</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap"><span style="font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-size: 10pt">Thomas Olivier (1)(2)(3)</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">54</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap"><span style="font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="white-space: nowrap"><span style="font-size: 10pt">Fred Anthony</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">40</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap"><span style="font-size: 10pt">Chief Technology Officer</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-size: 10pt">Bonnie-Jeanne Gerety</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">60</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap"><span style="font-size: 10pt">Chief Financial Officer</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify">Member of the Audit Committee</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"><span style="font-size: 10pt">(2)</span></td><td>Member of the Compensation Committee</td></tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"><span style="font-size: 10pt">(3)</span></td><td>Member of the Nominating and Corporate Governance Committee</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The principal occupations and positions for at
least the past five years of our officers and directors are described below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span><b><i>Hassan
Kotob, Chairman and CEO</i></b>, combines over 35 years of experience in software and manufacturing senior management. He had been involved
in four companies in the computer hardware, medical records, publishing, and software industries holding positions including Executive
Chairman, President, and CEO, and board member. He has served as our Chairman and CEO since October 1, 2021.From 2020 Hassan Kotob was
the Chairman and CEO for Piezo Motion Corp., a precision motion company. From 2016 to 2018, he was Chairman and CEO and from 2011 to 2016
he was Executive Chairman and from 1997 to 2011 he was President and CEO for North Plains Systems Corp, Inc., a company involved in enterprise
marketing software. From 1996 to 1997, he was President of CText, Inc., a software company that focused on publishers. From 1991 to 1997,
he was President and CEO of Medasys Inc. a hardware and software company focused on electronic capture and transfer of radiology images.
Mr. Kotob is also currently a director of Piezo Motion Corp. He has an undergraduate degree and an MBA from Eastern Michigan University.</span>
The Company believes that Mr. Kotob is qualified to serve as a member of the Board of Directors due to his previous experience in the
MedTech field and managing a company in growth and markets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Daniel Cloutier, Director</i></b>, is CEO
and founder of LOK Corporation since 2008.&#160; He has served as a director since November 15, 2021of the Company. From 2003 to 2011,
Mr. Cloutier was International Sales Director of&#160; CAS Medical System (CASMED).&#160; From 2000 to 2002, he was Vice President of
EMRN. Mr. Cloutier is also an advisory council member of the Indian Business Organization for Global Investments, a member of the Board
of Directors for the Independent Medical Specialty Dealers Association, former Board Member of Neuro-France Implants and Luminor Medical
Technologies.&#160; In 1991, Mr. Cloutier graduated from HEC Montreal Business School.&#160; The Company believes that Mr. Cloutier is
qualified to serve as a member of the Board of Directors due to his extensive experience in healthcare and medical device product distribution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span><b><i>Nickolay
V. Kukekov, Director</i></b>. Dr. Kukekov has been a member of MemoryMD&#8217;s Board of Directors since September 2017. He served as
the managing director of HRA Capital (formerly Highline Research Advisors), a division of Corinthian Partners L.L.C. Prior to forming
Highline Research Advisors in 2012, Dr. Kukekov was the Managing Director of Healthcare Investment Banking at Summer Street Research from
October 2010 to August 2012. In September 2009, Dr. Kukekov was a co-founder of the Healthcare Investment Banking group at Gilford Securities.
From December 2007 to July 2009, Dr. Kukekov served as the managing director of Paramount BioCapital, where he ran the advisory, M&amp;A
and capital raising services for in-house private and public portfolio companies. Currently he is the president and the CEO of a private
company Kalgene Inc. that is developing an innovative medical solution for Alzheimer&#8217;s. &#160;Dr. Kukekov holds a Bachelor of Science
degree in Molecular, Cellular and Developmental Biology from the University of Colorado at Boulder and a Ph.D. in Neuroscience from Columbia
University, College of Physicians and Surgeons in New York.&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Donald MacKenzie, Director</i></b><i>, </i>has
over 35 years of executive experience across various industries, including automotive, energy, equipment manufacturing, and technology.
He has served as a director since November 8, 2021. Co-founding Conway MacKenzie, Inc., a financial and operational advisory firm focused
on special situations, in 1987, he specialized in financial, operational and strategic turnaround and restructuring transactions. In 2019,
Mr. MacKenzie transitioned Conway MacKenzie through a business combination with Riveron Consulting, LP. He currently serves as the Vice
Chairman of Riveron&#8217;s board of directors and serves on other private company boards. Mr. MacKenzie is a Certified Turnaround Professional,
Certified Public Accountant and has a degree in accounting from Michigan State University. The Company believes that Mr. MacKenzie is
qualified to serve as a member of the Board of Directors due to his extensive experience in financial, operational and strategic consulting
across industries, including manufacturing and technology.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Thomas Olivier, Director</i></b>, combines
over 25 years of technology industry experience as an investment banker, entrepreneur and corporate legal advisor. He has served as a
director since November 8, 2021. He joined Arrowroot Capital in 2021 as a Managing Director and is currently President and Chief Financial
Officer of Arrowroot Acquisition Corp. (Ticker: ARRW). From 2001 to 2021, Mr. Oliver held Managing Director positions at Houlihan Lokey,
Pacific Crest Securities/Key Bank and Morgan Keegan Technology Group. He practiced corporate law as co-General Counsel of iOptions from
2000 to 2001 and as a Corporate Associate with Testa, Hurwitz &amp; Thibeault from 1997 to 2000. He has an undergraduate degree from Boston
College and a Juris Doctor degree from George Washington University. The Company believes that Mr. Cloutier is qualified to serve as a
member of the Board of Directors due to his extensive experience in investment banking.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Farid Anthony, Chief Technology Officer</i></b><i>,
</i>brings a proven track record of success and over 25 years of experience, innovation, and achievement in various technology industries.
He has served as our Chief Technology Officer since November 8, 2021.Mr. Anthony started his career in 1998 as a founder of&#160;Triforce&#160;Technologies
Inc., a&#160;private&#160;technology consulting and services company servicing the B2B sector. From late 2020 to 2021, he served as Chief
Technology Officer at Luxury Presence, a silicon-valley company with an all-in-one platform providing real estate agents with a web presence,
marketing tools and services, and access to an exclusive network of agents, brokers, and real estate experts. From 2019 to 2020, he served
as Executive Director of Engineering at Bolt Mobility, a pioneer in consumer and B2B micro-mobility technology solutions. From 2016 to
2019, he served as Chief Technology Officer at&#160;Northplains, which offers a suite of solutions for Brand Management, Multi-Channel
Marketing, and Digital Asset Management. From 2014 to 2016, he served as Chief Technology Officer at&#160;CreativeDrive, a company offering
graphic and multimedia design services, and a SaaS platform for Resource Management, Digital Asset Management, and Inventory Management.
From 2007 to 2014, he served as Lead Engineer &amp; Architect at&#160;Spoutloud&#160;Media Networks, a Through-Channel Marketing Automation
company founded in 2006 with a mission of simplifying channel marketing. Mr. Anthony has an undergraduate degree in computer science from
Florida Atlantic University.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span><b><i>Bonnie-Jeanne
Gerety, Chief Financial Officer</i></b>, brings over 35 years of financial and consulting experience within the technology industry. She
has served as our chief financial officer since October 1, 2021. She joined Piezo Motion in early 2020 as the Chief Financial Officer.
Prior to that, she was the Chief Financial Officer of North Plains, LLC from 2014 through 2019. Her previous experience was as a Managing
Director at Protivti, responsible for the Atlanta and Raleigh offices from 2004 to 2014. Prior to Protiviti, she was a Managing Director
at BearingPoint from 2002 to 2004 and a Partner in the consulting division of Arthur Andersen, LLP specializing in technology, media and
communications industries from 1986 to 2002. Her undergraduate degree is from Georgetown University, School of Foreign Service and MBA
from University of South Florida. She is a CPA in the state of Georgia.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b>Family
Relationships</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are no family relationships between any
of our officers and directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Involvement in Certain Legal Proceedings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the best of our knowledge, none of our directors
or executive officers has been convicted in a criminal proceeding, excluding traffic violations or similar misdemeanors, or has been a
party to any judicial or administrative proceeding during the past ten years that resulted in a judgment, decree, or final order enjoining
the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation
of federal or state securities laws, except for matters that were dismissed without sanction or settlement. Each of our executive officers
and directors has informed us that he or she, as the case may be, has not been involved in any of the events specified in clauses (1)
through (8) of Regulation S-K, Item 401(f). Except as set forth in our discussion below in &#8220;Certain Relationships and Related Transactions,
and Director Independence &#8211; Transactions with Related Persons,&#8221; none of our directors, director nominees, or executive officers
has been involved in any transactions with us or any of our directors, executive officers, affiliates, or associates that are required
to be disclosed pursuant to the rules and regulations of the Commission.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b>Board Leadership Structure and Risk Oversight</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board oversees our
business and considers the risks associated with our business strategy and decisions. The Board currently implements its risk oversight
function as a whole. As such, it is important for us to have our Chief Executive Officer serve on the Board as he plays key roles in the
risk oversight of our Company. Each of the Board committees, when established prior to the effectiveness of the registration statement
of which this prospectus is a part, will also provide risk oversight in respect of its areas of concentration and report material risks
to the Board for further consideration.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>Board Committees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the closing of
the offering, our Board will have established the following three standing committees: audit committee (the &#8220;Audit Committee&#8221;);
compensation committee (the &#8220;Compensation Committee&#8221;); and nominating and governance committee (the &#8220;Nominating Committee&#8221;).
Each of our independent directors, Nickolay Kukekov, Donald MacKenzie, and Thomas Olivier, will serve on each committee. Our Board will
adopt written charters for each of these committees. Upon completion of this offering, copies of the charters will be available on our
website at&#160;<i>https://altdintl.com</i>. Our Board may establish other committees as it deems necessary or appropriate from time to
time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b><i>Audit Committee</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Audit Committee,
among other things, will be responsible for:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; ">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">appointing; approving the compensation of; overseeing the work of; and assessing the independence, qualifications, and performance of the independent auditor;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">reviewing the internal audit function, including its independence, plans, and budget;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">approving, in advance, audit and any permissible non-audit services performed by our independent auditor;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">reviewing our internal controls with the independent auditor, the internal auditor, and management;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board has affirmatively
determined that each prospective member of the Audit Committee meets the additional independence criteria applicable to audit committee
members under SEC rules and Nasdaq listing rules. Effective upon the completion of this offering the Board will adopt a written charter
setting forth the authority and responsibilities of the Audit Committee. The Board has affirmatively determined that each member of the
Audit Committee is financially literate, and that Donald MacKenzie meets the qualifications of an Audit Committee financial expert under
the rules promulgated by the SEC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Audit Committee will
consist of Nickolay Kukekov, Thomas Olivier and Donald MacKenzie. Donald MacKenzie will chair the Audit Committee. We believe that, after
consummation of this offering, the functioning of the Audit Committee will comply with the applicable requirements of the rules and regulations
of the Nasdaq listing rules and the SEC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b><i>Compensation Committee</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Compensation Committee
will be responsible for:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; ">
  <tr style="vertical-align: top">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective upon the completion
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The Compensation Committee
will consist of Donald MacKenzie, Nickolay Kukekov and Thomas Olivier. Thomas Oliver will serve as chairman of the Compensation Committee.
The Board has affirmatively determined that each member of the Compensation Committee meets the independence criteria applicable to compensation
committee members under SEC rules and Nasdaq listing rules. The Company believes that, after the consummation of the offering, the composition
of the Compensation Committee will meet the requirements for independence under, and the functioning of such Compensation Committee will
comply with, any applicable requirements of the rules and regulations of Nasdaq listing rules and the SEC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b><i>Nominating and Corporate Governance
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; ">The Nominating and Corporate
Governance Committee, among other things, will be responsible for:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; ">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin: 0"></p><div>

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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">overseeing and evaluating how the Company&#8217;s corporate governance and legal and regulatory compliance policies and practices, including leadership, structure, and succession planning, may affect the Company&#8217;s major risk exposures.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective upon completion
of this offering, the Board will adopt a written charter setting forth the authority and responsibilities of the Nominating and Corporate
Governance Committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Nominating and Corporate
Governance Committee will consist of Donald MacKenzie, Nickolay Kukekov and Thomas Oliver. Thomas Olivier will serve as chairperson. The
Board has determined that each member of the Nominating and Corporate Governance Committee is independent within the meaning of the independent
director guidelines of Nasdaq listing rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>Compensation Committee
Interlocks and Insider Participation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None of the Company&#8217;s
executive officers serves, or in the past has served, as a member of the Board or the Compensation Committee, or other committee serving
an equivalent function, of any entity that has one or more executive officers who serve as members of the Board or its Compensation Committee.
None of the members of the Compensation Committee is, or has ever been, an officer or employee of the company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Code of Business Conduct and Ethics</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have adopted a Code of Business Conduct and
Ethics that applies to, among other persons, our principal executive officers, principal financial officer, principal accounting officer
or controller, and persons performing similar functions. The Code of Business Conduct is available on our website at www.brainscientific.com.
Our Nominating and Governance Committee is responsible for overseeing the Code of Conduct, and our board of directors must approve any
waivers of the Code of Conduct. In addition, we intend to post on our website all disclosures that are required by law concerning any
amendments to, or waivers from, any provision of the Code of Conduct.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Director Independence</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We use the definition of &#8220;independence&#8221;
of The NASDAQ Stock Market to make this determination. In making the determination of whether a member of the board is independent, our
board also considers, among other things, transactions and relationships between each director and his immediate family and the Company,
including those reported under the caption &#8220;<i>Certain Relationships and Related-Party Transactions</i>&#8221;. The purpose of this
review is to determine whether any such relationships or transactions are material and, therefore, inconsistent with a determination that
the directors are independent. NASDAQ Listing Rule 5605(a)(2) provides that an &#8220;independent director&#8221; is a person other than
an officer or employee of the company or any other individual having a relationship, which, in the opinion of the Company&#8217;s Board,
would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. The NASDAQ listing rules
provide that a director cannot be considered independent if:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">The director is, or at any time
during the past three years was, an employee of the company;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">The director or a family member
of the director accepted any compensation from the company in excess of $120,000 during any period of 12 consecutive months within the
three years preceding the independence determination (subject to certain exclusions, including, among other things, compensation for
board or board committee service);</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">A family member of the director
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</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">The director or a family member
of the director is a partner in, controlling stockholder of, or an executive officer of an entity to which the company made, or from
which the company received, payments in the current or any of the past three fiscal years that exceed 5% of the recipient&#8217;s consolidated
gross revenue for that year or $200,000, whichever is greater (subject to certain exclusions);</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">The director or a family member
of the director is employed as an executive officer of an entity where, at any time during the past three years, any of the executive
officers of the company served on the compensation committee of such other entity; or</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">The director or a family member
of the director is a current partner of the company&#8217;s outside auditor, or at any time during the past three years was a partner
or employee of the company&#8217;s outside auditor, and who worked on the company&#8217;s audit.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Under such definitions, Hassan Kotob and Daniel
Cloutier are not independent directors and Nickolay Kukekov, Thomas Oliver and Donald MacKenzie are independent directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Communications with our Board of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Stockholders who desire to communicate with the
board of directors, or a specific director, may do so by sending the communication addressed to either the board of directors or any director,
c/o Brain Scientific Inc., 6700 Professional Parkway, Lakewood Ranch, Fl 34240. These communications will be delivered to the board of
directors, or any individual director, as specified.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Board Diversity</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We seek diversity in experience, viewpoint, education,
skill, and other individual qualities and attributes to be represented on our board of directors. We believe directors should have various
qualifications, including individual character and integrity; business experience; leadership ability; strategic planning skills, ability,
and experience; requisite knowledge of our industry and finance, accounting, and legal matters; communications and interpersonal skills;
and the ability and willingness to devote time to our company. We also believe the skill sets, backgrounds, and qualifications of our
directors, taken as a whole, should provide a significant mix of diversity in personal and professional experience, background, viewpoints,
perspectives, knowledge, and abilities. Nominees are not to be discriminated against on the basis of race, religion, national origin,
sex, sexual orientation, disability, or any other basis proscribed by law. The assessment of prospective directors is made in the context
of the perceived needs of our board of directors from time to time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">All of our directors have held high-level positions
in business or professional service firms and have experience in dealing with complex issues. We believe that all of our directors are
individuals of high character and integrity, are able to work well with others, and have committed to devote sufficient time to the business
and affairs of our company. In addition to these attributes, the description of each director&#8217;s background set forth above indicates
the specific qualifications, skills, perspectives, and experience necessary to conclude that each individual should continue to serve
as a director of ours.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Executive Compensation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The following table sets forth information regarding
each element of compensation that was paid or awarded to the named executive officers of the Company for the years ended December 31,
2021 and December 31, 2020.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Salary</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Bonus</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Stock
    Awards</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Option
    Awards</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Non-Equity<br/>
    Incentive <br/> Plan<br/> Compensation</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">All
    Other<br/> Compensation</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left; padding-left: 0pt; text-indent: 0pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Name
                                            and Principal Position</b></span></p></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">($)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">($)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">($)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">($)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">($)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">($)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">($)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; width: 24%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Hassan
    Kotob</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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                                            </span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="vertical-align: top; font-family: Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">390,000</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="vertical-align: top; font-family: Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">250,000</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="vertical-align: top; font-family: Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="vertical-align: top; font-family: Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,341,586</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="vertical-align: top; font-family: Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="vertical-align: top; font-family: Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">23,318</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.25in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Chairman
    and CEO</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020
                                            (1)&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">350,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">14,268</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="vertical-align: top; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">364,268</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Mark
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Former
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  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Hassan Kotob&#8217;s salary in 2020
and bonus for 2021 was accrued and are liabilities at December 31, 2021</span></td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Part of Mark Broderick&#8217;s salary
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</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Bonnie-Jeanne Gerety was a
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</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Todd Eckler was a consultant
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</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Nicolas Copley served as Chief
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</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 89; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Outstanding Equity Awards at Fiscal Year-End</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents the outstanding equity
awards held by each of the named directors and executive officers as of the end of the fiscal year ended December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Long-Term Incentive Plans and Awards</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2018, our board of directors adopted
and the stockholders approved the 2018 Equity Incentive Plan. There were 5,938,837 outstanding equity awards granted under the 2018 Equity
Incentive Plan as of the end of the fiscal year ended December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2022, our board of directors adopted the
Brain Scientific Inc. 2022 Equity and Incentive Plan (the &#8220;2022 Plan&#8221;). In June 2022, the stockholders approved the 2022 Plan.
The 2022 Plan provides for the issuance of up to 12,500,000 shares of our common stock through the grant of non-qualified options, incentive
options, restricted stock, restricted stock units, stock appreciation rights and other equity-based awards to directors, officers, consultants,
attorneys, advisors and employees. The 2022 Plan will become effective on August 12, 2022</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Director Compensation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 9, 2021, our
independent directors received stock options under our 2018 Equity Incentive Plan based upon an annual fee of $105,000, at an
exercise price of $0.29 per share. The shares vest over the year on a quarterly starting December 31, 2021.There were no amounts
paid or stock awards made to our non-employee directors during the fiscal year ended December 31, 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr. Kotob was compensated as stated in the above in Executive Compensation.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Employment Agreements</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Hassan Kotob</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 1, 2021, the Company and Mr. Kotob
entered into an employment agreement (the &#8220;Kotob Employment Agreement&#8221;) as the Executive Chairman and CEO. Under the Kotob
Employment Agreement, Mr. Kotob will receive an initial annual base salary of $390,000, which shall be reviewed annually and may be increased,
but not decreased, by the Board of Directors. In addition, Mr. Kotob shall receive a minimum bonus of $250,000 as an annual cash or equity
bonus based upon the achievement of milestones as are to be determined by the Board of Directors. Mr. Kotob shall also be entitled to
participate in any stock option, performance share, performance unit or other equity based long-term incentive compensation plan, program
or arrangement generally made available to senior executive officers of the Company, pursuant to which we issued to Mr. Kotob options
to purchase 1,218,248 shares on October 21, 2021 and options to purchase an additional 1,218,248 shares of common stock on December 10,
2021, each exercisable at an exercise price of $0.21 per share, which options will vest ratably on a quarterly basis over the following
year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event Mr. Kotob&#8217;s employment is terminated
due to his death, or disability, is terminated by the Company for cause, or is terminated by Mr. Kotob without good reason, Mr. Kotob
will be paid his base salary that has been accrued prior to termination of employment and which has not yet been paid, and any accrued
bonus previously earned by Mr. Kotob that has not yet paid.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event Mr. Kotob&#8217;s employment is terminated
without cause or by Mr. Kotob for good reason, then in addition to the accrued obligations stated above, Mr. Kotob will receive a payment
in the amount equal to the greater of: (i) his then-current base salary until such date that is the later of (A) three (3) year anniversary
of the date of the contract and (B) twelve (12) month anniversary of the effective date of the termination, less customary and required
taxes and employment-related deductions, paid in one lump sum amount within thirty (30) days following the effective date of termination.
Further, Mr. Kotob shall receive payment of a severance bonus in an amount equal to a pro rata portion of the target annual bonus to which
Mr. Kotob may have been entitled for the year in which his employment terminates, less customary and required taxes and employment -related
deductions, paid in one lump sum amount within thirty (30) days following the effective date of termination of employment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Kotob Employment Agreement contains customary
non-competition and non-solicitation provisions in favor of the Company. Mr. Kotob also agreed to customary terms regarding confidentiality
and ownership of intellectual property.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Mark Broderick</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 1, 2020, DTI Motion Corp. (now known as
Piezo Motion Corp.)&#160;&#160;and Mark Broderick entered into an employment agreement (the &#8220;Broderick Employment Agreement&#8221;)
as the President of DTI Motion Corp. Under the Broderick Employment Agreement, Dr. Broderick will receive an initial annual base salary
of $250,000, which shall be reviewed annually and may be increased, but not decreased, by the Board of Directors. In addition, Dr. Broderick
may earn a bonus as an annual cash or equity bonus based upon the achievement of milestones as are to be determined by the CEO. Dr. Broderick
shall also be entitled to participate in any stock option, performance share, performance unit or other equity based long-term incentive
compensation plan, program or arrangement generally made available to senior executive officers of the Company.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event Dr. Broderick&#8217;s employment
is terminated due to his death or disability, is terminated by the Company for cause, or is terminated by Dr. Broderick without good reason,
Dr. Broderick will be paid his base salary that has been accrued prior to termination of employment and which has not yet been paid, and
any accrued bonus previously earned by Dr. Broderick and not yet paid.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event Dr. Broderick&#8217;s employment
is terminated without cause or by Dr. Broderick for good reason, then in addition to the accrued obligations stated above, Dr. Broderick
will receive a payment in the amount equal to the greater of (i)his then-current base salary until such date that is the later of (A)
three (3) year anniversary of the date of the contract and (B) twelve (12) month anniversary of the effective date of the termination,
less customary and required taxes and employment-related deductions, paid in one lump sum amount within thirty (30) days following the
effective date of termination&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Broderick Employment Agreement contains customary
non-competition and non-solicitation provisions in favor of the Company. Dr. Broderick also agreed to customary terms regarding confidentiality
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Bonnie-Jeanne Gerety</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 1, 2020, Piezo Motion Corp. and Ms. Gerety
entered into an employment agreement (the &#8220;Gerety Employment Agreement&#8221;) as the Chief Financial Officer of DTI Motion Corp.
Under the Gerety Employment Agreement, Ms. Gerety received an initial annual base salary of $180,000 which was increased to $210,000 as
of April 1,2022. Her annual base salary is subject to annual review and may be increased, but not decreased by more than 10%, by the Board
of Directors. In addition, Ms. Gerety may earn a bonus of 20% of base salary as an annual cash or equity bonus based upon the achievement
of milestones as are to be determined by the CEO. Ms. Gerety shall also be entitled to participate in any stock option, performance share,
performance unit or other equity based long-term incentive compensation plan, program or arrangement generally made available to senior
executive officers of the Company. Pursuant to the 2018 Equity Incentive Plan, the Company issued to Ms. Gerety options to purchase 476,160
shares on December 10, 2021 at an exercise price of $0.21, which options shall vest ratably on a quarterly basis over the following year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event Ms. Gerety&#8217;s employment is
terminated due to her death or disability, is terminated by the Company for cause, or is terminated by Ms. Gerety without good reason,
Ms. Gerety will be paid her base salary that has accrued prior to termination of employment and which has not yet been paid, and any accrued
bonus previously earned by Ms. Gerety and not yet paid.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event Ms. Gerety&#8217;s employment is
terminated without cause or by Ms. Gerety for good reason, then in addition to the accrued obligations stated above, Ms. Gerety will receive
a payment in an amount equal to 50% of her annual salary, payable in equal installments on the regular salary payment dates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Gerety Employment Agreement contains customary
non-competition and non-solicitation provisions in favor of the Company. Ms. Gerety also agreed to customary terms regarding confidentiality
and ownership of intellectual property.&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Limits on Liability and Indemnification</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide directors and officers insurance for
our current directors and officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our certificate of incorporation eliminates the
personal liability of our directors to the fullest extent permitted by law. Our bylaws provide that we will indemnify our officers and
directors to the fullest extent permitted by law. We believe that this indemnification covers at least negligence on the part of the indemnified
parties. Insofar as indemnification for liabilities under the Securities Act may be permitted to our directors, officers, and controlling
persons under the foregoing provisions or otherwise, we have been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act of 1933 and is therefore unenforceable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Rule 10b5-1 Sales Plans</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our directors and executive officers may adopt
written plans, known as Rule 10b5-1 plans, in which they will contract with a broker to buy or sell shares of our common stock on a periodic
basis. Under a Rule 10b5-1 plan, a broker executes trades pursuant to parameters established by the director or officer when entering
into the plan, without further direction from them. The director or officer may amend a Rule 10b5-1 plan in some circumstances and may
terminate a plan at any time. Our directors and executive officers also may buy or sell additional shares outside of a Rule 10b5-1 plan
when they are not in possession of material non-public information subject to compliance with the terms of our insider trading policy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Equity Compensation Plan Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2018, our board of directors adopted
and our stockholders approved our 2018 Equity Incentive Plan. &#160; Under the 2018 Equity Incentive Plan, we may grant equity-based incentive
awards, including options, restricted stock, and other stock-based awards, to any directors, employees, advisers, and consultants that
provide services to us or any of our subsidiaries on terms and conditions that are from time to time determined by us. An aggregate of
up to 8,000,000 shares of our common stock are reserved for issuance under the 2018 Plan. The purpose of the 2018 Plan is to provide financial
incentives for selected directors, employees, advisers, and consultants of the Company and/or its subsidiaries, thereby promoting the
long-term growth and financial success of the Company. The board of directors believes that the 2018 Plan will serve a critical role in
attracting and retaining high caliber employees, consultants and directors. The table below sets forth information as of June 30, 2022,
with respect to compensation plans under which our common stock is authorized for issuance. &#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Related Party Transactions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a summary of transactions since
January 1, 2021 to which we have been or will be a party in which the amount involved exceeded or will exceed $6,838,885 (one percent
of the average of our total assets at year-end for our last two completed fiscal years) and in which any of our directors, executive officers
or beneficial holders of more than 5% of any class of our capital stock, or any immediate family member of, or person sharing a household
with, any of these individuals, had or will have a direct or indirect material interest, other than compensation arrangements that are
described under the section captioned &#8220;Executive compensation.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than as disclosed below, there have been
no transactions involving the Company since the beginning of the last fiscal year, or any currently proposed transactions, in which the
Company was or is to be a participant and the amount involved exceeds $120,000 or one percent of the average of the Company&#8217;s total
assets at year-end for the last two completed fiscal years, and in which any related person had or will have a direct or indirect material
interest.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 12, 2021 we entered into a Representation
Agreement with LOK Corporation International Inc. (&#8220;LOK&#8221;), a corporation in which Daniel Cloutier, one of our directors, serves
as the chief executive officer. Under the Representation Agreement, LOK acts as an international sales manager for our NeuroCap&#8482;
and Neurology products and accessories. To date, we have paid LOK approximately $6,250 for training platform development and attendance
at a sales seminar but no other service fees and no commissions.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On May 14, 2019, we entered into an agreement
with Neurotech RU (&#8220;Neurotech&#8221;), a corporation founded by Vadim Sakharov, a former director, President and Chief Technology
Officer of the Company, and in which Mr. Sakharov serves as a director. Pursuant to the agreement, during 2022 and 2021Memory MD Russia
purchased medical devices from Neurotech for distribution for a total of $92,886 and $488,658.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; ">See &#8220;Executive
Compensation&#8221; above for other related party transactions involving our executive officers and directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Related Person Transaction Policy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board reviews, approves and oversees any transaction
between us and any related person and any other potential conflict of interest situations on an ongoing basis, in accordance with our
policies and procedures, and develops policies and procedures for the approval of related party transactions. Prior to consideration of
a transaction with a related person, the material facts as to the related person&#8217;s relationship or interest in the transaction are disclosed
to the disinterested directors. The transaction is not approved unless a majority of the members of the Board who are not interested in
the transaction approve the transaction. The Board takes into account, among other factors that it deems appropriate, whether the related
person transaction is on terms no less favorable to us than terms generally available in a transaction with an unrelated third-party under
the same or similar circumstances and the extent of the related person&#8217;s interest in the related person transaction. Our current policy
with respect to approval of related person transactions is not set forth in writing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITY OWNERSHIP OF CERTAIN<br/>
BENEFICIAL OWNERS AND MANAGEMENT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth certain information
as of August 9, 2022 concerning the ownership of our Common Stock by:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-size: 10pt">each shareholder known by us
to be the beneficial owner of more than 5% of the outstanding shares of our Common Stock (currently our only class of voting securities);</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-size: 10pt">each of our directors;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-size: 10pt">each of our executive officers;
and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-size: 10pt">all directors and executive
officers as a group.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beneficial ownership is determined in accordance
with Rule 13d-3 of the Exchange Act, and includes all shares over which the beneficial owner exercises voting or investment power. Shares
that are issuable upon the exercise of options, warrants and other rights to acquire Common Stock that are presently exercisable or exercisable
within 60 days of August 9, 2022 are reflected in a separate column in the table below. These shares are taken into account in the calculation
of the total number of shares beneficially owned by a particular holder and the total number of shares outstanding for the purpose of
calculating percentage ownership of the particular holder. We have relied on information supplied by our officers, directors and certain
stockholders and on information contained in filings with the SEC. Except as otherwise indicated, and subject to community property laws
where applicable, we believe, based on information provided by these persons, that the persons named in the table have sole voting and
investment power with respect to all shares of Common Stock shown as beneficially owned by them. The percentage of beneficial ownership
is based on 105,401,858 shares of Common Stock outstanding as of August 9, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise stated, the business address
of each of our directors and executive officers listed in the table is 6700 Professional Parkway, Lakewood Ranch, Fl 34240.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    </tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">James Besser (1)</td><td style="width: 1%">&#160;</td>
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    </tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">High Technology Capital (2)</td><td>&#160;</td>
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    </tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    </tr>
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    <td style="text-align: left">Nickolay Kukekov (4)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,836,503</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.50</td><td style="text-align: left">%</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Daniel Cloutier (5)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">317,430</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    </tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Donald MacKenzie (5)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">317,430</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    </tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    </tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Bonnie-Jeanne Gerety (5)</td><td>&#160;</td>
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    </tr>
  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">*</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Less than 1%</span></td></tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Includes (i) 19,545,187 shares of Common Stock held by Manchester Explorer LP, (ii) 8,028,706 shares of Common Stock &#160;and warrants to purchase 1,251,171 shares of Common Stock held by James Besser which are exercisable within 60 days&#160;&#160;of the date of this prospectus, and (iii) 12,816,831 shares of Common Stock and the amount does not include the right to issuance of warrants to Amounts to do not include (i) 8,353,622 shares of Common Stock issuable upon exercise of warrants to be issued to Manchester Explore LP, (ii) 3,046,018 shares of Common Stock issuable upon warrants to be issued to Mr. Besser upon consummation of the offering or April 1, 2023 or (iii) 4,784,294 shares of Common Stock issuable upon exercise of warrants to be issued to Jeb Partners, L.P.&#160;&#160;As a managing member of Jeb Partners L.P. and Manchester Explorer LP, Mr. Besser has voting and dispositive control of shares owned by the LP.&#160;&#160;&#160;Mr. Besser disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Includes&#160;&#160;(i) 6,749,000 shares of Common Stock held by High Technology Capital Fund LP (&#8220;LP&#8221;), (ii) 338,125 shares of Common Stock and options to purchase 1,600,000 shares of Common stock held by Dr. Goldstein which are exercisable within 60 days&#160;&#160;of the date of this prospectus, (iii) 337,450 shares of Common Stock held by Dr. Goldstein&#8217;s wife and (iv) warrants to purchase 2,001,873 shares of Common Stock held by Dr. Goldstein which are exercisable within 60 days&#160;&#160;of the date of this prospectus.&#160;&#160;Dr. Goldstein is the manager of High Technology Capital Management LLC (&#8220;LLC&#8221;), the general partner of LP. As the manager of the LLC, Dr. Goldstein has voting and dispositive control over the shares owned by the LP. Dr. Goldstein disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. High Technology Capital Management LLC is located at 100 U.N. Plaza, New York, New York 10017</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(3)</span></td>
    <td style="text-align: justify">Includes 7,407,934 shares of Common Shares held in the Hassan Kotob
Revocable Trust which is managed by Hassan Kotob, Chairman and CEO. Also includes options to purchase 4,329,713 shares of Common Stock
which are exercisable within 60 days of the date of this prospectus.&#160;&#160;Does not include options to purchase 1,389,124 shares
of Common Stock which are not exercisable within 60 days of the date of this prospectus. The address is 40209 Fischer Island, Miami Beach,
Florida 33109. </td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">(4)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Includes 2,400,421 shares of common stock held by Lifestyle Healthcare LLC and warrants to purchase 100,000 shares of Common Stock and options to purchase 2,336,082 shares of Common Stock held by Dr. Kukekov which are exercisable within 60 days of the date of this prospectus.&#160;&#160;Does not include options or warrants to purchase 478,639 shares of Common Stock which are not exercisable within 60 days of the date of this prospectus. Dr. Kukekov disclaims beneficial ownership of the shares held by Lifestyle Healthcare LLC except to the extent of his pecuniary interest therein.</span></td></tr>
  </table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(5</span>)</td>
    <td style="text-align: justify"><span style="font-size: 10pt">Represents shares of Common Stock issuable upon exercise of vested options.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;<b>&#160;</b></p><div>

</div><div><a id="a_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><b>SELLING STOCKHOLDERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; "><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus covers
the possible resale by the Selling Stockholders identified in the table below of up to 41,534,493 shares of our Common Stock. The Selling
Stockholder Shares are issuable to the Selling Stockholders upon the conversion of the PPO Debentures and the exercise of the PPO Warrants.
See &#8220;Recent Developments&#8221; for a more detailed description.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Stockholders
may sell some, all or none of their Selling Stockholder Shares. We currently have no agreements, arrangements or understandings with the
Selling Stockholders regarding the sale of any of the Selling Stockholder Shares. Unless otherwise indicated in the footnotes below, the
Selling Stockholders have not had any material relationship with us or any of our affiliates within the past three years other than as
a security holder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have prepared the
following table based on written representations and information furnished to us by or on behalf of the Selling Stockholders. Unless otherwise
indicated in the footnotes below, we believe that: (i) the Selling Stockholders are not a broker-dealer or affiliate of a broker-dealer,
and (ii) the Selling Stockholders have not had direct or indirect agreements or understandings with any person to distribute their Selling
Stockholder Shares. To the extent the Selling Stockholders identified below are, or are affiliated with, a broker-dealer, it could be
deemed, to be an &#8220;underwriter&#8221; within the meaning of the Securities Act. Information about the Selling Stockholders may change
over time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents
information regarding the Selling Stockholders and the Selling Stockholder Shares that they may offer and sell from time to time under
this prospectus. The table is prepared based on information supplied to us by the Selling Stockholders, and reflects their respective
holdings as of August 9, 2022, unless otherwise noted in the footnotes to the table. Beneficial ownership is determined in accordance
with the rules of the SEC, and thus represents voting or investment power with respect to our securities. Under such rules, beneficial
ownership includes any shares over which the individual has sole or shared voting power or investment power as well as any shares that
the individual has the right to acquire within 60 days after the date of this table, to our knowledge and subject to applicable community
property rules, the persons and entities named in the table have sole voting and sole investment power with respect to all equity interests
beneficially owned. The percentage of shares beneficially owned before and after the Offering is based on 105,401,858 shares of our Common
Stock issued and outstanding on August 9, 2022. For purposes of the table below, we have assumed that the PPO Debentures will
convert into Common Stock at $0.25 per share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left">Walleye Opportunities Master Fund Ltd.</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">16,145,576</td><td style="width: 1%; text-align: left">(2)</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">807,279</td><td style="text-align: left">(4)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">470,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Marc Greenberg</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">William Pullano</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">403,639</td><td style="text-align: left">(7)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">403,639</td><td style="text-align: left">(8)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Orca Capital GmbH</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-size: 10pt">%</span></td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">888,007</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Wiliam Leonard &amp; Monica Leonard</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">403,639</td><td style="text-align: left">(11)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-size: 10pt">*</span></td><td style="text-align: left"><span style="font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">403,639</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Bigger Capital Fund LP</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8.072,788</td><td style="text-align: left">(12)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.11</td><td style="text-align: left"><span style="font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,072,788</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">District 2 Capital Fund LP</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,072,788</td><td style="text-align: left">(13)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.11</td><td style="text-align: left"><span style="font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,072,788</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Scott Dols</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,036,3941</td><td style="text-align: left">(14)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.69</td><td style="text-align: left"><span style="font-size: 10pt">%</span></td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,036,394</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold">Total</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">41,534,495</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.35in; text-align: left">&#9679;</td><td style="text-align: justify">Less than 1%</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 34px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes all shares offered by the Selling Stockholders are sold and that the Selling Stockholders buy or sell no additional shares of Common Stock prior to the completion of this Offering. The registration of these shares does not necessarily mean that the Selling Stockholders will sell all or any portion of the shares covered by this prospectus.</span></td></tr>
  </table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.35in; text-align: left">(2)</td><td style="text-align: justify">Including: (i) 8,800,000 shares of Common Stock issuable upon
conversion of the PPO Debenture; and (ii) 7,345,576 shares of Common Stock underlying PPO Warrants.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Including: (i) 440,000 shares of Common Stock issuable upon conversion of the PPO Debenture; and (ii) 367,279 shares of Common Stock underlying PPO Warrants.</span></td></tr>
  </table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
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    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Including: (i) 440,000 shares of Common Stock issuable upon conversion of the PPO Debenture; and (ii) 367,276 shares of Common Stock underlying PPO Warrants.</span></td></tr>
  </table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.35in; text-align: left">(5)</td><td style="text-align: justify">Including: (i) 220,000 shares of Common Stock issuable upon
conversion of the PPO Debenture; and (ii) 183,639shares of Common Stock underlying PPO Warrants.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Page; Sequence: 96; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></p></div><div>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 34px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Including: (i) 264,000 shares of Common Stock issuable upon conversion of the PPO Debenture; and (ii) 220,367 shares of Common Stock underlying PPO Warrants.</span></td></tr>
  </table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>


</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.35in; text-align: left">(7)</td><td style="text-align: justify">Including: (i) 220,000 shares of Common Stock issuable upon
conversion of the PPO Debenture; and (ii) 183,639 shares of Common Stock underlying PPO Warrants.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.35in; text-align: left">(8)</td><td style="text-align: justify">Including: (i) 220,000 shares of Common Stock issuable upon
conversion of the PPO Debenture; and (ii) 183,639 shares of Common Stock underlying PPO Warrants.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 34px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Including: (i) 330,000 shares of Common Stock issuable upon conversion of the PPO Debenture; and (ii) 275,459shares of Common Stock underlying PPO Warrants.</span></td></tr>
  </table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.35in; text-align: left">(10)</td><td style="text-align: justify">Including: (i) 484,000 shares of Common Stock issuable upon
conversion of the PPO Debenture; and (ii) 404,007 shares of Common Stock underlying PPO Warrants.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.35in; text-align: left">(11)</td><td style="text-align: justify">Including: (i) 220,000 shares of Common Stock issuable upon
conversion of the PPO Debenture; and (ii) 183,639 shares of Common Stock underlying PPO Warrants.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 34px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Including: (i) 4,400,000 shares of Common Stock issuable upon conversion of the PPO Debenture; and (ii) 3,672,788 shares of Common Stock underlying PPO Warrants.</span></td></tr>
  </table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.35in; text-align: left">(13)</td><td style="text-align: justify">Including: (i) 4,400,000 shares of Common Stock issuable upon
conversion of the PPO Debenture; and (ii) 3,672,788 shares of Common Stock underlying PPO Warrants.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.35in; text-align: left">(14)</td><td style="text-align: justify">Including: (i) 2,200,000 shares of Common Stock issuable upon
conversion of the PPO Debenture; and (ii) 1,836,394 shares of Common Stock underlying PPO Warrants.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>Plan of Distribution</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are registering the Selling
Stockholder Shares issuable upon the conversion the PPO Debentures and the exercise of the PPO Warrants to permit the resale of the Selling
Stockholder Shares by the Selling Stockholders from time to time after the date of this prospectus. We will not receive any of the proceeds
from the sale of the Selling Stockholder Shares. We will receive proceeds from any cash exercise of the PPO Warrants by the Selling Stockholders.
We will bear all fees and expenses incident to the registration of the Selling Stockholder Shares in the registration statement of which
this prospectus forms a part. The Selling Stockholder Shares will not be sold through the underwriters in this public offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Stockholders may sell all or a portion
of the Selling Stockholder Shares beneficially owned by them and offered hereby from time to time directly or through one or more broker-dealers
or agents. If the Selling Stockholder Shares are sold through broker-dealers, the Selling Stockholders will be responsible for commissions
or agent&#8217;s commissions. The Selling Stockholder Shares may be sold in one or more transactions at fixed prices, at prevailing market prices
at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected in transactions,
which may involve crosses or block transactions,</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; padding-right: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">in the over-the-counter market;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">in transactions otherwise than on these exchanges or systems or in the over-the-counter market;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">an exchange distribution in accordance with the rules of the applicable exchange;</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Page; Sequence: 97; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></p></div><div>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify; width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">in transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities at a stipulated price per security;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="padding-right: 10pt; text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Stockholders may also sell securities
under Rule 144 or any other exemption from registration under the Securities Act, if available, rather than under this prospectus. However,
the Selling Stockholders will not sell any Selling Stockholder Shares until after the closing of this initial public offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Selling Stockholders effect such transactions
by Selling Stockholder Shares to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive
commissions in the form of discounts, concessions or commissions from the Selling Stockholders or commissions from purchasers of the Selling
Stockholder Shares for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions as
to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved). In connection
with sales of the Selling Stockholder Shares or otherwise, the Selling Stockholders may enter into hedging transactions with broker-dealers,
which may in turn engage in short sales of the Selling Stockholder Shares in the course of hedging in positions they assume. The Selling
Stockholders may also sell Selling Stockholder Shares short and deliver Selling Stockholder Shares covered by this prospectus to close
out short positions and to return borrowed shares in connection with such short sales. The Selling Stockholders may also loan or pledge
Selling Stockholder Shares to broker-dealers that in turn may sell such shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Stockholders may pledge or grant a
security interest in some or all of the Selling Stockholder Shares owned by them and, if they default in the performance of their secured
obligations, the pledgees or secured parties may offer and sell the Selling Stockholder Shares from time to time pursuant to this prospectus
or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act, amending, if necessary,
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 and donate the Selling Stockholder Shares in other circumstances in which case
the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Stockholders and any broker-dealer
participating in the distribution of the Selling Stockholder Shares may be deemed to be &#8220;underwriters&#8221; within the meaning
of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be
underwriting commissions or discounts under the Securities Act. At the time a particular offering of the Selling Stockholder Shares is
made, a prospectus supplement, if required, will be distributed which will set forth the aggregate amount of Selling Stockholder Shares
being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and
other terms constituting compensation from the Selling Stockholders and any discounts, commissions or concessions allowed or reallowed
or paid to broker-dealers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the securities laws of some states, the
Selling Stockholder Shares may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states
the Selling Stockholder Shares may not be sold unless such shares have been registered or qualified for sale in such state or an exemption
from registration or qualification is available and is complied with.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no assurance that any Selling Stockholder
will sell any or all of the Selling Stockholder Shares registered pursuant to the registration statement, of which this prospectus forms
a part.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Stockholders and any other person
participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended, and the
rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may limit the timing of purchases
and sales of any of the Selling Stockholder Shares by the Selling Stockholders and any other participating person. Regulation M may also
restrict the ability of any person engaged in the distribution of the Selling Stockholder Shares to engage in market-making activities
with respect to the Selling Stockholder Shares. All of the foregoing may affect the marketability of the Selling Stockholder Shares and
the ability of any person or entity to engage in market-making activities with respect to the Selling Stockholder Shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Once sold under the registration statement, of
which this prospectus forms a part, the Selling Stockholder Shares will be freely tradeable in the hands of persons other than our affiliates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DESCRIPTION OF CAPITAL STOCK</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are authorized to issue up to 200,000,000 shares
of Common Stock, par value $0.001 per share and up to 10,000,000 shares of preferred stock, par value $0.001 per share. &#160;As of August
9, 2022, we had 105,401,858 shares of our Common Stock outstanding and no shares of preferred stock outstanding.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2022, the board of directors approved an
increase in the number of authorized shares of our common stock from 200,000,000 shares to 750,000,000 shares. In June 2022, the stockholders
approved the Increase in Authorized Shares. The Increase in Authorized Shares shall become effective upon the filing of a certificate
of amendment with the Secretary of State of the State of Nevada. We currently expect to file such a certificate of amendment on August
12, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the closing of the offering, we intend
to affect effected a 1-for-___ reverse stock split of our outstanding Common Stock, which will cause our then outstanding Common Stock
to decrease from ______ to ________ shares while keeping our authorized capital unchanged.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following description is a summary, does not
purport to be complete and is subject to and qualified in its entirety by reference to our articles of incorporation and by-laws, each
as amended to date, each of which is incorporated herein by reference and are exhibits to the registration statement of which this prospectus
forms a part. We encourage you to read our articles of incorporation, our bylaws and the applicable provisions of the Nevada Revised Statutes
(the &#8220;NRS&#8221;) for additional information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Common Stock</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each holder of our Common Stock is entitled to
a pro rata share of any cash distributions made to shareholders, including any dividend payments. The holders of our Common Stock are
entitled to one vote for each share or record on all matters to be voted on by our shareholders. There is no cumulative voting with respect
to the election of our directors or any other matter. Therefore, under our charter documents, the holders of more than 50% of the shares
voted for the election of those directors can elect all of the directors. Our board of directors currently are elected as a single class.
Our board of directors may from time to time declare dividends on our outstanding shares. In the event of our liquidation, dissolution
or winding up, the holders of our Common Stock are entitled to share ratably in all assets remaining available for distribution to them
after payment of our liabilities and after provision has been made for each class of stock, if any, having any preference in relation
to our Common Stock. Holders of shares of our Common Stock have no conversion, preemptive or other subscription rights, and there are
no redemption provisions applicable to our Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Preferred Stock</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our articles of incorporation provide that our
board of directors has the right in its discretion to issue preferred stock without approval of our shareholders and to set the series,
classes, rights, privileges and preferences of our preferred stock or any classes, or series thereof without approval. In the event of
a hostile takeover, the board of directors could potentially use this preferred stock to preserve control.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Outstanding Common Stock Warrants</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of August 9, 2022, we had 30,123,251 outstanding
warrants to purchase shares of our Common Stock at weighted average exercise price of $0.32 per share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Outstanding Common Stock Options</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of August 9, 2022, we had 4,504,214 outstanding
options to purchase shares of our Common Stock at weighted average exercise price of $0.35 per share.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The 2018 Plan</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of August 9, 2022, the Company has granted
and has 7,859,147 options outstanding, including an aggregate of 4,418,876 outstanding stock option awards held by the named executive
officers of the Company, as well as 118,000 shares of restricted common stock issued under the 2018 Plan to certain consultants and employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Transfer Agent and Registrar</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The transfer agent and registrar for our Common
Stock is VStock Transfer, LLC. Its telephone number is 212-828-8436.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DESCRIPTION OF SECURITIES WE ARE OFFERING</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span>The following
description summarizes certain important terms of our capital stock, as they are expected to be in effect immediately prior to the closing
of this offering. </span>The following descriptions are summaries and are qualified by reference to our certificate of incorporation and
bylaws, each as will be amended and restated <span>immediately prior to the closing of this offering</span>,
themselves. By becoming a stockholder in our Company, you will be deemed to have notice of and consented to these provisions of our certificate
of incorporation and bylaws, each as amended and restated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On  __, 2022, we filed a certificate of
amendment to our amended and restated certificate of incorporation with the Secretary of State of the State of Delaware to effectuate
a one-for-___ (1:__) reverse stock split of our common stock without any change to its par value. Such amendment became effective on upon
such filing. No fractional shares were issued in connection with the reverse stock split as all fractional shares were rounded up to the
next whole share. Unless otherwise noted, all share and per share amounts of our common stock listed in this prospectus have been adjusted
to give effect to the reverse stock split.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Units</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each unit consists of one share of common stock,
$0.001 par value per share, and one warrant to purchase one share of our common stock, each as described further below. The common stock
and warrants will be immediately separable and will be issued separately.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Common Stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The material terms and provisions of our common
stock are described under the caption &#8220;Description of Capital Stock&#8221; in this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Warrants</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>The following summary of certain terms and
provisions of the Warrants that are being offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions
of the Warrants, the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part. Prospective
investors should carefully review the terms and provisions of the form of Warrant for a complete description of the terms and conditions
of the Warrants.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Duration and Exercise Price.</i>&#160;Each
Warrant offered hereby will have an initial exercise price per share equal to $ . The Warrants will be immediately exercisable and will
expire on the fifth anniversary of the original issuance date. The exercise price and number of shares of Common Stock issuable upon exercise
is subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our Common
Stock and the exercise price. The Warrants will be issued separately from the Common Stock and may be transferred separately immediately
thereafter. A Warrant to purchase one share of our Common Stock will be issued for every share of Common Stock purchased in this offering.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Exercisability</i>. The Warrants will be exercisable,
at the option of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full
for the number of shares of our Common Stock purchased upon such exercise (except in the case of a cashless exercise as discussed below).
A holder (together with its affiliates) may not exercise any portion of the Warrant to the extent that the holder would own more than
4.99% of the outstanding common stock immediately after exercise, except that upon at least 61 days&#8217; prior notice from the holder
to us, the holder may increase the amount of ownership of outstanding stock after exercising the holder&#8217;s Warrants up to 9.99% of
the number of shares of our common stock outstanding immediately after giving effect to the exercise, as such percentage ownership is
determined in accordance with the terms of the Warrants. No fractional shares of Common Stock will be issued in connection with the exercise
of a Warrant. In lieu of fractional shares, we will round down to the next whole share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Cashless Exercise</i>. If, at the time a holder
exercises its Warrants, a registration statement registering the issuance of the shares of common stock underlying the Warrants under
the Securities Act is not then effective or available and an exemption from registration under the Securities Act is not available for
the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to us upon such exercise in payment
of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either in whole or in part) the net number
of shares of Common Stock determined according to a formula set forth in the Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Transferability</i>. Subject to applicable
laws, a Warrant in book entry form may be transferred at the option of the holder through the facilities of the Depository Trust Company
and Warrants in physical form may be transferred upon surrender of the Warrant to the Warrant Agent together with the appropriate instruments
of transfer. Pursuant to a warrant agency agreement between us and the Warrant Agent, the Warrants initially will be issued in book-entry
form and will be represented by one or more global certificates deposited with The Depository Trust Company (&#8220;DTC&#8221;) and registered
in the name of Cede &amp; Co., a nominee of DTC, or as otherwise directed by DTC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Exchange Listing</i>. We intend to apply to
list the Warrants on the Nasdaq Capital Market under the symbol &#8220;BRSFW. &#8221; Upon listing, there can be no assurance that an
active public trading market for the Warrants will develop.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Right as a Stockholder</i>. Except as otherwise
provided in the Warrants or by virtue of such holder&#8217;s ownership of shares of our common stock, the holders of the Warrants do not
have the rights or privileges of holders of our Common Stock, including any voting rights, until they exercise their Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Fundamental Transaction.</i>&#160;In the event
of any fundamental transaction, as described in the warrants and generally including any merger with or into another entity, sale of all
or substantially all of our assets, tender offer or exchange offer, or reclassification of our shares of common stock, then upon any subsequent
exercise of a warrant, the holder will have the right to receive as alternative consideration, for each share of common stock that would
have been issuable upon such exercise immediately prior to the occurrence of such fundamental transaction, the number of shares of common
stock of the successor or acquiring corporation of our company, if it is the surviving corporation, and any additional consideration receivable
upon or as a result of such transaction by a holder of the number of shares of common stock for which the warrant is exercisable immediately
prior to such event. Notwithstanding the foregoing, in the event of a fundamental transaction, the holders of the warrants have the right
to require us or a successor entity to redeem the warrants for cash in the amount of the Black Scholes Value (as defined in each warrant)
of the unexercised portion of the warrants concurrently with or within 30 days following the consummation of a fundamental transaction.
However, in the event of a fundamental transaction which is not in our control, including a fundamental transaction not approved by our
board of directors, the holders of the warrants will only be entitled to receive from us or our successor entity, as of the date of consummation
of such fundamental transaction the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the
unexercised portion of the warrant, that is being offered and paid to the holders of our common stock in connection with the fundamental
transaction, whether that consideration is in the form of cash, stock or any combination of cash and stock, or whether the holders of
our common stock are given the choice to receive alternative forms of consideration in connection with the fundamental transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_019"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNDERWRITING</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Joseph Gunnar &amp; Co. LLC (&#8220;Joseph Gunnar&#8221;)
is acting as representative of the underwriters (the &#8220;Representative&#8221;). Subject to the terms and conditions of an underwriting
agreement between us and the Representative, we have agreed to sell to the underwriter named below, and the underwriter named below has
agreed to purchase, at the public offering price less the underwriting discounts set forth on the cover page of this prospectus, the number
of Units listed next to its name in the following table:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Name of Underwriter</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left; padding-bottom: 1.5pt; text-indent: -0.25in; padding-left: 0.25in">Joseph Gunnar &amp; Co. LLC</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriter is committed to purchase all the
Units offered by us other than those covered by the Underwriters&#8217; Over-Allotment Option described below, if any, are purchased. The underwriter
is offering the Units, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by
its counsel, and other conditions contained in the underwriting agreement, such as the receipt by the underwriter of officer&#8217;s certificates
and legal opinions. The underwriter reserves the right to withdraw, cancel or modify offers to the public and to reject orders in whole
or in part.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Discounts and Commissions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The underwriter proposes initially to offer the
Units to the public at the public offering price set forth on the cover page of this prospectus and to dealers at those prices less a
concession not in excess of $[&#9679;] per Unit. If all of the Units offered by us are not sold at the public offering price, the underwriter
may change the offering price and other selling terms by means of a supplement to this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table shows the public offering
price, underwriting discounts and commissions and proceeds before expenses to us. The information assumes either no exercise or full exercise
of the Underwriters&#8217; Over-Allotment Option we granted to the Representative.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Per Unit</b></span></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Total With Full Over-Allotment Option</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%">Public offering price</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Underwriting discount</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#160;</td><td style="text-align: left"></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Non-accountable expense allowance</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Proceeds, before expenses, to us</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"></td><td style="text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have agreed to pay a non-accountable expense
allowance to the Representative equal to 1% of the gross proceeds received at the closing of the offering (excluding any proceeds received
upon any subsequent exercise of the Underwriters&#8217; Over-Allotment Option).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have also agreed to pay the Representative&#8217;s
expenses relating to the offering, including (a) all filing fees and communication expenses relating to the registration of the shares
to be sold in this offering (including any Underwriters&#8217; Over-Allotment Option) with the SEC; (b) all filing fees and expenses associated
with the review of this offering by FINRA; (c) all fees and expenses relating to the listing of such shares on The Nasdaq Capital Market,
The Nasdaq Global Market, The Nasdaq Global Select Market, the NYSE or the NYSE American and on such other stock exchanges as the Company
and Joseph Gunnar together determine, including any fees charged by The Depository Trust Company (DTC) for new securities; (d) all fees,
expenses and disbursements relating to background checks of the Company&#8217;s officers, directors and entities in an amount not to exceed
$15,000 in the aggregate; (e) all fees, expenses and disbursements relating to the registration or qualification of such shares under
the &#8220;blue sky&#8221; securities laws of such states and other jurisdictions as Joseph Gunnar may reasonably designate (including,
without limitation, all filing and registration fees, and the reasonable fees and disbursements of &#8220;blue sky&#8221; counsel, it
being agreed that such fees and expenses will be limited to a payment of $5,000 to such counsel upon the commencement of &#8220;blue sky&#8221;
work by such counsel and an additional $5,000 at the closing; (f) all fees, expenses and disbursements relating to the registration, qualification
or exemption of such shares under the securities laws of such foreign jurisdictions as Joseph Gunnar may reasonably designate; (g) the
costs of all mailing and printing of the underwriting documents (including, without limitation, the Underwriting Agreement, any Blue Sky
Surveys and, if appropriate, any Agreement Among Underwriters, Selected Dealers&#8217; Agreement, Underwriters&#8217; Questionnaire and
Power of Attorney), Registration Statements, Prospectuses and all amendments, supplements and exhibits thereto and as many preliminary
and final Prospectuses as Joseph Gunnar may reasonably deem necessary; (h) the costs and expenses of engaging a public relations firm;
(i) the costs of preparing, printing and delivering certificates representing the Common Stock; (j) fees and expenses of the transfer
agent for the Common Stock and warrants; (k) stock transfer and/or stamp taxes, if any, payable upon the transfer of securities from the
Company to Joseph Gunnar; (l) the costs associated with post-closing advertising the Offering in the national editions of the Wall Street
Journal and New York Times; (m) the costs associated with bound volumes of the public Offering materials as well as commemorative mementos
and lucite tombstones, each of which the Company or its designee will provide within a reasonable time after the closing in such quantities
as Joseph Gunnar may reasonably request; (n) the fees and expenses of the Company&#8217;s accountants; (o) the fees and expenses of the
Company&#8217;s legal counsel and other agents and representatives; (p) the fees and expenses of the Representative&#8217;s legal counsel
not to exceed $150,000 if the Offering closes or $25,000 if the Offering does not close; (q) the $19,950 cost associated with the use
of Ipreo&#8217;s book building, prospectus tracking and compliance software for this offering; and (r) up to $25,000 of Joseph Gunnar&#8217;s
actual accountable &#8220;road show&#8221; expenses for this offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has previously paid the Representative
the sum of $25,000 which shall be applied towards the foregoing expenses, which will be returned to us to the extent that offering expenses
are not actually incurred in compliance with FINRA Rule 5110(f)(2)(C).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We estimate that the total expenses of the offering
payable by us, excluding the total underwriting discount and non-accountable expense allowance, will be approximately $[&#9679;].</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Underwriters&#8217; Over-Allotment Option </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have granted the underwriter an over-allotment
option. This option, which is exercisable for up to 45 days after the date of the closing of this offering, permits the underwriter to
purchase up to ________ additional shares of our Common Stock and/or Warrants to purchase up to _________ shares of our Common Stock from
us, to cover over-allotments (equal to 15% of the total number of shares of Common Stock sold in this offering). If the underwriter exercises
all or part of this option, it will purchase shares and/or Warrants included in the Units covered by the option at the public offering
price per share or Warrant that appears on the cover page of this prospectus, less the underwriting discount. If this option is exercised
in full, the total price to the public will be $[&#9679;] and the total net proceeds, less the underwriting discount but before expenses,
to us will be $[&#9679;].</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Representative&#8217;s Warrants</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have agreed to issue to the Representative
(or its permitted assignees) warrants (&#8220;Representative Warrants&#8221;) to purchase up to a total of _______ shares of Common Stock
(5% of the shares of Common Stock included in the Units and 5% of the shares of Common Stock underlying the Warrants included in the Units,
excluding the Underwriters&#8217; Over-Allotment Option, if any).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are registering hereby the issuance of the
Representative&#8217;s Warrants and the shares of Common Stock issuable upon exercise of such warrants. The Representative Warrants will
be exercisable at any time, and from time to time, in whole or in part, during the four and one half year period commencing 180 days from
the effective date of the registration statement of which this prospectus is a part, which period is in compliance with FINRA Rule 5110(e)(1).
The Representative Warrants are exercisable for cash or on a cashless basis at a per share price equal to $[&#9679;] per share, or 110%
of the public offering price per Unit in the offering. The Representative Warrants have been deemed compensation by FINRA and are therefore
subject to a 180-day lock-up pursuant to Rule 5110(e)(1) of FINRA. The Representative (or permitted assignees) will not sell, transfer,
assign, pledge, or hypothecate these warrants or the securities underlying these warrants, nor will they engage in any hedging, short
sale, derivative, put, or call transaction that would result in the effective economic disposition of the warrants or the underlying securities
for a period of 180 days from the effective date of the registration statement of which this prospectus is a part. In addition, the Representative
Warrants provide for certain demand and piggyback registration rights. The warrants provide for one demand registration right in accordance
with Rule 5110(g)(8)(b) and unlimited piggyback registration rights. The demand registration rights and piggyback registration rights
provided will terminate 5 years from the effective date of the registration statement of which this prospectus is a part in compliance
with FINRA Rule 5110(g)(8(c), (d) and (e), respectively. We will bear all fees and expenses attendant to registering the securities issuable
on exercise of the Representative Warrants other than underwriting commissions incurred and payable by the holders. The exercise price
and number of shares issuable upon exercise of the Representative Warrants may be adjusted in certain circumstances including in the event
of a stock dividend, extraordinary cash dividend or our recapitalization, reorganization, merger or consolidation. However, the warrant
exercise price or underlying shares will not be adjusted for issuances of shares of Common Stock at a price below the warrant exercise
price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Placement Agent Warrants issued in Connection
with Company&#8217;s June 2022 Debenture Private Placement</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the Company&#8217;s June 2022
private placement (the &#8220;June 2022 Debenture Private Placement&#8221;) of $5,659,500 principal amount of convertible debentures and
warrants, Joseph Gunnar entered into a placement agency agreement, dated May 9, 2022 (the &#8220;May 2022 Agreement&#8221;). In addition
to cash compensation received, pursuant to the terms the May 2022 Agreement, the Placement Agent is entitled to receive warrants to purchase
2,015,626 shares of Common Stock, at an exercise price equal to the lower of (i) $0.25 per share or (ii) 75% of the 10 day VWAP of the
Company&#8217;s Common Stock (the &#8220;Discounted VWAP&#8221;) immediately preceding the date of the initial closing of the June 2022
Debenture Private Placement (the &#8220;June 2022 Placement Agent Warrants&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The June 2022 Placement Agent Warrants will be
exercisable for cash or on a cashless basis at a per share exercise price equal to $0.22, which price reflects the Discounted VWAP. The
June 2022 Placement Agent Warrants have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule
5110(e)(1) of FINRA. The Representative (or permitted assignees under Rule 5110(e)(2)(B)(i)) will not sell, transfer, assign, pledge,
or hypothecate these warrants or the securities underlying these warrants, nor will they engage in any hedging, short sale, derivative,
put, or call transaction that would result in the effective economic disposition of the warrants or the underlying securities for a period
of 180 days from the effective date of the registration statement of which this prospectus is a part. The June 2022 Placement Agent Warrants
shall expire on June 13, 2027. The exercise price and the number of shares of our Common Stock issuable upon exercise of the June 2022
Placement Agent Warrants may be proportionately adjusted in the event of a stock split, stock dividend, recapitalization, reorganization,
or similar event involving us in compliance with FINRA Rule 5110(g)(8)(e).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Discretionary Accounts</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The underwriter does not intend to confirm sales
of the securities offered hereby to any accounts over which they have discretionary authority.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Lock-Up Agreements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to &#8220;lock-up&#8221; agreements,
we, our executive officers and directors, and certain of our stockholders, have agreed, without the prior written consent of the Representative
not to offer, pledge, sell, contract to sell, grant, lend or otherwise transfer or dispose of any of shares of Common Stock or any securities
convertible into or exercisable or exchangeable for Common Stock (the &#8220;Lock-Up Securities&#8221;), enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, make
any demand for or exercise any right with respect to the registration of any Lock-Up Securities or publicly disclose the intention to
do any of the foregoing, subject to customary exceptions, for a period of 180 days from the closing of this offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the above and in connection with
their purchase of Debentures, holders have agreed to certain market stand-off provisions pursuant to which they have agreed not to sell
or otherwise transfer Common Stock of the Company or securities convertible or exercisable into Common Stock of the Company, without the
consent of the underwriter, for a period of 90 days following the date of the closing of this offering. The lock-up letters from Debentures
holders contains provisions with respect to earlier release based on thresholds on the price of the Company&#8217;s common stock and trading
volume.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Right of First Refusal and Certain Post Offering Investments</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the closing of this offering and certain
conditions set forth in the underwriting agreement, for a period of twelve (12) months after the closing of the offering, Joseph Gunnar
shall have an irrevocable right of first refusal to act as sole investment banker, sole book-runner and/or sole placement agent for any
and all future public or private equity and debt offerings and business combination, including all equity linked financings, during such
twelve (12) month period for us, or any of our successors or subsidiaries, on terms customary to Joseph Gunnar. Joseph Gunnar in conjunction
with us, shall have the sole right to determine whether or not any other broker-dealer shall have the right to participate in any such
offering and the economic terms of any such participation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, subject to certain exceptions set
forth in the underwriting agreement, if the Company terminates the underwriting agreement and subsequently completes any public or private
financing, at any time during the twelve (12) months after terminating the underwriting agreement, with any investors contacted by Joseph
Gunnar, then Joseph Gunnar shall be entitled to receive the compensation set forth above unless the Company has a pre-existing and documented
business relationship with the respective investor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Indemnification</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have agreed to indemnify the underwriter against
certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriter may be required
to make for these liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Stabilization</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with this offering, the underwriter
may engage in stabilizing transactions, over-allotment transactions, syndicate-covering transactions, penalty bids and purchases to cover
positions created by short sales.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
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</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These stabilizing transactions, syndicate covering
transactions and penalty bids may have the effect of raising or maintaining the market price of our securities or preventing or retarding
a decline in the market price of our securities. As a result, the price of our securities in the open market may be higher than it would
otherwise be in the absence of these transactions. Neither we nor the underwriter make any representation or prediction as to the effect
that the transactions described above may have on the price of our securities. These transactions may be effected on The Nasdaq Capital
Market, in the over-the-counter market or otherwise and, if commenced, may be discontinued at any time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Passive Market Making</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with this offering, the underwriter
and selling group members may also engage in passive market making transactions in the Units. Passive market making consists of displaying
bids limited by the prices of independent market makers and effecting purchases limited by those prices in response to order flow. Rule
103 of Regulation M promulgated by the SEC limits the amount of net purchases that each passive market maker may make and the displayed
size of each bid. Passive market making may stabilize the market price of the Units at a level above that which might otherwise prevail
in the open market and, if commenced, may be discontinued at any time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Electronic Offer, Sale and Distribution of Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A prospectus in electronic format may be made
available on the websites maintained by the underwriter or selling group members, if any, participating in the offering. The underwriter
may agree to allocate a number of Units to the underwriter and selling group members for sale to their online brokerage account holders.
Internet distributions will be allocated by the Representative to the underwriter and selling group members that may make internet distributions
on the same basis as other allocations. Other than the prospectus in electronic format, the information on the underwriter&#8217;s websites
and any information contained in any other website maintained by the underwriter is not part of this prospectus or the registration statement
of which this prospectus forms a part.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Other Relationships</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, the underwriter and its affiliates
have provided, and may provide in the future, various advisory, investment and commercial banking and other services to us in the ordinary
course of business, for which they have received and may continue to receive customary fees and commissions. However, except as disclosed
in this prospectus, we have no present arrangements with the underwriter for any further services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Affiliations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The underwriter and its respective affiliates are full service financial
institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory,
investment management, investment research, principal investment, hedging, financing and brokerage activities. The underwriter and its
affiliates may from time to time in the future engage with us and perform services for us or in the ordinary course of their business
for which they will receive customary fees and expenses. In the ordinary course of their various business activities, the underwriter
and its respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related
derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers,
and such investment and securities activities may involve securities and/or instruments of us. The underwrites and its respective affiliates
may also make investment recommendations and/or publish or express independent research views in respect of these securities or instruments
and may at any time hold, or recommend to clients that they acquire, long and/or short positions in these securities and instruments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Market Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The public offering price will be determined by
discussions between us and the Representative. In addition to prevailing market conditions, the factors to be considered in these discussions
will include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An active trading market for the shares may not
develop. It is also possible that after the offering the shares will not trade in the public market at or above the public offering price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Selling Restrictions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Canada</i></b>. The
Units may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as
defined in National Instrument 45-106&#160;<i>Prospectus Exemptions</i>&#160;or subsection 73.3(1) of the Securities Act (Ontario), and
are permitted clients, as defined in National Instrument 31 103&#160;<i>Registration Requirements, Exemptions and Ongoing Registrant Obligations</i>.
Any resale of the Units must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements
of applicable securities laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Securities legislation in
certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement
(including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by
the purchaser within the time limit prescribed by the securities legislation of the purchaser&#8217;s province or territory. The purchaser
should refer to any applicable provisions of the securities legislation of the purchaser&#8217;s province or territory for particulars
of these rights or consult with a legal advisor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to section 3A.3
of National Instrument 33 105&#160;<i>Underwriting Conflicts</i>&#160;(NI 33 105), the underwriter are not required to comply with the
disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>European
Economic Area.&#160;</i></b>In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive
(each, a &#8220;Relevant Member State&#8221;) an offer to the public of any securities may not be made in that Relevant Member State,
except that an offer to the public in that Relevant Member State of any securities may be made at any time under the following exemptions
under the Prospectus Directive, if they have been implemented in that Relevant Member State:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
    <td style="width: 0.5in; text-align: justify">&#160;</td>
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    <td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">to any legal entity which is a qualified investor as defined in the Prospectus Directive;</span></td></tr>
  <tr>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify; text-indent: 22.5pt">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr>
    <td style="text-align: justify">&#160;</td>
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    <td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the representatives for any such offer; or</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Page; Sequence: 107; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></p></div><div>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-size: 10pt">in any other circumstances falling
within Article 3(2) of the Prospectus Directive, provided that no such offer of securities shall result in a requirement for the publication
by us or any underwriters of a prospectus pursuant to Article 3 of the Prospectus Directive.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes of this
provision, the expression an &#8220;offer to the public&#8221; in relation to any securities in any Relevant Member State means the communication
in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor
to decide to purchase any securities, as the same may be varied in that Member State by any measure implementing the Prospectus Directive
in that Member State, the expression &#8220;Prospectus Directive&#8221; means Directive 2003/71/EC (and amendments thereto, including
the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure
in the Relevant Member State, and the expression &#8220;2010 PD Amending Directive&#8221; means Directive 2010/73/EU.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>United Kingdom.</i></b>&#160;The
underwriter has represented and agreed that:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr>
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  <tr>
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    <td style="text-indent: 22.5pt">&#160;</td>
    <td>&#160;</td></tr>
  <tr>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Switzerland.</i></b>&#160;The
Units may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (the&#160;<i>SIX</i>) or on any other
stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards
for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses
under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland.
Neither this document nor any other offering or marketing material relating to the securities or the offering may be publicly distributed
or otherwise made publicly available in Switzerland.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither this document nor
any other offering or marketing material relating to the offering, or the securities have been or will be filed with or approved by any
Swiss regulatory authority. In particular, this document will not be filed with, and the offer of securities will not be supervised by,
the Swiss Financial Market Supervisory Authority FINMA, and the offer of securities has not been and will not be authorized under the
Swiss Federal Act on Collective Investment Schemes (<i>CISA</i>). Accordingly, no public distribution, offering or advertising, as defined
in CISA, its implementing ordinances and notices, and no distribution to any non-qualified investor, as defined in CISA, its implementing
ordinances and notices, shall be undertaken in or from Switzerland, and the investor protection afforded to acquirers of interests in
collective investment schemes under CISA does not extend to acquirers of securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Australia.</i></b>&#160;No
placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities
and Investments Commission (<i>ASIC</i>), in relation to the offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus does not
constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (the&#160;<i>Corporations
Act</i>) and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document
under the Corporations Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any offer in Australia of
the Units may only be made to persons (the&#160;<i>Exempt Investors</i>) who are &#8220;sophisticated investors&#8221; (within the meaning
of section 708(8) of the Corporations Act), &#8220;professional investors&#8221; (within the meaning of section 708(11) of the Corporations
Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the
securities without disclosure to investors under Chapter 6D of the Corporations Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The securities applied for
by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under
the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant
to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies
with Chapter 6D of the Corporations Act. Any person acquiring securities must observe such Australian on-sale restrictions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus contains
general information only and does not take account of the investment objectives, financial situation or particular needs of any particular
person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors
need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if necessary,
seek expert advice on those matters.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Notice to Prospective
Investors in the Cayman Islands.</i></b>&#160;No invitation, whether directly or indirectly, may be made to the public in the Cayman Islands
to subscribe for our securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Taiwan</i></b>. The
securities have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities
laws and regulations and may not be sold, issued or offered within Taiwan through a public offering or in circumstances which constitutes
an offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or approval of the Financial Supervisory
Commission of Taiwan. No person or entity in Taiwan has been authorized to offer, sell, give advice regarding or otherwise intermediate
the offering and sale of the securities in Taiwan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Notice to Prospective
Investors in Hong Kong</i></b>. The contents of this prospectus have not been reviewed by any regulatory authority in Hong Kong. You are
advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this prospectus, you should
obtain independent professional advice. Please note that (i) our securities may not be offered or sold in Hong Kong, by means of this
prospectus or any document other than to &#8220;professional investors&#8221; within the meaning of Part I of Schedule 1 of the Securities
and Futures Ordinance (Cap.571, Laws of Hong Kong) (SFO) and any rules made thereunder, or in other circumstances which do not result
in the document being a &#8220;prospectus&#8221; within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong) (CO) or which
do not constitute an offer or invitation to the public for the purpose of the CO or the SFO, and (ii) no advertisement, invitation or
document relating to our securities may be issued or may be in the possession of any person for the purpose of issue (in each case whether
in Hong Kong or elsewhere) which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong
(except if permitted to do so under the securities laws of Hong Kong) other than with respect to the securities which are or are intended
to be disposed of only to persons outside Hong Kong or only to &#8220;professional investors&#8221; within the meaning of the SFO and
any rules made thereunder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160; &#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Notice to Prospective
Investors in the People&#8217;s Republic of China</i></b>. This prospectus may not be circulated or distributed in the PRC and the shares
may not be offered or sold, and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident
of the PRC except pursuant to applicable laws, rules and regulations of the PRC. For the purpose of this paragraph only, the PRC does
not include Taiwan and the special administrative regions of Hong Kong and Macau.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>LEGAL MATTERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of the shares of Common Stock and
Warrants offered by this prospectus has been passed upon for us by Lucosky Bookman LLP, Woodbridge, New Jersey. &#160;Littman Krooks LLP
is acting as counsel for the underwriters in connection with this offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_021"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXPERTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated balance sheets of Brain Scientific
Inc. as of December 31, 2021 and December 31, 2020, and the related consolidated statements of operations, changes in stockholders&#8217;
equity (deficit) and cash flows for the years then ended have been audited by Accell Audit &amp; Compliance, PA, an independent registered
public accounting firm, as stated in their report which is incorporated herein. Such consolidated financial statements have been incorporated
herein in reliance on the report of such firm given upon their authority as experts in accounting and auditing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_022"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WHERE YOU CAN FIND MORE INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with the SEC a registration statement
on Form S-1, including exhibits and schedules, under the Securities Act that registers the securities to be sold in this offering. This
prospectus does not contain all of the information contained in the registration statement and the exhibits and schedules filed as part
of the registration statement. For further information with respect to us and our Common Stock, we refer you to the registration statement
and the exhibits and schedules filed as part of the registration statement. Statements contained in this prospectus as to the contents
of any contract or any other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration
statement, we refer you to the copies of the contract or document that has been filed. Each statement in this prospectus relating to a
contract or document filed as an exhibit is qualified in all respects by the filed exhibit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may read and copy all materials that we file
with the SEC, including the registration statement and its exhibits and schedules, on the website maintained by the SEC at www.sec.gov.
Information contained on any website referenced in this prospectus does not and will not constitute a part of this prospectus or the registration
statement on Form S-1 of which this prospectus is a part.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, upon the closing of this offering,
we will be subject to the information reporting requirements of the Exchange Act and we will file periodic reports, proxy statements
and other information with the SEC. These periodic reports, proxy statements and other information will be available for inspection and
copying at the public reference room and the website of the SEC referred to above. We also maintain a website at www.brainscientific.com,
at which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or
furnished to, the SEC. The information contained in, or that can be accessed through, our website is not a part of, and is not incorporated
into, this prospectus. Additionally, you may request a copy of any of our filings with the SEC at no cost, by writing us at 6700 Professional
Parkway, Lakewood Ranch, FL 34240, Attn.: CFO. Our telephone number is (917) 388-1578.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should rely only on the information contained
in this prospectus or to which we have referred you. Neither we, the selling stockholders nor the Underwriters have authorized any person
to provide you with different information or to make any representation not contained in this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 110; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_023"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INDEX TO FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
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  <tr>
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    <td>&#160;</td>
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  <tr>
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    <td>&#160;</td>
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  <tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4&#160;</span></td></tr>
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    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5&#160;</span></td></tr>
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    <td style="vertical-align: top; padding-left: 0.25in; text-indent: -0.25in"><a href="#f_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Unaudited Condensed Consolidated Financial Statements</span></a></td>
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    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6&#160;</span></td></tr>
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  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Years ended December 31, 2021 and December 31, 2020</b></span></td>
    <td>&#160;</td>
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  <tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;<b>&#160;</b></p><div>


</div><!-- Field: Page; Sequence: 111; Options: NewSection; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt"><b>Brain
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Intangible assets, net</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in">Goodwill</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Operating lease right-of-use asset - LT</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLongTermInvestments" scale="0" unitRef="usd">95,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd">13,375,216</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-decoration: underline; padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: center">LIABILITIES AND STOCKHOLDERS&#8217; DEFICIT</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts payable and accrued expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent" scale="0" unitRef="usd">2,761,878</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accounts payable and accrued expenses - related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" scale="0" unitRef="usd">75,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" scale="0" unitRef="usd">75,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accrued Interest</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestPayableCurrent" scale="0" unitRef="usd">543,222</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestPayableCurrent" scale="0" unitRef="usd">356,998</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConvertibleDebtCurrent" scale="0" unitRef="usd">337,000</ix:nonFraction></p></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Notes payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesPayable" scale="0" unitRef="usd">300,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesPayable" scale="0" unitRef="usd">320,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Loans payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LoansPayableCurrent" scale="0" unitRef="usd">6,667</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LoansPayableCurrent" scale="0" unitRef="usd">6,667</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Notes payable - related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrent" scale="0" unitRef="usd">155,947</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrent" scale="0" unitRef="usd">155,989</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt">Operating lease liability, current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd">75,814</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd">104,591</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">TOTAL CURRENT LIABILITIES:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">4,255,528</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">4,343,509</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Convertible notes payable, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="brsf:ConvertibleNotesPayableNet" scale="0" unitRef="usd">10,802,005</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="brsf:ConvertibleNotesPayableNet" scale="0" unitRef="usd">9,635,551</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt">Operating lease liability, net of current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd">71,099</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd">91,089</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">TOTAL LIABILITIES</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial
statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 112; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Brain Scientific
Inc. and Subsidiaries</b></span></p><div>

</div><div><a id="f_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>(Unaudited)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Three Months Ended<br/>
 March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of these consolidated financial
statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 113; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 10pt"><b>Brain
Scientific Inc. and Subsidiaries</b></span></p><div>

</div><div><a id="f_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF STOCKHOLDERS&#8217; DEFICIT</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part of these consolidated financial
statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 114; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Brain Scientific
Inc. and Subsidiaries</b></span></p><div>

</div><div><a id="f_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CASH FLOWS </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>(Unaudited)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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 March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-align: left">Amortization of debt discount and non-cash interest expense</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left">Gain on forgiveness of paycheck protection loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainsLossesOnRestructuringOfDebt" scale="0" unitRef="usd">112,338</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-align: left">Gain on settlement of lease</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="brsf:LossOnDebtExtinguishment" scale="0" unitRef="usd">1,660</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-123">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left">Fair value of stock options vested</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="brsf:FairValueOfStockOptionsVested" scale="0" unitRef="usd">298,301</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-decoration: underline; padding-left: 0.125in; text-align: left">Changes in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left">Accounts receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="0" unitRef="usd">3,157</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in">Inventory</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInInventories" scale="0" unitRef="usd">9,762</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInInventories" scale="0" unitRef="usd">4,912</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left">Officer advances</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInCustomerAdvancesAndDeposits" scale="0" unitRef="usd">16,941</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInCustomerAdvancesAndDeposits" scale="0" sign="-" unitRef="usd">6,075</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-align: left">Prepaid expenses and other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" scale="0" sign="-" unitRef="usd">45,947</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" scale="0" unitRef="usd">7,378</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left">Other long-term assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherCurrentAssets" scale="0" sign="-" unitRef="usd">5,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-align: left">Accounts payable and accrued expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" scale="0" sign="-" unitRef="usd">158,147</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities" scale="0" unitRef="usd">47,205</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left">Accrued interest</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilities" scale="0" unitRef="usd">255,465</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilities" scale="0" unitRef="usd">58,786</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt">Operating lease liabilities, net</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" unitRef="usd">215</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" unitRef="usd">421</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">NET CASH USED IN OPERATING ACTIVITIES</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd">1,493,658</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd">672,962</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; padding-left: 0.125in; text-align: left">Purchase of property and equipment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="usd">6,508</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="usd">20,122</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">NET CASH USED IN INVESTING ACTIVITIES</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">6,508</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">20,122</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Proceeds from convertible notes payable</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromConvertibleDebt" scale="0" unitRef="usd">1,150,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromConvertibleDebt" scale="0" unitRef="usd">1,319,982</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Repayment of promissory note and interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfNotesPayable" scale="0" unitRef="usd">89,241</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">NET CASH PROVIDED BY FINANCING ACTIVITIES</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" unitRef="usd">1,060,759</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" unitRef="usd">1,319,982</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Effect of exchange rate changes on cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="usd">409</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">NET CHANGE IN CASH</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" sign="-" unitRef="usd">438,998</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" unitRef="usd">626,898</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">CASH AT BEGINNING OF THE PERIOD</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="usd">785,363</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="usd">68,943</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">CASH AT END OF THE PERIOD</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="usd">346,365</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c45" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="usd">695,841</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-decoration: underline; font-weight: bold; text-align: left">Supplemental Disclosure of Cash Flow Information</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of these unaudited
condensed consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BRAIN SCIENTIFIC INC. AND SUBSIDIARIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>March 31, 2022</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(unaudited)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_NatureOfOperations-c0_cont_1" escape="true" name="us-gaap:NatureOfOperations"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1 &#8211; ORGANIZATION AND NATURE OF OPERATIONS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_NatureOfOperations-c0_cont_2" id="_NatureOfOperations-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brain Scientific Inc. (the &#8220;Company&#8221;),
was incorporated under the laws of the state of Nevada on November 18, 2013 under the name All Soft Gels Inc. On October 1, 2021, the
Company acquired Piezo Motion Corp (&#8220;Piezo&#8221;), a privately held Delaware corporation formed in January 2020. Upon completion
of the acquisition, Piezo is treated as the surviving entity and accounting acquirer although the Company was the legal acquirer. Accordingly,
the Company&#8217;s historical financial statements are those of Piezo.. The Company has two lines of operations The MemoryMD subsidiary
group is involved in cloud computing, data analytics and medical device technology in the NeuroTech and brain monitoring industries seeking
to commercialize its EEG devices and caps. The Piezo subsidiary group is focused on the ultrasonic standing wave-type piezo motor technology
for rotary and linear motion and has experience in the research and development, as well as the manufacturing, of piezo motors for high-tech
industries across the globe. The Company is headquartered in Sarasota, Florida.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_NatureOfOperations-c0_cont_3" id="_NatureOfOperations-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Reverse&#160;Merger&#160;and&#160;Corporate&#160;Restructure</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_NatureOfOperations-c0_cont_4" id="_NatureOfOperations-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 11, 2021, the Company entered into a merger
agreement (the &#8220;Merger Agreement&#8221;) with Piezo and BRSF Acquisition Inc. to acquire Piezo (the &#8220;Acquisition&#8221;).
The transactions contemplated by the Merger Agreement were consummated on October 1, 2021 and, pursuant to the terms of the Merger Agreement,
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</div><div>

</div><ix:continuation continuedAt="_NatureOfOperations-c0_cont_5" id="_NatureOfOperations-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Merger was effected pursuant to the Merger
Agreement. The Merger is being accounted for as a reverse merger whereby Piezo is the acquirer for accounting purposes.&#160;Piezo is
considered the acquiring company for accounting purposes as upon completion of the Merger, Piezo&#8217;s former stockholders held a majority
of the voting interest of the combined company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_NatureOfOperations-c0_cont_6" id="_NatureOfOperations-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Merger, the Company issued shares
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</div><div>

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share amounts have been retroactively restated to reflect the reverse recapitalization as if the transaction had taken place as of the
beginning of the earliest period presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_NatureOfOperations-c0_cont_8" id="_NatureOfOperations-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Acquisition Accounting&#160;</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

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</div><div>

</div><ix:continuation id="_NatureOfOperations-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has prepared the accompanying condensed
consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the &#8220;SEC&#8221;)
for interim financial reporting. These consolidated financial statements are unaudited and, in the Company&#8217;s opinion, include all
adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of its balance sheets, operating
results, and cash flows for the periods presented. Operating results for the periods presented are not necessarily indicative of the results
that may be expected for&#160;2021. Certain information and footnote disclosures normally included in consolidated financial statements
prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) have been omitted in accordance
with the rules and regulations of the SEC. These consolidated financial statements should be read in conjunction with the audited financial
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during
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</div><div>

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Europe, where all of our operations reside, as well as our employees, suppliers and customers. While the disruption is currently expected
to be temporary, there is considerable uncertainty around the duration of the closings and shelter-in-place orders and the ultimate impact
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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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are charged to expense in the period in which they are incurred, and betterments are capitalized. The cost of assets sold or abandoned
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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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identify certain triggering events or circumstances that would more likely than not reduce the fair value of a reporting unit below its
carrying amount. Events or circumstances that might indicate an interim evaluation is warranted include, among other things, unexpected
adverse business conditions, macro and reporting unit specific economic factors (for example, interest rate and foreign exchange rate
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at a fixed price which may be at a discount to the common stock at the time of conversion. For certain notes, the conversion features
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</div><div>

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</div><div>

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(4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation
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</div><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><div>

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as contract research, data collection, and monitoring, related to the research and development of the cloud infrastructure, data imaging,
and proprietary products and technology. Research and development costs recognized in the statement of operations for the three months
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</div><div>

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model to determine the weighted average fair value of options and warrants. Equity-based compensation expense is recorded in administrative
expenses based on the classification of the employee or vendor. The determination of fair value of stock-based payment awards on the date
of grant using an option-pricing model is affected by our stock price as well as by assumptions regarding a number of subjective variables.
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shares outstanding during the period. Potentially dilutive securities consist of the incremental common shares issuable upon exercise
of common stock equivalents such as stock options, warrants and convertible debt instruments. Potentially dilutive securities are excluded
from the computation if their effect is anti-dilutive. As a result, the basic and diluted per share amounts for all periods presented
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</div><div>

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Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. When determining fair value, management considers the principal or most advantageous
market in which the Company would transact, and also considers assumptions that market participants would use when pricing the asset or
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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

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</div><div>

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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 and tax credit carry forwards. Deferred 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 the deferred tax assets and liabilities of a change in tax rate is recognized in the period that includes the enactment
date. A valuation allowance is recorded if it is more-likely-than-not that some portion or all of the deferred tax assets will not be
realized in future periods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_49" id="_SignificantAccountingPoliciesTextBlock-c0_cont_48"><ix:continuation id="_IncomeTaxPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company follows the guidance in ASC Topic
740-10 in assessing uncertain tax positions. The standard applies to all tax positions and clarifies the recognition of tax benefits in
the financial statements by providing for a two-step approach of recognition and measurement. The first step involves assessing whether
the tax position is more-likely-than-not to be sustained upon examination based upon its technical merits. The second step involves measurement
of the amount to be recognized. Tax positions that meet the more-likely-than-not threshold are measured at the largest amount of tax benefit
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of an uncertain income tax position in the financial statements if it believes that the position is more likely than not to be sustained
by the relevant taxing authority. The Company will recognize interest and penalties related to tax positions in income tax expense. As
of March 31, 2022, and December 31, 2021, the Company had no unrecognized uncertain income tax positions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_50" id="_SignificantAccountingPoliciesTextBlock-c0_cont_49"><ix:nonNumeric contextRef="c0" continuedAt="_PriorPeriodReclassificationAdjustmentDescription-c0_cont_1" escape="true" name="us-gaap:PriorPeriodReclassificationAdjustmentDescription"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Reclassification</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

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</div><div>

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</div><div>

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are issued by the Financial Accounting Standard Board (&#8220;FASB&#8221;) or other standard setting bodies that the Company adopts as
of the specified effective date. Unless otherwise discussed, the Company does not believe that the impact of recently issued standards
that are not yet effective will have a material impact on the Company&#8217;s financial position or results of operations upon adoption.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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the issuance of these financial statements. For the three months ended March 31, 2022, the Company had $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RevenuesNetOfInterestExpense" scale="0" unitRef="usd">159,588</ix:nonFraction> in revenues, a net loss
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opinion that these conditions raise substantial doubt about the Company&#8217;s ability to continue as a going concern for a period of
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</div><div>

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that may result from the outcome of this uncertainty.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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program and, ultimately, the attainment of profitable operations are dependent upon future events, including obtaining adequate financing
to fulfill its development activities, acceptance of the Company&#8217;s patent applications and ultimately achieving a level of sales
adequate to support the Company&#8217;s cost structure. However, there can be no assurances that the Company will be able to secure additional
equity investments or achieve an adequate sales level.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_PrepaidExpensesAndOtherCurrentAssetsTextBlock-c0_cont_1" escape="true" name="brsf:PrepaidExpensesAndOtherCurrentAssetsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 5 &#8211; PREPAID EXPENSES AND OTHER CURRENT
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</div><div>

</div><ix:continuation continuedAt="_PrepaidExpensesAndOtherCurrentAssetsTextBlock-c0_cont_2" id="_PrepaidExpensesAndOtherCurrentAssetsTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_PrepaidExpensesAndOtherCurrentAssetsTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of March 31, 2022 and December 31, 2021, there was a total amount
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 6 &#8211; PROPERTY AND EQUIPMENT</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_2" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment, net consists of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_3" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 121; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 7 &#8211; INTANGIBLE ASSETS, NET</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c0_cont_2" id="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The components of the acquired intangible assets
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</div><ix:continuation continuedAt="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c0_cont_3" id="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</p></ix:continuation><div>

</div><ix:continuation continuedAt="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c0_cont_4" id="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation id="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c0_cont_4"><ix:continuation id="_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 8 &#8211; ACCOUNTS PAYABLE AND ACCRUED
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</div><div>

</div><ix:continuation continuedAt="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c0_cont_2" id="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts payable as of March 31, 2022 and December
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</div><div>

</div><ix:continuation id="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_AccountsPayableAndAccruedExpensesRelatedPartyTextBlock-c0_cont_1" escape="true" name="brsf:AccountsPayableAndAccruedExpensesRelatedPartyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 9 &#8211; ACCOUNTS PAYABLE AND ACCRUED
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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DebtDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 10 &#8211; CONVERTIBLE NOTES PAYABLE
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</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_2" id="_DebtDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Assumed convertible debt</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

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</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_4" id="_DebtDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">2019 Note</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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and unpaid interest under the Note shall be convertible into shares of the Company&#8217;s common stock at any time at the option of the
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</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_8" id="_DebtDisclosureTextBlock-c0_cont_7"><ix:continuation continuedAt="_ConvertibleNotesPayableDescription-c0_cont_2" id="_ConvertibleNotesPayableDescription-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Note contains a price-based anti-dilution
provision, pursuant to which the conversion price of the Note shall be reduced upon the occurrence of certain dilutive issuances of Company
securities as set forth in the Note. The conversion of the Note is also subject to a beneficial ownership limitation of 4.99% of the number
of shares of common stock outstanding immediately after giving effect to such conversion. In the event the Company, prior to the maturity
date of the Note, issues any Security (as defined in the Note) with any term more favorable to the holder of such Security or with a term
in favor of the holder of such Security that was not similarly provided to the Investor, then at the Investor&#8217;s option such term
shall become a part of the Note. The Company also agreed to provide piggy-back registration rights to the investor pursuant to which the
Company shall include all shares issuable upon conversion of the Note on the next registration statement the Company files with the Securities
and Exchange Commission.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_9" id="_DebtDisclosureTextBlock-c0_cont_8"><ix:continuation continuedAt="_ConvertibleNotesPayableDescription-c0_cont_3" id="_ConvertibleNotesPayableDescription-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Note contains events of default which, among
other things, entitle the Investor to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid interest on,
the Note. Upon the occurrence of any event of default, the outstanding balance shall immediately and automatically increase to 130% of
the outstanding balance immediately prior to the event of default, and the conversion price of the Note shall be redefined to equal 65%
of the lowest trade accruing during the 10 consecutive Trading Days (as defined in the Note) immediately preceding the applicable Conversion
Date (as defined in the Note). Nickolay Kukekov, a director of the Company, and a third party, each has personally guaranteed the repayment
of the Note.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_10" id="_DebtDisclosureTextBlock-c0_cont_9"><ix:continuation id="_ConvertibleNotesPayableDescription-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrant has an exercise price of $1.25 per
share (the &#8220;Exercise Price&#8221;), subject to adjustments as provided in the Warrant, and has a term of five years. The Warrant
contains a price-based anti-dilution provision, pursuant to which the exercise price of the Warrant shall be reduced upon the occurrence
of certain dilutive issuances of securities as set forth in the Warrant, with a corresponding increase in the number of shares underlying
the Warrant if the dilutive event occurs during the first three years of the Warrant, and a cashless exercise provision. The exercise
of the Warrant is subject to a beneficial ownership limitation of 9.99% of the number of shares of common stock outstanding immediately
after giving effect to such exercise.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_11" id="_DebtDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Convertible Grid Notes</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_12" id="_DebtDisclosureTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 21, 2020, the Company issued a Convertible
Grid Promissory Note (the &#8220;Caleca Note&#8221;) to Thomas J. Caleca (&#8220;Caleca&#8221;), an existing stockholder of the Company,
pursuant to which Caleca agreed to advance to the Company the aggregate principal amount of $<ix:nonFraction contextRef="c97" decimals="0" format="ixt:num-dot-decimal" name="brsf:ConvertibleNotePrinicipleAmount" scale="0" unitRef="usd">125,000</ix:nonFraction> (the &#8220;Caleca Aggregate Advance&#8221;).
The Company also issued to Caleca a common stock purchase warrant (the &#8220;Caleca Warrant&#8221;), granting Caleca the right to purchase
up to <ix:nonFraction contextRef="c98" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares">750,000</ix:nonFraction> shares of the Company&#8217;s common stock at a per share exercise price of $<ix:nonFraction contextRef="c98" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentConvertibleConversionPrice1" scale="0" unitRef="usdPershares">0.80</ix:nonFraction> (subject to adjustment as set forth in
the Caleca Warrant).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_13" id="_DebtDisclosureTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Also on April 21, 2020, the Company issued a Convertible
Grid Promissory Note (the &#8220;Brown Note&#8221;, and together with the Caleca Note, the &#8220;Grid Notes&#8221;) to Andrew Brown (&#8220;Brown&#8221;,
and together with Caleca, the &#8220;Grid Investors&#8221;), an existing stockholder of the Company, pursuant to which Brown agreed to
advance to the Company the aggregate principal amount of $<ix:nonFraction contextRef="c99" decimals="0" format="ixt:num-dot-decimal" name="brsf:ConvertibleNotePrinicipleAmount" scale="0" unitRef="usd">125,000</ix:nonFraction> (the &#8220;Brown Aggregate Advance&#8221;, and together with the Caleca
Aggregate Advance, the &#8220;Aggregate Advance&#8221;). The Company also issued to Brown a common stock purchase warrant (the &#8220;Brown
Warrant&#8221;, and together with the Caleca Warrant, the &#8220;Grid Warrants&#8221;), granting Brown the right to purchase up to <ix:nonFraction contextRef="c100" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares">750,000</ix:nonFraction>
shares of the Company&#8217;s common stock at a per share exercise price of $<ix:nonFraction contextRef="c98" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares">0.80</ix:nonFraction> (subject to adjustment as set forth in the Brown Warrant).
The Grid Warrants are exercisable at any time commencing on the eighteen-month anniversary of the issuance of the Grid Warrants (as may
be accelerated pursuant to the terms of the Grid Warrants) and expiring on the five-year anniversary of the issuance of the Grid Warrants.&#160;In
2021, the terms of the Grid Warrants were amended extending the first date of exercise to October 21, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_14" id="_DebtDisclosureTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Grid Notes bear interest on the unpaid balances
at a fixed simple rate of twelve percent (<ix:nonNumeric contextRef="c101" name="us-gaap:DebtInstrumentInterestRateBasisForEffectiveRate">12%</ix:nonNumeric>) per annum (subject to a rate increase if the Company commits an Event of Default (as defined
in the Grid Notes)), computed based on a 360-day year of twelve 30-day months, commencing on the date of the respective advance and payable
quarterly. The principal amount of the Aggregate Advance, or so much thereof as has been advanced to the Company by the Grid Investors
from time to time pursuant to the Grid Notes, was payable on April 21, 2021, which was amended to April 21, 2022. The Company has a total
outstanding principal balance of $<ix:nonFraction contextRef="c102" decimals="0" format="ixt:num-dot-decimal" name="brsf:OutstandingPrincipalBalance" scale="0" unitRef="usd"><ix:nonFraction contextRef="c103" decimals="0" format="ixt:num-dot-decimal" name="brsf:OutstandingPrincipalBalance" scale="0" unitRef="usd">250,000</ix:nonFraction></ix:nonFraction> as of March 31, 2022 and December 31, 2021 and accrued interest of $<ix:nonFraction contextRef="c102" decimals="0" format="ixt:num-dot-decimal" name="brsf:InterestAccrued" scale="0" unitRef="usd">35,532</ix:nonFraction> and $<ix:nonFraction contextRef="c103" decimals="0" format="ixt:num-dot-decimal" name="brsf:InterestAccrued" scale="0" unitRef="usd">28,032</ix:nonFraction> as of
March 31, 2022 and December 31, 2021, respectively. Subsequent to the balance sheet date, the Grid Notes and accrued interest were converted
into <ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesConversionOfUnits" scale="0" unitRef="shares">287,242</ix:nonFraction> shares of common stock.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_15" id="_DebtDisclosureTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c104" name="us-gaap:LongTermDebtDescription">The unpaid outstanding principal amount and accrued
and unpaid interest under the Grid Notes shall be convertible at any time prior to the maturity date of the Grid Notes at the election
of the Grid Investors into such number of shares of the Company&#8217;s common stock obtained by dividing the amount so converted by $<ix:nonFraction contextRef="c1" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentConvertibleConversionPrice1" scale="0" unitRef="usdPershares">1.00</ix:nonFraction>
(the &#8220;Conversion Price&#8221;).</ix:nonNumeric> At the maturity date of the Grid Notes, all of the remaining unpaid outstanding principal amount
and accrued and unpaid interest (the &#8220;Outstanding Balance&#8221;) under the Grid Notes shall automatically convert into such number
of shares of the Company&#8217;s common stock obtained by dividing the Outstanding Balance by the Conversion Price. The Grid Notes may
not be prepaid by the Company in whole or in part without the prior written consent of the respective Grid Investor.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DebtDisclosureTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Grid Notes contain customary events of default,
which, if uncured, entitle the Grid Investors to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid
interest on, their Grid Notes.</p></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_LongTermDebtTextBlock-c0_cont_1" escape="true" name="us-gaap:LongTermDebtTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 11 &#8211; NOTES PAYABLE</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c0_cont_2" id="_LongTermDebtTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">December 28, 2020 Note</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c0_cont_3" id="_LongTermDebtTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 28, 2020, the Company entered into
a Securities Purchase Agreement (the &#8220;December Purchase Agreement&#8221;) dated as of December 28, 2020 (the &#8220;December 28
Issuance Date&#8221;) and issued and sold to an investor a Promissory Note (the &#8220;December 28 Note&#8221;) in the aggregate principal
amount of $<ix:nonFraction contextRef="c105" decimals="0" format="ixt:num-dot-decimal" name="brsf:AggregatePrincipalPayment" scale="0" unitRef="usd">300,000</ix:nonFraction>. Pursuant to the December Purchase Agreement, in connection with the issuance of the December 28 Note, the Company
issued two common stock purchase warrants (separately, &#8220;Warrant A&#8221; and &#8220;Warrant B&#8221;, and together, the &#8220;December
Warrants&#8221;) to the investor, allowing the investor to purchase an aggregate of <ix:nonFraction contextRef="c106" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets" scale="0" unitRef="shares">500,000</ix:nonFraction> shares of the Company&#8217;s common stock,
with Warrant A being a commitment fee of <ix:nonFraction contextRef="c107" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets" scale="0" unitRef="shares">250,000</ix:nonFraction> shares of common stock, and Warrant B being fully earned upon issuance as an additional
commitment fee of <ix:nonFraction contextRef="c105" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherCommitment" scale="0" unitRef="usd">250,000</ix:nonFraction> shares of common stock, provide that Warrant B is returnable to the Company upon the repayment of the December
28 Note, as an additional incentive for the repayment of the December 28 Note. The net amount received by the Company during the year
ended December 31, 2020 was approximately $<ix:nonFraction contextRef="c108" decimals="0" format="ixt:num-dot-decimal" name="brsf:AggregatePrincipalPayment" scale="0" unitRef="usd">265,000</ix:nonFraction> after payment of certain fees to the investor or on behalf of the investor. The December
28 Note bears interest commencing on the December 28 Issuance Date at a fixed rate of <ix:nonFraction contextRef="c105" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DerivativeFixedInterestRate" scale="-2" unitRef="pure">12</ix:nonFraction>% per annum on any unpaid principal balance,
and will be payable, along with the principal amount, on December 28, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c0_cont_4" id="_LongTermDebtTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A lump-sum interest payment for <ix:nonNumeric contextRef="c109" format="ixt-sec:durwordsen" name="brsf:InterestPaymentTerm">one year</ix:nonNumeric> is due
on the December 28 Issuance Date and added to the principal balance and payable on the maturity date of the December 28 Note or upon
acceleration or by prepayment or otherwise, notwithstanding the number of days which the principal is outstanding. Principal payments
shall be made in 6 installments each in the amount of $<ix:nonFraction contextRef="c109" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetailLandSalesInstallmentMethodSalesValue" scale="0" unitRef="usd">56,000</ix:nonFraction> commencing 180 days following the Issue Date (as defined in the Note) and
continuing thereafter each 30 days for 5 months. The Company recorded debt discount of $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFaceAmount" scale="0" unitRef="usd">300,000</ix:nonFraction> related to the December 28 Note, which
was fully amortized as of December 31, 2021. The Company has a total outstanding principal balance of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="brsf:OutstandingPrincipalBalanceAmount" scale="0" unitRef="usd">300,000</ix:nonFraction> as of March 31, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c0_cont_5" id="_LongTermDebtTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 28, 2021, the December 28 Note was
amended to add $<ix:nonFraction contextRef="c110" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" scale="0" unitRef="usd">33,600</ix:nonFraction> of interest, and to amend the payment terms to two equal payments of $<ix:nonFraction contextRef="c111" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" scale="0" unitRef="usd">184,800</ix:nonFraction> due on February 28, 2022 and March
31, 2022. During the three months ended March 31, 2022, the Company made a payment of $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" scale="0" unitRef="usd">65,300</ix:nonFraction> in respect of the outstanding interest.
The Company is in the process of renegotiating the payment terms of the outstanding principal and remaining interest.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c0_cont_6" id="_LongTermDebtTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provided that an event of default under the December
28 Note has not occurred, the Company may prepay in whole or in part the amounts outstanding under the December 28 Note without a prepayment
penalty.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c0_cont_7" id="_LongTermDebtTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The December 28 Note contains customary events
of default which entitle the investor, among other things, to accelerate the due date of the unpaid principal amount of, and all accrued
and unpaid interest on, the December 28 Note. Upon an event of default, interest shall accrue at a default interest rate of <ix:nonFraction contextRef="c1" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DerivativeFixedInterestRate" scale="-2" unitRef="pure">24</ix:nonFraction>% per annum
or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. The December 28
Note further contains monetary penalties in the event of certain events of default or breaches.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_LongTermDebtTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The December Warrants each have an exercise price
of $<ix:nonFraction contextRef="c112" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" unitRef="usdPershares">1.20</ix:nonFraction>, subject to customary adjustments, and may be exercised at any time until the three-year anniversary of the December Warrants;
provided, however, in the event the Company repays the December 28 Note in its entirety on or prior to the maturity date of the December
28 Note, Warrant B shall automatically expire and may only be exercised in the event it does not so automatically expire. The December
Warrants include a cashless exercise provision as set forth therein.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_ConvertibleNotesPayableTextBlock-c0_cont_1" escape="true" name="brsf:ConvertibleNotesPayableTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 12 &#8211; CONVERTIBLE NOTES PAYABLE</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_ConvertibleNotesPayableTextBlock-c0_cont_2" id="_ConvertibleNotesPayableTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">2021 Notes</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ConvertibleNotesPayableTextBlock-c0_cont_3" id="_ConvertibleNotesPayableTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">In conjunction with
the closing of the Merger on October 1, 2021, the Company conducted an initial closing under a private offering (the &#8220;Offering&#8221;)
of <ix:nonFraction contextRef="c113" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DerivativeCapInterestRate" scale="-2" unitRef="pure">10</ix:nonFraction>% convertible promissory notes due and payable on April 1, 2023 (the &#8220;2021 Notes&#8221;). As part of the Offering, the Company
exchanged the 2020 Notes and accrued interest as well as additional notes issued in 2021 with the same terms as the 2020 Notes and their
accrued interest amounting to $<ix:nonFraction contextRef="c114" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedRentCurrent" scale="0" unitRef="usd">4,328,407</ix:nonFraction>, as well as $<ix:nonFraction contextRef="c115" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentPeriodicPayment" scale="0" unitRef="usd">1,540,508</ix:nonFraction> of debt assumed in the merger into 2021 Notes. At the merger, the Company
also issued a convertible promissory note to an investor in the amount of $<ix:nonFraction contextRef="c115" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromSalesOfAssetsInvestingActivities" scale="0" unitRef="usd">2,950,000</ix:nonFraction> with proceeds of $<ix:nonFraction contextRef="c114" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredFinanceCostsNet" scale="0" unitRef="usd">2,850,000</ix:nonFraction> net of an original issuance
discount, with the same terms as the 2021 Notes. The balance of the debt discount at March 31, 2022 and December 31, 2021 was $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFeeAmount" scale="0" unitRef="usd">66,910</ix:nonFraction>
and $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFeeAmount" scale="0" unitRef="usd">83,364</ix:nonFraction>, respectively. Each holder of the 2021 Notes, provided that the note is still then outstanding, will be issued, on the earlier
of (i) the date, if any, upon which the Company&#8217;s common stock is listed for trading on the NASDAQ stock exchange (the &#8220;Uplist&#8221;),
and (ii) the date that is eighteen months from the date of issuance, a warrant to purchase an amount of shares of the Company&#8217;s
common stock, equal to such holder&#8217;s Warrant Share Amount. For purposes of the foregoing, a holder&#8217;s &#8220;Warrant Share
Amount&#8221; means (i) if such Warrant is issued in connection with the Uplist, one half of the initial principal balance of such Holder&#8217;s
Note at issuance divided by the lesser of (A) $<ix:nonFraction contextRef="c116" decimals="2" format="ixt:num-dot-decimal" name="brsf:IssuancePrice" scale="0" unitRef="usdPershares">0.40</ix:nonFraction>, and (B) and the greater of (x) $<ix:nonFraction contextRef="c117" decimals="2" format="ixt:num-dot-decimal" name="brsf:IssuancePrice" scale="0" unitRef="usdPershares">0.20</ix:nonFraction> and (y) one hundred twenty percent (<ix:nonFraction contextRef="c25" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DerivativeForwardInterestRate" scale="-2" unitRef="pure">120</ix:nonFraction>%) of
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</div><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

</div><ix:continuation id="_ConvertibleNotesPayableTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2022 and December 31, 2021, the
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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the Company. When assumed, these loans did not bear interest and had a maturity date of December 31, 2021. On March 9, 2022, the loans
were amended to provide for an interest rate of <ix:nonFraction contextRef="c124" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DerivativeFloorInterestRate" scale="-2" unitRef="pure">9</ix:nonFraction>% per annum, and to extend the maturity dates to provide for payments of $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositLiabilitiesAccruedInterest" scale="0" unitRef="usd"><ix:nonFraction contextRef="c125" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositLiabilitiesAccruedInterest" scale="0" unitRef="usd">53,000</ix:nonFraction></ix:nonFraction> with
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b>&#160;</b></p><div>

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</div><div>

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</div><div>

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on February 1, 2023. The rent is $6,530 per month for year 1, $6,726 per month for year 2 and $6,928 per month for year 3. The Company
will account for the lease under ASC 842 whereby the operating lease right-of-use assets and liabilities are recognized at the present
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</div><div>

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based on the present value of remaining lease payments over the lease term using the Company&#8217;s secured incremental borrowing rates
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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_10" id="_LesseeOperatingLeasesTextBlock-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

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</div><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 125; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_7" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2022, the Company issued <ix:nonFraction contextRef="c134" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">360,695</ix:nonFraction> shares
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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_11" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Equity Incentive Plan</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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board of directors adopted, and stockholders approved the 2018 Equity Incentive Plan (the &#8220;2018 Plan&#8221;). The 2018 Plan has
a 10-year term, which terminates on the day prior to the 10<sup>th</sup> anniversary of its adoption by the Board. Under the 2018 Plan,
the Company may grant equity-based incentive awards, including options, restricted stock, and other stock-based awards, to any directors,
employees, advisers, and consultants that provide services to the Company. The vesting period, term and exercise price will be determined
at the time of the grant. An aggregate of up to 3,500,000 of the Company&#8217;s common stock was reserved for issuance under the 2018
Plan. On July 15, 2021 the Company&#8217;s board of directors increased the number of shares of common stock authorized for grant from
3,500,000 to 8,000,000.As of March 31, 2022, the Company has granted and has 7,249,208 options outstanding, as well as 107,876 shares
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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_13" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 1, 2021, <ix:nonNumeric contextRef="c136" name="brsf:PurchaseAnAggregateDescription">the Board of Directors approved
the issuance of options to purchase an aggregate of 4,504,214 shares of common stock to an executive and a director. The options have
an exercise price of $0.35 per share and vested immediately upon issuance. The options will expire on October 1, 2031. The aggregate
fair value of $1,270,188 was calculated using the Black-Scholes pricing model with the following assumptions: (i) expected life 5years,
(ii) volatility of 115%, (iii) risk free rate of 0.93% (iv) dividend rate of zero, (v) stock price of $0.35, and (vi) exercise price
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$0.39 per share with vesting terms of 304,562 vesting on April 21, 2022 and the remainder monthly ratably through October 21, 2023. The
options will expire on October 21, 2031. The aggregate fair value of $372,384 was calculated using the Black-Scholes pricing model with
the following assumptions: (i) expected life of 4.65 years, (ii) volatility of 113.90%, (iii) risk free rate of 1.22% (iv) dividend rate
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2021 adjusting the exercise price to $0.21 and the vesting schedule to vest equally at the end of each quarter in 2022. The expense will
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approved the issuance of options to purchase an aggregate of 2,718,247 shares of common stock to the certain employees of the Company.
The options have an exercise price of $0.21 per share with vesting terms of one quarter vesting on June 10, 2022 and the remainder monthly
ratably through December 10, 2023. The options will expire on December 11, 2031. The aggregate fair value of $472,975 was calculated
using the Black-Scholes pricing model with the following assumptions: (i) expected life of 5 years, (ii) volatility of 116.90%, (iii)
risk free rate of 1.26% (iv) dividend rate of zero, (v) stock price of $0.21, and (vi) exercise price of $0.21. These options were amended
on December 30, 2021 adjusting the vesting schedule to vest equally at the end of each quarter in 2022. As the share price had increased
on the amendment date, the amendment resulted in an increase to the aggregate fair value of $111,166. The increased fair value along
with the unamortized portion of the original fair value will be amortized over the amended vesting schedule. A total of $26,574 was recorded
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</div><div>

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</div><div>

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</div><div>

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</div><div>

</div><ix:continuation id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For future periods, the remaining value of the
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 16 &#8211; RELATED PARTY TRANSACTIONS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

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</div><div>

</div><ix:continuation id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 12, 2021, the Company entered into
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serves as the chief executive officer. Under the Representation Agreement, LOK acts as the worldwide sales manager for our NeuroCap,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 17 &#8211; COMMITMENTS AND CONTINGENCIES</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:nonNumeric><div>

</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="fin_001.jpg"/>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="f_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and<br/>
Stockholders of Brain Scientific, Inc.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of Brain Scientific, Inc. (the Company) as of December 31, 2021 and 2020, and
the related consolidated statements of operations and comprehensive loss, stockholders&#8217; deficit, and cash flows for each of the
years in the two-year period ended December 31, 2021, and the related notes and schedules (collectively referred to as the financial
statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company
as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the years in the two-year period ended
December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Explanatory
Paragraph Regarding Going Concern</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 3 to
the financial statements the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial
doubt about its ability to continue as a going concern. Management&#8217;s plans in regard to these matters are also described in Note
3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Audit Matters</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated
or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3001
N. Rocky Point Dr. East Suite 200 &#9679;  Tampa, Florida 33607 &#9679;  813.367.3527</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

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</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are
not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts
or disclosures to which they relate.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options
and Warrants</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company issued several options and warrant agreements in 2021 and amended several of those agreements in the same period.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
identified auditing the determination and valuation of the options and warrants as a critical audit matter due to significant judgments
used by the Company in calculating the value, and due to the fact there were amendments to the agreements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>How
the Critical Audit Matter Was Addressed in the Audit</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit procedures included the following, among others:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            inspected and reviewed stock option agreements and amendments and other documents to evaluate
                                            the Company&#8217;s application of relevant accounting standards to such transactions.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            evaluated the reasonableness of the valuation model used for each specific instrument based
                                            off the terms and features of such instrument.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            tested the reasonableness of the assumptions used by the Company in the valuation models
                                            used, including exercise price, expected term, expected volatility, and risk-free interest
                                            rate.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            tested the accuracy and completeness of data used by the Company in creating the entries
                                            required to record the stock based compensation expense.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            developed an independent expectation for comparison to the Company&#8217;s estimate, which
                                            included developing our own Black-Scholes Merton model.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            evaluated the accuracy and completeness of the Company&#8217;s presentation of these instruments
                                            in the financial statements, including evaluating whether disclosures were in accordance
                                            with relevant accounting standards.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Professionals
                                            with specialized skill and knowledge were utilized by the Firm to assist in the evaluation
                                            of the Company estimate of fair value and the development of our own independent expectations.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounting
for Business Combination</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
October 1, 2021, the Company acquired Piezo Motion Corp. We identified the application of acquisition method of accounting as a critical
audit matter due to the complex accounting and reporting standards related to the transaction, and the estimates and assumptions used
by management in determining the proper allocation of the consideration given to the assets acquired including identified intangible
assets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>How
the Critical Audit Matter Was Addressed in the Audit</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit procedures included the following, among others:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            obtained and reviewed the merger agreement and other documents to evaluate the Company&#8217;s
                                            application of relevant accounting standards to the transaction.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            evaluated the reasonableness of the valuation model and methodologies used to arrive at the
                                            value applied to acquired assets to include identified intangible assets of the Company and
                                            goodwill.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Professionals
                                            with specialized skill and knowledge were utilized by the Firm to assist in the evaluation
                                            of the Company estimate of fair value and the development of our own independent expectations.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            evaluated the accuracy and completeness of the Company&#8217;s presentation of the acquisition
                                            in the financial statements, including evaluating whether disclosures were in accordance
                                            with relevant accounting standards.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Professionals
                                            with specialized skill and knowledge were utilized by the Firm to assist in the evaluation
                                            of the Company&#8217;s accounting treatment for the acquisition.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="fin_002.jpg"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tampa,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
31, 2022</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><span style="font-size: 10pt">&#160;&#160;</span></p><div>

</div><div><a id="f_007"></a></div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Brain Scientific
Inc. and Subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>CONSOLIDATED
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">&#160;</span></p><div>

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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><span style="font-size: 10pt">&#160;</span></p><div>

</div><!-- Field: Page; Sequence: 132; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><div><a id="f_008"></a></div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Brain Scientific
Inc. and Subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9pt">Share-based compensation</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">OTHER INCOME (EXPENSE):</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 9pt">Interest expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpense" scale="0" unitRef="usd">467,849</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9pt">Amortization of debt discount</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 9pt">Loss on disposal of assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" scale="0" sign="-" unitRef="usd">4,067</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 9pt">Other income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherIncome" scale="0" unitRef="usd">1,110</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 9pt">Gain on forgiveness of paycheck protection loan</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Foreign currency transaction loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" sign="-" unitRef="usd">21</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">TOTAL OTHER EXPENSE</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">444,209</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">LOSS BEFORE INCOME TAXES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" sign="-" unitRef="usd">9,100,686</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" sign="-" unitRef="usd">2,803,029</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">PROVISION FOR INCOME TAXES</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">NET LOSS</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">9,100,686</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">2,803,029</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">OTHER COMPREHENSIVE LOSS</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Foreign currency translation adjustment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" scale="0" sign="-" unitRef="usd">3,990</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">TOTAL COMPREHENSIVE LOSS</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold">NET LOSS PER COMMON SHARE</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 9pt"><div style="-sec-ix-hidden: hidden-fact-11; -sec-ix-hidden: hidden-fact-10">Basic and diluted</div></td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="f_009"></a></div><p style="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 10pt"><b>Brain
Scientific Inc. and Subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF STOCKHOLDERS' DEFICIT</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-size: 10pt">Issuance of common stock for director
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-63; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-65; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c59" decimals="INF" format="ixt:num-dot-decimal" name="brsf:IssuanceOfCommonStockForDirectorServicesinShares" scale="0" unitRef="shares">616,339</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c59" decimals="0" format="ixt:num-dot-decimal" name="brsf:IssuanceOfCommonStockForDirectorServices" scale="0" unitRef="usd">616</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c56" decimals="0" format="ixt:num-dot-decimal" name="brsf:IssuanceOfCommonStockForDirectorServices" scale="0" unitRef="usd">33,489</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="brsf:IssuanceOfCommonStockForDirectorServices" scale="0" unitRef="usd">34,105</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-size: 10pt">Recapitalization at reverse merger
    - May 20, 2020</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c53" decimals="INF" format="ixt:num-dot-decimal" name="brsf:RecapitalizationAtReverseMerger" scale="0" sign="-" unitRef="shares">8,118,993</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">)</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c53" decimals="0" format="ixt:num-dot-decimal" name="brsf:RecapitalizationAtReverseMergerMay202020" scale="0" sign="-" unitRef="usd">8,119</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">)</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c54" decimals="INF" format="ixt:num-dot-decimal" name="brsf:RecapitalizationAtReverseMerger" scale="0" sign="-" unitRef="shares">7,115,089</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">)</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c54" decimals="0" format="ixt:num-dot-decimal" name="brsf:RecapitalizationAtReverseMergerMay202020" scale="0" sign="-" unitRef="usd">710</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">)</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c55" decimals="INF" format="ixt:num-dot-decimal" name="brsf:RecapitalizationAtReverseMerger" scale="0" sign="-" unitRef="shares">15,115,437</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">)</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c55" decimals="0" format="ixt:num-dot-decimal" name="brsf:RecapitalizationAtReverseMergerMay202020" scale="0" sign="-" unitRef="usd">1,723</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">)</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c59" decimals="INF" format="ixt:num-dot-decimal" name="brsf:RecapitalizationAtReverseMerger" scale="0" unitRef="shares">6,197,037</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c59" decimals="0" format="ixt:num-dot-decimal" name="brsf:RecapitalizationAtReverseMergerMay202020" scale="0" unitRef="usd">6,197</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c56" decimals="0" format="ixt:num-dot-decimal" name="brsf:RecapitalizationAtReverseMergerMay202020" scale="0" unitRef="usd">622,205</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="brsf:RecapitalizationAtReverseMergerMay202020" scale="0" unitRef="usd">617,850</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-size: 10pt">Issuance of common stock for services</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-66; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-67; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-68; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-69; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-70; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-71; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"><span style="font-size: 10pt">Balances at
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    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-81; font-size: 10pt">-</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-83; font-size: 10pt">-</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-size: 10pt">Net loss</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-86; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-87; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-88; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-89; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-90; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c66" decimals="0" format="ixt:num-dot-decimal" name="brsf:NetIncomeLoss2" scale="0" sign="-" unitRef="usd">3,575,585</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">)</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="brsf:NetIncomeLoss2" scale="0" sign="-" unitRef="usd">3,575,585</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-size: 10pt">Recapitalization October 1, 2021</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-92; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-93; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-94; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-size: 10pt">Foreign currency translation adjustment</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-107; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-108; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-109; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="brsf:ForeignCurrencyTranslationAdjustment" scale="0" sign="-" unitRef="usd">3,990</ix:nonFraction></span></td><td style="text-align: left"><span style="font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-size: 10pt">Net loss</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-112; font-size: 10pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-113; font-size: 10pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-114; font-size: 10pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-115; font-size: 10pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-116; font-size: 10pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c66" decimals="0" format="ixt:num-dot-decimal" name="brsf:NetIncomeLoss1" scale="0" sign="-" unitRef="usd">5,525,101</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="brsf:NetIncomeLoss1" scale="0" sign="-" unitRef="usd">5,525,101</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"><span style="font-size: 10pt">Balances at
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    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-118; font-size: 10pt">-</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-120; font-size: 10pt">-</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-size: 10pt">&#160;</span></td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 134; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Brain Scientific
Inc. and Subsidiaries</b></span></p><div>

</div><div><a id="f_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CASH FLOWS </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt"><b>CASH FLOWS FROM OPERATING ACTIVITIES:</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; padding-left: 9pt"><span style="font-size: 10pt">Net loss</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><span style="font-size: 10pt">$</span></td>
    <td style="width: 8%; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">9,100,686</ix:nonFraction></span></td>
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    <td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt">Loss on disposal of assets</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeBenefitsAndShareBasedCompensation" scale="0" unitRef="usd">280,174</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 9pt"><span style="font-size: 10pt"><span style="text-decoration:underline">Changes in operating assets and liabilities:</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt">Accounts receivable</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="0" unitRef="usd">1,570</ix:nonFraction></span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt">Inventory</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInInventories" scale="0" unitRef="usd">99,372</ix:nonFraction></span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt">Advances to officers</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInCustomerAdvancesAndDeposits" scale="0" sign="-" unitRef="usd">5,559</ix:nonFraction></span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" scale="0" sign="-" unitRef="usd">9,950</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in"><span style="font-size: 10pt">Accrued interest</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilities" scale="0" unitRef="usd">26,766</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 0.25in"><span style="font-size: 10pt">Operating lease liabilities, net</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">)</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">-</span></td>
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="usd">58,647</ix:nonFraction></span></td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt"><b>CASH FLOWS FROM FINANCING ACTIVITIES:</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 9pt"><span style="font-size: 10pt">Proceeds from convertible notes payable</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9pt"><span style="font-size: 10pt">Proceeds from note payable</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 9pt"><span style="font-size: 10pt">Proceeds from issuance of Series C Preferred Stock</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9pt"><span style="font-size: 10pt">Proceeds from PPP Loan</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 9pt"><span style="font-size: 10pt">Repayment of promissory note</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfNotesPayable" scale="0" unitRef="usd">574,133</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">)</span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt">-</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt"><b>NET CASH PROVIDED BY FINANCING ACTIVITIES</b></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><span style="font-size: 10pt">$</span></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" unitRef="usd">6,645,849</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><span style="font-size: 10pt">$</span></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" unitRef="usd">861,477</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">Effect of exchange rate changes on cash</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" sign="-" unitRef="usd">3,990</ix:nonFraction></span></td>
    <td><span style="font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">-</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt"><b>NET CHANGE IN CASH</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" sign="-" unitRef="usd">100,558</ix:nonFraction></span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt"><b>CASH AT BEGINNING OF THE PERIOD</b></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c52" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="usd">169,501</ix:nonFraction></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt"><span style="font-size: 10pt"><b>CASH AT END OF THE PERIOD</b></span></td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="usd">785,363</ix:nonFraction></span></td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="usd">68,943</ix:nonFraction></span></td>
    <td style="padding-bottom: 4pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt"><b><span style="text-decoration:underline">Supplemental Disclosure of Cash Flow Information</span></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt"><span style="font-size: 10pt">Cash paid for interest</span></td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td>
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    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-126; font-size: 10pt">-</span></td>
    <td style="padding-bottom: 4pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt"><span style="font-size: 10pt">Cash paid for taxes</span></td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-127; font-size: 10pt">-</span></td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-128; font-size: 10pt">-</span></td>
    <td style="padding-bottom: 4pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><b><span style="text-decoration:underline">Supplemental Disclosure of Non-Cash Investing and Financing Activities</span></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt"><span style="font-size: 10pt">Intangible assets recorded at acquisition</span></td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="brsf:IntangibleAssetsRecordedAtAcquisition" scale="0" unitRef="usd">11,113,000</ix:nonFraction></span></td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-129; font-size: 10pt">-</span></td>
    <td style="padding-bottom: 4pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt"><span style="font-size: 10pt">Goodwill recognized at acquisition</span></td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double">$</td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="brsf:GoodwillRecognizedAtAcquisition" scale="0" unitRef="usd">913,184</ix:nonFraction></span></td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double">$</td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-130; font-size: 10pt">-</span></td>
    <td style="padding-bottom: 4pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt"><span style="font-size: 10pt">Shares issued for acquisition</span></td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="brsf:SharesIssuedForAcquisition" scale="0" unitRef="usd">7,240,229</ix:nonFraction></span></td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td>
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  <tr style="vertical-align: bottom; ">
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</div><p style="margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt">The accompanying
notes are an integral part of these unaudited condensed consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 135; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="f_011"></a></div><ix:nonNumeric contextRef="c6" continuedAt="_NatureOfOperations-c6_cont_1" escape="true" name="us-gaap:NatureOfOperations"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1 &#8211; ORGANIZATION AND NATURE OF OPERATIONS</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_NatureOfOperations-c6_cont_2" id="_NatureOfOperations-c6_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brain Scientific Inc. (the &#8220;Company&#8221;),
was incorporated under the laws of the state of Nevada on November 18, 2013 under the name All Soft Gels Inc. On October 1, 2021, the
Company acquired Piezo Motion Corp (&#8220;Piezo&#8221;), a privately held Delaware corporation formed in January 2020. Upon completion
of the acquisition, Piezo is treated as the surviving entity and accounting acquirer although the Company was the legal acquirer. Accordingly,
the Company&#8217;s historical financial statements are those of Piezo.. The Company has two lines of operations The MemoryMD subsidiary
group is involved in cloud computing, data analytics and medical device technology in the NeuroTech and brain monitoring industries seeking
to commercialize its EEG devices and caps. The Piezo subsidiary group is focused on the ultrasonic standing wave-type piezo motor technology
for rotary and linear motion and has experience in the research and development, as well as the manufacturing, of piezo motors for high-tech
industries across the globe. The Company is headquartered in Sarasota, Florida.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_NatureOfOperations-c6_cont_3" id="_NatureOfOperations-c6_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Reverse&#160;Merger&#160;and&#160;Corporate&#160;Restructure</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_NatureOfOperations-c6_cont_4" id="_NatureOfOperations-c6_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">On June 11, 2021, the Company entered into a merger
agreement (the &#8220;Merger Agreement&#8221;) with Piezo and BRSF Acquisition Inc. to acquire Piezo (the &#8220;Acquisition&#8221;).
The transactions contemplated by the Merger Agreement were consummated on October 1, 2021 and, pursuant to the terms of the Merger Agreement,
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</div><div>

</div><ix:continuation continuedAt="_NatureOfOperations-c6_cont_5" id="_NatureOfOperations-c6_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Merger was effected pursuant to the Merger Agreement. The Merger
is being accounted for as a reverse merger whereby Piezo is the acquirer for accounting purposes.&#160;Piezo is considered the acquiring
company for accounting purposes as upon completion of the Merger, Piezo&#8217;s former stockholders held a majority of the voting interest
of the combined company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_NatureOfOperations-c6_cont_6" id="_NatureOfOperations-c6_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Pursuant to the Merger, the Company issued shares
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</div><div>

</div><ix:continuation continuedAt="_NatureOfOperations-c6_cont_7" id="_NatureOfOperations-c6_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Acquisition Accounting&#160;</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_NatureOfOperations-c6_cont_8" id="_NatureOfOperations-c6_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The fair value of Brain Scientific assets acquired
and liabilities assumed was based upon management&#8217;s estimates assisted by an independent third-party valuation firm.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_NatureOfOperations-c6_cont_9" id="_NatureOfOperations-c6_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The following table summarizes the allocation
of purchase price of the acquisition:&#8239;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_NatureOfOperations-c6_cont_9"><ix:nonNumeric contextRef="c6" escape="true" name="us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c151" decimals="0" format="ixt:num-dot-decimal" name="brsf:NetTangibleAssetsAcquired" scale="0" sign="-" unitRef="usd">1,193,499</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#8239;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">MemoryMD Trade Name</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">Total Fair Value of Assets Acquired</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#8239;</td><td>&#160;</td>
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    <td style="text-align: left">Liabilities assumed</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 136; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c6" continuedAt="_SignificantAccountingPoliciesTextBlock-c6_cont_1" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 2 &#8211; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

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</div><div>

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</div><div>

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</div><div>

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Europe, where all of our operations reside, as well as our employees, suppliers and customers. While the disruption is currently expected
to be temporary, there is considerable uncertainty around the duration of the closings and shelter-in-place orders and the ultimate impact
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identify certain triggering events or circumstances that would more likely than not reduce the fair value of a reporting unit below its
carrying amount. Events or circumstances that might indicate an interim evaluation is warranted include, among other things, unexpected
adverse business conditions, macro and reporting unit specific economic factors (for example, interest rate and foreign exchange rate
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at a fixed price which may be a discount to the common stock at the time of conversion. Some of the conversion features of these notes
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(1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price;
(4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation
is satisfied. Once the steps are met, revenue is recognized, generally upon receiving a letter of acceptance from the customer. There
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and staff costs, application and filing for regulatory approval of proposed products, regulatory and scientific consulting fees, as well
as contract research, data collection, and monitoring, related to the research and development of the cloud infrastructure, data imaging,
and proprietary products and technology. Research and development costs recognized in the statement of operations for the years ended
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model to determine the weighted average fair value of options and warrants. Equity-based compensation expense is recorded in administrative
expenses based on the classification of the employee or vendor. The determination of fair value of stock-based payment awards on the date
of grant using an option-pricing model is affected by our stock price as well as by assumptions regarding a number of subjective variables.
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</div><div>

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shares outstanding during the period. Potentially dilutive securities consist of the incremental common shares issuable upon exercise
of common stock equivalents such as stock options, warrants and convertible debt instruments. Potentially dilutive securities are excluded
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

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</div><div>

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between market participants at the measurement date. When determining fair value, management considers the principal or most advantageous
market in which the Company would transact, and also considers assumptions that market participants would use when pricing the asset or
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</div><div>

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</div><div>

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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 and tax credit carry forwards. Deferred 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 the deferred tax assets and liabilities of a change in tax rate is recognized in the period that includes the enactment
date. A valuation allowance is recorded if it is more-likely-than-not that some portion or all of the deferred tax assets will not be
realized in future periods.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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the financial statements by providing for a two-step approach of recognition and measurement. The first step involves assessing whether
the tax position is more-likely-than-not to be sustained upon examination based upon its technical merits. The second step involves measurement
of the amount to be recognized. Tax positions that meet the more-likely-than-not threshold are measured at the largest amount of tax benefit
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of an uncertain income tax position in the financial statements if it believes that the position is more likely than not to be sustained
by the relevant taxing authority. The Company will recognize interest and penalties related to tax positions in income tax expense. As
of December 31, 2021, and December 31, 2020, the Company had no unrecognized uncertain income tax positions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p></ix:continuation></ix:continuation><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c6_cont_46" id="_SignificantAccountingPoliciesTextBlock-c6_cont_45"><ix:nonNumeric contextRef="c6" continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c6_cont_1" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Recent Issued Accounting Pronouncements</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

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are issued by the Financial Accounting Standard Board (&#8220;FASB&#8221;) or other standard setting bodies that the Company adopts as
of the specified effective date. Unless otherwise discussed, the Company does not believe that the impact of recently issued standards
that are not yet effective will have a material impact on the Company's financial position or results of operations upon adoption.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

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Financial Instruments,&#8221; which requires measurement and recognition of expected credit losses at the point a loss is probable to
occur, rather than expected to occur, which will generally result in earlier recognition of allowances for credit losses. The new guidance
is effective for fiscal years beginning after December&#160;15, 2019, including interim periods within those fiscal years. The Company
adopted ASU 2016-13 in the first quarter of 2020 and the adoption did not have a material impact on its consolidated financial statements.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

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to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities
that may result from the outcome of this uncertainty.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p></ix:continuation><div>

</div><div>

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program and, ultimately, the attainment of profitable operations are dependent upon future events, including obtaining adequate financing
to fulfill its development activities, acceptance of the Company&#8217;s patent applications and ultimately achieving a level of sales
adequate to support the Company&#8217;s cost structure. However, there can be no assurances that the Company will be able to secure additional
equity investments or achieve an adequate sales level.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation id="_InventoryDisclosureTextBlock-c6_cont_1"><ix:nonNumeric contextRef="c6" escape="true" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><div>

</div><ix:continuation id="_PrepaidExpensesAndOtherCurrentAssetsTextBlock-c6_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2021 and 2020, there was a total amount of $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidInsurance" scale="0" unitRef="usd">95,000</ix:nonFraction>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c6" continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c6_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 6 &#8211; PROPERTY AND EQUIPMENT</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c6_cont_2" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c6_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment, net consists of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c6_cont_3" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c6_cont_2"><ix:nonNumeric contextRef="c6" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation id="_PropertyPlantAndEquipmentDisclosureTextBlock-c6_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0in">Depreciation expense was
$<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepreciationExpenseOnReclassifiedAssets" scale="0" unitRef="usd">27,410</ix:nonFraction> and $<ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepreciationExpenseOnReclassifiedAssets" scale="0" unitRef="usd">17,353</ix:nonFraction> for the year ended December 31, 2021 and 2020, respectively. <b>&#160;</b></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c6" continuedAt="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c6_cont_1" escape="true" name="us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 7 &#8211; INTANGIBLE ASSETS, NET</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c6_cont_2" id="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c6_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Merger, the Company accounted
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</div><div>

</div><ix:continuation continuedAt="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c6_cont_3" id="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c6_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the allocation
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</div><div>

</div><ix:continuation continuedAt="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c6_cont_4" id="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c6_cont_3"><ix:nonNumeric contextRef="c6" escape="true" name="us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c168" decimals="0" format="ixt:num-dot-decimal" name="brsf:NetTangibleAssetsAcquired" scale="0" sign="-" unitRef="usd">46,970</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 141; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c6_cont_5" id="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c6_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The components of the acquired intangible assets
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</div><ix:continuation continuedAt="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c6_cont_6" id="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c6_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;</p></ix:continuation><div>

</div><ix:continuation id="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c6_cont_6"><ix:nonNumeric contextRef="c6" escape="true" name="us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table></ix:nonNumeric></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c6" continuedAt="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c6_cont_1" escape="true" name="us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 8 &#8211; ACCOUNTS PAYABLE AND ACCRUED
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</div><div>

</div><ix:continuation continuedAt="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c6_cont_2" id="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c6_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts payable as of December 31, 2021 and 2020
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</div><div>

</div><ix:continuation id="_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock-c6_cont_2"><ix:nonNumeric contextRef="c6" escape="true" name="us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c6" continuedAt="_AccountsPayableAndAccruedExpensesRelatedPartyTextBlock-c6_cont_1" escape="true" name="brsf:AccountsPayableAndAccruedExpensesRelatedPartyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 9 &#8211; ACCOUNTS PAYABLE AND ACCRUED
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</div><div>

</div><ix:continuation id="_AccountsPayableAndAccruedExpensesRelatedPartyTextBlock-c6_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts payable related parties as of December
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c6" continuedAt="_LongTermDebtTextBlock-c6_cont_1" escape="true" name="us-gaap:LongTermDebtTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 10 &#8211; NOTES PAYABLE</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c6_cont_2" id="_LongTermDebtTextBlock-c6_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As part of the merger, the Company assumed the
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</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c6_cont_3" id="_LongTermDebtTextBlock-c6_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">February 21, 2020 Note</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c6_cont_4" id="_LongTermDebtTextBlock-c6_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 21, 2020, a third party loaned the
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</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c6_cont_5" id="_LongTermDebtTextBlock-c6_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">December 28, 2020 Note</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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balance, and will be payable, along with the principal amount, on December 28, 2021. At issuance, the Company recorded debt discount of
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</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c6_cont_8" id="_LongTermDebtTextBlock-c6_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The initial maturity date for the December 28
Note was December 28, 2021. On December 28, 2021, the Company signed an allonge with the investor amending the note. The terms of the
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</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c6_cont_9" id="_LongTermDebtTextBlock-c6_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The December 28 Note contains customary events
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or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. The December 28 Note
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</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c6_cont_10" id="_LongTermDebtTextBlock-c6_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The December Warrants each have an exercise price
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provided, however, in the event the Company repays the December 28 Note in its entirety on or prior to the maturity date of the December
28 Note, Warrant B shall automatically expire and may only be exercised in the event it does not so automatically expire. The December
Warrants include a cashless exercise provision as set forth therein.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_LongTermDebtTextBlock-c6_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes payable as of December 31, 2020 amounted
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c6" continuedAt="_ConvertibleNotesPayableTextBlock-c6_cont_1" escape="true" name="brsf:ConvertibleNotesPayableTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 11 &#8211; CONVERTIBLE NOTES PAYABLE,
NET</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_ConvertibleNotesPayableTextBlock-c6_cont_2" id="_ConvertibleNotesPayableTextBlock-c6_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">2020 Notes</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ConvertibleNotesPayableTextBlock-c6_cont_3" id="_ConvertibleNotesPayableTextBlock-c6_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July 2020, Motion made an offering of convertible
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the potential investment to not exceed $<ix:nonFraction contextRef="c189" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RegistrationPaymentArrangementMaximumPotentialConsideration" scale="0" unitRef="usd">5,000,000</ix:nonFraction>. These notes are payable by October 13, 2021, interest accruing at <ix:nonFraction contextRef="c190" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableInterestBearingInterestRate" scale="-2" unitRef="pure">10</ix:nonFraction>% per annum. At
the completion of a qualifying investment, the Company, at its sole discretion may convert the loans and any accrued interest to common
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</div><div>

</div><ix:continuation continuedAt="_ConvertibleNotesPayableTextBlock-c6_cont_4" id="_ConvertibleNotesPayableTextBlock-c6_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">2021 Notes</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ConvertibleNotesPayableTextBlock-c6_cont_5" id="_ConvertibleNotesPayableTextBlock-c6_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span>In
conjunction with the closing of the Merger on October 1, 2021, the Company conducted an initial closing under a private offering (the
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the Offering, the Company exchanged the 2020 Notes and accrued interest as well as additional notes issued in 2021 with the same terms
as the 2020 Notes and their accrued interest amounting to $<ix:nonFraction contextRef="c195" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableInterestBearingCurrent" scale="0" unitRef="usd">4,328,407</ix:nonFraction>, as well as $<ix:nonFraction contextRef="c196" decimals="0" format="ixt:num-dot-decimal" name="brsf:DebtAssumed" scale="0" unitRef="usd">1,540,508</ix:nonFraction> of debt assumed in the merger into 2021 Notes.
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net of an original issuance discount, with the same terms as the 2021 Notes. Each holder of the 2021 Notes, provided that the note is
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for trading on the NASDAQ stock exchange (the &#8220;Uplist&#8221;), and (ii) the date that is eighteen months from the date of issuance,
a warrant to purchase an amount of shares of the Company&#8217;s common stock, equal to such holder&#8217;s Warrant Share Amount. For
purposes of the foregoing, a holder&#8217;s &#8220;Warrant Share Amount&#8221; means (i) if such Warrant is issued in connection with
the Uplist, one half of the initial principal balance of such Holder&#8217;s Note at issuance divided by the lesser of (A) $0.40, and
(B) and the greater of (x) $0.20 and (y) one hundred twenty percent (120%) of the closing price for the Company&#8217;s common stock on
the trading day prior to the date of the Uplist, and (ii) if such Warrant is issued otherwise than in connection with the Uplist, the
initial principal balance of such Holder&#8217;s Note, divided by the lesser of (A) $0.40, and (B) and the greater of (x) $0.20 and (y)
one hundred twenty percent (120%) of the volume weighted average price (&#8220;VWAP&#8221;) for the Company&#8217;s common stock over
the five consecutive trading days immediately preceding the date that is eighteen months from the date of issuance. </ix:nonNumeric></span><ix:continuation id="_LongTermDebtDescription-c196_cont_1">The 2021 Notes
contain mandatory and voluntary conversion features as detailed in the agreement.</ix:continuation></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 143; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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21, 2021, the Company consummated the second closing of the Offering whereby the Company entered into a Securities Purchase Agreement
(the &#8220;SPA&#8221;) with three accredited investors, pursuant to which the investors purchased from the Company, 2021 Notes in the
principal amount of $<ix:nonFraction contextRef="c197" decimals="0" format="ixt:num-dot-decimal" name="brsf:ConvertibleNotePrinicipleAmount" scale="0" unitRef="usd">900,000</ix:nonFraction>.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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Notes principal outstanding was $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentAnnualPrincipalPayment" scale="0" unitRef="usd">9,718,915</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ConvertibleNotesPayableTextBlock-c6_cont_8" id="_ConvertibleNotesPayableTextBlock-c6_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Assumed convertible debt</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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</div><div>

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&#8220;Note&#8221;), and a warrant to purchase <ix:nonFraction contextRef="c95" decimals="0" format="ixt:num-dot-decimal" name="brsf:PurchaseOfCommonStock" scale="0" unitRef="shares">100,000</ix:nonFraction> shares of the Company&#8217;s common stock (the &#8220;Warrant&#8221;). A one-time
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</div><div>

</div><ix:continuation continuedAt="_ConvertibleNotesPayableTextBlock-c6_cont_12" id="_ConvertibleNotesPayableTextBlock-c6_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 30, 2021, <ix:nonNumeric contextRef="c199" name="us-gaap:LongTermDebtDescription">the Company signed an allonge
amending the Note extending the maturity date to April 30, 2022 and amending the outstanding balance and payment schedule to provide for
two equal payments of $60,000 on March 31, 2022 and April 30, 2022. The outstanding principal balance as of December 31, 2021 was $87,000.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ConvertibleNotesPayableTextBlock-c6_cont_13" id="_ConvertibleNotesPayableTextBlock-c6_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The unpaid outstanding principal amount and accrued
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</div><div>

</div><ix:continuation continuedAt="_ConvertibleNotesPayableTextBlock-c6_cont_14" id="_ConvertibleNotesPayableTextBlock-c6_cont_13"><ix:continuation continuedAt="_ConvertibleNotesPayableDescription-c6_cont_2" id="_ConvertibleNotesPayableDescription-c6_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Note contains a price-based anti-dilution
provision, pursuant to which the conversion price of the Note shall be reduced upon the occurrence of certain dilutive issuances of Company
securities as set forth in the Note. The conversion of the Note is also subject to a beneficial ownership limitation of 4.99% of the number
of shares of common stock outstanding immediately after giving effect to such conversion. In the event the Company, prior to the maturity
date of the Note, issues any Security (as defined in the Note) with any term more favorable to the holder of such Security or with a term
in favor of the holder of such Security that was not similarly provided to the Investor, then at the Investor&#8217;s option such term
shall become a part of the Note. The Company also agreed to provide piggy-back registration rights to the investor pursuant to which the
Company shall include all shares issuable upon conversion of the Note on the next registration statement the Company files with the Securities
and Exchange Commission.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ConvertibleNotesPayableTextBlock-c6_cont_15" id="_ConvertibleNotesPayableTextBlock-c6_cont_14"><ix:continuation continuedAt="_ConvertibleNotesPayableDescription-c6_cont_3" id="_ConvertibleNotesPayableDescription-c6_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Note contains events of default which, among
other things, entitle the Investor to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid interest on,
the Note. Upon the occurrence of any event of default, the outstanding balance shall immediately and automatically increase to 130% of
the outstanding balance immediately prior to the event of default, and the conversion price of the Note shall be redefined to equal 65%
of the lowest trade accruing during the 10 consecutive Trading Days (as defined in the Note) immediately preceding the applicable Conversion
Date (as defined in the Note). Nickolay Kukekov, a director of the Company, and a third party, each has personally guaranteed the repayment
of the Note.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ConvertibleNotesPayableTextBlock-c6_cont_16" id="_ConvertibleNotesPayableTextBlock-c6_cont_15"><ix:continuation id="_ConvertibleNotesPayableDescription-c6_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrant has an exercise price of $1.25 per
share (the &#8220;Exercise Price&#8221;), subject to adjustments as provided in the Warrant, and has a term of five years. The Warrant
contains a price-based anti-dilution provision, pursuant to which the exercise price of the Warrant shall be reduced upon the occurrence
of certain dilutive issuances of securities as set forth in the Warrant, with a corresponding increase in the number of shares underlying
the Warrant if the dilutive event occurs during the first three years of the Warrant, and a cashless exercise provision. The exercise
of the Warrant is subject to a beneficial ownership limitation of 9.99% of the number of shares of common stock outstanding immediately
after giving effect to such exercise.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_ConvertibleNotesPayableTextBlock-c6_cont_17" id="_ConvertibleNotesPayableTextBlock-c6_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">Convertible Grid Notes</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ConvertibleNotesPayableTextBlock-c6_cont_18" id="_ConvertibleNotesPayableTextBlock-c6_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 21, 2020, the Company issued a Convertible
Grid Promissory Note (the &#8220;Caleca Note&#8221;) to Thomas J. Caleca (&#8220;Caleca&#8221;), an existing stockholder of the Company,
pursuant to which Caleca agreed to advance to the Company the aggregate principal amount of $<ix:nonFraction contextRef="c97" decimals="0" format="ixt:num-dot-decimal" name="brsf:ConvertibleNotePrinicipleAmount" scale="0" unitRef="usd">125,000</ix:nonFraction> (the &#8220;Caleca Aggregate Advance&#8221;).
The Company also issued to Caleca a common stock purchase warrant (the &#8220;Caleca Warrant&#8221;), granting Caleca the right to purchase
up to <ix:nonFraction contextRef="c98" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares">750,000</ix:nonFraction> shares of the Company&#8217;s common stock at a per share exercise price of $<ix:nonFraction contextRef="c98" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentConvertibleConversionPrice1" scale="0" unitRef="usdPershares">0.80</ix:nonFraction> (subject to adjustment as set forth in
the Caleca Warrant).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ConvertibleNotesPayableTextBlock-c6_cont_19" id="_ConvertibleNotesPayableTextBlock-c6_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Also on April 21, 2020, the Company issued a Convertible
Grid Promissory Note (the &#8220;Brown Note&#8221;, and together with the Caleca Note, the &#8220;Grid Notes&#8221;) to Andrew Brown (&#8220;Brown&#8221;,
and together with Caleca, the &#8220;Grid Investors&#8221;), an existing stockholder of the Company, pursuant to which Brown agreed to
advance to the Company the aggregate principal amount of $<ix:nonFraction contextRef="c99" decimals="0" format="ixt:num-dot-decimal" name="brsf:ConvertibleNotePrinicipleAmount" scale="0" unitRef="usd">125,000</ix:nonFraction> (the &#8220;Brown Aggregate Advance&#8221;, and together with the Caleca
Aggregate Advance, the &#8220;Aggregate Advance&#8221;). The Company also issued to Brown a common stock purchase warrant (the &#8220;Brown
Warrant&#8221;, and together with the Caleca Warrant, the &#8220;Grid Warrants&#8221;), granting Brown the right to purchase up to <ix:nonFraction contextRef="c100" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares">750,000</ix:nonFraction>
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The Grid Warrants are exercisable at any time commencing on the eighteen-month anniversary of the issuance of the Grid Warrants (as may
be accelerated pursuant to the terms of the Grid Warrants) and expiring on the five-year anniversary of the issuance of the Grid Warrants.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ConvertibleNotesPayableTextBlock-c6_cont_20" id="_ConvertibleNotesPayableTextBlock-c6_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Grid Notes bear interest on the unpaid balances
at a fixed simple rate of twelve percent (<ix:nonNumeric contextRef="c97" name="us-gaap:DebtInstrumentInterestRateBasisForEffectiveRate">12%</ix:nonNumeric>) per annum (subject to a rate increase if the Company commits an Event of Default (as defined
in the Grid Notes)), computed based on a 360-day year of twelve 30-day months, commencing on the date of the respective advance and payable
quarterly. The principal amount of the Aggregate Advance, or so much thereof as has been advanced to the Company by the Grid Investors
from time to time pursuant to the Grid Notes, will be payable on April 21, 2021, unless sooner converted into shares of the Company&#8217;s
common stock pursuant to the terms of the Grid Notes. The Company recorded $<ix:nonFraction contextRef="c98" decimals="0" format="ixt:num-dot-decimal" name="brsf:InterestAccrued" scale="0" unitRef="usd">28,032</ix:nonFraction> of accrued interest and has a total outstanding principal
balance of $<ix:nonFraction contextRef="c103" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentAnnualPrincipalPayment" scale="0" unitRef="usd">250,000</ix:nonFraction> as of December 31, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ConvertibleNotesPayableTextBlock-c6_cont_21" id="_ConvertibleNotesPayableTextBlock-c6_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The unpaid outstanding principal amount and accrued
and unpaid interest under the Grid Notes shall be convertible at any time prior to the maturity date of the Grid Notes at the election
of the Grid Investors into such number of shares of the Company&#8217;s common stock obtained by dividing the amount so converted by $<ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentConvertibleConversionPrice1" scale="0" unitRef="usdPershares">1.00</ix:nonFraction>
(the &#8220;Conversion Price&#8221;). At the maturity date of the Grid Notes, all of the remaining unpaid outstanding principal amount
and accrued and unpaid interest (the &#8220;Outstanding Balance&#8221;) under the Grid Notes shall automatically convert into such number
of shares of the Company&#8217;s common stock obtained by dividing the Outstanding Balance by the Conversion Price. The Grid Notes may
not be prepaid by the Company in whole or in part without the prior written consent of the respective Grid Investor.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_ConvertibleNotesPayableTextBlock-c6_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Grid Notes contain customary events of default,
which, if uncured, entitle the Grid Investors to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid
interest on, their Grid Notes.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><div>

</div><ix:continuation id="_LoansPayableRelatedPartyTextBlock-c6_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As part of the merger, the Company assumed $<ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="brsf:RelatedPartyLoans" scale="0" unitRef="usd">155,989</ix:nonFraction>
of related party loans from entities related to the former executives and directors the Company. These loans do not bear interest and
had an initial maturity date of December 31, 2021. On March 9, 2022, the loans were amended to adjust the interest rate to <ix:nonFraction contextRef="c200" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DerivativeFixedInterestRate" scale="-2" unitRef="pure">9</ix:nonFraction>% per annum,
and to extend the maturity dates to provide for payments of $<ix:nonFraction contextRef="c201" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositLiabilitiesAccruedInterest" scale="0" unitRef="usd"><ix:nonFraction contextRef="c202" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositLiabilitiesAccruedInterest" scale="0" unitRef="usd">53,000</ix:nonFraction></ix:nonFraction> with accrued interest on March 31, 2022 and June 1, 2022, and a payment
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c6" continuedAt="_LesseeOperatingLeasesTextBlock-c6_cont_1" escape="true" name="us-gaap:LesseeOperatingLeasesTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
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</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c6_cont_2" id="_LesseeOperatingLeasesTextBlock-c6_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has two leases that are accounted for under ASC 842.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c6_cont_3" id="_LesseeOperatingLeasesTextBlock-c6_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company entered into a lease agreement for office space located in Sarasota, Florida. <ix:nonNumeric contextRef="c6" name="us-gaap:LesseeFinanceLeaseDescription">The term of the lease is for a period of two years
commencing on February 1, 2021 and ending on February 1, 2023. The rent is $6,530 per month for year 1, $6,726 per month for year 2 and
$6,928 per month for year 3. The Company will account for the lease under ASC 842 whereby the operating lease right-of-use assets and
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</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c6_cont_4" id="_LesseeOperatingLeasesTextBlock-c6_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company&#8217;s
secured incremental borrowing rates or implicit rates, when readily determinable. Short-term leases, which have an initial term of 12
months or less, are not recorded on the balance sheet.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c6_cont_5" id="_LesseeOperatingLeasesTextBlock-c6_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s operating lease does not provide an implicit rate that can readily be determined. Therefore, we use a discount rate based
on our incremental borrowing rate used at the date closest to lease inception.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c6_cont_6" id="_LesseeOperatingLeasesTextBlock-c6_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c6_cont_7" id="_LesseeOperatingLeasesTextBlock-c6_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c6_cont_8" id="_LesseeOperatingLeasesTextBlock-c6_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents information about the amount and timing of liabilities arising from the Company&#8217;s operating lease as of
December 31, 2021:&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LesseeOperatingLeasesTextBlock-c6_cont_9" id="_LesseeOperatingLeasesTextBlock-c6_cont_8"><ix:nonNumeric contextRef="c6" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">Maturity of operating lease liabilities for the following fiscal years:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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</div><div>

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</div><div>

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    <td style="padding-bottom: 1.5pt; width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 1%">$</td>
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: black 4.5pt double"><span style="font-size: 10pt">$</span></td>
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    <td style="padding-bottom: 4pt">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c6_cont_10" id="_StockholdersEquityNoteDisclosureTextBlock-c6_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Equity Incentive Plan</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c6_cont_11" id="_StockholdersEquityNoteDisclosureTextBlock-c6_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 21, 2018, the Company&#8217;s
board of directors adopted, and stockholders approved the 2018 Equity Incentive Plan (the &#8220;2018 Plan&#8221;). The 2018 Plan has
a 10-year term, which terminates on the day prior to the 10<sup>th</sup> anniversary of its adoption by the Board. Under the 2018 Plan,
the Company may grant equity-based incentive awards, including options, restricted stock, and other stock-based awards, to any directors,
employees, advisers, and consultants that provide services to the Company. The vesting period, term and exercise price will be determined
at the time of the grant. An aggregate of up to <ix:nonFraction contextRef="c209" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" scale="0" unitRef="shares">3,500,000</ix:nonFraction> of the Company&#8217;s common stock are reserved for issuance under the 2018
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common stock issued under the 2018 Plan. On July 15, 2021 the Company&#8217;s board of directors increased the number of shares of common
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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aggregate fair value of $<ix:nonFraction contextRef="c213" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" scale="0" unitRef="usd">51,757</ix:nonFraction> was calculated using the Black-Scholes pricing model with the following assumptions: (i) expected life
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price of $<ix:nonFraction contextRef="c215" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice" scale="0" unitRef="usdPershares">0.75</ix:nonFraction>. The expense will be amortized over the vesting period and a total of $<ix:nonFraction contextRef="c216" decimals="0" format="ixt:num-dot-decimal" name="brsf:AmortizedVestingPeriod" scale="0" unitRef="usd">23,790</ix:nonFraction> was recorded during the year ended December
31, 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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the issuance of options to purchase an aggregate of <ix:nonFraction contextRef="c217" decimals="0" format="ixt:num-dot-decimal" name="brsf:PurchaseAnAggregateShare" scale="0" unitRef="shares">4,504,214</ix:nonFraction> shares of common stock to an executive and a director. The options have
an exercise price of $0.35 per share and vested immediately upon issuance. The options will expire on October 1, 2031. The aggregate fair
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The expense of <ix:nonFraction contextRef="c220" decimals="0" format="ixt:num-dot-decimal" name="brsf:AmortizedVestingPeriod" scale="0" unitRef="usd">1,270,188</ix:nonFraction> was recorded in full upon issuance.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c6_cont_14" id="_StockholdersEquityNoteDisclosureTextBlock-c6_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 21, 2021, <ix:nonNumeric contextRef="c137" name="brsf:PurchaseAnAggregateDescription">the Board of Directors approved
the issuance of options to purchase an aggregate of 1,218,248 shares of common stock to the CEO. The options have an exercise price of
$0.39 per share with vesting terms of 304,562 vesting on April 21, 2022 and the remainder monthly ratably through October 21, 2023. The
options will expire on October 21, 2031. The aggregate fair value of $372,384 was calculated using the Black-Scholes pricing model with
the following assumptions: (i) expected life of 4.65 years, (ii) volatility of 113.90%, (iii) risk free rate of 1.22% (iv) dividend rate
of zero, (v) stock price of $0.39, and (vi) exercise price of $0.39. These options were amended on December 10, 2021 and December 30,
2021 adjusting the exercise price to $0.21 and the vesting schedule to vest equally at the end of each quarter in 2022. The expense will
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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c6_cont_15" id="_StockholdersEquityNoteDisclosureTextBlock-c6_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 10, 2021, <ix:nonNumeric contextRef="c138" continuedAt="_PurchaseAnAggregateDescription-c138_cont_1" name="brsf:PurchaseAnAggregateDescription">the Board of Directors approved
the issuance of options to purchase an aggregate of 2,718,247 shares of common stock to the certain employees of the Company. The options
have an exercise price of $0.21 per share with vesting terms of one quarter vesting on June 10, 2022 and the remainder monthly ratably
through December 10, 2023. The options will expire on December 11, 2031. The aggregate fair value of $472,975 was calculated using the
Black-Scholes pricing model with the following assumptions: (i) expected life of 5 years, (ii) volatility of 116.90%, (iii) risk free
rate of 1.26% (iv) dividend rate of zero, (v) stock price of $0.21, and (vi) exercise price of $0.21. These options were amended on December
30, 2021 adjusting the vesting schedule to vest equally at the end of each quarter in 2022. As the share price had increased on the amendment
date, the amendment resulted in an increase to the aggregate fair value of $111,166. The increased fair value along with the unamortized
portion of the original fair value will be amortized over the amended vesting schedule. A total of $26,574 was recorded during the year
ended December 31, 2021.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c6_cont_16" id="_StockholdersEquityNoteDisclosureTextBlock-c6_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:continuation id="_PurchaseAnAggregateDescription-c138_cont_1">On November 15, 2021, <ix:nonNumeric contextRef="c139" continuedAt="_PurchaseAnAggregate-c139_cont_1" name="brsf:PurchaseAnAggregate">the Board of Directors approved
the issuance of options to purchase an aggregate of 1,448,276 shares of common stock to the directors of the Company. The options have
an exercise price of $0.29 per share and vest per days in service as members of the board of directors during the quarter, at the end
of the quarter with the final quarterly vesting quarter end of December 31, 2022. The options will expire on December 11, 2031.</ix:nonNumeric></ix:continuation><ix:continuation id="_PurchaseAnAggregate-c139_cont_1"> The aggregate
fair value of $341,793 was calculated using the Black-Scholes pricing model with the following assumptions: (i) expected life of 5.04
years, (ii) volatility of 115.8%, (iii) risk free rate of 1.25% (iv) dividend rate of zero, (v) stock price of $0.29, and (vi) exercise
price of $0.29. The expense will be amortized over the vesting period and a total of $28,254 was recorded during the year ended December
31, 2021.</ix:continuation></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c6_cont_18" id="_StockholdersEquityNoteDisclosureTextBlock-c6_cont_17"><ix:nonNumeric contextRef="c6" escape="true" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><ix:continuation id="_StockholdersEquityNoteDisclosureTextBlock-c6_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For future periods, the remaining value of the
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c6" continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c6_cont_1" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
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</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c6_cont_2" id="_RelatedPartyTransactionsDisclosureTextBlock-c6_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company rents office space from a company
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</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c6_cont_3" id="_RelatedPartyTransactionsDisclosureTextBlock-c6_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, the Company had loans
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><ix:continuation id="_RelatedPartyTransactionsDisclosureTextBlock-c6_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 12, 2021, the Company entered into
a Representation Agreement with LOK Corporation International Inc. (&#8220;LOK&#8221;), a corporation in which Daniel Cloutier, a director,
serves as the chief executive officer. Under the Representation Agreement, LOK acts as the worldwide sales manager for our NeuroCap, NeuroEEG
and their accessories. LOK is responsible for the evaluation of regional distribution, development, recruitment and training of the distribution
network and provide in-country customer support. Fees for the services are <ix:nonFraction contextRef="c6" decimals="2" format="ixt:num-dot-decimal" name="brsf:ServicesPercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% of sales occurring through the distribution channels. The
contract term is for three years. To date, we have paid LOK approximately $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DevelopmentInProcess" scale="0" unitRef="usd">4,750</ix:nonFraction> for training platform development but no other service
fees and no commissions.&#160;</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c6" continuedAt="_IncomeTaxDisclosureTextBlock-c6_cont_1" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c6_cont_2" id="_IncomeTaxDisclosureTextBlock-c6_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company files corporate income tax returns in the United States (federal) and New York. The Company is subject to federal, state and
local income tax examinations by tax authorities through inception.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c6_cont_3" id="_IncomeTaxDisclosureTextBlock-c6_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021 and 2020, the Company
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Due to various business combination and transactions some or all the net operating losses maybe limited by operation of Internal Revenue
Code Section 382.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c6_cont_4" id="_IncomeTaxDisclosureTextBlock-c6_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax effects of temporary differences which
give rise to deferred tax assets (liabilities) are summarized as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c6_cont_5" id="_IncomeTaxDisclosureTextBlock-c6_cont_4"><ix:nonNumeric contextRef="c6" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxLiabilitiesRegulatoryAssets" scale="0" unitRef="usd">29,877</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c6_cont_6" id="_IncomeTaxDisclosureTextBlock-c6_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of
the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future
taxable income during the periods in which those temporary differences become deductible. Deferred tax assets consist primarily of the
tax effect of NOL carry-forwards. The Company has provided a full valuation allowance on the deferred tax assets because of the uncertainty
regarding its realizability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c6_cont_7" id="_IncomeTaxDisclosureTextBlock-c6_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliation
of the statutory federal income tax to the Company's effective tax:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c6_cont_8" id="_IncomeTaxDisclosureTextBlock-c6_cont_7"><ix:nonNumeric contextRef="c6" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="padding-right: 0; text-align: left; padding-left: 0; text-indent: 0">Acquired deferred tax assets</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c6_cont_9" id="_IncomeTaxDisclosureTextBlock-c6_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#8217;s policy is to record interest
and penalties associated with unrecognized tax benefits as additional income taxes in the statement of operations.&#160;As of December
31, 2021 and 2020 the Company had no unrecognized tax benefits.&#160;There were no changes in the Company&#8217;s unrecognized tax benefits
during the years ended December 31, 2021 and 2020.&#160;The Company did not recognize any interest or penalties during fiscal 2021 or
2020 related to unrecognized tax benefits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_IncomeTaxDisclosureTextBlock-c6_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
tax years remain open to examination for federal income tax purposes and by other major taxing jurisdictions to which the Company is
subject.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 149; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-style: normal; font-weight: normal">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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manufacturing agreement with Bioana, S.A.P.I. DE C.V. The agreement is for three years, ending December 31, 2024 for a minimum order quantity
of 10,000 NeuroCaps per annum. Unit cost for the NeuroCap is fixed for the first year ending December 31, 2022. The manufacturing agreement
will renew annually unless terminated in writing by one of the parties.</p></ix:continuation><div>

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was issued and the following subsequent events took place.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

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</div><div>

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through our private placement offering for convertible debt. The monies were received on February 10, 2022, February 28, 2022 and March
29, 2022 in the amounts of $300,000, $350,000, and $500,000, respectively. The debt is due on April 1, 2023. The interest rate is 10%
per annum. These notes shall automatically convert into shares of common stock or units, as provided herein, immediately upon the earliest
to occur of (a) the listing of the common stock on NASDAQ (the &#8220;Uplist&#8221;), and (b) a subsequent qualified financing date, at
a price per share equal to the lesser of (i) $0.25 and (ii) 70% (A) in the case of the Uplist, the price of the common stock or units
(as defined below) in the offering relating to the Uplist, or (B) in the case of a subsequent qualified financing, (x) the conversion
price of the common stock, if such subsequent qualified offering involves the issuance of convertible notes, or (y) the price of the common
stock or units in such subsequent qualified financing, if such subsequent qualified Financing involves the issuance of common stock or
units. For purposes of this Note, a &#8220;Unit&#8221; shall mean the combination of common Stock and warrants to purchase common stock
offered by the Company in any financing occurring simultaneously with the Uplist (&#8220;Simultaneous Uplist Unit Offering&#8221;). These
notes have warrant coverage of 50% of the initial principal balance. The warrants will be issued at Uplist or at maturity of the convertible
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</div><div>

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</div><div>

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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 150; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>_______________ Units</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Each Unit Consisting of One Share of Common
Stock and</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>One Warrant to Purchase One Share of Common
Stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0 auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>PRELIMINARY PROSPECTUS</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0 auto; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><i>Sole Book-Running Manager</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="text-align: center; font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>JOSEPH GUNNAR &amp; CO., LLC</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><i>Co-Lead Managers</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">, 2022</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>


</div><!-- Field: Page; Sequence: 151 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_024"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART II<br/>
<br/>
INFORMATION NOT REQUIRED IN PROSPECTUS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt"><b>Item 13. Other Expenses of Issuance and Distribution</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth all costs and expenses,
other than underwriting discounts and commissions, paid or payable by the Registrant in connection with the sale of the securities being
registered. All amounts shown are estimates except for the SEC registration fee and the FINRA filing fee:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt"><b>Item 14. Indemnification of Officers and Directors.</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify">Our Articles of Incorporation and Bylaws provide
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we will not be obligated to indemnify any person in connection with any proceeding:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(i) for which payment has
actually been made to or on behalf of such person under any statute, insurance policy, indemnity provision, vote or otherwise, except
with respect to any excess beyond the amount paid;</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(ii) for an accounting or
disgorgement of profits pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;),
or similar provisions of federal, state or local statutory law or common law, if such person is held liable therefor (including pursuant
to any settlement arrangements);</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(iii) for any reimbursement
of the Company by such person of any bonus or other incentive-based or equity-based compensation or of any profits realized by such person
from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise
from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the &#8220;Sarbanes-Oxley Act&#8221;),
or the payment to the Company of profits arising from the purchase and sale by such person of securities in violation of Section 306 of
the Sarbanes-Oxley Act), if such person is held liable therefor (including pursuant to any settlement arrangements);</p><div>

</div><p style="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(iv) initiated by such person,
including any proceeding initiated by such person against the Company or its directors, officers, employees, agents or other indemnitees,
unless (a) the Board authorized the proceeding prior to its initiation, (b) the Company provides the indemnification, in its sole discretion,
pursuant to the powers vested in the Corporation under applicable law, (c) otherwise required to be made under the Bylaws or (d) otherwise
required by applicable law; or</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(v) if prohibited by applicable
law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NRS Section 78.7502 provides
that a corporation shall indemnify any director, officer, employee or agent of a corporation against expenses, including attorneys&#8217;
fees, actually and reasonably incurred by him in connection with any the 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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&#8217; 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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&#8217; 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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing discussion of
our Articles of Incorporation and By-laws and Nevada law is not intended to be exhaustive and is qualified in its entirety by such Articles
of Incorporation and Bylaws, each as amended to date, and the applicable provisions of the NRS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The NRS provide that a corporation
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 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 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 corporation
has the authority to indemnify him against such liability and expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have been advised that in the opinion of the
SEC, insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and other
persons pursuant to the foregoing provisions, or otherwise, such indemnification is against public policy as expressed in the Securities
Act and is therefore unenforceable. In the event a claim for indemnification against such liabilities (other than payment of expenses
incurred or paid by a director or officer in the successful defense of any action, suit or proceeding) is asserted by such director, officer
or other person in 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 of whether such indemnification is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In any underwriting agreement
we enter into in connection with the sale of Common Stock being registered hereby, the underwriters will agree to indemnify, under certain
conditions, us, our directors, our officers and persons who control us within the meaning of the Securities Act of 1933, as amended, against
certain liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt"><b>Item 15. Recent Sales of Unregistered Securities</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Set forth below is information regarding shares
of Common Stock, convertible notes and warrants issued, and options granted, by us within the past three years that were not registered
under the Securities Act. Also included is the consideration, if any, received by us for such shares, convertible notes, warrants and
options, and information relating to the section of the Securities Act, or rule of the Securities and Exchange Commission, under which
exemption from registration was claimed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span>On </span>January
7, 2022<span>, we issued 10,485 shares of restricted stock under our 2018 Equity Incentive Plan for services
rendered to an employee.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span>In January
2022, the Company issued 360,695 shares to a service provider in respect of $129,850 of outstanding payables.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 20, 2022, the Company issued to investors
143,641 shares of common stock upon the conversion of $143,641 in principal amount of outstanding convertible promissory notes and interest.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 14, 2022, the Company issued to investors
54,536,573 shares of common stock upon the conversion of $13,634,134 in principal amount of outstanding convertible promissory notes,
with accrued interest.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In conjunction with the October 1, 2021 closing
under the Piezo Merger Agreement, all of the outstanding shares of Piezo Motion Corp. were exchanged for 29,520,454 shares of our Common
Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span>In conjunction
with the </span>October 1, 2021 closing under the Piezo Merger Agreement<span>, we also issued an aggregate
of 4,504,214 stock options and 5,505, 151 warrants to six persons.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In conjunction with the September 21, 2018 closing
under the merger agreement with MemoryMD, Inc., all of the outstanding shares of MemoryMD, Inc. were exchanged for 9,916,752 shares of
our Common Stock. At such closing, we also issued an additional 4,083,248 shares of our Common Stock upon the automatic conversion of
an aggregate of $1,507,000 in principal amount of outstanding convertible promissory notes issued by MemoryMD, Inc. Immediately following
the closing, we issued an additional 1,604,378&#160;shares of our Common Stock upon the automatic conversion of an aggregate of $640,000
in principal amount of outstanding convertible promissory notes issued by MemoryMD, Inc.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span>On
or about August 10, 2021, we issued 97,391 shares of restricted stock under our 2018 Equity Incentive Plan for services rendered to an
employee.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During
the quarter ended March 31, 2021, we issued an aggregate of 47,798 restricted shares under our 2018 Equity Incentive Plan to consultants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 4, 2019, we issued 75,000 shares of
Common Stock to an advisor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During October 2019, we issued 4,000 shares to
an advisor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the quarter ended December 31,2019 we issued
an aggregate of 22,500 shares of our Common Stock to a consultant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 18, 2019, February 5, 2019 and July
23, 2019, we issued convertible notes to three investors for $100,000, $130,000 and $150,000, respectively.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 31, 2019, we issued and sold to a
third party a convertible note in the original principal amount of $275,000 and a warrant to purchase 100,000 shares of Common Stock.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 21, 2020, we issued convertible grid
promissory notes to two existing stockholders pursuant to which each stockholder agreed to advance to us an aggregate principal amount
of $125,000 and also issued to each stockholder a common stock purchase warrant to purchase up to 750,000 shares of our Common Stock.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 1, 2020 we entered into a Securities
Purchase Agreement and issued and sold to an investor an 8% convertible redeemable note in the original principal amount of $157,500.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 22, 2020, we entered into a Securities
Purchase Agreement and issued and sold to an investor a promissory note in the aggregate original principal amount of $600,000, of which
$100,000 aggregate principal amount was borrowed as of the issuance date with the balance of the principal borrowed on October 19, 2020.
In connection with the issuance of the note, we issued two common stock purchase warrants to the investor, allowing the investor to purchase
an aggregate of 1,411,764 shares of our Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 1, 2019, we entered into a four-month
agreement with an advisor for consulting services. Pursuant to the agreement, we paid the advisor 5,000 shares of Common Stock a month
or an aggregate of 20,000 shares. On June 1, 2020 we entered into an additional four-month agreement with an advisor for consulting services.
Pursuant to the agreement, we paid the advisor 7,000 shares of Common Stock a month or an aggregate of 28,000 shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 13, 2020, we entered into a six-month
agreement with a consultant under which the consultant received cash and 100,000 shares of our Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On October 15, 2020, we granted and issued to a newly-hired non-executive officer, 292,174 shares of Common Stock under our 2018 Equity
Incentive Plan,&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The above sales of our securities were made pursuant
to exemptions from registration pursuant to Section 4(2) and/or Rule 506 of Regulation D of the Securities Act. We made such determinations
based upon representations by the purchasers of such securities including, without limitation, that such purchasers were &#8220;accredited
investors&#8221; as defined in the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Item 16. &#160; <span style="text-decoration:underline">Exhibits</span></b>.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Index to Exhibits listing the exhibits required
by Item 601 of Regulation S-K is located on the page immediately following the signature page to this registration statement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt"><b>Item 17. <span style="text-decoration:underline">Undertakings</span>.</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned registrant hereby undertakes:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-size: 10pt">To file, during any period in
which offers or sales are being made, a post-effective amendment to this Registration Statement;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(i)</span></td><td style="text-align: justify"><span style="font-size: 10pt">To include any prospectus required
by Section 10(a)(3) of the Securities Act of 1933, as amended (the Securities Act);</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="padding: 0.5pt; width: 0.75in">&#160;</td>
    <td style="width: 0.25in; padding: 0.5pt; text-align: justify"><span style="font-size: 10pt">(ii)</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">That, for the purpose of determining
any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona-fide offering
thereof.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-size: 10pt">That, for the purpose of determining
liability under the Securities Act to any purchaser:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.75in; padding: 0.5pt">&#160;</td>
    <td style="width: 0.25in; padding: 0.5pt; text-align: justify"><span style="font-size: 10pt">(i)</span></td>
    <td style="padding: 0.5pt; text-align: justify"><span style="font-size: 10pt">each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the Registration Statement as of the date the filed prospectus was deemed part of and included in the Registration Statement; and</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0.5pt">&#160;</td>
    <td style="padding: 0.5pt">&#160;</td>
    <td style="padding: 0.5pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0.5pt">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The undersigned registrant hereby
undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant&#8217;s annual report
pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#8217;s
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in 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.</span> &#160; &#160; <span style="font-size: 10pt">(6) That, for the purpose
of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities: The
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this Registration
Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold
to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser:</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(i)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Any preliminary prospectus or
prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="padding: 0.5pt; width: 0.75in">&#160;</td>
    <td style="width: 0.25in; padding: 0.5pt"><span style="font-size: 10pt">(ii)</span></td>
    <td style="padding: 0.5pt; text-align: justify"><span style="font-size: 10pt">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="padding: 0.5pt; width: 0.75in">&#160;</td>
    <td style="width: 0.25in; padding: 0.5pt; text-align: justify"><span style="font-size: 10pt">(iii)</span></td>
    <td style="padding: 0.5pt; text-align: justify"><span style="font-size: 10pt">The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="padding: 0.5pt; width: 0.75in">&#160;</td>
    <td style="width: 0.25in; padding: 0.5pt; text-align: justify"><span style="font-size: 10pt">(iv)</span></td>
    <td style="padding: 0.5pt; text-align: justify"><span style="font-size: 10pt">Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 156; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions,
or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of
the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">(a) Exhibits.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See the Exhibit Index included
immediately prior to the signature page to this registration statement, which is incorporated by reference herein.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">(b) Financial Statement Schedules.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No financial statement schedules
are provided because the information called for is not required or is shown either in the financial statements or notes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant
to the foregoing provisions, or otherwise, the registrant has been advised 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 connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned Registrant hereby undertakes that:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) For purposes of determining
any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement
in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under
the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) For the purpose of determining
any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">EXHIBIT INDEX</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;  width: 100%">
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; width: 9%; text-align: justify"><span style="font-size: 10pt"><b>Exhibit No.</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 90%; text-align: justify"><span style="font-size: 10pt"><b>Document</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">1.1**</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">Form of Underwriting Agreement</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">2.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000118518518001764/ex_124628.htm"><span style="font-size: 10pt">Agreement and Plan of Merger and Reorganization by and among Brain Scientific Inc., ASGI Acquisition Company and Memory&#160;MD, Inc. dated as of September 21, 2018&#160;(Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on September 27, 2018)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">2.2</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021032642/ea142689ex2-1_brainscientif.htm"><span style="font-size: 10pt">Agreement and Plan of Merger and Reorganization by and among the Registrant, Piezo Motion Corp. and BASF Acquisition Inc. dated June 11, 2021 (Incorporated by reference to Exhibit 2.1 to&#160;&#160;the Registrant&#8217;s Current Report on Form 8-K filed on June 16, 2021)</span></a></td></tr>

<tr style="vertical-align: top; ">
    <td style="width: 9%; text-align: justify"><span style="font-size: 10pt">2.3</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 90%; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021051856/ea148443ex2-2brainscien.htm"><span style="font-size: 10pt">Amendment dated October 1, 2021 to Agreement and Plan of Merger and Reorganization dated June 11,2021 by and among the Registrant, Piezo Motion Corp. And BRSF Acquisition Inc. (Incorporated by reference to Exhibit 2.2 to the Registrant&#8217;s Current Report on Form 8-K filed on October 7, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">2.4</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021051856/ea148443ex2-3brainscien.htm"><span style="font-size: 10pt">Certificate of Merger of BRSF Acquisition Inc. into Piezo Motion Corp. filed October 1,2021 (Incorporated by reference to Exhibit 2.3 to the Registrant&#8217;s Current Report on Form 8-K filed on October 7, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">3.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000118518518001750/ex_124409.htm"><span style="font-size: 10pt">Amended and Restated Certificate of Incorporation of Brain Scientific Inc. (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on September 24, 2018)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">3.2</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000118518518001764/ex_124629.htm"><span style="font-size: 10pt">Amended and Restated By-Laws of Brain Scientific Inc.&#160;(Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on September 27, 2018)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000118518518001764/ex_124630.htm"><span style="font-size: 10pt">Form of Common Stock Certificate&#160;(Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on September 27, 2018)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.2</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000118518519000489/ex_139664.htm"><span style="font-size: 10pt">Form of Warrant (Incorporated by reference to the Registrant&#8217;s Annual Report on Form 10-K filed on April 1, 2019).</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.3&#160;&#160;</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021051856/ea148443ex4-1brainscien.htm"><span style="font-size: 10pt">Form of Common Stock Purchase Warrant (October 2021) (Incorporated by reference to Exhibit 4.1 to the Registrant&#8217;s Current Report on Form 8-K filed on October 7, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.4**</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">Form of Warrant</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">5.1**</span></td>
    <td>&#160;</td>
    <td style="font-style: normal; text-align: justify; font-weight: normal"><span style="font-size: 10pt">Opinion of Lucosky Brookman LLP</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">10.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000118518518001764/ex_124631.htm"><span style="font-size: 10pt">Patent Assignment and License Back Agreement, dated May 2018, by and among Boris Goldstein, Dmitriy Prilutskiy, Stanislav Zabodaev, Memory MD, Inc. and (c) Medical Computer Systems Ltd.&#160;(Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on September 27, 2018)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">10.2</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000118518518001764/ex_124632.htm"><span style="font-size: 10pt">Agreement, dated as of September 21, 2018, between Brain Scientific Inc. and Amer Samad&#160;(Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on September 27, 2018)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">10.3</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000118518518001764/ex_124633.htm"><span style="font-size: 10pt">Sublease Agreement dated as of May 9, 2017 by and between Memory MD, Inc. and Nano Graphene Inc.&#160;(Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on September 27, 2018)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.4*</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000118518518001764/ex_124634.htm"><span style="font-size: 10pt">2018 Equity Incentive Plan&#160;(Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on September 27, 2018)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">10.5*</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000118518518001764/ex_124635.htm"><span style="font-size: 10pt">Form of Stock Option Award Agreement pursuant to 2018 Equity Incentive Plan&#160;(Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on September 27, 2018)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.6</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000118518519000208/ex_134545.htm"><span style="font-size: 10pt">Form of Subscription Agreement (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on February 11, 2019)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">10.7</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000118518519000208/ex_134546.htm"><span style="font-size: 10pt">Form of Note (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on February 11, 2019)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.8</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020000387/f8k123119ex10-1_brain.htm"><span style="font-size: 10pt">Securities Purchase Agreement (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on January 7, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">10.9</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020000387/f8k123119ex10-2_brain.htm"><span style="font-size: 10pt">Convertible Note (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on January 7, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.10</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020000387/f8k123119ex10-3_brain.htm"><span style="font-size: 10pt">Warrant (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on January 7, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">10.11</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020004926/ea119098ex10-1_brain.htm"><span style="font-size: 10pt">Non-Convertible Promissory Note dated February 21, 2020 (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on February 27, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.12</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020005470/ea119332ex10-1_brain.htm"><span style="font-size: 10pt">Allonge to Convertible Promissory Note dated February 28, 2020 ($130,000) (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on March 5, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">10.13</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020005470/ea119332ex10-2_brain.htm"><span style="font-size: 10pt">Allonge to Convertible Promissory Note dated February 28, 2020 ($100,000) (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on March 5, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.14*</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020008234/f10k2019ex10-10_brain.htm"><span style="font-size: 10pt">Boris Goldstein Employment Agreement (Incorporated by reference to the Registrant&#8217;s Annual Report on Form 10-K filed on March 31, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">10.15*</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020008234/f10k2019ex10-11_brain.htm"><span style="font-size: 10pt">Vadim Sakharov Employment Agreement (Incorporated by reference to the Registrant&#8217;s Annual Report on Form 10-K filed on March 31, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.16</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020010077/ea121047ex10-1_brain.htm"><span style="font-size: 10pt">Convertible Grid Promissory Note, dated April 21, 2020, issued to Thomas J. Caleca (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on April 27, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">10.17</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020010077/ea121047ex10-2_brain.htm"><span style="font-size: 10pt">Common Stock Purchase Warrant, dated April 21, 2020, issued to Thomas J. Caleca (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on April 27, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.18</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020010077/ea121047ex10-3_brain.htm"><span style="font-size: 10pt">Convertible Grid Promissory Note, dated April 21, 2020, issued to Andrew Brown (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on April 27, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">10.19</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020010077/ea121047ex10-4_brain.htm"><span style="font-size: 10pt">Common Stock Purchase Warrant, dated April 21, 2020, issued to Andrew Brown (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on April 27, 2020)</span></a></td></tr>
  </table><div>
</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin: 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin: 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;  width: 100%">
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td style="width: 9%"><span style="font-size: 10pt">10.20</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 90%; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020018957/ea124651ex10-1_brainscien.htm"><span style="font-size: 10pt">Allonge to Promissory Note (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on July 29, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.21</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020019782/ea124869ex10-1_brainscientif.htm"><span style="font-size: 10pt">Allonge to Promissory Note (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on August 3, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.22</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020021297/ea125278ex10-1_brain.htm"><span style="font-size: 10pt">Allonge to Promissory Note (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on August 11, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.23</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020025240/ea126359ex10-1_brain.htm"><span style="font-size: 10pt">Securities Purchase Agreement (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on September 3, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.24</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020025240/ea126359ex10-2_brain.htm"><span style="font-size: 10pt">8% Convertible Redeemable Note (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on September 3, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.25</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020028887/ea127536ex10-1_brainscien.htm"><span style="font-size: 10pt">Securities Purchase Agreement (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on September 29, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.26</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020028887/ea127536ex10-2_brainscien.htm"><span style="font-size: 10pt">Promissory Note (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on September 29, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.27</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020028887/ea127536ex10-3_brainscien.htm"><span style="font-size: 10pt">Common Stock Purchase Warrant (Warrant A) (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on September 29, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.28</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020028887/ea127536ex10-4_brainscien.htm"><span style="font-size: 10pt">Common Stock Purchase Warrant (Warrant B) (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on September 29, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.29</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020034835/ea129303ex10-1_brainscie.htm">Allonge #2 to Promissory Note (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on November 3, 2020)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.30</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020037528/ea129991ex10-1_brainsci.htm"><span style="font-size: 10pt">Allonge to Non-Convertible Promissory Note (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on November 17, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.31</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020045723/ea132516ex10-1_brainsci.htm"><span style="font-size: 10pt">Securities Purchase Agreement (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on December 31, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.32</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020045723/ea132516ex10-2_brainsci.htm"><span style="font-size: 10pt">12% Senior Secured Promissory Note (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on December 31, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.33</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020045723/ea132516ex10-3_brainsci.htm"><span style="font-size: 10pt">Common Stock Purchase Warrant (Warrant A) (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on December 31, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.34</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020045723/ea132516ex10-4_brainsci.htm"><span style="font-size: 10pt">Common Stock Purchase Warrant (Warrant B) (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on December 31, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.35</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020045723/ea132516ex10-5_brainsci.htm"><span style="font-size: 10pt">Security Agreement (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on December 31, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.36</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021009067/ea135504ex10-1_brainscien.htm"><span style="font-size: 10pt">Allonge #3 to Promissory Note (Incorporated by reference to Exhibit 10.1 to the Registrant&#8217;s Current Report on Form 8-K filed on February 8, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.37</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021023129/ea139939ex10-1_brainscient.htm"><span style="font-size: 10pt">Allonge #2 to Non-Convertible Promissory Note (Incorporated by reference to Exhibit 10.1 to the Registrant&#8217;s Current Report on Form 8-K filed on April 27, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.38</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021023129/ea139939ex10-2_brainscient.htm"><span style="font-size: 10pt">Allonge to Convertible Grid Promissory Note (Incorporated by reference to Exhibit 10.2 to the Registrant&#8217;s Current Report on Form 8-K filed on April 27, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.39</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021023129/ea139939ex10-3_brainscient.htm"><span style="font-size: 10pt">Allonge to Convertible Grid Promissory Note (Incorporated by reference to Exhibit 10.3 to the Registrant&#8217;s Current Report on Form 8-K filed on April 27, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.40</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021023129/ea139939ex10-4_brainscient.htm"><span style="font-size: 10pt">Allonge to Promissory Note (Incorporated by reference to Exhibit 10.4 to the Registrant&#8217;s Current Report on Form 8-K filed on April 27, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.41</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021024247/ea140294ex10-1_brain.htm">Loan Agreement (Incorporated by reference to Exhibit 10.1 to the Registrant&#8217;s Current Report on Form 8-K filed on May 3, 2021)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.42</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021009067/ea135504ex10-1_brainscien.htm"><span style="font-size: 10pt">Allonge #3 to Promissory Note (Incorporated by reference to Exhibit 10.1 to the Registrant&#8217;s Quarterly Report on Form 10-Q filed on May 24, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.43</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021028684/f10q0321ex10-2_brainsci.htm"><span style="font-size: 10pt">Allonge #2 to Promissory Note in favor of ProudLiving, LLC (Incorporated by reference to Exhibit 10.2 to the Registrant&#8217;s Quarterly Report on Form 10-Q filed on May 24, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.44</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021028684/f10q0321ex10-3_brainsci.htm"><span style="font-size: 10pt">Allonge #2 to Promissory Note in favor of John Silvestri (Incorporated by reference to Exhibit 10.3 to the Registrant&#8217;s Quarterly Report on Form 10-Q filed on May 24, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.45</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021028684/f10q0321ex10-4_brainsci.htm"><span style="font-size: 10pt">Allonge #2 to Promissory Note in favor of Len P. Mertz (Incorporated by reference to Exhibit 10.4 to the Registrant&#8217;s Quarterly Report on Form 10-Q filed on May 24, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.46</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021028684/f10q0321ex10-5_brainsci.htm"><span style="font-size: 10pt">Allonge #2 to Promissory Note in favor of Leonard Mazur (Incorporated by reference to Exhibit 10.5 to the Registrant&#8217;s Quarterly Report on Form 10-Q filed on May 24, 2021)</span></a></td></tr>
  </table><div>
</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 159; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin: 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal;  width: 100%">
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td style="width: 9%"><span style="font-size: 10pt">10.47</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 90%; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021034335/ea143342ex10-1_brainscien.htm"><span style="font-size: 10pt">Promissory Note (Incorporated by reference to Exhibit 10.1 to the Registrant&#8217;s Current Report on Form 8-K filed on June 28, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.48</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021036313/ea143940ex10-1_brainsci.htm"><span style="font-size: 10pt">Promissory Note (Incorporated by reference to Exhibit 10.1 to the Registrant&#8217;s Current Report on Form 8-K filed on July 9, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.49</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021036313/ea143940ex10-1_brainsci.htm"><span style="font-size: 10pt">Promissory Note (Incorporated by reference to Exhibit 10.1 to the Registrant&#8217;s Current Report on Form 8-K filed on July 9, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.50</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021044324/f10q0621ex10-1_brainsci.htm"><span style="font-size: 10pt">Allonge #4 to Convertible Note with Vista Capital Investments, LLC (Incorporated by reference to Exhibit 10.1 to the Registrant&#8217;s Quarterly Report on Form 10-Q filed on August 23, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.51</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021044646/ea146380ex10-1_brainscien.htm"><span style="font-size: 10pt">Allonge #3 with Auctus Fund LLC (Incorporated by reference to Exhibit 10.1 to the Registrant&#8217;s Current Report on Form 8-K filed on August 25, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.52</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021044646/ea146380ex10-2_brainscien.htm"><span style="font-size: 10pt">Allonge #5 with Vista Capital Investments, LLC (Incorporated by reference to Exhibit 10.2 to the Registrant&#8217;s Current Report on Form 8-K filed on August 25, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.53</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021044646/ea146380ex10-3_brainscien.htm"><span style="font-size: 10pt">Allonge #6 with Vista Capital Investments, LLC (Incorporated by reference to Exhibit 10.3 to the Registrant&#8217;s Current Report on Form 8-K filed on August 25, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.54</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021046774/ea146993ex10-1_brainscien.htm"><span style="font-size: 10pt">Promissory Note (Incorporated by reference to Exhibit 10.1 to the Registrant&#8217;s Current Report on Form 8-K filed on September 9, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.55</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021051856/ea148443ex10-1brainscien.htm"><span style="font-size: 10pt">Assignment and Assumption Agreement dated October 1, 2021 between the Registrant and MemoryMD, Inc. (Incorporated by reference to Exhibit 10.1 to the Registrant&#8217;s Current Report on Form 8-K filed on October 7, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.56</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021051856/ea148443ex10-2brainscien.htm"><span style="font-size: 10pt">Form of 10% Convertible Promissory Note (October 2021) (Incorporated by reference to Exhibit 10.2 to the Registrant&#8217;s Current Report on Form 8-K filed on October 7, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021051856/ea148443ex10-3brainscien.htm"><span style="font-size: 10pt">Employment Agreement dated October 1, 2021 between the Registrant and Hassan Kotob (Incorporated by reference to Exhibit 10.3 to the Registrant&#8217;s Current Report on Form 8-K filed on October 7, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.58</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021051856/ea148443ex10-4brainscien.htm"><span style="font-size: 10pt">Assignment Agreement dated September 28, 2021 between MemoryMD, Inc. and Boris Goldstein (Incorporated by reference to Exhibit 10.4 to the Registrant&#8217;s Current Report on Form 8-K filed on October 7, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.59</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021051856/ea148443ex10-5brainscien.htm"><span style="font-size: 10pt">Assignment Agreement dated&#160;&#160;September 30, 2021 between MemoryMD, Inc. Vadim Sakharov and (Incorporated by reference to Exhibit 10.5 to the Registrant&#8217;s Current Report on Form 8-K filed on October 7, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.60</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021067750/ea153114ex10-1_brainscien.htm"><span style="font-size: 10pt">Form Securities Purchase Agreement (Incorporated by reference to Exhibit 10.1 to the Registrant&#8217;s Current Report on Form 8-K filed on December 28, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.61</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021067750/ea153114ex10-2_brainscien.htm"><span style="font-size: 10pt">Form Convertible Promissory Note (Incorporated by reference to Exhibit 10.2 to the Registrant&#8217;s Current Report on Form 8-K filed on December 28, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.62</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390021067750/ea153114ex10-3_brainscien.htm"><span style="font-size: 10pt">Form Common Stock Purchase Warrant (Incorporated by reference to Exhibit 10.3 to the Registrant&#8217;s Current Report on Form 8-K filed on December 28, 2021)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.63</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390022008069/ea155787ex10-1_brainsci.htm"><span style="font-size: 10pt">Form Securities Purchase Agreement (Incorporated by reference to Exhibit 10.1 to the Registrant&#8217;s Current Report on Form 8-K filed on February 16, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.64</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390022008069/ea155787ex10-2_brainsci.htm" style="-sec-extract: exhibit">Form Convertible Promissory Note (Incorporated by reference to Exhibit 10.1 to the Registrant&#8217;s Current Report on Form 8-K filed on February 16, 2022)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.65</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390022008069/ea155787ex10-3_brainsci.htm" style="-sec-extract: exhibit">Form Common Stock Purchase Warrant (Incorporated by reference to Exhibit 10.1 to the Registrant&#8217;s Current Report on Form 8-K filed on February 16, 2022)</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.66*</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390022016981/f10k2021ex10-64_brain.htm"><span style="font-size: 10pt">Employment Agreement dated June 1, 2021 between the Registrant and Bonnie-Jeanne Gerety (Incorporated by reference to Exhibit 10.64 to the Registrant&#8217;s Annual Report on Form 10-K filed on March 31, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.67*</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390022016981/f10k2021ex10-65_brain.htm"><span style="font-size: 10pt">Employment Agreement dated June 1, 2020 between the Registrant and Mark Broderick (Incorporated by reference to Exhibit 10.65 to the Registrant&#8217;s Annual Report on Form 10-K filed on March 31, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.68*</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390022016981/f10k2021ex10-66_brain.htm"><span style="font-size: 10pt">Employment Agreement dated June 20, 2018 between the Registrant and Nicholas Copley (Incorporated by reference to Exhibit 10.66 to the Registrant&#8217;s Annual Report on Form 10-K filed on March 31, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.69**</span></td>
    <td>&#160;</td>
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    <td><span style="font-size: 10pt">10.70</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390022018419/ea158136ex10-1_brainscient.htm"><span style="font-size: 10pt">March 31, 2022 Allonge to Convertible Promissory Note with Vista Capital Investments LLC dated December 31, 2019 (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on April 6, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.71</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390022032963/ea161592ex10-1_brainsci.htm"><span style="font-size: 10pt">Form Securities Purchase Agreement (Incorporated by reference to Exhibit&#160;&#160;10.1&#160;&#160;to the Registrant&#8217;s Current Report on Form 8-K filed on June 15, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.72</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390022032963/ea161592ex10-2_brainsci.htm"><span style="font-size: 10pt">Form Debenture (Incorporated by reference to Exhibit 10.2 to the Registrant&#8217;s Current Report on Form 8-K filed on June 15, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.73</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390022032963/ea161592ex10-3_brainsci.htm"><span style="font-size: 10pt">Form Common Stock Purchase Warrant (Incorporated by reference to Exhibit 10.3 to the Registrant&#8217;s Current Report on Form 8-K filed on June 15, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">10.74</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390022032963/ea161592ex10-4_brainsci.htm"><span style="font-size: 10pt">Form Guarantee (Incorporated by reference to Exhibit 10.4 to the Registrant&#8217;s Current Report on Form 8-K filed on June 15, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">10.75</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390022032963/ea161592ex10-5_brainsci.htm"><span style="font-size: 10pt">Form Security Agreement (Incorporated by reference to Exhibit 10.5&#160; to the Registrant&#8217;s Current Report on Form 8-K filed on June 15, 2022)</span></a></td></tr>
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    <td><span style="font-size: 10pt">14.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000121390020008234/f10k2019ex14-1_brain.htm"><span style="font-size: 10pt">Code of Ethics (Incorporated by reference to the Registrant&#8217;s Annual Report on Form 10-K filed on March 31, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">21.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1662382/000118518518001764/ex_124638.htm"><span style="font-size: 10pt">Subsidiaries of the Registrant (Incorporated by reference to the Registrant&#8217;s Current Report on Form 8-K filed on September 27, 2018)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">23.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="ea163852ex23-1_brainsci.htm"><span style="font-size: 10pt">Consent of Accell Audit &amp; Compliance, PA</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">23.2</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">Consent of Lucosky Brookman LLP (included in Exhibit 5.1)</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">24.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="#a_025">Power of Attorney (included in signature page)</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204, 238, 255)">
    <td><span style="font-size: 10pt">107</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="ea163852ex-fee_brainscienti.htm"><span style="font-size: 10pt">Filing fee table</span></a></td></tr>
  </table><div>
</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify"><span>Management contract or
compensatory plan or arrangement</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">**</td><td style="text-align: justify">To be filed by amendment</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_025"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized in the City of Lakewood Ranch, State of Florida, on August 11, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="white-space: nowrap">&#160;</td>
    <td colspan="2" style="white-space: nowrap"><span style="font-size: 10pt"><b>BRAIN SCIENTIFICINC.</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; width: 60%">&#160;</td>
    <td style="white-space: nowrap; width: 5%">&#160;</td>
    <td style="white-space: nowrap; width: 35%">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; white-space: nowrap; vertical-align: top"><i>/s/ Hassan Kotob</i></td></tr>
  <tr>
    <td style="white-space: nowrap">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-size: 10pt">Hassan Kotob</span></td></tr>
  <tr>
    <td style="white-space: nowrap">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-size: 10pt">Chief Executive Officer (Principal Executive Officer)</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify; ">POWER OF ATTORNEY: KNOW
ALL PERSONS BY THESE PRESENTS that each individual whose signature appears below constitutes and appoints Hassan Kotob, his true and lawful
attorneys-in-fact and agents with full power of 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) to this Registration Statement, and to sign any registration statement
for the same offering covered by the Registration Statement that is to be effective upon filing pursuant to Rule 462(b) promulgated under
the Securities Act of 1933, and all post-effective amendments thereto, and to file the same, with all exhibits thereto and all documents
in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents or any of them, or his substitute or substitutes, may lawfully do or cause to be done or by virtue hereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">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><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 30%; border-bottom: black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Signature</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 50%; border-bottom: black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="white-space: nowrap; width: 18%; border-bottom: black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/ Hassan Kotob</i></span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Director</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 11, 2022</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hassan Kotob</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/ Bonnie-Jeanne Gerety</i></span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer (Principal Financial and Accounting Officer)</span></td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 11, 2022</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bonnie-Jeanne Gerety</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td>&#160;</td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/ Daniel Cloutier</i></span></td>
    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">II-10</p><div>

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As filed with the Securities
and Exchange Commission on August 11, 2022
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
S-1
REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933
BRAIN SCIENTIFIC INC.
(Exact name of registrant as specified in its charter)
Nevada
3841
81-0876714
(State or other jurisdiction of
incorporation or organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification Number)
6700 Professional Parkway
Lakewood Ranch, FL 34240
(917) 388-1578
(Address, including zip code, and telephone
number, including
area code, of registrant's principal executive
offices)
Bonnie-Jeanne Gerety
Chief Financial Officer
6700 Professional Parkway
Lakewood Ranch, FL 34240
(917) 388-1578
(Name, address, including zip code, and
telephone
number, including area code, of agent for service)
With copies to:
Joseph Lucosky, Esq.
Lawrence Metelitsa, Esq.
Lucosky Brookman LLP
101 Wood Avenue South
Woodbridge, NJ 08830
(732) 395-4400
Steven D. Uslaner, Esq.
Mark F. Coldwell, Esq.
Littman Krooks LLP
1325 Avenue of the Americas, 15
th
Floor
New York, NY 10019
Tel. No.: (212) 490-2020
Fax No.: (212) 490-2990
As soon as practicable after the effective date of this registration statement
(Approximate date of commencement of proposed sale to the public)
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, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company,"
and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐
Accelerated filer ☐
Non-accelerated Filer
☒
Smaller reporting company
☒
Emerging growth company
☐
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
The registrant hereby amends this registration
statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act, or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a),
may determine.
The information in this preliminary prospectus
is not complete and may be changed. We
and the selling stockholders
may not
sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary
prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not
permitted.
PRELIMINARY PROSPECTUS
SUBJECT TO COMPLETION
DATED __________ __, 2022
BRAIN SCIENTIFIC INC.
_______ Units
Each Unit Consisting of One Share of Common
Stock and
One Warrant to Purchase One Share of Common
Stock
We are offering _______ units
(each a "Unit" and collectively, the "Units") of Brain Scientific Inc. (the "Company," "Brain
Scientific," "we," "our" or "us") with each Unit consisting of one share of our common stock,
par value $0.001 per share, which we refer to as the "Common Stock," and one warrant (a "Warrant") to purchase
one share of Common Stock. The Warrants included in the Units are exercisable immediately, will expire ___ years from the date of issuance
and have an exercise price of $___ per share ( ___% of the price per Unit sold in this offering).
The Units
have no stand-alone rights and will not be certificated or issued in stand-alone form.
Purchasers will receive only shares of common
stock and warrants. The shares of Common Stock and Warrants may be transferred separately, immediately upon issuance. The offering also
includes the shares of Common stock issuable from time to time upon exercise of the Warrants.
In addition, the selling stockholders
identified herein (the "Selling Stockholders") are offering 41,534,495 shares of Common stock, consisting of (i) 22,638,000
shares of Common Stock issuable upon conversion of the PPO Debentures (as defined herein) and (ii) 18,896,495 shares of Common Stock underlying
the PPO Warrants (as defined herein). The 41,534,495 shares of Common Stock offered by the Selling Stockholders are defined herein as
the "Selling Stockholder Shares."
Our Common Stock is presently traded on the Pink
Tier of the OTC Markets Group, Inc. ("OTC Markets"), under the symbol "BRSF." On August 9, 2022, the last reported
sale price of our Common Stock was $0.12. We intend to apply to list our Common Stock and Warrants on the Nasdaq Capital Market under
the symbols "BRSF" and "BRSFW", respectively. No assurance can be given that our application will be approved
or that the trading prices of our Common Stock on the over-the-counter market will be indicative of the prices of our Common Stock if
our Common Stock were traded on the Nasdaq Capital Market. If our listing application is not approved by the Nasdaq Stock Market, we will
not be able to consummate this offering. The public offering price per Unit will be determined at the time of pricing and may be at a
discount to the current market price of our Common Stock. The recent market price of our Common Stock used throughout this prospectus
may not be indicative of the final offering price of the Units. Prior to this offering, there has been no trading market for the Warrants.
Unless otherwise noted and other than in our historical
financial statements and the notes thereto, the share and per share information in this prospectus reflects the proposed reverse split
of the outstanding Common Stock at an assumed [●]-for-[●] ratio to occur prior to the closing of the offering.
Investing in our securities involves a
high degree of risk. See "Risk Factors" beginning on page 14 of this prospectus. You should carefully consider these
risk factors, as well as the information contained in this prospectus, before purchasing any of the securities offered by this
prospectus.
Neither the Securities and Exchange commission
nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus.
Any representation to the contrary is a criminal offense.
Per Unit
Total
Public Offering price
$
$
Underwriter's discounts and commissions (1)
$
$
Proceeds to us before expenses (2)
$
$
Proceeds to Selling Stockholders, before expenses   (3)
$
$
(1)
See "Underwriting" beginning on page 98 for
    additional information regarding underwriting compensation.
(2)
The amount of offering proceeds to us presented in this table does not give effect to any exercise of the: (i) Underwriters' Over-Allotment Option we have granted to the underwriters as described below and (ii) the Representative's Warrants being issued to the underwriters as described below.
(3)
The amount of offering proceeds to us presented in this table does not give effect to the sale of the Selling Stockholder Shares as we will receive no proceeds from any such sales.
We have granted a 45-day option to the representative
of the underwriters to purchase up to ______ additional shares of our Common Stock and/or up to _________ additional Warrants, solely
to cover over-allotments, if any, which we refer to herein as the "Underwriters' Over-Allotment Option." The securities issuable
upon exercise of the Underwriters' Over-Allotment Option will be identical to those offered by this prospectus and have been registered
under the registration statement of which this prospectus forms a part.
The underwriters expect to deliver the
shares of Common Stock and Warrants against payment in New York, New York on or about                        ,
2022.
Sole Book-Running Manager
JOSEPH GUNNAR & CO. LLC
The date of this prospectus is        ,
2022
TABLE OF CONTENTS
PROSPECTUS SUMMARY
1
THE OFFERING
7
SUMMARY FINANCIAL DATA
9
RISK FACTORS
14
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
39
USE OF PROCEEDS
40
MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
41
DIVIDEND POLICY
41
CAPITALIZATION
41
DILUTION
42
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
44
BUSINESS
52
MANAGEMENT
79
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
89
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
90
SELLING STOCKHOLDERS
92
DESCRIPTION OF CAPITAL STOCK
95
DESCRIPTION OF SECURITIES WE ARE OFFERING
96
UNDERWRITING
98
LEGAL MATTERS
105
EXPERTS
105
WHERE YOU CAN FIND MORE INFORMATION
106
INDEX TO FINANCIAL STATEMENTS
F-1
PART II INFORMATION NOT REQUIRED IN PROSPECTUS
II-1
We have not authorized anyone to provide any
information or to make any representations other than those contained in this prospectus or in any free writing prospectuses we have prepared.
We take no responsibility for and can provide no assurance as to the reliability of, any other information that others may give you. This
prospectus is an offer to sell only the Units offered hereby, but only under circumstances and in jurisdictions where it is lawful to
do so. The information contained in this prospectus is current only as of its date.
For investors outside the United States: We have
not, the Selling Stockholders have not, and the underwriters have not, done anything that would permit this offering or possession or
distribution of this prospectus in any jurisdiction where action for that purpose is required, other than the United States. Persons outside
of the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to,
the offering of the Units and the distribution of this prospectus outside of the United States.
Market and Other Industry Data
Unless otherwise indicated, market data and certain
industry forecasts used throughout this prospectus were obtained from various sources, including internal surveys, market research, consultant
surveys, publicly available information and industry publications and surveys. Industry surveys, publications, consultant surveys and
forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but that the
accuracy and completeness of such information is not guaranteed. We have not independently verified any of the data from third-party sources
nor have we ascertained the underlying economic assumptions relied upon therein. Similarly, internal surveys, industry forecasts and market
research, which we believe to be reliable based upon our management's knowledge of the industry, have not been independently verified.
The future performance of the industry and markets in which we operate and intend to operate is necessarily subject to a high degree of
uncertainty and risk due to a variety of factors, including those described in the sections titled "Risk Factors" and "Special
Note Regarding Forward-looking Statements" and elsewhere in this prospectus. These and other factors could cause results to differ
materially from those expressed in these publications and reports.
i
PROSPECTUS SUMMARY
This
summary highlights selected information
contained elsewhere in this prospectus and does not contain all the information that you should consider before making your investment
decision. Before investing in our Units, you should carefully read this entire prospectus, including the information set forth under the
"Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"
sections of this prospectus and our consolidated financial statements and the accompanying notes included in this prospectus. Except as
otherwise indicated herein or as the context otherwise requires, references in this prospectus to "Brain Scientific," the
"Company," "we," "us," and "our" refer to Brain Scientific Inc. and its wholly-owned subsidiaries,
Piezo Motion Corp., a Delaware corporation, Memory MD, Inc., a Delaware corporation, Discovery Technology International, Inc., a Delaware
corporation, Memory MD Russia, a Russian corporation, Memory MD Europe, a Polish corporation, and Lilya (Ukraine), a Ukraine corporation.
Overview
We are a MedTech company with two innovative
product lines: neurology and motion products. Since October 1, 2021, we have had two direct subsidiaries, each of which is focused on
one of our complimentary product lines.
The products of our subsidiary Memory
MD, Inc., hereinafter referred to as the Neurology Products, are medical devices designed for the neurology market. The products of our
subsidiary Piezo Motion Corp., hereinafter referred to as the Motion Products, are small piezoelectric motors which are designed for and
expected to have valuable and beneficial uses as motors within medical devices and devices outside of the MedTech industry.
Since the merger between Brain Scientific
Inc. and Piezo Motion Corp., we have focused on building an experienced team and platform to grow revenues from existing products and
introduce new technologies to the market while leveraging our store of intellectual property.
To date, substantially all of our revenues have been derived from our
Russian subsidiary, Memory MD Russia, which has operated as a distributor of third-party medical devices within Russia. The Russian invasion
of Ukraine in February 2022 negatively impacted the operation of our Russian subsidiary. With the uncertainty raised due to the continued
Russian invasion of Ukraine, we do not anticipate having these medical device sales restart in Russia in the foreseeable future. No decision
has been made as to winding down operations.
Products
The two lines of products
that we currently sell are (i) Neurology Products and (ii) Motion Products.
Neurology Products
The Neurology Products of our subsidiary Memory
MD, Inc. are medical devices and software products designed for the neurology market. We believe our Neurology Products represent a step
forward in EEG technology and may be used in a wider range of applications beyond the traditional hospital or neurologist office.
Electroencephalography, or EEG, is a method to
identify and to evaluate the electrical activity of the brain. An EEG could be beneficial, when used with other tools in the diagnosis
of brain-related issues, including epilepsy, brain activity after a stroke, and sleep disorders. An EEG may also be used to determine
the electrical activity of a comatose individual.
Our initial Neurology Products are intended to
allow for simplifying and making more ambulatory the completion of EEG. Further, the NeuroCap™ and NeuroEEG™ Products, both
510K FDA cleared and available for sale, are focused on providing efficient tools to the EEG medical market. Our technology allows a miniature,
wireless, clinical device capable of recording an EEG and provides the data to medical staff without the bulky hardware or necessitating
a neurology technician to place the cap. The NeuroEEG™ amplifier and desktop software used to store and analyze data captured from
the NeuroCap™ are anticipated to have strong margins, utilizing a distribution network to provide access to hospitals, neurologists,
and general practitioners as well as the various telehealth and tele-neurology companies.
NeuroCap
™
1
The NeuroCap™ is an FDA-cleared disposable,
soft layered cap with an integrated electrode circuit that is designed to address existing problems of conventional EEG systems. The silver
embedded wiring is pre-gelled, so it requires no prepping of the skin before application. NeuroCap™ makes it possible for medical
staff of all levels to perform EEG tests, without having to laboriously apply electrodes one-by-one or spend considerable time cleaning
an EEG headset after each use.
The NeuroCap™ works in parallel with the
NeuroEEG™ amplifier device to successfully carry out EEG tests. However, the NeuroCap™ can also work with other EEG devices
in addition to our NeuroEEG. The NeuroCap™'s electrode placement follows standard alignment pursuant to the international
10-20 system. The acquisition of electrical brain activity is carried out by non-invasive pre-gelled passive Ag/AgCl scalp (cutaneous)
electrodes, ensuring maximum comfortability for the wearer. Benefits of NeuroCap™ include:
●
22 electrodes and 19 active
EEG channels for performing high-quality routine EEG tests;
●
disposable EEG headset for reducing
the risk of contagion and cross-contamination;
●
pre-gelled electrodes for reducing
patient discomfort and concern over messy gels; and
●
malleable structure and adjustable
Velcro straps allowing full adjustability during placement in patients with head injuries.
Expanding its potential uses, the NeuroCap™'s
easy to follow numbered straps makes application easy by healthcare workers of all skill levels.
We estimate
preparation for the EEG can be completed in approximately 5 minutes. It is user-friendly and requires minimal training. It can be utilized
for EEG testing for up to 4 hours. A routine EEG is reimbursable under several Current Procedural Terminology (CPT
®
) codes
referring to a routine EEG.
To date, initial sales of NeuroCap™ have
been made direct to a small number of hospitals and clinics. In 2022, we entered into a manufacturing agreement which we anticipate will
allow us to begin providing NeuroCap™ for broader sale in August 2022. Our strategy is to expand to indirect sales through representatives
and distributors.
NeuroEEG
™
The NeuroEEG™ connects wirelessly to the
computer, allowing freedom of movement for the patient and enabling telemedicine applications. Currently, we believe a shortage of EEG
testing equipment and technicians exists in some areas. Other technology may require a specialized technician to apply the gel and electrodes
individually. A neurology technician may be more expensive and in shorter supply. They may not be staffed and available 24/7 for some
hospitals.
NeuroCap™ and NeuroEEG™
can be used for recording EEGs in neurology clinics, urban and rural ED's, ICU's, urgent care clinics, nursing homes and assisted
living facilities, sports facilities, remote clinical research studies and a variety of other settings.
We are in the process of applying for
our CE certification, which will certify that our NeuroCap™ meets all sales requirements in the European Union and European-Economic
Area countries.
NeuroHub
™
2
NeuroHub™, fka NeuroNet Cloud, is being
developed to collect and aggregate data from current and future Company devices like the NeuroCap™ and NeuroEEG™ and from
external sources such as research and medical data banks, 3rd-party devices, and clinical-use applications. We believe that NeuroHub™
will allow for comprehensive monitoring and facilitate collaborative diagnosis, analysis, research, treatment, and prevention by employing
sophisticated Artificial Intelligence or AI and machine learning or ML algorithms utilizing historical and current patient, device and
platform data.
We anticipate that NeuroHub™ will allow
white-labeling to provide facilities, physicians, and patients with a HIPAA-compliant branded portal for Tele-neurology/Tele-medicine
services, enabling secure access to patient data for evaluation and assessment by internal and external clinical specialists and neurologists.
The platform will also integrate with Electronic Medical Records or EMRs and other external medical record databases to ensure up-to-date
and complete access to patient information.
We anticipate that NeuroHub™ will allow
users to access patient and clinical data to evaluate patient conditions remotely. We believe that such an infrastructure removes the
need for direct contact with the patient, opening up underserved geographic locations with an undersupply of physicians to meet the growing
demand for neurological care as aging patient populations continue to grow.
NeuroHub™ remains in development and is
not currently integrated into our NeuroCap™ or NeuroEEG™.
Motion Products
Piezo Motion is a provider of piezo motor technology
with significant investment in research and development of affordable piezoelectric motors to meet, and exceed, the needs of today's global
markets. We are committed to the development of innovative piezoelectric technology and motion products that enhance their functionality
in a multitude of applications. We work with startups, OEMs, research institutions and industrial companies from around the world empowering
the visionaries behind their products.
Piezo Motion's piezoelectric motors are
currently divided into two main series (the
Blue Series
and the
Imperial Series
) based on design and construction methodology.
Blue Series
LCS
RBS
LAS
RAS
Imperial
Series
PM-22R
LPM-50
Piezo Motion has recently completed an extensive
engineering program culminating in the development and initial launch of a unique line of small rotary and linear piezo motor products
hereinafter referred to as the Blue Series, control electronics and associated software. Piezo Motion's motor product line utilizes
engineering polymers making them suitable for equipment and for high volume OEM applications. While there are several types of piezo motors
on the market, the design and technology employed by Piezo Motion is new and combines what we perceive to be key advantages, such as superior
precision and power density with affordability and ease-of-manufacture.
Piezo Motion's Blue Series piezo motors
are available in a variety of sizes and configurations and are divided into twelve core motor platforms which include rotary motors (Models
RBS, RAS) and linear motors (Models LCS, LBS and LAS). These core motor models differ in output specification and are further divided
into variants/versions which include versions having hollow-shaft and solid-shaft rotors, versions having integrated magnetic and/or optical
encoders and versions which are non-magnetic and suitable for use within medical MRI. For each motor product line Piezo Motion has developed
hardware control electronics together with motion control software including firmware and operating software.
3
The second series of
motors available is the Imperial Series which employs a unique piezoelectric drive system, in which a ring-shaped piezo resonator with
a peripheral vibration shell is directly coupled to an array of radially positioned stainless-steel pushers. This unique rotary motor
design enables a substantial increase in the coupling efficiency between the stator and the rotor, which increases overall motor efficiency
and provides superior resolution and torque. The Imperial Series includes powerful motors capable of extremely faster response times,
coupled with submicron-level angular steps and exceptional torque. The range includes both bidirectional (reversible) and unidirectional
PCB-mounted piezo motor models, like the Blue Series.
We believe that our propriety piezo technology
may be up to 1,000 times more precise and up to 100 times faster to respond than the DC competitors. A typical rotary stepper motor might
be configured to make up to 200 – 500 steps in each rotation. By comparison, our Blue Series rotary motors provide over 600,000
steps per full rotation and our Imperial Series can achieve over 2.5 million steps per full rotation. These performance attributes provide
smoother and more precise motion. Our technology is also extremely scalable, enabling manufacture of very compact motors with our smallest
being the length and width of a thumbnail.
Piezo Motion's products are suited for a
variety of industries such as MedTech, Pharmaceutical, Aerospace, Industrial Automation, autonomous vehicles and Laser and Photonics.
Our current focus for our piezoelectric motors remains on the MedTech, market.
Corporate History
We were initially organized on November 18, 2013
as a Nevada limited liability company under the name Global Energy Express LLC. On December 18, 2015, we converted from a Nevada limited
liability company to a Nevada corporation under the name All Soft Gels Inc. On September 18, 2018, we changed our name from All Soft Gels
Inc. to Brain Scientific Inc. and changed our ticker symbol on the OTC Market to "BRSF".
On September 21, 2018, we entered into a merger
agreement (the "Merger Agreement") with MemoryMD, Inc. and AFGG Acquisition Corp. to acquire MemoryMD, Inc. (the "Acquisition").
The transactions contemplated by the Merger Agreement were consummated on September 21, 2018 and, pursuant to the terms of the Merger
Agreement, all outstanding shares of MemoryMD were exchanged for shares of our Common Stock. Accordingly, we acquired 100% of Memory MD,
Inc. in exchange for the issuance of shares of our Common Stock and MemoryMD, Inc. became our wholly owned subsidiary. In conjunction
with the Acquisition, we ceased all direct operations and assigned all of our assets and liabilities from prior to the Acquisition and
assumed and commenced the business of MemoryMD as our sole business.
On June 11, 2021, we entered into a
merger agreement (the "Piezo Merger Agreement") with Piezo Motion Corp. and BRSF Acquisition Corp. to acquire Piezo Motion
(the "Piezo Acquisition"). The transactions contemplated by the Piezo Merger Agreement were consummated on October 1, 2021.
Pursuant to the terms of the Piezo Merger Agreement, all outstanding shares of Piezo Motion were exchanged for shares of our Common Stock.
Accordingly, we acquired 100% of Piezo Motion in exchange for the issuance of shares of our Common Stock and Piezo Motion became our wholly
owned subsidiary.
Corporate Information
Our principal executive offices are
located at 6700 Professional Parkway, Lakewood Ranch, FL 34240 and our telephone number is (917) 388-1578. We maintain a website at www.brainscientific.com
to which we regularly post copies of our press releases, as well as additional information about us. Information contained on, or accessible
through, our website does not constitute a part of this prospectus or our other filings with the SEC, and you should not consider any
information contained on, or that can be accessed through, our website as part of this prospectus or in deciding whether to purchase our
Units.
All brand names or trademarks appearing
in this prospectus are the property of their respective holders. Use or display by us of other parties' trademarks, trade dress,
or products in this prospectus is not intended to, and does not, imply a relationship with, or endorsements or sponsorship of, us by the
trademark or trade dress owners.
Recent Developments
Reverse Stock Split
On May 19, 2022, the Board approved the granting
of discretionary authority to the Board, at any time or times for a period of up to twelve months from the Record Date, to adopt an amendment
(the "Amendment") to the Company's Articles of Incorporation, as amended (the "Articles of Incorporation"),
to effect a reverse stock split (the "Reverse Stock Split") with a ratio within the range of 1-for-10 to 1-for-100 (the "Reverse
Stock Split Ratio").
On June 16, 2022, the Company received a written
consent in lieu of a meeting by the holders of 62.73% of the voting power of our Common Stock (the "Majority Stockholders")
authorizing the Reverse Stock Split and the filing of the Amendment.
4
Increase in Authorized Shares
On May 21, 2022, the Board authorized the increase
of the Company's shares of authorized Common Stock from 200,000,000 to 750,000,000 pursuant to the Amendment (the "Increase
in Authorized Shares").
On June 16, 2022, the Company received a written
consent in lieu of a meeting by the Majority Stockholders authorizing the Increase in Authorized Shares. The Increase in Authorized Shares
shall become effective upon the filing of a certificate of amendment with the Secretary of State of the State of Nevada. We currently
expect to file such a certificate of amendment on August 12, 2022.
Adoption of the 2022 Equity and Incentive
Plan
On May 21, 2022, the Board approved, authorized,
and adopted the Brain Scientific 2022 Equity and Incentive Plan (the "2022 Plan") and certain forms of ancillary agreements
to be used in connection with the issuance of stock and/or options pursuant to the 2022 Plan. The 2022 Plan provides for the issuance
of up to 12,500,000 shares of Common Stock through the grant of non-qualified options (the "Non-qualified Options"), incentive
options (the "Incentive Options" and together with the Non-qualified Options, the "Options") and restricted stock
(the "Restricted Stock") restricted stock units, stock appreciation rights ("
SARs
") and other equity-based
awards to directors, officers, consultants, attorneys, advisors and employees.
On June 16, 2022, the Company received a written
consent in lieu of a meeting by the Majority Stockholders approving the adoption of the 2022 Plan.
PPO Debenture/Warrant Offering
On June 13, 2022, we consummated
a private placement offering (the "PPO Offering") with thirteen accredited investors (the "Holders"), pursuant
to which the Holders purchased from us, for an aggregate purchase price of $5,110,000 (the "Purchase Price") (i) 10% Original
Issue Discount Senior Secured Convertible Debentures in the principal amount of $5,659,500 (the "PPO Debentures"); and (ii)
warrants (the "PPO Warrants") to purchase 18,896,495 shares of Common Stock.
PPO Debentures
The PPO
Debentures are due, subject to the terms therein, 12 months from their date of issuance unless extended pursuant to the terms thereunder
(the "Maturity Date"). The PPO Debentures contain mandatory and voluntary conversion features as follows:
In the event a Qualified
Offering (as defined below) is consummated prior to the Maturity Date of the PPO Debentures, the PPO Debentures automatically convert
into shares of Common Stock, immediately upon the occurrence of a Qualified Offering (the "Mandatory Conversion"). The conversion
price per share of Common Stock pursuant to the PPO Debentures means, in the case of a Mandatory Conversion, the lesser of (i) $0.25 per
share (pre-split) and (ii) 70% of the offering price of Units in this Offering. In addition, Holders of the PPO Debentures shall have
the opportunity to force redemption up to 45% of principal amount, together with accrued interest (but excluding OID) in connection with
a Qualified Offering. For these purposes, a registered offering of our securities for aggregate gross proceeds to us of at least $5,000,000,
resulting in the listing for trading of the Common Stock on the NYSE American or The Nasdaq Capital Market shall be deemed a "Qualified
Offering" and the current terms of this offering will constitute a Qualified Offering for such purposes.
In the event of a Qualified
Offering the Holders may, at their discretion, require the Company to redeem up to 45% of the principal amount of the PPO Debentures (together
with accrued interest thereon, but excluding for these purposes the 10% Original Issuance Discount) (the "Qualified Offering Redemption
Option").
The
holders of the PPO Debentures have the right from time to following the Maturity Date and prior to a Mandatory Conversion to convert all
or any part of the outstanding and unpaid principal and interest then due under the PPO Debentures into fully paid and non-assessable
shares of Common Stock (the "Voluntary Conversion"). The conversion price per share of Common Stock pursuant to the PPO Debentures
means, in the case of a Voluntary Conversion, the lower of (i) $0.25 per share or (ii) 75% of the average of the volume weighted average
price ("VWAP") of the Common Stock during the ten-trading day period immediately prior to the applicable conversion date.
5
PPO Warrants
The PPO Warrants are exercisable
for a period of five years and six months commencing upon the earlier of (i) the Maturity Date or (ii) the closing of a Qualified Offering.
The
exercise price of the PPO Warrants is (i) the Qualified Offering price per share, or (ii) if no Qualified Offering has occurred prior
to the Maturity Date then the lower of (i) $0.25 per share or (ii) 75% of the average of the VWAP of the Company's Common Stock
during the ten (10) Trading Day period immediately prior to the Maturity Date (on an as adjusted basis giving effect to any splits, dividend
and the like during such ten (10) Trading Day period).
The
PPO Warrants contain a cashless exercise provision if at any time after 180 days following the closing of the Qualified Offering there
is no effective registration statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder.
The Company has agreed to use its commercially reasonable efforts to cause the filing of a registration statement with the SEC covering
the resale of the shares issuable upon conversion of the PPO Debentures and exercise of the PPO Warrants at the same time as the Qualified
Offering and shall use its commercially reasonable efforts to cause such registration statement to become effective at the time of the
Qualified Offering. The Company shall cause any registration statement filed pursuant to this section to remain effective for a period
of at least twelve (12) consecutive months after the date that the registration becomes effective.
Other Terms of PPO
In connection with the
PPO Offering, our subsidiaries Piezo Motion Corp., and Memory MD, Inc., executed guarantees in favor of the Holders, under which they
have jointly and severally, unconditionally, and irrevocably, guaranteed to the Holders the prompt and complete payment and performance
when due of our obligations pursuant to the securities purchase agreements executed in connection with the PPO Offering.
In connection with the
PPO Offering, we also entered into a security agreement (the "Security Agreement") by and among us, each of the Holders, Piezo
Motion Corp., and Memory MD, Inc., whereby we granted each of the Holders a security interest in all of our assets to secure the prompt
payment, performance and discharge in full of all of the our obligations under the PPO Debentures and the obligations of Piezo Motion
Corp., and Memory MD, Inc., under the Guarantee.
Additionally,
in connection with the PPO Offering, holders of certain of our convertible notes (the "Prior Convertible Notes") converted
the Prior Convertible Notes into an aggregate of 54,536,573 shares of Common Stock based on a conversion price of $0.25 per share, including
principal and interest. To incentivize such noteholders to convert, we increased the principal amount of the Prior Convertible Notes by
$1,175,741 resulting in the approximate aggregate principal amount of $12,933,155 being converted into equity, plus interest of $700,988.
In connection with their original investment, these holders were entitled to warrants (the "Original Warrants") based on 50%
coverage of their original investment amount. These Original Warrants will total 23,514,828 warrants and will have a term of four years
after issuance with an exercise price of $0.25 per share. The holders of the Prior Convertible Notes and Original Warrants also agreed
to waive and forgo the rights to the registration of the securities underlying the Prior Convertible Notes and Original Warrants.
Russian Invasion of Ukraine
On February 24, 2022, Russia invaded Ukraine.
Our Piezo research and development group in Kyiv has not been able to consistently work from the offices since that time. The team from
Kyiv work from the office and remotely. We do not know when they will have consistent access to the office. Further, we have engineering
resources capable of performing the work done in Kyiv from the United States.
In 2019, our Russian subsidiary,
Memory MD Russia, commenced acting as a distributor of third-party medical devices in Russia, which resulted in substantially all of our
revenue for 2020 and 2021. The Russian invasion of Ukraine impacted the operation of our Russian subsidiary. With the uncertainty
raised due to the continued Russian invasion of Ukraine, we do not anticipate having sales restart in Russia in the foreseeable future.
No decision has been made as to winding down operations.
6
THE OFFERING
Securities offered by us:
_____ Units, each consisting of one share of Common
    Stock and one Warrant to purchase one share of Common Stock. The warrants included within the units are exercisable immediately, have
    an exercise price of $_____ per share (___of the assumed public offering price per unit described on the cover of this prospectus) and
    expire five years from the date of issuance. The terms of the Warrants will be governed by a warrant agency agreement, dated as of the
    effective date of this offering, between us and ______________ as the warrant agent (the "Warrant Agent"). This prospectus
    also relates to the offering of the shares of Common Stock issuable upon exercise of the Warrants. For more information regarding the
    Warrants, you should carefully read the section titled "Description of Our Securities—Warrants" in this prospectus.
    The shares of our Common Stock and the Warrants comprising the units are immediately separable upon issuance and will be issued separately
    in this offering.
Assumed Public Offering Price:
$         per Unit, which is the mid-point of the estimated offering price range described on the cover of this prospectus.
1
Underwriters' Over-Allotment Option:
We have granted the representative of the underwriters a 45 day option to purchase up to ______ additional shares of our Common Stock at a public offering price of $_______ per share and/or Warrants to purchase shares of our Common Stock at a public offering price of $0.0001 per warrant, less, in each case, the underwriting discounts payable by us, in any combination solely to cover over-allotments, if any.  We refer to this option in this prospectus as the Underwriters' Over-Allotment Option.
Common Stock Offered by Selling Stockholders
The Selling Stockholders are offering 41,534,495 shares of Common Stock.
The Common Stock offered by the Selling Stockholders includes: (i) 22,638,000 shares of Common Stock issuable upon the conversion of the
PPO Debentures (at a conversion price of 70% of the public offering price); (ii) 18,896,495 shares of Common Stock underlying the PPO
Warrants. For a more detailed description of the PPO Debentures and the PPO Warrants, see "Recent Developments."
Common Stock outstanding prior to this offering:
_____________ shares of Common Stock outstanding as of _________, 2022.
Common Stock to be outstanding
after this offering:
_________ shares (assuming that none of the Warrants are exercised) and ______ shares, if the Warrants offered hereby are exercised in full (1).
Use of proceeds:
We estimate that the net proceeds from this offering
    will be approximately $____________, or approximately $
___________
if the underwriter exercise the Underwriters' Over-Allotment
    Option in full, after deducting underwriting discounts and commissions and the estimated offering expenses payable by us. We will not
    receive any proceeds from the sale of the Selling Stockholder Shares by the Selling Stockholders or from any cash exercise of the PPO
    Warrants held by the Selling Stockholders.
Although we have not yet determined with certainty
    the manner in which we will allocate the net proceeds of this offering, we expect to use the net proceeds of this offering primarily for
    (i) development of our sales, marketing and administrative capabilities and organization, including but not limited to adding additional
    staff, public relations and advertising; (ii) development of our manufacturing and production capability, including capital expenditures;
    and (iii) working capital, other capital expenditures and general corporate purposes . In addition, we will be required to use up to $_____
    of net proceeds (assuming accrued interest of $_______through ______ __, 2022) to repay PPO Debentures pursuant to the Qualified Offering
    Redemption Option which may be exercised by holders of the PPO Debentures.
See "Use of Proceeds" for additional
    information.
1
The assumed public offering price of $ per unit, the mid-point
of the range described on the cover of this prospectus. The actual number of units we will offer will be determined based on the actual
public offering price.
7
Risk factors:
Investing in our securities involves substantial risk. You
    should read the "Risk Factors" section beginning on page 14 and other information included in this prospectus for a
    discussion of factors to consider carefully before deciding to invest in our securities.
Proposed Nasdaq Trading Symbols:
Our Common Stock is quoted on the Pink Tier of
    the OTC Markets Group, Inc. ("OTC Markets"), under the symbol "BRSF," and, to date, has traded on a limited basis.
    As of August 9, 2022, the last reported sale price of our Common Stock on OTC Markets was $0.12. There is no present trading market for
    the Warrants. We intend to apply to list our Common Stock and Warrants on the Nasdaq Stock Market (the "Nasdaq") under the
    symbols "BRSF" and "BRSFW", respectively. If Nasdaq does not approve the listing of our Common Stock and Warrants,
    we will not proceed with this offering. Nasdaq listing requirements include, among other things, a stock price threshold which we intend
    to meet by affecting a reverse split of our outstanding Common Stock at an assumed [●]-for-[●] ratio prior to the closing
    of the offering.
Lock-ups:
We and our directors and officers have agreed with the underwriters not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of our Common Stock or securities convertible into Common Stock for a period of 180 days after the date of this prospectus. See "Underwriting" section.
(1)
The number of shares of our Common Stock to be outstanding before and after this
offering is based on 50,578,003 shares of our Common Stock outstanding as of March 31, 2022, and excludes, as of such date:
●
_____ shares of Common Stock issuable upon exercise of the
Warrants included in the units sold in the Offering;
●
46,143,287 shares of Common Stock issuable upon the conversion
of outstanding promissory notes;
●
9,211,132 shares of Common Stock issuable upon exercise of
outstanding warrants issued prior to the offering with a weighted average exercise price of approximately $0.45 per share;
●
15,095,714 shares of Common Stock issuable upon exercise of
warrants issuable to holders of promissory notes upon the earlier of the consummation of this offering or April 1, 2023;
●
4,504,214 shares of Common Stock issuable upon exercise of
outstanding stock options with a weighted average exercise price of approximately $0.35 per share;
●
8,000,000 shares of Common Stock reserved for issuance pursuant
to issued and outstanding and future awards under our 2018 Equity Incentive Plan (the "2018 Plan");
●
2,015,626 shares of Common Stock issuable upon exercise of
warrants issued to the Underwriter in connection with the PPO;
●
________ shares of Common Stock issuable upon exercise by
the underwriter of their option to purchase shares of common stock;
●
any securities issuable upon the exercise of the Underwriters'
Over-Allotment Option
●
_______ shares of Common Stock issuable upon exercise by the
underwriter under its underwriter's warrant
Except as otherwise indicated,
all information in this prospectus assumes:
●
a public offering price of $____per unit which is the mid-point
of the estimated offering price range described on the cover of this prospectus; and
●
a reverse stock split effected on _________ __, 2022 at a
ratio of 1:_.
8
SUMMARY FINANCIAL DATA
The following tables summarize our financial data
for the periods presented and should be read together with the sections of this prospectus titled "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of Operations," and our financial statements and related notes thereto
appearing elsewhere in this prospectus. The following summary statements of operations data for the three months ended March 31, 2022
and March 31, 2021 and the years ended December 31, 2021 and December 31, 2020 have been derived from our consolidated financial statements
and footnotes included elsewhere in this prospectus. Our historical results are not necessarily indicative of our future results or of
the results we expect in the future.
9
Brain Scientific Inc.
and Subsidiaries
CONSOLIDATED BALANCE
SHEETS
December 31,
2021
December 31,
2020
ASSETS
CURRENT ASSETS:
Cash
$
785,363
$
68,943
Accounts receivable
16,922
-
Inventory
146,090
44,904
Advances to officers
16,941
7,542
Prepaid expenses and other current assets
166,458
12,000
TOTAL CURRENT ASSETS
1,131,774
133,389
Property and equipment, net
122,979
91,742
Intangible assets
10,920,577
-
Goodwill
913,184
-
Operating lease right-of-use asset
191,702
-
Other long-term assets
95,000
-
TOTAL ASSETS
$
13,375,216
$
225,131
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued expenses
$
2,987,264
$
1,444,476
Accounts payable and accrued expenses - related party
75,000
-
Accrued interest
356,998
26,766
Notes payable
320,000
650,000
Loans payable
6,667
-
Loans payable - related party
155,989
-
Operating lease liability, current portion
104,591
-
TOTAL CURRENT LIABILITIES:
4,006,509
2,121,242
Convertible notes payable, net
9,972,551
-
Operating lease liability, net of current portion
91,089
-
Paycheck protection program (PPP) loan
-
111,477
TOTAL LIABILITIES
14,070,149
2,232,719
Commitments and contingencies
STOCKHOLDERS' DEFICIT
Preferred stock, $0.001 par value; 10,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively
-
-
Common stock, $0.001 par value; 200,000,000 shares authorized, 50,217,308 and 29,520,454 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively
50,217
29,520
Additional paid in capital
21,537,763
11,141,129
Accumulated deficit
(22,278,923
)
(13,178,237
)
Accumulated other comprehensive loss
(3,990
)
-
TOTAL STOCKHOLDERS' DEFICIT
(694,933
)
(2,007,588
)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
$
13,375,216
$
225,131
10
Brain Scientific Inc.
and Subsidiaries
CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE LOSS
Years Ended
December 31,
2021
2020
REVENUE
$
265,747
$
93,664
COST OF GOODS SOLD
182,519
43,762
GROSS PROFIT
83,228
49,902
SELLING, GENERAL AND ADMINISTRATIVE
Research and development
329,452
210,706
Professional fees
818,698
268,223
Sales and marketing expenses
1,041,575
197,372
Share-based compensation
3,223,674
311,919
General and administrative expenses
3,326,306
1,831,170
TOTAL SELLING, GENERAL AND ADMINISTRATIVE
8,739,705
2,819,390
LOSS FROM OPERATIONS
(8,656,477
)
(2,769,488
)
OTHER INCOME (EXPENSE):
Interest expense
(467,849
)
(29,474
)
Amortization of debt discount
(89,787
)
-
Loss on disposal of assets
-
(4,067
)
Other income
1,110
-
Gain on forgiveness of paycheck protection loan
112,338
-
Foreign currency transaction loss
(21
)
-
TOTAL OTHER EXPENSE
(444,209
)
(33,541
)
LOSS BEFORE INCOME TAXES
(9,100,686
)
(2,803,029
)
PROVISION FOR INCOME TAXES
-
-
NET LOSS
(9,100,686
)
(2,803,029
)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment
(3,990
)
-
TOTAL COMPREHENSIVE LOSS
$
(9,104,676
)
$
(2,803,029
)
NET LOSS PER COMMON SHARE
Basic and diluted
$
(0.26
)
$
(0.10
)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic and diluted
30,680,204
26,819,946
11
Brain Scientific Inc.
and Subsidiaries
CONDENSED CONSOLIDATED
BALANCE SHEETS
March 31,
2022
December 31,
2021
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash
$
346,365
$
785,363
Accounts receivable
20,079
16,922
Inventory
155,852
146,090
Advances to officers
-
16,941
Prepaid expenses and other current assets
120,511
166,458
TOTAL CURRENT ASSETS
642,807
1,131,774
Property and equipment, net
121,112
122,979
Intangible assets, net
10,728,269
10,920,577
Goodwill
913,184
913,184
Operating lease right-of-use asset - LT
144,380
191,702
Other long-term assets
90,000
95,000
TOTAL ASSETS
$
12,639,752
$
13,375,216
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued expenses
$
2,761,878
$
2,987,264
Accounts payable and accrued expenses - related party
75,000
75,000
Accrued Interest
543,222
356,998
Convertible notes payable - short term
337,000
337,000
Notes payable
300,000
320,000
Loans payable
6,667
6,667
Notes payable - related party
155,947
155,989
Operating lease liability, current portion
75,814
104,591
TOTAL CURRENT LIABILITIES:
4,255,528
4,343,509
Convertible notes payable, net
10,802,005
9,635,551
Operating lease liability, net of current portion
71,099
91,089
TOTAL LIABILITIES
15,128,632
14,070,149
Commitments and contingencies
STOCKHOLDERS' DEFICIT
Preferred stock, $0.001 par value; 10,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
-
-
Common stock, $0.001 par value; 200,000,000 shares authorized, 50,578,003 and 50,217,308 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
50,578
50,217
Additional paid in capital
21,902,942
21,537,763
Accumulated deficit
(24,438,861
)
(22,278,923
)
Accumulated other comprehensive loss
(3,539
)
(3,990
)
TOTAL STOCKHOLDERS' DEFICIT
(2,488,880
)
(694,933
)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
$
12,639,752
$
13,375,216
12
Brain Scientific Inc.
and Subsidiaries
CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended
March 31,
2022
2021
REVENUE
$
159,588
$
1,475
COST OF GOODS SOLD
106,675
575
GROSS PROFIT
52,913
900
SELLING, GENERAL AND ADMINISTRATIVE
Research and development
84,717
55,165
Professional fees
187,766
50,057
Sales and marketing expenses
191,471
43,773
Share based compensation
298,301
-
General and administrative expenses
1,185,456
559,462
TOTAL SELLING, GENERAL AND ADMINISTRATIVE
1,947,711
708,457
LOSS FROM OPERATIONS
(1,894,798
)
(707,557
)
OTHER INCOME (EXPENSE):
Interest expense
(271,919
)
(58,785
)
Other income
6,904
-
Gain on forgiveness of paycheck protection loan
-
112,338
Foreign currency transaction loss
(125
)
-
TOTAL OTHER EXPENSE
(265,140
)
53,553
LOSS BEFORE INCOME TAXES
(2,159,938
)
(654,004
)
PROVISION FOR INCOME TAXES
-
-
NET LOSS
(2,159,938
)
(654,004
)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment
451
-
TOTAL COMPREHENSIVE LOSS
(2,159,487
)
(654,004
)
NET LOSS PER COMMON SHARE
Basic and diluted
$
(0.04
)
$
(0.02
)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic and diluted
50,553,957
29,520,454
13
RISK FACTORS
Investing in our securities
involves a high degree of risk. Before you invest in the Units, the Warrants and the Common Stock, you should carefully consider the following
risks, as well as general economic and business risks, and all of the other information contained in this registration statement. Any
of the following risks could harm our business, operating results and financial condition and cause the trading price of our Common Stock
to decline, which would cause you to lose all or part of your investment. When determining whether to invest, you should also refer to
the other information contained in this prospectus, including our financial statements and the related notes thereto.
Risks Relating to our Business
We are a developmental stage medical device
company and have a history of significant operating losses; we expect to continue to incur operating losses, and we may never achieve
or maintain profitability.
We are a development stage
company and have incurred losses from inception and had an accumulated deficit of $24,438,861 as of March 31, 2022 and a working capital
deficit of $3,612,721 as of March 31, 2022. We had an accumulated deficit of $22,278,923 as of December 31, 2021 and a working capital
deficit of $2,874,735 as of December 31, 2021. We expect to continue to incur significant expenses and increasing operating and net losses
for the foreseeable future. To date, we have financed our operations primarily through debt and equity financings. To date, our primary
activities have been limited to, and our limited resources have been dedicated to, performing business and financial planning, raising
capital, recruiting personnel, negotiating with business partners and the licensors of our intellectual property and conducting development
activities, including the commercialization of our products.
We have never been profitable
and do not expect to be profitable in the foreseeable future. Any profitability in the future will be dependent upon the successful development
of our business model, of which we can give no assurance of success. We expect our expenses to increase as we pursue our objectives. The
extent of our future operating losses and the timing of profitability are highly uncertain, and we expect to continue incurring significant
expenses and operating losses over the next several years. Our prior losses have had, and will continue to have, an adverse effect on
our stockholders' equity and working capital. Any additional operating losses may have an adverse effect on our stockholders' equity,
and we cannot assure you that we will ever be able to achieve profitability. Even if we achieve profitability, we may not be able to sustain
or increase profitability on a quarterly or annual basis. Our failure to become and remain profitable would depress the value of our company
and could impair our ability to raise capital, expand our business, maintain our development efforts, obtain regulatory approvals or continue
our operations. Accordingly, we are a highly speculative venture involving significant financial risk.
We have generated limited revenues to date
and substantially all of our revenues have been generated from our Russian subsidiary.
We have generated only limited
revenues from our two product lines. For the year ended December 31, 2021, Brain Scientific Inc. and Piezo Motion Corp had a combined
$790,069 in revenues. Memory MD Russia, operating as a distributor of third-party medical devices, accounted for 87.8% of all such revenues.
With the uncertainty raised due to the continued Russian invasion of Ukraine, we do not anticipate having these medical device sales restart
in Russia in the foreseeable future and no decision has been made as to winding down operations. Piezo Motion Corp had $36,651 in revenues
(4.6%) and Memory MD US had $60,651 (7.6%) of the revenues generated in fiscal 2021. The NeuroCap™ and NeuroEEG™ are both
ready for commercial availability within our Neurology Products. The Blue Series, Imperial Series and engineered customized motors are
also ready for commercial availability within our Motion Products. In 2022, manufacture of the NeuroCap™ has started at our outsourced
manufacturing partner. Our Lakewood Ranch office can handle the manufacture of the Motion Products for the foreseeable future. Distribution
partners are in place for both products.
If we do not gain the market
acceptance for either the Neurology or Motion Products, we will not be capable of generating the revenues required for sustaining our
business.
In 2019, we commenced acting
as a distributor of third-party medical devices in Russia, which resulted in substantially all of our revenue for 2020 and 2021.
The Russian invasion of Ukraine on February 24, 2022 impacted the operation of our Russian subsidiary. With the uncertainty raised due
to the continued Russian invasion of Ukraine, we do not anticipate having sales restart in Russia in the foreseeable future. No decision
has been made as to winding down operations.
14
Investors are subject to all
the risks incident to the creation and development of a new business and each investor should be prepared to withstand a complete loss
of his, her or its investment. Furthermore, the accompanying financial statements have been prepared assuming that we will continue as
a going concern. We have not emerged from the development stage and may be unable to raise further equity. These factors raise substantial
doubt about our ability to continue as a going concern. Our financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
The Company has limited experience
in medical device and piezoelectric motor development and commercialization. Our ability to become profitable depends primarily on our
ability to develop our products, our successful completion of all necessary pre-clinical testing and clinical trials on such products,
our ability to obtain approval for such products and, if approved, successfully commercialize such products, our ongoing research and
development efforts, the timing and cost of clinical trials, our ability to identify personnel with the necessary skill sets or enter
into favorable alliances with third-parties who can provide substantial capabilities in clinical development, regulatory affairs, sales,
marketing and distribution and our ability to obtain and maintain necessary intellectual property rights to such products. Our limited
experience in piezoelectric motor and medical device development may make it more difficult for us to complete these tasks.
Even if we successfully develop
and market our products, we may not generate sufficient or sustainable revenue to achieve or sustain profitability, which could cause
us to cease operations and cause you to lose all of your investment. Because we are subject to these risks, you may have a difficult time
evaluating our business and your investment in our Company.
Our ability to continue our operations requires
that we raise additional capital, and our operations could be curtailed if we are unable to obtain the additional funding as or when needed.
As a result, our registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going
concern in its report on our audited financial statements included in this prospectus. We will need to raise substantial additional funds
in the future, and these funds may not be available on acceptable terms or at all. A failure to obtain this necessary capital when needed
could force us to delay, limit, scale back or cease some or all operations.
Upon the completion of the
audit of our financial statements for the year ended December 31, 2021, we concluded there was substantial doubt about our ability to
continue as a going concern. As a result, our independent registered public accounting firm included an explanatory paragraph regarding
this uncertainty in its report on those financial statements.
The continued growth of our
business, including the development, regulatory approval and commercialization of our products, will significantly increase our expenses
going forward, regardless of our revenues. As a result, we are required to seek substantial additional funds to continue our business.
Our future capital requirements will depend on many factors, including:
●
the cost of developing our products;
●
obtaining and maintaining regulatory clearance or approval for our products;
●
the costs associated with commercializing our products;
●
any change in our development priorities;
●
the revenue generated by sales of our products, if approved;
●
the revenue generated by sales of third-party medical devices;
●
the costs associated with expanding our sales and marketing infrastructure for commercialization of our products, if approved;
●
any change in our plans regarding the manner in which we choose to commercialize any approved product in the United States or internationally;
●
the cost of ongoing compliance with regulatory requirements;
●
expenses we incur in connection with potential litigation or governmental investigations;
●
the costs to develop additional intellectual property:
●
anticipated or unanticipated capital expenditures; and
●
unanticipated general and administrative expenses.
15
We may not be able to raise
additional capital on terms acceptable to us, or at all. Any failure to raise additional capital could compromise our ability to execute
on our business plan, and we may be forced to liquidate our assets. In such a scenario, the values we receive for our assets in liquidation
or dissolution could be significantly lower than the values reflected in our financial statements.
If we issue equity or debt
securities to raise additional funds, our existing stockholders may experience dilution, and the new equity or debt securities may have
rights, preferences and privileges senior to those of our existing stockholders. In addition, if we raise additional funds through collaborations,
licensing, joint ventures, strategic alliances, partnership arrangements or other similar arrangements, it may be necessary to relinquish
valuable rights to our potential future products or proprietary technologies or grant licenses on terms that are not favorable to us.
The amount of future financing which we
may require will depend on several factors, many of which are beyond our control. Our results of operations, financial condition and stock
price are likely to be adversely affected if our funding requirements increase or are otherwise greater than we expect.
Our future funding requirements will depend on
many factors, including, but not limited to:
●
the testing costs for our product candidates and other development activities conducted by us directly, and our ability to successfully conclude the studies and activities and achieve favorable results;
●
our ability to attract future strategic partners to pay for or share costs related to our product development efforts;
●
the costs and timing of seeking and obtaining regulatory clearance and approvals for our product candidates;
●
decisions to hire additional scientific, engineering or administrative personnel or consultants;
●
our ability to manage administrative and other costs of our operations; and
●
the presence or absence of adverse developments in our research program.
If any of these factors cause our funding needs
to be greater than expected, our operations, financial condition, ability to continue operations and stock price may be adversely affected.
Our future cash requirements may differ
significantly from our current estimates.
Our cash requirements may differ significantly
from our estimates from time to time, depending on a number of factors, including:
●
the costs and results of our development testing and clinical studies regarding our product candidates;
●
the time and costs involved in obtaining regulatory clearance and approvals;
●
the speed of product development at customers in which motors are used;
●
whether we are able to obtain funding under future licensing agreements, strategic partnerships, or other collaborative relationships, if any;
●
the costs of compliance with laws, regulations, or judicial decisions applicable to us; and
●
the costs of general and administrative infrastructure required to manage our business and protect corporate assets and shareholder interests.
If we fail to raise additional funds on a timely
basis, we will need to scale back our business plans, which would adversely affect our business, financial condition, and stock price,
and we may even be forced to discontinue our operations and liquidate our assets.
16
COVID-19 continues to evolve and has the
potential to disrupt business United States and many other parts of the world and may continue to adversely affect our business
operations, supply chains, employee availability, financial condition, liquidity and cash flow for an extended period of time.
COVID-19 has receded as a
major disruption of business operations. However, if the virus continues to mutate, a risk exists of more shut-downs or disruption of
business operations and supply chains. It is impossible to predict the effect and ultimate impact of the COVID-19 pandemic as the situation
continues to evolve.
Ongoing significant reductions in
business related activities could result in further loss of sales and profits, as well as other material adverse effects. The
extent of the impact of COVID-19 worldwide on our business, financial results, liquidity and cash flows will depend largely on future
developments, which are highly uncertain and cannot be predicted.
Quality problems with, and product liability
claims in connection with our products could lead to recalls or safety alerts, harm to our reputation, or adverse verdicts or costly
settlements, and could have a material adverse effect on our financial condition and business operations.
Quality is extremely important
to us and our customers due to the serious and costly consequences of product failure and our business exposes us to potential product
liability risks that are inherent in the design, manufacture, and marketing of our products. Component failures, manufacturing defects,
design flaws, off-label use, or inadequate disclosure of product-related risks or product-related information with respect to our products,
could result in an unsafe condition or injury to, or death of, a user of our products. These problems could lead to the recall of, or
issuance of a safety alert relating to, our products, and could result in unfavorable judicial decisions or settlements arising out of
product liability claims and lawsuits, including class actions, which could negatively affect our financial condition and business operations.
In particular, a material adverse event involving one of our products could result in reduced market acceptance and demand for all products
offered under our brand and could harm our reputation and ability to market products in the future.
High quality products are
critical to the success of our business. If we fail to meet the high standards we set for ourselves and which our customers expect, and
our products are the subject of recalls, safety alerts, or other material adverse events, our reputation could be damaged, we could lose
customers, and our revenue and results of operations could decline. Our success also depends generally on our ability to manufacture to
exact tolerances precision-engineered components, subassemblies, and finished devices from multiple materials. If our components fail
to meet these standards or fail to adapt to evolving standards, our reputation, competitive advantage and market share could be negatively
impacted. In certain situations, we may undertake a voluntary recall of products or temporarily shut down product production lines if
we determine, based on performance relative to our own internal safety and quality monitoring and testing data, that we have or may be
in danger of failing to meet the high-quality standards we have set for ourselves and which our customers expect. Such recalls or cessation
of services or product manufacturing may also negatively impact our business.
Any product liability claim
brought against us, with or without merit, could be costly to defend and resolve. Any of the foregoing problems, including product liability
claims or product recalls in the future, regardless of their ultimate outcome, could harm our reputation and have a material adverse effect
on our financial condition and business operations.
We are dependent on patent and other proprietary
rights and our failure to protect such rights or to be successful in litigation related to our rights or the rights of others may result
in our payment of significant monetary damages. This would negatively impact our ability to sell current or future products or prohibit
us from enforcing our patent and other proprietary rights against others.
We are and will continue to
be materially dependent on a combination of patents, trade secrets, and trademarks, non-disclosure and non-competition agreements, and
other intellectual property protections which will enable us to maintain our proprietary competitiveness. We also operate in an industry
characterized by extensive patent litigation. Patent litigation against us can result in significant damage awards and injunctions that
could prevent our manufacture and sale of affected products or require us to pay significant amounts in order to continue to manufacture
or sell affected products. At any given time, we could potentially be involved as a plaintiff and/or as a defendant in a number of patent
infringement and/or other contractual or intellectual property related actions, the outcomes of which may not be known for prolonged periods
of time. While it is not possible to predict the outcome of such litigation, we acknowledge the possibility that any such litigation could
result in our payment of significant monetary damages and/or royalty payments, negatively impact our ability to sell current or future
products or prohibit us from enforcing our patent and proprietary rights against others, which would have a material adverse effect on
the financial condition of our business and on our business operations.
While we intend to defend
against any threats to our intellectual property, including our patents, trade secrets, and trademarks, and while we intend to defend
against any actual or threatened breaches of our non-disclosure and non-competition agreements, may not adequately protect our intellectual
property or enforce such agreements. Further, patent or trademark applications currently pending that are owned by us may not result in
patents or trademarks being issued to us, patents or trademarks issued to or licensed by us in the past or in the future may be challenged
or circumvented by competitors and such patents or trademarks may be found invalid, unenforceable or insufficiently broad to protect our
proprietary advantages.
In addition, the laws of certain
countries in which we market, or intend to market, some or all of our products do not protect our intellectual property rights to the
same extent as the laws of the United States, which could make it easier for competitors to capture market position in such countries
by utilizing technologies and other intellectual property that are similar to those developed or licensed by us. Competitors may also
harm our sales by designing products or offering services that mirror the capabilities of our products, or the technology contained therein,
without infringing our intellectual property rights. If we are unable to protect our intellectual property in these countries, it could
have a material adverse effect on our financial condition and business operations.
17
In addition to patented technology,
we rely on our unpatented technology, trade secrets and know-how. We generally seek to protect this information by confidentiality, non-disclosure
and assignment of invention agreements with our officers, employees, contractors and other service providers and with parties with which
we do business. These agreements may be breached, which breach may result in the misappropriation of such information, and we may not
have adequate remedies for any such breach. We cannot be certain that the steps we have taken will prevent unauthorized use or reverse
engineering of our technology.
Moreover, our trade secrets
may be disclosed to or otherwise become known or be independently developed by competitors. To the extent that our officers, employees,
contractors, other service providers, or other third parties with whom we do business use intellectual property owned by others in their
work for us, disputes may arise as to the rights in related or resulting know-how and inventions. If, for any of the above reasons, our
intellectual property is disclosed or misappropriated, it would harm our ability to protect our rights and have a material adverse effect
on our business, financial condition, and results of operations.
If we experience decreasing prices for our Neurology
Products and we are unable to reduce our expenses, our financial condition and business operations may suffer.
We may experience decreasing
prices for our Neurology Products due to pricing pressure experienced by our customers from managed care organizations and other third-party
payers, increased market power of our customers as the medical device industry consolidates, and increased competition among medical engineering
and manufacturing service providers. If the prices for our Neurology Products decrease and we are unable to reduce our expenses, our results
of operations will be adversely affected.
Our research and development efforts rely
upon investments and investment collaborations, and we cannot guarantee that any previous or future investments or investment collaborations
will be successful.
Our commercialization strategy
requires a wide variety of technologically advanced and capable products. The rapid pace of technological development in the MedTech industry
and the specialized expertise required in different areas of medicine make it difficult for one company alone to develop a broad portfolio
of technological solutions. In addition to internally generated growth through our research and development efforts, we anticipate the
need to rely upon investments and investment collaborations to provide us access to new technologies both in areas served by our contemplated
businesses as well as in new areas. A failure to establish such collaborations may harm our financial condition and business operations.
Going forward, we expect to
make future investments where we believe that we can stimulate the development or acquisition of new technologies, Products to further
our strategic objectives and strengthen our existing business ventures. Investments and investment collaborations in and with medical
technology companies are inherently risky, and we cannot guarantee that any of our previous or future investments or investment collaborations
will be successful or will not have a materially adverse effect our financial condition and business operations.
18
Our ability to offer new products and continue
the development of our existing products, depends upon us maintaining strong relationships with health care professionals.
If we fail to maintain our
working relationships with health care professionals, many of our products may not be developed and offered in line with the needs and
expectations of the professionals who use and support our products, which could cause a decline in our earnings and profitability. The
research, development, marketing, and sales of our products is expected to be dependent upon our maintaining working relationships with
such health care professionals, and the use of our products is expected to often require the participation of health care professionals.
In addition, health care professionals are the primary customer groups we expect to market and sell our products directly to, further
highlighting the importance of our relationship with such health care professionals. If we are unable to maintain our relationships with
these professionals, we may lose our primary customer base, our products may not be utilized correctly or to their full potential, and
our ability to develop, manufacture, and market future products may be significantly stunted.
We operate in a highly competitive industries
and we may be unable to compete effectively.
We expect to compete domestically
and internationally in the neurology, diagnostic imaging and MedTech markets and the motion control market. These markets are characterized
by rapid change resulting from technological advances and scientific discoveries. In the product lines and offered services in which we
compete, we face a mixture of competitors ranging from large manufacturers with multiple business lines to small manufacturers that offer
a limited selection of niche products. Development by other companies of new or improved products, processes, technologies, or the introduction
of reprocessed products or generic versions when our proprietary products lose their patent protection may make our existing products
or proposed products less competitive. Competitive factors include product reliability, product performance, product technology, product
quality, breadth of product lines, product services, customer support, price, and reimbursement approval from health care insurance providers.
We also face competition for
marketing, distribution, and collaborative development agreements, for establishing relationships health care professionals, medical associations,
and academic and research institutions, and for licenses to intellectual property. In addition, academic institutions, governmental agencies
and other public and private research organizations also may conduct research, seek patient protection and establish collaborative arrangements
for discovery, research, clinical development and marketing of products similar to ours. These companies, professionals, and institutions
compete with us in recruiting and retaining qualified scientific and management personnel, as well as in acquiring necessary product technologies.
Technological breakthroughs in electric
motors could render our Motion Products obsolete.
The electric motor market
is subject to rapid technological change and product innovation. Our electric motors are based on its proprietary technology, but several
companies are pursuing new technologies, including sensing technologies for electric engines. Any technological breakthroughs could render
our Motion Products obsolete, would have a material adverse effect on our business, financial condition and results of operations and
could result in our shareholders losing their entire investment.
19
Any failure to attract and retain skilled
directors, executives, employees and consultants could impair our product development and commercialization activities.
Our business depends on the
skills, performance, and dedication of our current directors, executive officers and key engineering and technical advisors. We may need
to recruit additional directors, executive management employees, and advisers, particularly engineering, scientific and technical personnel,
which will require additional financial resources. In addition, there is currently intense competition for skilled directors, executives
and employees with relevant engineering, scientific and technical expertise, and this competition is likely to continue. If we are unable
to attract and retain persons with sufficient engineering, scientific, technical and managerial experience, we may be forced to limit
or delay our product development activities or may experience difficulties in successfully conducting our business, which would adversely
affect our operations and financial condition.
Our growth could suffer if the markets into
which we sell our products and services decline
.
Our growth depends in part
on the growth of the markets which we serve. Any decline or lower than expected growth in our served markets could diminish demand for
our products and services, which would adversely affect us and our financial results. Certain of our businesses operate in industries
that may experience periodic, cyclical downturns. Demand for our products and services will also be sensitive to changes in our current
and future customer order patterns, which may be affected by announced price changes, changes in incentive programs, new product introductions
and customer inventory levels. Any of these factors could adversely affect our growth and results of operations in any given period.
We have limited internal research and development
personnel, making us dependent on consulting relationships.
We consider research and development
to be an important part of the process of designing, developing, obtaining regulatory required approvals and the commercialization of
our products. We expect to continue to incur substantial costs related to research and development.
We will need to outsource and rely on third
parties for various aspects relating to the development, manufacture, sales and marketing of our products as well as in connection with
assisting us in the preparation and filing of our FDA submissions, and our future success will be dependent on the timeliness and effectiveness
of the efforts of these third parties.
We are dependent on consultants
for important aspects of our product development strategy. We do not have the required financial resources and personnel to carry out
independently the development of our product candidate, and do not have the capability or resources to manufacture our current product
candidates in-house. As a result, we contract with and rely on third parties for important functions, including in connection with the
development and finalization of our products, the preparation and filing of our FDA submissions and eventual manufacturing and commercialization
of our product candidates. If problems develop in our relationships with third parties, or if such parties fail to perform as expected,
it could lead to delays or lack of progress in obtaining FDA clearance, significant cost increases, changes in our strategies, and even
failure of our product initiatives.
20
We expect to rely on third-party manufacturers
and will be dependent on their quality and effectiveness.
Our products requires precise,
high-quality manufacturing. The manufacturing process of NeuroCap™ is outsourced to a third-party, while the piezo electric motors
are currently manufactured in-house, by the Company. The failure to achieve and maintain high manufacturing standards, including failure
to detect or control anticipated or unanticipated manufacturing errors or the frequent occurrence of such errors, could result in user
injury or death, discontinuance or delay of ongoing or planned clinical studies, delays or failures in product testing or delivery, cost
overruns, product recalls or withdrawals and other problems that could seriously hurt our business. Contract medical device manufacturers
often encounter difficulties involving production yields, quality control and quality assurance and shortages of qualified personnel.
These manufacturers are subject to stringent regulatory requirements, including the FDA's current good-manufacturing-practices regulations.
If our contract manufacturers fail to maintain ongoing compliance at any time, the production of our products could be interrupted, resulting
in delays or discontinuance of our clinical studies, additional costs and loss of potential revenues.
We may be subject to potential product liability
and other claims that could materially impact our business and financial condition.
The development and sale of
our products exposes us to the risk of significant damages from product liability and other claims, and the use of our product candidates
may result in adverse effects. We cannot predict all the possible harms or adverse effects that may result. We maintain a modest amount
of product liability insurance to provide some protection from claims. Nonetheless, we may not have sufficient resources to pay for any
liabilities resulting from a personal injury or other claim, even if it is partially covered by insurance. In addition to the possibility
of direct claims, we may be required to indemnify third parties against damages and other liabilities arising out of our development,
commercialization and other business activities, which would increase our liability exposure. If third parties that have agreed to indemnify
us fail to do so, we may be held responsible for those damages and other liabilities as well.
Our competitors may develop products that
are more effective and less expensive than ours.
We are engaged in the development
of Neurology Products and Motion Products, the marketing and sale of which is intensely competitive. Our competitors may:
●
develop products that are less expensive or more effective than ours;
●
commercialize competing products before we can launch our products;
●
hold or obtain proprietary rights that could prevent us from commercializing our products; or
●
introduce competing products that render our product obsolete.
If our competitors market
Neurology Products or Motion Products that are less expensive or more effective than our products, or that gain or maintain greater market
acceptance, we may not be able to compete effectively.
We may not be able to successfully scale-up
manufacturing of our products in sufficient quality and quantity.
In order to conduct larger-scale
commercialization of our products, we will need to manufacture our products in substantially larger quantities. We may not be able to
successfully increase the manufacturing capacity for our products in a timely or cost-effective manner, or at all. In addition, quality
issues may arise during scale-up activities. If we are unable to successfully scale up the manufacture of our products in sufficient quality
and quantity, the further development of our products and expected sales will be delayed, which could significantly harm our business.
21
A reduction or interruption in our supply
of raw materials coupled with an inability to develop alternative sources for such raw materials, and other similar supply chain management
difficulties, may adversely affect our ability to manufacture our products.
The manufacture of our Products
requires the timely delivery of sufficient amounts of quality components and materials and is highly exacting and complex, due in part
to strict regulatory requirements, and we cannot guarantee that our efforts to secure quality components and materials in a timely, cost
effective manner will be successful. Other problems in the manufacturing process, including equipment malfunction, failure to follow specific
protocols and procedures, defective raw materials and environmental factors, could lead to launch delays, product shortage, unanticipated
costs, lost revenues and damage to our reputation. A failure to identify and address manufacturing problems prior to the release of Products
to our customers may also result in quality or safety issues.
Our operating results could be negatively
impacted if we are unable to capitalize on research and development spending.
We have and intend to continue
to spend a significant amount of time and resources on research and development projects to develop and validate new and innovative products.
We believe these projects will result in the commercialization of new products and will create additional future sales. However, factors
including regulatory delays, safety concerns or patent disputes could delay the introduction or marketing of new products. Additionally,
unanticipated issues may arise in connection with current and future clinical studies that could delay or terminate a product's
development prior to regulatory approval. We may experience an unfavorable impact on our financial condition and business operations if
we are unable to capitalize on those efforts by attaining the proper FDA approval or to successfully market new products.
We rely on third-party suppliers to provide
equipment, components and services, which creates certain risks and uncertainties that may adversely affect our business
.
Our business requires that
we buy equipment, components and services from third parties. Our reliance on third-party suppliers involves certain risks, including
poor quality or an unreliable supply chain, which could (i) adversely affect the reliability and reputation of our products; (ii) result
in changes in the cost of these purchases due to inflation, exchange rates, tariffs, or other factors; and (iii) result in shortages of
components, commodities or other materials, which could adversely affect our manufacturing efficiencies and our ability to make timely
delivery. Any of these uncertainties could adversely affect our profitability and ability to compete.
Certain materials and components used in
our products are required and qualified to be sourced from a single or a limited number of suppliers
.
Because of any number of domestic
or global factors, certain materials used by us in our products, specifically ceramics associated with our piezo motion products for which
we rely on only two suppliers could become in short supply resulting in limited availability and/or increased costs. Although we believe
that alternative suppliers are available to supply materials and components to replace those currently used, doing so may require that
we redesign work and would require having those new sources qualified within our systems prior to making use of those new alternatives.
Any interruption in the supply from any supplier that serves as a sole source could delay product shipments and have a material adverse
effect on our business, financial condition and results of operations. Our profits may decline if the price of raw materials rise and
we cannot recover the increases from our then customers.
We use various raw materials, such as piezoceramic,
steel and plastics, in our manufacturing operations
.
The raw materials used by
us to manufacture our products may become subject to volatility. As a result, it may be necessary for us to increase our product sales
price which could have a negative impact on our unit volume, revenue and potential operating income. We are also subject to risks associated
with United States and foreign legislation and regulations relating to imports, including quotas, duties, tariffs or taxes, and other
charges or restrictions on imports, which could adversely affect our operations and our ability to import raw materials and components
at current or increased levels. We cannot predict whether additional United States and foreign customs quotas, duties, tariffs, taxes
or other charges or restrictions, requirements as to where raw materials must be purchased, or other restrictions on our imports will
be imposed upon the importation of our products in the future or adversely modified, or what effect such actions would have on our costs
of operations.
22
The Russian-Ukrainian Conflict may adversely affect our business,
financial condition and results.
In February 2022, the Russian
Federation commenced a military action with the country of Ukraine. The specific impact on our operations in Ukraine and Russia is not
fully determinable. No decision has been made as to winding down operations.
Our research and development
operation in Ukraine have had to work remotely on a periodic basis. The team from Kyiv work from the office and remotely. We do not know
when they will have consistent access to the office. Further, we have engineering resources capable of performing the work done in Kyiv
from the United States.
The potential financial condition,
results of operations and cash flows is not determinable as of the date hereof. However, to the extent that such military action spreads
to other countries, intensifies, or otherwise remains active, such action could have a material adverse effect on our financial condition,
results of operations, and cash flows.
Security vulnerabilities in our systems
could lead to reduced revenues and claims against us.
Our operations may depend
upon our ability to withstand cyber-attacks. Third parties may develop and deploy viruses, worms, and other malicious software programs,
some of which may be designed to attack our systems or networks. Our operations also involve the storage and transmission of proprietary
information which may be the target of cyber-attacks. Hardware and software that we produce or procure from third parties also may contain
defects in manufacture or design, including bugs and other problems, which could compromise their ability to withstand cyber-attacks.
The costs to us to eliminate
or alleviate security vulnerabilities can be significant, and our efforts to address these problems may not be successful and could result
in interruptions, delays, cessation of service and loss of existing or potential customers that may impede our sales, manufacturing, distribution,
or other critical functions, as well as potential liability to the company. The risk that these types of events could seriously harm our
business is likely to increase as we expand our operations.
If we or our third-party service providers
experience a security breach or unauthorized parties otherwise obtain access to our network, our data or our cloud services may be perceived
as not being secure, our reputation may be harmed, demand for our products may be reduced, and we may incur significant liabilities.
Our operations involve the
storage and transmission of data, and security breaches could result in the loss of this information, litigation, indemnity obligations
and other liability. We may become the target of cyber-attacks by third parties seeking unauthorized access to our data or users'
data or to disrupt our ability to provide service. While we have taken steps to protect the confidential information that we have access
to, including confidential information we may obtain through our customer support services or customer usage of our cloud services, our
security measures or those of our third-party service providers could be breached or we could suffer data loss. Computer malware, viruses,
social engineering (predominantly spear phishing attacks), and general hacking have become more prevalent in our industry, particularly
against cloud services. If our security measures are or are believed to have been breached as a result of third-party action, employee
error, malfeasance or otherwise, our reputation could be damaged, our business may suffer, and we could incur significant liability.
We also process, store, and
transmit our own data as part of our business and operations. This data may include personally identifiable, confidential, or proprietary
information. There can be no assurance that any security measures that we or our third-party service providers have implemented will be
effective against current or future security threats. While we have developed systems and processes to protect the integrity, confidentiality
and security of our data, our security measures or those of our third-party service providers could fail and result in unauthorized access
to or disclosure, modification, misuse, loss or destruction of such data.
Because there are many different
security breach techniques and such techniques continue to evolve, we may be unable to anticipate attempted security breaches and implement
adequate preventative measures. Any security breach or other security incident, or the perception that one has occurred, could result
in damage to our brand, disrupt normal business operations, require us to spend material resources to investigate or correct the breach,
expose us to legal liabilities, including litigation, regulatory enforcement, and indemnity obligations, and adversely affect our revenues
and operating results. These risks may increase as we continue to grow the number and scale of our cloud services, and process, store,
and transmit increasingly large amounts of data.
23
Regulatory and Legal Risks
Motian product and medical device development
involves a lengthy and expensive process, with an uncertain outcome. We may incur additional costs or experience delays in completing,
or ultimately be unable to complete, the development and commercialization of any product.
Before obtaining marketing
approval from regulatory authorities for the sale of our Neurology Products under development in the United States or elsewhere, we must
complete all pre-clinical testing, clinical trials and other regulatory requirements necessitated by the FDA and foreign regulatory bodies
and demonstrate the performance and safety of our products. Clinical testing is expensive, difficult to design and implement, can take
many years to complete and is inherently uncertain as to outcome. A failure of one or more clinical trials can occur at any stage of testing.
Further, the outcomes of completed clinical trials may not be predictive of the success of later clinical trials, and interim results
of a clinical trial do not necessarily predict final results. Clinical data is often susceptible to varying interpretations and analyses,
and many companies that have believed their products performed satisfactorily in clinical trials have nonetheless failed to obtain marketing
approval. We have limited resources to complete the expensive process of medical device development, pre-clinical testing and clinical
trials, putting us at a disadvantage, particularly compared to some of our larger and established competitors, and we may not have sufficient
resources to commercialize our products under development in a timely fashion, if ever.
We may experience numerous
unforeseen events during or as a result of clinical trials that could delay or prevent our ability to receive marketing approval or commercialize
our products, including:
●
regulators may not authorize us or our investigators to commence a clinical trial or conduct a clinical trial at a prospective trial site;
●
the failure to successfully complete pre-clinical testing requirements required by the FDA and international organizations;
●
we may experience delays in reaching, or fail to reach, agreement on acceptable clinical trial contracts with third parties or clinical trial protocols with prospective trial sites, the terms of which can be subject to extensive negotiation and may vary significantly among different trial sites;
●
we may experience delays in reaching, or fail to reach, agreement on acceptable clinical trial contracts with third parties or clinical trial protocols with prospective trial sites, the terms of which can be subject to extensive negotiation and may vary significantly among different trial sites;
●
clinical trials of our products may produce negative or inconclusive results, including failure to demonstrate statistical significance, and we may decide, or regulators may require us, to conduct additional clinical trials or abandon our development programs;
●
the number of people with brain related disorders required for clinical trials may be larger than we anticipate, enrollment in these clinical trials may be slower than we anticipate, or people may drop out of these clinical trials or fail to return for post-treatment follow-up at a higher rate than we anticipate;
●
our products may have undesirable side effects or other unexpected characteristics, causing us or our investigators, regulators or institutional review boards to suspend or terminate the trials;
●
our third-party contractors conducting the clinical trials may fail to comply with regulatory requirements or meet their contractual obligations to us in a timely manner, or at all;
●
regulators may require that we or our investigators suspend or terminate clinical development for various reasons, including noncompliance with regulatory requirements or a finding that the participants are being exposed to unacceptable health risks;
24
●
the cost of clinical trials of our products may be greater than we anticipate;
●
the supply or quality of our products or other materials necessary to conduct clinical trials of our products may be insufficient or inadequate; and
●
delays from our suppliers and manufacturers could impact clinical trial completion and impact revenue.
If we are required to conduct
additional clinical trials or other testing of our products under development beyond those that we contemplate, if we are unable to successfully
complete clinical trials of our products under development or other testing, if the results of these trials or tests are not favorable
or if there are safety concerns, we may:
●
not obtain marketing approval at all;
●
be delayed in obtaining marketing approval for our products under development in a jurisdiction;
●
be subject to additional post-marketing testing requirements; or
●
have our products removed from the market after obtaining marketing approval.
Our development costs will
also increase if we experience delays in testing or marketing approvals. We do not know whether any of our clinical trials will begin
as planned, will need to be restructured or will be completed on schedule, or at all. Significant clinical trial delays also could allow
our competitors to bring innovative products to market before we do and impair our ability to successfully commercialize our products.
We are subject to costly and complex laws
and governmental regulations and any adverse regulatory action may materially adversely affect our financial condition and business operations.
Our medical devices are subject
to regulation by numerous government agencies, including the FDA and comparable agencies outside of the United States. To varying degrees,
each of these agencies requires us to comply with laws and regulations governing the development, testing, manufacturing, labeling, marketing,
and distribution of our products. We cannot guarantee that we will be able to obtain or maintain marketing clearance for our new products,
or enhancements or modifications to existing products, and the failure to maintain approvals or obtain approval or clearance could have
a material adverse effect on the financial condition of our business and our business operations. Even if we are able to obtain such approval
or clearance, it may take a significant amount of time, require the expenditure of substantial resources, involve stringent clinical and
pre-clinical testing, require increased post-market surveillance, involve modifications, repairs, or replacements of our products, and
result in limitation on the proposed uses of our products.
Both before and after a product
is commercially released or offered, we have ongoing responsibilities under FDA regulations. Many of our facilities and procedures and
those of our suppliers are also subject to periodic inspections by the FDA to determine compliance with the FDA's requirements,
including the quality system regulations and medical device reporting regulations. The results of these inspections can include inspectional
observations on FDA's Form-483, warning letters, or other forms of enforcement. If the FDA were to conclude that we are not in compliance
with applicable laws or regulations, or that any of our medical devices are ineffective or pose an unreasonable health risk, the FDA could
ban such medical devices, detain or seize adulterated or misbranded medical devices, order a recall, repair, replacement, or refund of
such devices, refuse to grant pending pre-market approval applications or require certificates of non-U.S. governments for exports, and/or
require us to notify health professionals and others that the devices present unreasonable risks of substantial harm to the public health.
The FDA may also assess civil or criminal penalties against us, our officers or employees and impose operating restrictions on a company-wide
basis or enjoin and/or restrain certain conduct resulting in violations of applicable law. The FDA may also recommend prosecution to the
U. S. Department of Justice. Governmental agencies comparable to the FDA which operate in foreign jurisdictions may also require us to
comply with regulations similar to those required by the FDA and failing to do so may result in material adverse ramifications similar
to those caused by a failure to comply with FDA regulations. Any adverse regulatory action, depending on its magnitude, may restrict us
from effectively marketing and selling our Products and limit our ability to obtain future pre-market clearances or approvals, and could
cause result in a substantial modification to our business practices and operations.
25
In addition, the FDA has taken
the position that device manufacturers are prohibited from promoting their products other than for the uses and indications set forth
in the approved product labeling. A number of enforcement actions have been taken against manufacturers that promote products for "off-label"
uses, including actions alleging that federal health care program reimbursement of products promoted for "off-label" uses
constitute false and fraudulent claims to the government. The failure to comply with "off-label" promotion restrictions can
result in significant civil or criminal exposure, administrative obligations and costs, and/or other potential penalties from, and/or
agreements with, the federal government.
Governmental regulations outside
the United States have become increasingly stringent and more common, and we may become subject to more rigorous regulation by governmental
authorities in the future in the event we determine to conduct business internationally. In the European Union, for example, a new Medical
Device Regulation was published in 2017 which, when it enters into full force, will impose significant additional premarket and post-market
requirements. Penalties for a company's non-compliance with governmental regulation could be severe, including fines and revocation
or suspension of a company's business license, mandatory price reductions and criminal sanctions. Any governmental law or regulation
imposed in the future may have a material adverse effect on us.
Legislative, regulatory, or medical cost
reimbursement changes may adversely impact our business.
New laws, regulations and
judicial decisions, or new interpretations of existing laws, regulations and decisions, that relate to the health care system in the U.S.
and in other jurisdictions may change the nature of and regulatory requirements relating to innovations in medical devices, testing and
regulatory approvals, limit or eliminate payments for medical procedures and treatments, or subject the pricing of medical devices to
government control. In addition, third-party payors in the U.S. are increasingly attempting to contain health care costs by limiting both
coverage and the level of reimbursement of new products. Consequently, significant uncertainty exists as to the reimbursement status of
newly approved health care products. Significant changes in the health care system in the U.S. or elsewhere, including changes resulting
from adverse trends in third-party reimbursement programs, could have a material adverse effect on our projected future operating results
and our ability to raise capital, commercialize products, and remain in business.
Healthcare reform laws could adversely affect
our product candidate and financial condition.
In the United States, there
have been, and continue to be, a number of legislative initiatives to contain healthcare costs. In March 2010, the Patient Protection
and Affordable Care Act, as amended by the Health Care and Education Affordability Reconciliation Act (ACA), was enacted in the United
States, which made a number of substantial changes in the way healthcare is financed by both governmental and private insurers. Among
other ways in which it may affect our business, the ACA implemented payment system reforms, including a national pilot program on payment
bundling to encourage hospitals, physicians, and other providers to improve the coordination, quality, and efficiency of certain healthcare
services through bundled payment models and expanded the eligibility criteria for Medicaid programs.
Since its enactment, there
have been judicial, executive, and Congressional challenges to certain aspects of the ACA. On June 17, 2021, the U.S. Supreme Court dismissed
the most recent judicial challenge to the ACA without specifically ruling on the constitutionality of the ACA. Prior to the Supreme Court's
decision, President Biden issued an executive order to initiate a special enrollment period from February 15, 2021 through August 15,
2021 for purposes of obtaining health insurance coverage through the ACA marketplace. The executive order also instructed certain governmental
agencies to review and reconsider their existing policies and rules that limit access to healthcare, including among others, reexamining
Medicaid demonstration projects and waiver programs that include work requirements, and policies that create unnecessary barriers to obtaining
access to health insurance coverage through Medicaid or the ACA. It is unclear how other healthcare reform measures of the Biden administration
or other efforts, if any, to challenge, repeal, or replace the ACA will impact the ACA or our business.
26
In addition, other legislative
changes have been proposed and adopted since the ACA was enacted. On August 2, 2011, the Budget Control Act of 2011 was signed into law,
which, among other things, reduced Medicare payments to providers by 2% per fiscal year, effective on April 1, 2013 and, due to subsequent
legislative amendments to the statute, will remain in effect through 2030, with the exception of a temporary suspension implemented under
various COVID-19 relief legislation from May 1, 2020 through the end of 2021, unless additional Congressional action is taken. On January
2, 2013, the American Taxpayer Relief Act of 2012 was signed into law, which, among other things, further reduced Medicare payments to
several providers, including hospitals, and increased the statute of limitations period for the government to recover overpayments to
providers from three to five years.
Further, the Bipartisan Budget
Act of 2018 among other things, amended the Medicare statute, effective January 1, 2019, to reduce the coverage gap in most Medicare drug
plans, commonly known as the "donut hole," by raising the manufacturer discount under the Medicare Part D coverage gap discount
program to 70%. It is unclear how the ACA and its implementation, as well as efforts to repeal or replace, or invalidate, the ACA, or
portions thereof, will affect our insulin pump or our business. Additional legislative changes, regulatory changes, and judicial challenges
related to the ACA remain possible. It is possible that the ACA, as currently enacted or as it may be amended in the future, and other
healthcare reform measures that may be adopted in the future, could have an adverse effect on our industry generally and on our ability
to commercialize our insulin pump and achieve profitability.
Following FDA clearance or approval, our
products will still be subject to recalls, which would harm our reputation, business operations and financial results.
Following FDA clearance or
approval of our products, the FDA has the authority to require the recall of a product if we commence manufacturing of such product and
we or any contract manufacturers we retain fail to comply with relevant regulations pertaining to manufacturing practices, labeling, advertising
or promotional activities, or if new information is obtained concerning the safety or efficacy of the device. A government-mandated recall
could occur if the FDA finds that there is a reasonable probability that a device would cause serious, adverse health consequences or
death. A voluntary recall by us could occur as a result of manufacturing defects, labeling deficiencies, packaging defects or other failures
to comply with applicable regulations. Any recall would divert management's attention and financial resources and harm our reputation
with customers. A recall involving one or more of our products would be harmful to our business, financial condition and results of operations.
We are subject to environmental laws and
regulations and the risk of environmental liabilities, violations and litigation.
We are subject to numerous
United States federal, state, local and non-U.S. environmental, health and safety laws and regulations concerning, among other things,
the health and safety of our employees, the generation, storage, use and transportation of hazardous materials, emissions or discharges
of substances into the environment, investigation and remediation of hazardous substances or materials at various sites, chemical constituents
in medical products and end-of-life disposal and take-back programs for medical devices. Our operations involve the use of substances
regulated under such laws and regulations, primarily those used in manufacturing and sterilization processes. If we violate these environmental
laws and regulations, we could be fined, criminally charged or otherwise sanctioned by regulators.
In addition, certain environmental
laws assess liability on current or previous owners or operators of real property for the costs of investigation, removal or remediation
of hazardous substances or materials at their properties or at properties which they have disposed of hazardous substances. Liability
for investigative, removal and remedial costs under certain U.S. federal and state laws are retroactive, strict and joint and several.
In addition to cleanup actions brought by governmental authorities, private parties could bring personal injury or other claims due to
the presence of, or exposure to, hazardous substances. The ultimate cost of site cleanup and timing of future cash outflows is difficult
to predict, given the uncertainties regarding the extent of the required cleanup, the interpretation of applicable laws and regulations,
and alternative cleanup methods.
We may in the future be subject
to additional environmental claims for personal injury or cleanup based on our past, present or future business activities (including
the past activities of companies we may acquire). The costs of complying with current or future environmental protection and health and
safety laws and regulations, or liabilities arising from past or future releases of, or exposures to, hazardous substances, may exceed
our estimates, or have a material adverse effect on the financial condition of our business and our business operations.
27
Our failure to comply with laws and regulations
relating to reimbursement of health care goods and services may subject us to penalties and adversely impact our reputation, financial
condition, and business operations.
Our neurology products are
expected to be purchased primarily by medical professionals and organizations that typically bill various third-party payers, such as
governmental programs (e.g., Medicare, Medicaid and comparable non-U.S. programs), private insurance plans and managed care plans, for
the healthcare services provided to their patients. The ability of our customers to obtain appropriate reimbursement for products from
third-party payers is critical because it affects which products customers purchase and the prices they are willing to pay for such products.
As a result, our products are subject to regulation regarding quality and cost by the U.S. Department of Health and Human Services, including
the Centers for Medicare & Medicaid Services or CMS as well as comparable state and non-U.S. agencies responsible for reimbursement
and regulation of health care goods and services. The principal U.S. federal laws implicated include those that prohibit (i) the filing
of false or improper claims for federal payment, known as the false claims laws, (ii) unlawful inducements for the referral of business
reimbursable under federally-funded health care programs, known as the anti-kickback laws, and (iii) health care service providers from
seeking reimbursement for providing certain services to a patient who was referred by a physician who has certain types of direct or indirect
financial relationships with the service provider, known as the Stark Law. Many states have similar laws that apply to reimbursement by
state Medicaid and other funded programs as well as in some cases to all payers. Insurance companies can also bring a private cause of
action claiming treble damages against a manufacturer for causing a false claim to be filed under the federal Racketeer Influenced and
Corrupt Organizations Act. In addition, if we were to become a manufacturer of FDA-approved devices reimbursable by federal healthcare
programs, we would be subject to the Physician Payments Sunshine Act, which would require us to annually report certain payments and other
transfers of value we make to U.S.-licensed physicians or U.S. teaching hospitals.
Our anticipated domestic and
international operations may be subject to risks relating to changes in government and private medical reimbursement programs and policies,
and changes in legal regulatory requirements in the U.S. and around the world. Implementation of further legislative or administrative
reforms to the reimbursement system in the U.S. and outside of the U.S., or adverse decisions relating to our Products or services by
administrators of these systems in coverage or reimbursement, could significantly reduce reimbursement or result in the denial of coverage,
which could have an impact on the acceptance of and demand for our Products and the prices that our customers are willing to pay for them.
The laws and regulations of
healthcare related products that are applicable to us, including those described herein, are subject to evolving interpretations and enforcement
discretion. If a governmental authority were to conclude that we are not in compliance with applicable laws and regulations, we and our
officers and employees could be subject to severe criminal and civil penalties, including, for example, exclusion from participation as
a supplier of products or services to beneficiaries covered by CMS. Any failure to comply with laws and regulations relating to reimbursement
and healthcare products could adversely affect our financial condition and business operations.
We are subject to federal, state and foreign
healthcare regulations related to anti-bribery and anti-corruption laws and could face substantial penalties if we fail to fully comply
with such regulations and laws.
The relationships that we
and our potential distributors and others that market or may market our products have with healthcare professionals, such as physicians
and hospitals, are subject to scrutiny under various federal, state, foreign laws often referred to collectively as healthcare fraud and
abuse laws. In addition, U.S. and foreign government regulators have increased the enforcement of the Foreign Corrupt Practices Act and
other anti-bribery laws. We also must comply with a variety of other laws that protect the privacy of individually identifiable healthcare
information and impose extensive tracking and reporting related to all transfers of value provided to certain healthcare professionals.
These laws and regulations are broad in scope and are subject to evolving interpretation and we could be required to incur substantial
costs to monitor compliance or to alter our practices if we are found not to be in compliance. Violations of these laws may be punishable
by criminal or civil sanctions, including substantial fines, imprisonment of current or former employees and exclusion from participation
in governmental healthcare programs, all of which could have a material adverse effect on our financial condition and business operations.
28
Our international operations expose it to
legal, political and regulatory risks, which could have a material effect on its business
.
We have operations in Russia
and Ukraine. Memory MD Russia, a subsidiary of Memory MD Inc., has operated as a medical distribution company in Russia. Piezo Motion
Corp.'s research and development operations are located in Kyiv, Ukraine. The Russian invasion of Ukraine in February, 2022 exposes
our operations in both counties to risks. No decision has been made as to winding down operations. Moreover, we are required to comply
with various import laws and export control and economic sanctions laws, which may affect our transactions with certain customers, business
partners and other persons and dealings between our employees and subsidiaries. In certain circumstances, export control and economic
sanctions regulations or embargos may prohibit the export of certain products, services and technologies. In other circumstances, we may
be required to obtain an export license before exporting the controlled item. Compliance with the various import laws that apply to our
businesses can restrict our access to, and increase the cost of obtaining, certain products and at times can interrupt our supply of imported
inventory. In addition to government regulations regarding sale and export, we are subject to other regulations regarding our products.
For example, the SEC has adopted disclosure rules for companies that use conflict minerals in their products, with substantial supply
chain verification requirements in the event that the materials come from, or could have come from, the Democratic Republic of the Congo
or adjoining countries. These rules and verification requirements impose additional costs on us and on our suppliers and may limit the
sources or increase the cost of materials used in our products. Further, if we are unable to certify that are products are conflict free,
we may face challenges with our customers that could place us at a competitive disadvantage, and our reputation may be harmed.
We subject to a variety of
legal and regulatory proceedings in the course of our business that could adversely affect our financial results. For example, the raw
piezoceramic material used throughout our Motion Products is presently included as an exemption to the European Union's Directive
2011/65/EU dealing with hazardous substance use in industrial, commercial, and consumer applications. One exemption (exemption 7-C) concerning
the use of lead (Pb) in piezoelectric ceramics presently exists allowing lead (Pb) to be used in the manufacture of PZT (lead-zirconate-titanate)
type piezoelectric ceramic products, which is the type of material we use in our Motion Products. European Union laws with respect to
the exemption could change in the future making it difficult to sell our products containing such materials within the European Union,
which would impact our revenues.
Risks Related to our Securities
There is not now, and there may never be,
an active market for our Common Stock and Warrants. We cannot assure you that our Common Stock and Warrants will become liquid.
There currently is no liquid
market for our Common Stock and no market for our Warrants. An investor may find it difficult to obtain accurate quotations as to the
market value of our Common Stock and Warrants and trading of our Common Stock and Warrants may be extremely sporadic. An active market
for our Common Stock and Warrants may never develop. In addition, if we failed to meet the criteria set forth in SEC regulations, various
requirements would be imposed by law on broker-dealers who sell our securities to persons other than established customers and accredited
investors. Consequently, such regulations may deter broker-dealers from recommending or selling our Common Stock, which may further affect
its liquidity. This would also make it more difficult for us to raise additional capital.
The price of our Common Stock might fluctuate
significantly, and you could lose all or part of your investment.
Volatility in the market price
of our Common Stock may prevent you from being able to sell your shares of our Common Stock at or above the price you paid for your shares.
The trading price of our Common Stock may be volatile and subject to wide price fluctuations in response to various factors, including:
●
actual or anticipated fluctuations in our quarterly financial and operating results;
●
our progress toward developing our products;
●
the commencement, enrollment and results of our future clinical trials;
●
adverse results from, delays in or termination of our clinical trials;
●
adverse regulatory decisions, including failure to receive regulatory approval;
29
●
publication of research reports about us or our industry or positive or negative recommendations or withdrawal of research coverage by securities analysts, if any;
●
perceptions about the market acceptance of our products and the recognition of our brand;
●
adverse publicity about our products or industry in general;
●
overall performance of the equity markets;
●
introduction of products, or announcements of significant contracts, licenses or acquisitions, by us or our competitors;
●
legislative, political or regulatory developments;
●
additions or departures of key personnel;
●
threatened or actual litigation and government investigations;
●
sales of shares of our Common Stock by us or members of our management; and
●
general economic conditions.
These and other factors might
cause the market price of our Common Stock to fluctuate substantially, which may negatively affect the liquidity of our Common Stock.
In addition, from time to time, the stock market experiences price and volume fluctuations, some of which may be significant. This volatility
has had a significant impact on the market price of securities issued by many companies across many industries. The changes frequently
appear to occur without regard to the operating performance of the affected companies. Accordingly, the price of our Common Stock could
fluctuate based upon factors that have little or nothing to do with us, and these fluctuations could materially reduce our share price.
Securities class action litigation
has often been instituted against companies following periods of volatility in the overall market and in the market price of a company's
securities. This litigation, if instituted against us, could result in substantial costs, divert our management's attention and resources,
and harm our business, operating results and financial condition.
We are a smaller reporting company, and
the reduced reporting requirements applicable to smaller reporting companies may make our Common Stock less attractive to investors.
We are a "smaller reporting
company" as defined in Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). For as long
as we continue to be a smaller reporting company, we may take advantage of exemptions from various reporting requirements that are applicable
to other public companies that are not smaller reporting companies, including not being required to comply with the auditor attestation
requirements of Section 404 of Sarbanes-Oxley Act of 2002 ("SOX"), reduced disclosure obligations regarding executive compensation
in our periodic reports and proxy statements, and exemptions from the requirements of holding nonbinding advisory votes on executive compensation,
and stockholder approval of any golden parachute payments not previously approved. We cannot predict if investors will find our Common
Stock less attractive because we may rely on these exemptions. If some investors find our Common Stock less attractive as a result, there
may be a less active trading market for our Common Stock and our stock price may be more volatile.
30
Our Common Stock is subject to the "penny
stock" rules of the SEC, which makes transactions in our stock cumbersome and may reduce the value of an investment in our Units.
The SEC has adopted regulations
which generally define a "penny stock" as an equity security that has a market price of less than $5.00 per share, subject to
specific exemptions. The SEC's penny stock rules require a broker-dealer, before a transaction in a penny stock not otherwise exempt from
the rules, to deliver a standardized risk disclosure document that provides information about penny stocks and the risks in the penny
stock market. The broker-dealer must also provide the customer with current bid and offer quotations for the penny stock, the compensation
of the broker-dealer and the salesperson in the transaction, and monthly account statements showing the market value of each penny stock
held in the customer's account. In addition, the penny stock rules generally require that before a transaction in a penny stock occurs,
the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive
the purchaser's agreement to the transaction. If applicable in the future, these rules may restrict the ability of brokers-dealers to
sell our common stock and may affect the ability of investors to sell their shares, until our common stock no longer is considered a penny
stock.
Concentration of ownership of our Common
Stock among our existing executive officers, directors and principal stockholders may prevent new investors from influencing significant
corporate decisions.
Our executive officers, directors,
principal stockholders and their affiliates, in the aggregate, beneficially own approximately 56.0% of our outstanding common stock as
of August 9, 2022. As a result, these persons, acting together, would be able to significantly influence all matters requiring stockholder
approval, including the election and removal of directors, any merger, consolidation, sale of all or substantially all of our assets,
or other significant corporate transactions.
Some of these persons or entities
may have interests different than yours. For example, they may be more interested in selling our company to an acquirer than other investors,
or they may want us to pursue strategies that deviate from the interests of other stockholders.
We intend to issue more shares to raise
capital, which will result in substantial dilution.
Our certificate of incorporation
currently authorizes the issuance of a maximum of 200,000,000 shares of Common Stock and 10,000,000 shares of "blank check"
preferred stock but the Company has received authorization from the board of directors and majority stockholders to increase the amount
of authorized Common Stock to 750,000 shares. Any additional financings effected by us may result in the issuance of additional securities
without stockholder approval and the substantial dilution in the percentage of common stock held by our then existing stockholders. Moreover,
the securities issued in any such transaction may be valued on an arbitrary or non-arm's-length basis by our management, resulting in
an additional reduction in the percentage of Common Stock held by our current stockholders on an as converted, fully-diluted basis. Our
board of directors has the power to issue any or all of such authorized but unissued shares without stockholder approval. To the extent
that additional shares of Common Stock or other securities convertible into or exchangeable for Common Stock are issued in connection
with a financing, dilution to the interests of our stockholders will occur and the rights of the holder of Common Stock might be materially
and adversely affected.
Anti-takeover provisions that may be in
our charter and bylaws may prevent or frustrate attempts by stockholders to change the board of directors or current management and could
make a third-party acquisition of us difficult.
Our certificate of incorporation
and bylaws may contain provisions that may discourage, delay or prevent a merger, acquisition or other change in control that stockholders
may consider favorable, including transactions in which stockholders might otherwise receive a premium for their shares. These provisions
could limit the price that investors might be willing to pay in the future for shares of our Common Stock.
We do not intend to pay cash dividends on
our Common Stock in the foreseeable future.
We have never declared or
paid cash dividends on our capital stock. Subject to any series of preferred stock we may issue in the future, we intend to retain all
available funds and any future earnings for use in the operation and expansion of our business and do not anticipate paying any cash dividends
on our Common Stock in the foreseeable future. Accordingly, you may have to sell some or all of your shares of our Common Stock in order
to generate cash flow from your investment. You may not receive a gain on your investment when you sell shares and you may lose the entire
amount of the investment.
31
Our articles of incorporation allow for
our board of directors to create new series of preferred stock without further approval by our shareholders, which could adversely affect
the rights of the holders of our Common Stock.
Our board of directors has the authority to fix
and determine the relative rights and preferences of preferred stock. Currently, our board of directors has the authority to designate
and issue up to 10,000,000 shares of our preferred stock without further shareholder approval. In the future, our board of directors could
authorize the issuance of one or more series of preferred stock that would grant to holders, among other rights, the preferred right to
our assets upon liquidation, the right to receive dividend payments before dividends are distributed to the holders of Common Stock and
the right to the redemption of our preferred shares acquired by such persons, together with a premium, prior to the redemption of our
Common Stock. In addition, our board of directors could authorize the issuance of a series of preferred stock that has greater voting
power than our Common Stock or that is convertible into our Common Stock, which could decrease the relative voting power of our Common
Stock or result in dilution to our existing shareholders.
Failure to establish and maintain an effective
system of internal controls could result in material misstatements of our financial statements or cause us to fail to meet our reporting
obligations or fail to prevent fraud in which case, our stockholders could lose confidence in our financial reporting, which would harm
our business and could negatively impact the price of our stock.
We have assessed the effectiveness
of our internal control over financial reporting as of December 31, 2021. In making this assessment, we used the criteria set forth by
the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013). Based on
this assessment, management believes that, as of December 31, 2021, the Company did not maintain effective internal control over financial
reporting because of the effect of material weaknesses in our internal control over financial reporting. Specifically, we identified material
weaknesses in our internal control over financial reporting related to (i) limited policies and procedures that cover recording and reporting
of financial transactions associated with the foreign subsidiary; and (ii) lack of sufficient personnel in the accounting function due
to our limited resources resulting in lack of segregation of duties. The Company engages a third-party consultant to ensure the complete
and proper application of generally accepted accounting principles, particularly as it relates to valuation of warrants and other complex
debt /equity transactions. We plan to remediate those material weaknesses by (i) improving the effectiveness of the accounting group by
augmenting our existing resources with additional internal accounting staff to assist in the analysis and recording of transaction and
for improved segregation of duties. We plan to mitigate this identified deficiency by hiring additional accounting staff once we generate
significantly more revenue or raise significant additional working capital; and (ii) improving desired segregation procedures by strengthening
cross approval of various functions including quarterly internal audit procedures where appropriate.
Continued ineffective internal
control regarding our financial reporting could have an adverse effect on our business and financial results and the price of our Common
Stock could be negatively affected. This could also make it more difficult or more costly for us to obtain certain types of insurance,
including director and officer liability insurance, and we may be forced to accept reduced policy limits and coverage or incur substantially
higher costs to obtain the same or similar coverage. Any system of internal controls, however well designed and operated, is based in
part on certain assumptions and can provide only reasonable, not absolute, assurances that the objectives of the system are met. Any failure
or circumvention of the controls and procedures or failure to comply with regulation concerning control and procedures could have a material
effect on our business, results of operation and financial condition. Any of these events could result in an adverse reaction in the financial
marketplace due to a loss of investor confidence in the reliability of our financial statements, which ultimately could negatively affect
the market price of our shares, increase the volatility of our stock price and adversely affect our ability to raise additional funding.
The effect of these events could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors
and as executive officers.
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. If we fail to timely achieve and maintain the adequacy of our internal control over financial reporting, we may not be able to
produce reliable financial reports or help prevent fraud. Our failure to achieve and maintain effective internal control over financial
reporting could prevent us from filing our periodic reports on a timely basis which could result in the loss of investor confidence in
the reliability of our financial statements, harm our business and negatively impact the trading price of our common stock.
32
A significant portion of our total outstanding
shares are restricted from immediate resale but may be sold into the market in the future. This could cause the market price of our Common
Stock to drop significantly, even if our business is doing well.
Sales of a substantial number
of shares of our Common Stock in the public market could occur at any time. If our stockholders sell, or the market perceives that our
stockholders intend to sell, substantial amounts of our Common Stock in the public market, the market price of our Common Stock could
decline significantly.
Of the 105,401,858 shares
of our Common Stock issued and outstanding as of August 9, 2022, approximately 6,091,662 shares are freely tradable without restriction
by stockholders who are not our affiliates. We issued or are deemed to have issued an aggregate of approximately 15.6 million shares of
our Common Stock to the former Memory MD, Inc. stockholders and to the holders of convertible promissory notes upon their conversion,
At the completion of the Piezo Merger, we issued approximately 29.5 million shares of our Common Stock to the former Piezo Motion shareholders,
approximately 11.8 million shares of our Common Stock to the holders of Piezo Motion convertible promissory notes upon their conversion,
approximately 19.3 million shares of our Common Stock to holders of BSI convertible promissory notes upon their conversion which were
issued at or post the Piezo Merger or to the debt which was invested at closing For these issuances,  among other issuances, in each
case, pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended, or the Securities Act, and
such shares are also "restricted securities" as defined in Rule 144. Most if not all of these shares are expected to be available
to register for resale in 2022, thus allowing the holders to sell their shares on the open market without restriction. In any event, substantially
all of these restricted securities may be publicly resold under Rule 144.
If securities or industry analysts do not
publish research or reports, or publish unfavorable research or reports, about us, our business or our market, our stock price and trading
volume could decline.
The trading market for our
Common Stock will be influenced by the research and reports that securities or industry analysts publish about us and our business. Securities
or industry analysts may elect not to provide coverage of our Common Stock, and such lack of coverage may adversely affect the market
price of our Common Stock. In the event we do not secure additional securities or industry analyst coverage, we will not have any control
over the analysts or the content and opinions included in their reports. The price of our stock could decline if one or more securities
or industry analysts downgrade our stock or issue other unfavorable commentary or research. If one or more securities or industry analysts
ceases coverage of our company or fails to publish reports on us regularly, demand for our stock could decrease, which in turn could cause
our stock price or trading volume to decline.
Medicare, Medicaid,
health maintenance organizations and other third-party payors are increasingly attempting to contain healthcare costs by limiting both
coverage and the level of reimbursement of new medical devices, and, as a result, their coverage policies may be restrictive, or they
may not cover or provide adequate payment for our products.
Medicare, Medicaid, health
maintenance organizations and other third-party payors are increasingly attempting to contain healthcare costs by limiting both coverage
and the level of reimbursement of new medical devices, and, as a result, their coverage policies may be restrictive, or they may not cover
or provide adequate payment for our products. In order to obtain reimbursement arrangements, we may have to agree to a net sales price
lower than the net sales price we might charge in other sales channels. Our revenue may be limited by the continuing efforts of government
and third-party payors to contain or reduce the costs of healthcare through various increasingly sophisticated means, such as requiring
prospective reimbursement and second opinions, purchasing in groups, or redesigning benefits. Our future dependence on the commercial
success of our technologies makes us particularly susceptible to any cost containment or reduction efforts. Accordingly, unless the government
and other third-party payors provide adequate coverage and reimbursement for our products and the related insertion and removal procedures,
our financial performance may be limited.
33
General Risks
We are a development stage company with
a limited operating history, making it difficult for you to evaluate our business and your investment.
Our operations are subject
to all of the risks inherent in the establishment of a new business enterprise, including but not limited to the absence of an operating
history, lack of fully-developed or commercialized products, insufficient capital, expected substantial and continual losses for the foreseeable
future, limited experience in dealing with regulatory issues, lack of manufacturing and marketing experience, need to rely on third parties
for the development and commercialization of our existing and proposed products, a competitive environment characterized by well-established
and well-capitalized competitors and reliance on key personnel.
We may not be successful in
carrying out our business objectives. The revenue and income potential of our proposed business and operations are unproven as the lack
of operating history makes it difficult to evaluate the future prospects of our business. There is nothing at this time on which to base
an assumption that our business operations will prove to be successful or that we will ever be able to operate profitably. Accordingly,
we have no track record of successful business activities, strategic decision-making by management, fund-raising ability, and other factors
that would allow an investor to assess the likelihood that we will be successful in our business. There is a substantial risk that we
will not be successful in fully implementing our business plan, or if initially successful, in thereafter generating material operating
revenues or in achieving profitable operations.
Foreign currency exchange rates may adversely
affect our financial results
.
Sales and purchases in currencies
other than the United States. dollar expose us to fluctuations in foreign currencies relative to the United States dollar and may adversely
affect our financial results. Increased strength of the United States dollar increases the effective price of our products sold in United
States dollars into other countries, which may require us to lower its prices or adversely affect sales to the extent we do not increase
local currency prices. Decreased strength of the United States dollar could adversely affect the cost of materials, products and services
we purchase from non-United States denominated locations. Sales and expenses of our non-United States businesses are also translated into
United States dollars for SEC reporting purposes and the strengthening or weakening of the United States dollar could result in unfavorable
translation effects. We also face exchange rate risk from our investments in subsidiaries owned and operated in foreign countries.
Current economic and political conditions
make tax rules in any jurisdiction subject to significant change.
We are subject to income taxes
as well as non-income based taxes, in both the U.S. and ultimately various jurisdictions outside the U.S. where we intend to operate.
We cannot predict the overall impact that changes or revisions to any such tax laws and regulations, whether in in the United States or
in jurisdictions outside the United States, may have on our business. We may be subject to ongoing tax audits in various jurisdictions,
and the tax authorities conducting such audits may disagree with certain taxation positions we have taken and assess additional taxes.
Although we intend to regularly assess the likely outcomes of these audits in order to determine the appropriateness of our tax obligations,
there can be no assurance that we will accurately predict the outcomes of these audits, and the actual outcomes of these audits could
have a material adverse effect on our financial condition and business operations.
Economic and political instability around
the world could adversely affect our financial condition and business operations.
Economic and political instability
around the world may adversely affect our ability to develop, manufacture, market, and sell our products. Our customers and suppliers
may experience financial difficulties or be unable to borrow money to fund their operations which may adversely impact their ability to
purchase our products or services or to pay for our products on a timely basis, if at all. As with our customers and suppliers, these
economic conditions make it more difficult for us to accurately forecast and plan our future business activities. In addition, a significant
amount of our trade receivables are with national health care systems in the United States and in many foreign countries. Repayment of
these receivables is dependent upon the political and financial stability of those countries. In light of domestic and global economic
fluctuations, we continue to monitor the creditworthiness of customers located both inside and outside the United States. Failure to receive
payment of all or a significant portion of these receivables could adversely affect our financial condition and business operations.
34
Risks Related to This Offering
We may be unable to list our Common Stock
and Warrants on the Nasdaq Capital Market.
Prior to this offering, there has been a limited
public market for our Common Stock and no public market for our Warrants. We intend to apply to list our Common Stock and Warrants on
the Nasdaq Capital Market concurrently with the closing of the offering. However, we may not meet or maintain certain qualifying requirements
for Nasdaq. If we are unable to meet these requirements, we may be limited to trading conducted on OTC Markets and we may elect to not
proceed with this offering.
There can be no assurance that we will be able to comply with
the continued listing standards of the Nasdaq Capital Market, a failure of which could result in a de-listing of our Common Stock.
The Nasdaq Capital Market requires that the trading
price of its listed stocks remain above one dollar in order for the stock to remain listed. If a listed stock trades below one dollar
for more than 30 consecutive trading days, then it is subject to delisting from the Nasdaq Capital Market. In addition, to maintain a
listing on the Nasdaq Capital Market, we must satisfy minimum financial and other continued listing requirements and standards, including
those regarding director independence and independent committee requirements, minimum stockholders' equity, and certain corporate
governance requirements. If we are unable to satisfy these requirements or standards, we could be subject to delisting, which would have
a negative effect on the price of our Common Stock and would impair your ability to sell or purchase our Common Stock when you wish to
do so. In the event of a delisting, we would expect to take actions to restore our compliance with the listing requirements, but we can
provide no assurance that any such action taken by us would allow our Common Stock to become listed again, stabilize the market price
or improve the liquidity of our Common Stock, prevent our Common Stock from dropping below the minimum bid price requirement, or prevent
future non-compliance with the listing requirements.
Holders of our Warrants
will have no rights as a common stockholder until they acquire our Common Stock.
The Warrants included in the
Units in this offering do not confer any rights of Common Stock ownership on their holders, such as voting rights or the right to receive
dividends, but rather merely represent the right to acquire shares of our Common Stock at a fixed price for a limited period of time.
Specifically, commencing on the date of issuance, holders of the Warrants may exercise their right to acquire the Common Stock and pay
the exercise price per share, prior to ___ years from the date of issuance, after which date any unexercised Warrants will expire and
have no further value. Until holders of the Warrants acquire Common Stock upon exercise of the Warrants, the holders will have no rights
with respect to the Common Stock issuable upon exercise of the Warrants. Upon exercise of the Warrants, the holder will be entitled to
exercise the rights of a stockholder as to the security exercised only as to matters for which the record date occurs after the exercise.
There can be no assurance that the market price of the Common Stock will ever equal or exceed the exercise price of the Warrants, and
consequently, whether it will ever be profitable for holders of the Warrants to exercise the Warrants.
Provisions of the Warrants offered by this
prospectus could discourage an acquisition of us by a third party
.
In addition to the discussion of the provisions
of our governing organizational documents, certain provisions of the Warrants offered by this prospectus could make it more difficult
or expensive for a third party to acquire us. The Warrants prohibit us from engaging in certain transactions constituting "fundamental
transactions" unless, among other things, the surviving entity assumes our obligations under the Warrants. These and other provisions
of the Warrants offered by this prospectus could prevent or deter a third party from acquiring us even where the acquisition could be
beneficial to you.
35
As we have broad discretion in how we use
the proceeds from this offering, we may use the proceeds in ways with which you disagree.
We have not allocated the net proceeds from this
offering for any specific purpose, except as generally set forth under "Use of Proceeds." As set forth therein, our management
will have significant flexibility in applying the net proceeds of this offering. You will be relying on the judgment of our management
about the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the
proceeds are being used in ways you would agree with or ways which are likely to increase the value of your investment. Because of the
number and variability of factors that will determine our use of our net proceeds from this offering, their ultimate use may vary substantially
from their currently intended use. It is possible that the net proceeds will be invested in a way that does not yield a favorable, or
any, return for our company or your investment. The failure of our management to use such funds effectively could have a material adverse
effect on our business, financial condition, operating results and cash flow.
There is a limited market for our securities,
which may make it more difficult to dispose of our securities and we may fail to sustain trading on Nasdaq, which could make it more difficult
for investors to sell their shares.
Our Common Stock is quoted on the Pink Tier of
OTC Markets, under the symbol "BRSF," and, to date, has traded on a limited basis. We have applied to list our Common Stock
and Warrants on Nasdaq under the symbols "BRSF" and "BRSFW", respectively. In the event our Common Stock and Warrants
begin trading on the Nasdaq, there can be no assurance that trading of the Common Stock and Warrants on such market will be sustained.
In the event that the Common Stock and Warrants are not listed on Nasdaq or if we do not sustain such listing, our Common Stock and Warrants
could be quoted only on the OTC Markets. Under such circumstances, you may find it significantly more difficult to trade, or to obtain
accurate quotations for our Common Stock and Warrants and our Common Stock and Warrants may become substantially less attractive to certain
purchasers, such as financial institutions, hedge funds, and other similar investors.
An active market for our Common Stock and Warrants
may never develop, and we are under no obligation to seek out a more active market for our Common Stock and Warrants.
If there is a thin trading market or "float"
for our Common Stock and Warrants, the market price for our Common Stock and Warrants may fluctuate significantly more than the stock
market as a whole. Without a large float, our Common Stock and Warrants would be less liquid than the stock and warrants of companies
with broader public ownership and, as a result, the trading prices of our Common Stock and Warrants may be more volatile. In addition,
in the absence of an active public trading market, investors may be unable to liquidate their investment in us. Furthermore, the stock
market is subject to significant price and volume fluctuations, and the price of our Common Stock and Warrants could fluctuate widely
in response to several factors, including, but not limited to:
●
our quarterly or annual operating results;
●
changes in our earnings estimates or the failure to accurately
forecast and appropriately plan our expenses;
●
failure to achieve our growth expectations;
●
failure to attract customers and retain them;
●
the effect of increased or variable competition on our business;
●
additions or departures of key or qualified personnel;
●
failure to adequately protect our intellectual property;
●
costs associated with defending claims, including intellectual
property infringement claims and related judgments or settlements;
●
changes in governmental or other regulations affecting our
business;
●
our compliance with governmental or other regulations affecting
our business; and
●
changes in global or regional industry, general market, or
economic conditions.
The stock market has experienced extreme price
and volume fluctuations in recent years that have significantly affected the quoted prices of the securities of many companies, including
companies in our industry. The changes may not be possible to predict and often appear to occur without regard to specific operating performance.
The price of our Common Stock and Warrants could fluctuate based upon factors that have little or nothing to do with our company and these
fluctuations could materially reduce our stock price.
36
If you purchase our securities in this offering,
you may incur immediate and substantial dilution in the book value of your shares. You will experience further dilution if we issue additional
equity or equity-linked securities in the future.
The public offering price per Unit may be substantially
higher than the net tangible book value per share of our Common Stock immediately prior to the offering. After giving effect to the sale
of $_________ of our Units in this offering, at the assumed public offering price of $______ per share, which is the last reported sale
price of our Common Stock on the OTCQB Market on _____, 2022, and after deducting the estimated underwriting discounts and commissions
and estimated offering expenses payable by us, purchasers of our Units in this offering will incur immediate dilution of $______ per share
in the net tangible book value of the Common Stock they acquire. For a further description of the dilution that investors in this offering
may experience, see "Dilution."
If we issue additional shares of Common Stock
(including pursuant to the exercise of outstanding stock options or warrants), or securities convertible into or exchangeable or exercisable
for shares of Common Stock, our stockholders, including investors who purchase shares of Common Stock in this offering, will experience
additional dilution, and any such issuances may result in downward pressure on the price of our Common Stock. We also cannot assure you
that we will be able to sell shares or other securities in any other offering at a price per share that is equal to or greater than the
price per share paid by investors in this offering, and investors purchasing shares or other securities in the future could have rights
superior to existing stockholders.
Sales of a significant number of shares
of our Common Stock in the public markets, or the perception that such sales could occur, could depress the market price of our Common
Stock.
Sales of a substantial number of shares of our
Common Stock in the public markets could depress the market price of our Common Stock and impair our ability to raise capital through
the sale of additional equity securities. We, our directors and our executive officers have agreed not to sell, dispose of or hedge any
Common Stock or securities convertible into or exchangeable for shares of Common Stock during the period from the date of this prospectus
continuing through and including the date 180 days after the date of this prospectus, subject to certain exceptions. The underwriters
may, in their discretion, release the restrictions on any such shares at any time without notice. See "Underwriting." We cannot
predict the effect that future sales of our Common Stock would have on the market price of our Common Stock.
We may issue preferred stock, the terms
of which could adversely affect the voting power or value of our common stock.
Our certificate of incorporation authorizes us
to issue, without the approval of our stockholders, one or more classes or series of preferred stock having such designations, preferences,
limitations and relative rights, including preferences over our common stock respecting dividends and distributions, as our board of directors
may determine. The terms of one or more classes or series of preferred stock could adversely impact the voting power or value of our common
stock. For example, we might grant holders of preferred stock the right to elect some number of our directors in all events or on the
happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation
preferences we might assign to holders of preferred stock could affect the residual value of our common stock.
If securities analysts were to downgrade
our stock, publish negative research or reports or fail to publish reports about our business, our competitive position could suffer,
and our stock price and trading volume could decline.
The trading market for our common stock will,
to some extent, depend on the research and reports that securities analysts may publish about us, our business, our market or our competitors.
We do not have any control over these analysts. We do not currently have and may never obtain research coverage by securities analysts.
If no or few securities analysts commence coverage of us, the trading price of our stock would likely decrease. Even if we do obtain analyst
coverage, if one or more of the analysts who cover us should downgrade our stock or publish negative research or reports, cease coverage
of our company or fail to regularly publish reports about our business, our competitive position could suffer, and our stock price and
trading volume could decline.
37
Risks Related to Our Reverse Stock Split
On or prior to the completion of the offering
we intend to implement a 1-for-____ reverse stock split, however, we cannot assure you that we will be able to comply with the minimum
bid price requirement of Nasdaq.
There can be no assurance that the market price
of our Common Stock following the reverse stock split will remain at the level required for us to comply with the minimum bid price
required for Nasdaq to approve the listing of our Common Stock. It is not uncommon for the market price of a company's Common Stock
to decline in the period following a reverse stock split. If the market price of our Common Stock declines following the effectuation
of the reverse stock split, the percentage decline may be greater than would occur in the absence of the reverse stock split.
In any event, other factors unrelated to the number of shares of our Common Stock outstanding, such as negative financial or operational
results, could adversely affect the market price of our Common Stock and jeopardize our ability to meet or maintain Nasdaq's minimum
bid price requirement. In addition to specific listing and maintenance standards, Nasdaq has broad discretionary authority over the initial
and continued listing of securities, which it could exercise with respect to the listing of our Common Stock.
Even if the reverse stock split increases
the market price of our Common Stock, there can be no assurance that we will be able to comply with other initial listing standards of
Nasdaq.
Even if the market price of our Common Stock increases
sufficiently so that we comply with the minimum bid price requirement, we cannot assure you that we will be able to comply with the other
standards that we are required to meet in order to list our Common Stock on the Nasdaq. Our failure to meet these requirements may result
in our Common Stock not being listed on the Nasdaq, irrespective of our compliance with the minimum bid price requirement.
Following the reverse stock split,
the resulting market price of our Common Stock may not attract new investors, including institutional investors, and may not satisfy the
investing requirements of those investors. Consequently, the trading liquidity of our Common Stock may not improve.
Although we believe that a higher market price
of our Common Stock may help generate greater or broader investor interest, there can be no assurance that the reverse stock split will
result in a share price that will attract new investors, including institutional investors. In addition, there can be no assurance that
the market price of our Common Stock will satisfy the investing requirements of those investors. As a result, the trading liquidity of
our Common Stock may not necessarily improve.
The liquidity of the shares of our Common Stock
may be affected adversely by the reverse stock split given the reduced number of shares that are outstanding following the reverse
stock split, especially if the market price of our Common Stock does not increase as a result of the reverse stock split. In addition,
the reverse stock split may increase the number of stockholders who own odd lots (less than 100 shares) of our Common Stock, creating
the potential for such stockholders to experience an increase in the cost of selling their shares and greater difficulty effecting such
sales.
38
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, which we refer to as the Securities Act, and Section 21E
of the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, that relate to future events or to our future
operations or financial performance. Any forward-looking statement involves known and unknown risks, uncertainties and other factors that
may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of
activity, performance or achievements expressed or implied by such forward-looking statement.
Words such as, but not limited to, "believe,"
"expect," "anticipate," "estimate," "forecast," "intend," "may,"
"plan," "potential," "predict," "project," "targets," "likely,"
"will," "would," "could," "should," "continue," "scheduled" and
similar expressions or phrases, or the negative of those expressions or phrases, are intended to identify forward-looking statements,
although not all forward-looking statements contain these identifying words. Although we believe that we have a reasonable basis for each
forward-looking statement contained in this registration statement, we caution you that these statements are based on our estimates or
projections of the future that are subject to known and unknown risks and uncertainties and other important factors that may cause our
actual results, level of activity, performance, experience or achievements to differ materially from those expressed or implied by any
forward-looking statement. Actual results, level of activity, performance, experience or achievements may differ materially from those
expressed or implied by any forward-looking statement as a result of various important factors, including our critical accounting policies
and risks and uncertainties relating, to:
●
our strategies, prospects, plans, expectations, forecasts
or objectives;
●
our ability to achieve a marketable products and the costs
and timing thereof;
●
acceptance of our products by our target market and our ability
to compete in such market;
●
our ability to raise additional financing when needed and
the terms and timing thereof;
●
our ability to expand, protect and maintain our intellectual
property rights;
●
our future operations, financial position, revenues, costs,
expenses, uses of cash, capital requirements, our need for additional financing or the period for which our existing cash resources will
be sufficient to meet our operating requirements;
●
our analysis of the target market for our products;
●
the impact of COVID-19 and other adverse public health developments
on our operations and our industry:
●
our ability to obtain all regulatory approvals and clearances
relating to our products in including those of the United States Food and Drug Administration;
●
regulatory developments in the United States and other countries;
●
the timing and costs of our obtaining all regulatory approvals
and clearances identified immediately above;
●
our compliance with all applicable laws, rules and regulations,
including those of the Securities and Exchange Commission, or SEC, and the FDA;
●
our plans to list our Common Stock and Warrants on Nasdaq
and whether an active trading market for our Common Stock and Warrants will develop;
●
our ability to compete in the United States and internationally
with larger and more substantial medical device and motor manufacturing companies;
●
general economic, business, political and social conditions;
●
our reliance on and our ability to retain (and if necessary,
timely recruit and replace) our officers, directors and key employees and their ability to timely and competently perform at levels expected
of them;
●
our ability to generate significant revenues and achieve profitability;
●
our ability to manage the growth of our business;
●
our commercialization, marketing and manufacturing capabilities
and strategies;
39
●
our ability to expand, protect and maintain our intellectual
property position;
●
the success of competing third-party products;
●
our ability to fully remediate our identified internal control
material weaknesses;
●
our ability to meet the initial or continuing listing requirement
of the Nasdaq Capital Market;
●
our ability to comply with regulatory requirements relating
to our business, and the costs of compliance with those requirements;
●
the specific risk factors discussed under the heading "Risk
Factors" set forth in this prospectus; and
●
various other matters, many of which are beyond our control.
USE OF PROCEEDS
We estimate that our net proceeds
from this offering will be approximately $________($_____ if the Underwriters' Over-Allotment Option is fully exercised ), based
on an assumed public offering price of $_____ per Unit, which is the last reported sale price of our common stock on OTC Markets on _____,
2022, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us. We will not receive any
of the proceeds from the sale of Common Stock in this offering by the Selling Stockholders identified in this prospectus or from any cash
exercise of the PPO Warrants by the Selling Stockholders.
As of _________, 2022, we had cash and cash equivalents
of approximately $_______. We currently expect that to use the net proceeds from this offering, together with the $_____of cash and cash
equivalents, primarily for the following purposes:
☐
Approximately $________ to develop our sales, marketing and administrative capabilities and organization, including but not limited to adding additional staff, public relations and advertising;
☐
Approximately $________to develop our manufacturing and production capability, including capital expenditures; and
☐
The remainder for working capital, other capital
    expenditures and general corporate purposes.
Notwithstanding the above, we may be required
to use up to $_____ of net proceeds (assuming accrued interest through ______ __, 2022) to repay PPO Debentures pursuant to the Qualified
Offering Redemption Option which may be exercised by holders of the PPO Debentures. Any portion of exercise of this option will reduce
amounts intended for sales , marketing and administrative capabilities and organization, on a pro rata basis.
We believe that our existing cash and cash equivalents,
along with the net proceeds from this offering and any proceeds from the exercise of Warrants, together with interest on cash balances,
will be sufficient to fund our operating expenses and capital expenditure requirements through at least the next 12 months. The amount
and timing of our actual expenditures and actual use of the net proceeds of the offering will depend upon numerous factors, including
speed of market uptake of our products, market driven product development, progress of our continuing product research and development
activities, our ability to expand our outsourced manufacturing operations, and our ability to add the required staff to execute our business
plan, any collaborations that we may enter into with third parties, and any unforeseen delays or cash needs.
Our expected use of the net proceeds from this
offering represents our current intentions based upon our present plans and business conditions. As a result, our management will have
broad discretion in the application of the net proceeds, and investors will be relying on our judgment regarding the application of the
net proceeds of this offering. In addition, we might decide to postpone or not pursue certain of these activities if the net proceeds
from this offering and the other sources of cash are less than, or do not last as long as, expected. We have no current understandings,
agreements or commitments for any material acquisitions or licenses of any products, businesses or technologies.
Pending their use, we plan to invest the net proceeds
from this offering in high-quality, short-term interest-bearing obligations, investment-grade instruments, certificates of deposit or
direct or guaranteed obligations of the U.S. government.
40
MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS
Market Information
Since March 18, 2020, our Common Stock has traded
on the Pink Tier of OTC Markets Group, Inc. under the trading symbol "BRSF" on a very limited basis. We have applied to list
our Common Stock and Warrants on Nasdaq under the symbols "BRSF" and "BRSFW", respectively.
Immediately following the offering, we expect
to have one class of common stock and no other classes of stock outstanding.
As of August 9, 2022,
there were approximately 141 registered holders of record of our Common Stock, and the last reported sale price of our Common Stock on
the OTC Markets on such date was $0.12 per share.
Any OTC Markets quotations of our Common Stock
reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.
DIVIDEND POLICY
We have never declared nor paid any cash dividends
on our capital stock. We do not intend to pay cash dividends on our Common Stock for the foreseeable future, and currently intend to retain
any future earnings to fund our operations and the development and growth of our business. Any future determination to declare and pay
dividends will be made at the discretion of our board of directors and will depend on various factors, including applicable laws, our
results of operations, our financial condition, our capital requirements, general business conditions, our future prospects and other
factors that our board of directors may deem relevant. Investors should not purchase our Common Stock with the expectation of receiving
cash dividends.
CAPITALIZATION
The following table sets forth our cash and cash
equivalents and capitalization as of March 31, 2022.
●
On an actual basis.
●
on a pro-forma basis to give effect to (i) the issuance and
sale of the Units by us in this offering at the assumed public offering price of $_____ per Unit, which is the last reported sale price
of our Common Stock on OTC Markets on _______, 2022, after deducting the estimated discounts, non-accountable expense allowance and the
estimated offering expenses payable by us for net proceeds of $__________, which assumes that the over-allotment option is not exercised.
The as adjusted information below is illustrative
only and our capitalization following the closing of this offering will be adjusted based on the actual public offering price and other
terms of this offering determined at pricing. You should read this information together with our financial statements and the related
notes thereto included elsewhere in this prospectus and the information set forth under the heading "Management's Discussion
and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus.
As of March 31, 2022
Unaudited Actual
Unaudited Pro Forma
Cash
$
346,365
$
Convertible notes payable, net
$
10,802,005
$
Stockholders' deficit:
Preferred stock, par value $0.001; 10,000,000 shares authorized and undesignated, actual, pro forma; no shares issued and outstanding, actual or pro forma
—
—
Common Stock, $0.001 par value, 200,000,000 shares authorized; 50,578,003 shares issued and outstanding, actual; ______ shares issued and outstanding, pro forma
50,578
Additional paid-in capital
21,902,942
Accumulated deficit
(24,438,861
)
Accumulated other comprehensive loss
(3,539
)
Total stockholders' equity (deficit)
$
(2,488,880
)
$
41
Each $1.00 increase (decrease) in the assumed
public offering price of $______ per Unit would increase (decrease) the as adjusted amount of cash and cash equivalents, additional paid-in
capital, total stockholders' equity (deficit) and total capitalization by approximately $______, assuming that the number of Units
offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts
and commissions and estimated offering expenses payable by us. We may also increase or decrease the number of Units we are offering. Each
increase (decrease) of 100,000 Units in the number of Units we are offering would increase (decrease) the as adjusted amount of cash and
cash equivalents, additional paid-in capital, total stockholders' equity and total capitalization by approximately $_______, assuming
that the assumed public offering price remains the same, and after deducting the estimated underwriting discounts and commissions and
estimated offering expenses payable by us. The as adjusted information discussed above is illustrative only and will be adjusted based
on the actual public offering price and other terms of this offering determined at pricing.
The number of shares of our
Common Stock to be outstanding after this offering is based on 50,578,003 shares of our Common Stock outstanding as of March 31, 2022,
and excludes:
●
the ______ shares Common Stock issuable upon exercise of the Warrants (assuming the sale of _____ Units);
●
46,143,287 shares of our Common Stock issuable upon the conversion
of outstanding promissory notes;
●
9,211,132 shares of our Common Stock issuable upon exercise
of outstanding warrants
●
15,095,714 shares of our Common Stock issuable upon exercise
of outstanding warrants in connection with the PPO Offering upon consummation of the offering or April __, 2023;
●
4,504,214 shares of our Common Stock issuable upon exercise
of outstanding stock options with a weighted average exercise price of approximately $0.35 per share;
●
8,000,000 shares of our Common Stock reserved for issuance
pursuant to currently outstanding and future awards under our 2018 Plan;
●
2,015,626 shares of our Common Stock issuable upon exercise
by the underwriter of warrants received in the PPO;
●
________ shares of our Common Stock issuable upon exercise
by the underwriter of their option to purchase shares of common stock; and
●
_______ shares of our Common Stock issuable upon exercise
by the underwriter under its underwriter's warrant
DILUTION
Each Unit,
with an assumed public offering price of $______ per Unit,
which is the last reported sale price of our Common Stock on OTC Markets
on ________, 2022,
consists of one share of Common Stock and a Warrant to purchase one share of
Common Stock.
If you invest in our Units, your interest will
be diluted immediately to the extent of the difference between the offering price per share of our Common Stock that is part of the Unit
and the as adjusted net tangible book value per share of our Common Stock immediately after giving effect to this offering.
As of March 31, 2022, our historical net tangible
book value was $(14,130,333 ) or $(0.28) per share of Common Stock. Historical net tangible book value per share represents the amount
of our total tangible assets reduced by total liabilities, divided by 50,578,003, the number of shares of Common Stock outstanding on
March 31, 2022.
42
After giving effect to the sale of ______ Units,
at the assumed offering price of $___ per Unit, which is the last reported sale price of our Common Stock on OTC Markets on ____, 2022,
after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, and (ii) our net tangible
book value as of March 31, 2022 would have been $_____ or $_____ per share of Common Stock. This amount represents an immediate increase
in net tangible book value of $______ per share to our existing stockholders. Investors purchasing our Common Stock in this offering will
have paid $_______ more than the as adjusted net tangible book value per share of Common Stock after this offering.
The following table illustrates this dilution
on a per share basis:
Assumed offering price per share
$
Historical net tangible book value per share as of March 31, 2022
$
Increase in net tangible book value per share attributable to new investors
$
Net tangible book value per share after the offering
Dilution per share to new investors
$
Sales by the Selling
Stockholders in this Offering will cause the number of shares held by existing stockholders to be reduced to             shares,
or           % of the total number of shares of our capital stock outstanding following
the completion of this Offering and will increase the number of shares held by new investors to             shares,
or               % of the total number of shares of our capital
stock outstanding following the completion of this Offering.
Each $1.00 increase (decrease) in the assumed
public offering price of $____ per share would increase (decrease) our net tangible book value after this offering by approximately $_____
per share, and increase (decrease) the dilution per share to new investors by approximately $_____ per share, after deducting the estimated
underwriting discounts and commissions and estimated offering expenses payable by us full.
The number of shares of our Common Stock to be
outstanding after this offering is based on 50,578,003 shares of our Common Stock outstanding as of March 31, 2022, and excludes, as of
such date:
●
the ______ shares of Common Stock issuable upon exercise of
the Warrants;
●
46,143,287 shares of our Common Stock issuable upon the conversion
of outstanding promissory notes;
●
9,211,132 shares of our Common Stock issuable upon exercise
of outstanding warrants issued prior to the offering with a weighted average exercise price of approximately $0.45 per share;
●
15,095,714 shares of our Common Stock issuable upon exercise
of warrants issuable upon the earlier of the consummation of this offering or April __, 2023;
●
4,504,214 shares of our Common Stock issuable upon exercise
of outstanding stock options with a weighted average exercise price of approximately $0.35 per share;
●
7,249,208 shares of our Common Stock reserved for issuance
pursuant to future awards under the 2018 Plan;
●
2,015,626 shares of our Common Stock issuable upon exercise
by the underwriter of warrants received in the PPO;
●
________ shares of our Common Stock issuable upon exercise
by the underwriter of their option to purchase shares of common stock; and
●
_______ shares of our Common Stock issuable upon exercise
by the underwriter under its underwriter's warrant
If the shares described above that are reserved
for issuance to the holders of our outstanding warrants, options, and promissory notes and under our 2018 Plan are issued, or we otherwise
issue additional shares of Common Stock in the future, there could be further dilution to investors participating in this offering. In
addition, we anticipate needing to raise additional capital before generating positive cash flows and we may choose to raise additional
capital because of market conditions or strategic considerations, even if we believe that we have sufficient funds for our current or
future operating plans. If we raise additional capital through the sale of equity or convertible debt securities, the issuance of these
securities could result in further dilution to our stockholders.
43
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management's Discussion and Analysis of Financial Condition
and Results of Operations
You should read the following discussion and
analysis in conjunction with our unaudited condensed consolidated financial statements and the notes to those financial statements for
the three months ended March 31, 2022 and March 31, 2021 and consolidated financial statements and notes to those financial statements
for the years ended December 31, 2021 and December 31, 2020 included elsewhere in this prospectus. This discussion contains forward-looking
statements based upon current expectations that involve risks and uncertainties. See "Special Note Regarding Forward-Looking Statements."
Our actual results may differ materially from those contained in or implied by any forward-looking statements.
Company Overview
We are a MedTech company with two innovative
product lines: neurology and motion products. Since October 1, 2021, we have had two direct subsidiaries, each of which is focused on
one of our complimentary product lines.
The products of our subsidiary Memory
MD, Inc., hereinafter referred to as the Neurology Products, are medical devices designed for the neurology market. The products of our
subsidiary Piezo Motion Corp., hereinafter referred to as the Motion Products, are small piezoelectric motors which are designed for and
expected to have valuable and beneficial uses as motors within medical devices and devices outside of the MedTech industry
Since the merger between Brain Scientific
Inc. and Piezo Motion Corp., we have focused on building an experienced team and platform to grow revenues from existing products and
introduce new technologies to the market while leveraging our store of intellectual property.
Historically, we have financed our operations
principally through the issuance of convertible debt. Based on our current operating plan, substantial doubt about our ability to continue
as a going concern for a period of at least one year from the date that the financial statements included in this prospectus are issued
exists. Our ability to continue as a going concern depends on our ability to raise additional capital, through the sale of equity or debt
securities, to support our future operations. If we are unable to secure additional capital, we will be required to curtail our operations
and take additional measures to reduce costs. We have provided additional disclosure in Note 1 to the condensed consolidated financial
statements in and under
Liquidity
below.
We were initially organized on November 18, 2013
as a Nevada limited liability company under the name Global Energy Express LLC. On December 18, 2015, we converted from a Nevada limited
liability company to a Nevada corporation under the name All Soft Gels Inc. On September 18, 2018, we changed our name from All Soft Gels
Inc. to Brain Scientific Inc. and changed our ticker symbol on the OTC Pink market to "BRSF".
On September 21, 2018, we entered into a merger
agreement (the "Merger Agreement") with Memory MD, Inc. and AFGG Acquisition Corp. to acquire Memory MD, Inc. (the "Acquisition").
The transactions contemplated by the Merger Agreement were consummated on September 21, 2018 and, pursuant to the terms of the Merger
Agreement, all outstanding shares of Memory MD were exchanged for shares of Common Stock. Accordingly, we acquired 100% of Memory MD,
Inc. in exchange for the issuance of shares of Common Stock and Memory MD, Inc. became our wholly-owned subsidiary. In conjunction with
the Acquisition, we ceased all direct operations and assigned all of our assets and liabilities from prior to the Acquisition, and assumed
and commenced the business of Memory MD as our sole business.
On June 11, 2021, we entered into another merger
agreement (the "Piezo Merger Agreement") with Piezo Motion Corp. and BRSF Acquisition Corp. to acquire Piezo Motion Corp.
(the "Piezo Acquisition"). The transactions contemplated by the Piezo Merger Agreement were consummated on October 1, 2021.
Pursuant to the terms of the Piezo Merger Agreement, all outstanding shares of Piezo Motion Corp. were exchanged for shares of Common
Stock. Accordingly, we acquired 100% of Piezo Motion Corp.in exchange for the issuance of shares of Common Stock and Piezo Motion Corp.
became our wholly-owned subsidiary.
44
Our financial statements are based upon the Piezo
Motion Corp. financials up until the Piezo Acquisition. The combined company financials are provided inclusive of the operations of the
Company unrelated to Piezo Motion Corp. for the fourth quarter of 2021. The accounting is based upon reverse merger accounting due to
the majority of outstanding shares after the Piezo Acquisition were with the Piezo shareholders.
The majority of our revenue
in 2021was from 4
th
quarter sales from our subsidiary which operates as a distributor of third-party medical devices in Russia
(except for $38,309 from Piezo Motion Corp. sales and $6,194 of sales from Memory MD in the U.S.). Sales of $93,664 in 2020 were based
upon sale of piezoelectric motors, including non-recurring engineering consulting and software licensing revenue. The Russian invasion
of Ukraine on February 24, 2022 has impacted our Russian operations for the foreseeable future. With the uncertainty raised due to the
continued Russian invasion of Ukraine, we do not anticipate having sales restart in Russia in the foreseeable future. No decision has
been made as to winding down operations.
We have limited resources. To date, our primary
activities have been limited to, and our limited resources have been dedicated to, commercializing our piezoelectric motors, NeuroCap™
and NeuroEEG. performing business and financial planning, raising capital, recruiting personnel, and conducting development activities,
although we have acted as a distributor of third-party medical devices in Russia (which has generated revenue for us in 2021. Both our
Neurology Products and Motion Products are production ready for manufacture and sale. For all our products we have commenced some non-recurring,
initial sales.
Impacts of COVID-19
The global outbreak of the coronavirus disease
2019 (COVID-19) was declared a pandemic by the World Health Organization and a national emergency by the U.S. government in March 2020.
This has negatively affected the U.S. and global economy, disrupted global supply chains, significantly restricted travel and transportation,
resulted in mandated closures and orders to "shelter-in-place" and created significant disruption of the financial markets.
The full extent of the COVID-19 impact on our operational and financial performance will depend on future developments, including, without
limitation, the duration and spread of the pandemic and related actions taken by U.S. and foreign government agencies to prevent disease
spread, all of which are uncertain, out of our control, and cannot be predicted.
We remain diligent in continuing to identify and
manage risks to our business given the changing uncertainties related to COVID-19. We may not be able to address the risks in a timely
manner, which could negatively impact our business, results of operations, financial condition and cash flows.
The continued spread of COVID-19 has also led
to disruption and volatility in the global capital markets. We will need to raise additional capital to support our operations in the
future. We may be unable to access the capital markets or additional capital may only be available to us on terms that could be significantly
detrimental to our existing stockholders and holders of the convertible promissory notes and to our business.
Critical Accounting Policies and Estimates
The discussion and analysis of our financial condition
and results of operations are based upon our condensed consolidated financial statements, which have been prepared in accordance with
U.S. GAAP. The preparation of these condensed consolidated financial statements requires us to make certain estimates and judgments that
affect the reported amounts of assets, liabilities, and expenses. On an ongoing basis, we make these estimates based on our historical
experience and on assumptions that we consider reasonable under the circumstances. Actual results may differ from these estimates and
reported results could differ under different assumptions or conditions. Our significant accounting policies and estimates are disclosed
in Note 1 of the Notes to Consolidated Financial Statements for the year ended December 31, 2021. As of March 31, 2022, there have been
no material changes to our significant accounting policies and estimates.
45
Results of Operations
Three Months Ended March 31,2022 and March
31,2021
The following table sets forth the results of
operations of the Company for the three months ended March 31, 2022 and 2021.
Three Months Ended
March 31,
Period to
Period
2022
2021
change
Revenue
$
159,588
$
1,475
$
158,113
Cost of goods sold
$
106,675
$
575
$
106,100
Research and development
$
84,717
$
55,165
$
29,552
Professional fees
$
187,766
$
50,057
$
137,709
Sales and marketing expenses
$
191,471
$
43,773
$
147,698
General and administrative
$
1,185,457
$
559,462
$
625,995
Share based compensation
$
298,301
$
-
$
298,301
Interest expense
$
271,919
$
58,785
$
213,134
Revenues
Revenues for the three months ended March 31,
2022 and 2021 were generated primarily from the Russian subsidiary for distributing third-party medical devices in Russia (including those
purchased from a company affiliated with one of our former officers and directors), while we continue to commercialize our products. While
we intend to continue generating revenues through the sale of third-party medical devices, we do not intend for it to be our primary source
of revenue in the long-term. Sales for piezoelectric motors decreased from 2021 as the Company focused on the final commercialization
of the Blue Series of motors. Revenues for the three months ended March 31, 2021 of $1,475 related to the sales of evaluation kits. We
do not expect to generate recurring, material revenue from our products unless or until we successfully commercialize our products. If
we fail to successfully commercialize our developed products or fail to complete the development of any other product candidate we may
pursue in the future, in a timely manner, or fail to obtain regulatory approval, we may not be able to solely rely on generating substantial
and material revenue from the distribution of third-party medical devices.
General and Administrative Expenses
General and administrative expenses consist primarily
of personnel-related costs for administration, product management, for personnel in functions not directly associated with sales and marketing
or research and development activities. Other significant costs include rent, travel, legal fees relating to corporate matters, intellectual
property costs, professional fees for consultants assisting with regulatory, product development and financial matters, and product costs.
We anticipate that our general and administrative expenses will be steady in the near to support our continued commercialization of our
Products and maintaining the infrastructure for a public company.
General and administrative expenses were $1,185,457
for the three months ended March 31, 2022, compared to $559,462 for the three months ended March 31, 2021. The increase in general and
administrative expenses was primarily due to an increase in payroll and related expenses, and amortization of intangible assets.
Research and Development Expenses
Research and development expenses consist of expenses
incurred in performing research and development activities in developing our Products. Research and development expenses include compensation
and benefits for research and development employees, overhead expenses, cost of laboratory supplies, costs related to regulatory operations,
fees paid to consultants, and other outside expenses. Research and development costs are expensed as incurred and costs incurred by third
parties are expensed as the contracted work is performed.
46
We expect our research and development expenses
to be maintained at the current level until we begin generating revenue from our existing Neurology and Motion Products. We anticipate
it will then begin to increase as we exploit additional patents in our Motion Products and develop our Neurology Products, including conducting
preclinical testing and clinical trials.
Research and development expenses were $84,717
for the three months ended March 31, 2022, compared to $55,165 for the three months ended March 31, 2021. The increase in research and
development expenses were primarily due to increased activities in our Ukrainian office as well as payroll expenses.
Interest Expense
Interest expense primarily consists of costs and
interest costs related to the convertible notes we issued in 2022 and 2021. The convertible notes bear interest at fixed rate of 10% per
annum.
Interest expense for the three months ended March
31, 2022 and for 2021 was $271,919 and 58,785 respectively. The March 2022 amount includes amortization of debt issuance costs and discounts
of approximately $16,453 related to the Company's convertible and non-convertible promissory notes.
Professional fees
Professional fees were $187,766 for the three
months ended March 31, 2022, compared to $50,057 for the three months ended March 31, 2021. The increase was primarily due to an increase
in legal, accounting and consulting fees in the current quarter due to regulatory filings and requirements, and fund-raising activities.
Years Ended December 31,2021 and December 31,2020
The following table sets forth the results of
operations of the Company for the years Ended December 31, 2021 and December 31, 2020.
Years Ended
December 31,
Period to
2021
2020
Period Change
Revenues
$
265,747
$
93,664
$
172,083
Cost of goods sold
$
182,519
$
43,762
$
138,757
Research and development
$
329,452
$
210,706
$
118,746
Professional fees
$
818,698
$
268,223
$
550,475
Sales and marketing
$
1,041,575
$
197,372
$
844,203
General and administrative
$
3,326,306
$
1,831,170
$
1,495,136
Share-based compensation
$
3,223,674
$
311,919
$
2,911,755
Interest expense
$
467,849
$
29,474
$
438,375
Amortization of debt discount
$
89,787
$
-
$
89,787
Loss on disposal of assets
$
-
$
4,067
$
(4,067
)
Other (Income)
$
(1,110
)
$
-
$
(1,110
)
Gain on forgiveness of paycheck protection loan
$
(112,338
)
$
-
$
(112,338
)
Foreign Currency transaction loss
$
21
$
-
$
21
Revenues
Revenue for the fiscal
year ended December 31, 2021 was $265,747 compared to $93,664 for the fiscal year ended December 31, 2020. In the fiscal years ended
December 31, 2021, we generated the majority of our revenue through acting as a distributor of third-party medical devices in
Russia, and we did not have significant sales of our products. The increase in revenues in year ended December 31, 2021
resulted from inclusion of sales of third-party medical devices in Russia.
Revenues for 2021 were generated both from sale
of evaluation kits for piezoelectric motors of $38,309 for the year. Revenue includes 4
th
quarter sales of $6,194 of NeuroCaps
and of $221,244 from the Russian subsidiary for distributing third-party medical devices in Russia. Sales for piezoelectric motors reduced
from 2020 as Piezo focused on the final commercialization of the Blue Series of motors. In 2020, revenue had included non-recurring revenue
from engineering services and licensing of software for approximately $66k of revenue.
47
Cost of goods sold
Cost of goods sold were $182,519 for the fiscal
year ended December 31, 2021, compared to $43,792 for the fiscal year ended December 31, 2020. The increased cost of sales was primarily
due to the inclusion in sales of third-party medical devices in Russia during 4
th
quarter of 2021.
Research and development expenses
Research and development expenses were $329,425
for the fiscal year ended December 31, 2021, compared to $210,706 for the fiscal year ended December 31, 2020. The increase was primarily
due to an increase in product validation activities and adding additional personnel to complete the commercialization of the Blues Series
piezoelectric motors.
Professional fees
Professional fees were $818,698 for the fiscal
year ended December 31, 2021, compared to $268,223 for the fiscal year ended December 31, 2020. In the fiscal year ended December 31,
2021, professional fees were associated with preparation for the Piezo Acquisition, including approximately $373,000 in legal expenses,
approximately $323,000 in accounting expenses, and approximately $67,000 of advisory expenses. In the fiscal year ended December 31, 2020,
professional fees were primarily related to approximately $232,000 in legal expenses and approximately $35,000 in accounting expenses.
The increase in professional fees in the fiscal year ended December 31, 2021 was due primarily to the Piezo Acquisition.
Sales and marketing expenses
Sales and marketing expenses were $1,041,575,
for the fiscal year ended December 31, 2021, compared to $197,372 for the fiscal year ended December 31, 2020. The increase was primarily
due to hiring of personnel to begin the process of sales and marketing products as the Company readied for full commercialization.
General and administrative expenses
General and administrative expenses were $6,549,981
for the fiscal year ended December 31, 2021, compared to $2,143,089 for the fiscal year ended December 31, 2020. In the fiscal year ended
December 31, 2021, general and administrative expenses included payroll expenses of approximately $1,985,000, expense associated with
stock-option based compensation of approximately $3,224,000, approximately $161,000 of insurance expense, $244,000 of consulting for product
engineering and system implementation and $216,000 of travel expenses. In the fiscal year ended December 31, 2020, general and administrative
expenses were primarily related to approximately $1,429,000 in payroll related expenses, approximately $321,000 in consulting fees and
approximately $9,000 in insurance expense. The increase in spending in the fiscal year ended December 31, 2020 was primarily attributable
to the stock-based compensation, increased D&O insurance costs and an increase in payroll related expenses.
Interest expense
Interest expense, for the fiscal year ended December
31, 2021 was $467,849, related to the Company's convertible and promissory notes. A further amortization of debt discount of $89,787
was expensed for the year ended December 31, 2021. Interest expense, for the fiscal year ended December 31, 2020 was $29,474, related
to the Company's convertible promissory notes. The increase was due to the issuance of approximately $6.9 million of convertible
debt during the year ended December 31, 2021.
Other income and expense
Other expense for the fiscal year ended December
31, 2021 was $444,209. For the year ended December 31, 2021, other expense was derived primarily from interest expense of $467,849 and
debt discount amortization of $89,787 partially offset by gain on forgiveness of paycheck protection plan of $112,338 and other income
of $1,110.
48
Liquidity and Capital Resources
While we have generated
limited revenue in 2022 and 2021, we anticipate that we will continue to incur losses for the foreseeable future. Furthermore,
substantially all of such revenue was generated through acting as a distributor of third-party medical devices in Russia, which has
been negatively impacted by Russia's invasion of Ukraine, and we did not have any material sales of our products. We
anticipate that our expenses will increase substantially as we develop our products and pursue pre-clinical testing and clinical
trials, seek any further regulatory approvals, contract to manufacture any products, establish our own sales, marketing and
distribution infrastructure to commercialize our products, hire additional staff, add operational, financial and management systems
and operate as a public company. We also expect to increase our expenses as a result of the Piezo Motor Corp. acquisition. As of
March 31, 2022 and December 31, 2021, we had $346,365 and $785,363 of cash, respectively, and an accumulated deficit of $24,438,861
and $22,278,923, respectively.
Historically, our primary source of cash has been
proceeds from the sale of convertible promissory notes and related party loans. We have also from time to time issued shares of our common
stock to individuals and entities as payment for services rendered to us in lieu of cash.
We have no current source
of revenue to sustain our present activities other than as acting as a distributor of third-party medical devices in Russia (including
those purchased from a company affiliated with one of our offices and directors), which is not our primary business goal, and we do not
expect to generate material revenue, from our products until, and unless, the FDA or other regulatory authorities approve our products
under development, and we successfully commercialize our products. Until such time, if ever, as we can generate substantial product revenue,
we expect to finance our cash needs through our distributorship revenue, a combination of equity (preferred stock or common stock) and
debt financings as well as collaborations, strategic alliances and licensing arrangements. We do not have any committed external source
of funds. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest
of our stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect
your rights as a common stockholder. Debt financing, if available, may involve agreements that include covenants limiting or restricting
our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise
additional funds through collaborations, strategic alliances or licensing arrangements with third-party partners, we may have to relinquish
valuable rights to our technologies, future revenue streams or grant licenses on terms that may not be favorable to us. If we are unable
to raise additional funds through equity or debt financings or through collaborations, strategic alliances or licensing arrangements when
needed, we may be required to delay, limit, reduce or terminate our Product development, future commercialization efforts, or grant rights
to develop and market our cortical strip, grid electrode and depth electrode technology that we would otherwise prefer to develop and
market ourselves.
Our independent registered public accounting firm
included an explanatory paragraph in its report on our financial statements as of and for the years ended December 31, 2021 and 2020,
noting the existence of substantial doubt about our ability to continue as a going concern. This uncertainty arose from management's
review of our results of operations and financial condition and its conclusion that, based on our operating plans, we did not have sufficient
existing working capital to sustain operations for a period of twelve months from the date of the issuance of these financial statements.
We will require additional funds and/or generate
revenues, to continue to fund operations.
During the three months ended March 31, 2022,
we issued convertible promissory notes in the amount of $1,150,000. We may obtain additional financing in the future through the issuance
of our common stock, through other equity or debt financings or through collaborations or partnerships with other companies. We may not
be able to raise additional capital on terms acceptable to us, or at all, and any failure to raise capital as and when needed could compromise
our ability to execute on our business plan.
Since March 31, 2022, we issued
convertible notes in the principal amount of $888,500 and debentures in the principal amount of $5,659,500. The convertible notes have
been converted to equity in connection with our PPO Offering at a conversion rate of $0.25 per share. See "PROSPECTUS SUMMARY –
PPO Debentures/Warrant Offering."
49
The market acceptance and
demand for our products is subject to numerous uncertainties. We have based these estimates on assumptions that may prove to be substantially
different than we currently anticipate and could use our cash resources sooner than we expect. Our ability to successfully transition
to profitability will be dependent upon achieving a level of product sales adequate to support our cost structure. We cannot assure you
that we will ever be profitable or generate positive cash flow from operating activities.
Net cash used in operating activities
Net cash used in operating activities was $1,493,658
for the three months ended March 31, 2022 compared to $672,962 for the three months ended March 31, 2021. This fluctuation is primarily
due to an increase in net loss of $1,505,934 and a gain on lease settlement of $1,660, partially offset by increases in share based compensation
expenses of $298,301, depreciation and amortization expenses of $195,350, amortization of debt discount of $16,454 and a decrease in cash
used in working capital of $64,455.
Net cash used in investing activities
Net cash used in investing activities was $6,508
for the three months ended March 31, 2022, compared to $20,122 for the three months ended March 31, 2021. The decrease was due primarily
to a decrease in purchases of property and equipment.
Net cash provided by financing activities
Net cash provided by financing activities was
$1,060,759 for the three months ended March 31, 2022, which primarily consisted of the issuances of convertible promissory notes for aggregate
gross proceeds of $1,150,000, offset by the partial repayments of non-convertible promissory notes and accrued interest in the amount
of $89,241.
Net cash provided by financing activities was
$1,319,982 for the three months ended March 31, 2021, which consisted of proceeds from the issuances of convertible promissory notes.
Critical Accounting Policies and Significant
Judgments and Estimates
Our management's discussion and analysis
of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with
accounting principles generally accepted in the United States of America, or GAAP. The preparation of these financial statements requires
us to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets
and liabilities as of the dates of the balance sheets and the reported amounts of revenue and expenses during the reporting periods. In
accordance with GAAP, we base our estimates on historical experience and on various other assumptions that we believe are reasonable under
the circumstances at the time such estimates are made. Actual results may differ materially from our estimates and judgments under different
assumptions or conditions. We periodically review our estimates in light of changes in circumstances, facts and experience. The effects
of material revisions in estimates are reflected in our financial statements prospectively from the date of the change in estimate.
While our significant accounting policies are
more fully described in the notes to our financial statements appearing elsewhere in this Report, we believe the following are the critical
accounting policies used in the preparation of our financial statements that require significant estimates and judgments.
Use of Estimates:
The preparation of consolidated
financial statements in conformity with U.S. GAAP 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 consolidated financial statements and
the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant
estimates in the accompanying consolidated financial statements include the estimates of useful lives for depreciation, the valuation
of stock options, and the valuation of derivative liabilities.
50
Fair Value of Financial Instruments:
Fair
value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between
market participants. A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices
in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:
●
Level 1 Inputs - Unadjusted
quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement
date.
●
Level 2 Inputs - Inputs other
than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include
quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets
that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities,
prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other
means.
●
Level 3 Inputs - Unobservable
inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions
that market participants would use in pricing the assets or liabilities.
Financial instruments consist of cash and cash
equivalents, accounts receivable, accounts payable and borrowings. The fair value of current financial assets and current financial liabilities
approximates their carrying value because of the short-term maturity of these financial instruments.
Income Taxes.
The Company accounts for
income taxes under the asset and liability method, as required by the accounting standard for income taxes, ASC 740. Under this method,
deferred 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 basis, as well as net operating loss carryforwards. Deferred
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 tax assets and liabilities of a change in tax rates is recognized
in income in the period that includes the enactment date.
Stock Based Compensation.
The Company accounts
for the grant of restricted stock awards in accordance with ASC 718, "Compensation-Stock Compensation." ASC 718 requires companies
to recognize in the statement of operations the grant-date fair value of equity-based compensation. The expense is recognized over the
period during which the employee is required to provide service in exchange for the compensation. Any remaining unrecognized balance will
be recognized ratably over the life of the vesting period and is a reduction of stockholders' equity.
The Company accounts for non-employee share-based
awards in accordance with the measurement and recognition criteria of ASC 505-50 "Equity-Based Payments to Non-Employees."
Recent Accounting Pronouncements
Management does not believe that any recently
issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying consolidated financial
statements, other than those disclosed below.
In August 2020, the FASB issued Accounting Standards
Update ("ASU") 2020-06,
"Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging
- Contracts in Entity's Own Equity (Subtopic 815 - 40)"
("ASU 2020-06"). ASU 2020-06 simplifies the accounting
for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an
entity's own equity. The ASU is part of the FASB's simplification initiative, which aims to reduce unnecessary complexity
in U.S. GAAP. The ASU's amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within
those fiscal years. The Company is currently evaluating the impact ASU 2020-06 will have on its financial statements.
51
BUSINESS
Overview
We are a MedTech company with two innovative product
lines: neurology and motion products. Since October 1, 2021, we have had two direct subsidiaries, each of which is focused on one of our
complimentary product lines.
The products of our subsidiary Memory MD, Inc.,
hereinafter referred to as the Neurology Products, are medical devices designed for the neurology market. The products of our subsidiary
Piezo Motion Corp., hereinafter referred to as the Motion Products, are small piezoelectric motors which are designed for and expected
to have valuable and beneficial uses as motors within medical devices and devices outside of the MedTech industry
Since the merger between Brain Scientific Inc.
and Piezo Motion Corp., we have focused on building an experienced team and platform to grow revenues from existing products and introduce
new technologies to the market while leveraging our store of intellectual property.
The following diagram illustrates our legal structure
for our two primary revenue streams.
To date, substantially all
of our revenues have been derived from our Russian subsidiary, Memory MD Russia, which has operated as a distributor of third-party medical
devices within Russia. The Russian invasion of Ukraine in February 2022 negatively impacted the operation of our Russian subsidiary. With
the uncertainty raised due to the continued Russian invasion of Ukraine, we do not anticipate having these medical device sales restart
in Russia in the foreseeable future. No decision has been made as to winding down operations.
Products
The two lines of products
that we currently sell are (i) Neurology Products and (ii) Motion Products.
Neurology Products
The Neurology Products of our subsidiary Memory
MD, Inc. are medical devices and software products designed for the neurology market. We believe our Neurology Products represent a step
forward in EEG technology and will allow for use in a wider range of applications
Electroencephalography, or EEG, is a method to
identify and to evaluate the electrical activity of the brain. An EEG could be beneficial, when used with other tools in the diagnosis
of brain-related issues, including epilepsy, brain activity after a stroke, and sleep disorders. An EEG may also be used to determine
the electrical activity of a comatose individual.
52
Our initial Neurology Products are intended to
allow for simplifying and making more ambulatory the completion of EEG. Further, the NeuroCap™ and NeuroEEG™ Products, both
510K FDA cleared and available for sale, are focused on providing efficient tools to the EEG medical market. Our technology allows a miniature,
wireless, clinical device capable of recording an EEG and provides the data to medical staff without the bulky hardware or necessitating
a neurology technician to place the cap. The NeuroEEG™ amplifier and desktop software used to store and analyze data captured from
the NeuroCap™ are anticipated to have strong margins, utilizing a distribution network to provide access to hospitals, neurologists,
and general practitioners as well as the various telehealth and tele-neurology companies.
NeuroCap
™
The NeuroCap™ is an FDA cleared disposable,
soft layered cap with an integrated electrode circuit that is designed to address existing problems of conventional EEG systems. The silver
embedded wiring is pre-gelled, so it requires no prepping of the skin before application. NeuroCap™ makes it possible for medical
staff of all levels to perform EEG tests, without having to laboriously apply electrodes one-by-one or spend considerable time cleaning
an EEG headset after each use.
The NeuroCap™ works in parallel with the
NeuroEEG™ amplifier device to successfully carry out EEG tests. However, the NeuroCap™ can also work with other EEG devices
in addition to our NeuroEEG. The NeuroCap™'s electrode placement follows standard alignment pursuant to the international
10-20 system. The acquisition of electrical brain activity is carried out by non-invasive pre-gelled passive Ag/AgCl scalp (cutaneous)
electrodes, ensuring maximum comfortability for the wearer. Benefits of NeuroCap™ include:
●
22 electrodes and 19 active EEG channels for performing high-quality routine EEG tests;
●
disposable EEG headset for reducing the risk of contagion and cross-contamination;
●
pre-gelled electrodes for reducing patient discomfort and concern over messy gels; and
●
malleable structure and adjustable Velcro straps allowing full adjustability during placement in patients with head injuries.
53
Expanding its potential uses, the NeuroCap™'s
easy to follow numbered straps makes application easy by healthcare workers of all skill levels. We estimate preparation for the EEG can
be completed in approximately 5 minutes. It is user-friendly and requires minimal training. It can be utilized for EEG testing for up
to 4 hours. A routine EEG is currently reimbursable by several Current Procedural Terminology (CPT
®
) codes referring to
a routine EEG.
To date, initial sales of NeuroCap™ have
been made direct to a small number of hospitals and clinics. In 2022, we entered into a manufacturing agreement which we anticipate will
allow us to begin providing NeuroCap™ for broader sale in August 2022 Our strategy is to expand to indirect sales through representatives
and distributors during 2022.
NeuroEEG™
™
The NeuroEEG™ connects wirelessly to the
computer, allowing freedom of movement for the patient and enabling telemedicine applications. Currently, we believe a shortage of EEG
testing equipment and technicians exists in some areas. Other technology may require a specialized technician to apply the gel and electrodes
individually. A neurology technician may be more expensive and in shorter supply. They may not be staffed and available 24/7 for some
hospitals.
NeuroHub
™
NeuroHub™, fka NeuroNet Cloud, is being
developed to collect and aggregate data from current and future Company devices like the NeuroCap™ and NeuroEEG™ and from
external sources such as research and medical data banks, 3rd-party devices, and clinical-use applications. We believe that NeuroHub™
will allow for comprehensive monitoring and facilitate collaborative diagnosis, analysis, research, treatment, and prevention by employing
sophisticated Artificial Intelligence or AI and machine learning or ML algorithms utilizing historical and current patient, device, and
platform data.
54
We anticipate that NeuroHub™ will allow
white-labeling to provide facilities, physicians, and patients with a HIPAA-compliant branded portal for Tele-neurology/Tele-medicine
services, enabling secure access to patient data for evaluation and assessment by internal and external clinical specialists and neurologists.
The platform will also integrate with Electronic Medical Records or EMRs and other external medical record databases to ensure up-to-date
and complete access to patient information.
We also anticipate that NeuroHub™ will allow
users to access patient and clinical data to evaluate patient conditions remotely. We believe that such an infrastructure removes the
need for direct contact with the patient, opening up underserved geographic locations with an undersupply of physicians to meet the growing
demand for neurological care as aging patient populations continue to grow.
As designed, we anticipate that NeuroHub™
will allow for cross-referencing multiple points of data to aid with the following:
●
EEG data and biomarker analysis;
●
Pharmacology studies;
●
Neurological disorders (Seizure, Sleep, Tumors, Infection/ Injury (TBI), Dementia, Stroke);
●
Structural Injury Classifier (SIC), Brain Function Index (BFI), and Concussion Index (CI);
●
Neurocognitive Assessments (Attention, behavioral, developmental); and
●
Neurofeedback analysis and Neurofeedback Training (NFT)
Artificial Intelligence Infrastructure
Our infrastructure is also being designed to gather
and mine brain-imaging data. Clinicians and researchers will be able to access data profiles of their patients and generate risk assessment
and treatment plans to address neurological conditions. This data could also be useful in establishing correlations between a myriad of
brain scans, allowing us to further understand connections about the brain that have not been discovered.
Artificial intelligence infrastructure in the
Company cloud refers to all modules used to perform automatic analysis of patient data. This infrastructure can receive inputs from many
different sources such as medical databases, normative data sets, and other patient health information. By using machine-learning algorithms,
the system is being designed to improve accuracy, providing for more advanced diagnostics as additional brain images are acquired.
The infrastructure is being designed to combine
neural networks with state-of-the-art tree search and pattern classification systems to build robust neurological health profiles of patient
brain scans. These models are expected to be self-learning, so the more data supplied to it, the more "educated" it is expected
to be.
Our objective is to achieve better patient outcomes
at a reduced cost through robust modelling and correlational analysis of brain imaging and other biometric data. Significant patterns
recognized by the system are designed to help medical professionals detect nuances in an individual's brain, allowing them to tailor
more personalized treatment plans for their patients. NeuroHub is being designed to handle millions of brain images to create robust models
that correlate health records, behaviors, and other neurological factors.
NeuroHub™ remains in development and is
not currently integrated into our NeuroCap™ or NeuroEEG™.
Markets and Customers
NeuroCap™ and NeuroEEG™
can be used for recording EEGs in neurology clinics, urban and rural emergency departments (EDs), intensive care units (ICUs), urgent
care clinics, nursing homes and assisted living facilities, sports facilities, remote clinical research studies and a variety of other
settings.
We sell direct and through
distributors in the US and internationally.
We are in the process
of applying for our CE certification, which will certify that our NeuroCap™ meets all sales requirements in the European Union and
European-Economic Area countries.
55
Market Overview
We compete within the domestic and global medical
device industry, referred to as the "MedTech" industry, which industry, on a global scale, is expected to reach an estimated
$594.5 billion by 2024, and it is forecast to grow at a compound annual growth rate or CAGR of 5.3% from 2020 to 2024, according to Statista.
The MedTech industry is characterized by rapid
change resulting from technological advances and scientific discoveries. We believe that U.S. medical device companies are highly regarded
on a global scale for their innovations and high-technology products, which innovations and products are produced due to a significant
investment in research and development.
Between both of our product lines, Neurology Products
and Motion Products, there is a significant opportunity for growth. The primary market for our Motion Products is within MedTech. However,
they can be used in multiple other businesses including drones, robotics, and automotive industries. As we continue to expand, based upon
the availability of funds to do so, we anticipate pursuing these additional markets.
The global EEG system and device market is expected
to reach $1.59 billion by 2026, growing at a CAGR of 8.7% during the forecast period according to Grand View Research. We believe the
increasing incidence and prevalence of neurological disorders, rising awareness about neurodegenerative disorders, high incidence of epilepsy,
sleeping disorders, Parkinson's, and the increasing applications of brain monitoring in clinical trials are driving the growth of
this market. In 2018, standalone devices were estimated to generate the most revenue as they gained adoption in hospitals and specialized
centers. These customers are the primary target market for our neurology devices.
The U.S. had the highest revenue share of the
EEG system/device market according to Grand View Research. It is our plan to target the US market primarily, though we are pursuing sales
globally through our master agent LOK Corporation as well. Statista estimates the U.S. EEG market size at $355M in 2024, growing at a
5.6% CAGR over the forecast period.
Brain monitoring is a complex process, requiring
expensive and advanced devices and equipment that are mainly found only in hospitals. Hospitals also see a considerably larger inflow
of patients as compared to small clinics and other end users. Additionally, brain monitoring devices can pose a considerable burden in
terms of maintenance expenses on healthcare facilities; we believe that in general hospitals, more than other end users, are able to bear
such costs. Hence, brain monitoring devices are mostly used in hospitals, which consequently account for the largest market share.
U.S. Healthcare Market
The National Health Expenditure Accounts or NHEA
are the official estimates of total health care spending in the U.S. U.S. health care spending grew 9.7 percent in 2020, reaching $4.1
trillion or $12,530 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 19.7%.
Digital health innovations are driving growth
and opportunity in three major verticals of healthcare:
●
Remote Patient Monitoring. Devices and applications that allow care providers to keep tabs on chronically
ill, recently released, and overall "high-risk" patients (also referred to as remote patient management, or RPM). Wearable
patches that diagnose heart conditions, sensors that monitor asthma medication intake, and glucose monitors that send diabetics'
data straight to their smartphones are just a few examples.
●
Telehealth. Doctor access and advise, from outside the confines of an office visit. It could be mental
health counselling from across the country, diagnosis and prescription writing in pediatrics without taking a sick child to the office,
alternatives to primary care physician visits, and other, similar events.
●
Behavior Modification. Platforms that help patients change their habits and adopt healthier lifestyles, with the primary aim of preventing
illness and a clinically validated methodology of doing so. That includes smoking cessation tools and diabetes prevention through digital
weight loss and coaching, among other technologies.
56
Neurology Reimbursement
Coverage in the U.S.
Reimbursement from private third-party healthcare
payors and, to a lesser extent, Medicare will be an important element of our success. Although the Centers for Medicare and Medicaid,
or CMS, and third-party payors have adopted coverage policies for our targeted indications, there is no guarantee this will continue at
the same levels or at all in the future.
The International Classification of Diseases,
Tenth Edition, or ICD-10 is a clinical cataloging system that went into effect for the U.S. healthcare industry on October 1, 2015, after
a series of lengthy delays. Accounting for modern advances in clinical treatment and medical devices, ICD-10 codes offer many more classification
options compared to those found in its predecessor, ICD-9. Within the healthcare industry, providers, coders, IT professionals, insurance
carriers, government agencies and others use ICD codes to properly note diseases on health records, to track epidemiological trends and
to assist in medical reimbursement decisions.
We believe that many of the indications we are
pursuing with our technologies are currently reimbursed on a widespread basis by Medicare, Medicaid, and private insurance companies.
Coverage Outside the U.S.
If we seek to commercialize our products in countries
outside the U.S., coverage may be available from certain governmental authorities, private health insurance plans, and labor unions. Coverage
systems in international markets vary significantly by country and, within some countries, by region. If we seek to commercialize our
technology, if approved, outside the U.S., coverage approvals must be obtained on a country-by-country, region-by-region or, in some instances,
a case-by case basis. Based on our ongoing evaluation, certain countries reimburse more highly than others.
Athletic Performance Market
Athletic performance encompasses the treatment
and prevention of injuries related to athletics and exercise. Our business plan includes positioning our products and services as a go-to-choice
in diagnostic tools for brain-related sports injuries. The EEG with cortical brain maps is highly capable of identifying post-concussion
syndrome. Concussions and traumatic brain injuries caused by contact sports are a growing and significant issue among athletes. The Center
for Disease Control and Prevention has reported that 1.6 million to 3.8 million concussions occur each year, and UPMC Sports Medicine
estimates 5 in 10 concussions go unreported or undetected with 2 in 10 high school athletes who play contact sports getting a concussion
in a given year.
Other Markets
Our business plan includes positioning our products
and services as a go-to-choice in diagnostic tools for brain-related sports injuries.
●
Education Enhancement: Analysis of EEGs may be useful in recognizing cognitive differences. The brain
scans of potential customers in this space can be a steppingstone for further research. The goal of selling to the education market is
to have the opportunity to measure baseline EEGs of students.
●
Clinical Trials: Clinical trials assess the safety and efficacy of a new drug, therapy, surgical procedure,
medical device, or other intervention and are essential tools in conducting research. When used in clinical trials, we expect our products
and services will give a fast and accurate analysis that may speed up the clinical trial process. Moreover, clinical imaging is the technique
and process of capturing images of the human body for clinical purposes to reveal, diagnose or examine diseases.
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Market Dynamics
Driver: Growing incidence of traumatic brain
injuries
A traumatic brain injury or TBI is non-degenerative,
non-congenital damage to the brain from an external mechanical force, possibly leading to permanent or temporary impairment. TBI is a
major public health concern. According to the Journal of Neurosurgery, TBI is a leading cause of morbidity and mortality, with approximately
69 million people suffering TBI annually worldwide. Estimated incidence is highest in regions with good data such as North America and
Europe, indicating that better testing would likely uncover a higher global TBI incidence.
Opportunity: Increasing and expanding therapeutic
applications of brain monitoring devices
Apart from applications in neurological disorders,
neurodegenerative diseases, and psychiatric disorders, brain monitoring devices are also used in other therapeutic areas like insomnia,
post-traumatic stress disorder or PTSD, and sleep apnea. Quantitative EEG analysis is widely used to investigate the neurophysiological
characteristics of insomnia. EEG biofeedback is a training process that has been scientifically proven to aid in the management of PTSD.
A number of research studies have demonstrated
the effectiveness of neurofeedback for PTSD in adults. For instance, a research study published by the NCBI, or National Center for Biotechnology
Information, in 2016 demonstrated that 24 sessions of neurofeedback significantly reduced PTSD symptoms in adult sample populations. Similar
studies are also being conducted in children. Such positive research outcomes suggest that neurofeedback is a promising approach in the
treatment of PTSD. This is especially important because existing treatments can be quite difficult to tolerate and have limited effectiveness
for many individuals with PTSD. In addition, EEG is routinely used to measure and record brain wave activity for the diagnosis and treatment
of sleep apnea. These extended applications of brain monitoring devices are expected to provide growth opportunities for players operating
in this market.
Challenge: Shortage of trained professionals
Trained medical personnel are required to effectively
operate devices involved in the complex process of brain monitoring. The positioning of electrodes on the scalp and the insertion of muscular
needles require accuracy and can be performed only by highly trained personnel. In addition, the results generated by brain monitoring
machines are complex and can only be interpreted by qualified technicians or skilled professionals. Without these fundamental skills,
end users will face difficulties in maximizing the utility of their brain monitoring equipment. The presence of highly skilled medical
personnel and staff is, therefore, vital for the effective use of brain monitoring equipment.
Currently, there is a shortage of skilled medical
personnel in both developed and developing countries. The AAMC, or Association of American Medical Colleges, estimates that the U.S. will
see a shortage of up to nearly 122,000 physicians by 2032 as demand for physicians continues to grow faster than supply, Furthermore,
according to the American Association of Colleges of Nursing, there is a projected shortage of registered nurses in the US, and it is
expected to intensify by 2030. Moreover, the shortage of trained and experienced neurodiagnostic technologists globally has compelled
hospitals to cross-train other allied health professionals to perform neurodiagnostic examinations. This presents a key challenge for
the growth of the global brain monitoring devices market.
Market Application
For neurologists and other health providers, we
aim to provide a solution for monitoring patient health and safety across a variety of locations including the hospital, specialized clinics,
and home settings. In managing patients with epilepsy, providers can improve in areas concerning patient re-admittance, patient mortality
and morbidity. Providers can also proactivity prevent the onset of negative chronic health conditions by engaging with at-risk populations
at a fraction of the cost by implementing our affordable EEG solutions.
For health providers, our offering of an EEG monitoring
solution could ease data collection efforts. By providing an accurate and consistent stream of EEG data, our products and services are
being designed to allow physicians and other health professionals to make use of newly available bio-metric data to improve diagnosis,
treatment, and management of various neurological illnesses, effectively increasing the quality and value add of medical services.
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Our portability and integration potential augment
the existing suite of remote monitoring solutions, allowing physicians to differentiate between nuanced neurological conditions happening
more accurately within and outside the hospital setting. An example includes helping neurologist's contrast nocturnal epilepsy patterns
across other sleep disorders such as parasomnia where individuals engage in abnormal movements during sleep.
Motion Products
Piezo Motion is a provider of piezo motor technology
with significant investment in research and development of affordable piezoelectric motors to meet, and exceed, the needs of today's global
markets. We are committed to the development of innovative piezoelectric technology and motion products that enhance their functionality
in a multitude of applications. We work with startups, OEMs, research institutions and industrial companies from around the world empowering
the visionaries behind their products.
Piezo Motion's piezoelectric motors are
currently divided into two main series (the
Blue Series
and the
Imperial Series
) based on design and construction methodology.
Blue Series
LCS
RBS
LAS
RAS
Imperial Series
PM-22R
LPM-50
Piezo Motion has recently completed an extensive
engineering program culminating in the development and initial launch of a unique line of small rotary and linear piezo motor products
hereinafter referred to as the Blue Series, control electronics and associated software. Piezo Motion's motor product line utilizes
engineering polymers making them suitable for equipment and for high volume OEM applications. While there are several types of piezo motors
on the market, the design and technology employed by Piezo Motion is very new and combines what we perceive to be key advantages, such
as superior precision and power density with affordability and ease-of-manufacture.
Piezo Motion's Blue Series piezo motors
are available in a variety of sizes and configurations and are divided into twelve core motor platforms which include rotary motors (Models
RBS, RAS) and linear motors (Models LCS, LBS and LAS). These core motor models differ in output specification and are further divided
into variants/versions which include versions having hollow-shaft and solid-shaft rotors, versions having integrated magnetic and/or optical
encoders and versions which are non-magnetic and suitable for use within medical MRI. For each motor product line Piezo Motion has developed
hardware control electronics together with motion control software including firmware and operating software.
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The second series of motors available is the
Imperial Series which employs a unique piezoelectric drive system, in which a ring-shaped piezo resonator with a peripheral vibration
shell is directly coupled to an array of radially positioned stainless-steel pushers. This unique rotary motor design enables a substantial
increase in the coupling efficiency between the stator and the rotor, which increases overall motor efficiency and provides superior resolution
and torque.
The Imperial Series includes powerful motors
capable of extremely faster response times, coupled with submicron-level angular steps and exceptional torque. The range includes both
bidirectional (reversible) and unidirectional PCB-mounted piezo motor models, like the Blue Series.
We believe that the piezoelectric motors of the
Blue Series are unique because they combine the key performance benefits of a piezo motor with the price point of traditional precision
direct current or DC motors. The Blue Series motor utilizes engineering polymers, making them very lightweight and suitable for equipment
and high-volume OEM applications. Unlike the classic DC motor (e.g., BLDC and stepper motors), the versatile design employed by the Blue
Series enables rotary and linear piezo motors consisting of very few parts, enabling economical manufacturing volume yielding a stable
and reliable final result. Piezo technology is inherently non-magnetic which enables motor designs for specialized applications where
traditional DC motors cannot be used. Piezo motors are also immune from electromagnetic or EM and radio frequency or RF interference and
generate no emissions which can aid original equipment manufacturer or OEM product compliance and reduce or eliminate shielding costs.
We also believe that the Piezo-electric motors
of the Imperial Series are unique because they provide the highest level of precision performance within a robust metal enclosure. Imperial
Series motors are rotary and available in both reversible and non-reversible designs. These motors offer a much higher range of torque
outputs compared to the Blue Series and provide higher precision for the most demanding positioning applications. Like the Blue Series,
the piezo technology employed is inherently non-magnetic which enables motor designs for specialized applications where traditional DC
motors cannot be used. They are also immune from EM and RF interference and generate no emissions which can aid OEM product compliance
and reduce or eliminate shielding costs.
We believe that our propriety piezo technology
may be up to 1,000 times more precise and up to 100 times faster to respond than the DC competitors. A typical rotary stepper motor might
be configured to make up to 200 – 500 steps in each rotation. By comparison, our Blue Series rotary motors provide over 600,000
steps per full rotation and our Imperial Series can achieve over 2.5 million steps per full rotation. These performance attributes provide
smoother and more precise motion. Our technology is also extremely scalable, enabling manufacture of very compact motors with our smallest
being the length and width of a thumbnail.
Piezo Motion's target markets include industries
such as:
●
Medical Technology ("MedTech") – Medical devices, whether surgical robots, infusion
MRI pumps, wearable drug dispensers, syringe pumps, or a number of other applications often require efficient, lightweight, and very precise
motion. Our motors can be made to avoid electromagnetic interference, which traditional motors cannot though it is a requirement for MRI
and some other MedTech applications. From precise brain incisions to being able to release a nanoliter of drug from a wearable dispenser,
our motors bring the precision needed for MedTech products today and into the future.
●
Pharmaceutical – Interlinked to the Medical Technology industry, the pharmaceutical industry relies
on precise testing and measurement of substances in order to provide patients and experiments with the correct dosage. Our motors'
smooth motion and high precision have applications in pharmaceutical testing, manufacture, and patient use, especially given the rising
use of wearable drug dispensing and micro dosing.
●
Aerospace (including Drones) – Aerospace provides many applications for our small motion solutions.
While our motors would not be ideal to power the blades flying a drone or aircraft, they are ideal for the small, precision movements
used to control the cameras on drones (e.g. gimbals), internal movement such as valves for larger aircraft, and many other precise control
and use-case related applications.
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●
Industrial Automation – With industry trends towards automation and miniaturization, the need for
precise movements with relation to robotic appendages, fluid control, and other fine movements will be a tailwind for our precision motion
products. Increased industrial automation also implies increased use of small sensor equipment, including optical and laser sensors, for
which our motor's compact size, efficiency, and precision are ideal.
●
Autonomous Vehicles – Similar to industrial automation, autonomous vehicles require many small sensors,
cameras, and other equipment that often requires precision motion. Our motors, which can be as small as a human thumbnail, are well-placed
for such applications.
●
Laser and Photonics – We have active customers in the laser and photonics space, where a micro-scale
linear or angular movement can create a significant change to a beam's path. From controlling the directionality of lasers themselves
to adjusting mirrors and lenses used alongside them, our motors can provide the precision and smooth motion that may be able to help this
industry move forward.
Precision Motion Market
We compete within the domestic and global precision
micro motor and piezoelectric motor industries which combined are expected to grow at a CAGR of 4.1% from 2021 to 2026 to an estimated
$34.3B by 2026. The precision motion market is defined primarily by costly, high-precision piezoelectric motors and lower-end DC precision
motors. These are the motors that guide lasers, satellites, Mars rovers, and small cameras, among other things. This market continues
to value more compact, precise, efficient motors to address the trends of miniaturization and portability. These motors are used across
many industries, including aerospace, robotics, manufacturing, drones, telecommunications, and the medical field. We believe that we are
uniquely positioned with our patented technology to sell piezo precision at a price point that can compete with precision DC motors.
Medical Technology Market
The primary focus for our piezoelectric motors
remains on the medical technology, or MedTech, market. Use cases for precision motion products in this space vary from lab equipment to
surgical robotics to drug delivery systems, to give a few examples. The MedTech industry is an optimal target because it increasingly
requires higher precision than DC motors can offer, low electromagnetic interference, and often an affordable price point to reduce system
costs. We believe that our products' unique advantages will play well into this space.
Markets and Customers
Driver: Trends toward miniaturization and portability
Creating increasingly small and mobile devices
requires not just smaller and more energy-efficient motors within those devices but also more precise machinery to manufacture said devices.
According to Machine Design, the need for miniature
motors is itself being expanded by trends towards the invent of collaborative robotic applications, robustness and extended life, safety
and analytics through encoders and other feedback devices, and autonomy through multi-axis control. Smaller drones, smaller assembly lines,
more complex smartphones and cameras, and more precise robotics all push the demand for miniaturized motors forward.
Portability has long been a trend for convenience,
but an interconnected global world, increasingly complex robotic systems, and an increasingly mobile workforce all speak to the need for
micro-sized motors to be more energy and weight efficient than before. According to an article from ISA (International Society of Automation),
increased human-robotics interactions and systems is a primary driver behind the trend of compact portability for robotics and motion
systems. These trends are likely to support market growth for our products.
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Opportunity: Increased need for small precision motion systems
To drive progress in current hardware systems
and robotics, and to keep pace with software and analytical developments, we believe increased motion precision is needed. The World Economic
Forum estimates that by 2025 humans will create 463 exabytes of data each day globally. For context, one exabyte is equal to 1 million
terabytes. This predicted influx of data creation data will likely drive more precise analytics, predictions, and recommendations –
but to drive change in the physical world we believe will require motion systems capable of such high precision.
Piezoelectric motors are generally more precise
than DC motors, so they stand to benefit from demand for greater precision. The primary historic limitation of piezoelectric motion for
precision applications has been their cost.
Challenge: The cost of piezoelectric motion systems
Piezoelectric systems can often cost 10x as much
as a precision DC motor of a comparable size. For most precision use cases outside of the highest-cost, highest-precision applications,
precision DC motors are used today. We believe that piezoelectric motion can be far more affordable while still maintaining advantages
in precision, efficiency, simplicity, and weight compared to precision DC motors.
We believe that our patented technology makes
us unique in this ability and will help us maintain pricing levels comparable to precision DC motors while offering piezoelectric motor
performance.
Market Application
Our piezoelectric motion devices have many applications.
Our primary markets are life sciences, MedTech, and lab instruments given those markets' focus on precision and need for miniaturization.
We believe devices in these fields can benefit from our technology: such potential applications include infusion MRI pumps, syringe pumps,
wearable drug dispensers, handheld drug dispensers, surgical robotics, microscopes and micro-positioning systems, and diagnostic testing
equipment.
In addition to the life sciences industry, our
motors have market applications in a wider set of industries, some of which have already started to use our motors. These secondary target
markets include the advanced manufacturing, defense, laser/photonics/optic, semiconductor, and aerospace industries.
Competitive Strengths
We believe that we are well positioned within
the markets in which we operate. Our competitive strengths include:
●
Strong Portfolio of Intellectual Property. Our diverse intellectual property portfolio includes a series
of patents for use in existing products and future potential, manufacturing know-how, and FDA approvals, ranging from hardware to firmware
applications.
●
Diverse Commercial Application Opportunities. From smart wearable devices that monitor cognitive and behavioral
health in real-time, to enhanced Brain Computer Interface or BCI capabilities within the connected home and car environments, our EEG
technologies span a range of novel applications and commercial uses, including:
Neurology
●
Global Brain Monitoring Market
●
U.S. Healthcare Market
●
Athletic Performance
●
Government Initiatives
●
Education Enhancement
●
Clinical Trials
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Piezo Motion
●
Medical Technology
●
Pharmaceutical
●
Aerospace (including Drones)
●
Industrial Automation
●
Autonomous Vehicles
●
Laser and Photonics
Scalable Integration
. We believe that we
offer the highest level of integration and flexibility while providing an optimal combination of convenience and performance. This is
achieved through the modular design and build of our products, allowing seamless integration of hardware and software components into
existing platforms. We are also engaged with strategic partners to augment the next generation of health wearables and technologies, forging
relationships with companies and individuals seeking to implement EEG solutions across a multitude of segments.
Experienced Leadership Team
. Our management
team has over 150 years of combined experience in sectors spanning across artificial intelligence, data mining, software development,
commercialization, and medical technology. Our team has a strong background in our technologies and applications and defining future potential
applications.
NeuroCap™
●
N
euroCap™ is a NeuroCap™ is FDA 510(k) cleared pre-gelled disposable EEG headset with
22 electrodes and 19 active EEG channels. The fixed electrode placement is in accordance with the international 10-20 system.
●
NeuroCap™ is compatible with any other encephalographs and amplifiers of EEG signals by the use
of a universal connector cable.
●
The pre-gelled fixed electrode locations remove the time-consuming task of placing electrodes and measuring
and marking the patient's head. This enables the use of this device by healthcare workers other than specialized neurological technicians
and can decrease discomfort experienced by the patient.
●
The NeuroCap™ is cleared for up to 4 hours of continuous use, well beyond the duration of a routine
EEG exam.
NeuroEEG™
●
NeuroEEG™ is an FDA 510(k) cleared wireless 16 channel EEG amplifier device.
●
NeuroEEG™ is compatible with our NeuroCap™ device via a cable and any computer with Bluetooth
capabilities. This allows for freedom of movement of the patient while undergoing an EEG exam.
●
The compact size of the NeuroEEG™, roughly the size of a human palm, allows for field, ambulatory,
and remote use settings more than the larger traditional EEG devices commonplace today. When paired with the NeuroCap™, it can allow
for non-specialized healthcare personnel to conduct EEG exams remotely from a neurologist or hospital.
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Motion Products
●
High Performance
: Technology that provides up to 1000 X's Better Resolution, up to 100 X's
Faster Reaction Time and up to 10X's Greater Specific Power Stall Torque/Force compared to conventional DC motors (e.g. precision
BLDC motors and Stepper motors. A typical commercial rotary stepper motor provides between 200-500 steps to complete a full rotation,
whereas our rotary motors can provide over 600,000 steps per full rotation, making them extremely precise.
●
Energy & Cost Savings
: Our piezo motors operate at low voltage (e.g. 5.0 VDC to 12 VDC) and
have increased energy efficiency. They consume zero power in the hold position while still maintaining full torque. They are typically
used in direct-drive applications where the need for a gearhead and electrical brake is eliminated altogether.
●
Unique Properties
: Our piezo motors are scalable in design (rotary and linear), can be operated
silently and provide a very smooth vibration-free rotation. Their non-magnetic design eliminates problems caused by electromagnetic interference.
●
Non
-
magnetic:
Our piezo motors are also available in completely non-magnetic (non-ferrous)
configurations making them ideal for specialized applications where traditional DC motors cannot be used (e.g. medical MRI)
●
Lightweight:
Our piezo motors are between 50-75% less weight than comparable DC motors (e.g. BLDC
& Stepper motors)
●
Low Cost
: Modern engineered thermoplastic design enables our piezo motors to be manufactured at
low cost and priced extremely competitively compared to other brands and technologies. The simplified electronic driver design lowers
ownership cost further.
Corporate History
We were initially organized on November 18, 2013
as a Nevada limited liability company under the name Global Energy Express LLC . On December 18, 2015, we converted from a Nevada limited
liability company to a Nevada corporation under the name All Soft Gels Inc. On September 18, 2018, we changed our name from All Soft Gels
Inc. to Brain Scientific Inc. and changed our ticker symbol on the OTC Pink market to "BRSF".
On September 21, 2018, we entered into a merger
agreement (the "Merger Agreement") with Memory MD, Inc. and AFGG Acquisition Corp. to acquire Memory MD, Inc. (the "Acquisition").
The transactions contemplated by the Merger Agreement were consummated on September 21, 2018 and, pursuant to the terms of the Merger
Agreement, all outstanding shares of Memory MD were exchanged for shares of our Common Stock. Accordingly, we acquired 100% of Memory
MD, Inc. in exchange for the issuance of shares of our Common Stock and Memory MD, Inc. became our wholly owned subsidiary. In conjunction
with the Acquisition, we ceased all direct operations and assigned all of our assets and liabilities from prior to the Acquisition and
assumed and commenced the business of Memory MD as our sole business.
On June 11, 2021, we entered into a merger agreement
(the "Piezo Merger Agreement") with Piezo Motion Corp. and BRSF Acquisition Corp. to acquire Piezo. (the "Piezo Acquisition").
The transactions contemplated by the Piezo Merger Agreement were consummated on October 1, 2021. Pursuant to the terms of the Piezo Merger
Agreement, all outstanding shares of Piezo were exchanged for shares of our Common Stock. Accordingly, we acquired 100% of Piezo in exchange
for the issuance of shares of our Common Stock and Piezo became our wholly owned subsidiary.
Intellectual Property
Protection of our intellectual property is a strategic
priority for our business. We rely on a combination of patents, trademarks, copyrights, trade secrets as well as nondisclosure and assignment
of invention agreements, confidentiality agreements and other measures to protect our intellectual property and other proprietary rights.
Patents and trademarks are significant to our
business to the extent that a product or an attribute of a product represents a unique design or process. Patent protection restricts
competitors from duplicating unique designs and features. To protect our proprietary secrets and competitive technologies, we have obtained
and are seeking to further obtain patents, trade secrets, trademarks, and other intellectual property protection on our products whenever
appropriate.
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As of the date of this prospectus, we have obtained
a total of eleven (11) U.S. nonprovisional patents and thirteen (13) foreign patents including European, Japanese, and Chinese patents
related to our NeuroCap™ and piezoelectric technologies. These patents are to protect our existing products for both neurology and
piezoelectric motors. For our piezoelectric motors, we currently exploit four of our relevant US patents. The remainder may be used for
future development.
We have one European patent application pending
titled "Liner Piezoelectric Actuator on Rail System" (Application No. 18761639). We have also applied for one provisional
U.S. patent application titled "Integrated Brain Machine Interface Platform with Graphene Based Electrodes" (Application No.:
63/070,749) in the name of Memory MD, Inc., and one PCT patent application on the title.
We also own four registered trademarks (Neuro
EEG, NeuroCap, NeuroHub, Brain Scientific).
In May 2018, we entered into a Patent Assignment
and License Back Agreement with Boris Goldstein, our then Chairman, Secretary and Executive Vice President, Dmitriy Prilutskiy, Stanislav
Zabodaev and Medical Computer Systems Ltd. Pursuant to the agreement, among other things, Messrs. Goldstein, Prilutskiy and Zabodaev assigned
all of their rights to a patent entitled "Apparatus And Method For Conducting Electroencephalography" (Application No.: 15/898,611),
to us, and in return, we granted to Medical Computer Systems Ltd., an unaffiliated entity which also provides manufacturing services to
us, a limited, royalty-free, fully paid-up, worldwide, nonexclusive license (without the right to sublicense or assign), to the patent,
to practice, make and use the inventions, ideas and information embodied therein, and to make, use, offer to sell, sell, lease or import
products, services, processes, methods and materials embodying or deriving from the inventions, ideas and information from the patent
and any activities derived directly therefrom; provided, however, that if and upon FDA approval of a product, Medical Computer Systems'
aforementioned rights shall be limited to manufacturing and selling NeuroCap™ products solely to us or on our behalf provided that
we purchase from Medical Computer Systems (and Medical Computer Systems makes available for sale) a minimum of 20,000 units of NeuroCap™
products per calendar year on reasonable terms and conditions to be determined by the parties in good faith; and provided further, however,
that Medical Computer Systems can without any limitation sell NeuroCap™ products embodying or deriving from the inventions, ideas
and information from the patent in (i) the territories that made up the former USSR (excluding the Baltic countries) and (ii) Japan. In
furtherance of the foregoing first proviso, in the event we fail to purchase the annual minimum order for a particular calendar year,
Medical Computer Systems' limitation to manufacture and sell NeuroCap™ products only to us pursuant to this proviso will be
suspended for the next calendar year.
In September of 2015 we entered into a License
Agreement with Parker Hannifin Corporation in which we granted a worldwide license under our patents for certain pneumatic, gas and fluid
control devices for sale into the pneumatic industrial factory automation market, medical equipment gas/liquid control market and instrumentation
gas/liquid control market. Under the License Agreement we received an initial fee of two million dollars ($2,000,000.00) which was paid
in two annual installments in 2015 and 2016. To-date we have not received any additional royalties from Parker Hannifin -under the License
Agreement.
Competition
All of our products face a mixture of competitors
ranging from large manufacturers with multiple business lines to small manufacturers offering a limited selection of products and services.
Many of the competitors whom we directly compete
with include companies who develop or intend to develop products which have capabilities similar to ours in both the neurology and motion
products markets. Similar competitive pressures on efficiency, quality and simplicity are shared by both of our product lines.
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The MedTech industry is moving rapidly with wearable
technology, robotic surgery, and telemedicine. In the current environment of managed care, economically motivated customers, consolidation
among health care providers, increased competition, and declining reimbursement rates, we anticipate an increasing need to compete on
the basis of price and quality. In order to continue to compete effectively, we must continue to create or acquire advanced technology,
incorporate this technology into our current and future proprietary products, obtain regulatory approvals in a timely manner, maintain
high-quality manufacturing processes, and successfully market these products. Some of these initiatives include, but are not limited to,
creating integrated cloud solutions that connect specialists with generalists for simple data transfer and analysis, streamlining clinical
diagnoses with new medical devices, and opening revenue streams from secondary healthcare markets, such as primary care medical professionals
who utilize EEG analyses in their practices.
The major U.S. medical device companies who we
deem as competitors include Baxter International Inc., Beckman Coulter Inc., Becton Dickinson and Company, Boston Scientific Corporation,
General Electric Company's GE Healthcare, Johnson & Johnson, St. Jude Medical, Inc., Stryker Corporation, and Medtronic plc.
Many of the companies which we presently compete against or may compete against in the future have or will have significantly greater
financial resources and expertise in research and development, manufacturing, preclinical testing, conducting clinical trials, obtaining
regulatory approvals, and marketing approved products than we do or will. Mergers and acquisitions in the pharmaceutical, biotechnology
and diagnostic industries may result in even more resources being concentrated among a smaller number of our competitors. Smaller or early-stage
companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies.
These competitors also compete with us in recruiting and retaining qualified scientific and management personnel and establishing clinical
trial sites and subject registration for clinical trials, as well as in acquiring technologies complementary to, or necessary for, our
development.
Our motion products and services compete against
a range of competitors spanning large, established manufacturers with many product lines to startups with only a few employees doing custom
projects. Most of the competitors we directly compete with sell either piezoelectric motors at a higher price point than us or precision
DC motors at a similar price point but with lower precision and efficiency. Our indirect competitors sell other types of small, precise
motors or motion systems that may be able to fulfill some of the same use cases outside of the target focus of our products. Meanwhile
our Micro Dosing Pump competes for sale to labs and researchers against microinjectors and micropumps since our product fulfills the use
cases of both current product categories.
The trends of miniaturization and portability
are putting pressure on manufacturers of motion systems to design smaller, more efficient, and more precise motors. In addition, the manufacturing
systems and robotics used to serve these trends also need increasingly precise motors. These trends play well into the advantages of piezoelectric
motors, which have traditionally come at a cost point prohibitive to many use cases outside of advanced aerospace, optics, and defense
industries. When piezoelectric motors are too expensive, precision DC motors, with poorer efficiency and precision, are the general solution.
Now we have invented piezoelectric motion systems that are significantly more affordable than traditional piezoelectric systems while
maintaining the unique advantages of piezoelectric technology. There are a couple of other small manufacturers attempting more affordable
piezoelectric motors as well but most focus on the high-end, ultra-precise applications piezoelectric motors are traditionally known for.
Sales and Marketing
We have commenced the commercial roll-out of the
neurology products in 2018 and the Blue Series in 2020. For our neurology products we are initial targeting the U.S. market. For our motion
products, we intend to market on a global basis with business representatives in the U.S., Europe, and Asia.
Our marketing organization operates as a shared
service across both product lines. Marketing focuses on digital platforms, support of marketing partners and participation in trade shows.
We are identifying additional long-term partners to accelerate market penetration, product diversification, and ultimate survivability
across targeted verticals. Through new implementations of our products and services, we expect to retain and capture additional market
share through continuous enhancements. Our neurology products are sold initially through distribution partners or directly to hospitals
and neurology clinics. Our motion products sales strategy focuses on OEM product manufactures where size, precision and scale are key
characteristics of their product needs. We provide resources online that allow OEM's to learn and incorporate our motor into their
product designs. We offer evaluation kits direct from our website and through our partner network.
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We plan to utilize partner relationships and co-marketing
opportunities as the initial driver of our marketing efforts, thereby benefiting from increased speed-to-market, as well as the ability
to leverage a pre-existing audience/customer base and communications channels. We expect to offer to early adopters our products and services
at preferential rates in exchange for expediting development, distribution, and sales of such products and services.
Our linear and rotary motion products are commercially
available directly from Piezo or from one of our worldwide distribution partners. We market our solution through an integrated digital
marketing program and in-person trade shows and conferences. Our partners market our products directly to their customers in their local
markets.
Since 2019, we have acted as a distributor of
third-party medical devices in Russia. With the uncertainty raised due to the continue Russian invasion of Ukraine, we do not anticipate
having sales restart in Russia in the foreseeable future. No decision has been made as to winding down operations.
Manufacturing, Supply and Quality Assurance
Our manufacturing is a combination of outsourced
and in-house for our two product lines.
We currently outsource the supply and manufacture
of all components of our neurology products. For our neurology products, we plan to continue with an outsourced manufacturing arrangement
for the foreseeable future. We expect that our third-party manufacturers will be competent to manufacture our products and have quality
systems established that meet FDA requirements. We believe that the manufacturer which we currently utilize or those manufacturers that
we may utilize in the future have or will have sufficient capacity to meet our launch requirements when and if our technology under development
is approved and are or will be able to scale up their capacity relatively quickly with minimal capital investment. We have also identified
capable second source manufacturers and suppliers in the event of disruption from any of our primary vendors.
Our piezoelectric motors are currently fully assembled
and tested in-house. The material components used in the assembly process include plastics, piezoceramics and metals. The main housing
for our motors is produced from engineered thermoplastic. We currently use two plastics companies to produce these injection molded parts.
One of these companies is located locally in Florida, the other company is located overseas. Our assembly area consists of a localized
storeroom, a site for fabrication, subassembly manufacturing, final assembly, and test/quality verification. We continue to look to enhance
our processes by focusing on automation and lean initiatives.
Our piezoelectric motor materials from suppliers
are routinely inspected for quality and conformance against documented specifications. We are in the process of securing certification
for ISO 9001 quality management systems. Our piezoceramics are currently sourced from two suppliers, one is located in the US, the other
is overseas. The vast majority of all other components, including electronic components used in the assembly of our motors and associated
electronics, are available off-the-shelf from various suppliers sourced within the U.S.
We believe that the suppliers we currently utilize
or that we may utilize in the future have or will have sufficient capacity to meet our launch requirements and are or will be able to
scale up their capacity relatively quickly as demand for our product grows. We believe that with increased future demand, our per unit
costs will decrease materially. Our suppliers meet the quality management systems for ISO 13485 or 9001 as required by the product. As
a medical device developer, the facilities of our sterilization and other critical suppliers are subject to periodic inspection by the
FDA and corresponding state and foreign agencies. We plan to audit our suppliers periodically to ensure conformity with the specifications,
policies, and procedures for our devices. We have also identified capable second source suppliers in the event of disruption from any
of our primary vendors.
Research and Developments
Our research and development programs are performed
in the U. S., Ukraine and internationally. Our research and development is generally pursued by engineers and scientists employed by us
on a full-time basis or hired as per diem consultants or through partnerships with industry leaders in manufacturing, design, research,
and academia. We are also working with subcontractors in developing specific components of our technologies. Since the Russian invasion
of Ukraine on February 24, 2022, our personnel in Ukraine have periodically been able to work from the office. They are currently working
in the office and remotely; however, may not be able to return consistently to an office location during the foreseeable future
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The primary objective of our research and development
program is to advance the development of our existing and future products and technologies. This work includes studies focused on topics
such as:
●
Solid-state physics of piezoelectric materials;
●
Materials Research;
●
Electromechanical properties of piezoceramic materials;
●
Resonance and frequency response profiling of piezoceramic materials;
●
Piezoelectric motor and actuators concept and prototyping;
●
Thermodynamic relationships;
●
Impedance analyzer characterization of piezoelectric properties;
●
Development of electronic hardware for piezo resonator excitation;
●
Development of firmware and software algorithms for piezo motor control; and
●
Intellectual property development.
Government Regulation
Our operations are subject to comprehensive federal,
state, and local laws and regulations in the jurisdictions in which we or our manufacturing and research and development partners do business.
The laws and regulations governing our business and interpretations of those laws and regulations are subject to frequent change. Our
ability to operate profitably will depend in part upon our ability, and that of our manufacturing and research and development partners
and affiliates, to operate in compliance with applicable laws and regulations. The laws and regulations relating to medical products that
apply to our business and that of our partners and affiliates continue to evolve, and we must, therefore, devote significant resources
to monitoring developments in legislation, enforcement, and regulation in such areas. As the applicable laws and regulations change, we
are likely to make conforming modifications in our business processes from time to time. We cannot provide assurance that a review of
our business by courts or regulatory authorities will not result in determinations that could adversely affect our operations or that
the regulatory environment will not change in a way that restricts our operations.
U.S. Healthcare Regulation
Our NeuroEEG™ and NeuroCap™ are each
a medical device subject to extensive and ongoing regulation by the FDA, the U.S. Centers for Medicare& Medicaid Services, or CMS,
the European Commission, and regulatory bodies in other countries. Regulations cover virtually every critical aspect of a medical device
company's business operations, including research activities, product development, quality and risk management, contracting, reimbursement,
medical communications, and sales and marketing. In the U.S., the Federal Food, Drug and Cosmetic Act, or FDCA, and the implementing regulations
of the FDA govern product design and development, pre-clinical and clinical testing, premarket clearance or approval, product manufacturing,
quality systems, import and export, product labeling, product storage, recalls and field safety corrective actions, advertising and promotion,
product sales and distribution, and post-market clinical surveillance. Our business is subject to federal, state, local, and foreign regulations,
such as ISO 13485, ISO 14971, FDA's Quality System Regulation, or QSR, contained in 21 CFR Part 820, and the European Commission's
Directive 93/42/EEC concerning medical devices and its amendments.
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The FDA characterizes medical devices into one
of three classes. Devices that are considered by the FDA to pose lower risk are classified as Class I or II. Class I devices and are subject
to controls for labeling, pre-market notification and adherence to the FDA's QSR. This pertains to manufacturers' methods
and documentation of the design, testing, production, control quality assurance, labeling, packaging, sterilization, storage, and shipping
of products, but are usually exempt from premarket notification requirements. Class II devices are subject to the same general controls
but may be subject to special controls such as performance standards, post-market surveillance, FDA guidelines, or particularized labeling,
and may also require clinical testing prior to clearance or approval. Class III devices are those for which insufficient information exists
to assure safety and effectiveness solely through general or special controls, including devices that support or sustain human life, are
of substantial importance in preventing impairment of human health, or which present a potential, unreasonable risk of illness or injury.
Some Class I and Class II devices are exempted
by regulation from the pre-market notification requirement under Section 510(k) of the FDCA, also referred to as a 510(k) clearance, and
the requirement of compliance with substantially all of the QSR. However, a pre-market approval, or PMA application, is required for devices
deemed by the FDA to pose the greatest risk, such as life-sustaining, life-supporting or certain implantable devices, or those that are
"not substantially equivalent" either to a device previously cleared through the 510(k) process or to a "preamendment"
Class III device in commercial distribution before May 28, 1976 when PMA applications were not required. The PMA approval process is more
comprehensive than the 510(k) clearance process and typically takes several years to complete. While the 510(k) process is typically shorter
than a PMA process, both the 510(k) clearance and PMA processes can be expensive and lengthy.
Our current devices NeuroCap™ and NeuroEEG™
devices are classified as Class II medical devices by the U.S.FDA.
FDA review of a PMA application generally takes
between one and three years but may take significantly longer. The FDA can delay, limit or deny approval of a PMA application for many
reasons, including:
●
the device may not be safe, effective, reliable or accurate to the FDA's satisfaction;
●
the data from pre-clinical studies and clinical trials may be insufficient to support approval;
●
the manufacturing process or facilities may not meet applicable requirements; and
●
changes in FDA approval policies or adoption of new regulations may require additional data.
If an FDA evaluation of a PMA application is favorable,
the FDA will either issue an approval letter, or approvable letter, which usually contains a number of conditions that must be met in
order to secure final approval of the PMA. When and if those conditions have been fulfilled to the satisfaction of the FDA, the agency
will issue a PMA approval letter authorizing commercial marketing of a device, subject to the conditions of approval and the limitations
established in the approval letter. If the FDA's evaluation of a PMA application or manufacturing facilities is not favorable, the
FDA will deny approval of the PMA or issue a not approvable letter. The FDA also may determine that additional tests or clinical trials
are necessary, in which case the PMA approval may be delayed for several months or years while the trials are conducted, and data is submitted
in an amendment to the PMA. The PMA process can be expensive, uncertain and lengthy and a number of devices for which FDA approval has
been sought by other companies have never been approved by the FDA for marketing.
New PMA applications or PMA supplements may be
required for modifications to the manufacturing process, labeling, device specifications, materials or design of a device that has been
approved through the PMA process. PMA supplements often require submission of the same type of information as an initial PMA application,
except that the supplement is limited to information needed to support any changes from the device covered by the approved PMA application
and may or may not require as extensive technical or clinical data or the convening of an advisory panel.
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Clinical trials are typically required to support
a PMA application and are sometimes required for a 510(k) clearance. These trials generally require submission of an application for an
Investigational Device Exemption (IDE), to the FDA. An IDE allows the investigational device to be used in a clinical study in order to
collect safety and effectiveness data. The IDE application must be supported by appropriate data, such as animal and laboratory testing
results, showing that it is safe to test the device in humans and that the testing protocol is scientifically sound. The IDE application
must be approved in advance by the FDA for a specified number of patients, unless the product is deemed a non-significant risk device
and eligible for abbreviated IDE requirements. Generally, clinical trials for a significant risk device may begin once the IDE application
is approved by the FDA and the study protocol and informed consent are approved by appropriate institutional review boards at the clinical
trial sites. The FDA's approval of an IDE allows clinical testing to go forward, but it does not bind the FDA to accept the results
of the trial as sufficient to prove the product's safety and efficacy, even if the trial meets its intended success criteria. All
clinical trials must be conducted in accordance with the FDA's IDE regulations that govern investigational device labeling, prohibit
promotion, and specify an array of recordkeeping, reporting and monitoring responsibilities of study sponsors and study investigators.
Clinical trials must further comply with the FDA's regulations for institutional review board approval and for informed consent
and other human subject protections. Required records and reports are subject to inspection by the FDA. The results of clinical testing
may be unfavorable or, even if the intended safety and efficacy success criteria are achieved, may not be considered sufficient for the
FDA to grant approval or clearance of a product. Clinical trials must be entered into the clinical trials registry at clintrials.gov.
The commencement or completion of any clinical
trial may be delayed or halted, or be inadequate to support approval of a PMA application, for numerous reasons, including, but not limited
to, the following:
●
the FDA or other regulatory authorities do not approve a clinical trial protocol or a clinical trial,
or place a clinical trial on hold;
●
patients do not enroll in clinical trials at the rate expected;
●
patients, sponsors, or study sites do not comply with trial protocols;
●
patient follow-up is not at the rate expected;
●
patients experience adverse side effects;
●
patients die during a clinical trial, even though their death may not be related to the products that
are part of our trial;
●
institutional review boards and third-party clinical investigators may delay or reject the trial protocol;
●
third-party clinical investigators decline to participate in a trial or do not perform a trial on the
anticipated schedule or consistent with the clinical trial protocol, good clinical practices, or other FDA requirements;
●
the sponsor or third-party organizations do not perform data collection, monitoring and analysis in a
timely or accurate manner or consistent with the clinical trial protocol or investigational or statistical plans;
●
third-party clinical investigators have significant financial interests related to the sponsor or the
study that the FDA deems to make the study results unreliable, or the company or investigators fail to disclose such interests;
●
regulatory inspections of our clinical trials or manufacturing facilities, which may, among other things,
require us to undertake corrective action or suspend or terminate our clinical trials;
●
changes in governmental regulations or administrative actions;
●
the interim or final results of the clinical trial are inconclusive or unfavorable as to safety or efficacy;
and
●
the FDA concludes that our trial design is inadequate to demonstrate safety and efficacy.
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Health Insurance Portability and Accountability
Act of 1996 and Similar Foreign and State Laws and Regulations Affecting the Transmission, Security and Privacy of Health Information
We may also be subject to data privacy and security
regulation by both the federal government and the states in which we conduct our business. The Health Insurance Portability and Accountability
Act of 1996 or HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act, or HITECH, and their respective
implementing regulations, imposes specified requirements relating to the privacy, security and transmission of individually identifiable
health information. Among other things, HITECH makes HIPAA's security standards directly applicable to business associates, defined
as service providers of covered entities that create, receive, maintain or transmit protected health information in connection with providing
a service for or on behalf of a covered entity. HITECH also created four new tiers of civil monetary penalties and gave state attorneys
general new authority to file civil actions for damages or injunctions in federal courts to enforce the federal HIPAA laws and seek attorneys'
fees and costs associated with pursuing federal civil actions. In addition, many state laws govern the privacy and security of health
information in certain circumstances, many of which differ from HIPAA and each other in significant ways and may not have the same effect.
Foreign data privacy regulations, such as the
EU Data Protection Directive (Directive 95/46/EC), the country-specific regulations that implement Directive 95/46/EC, and the EU General
Data Protection Regulation (GDPR) also govern the processing of personally identifiable data and may be stricter than U.S. laws.
Post-Marketing Restrictions and Enforcement
After a device is placed on the market, numerous
regulatory requirements apply. These include, but are not limited to:
●
submitting and updating establishment registration and device listings with the FDA;
●
compliance with the QSR, which requires manufacturers to follow stringent design, testing, control, documentation, record maintenance,
including maintenance of complaint and related investigation files, and other quality assurance controls during the manufacturing process;
●
unannounced routine or for-cause device facility inspections by the FDA, which may include our suppliers' and manufacturer's
facilities;
●
labeling regulations, which prohibit the promotion of products for uncleared or unapproved (or "off-label") uses and impose
other restrictions relating to promotional activities;
●
corrections and removal reporting regulations, which require that manufacturers report to the FDA field corrections or removals if
undertaken to reduce a risk to health posed by a device or to remedy a violation of the FDCA that may present a risk to health; and
●
post-market surveillance regulations, which apply to certain Class II or III devices when necessary to protect the public health or
to provide additional safety and effectiveness data for the device.
In addition, under the FDA medical device reporting,
or MDR, regulations, medical device manufacturers are required to report to the FDA information that a device has or may have caused or
contributed to a death or serious injury or has malfunctioned in a way that would likely cause or contribute to death or serious injury
if the malfunction of the device or a similar device of such manufacturer were to recur. The decision to file an MDR involves a judgment
by the manufacturer. If the FDA disagrees with the manufacturer's determination, the FDA can take enforcement action.
The MDR requirements also extend to health care
facilities that use medical devices in providing care to patients, or "device user facilities," which include hospitals, ambulatory
surgical facilities, nursing homes, outpatient diagnostic facilities, or outpatient treatment facilities, but not physician offices. A
device user facility must report any device-related death to both the FDA and the device manufacturer, or any device-related serious injury
to the manufacturer (or, if the manufacturer is unknown, to the FDA) within 10 days of the event. Device user facilities are not required
to report device malfunctions that would likely cause or contribute to death or serious injury if the malfunction were to recur but may
voluntarily report such malfunctions through MedWatch, the FDA's Safety Information and Adverse Event Reporting Program.
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The FDA also has the authority to require the
recall of commercialized medical device products in the event of material deficiencies or defects in design or manufacture. The authority
to require a recall must be based on an FDA finding that there is a reasonable probability that the device would cause serious adverse
health consequences or death. Manufacturers may, under their own initiative, recall a product if any distributed devices fail to meet
established specifications, are otherwise misbranded or adulterated under the FDCA, or if any other material deficiency is found. The
FDA requires that certain classifications of recalls be reported to the FDA within ten working days after the recall is initiated.
The failure to comply with applicable regulatory
requirements can result in enforcement action by the FDA, which may include any of the following sanctions:
●
warning letters, fines, injunctions or civil penalties;
●
recalls, detentions or seizures of products;
●
operating restrictions;
●
delays in the introduction of products into the market;
●
total or partial suspension of production;
●
delay or refusal of the FDA or other regulators to grant 510(k) clearance, PMA approvals, or other marketing authorization to new
products;
●
withdrawals of marketing authorizations; or
●
in the most serious cases, criminal prosecution.
To ensure compliance with regulatory requirements,
medical device manufacturers are subject to market surveillance and periodic, pre-scheduled and unannounced inspections by the FDA, and
these inspections may include the manufacturing facilities of subcontractors.
Federal Trade Commission Regulatory Oversight
Our advertising for our products and services
is subject to federal truth-in-advertising laws enforced by the Federal Trade Commission, or the FTC, as well as comparable state consumer
protection laws. Under the Federal Trade Commission Act, or FTC Act, the FTC is empowered, among other things, to (a) prevent unfair methods
of competition and unfair or deceptive acts or practices in or affecting commerce; (b) seek monetary redress and other relief for conduct
injurious to consumers; and (c) gather and compile information and conduct investigations relating to the organization, business, practices,
and management of entities engaged in commerce. The FTC has very broad enforcement authority, and failure to abide by the substantive
requirements of the FTC Act and other consumer protection laws can result in administrative or judicial penalties, including civil penalties,
injunctions affecting the manner in which we would be able to market services or products in the future, or criminal prosecution.
International Healthcare Regulation
International sales of medical devices are subject
to local government regulations, which may vary substantially from country to country. The time required to obtain approval in another
country may be longer or shorter than that required for FDA approval, and the requirements may differ. There is a trend towards harmonization
of quality system standards among the European Union, U.S., Canada and various other industrialized countries.
The primary regulatory
body in Europe is that of the European Union, the European Commission, which includes most of the major countries in Europe. Other
countries, such as Switzerland, have voluntarily adopted laws and regulations that mirror those of the European Union with respect
to medical devices. The European Union has adopted numerous directives and standards regulating the design, manufacture, clinical
trials, labeling and adverse event reporting for medical devices. Devices that comply with the requirements of these relevant
directives will be entitled to bear the Conformité Européenne (CE) conformity marking (as the logo
), indicating that the device conforms to the essential requirements of the applicable directives and, accordingly, can be
commercially distributed anywhere in the European Union and European Economic Area (EEA).
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The method of assessing conformity varies depending
on the class of the product, but normally involves a combination of self-assessment by the manufacturer and a third-party assessment by
a "Notified Body." This third-party assessment may consist of an audit of the manufacturer's quality system and specific
testing of the manufacturer's product. An assessment by a Notified Body of one country within the European Union is required in
order for a manufacturer to commercially distribute the product throughout the European Union. Additional local requirements may apply
on a country-by-country basis. Outside of the European Union, regulatory approval would need to be sought on a country-by-country basis
in order for us to market our Products.
Medical devices in Europe are classified into
four primary categories. They are as follows:
●
Non-invasive devices;
●
Invasive medical devices;
●
Active medical devices; and
●
Special Rules (including contraceptive, disinfectant, and radiological diagnostic medical devices)
Devices are further segmented into the classes
noted below. In Vitro Diagnostic devices (IVDs) have their own classification scheme and while active implantable devices do not follow
the same classification system as provided by the Medical Device Directive (MDD), they are subject to similar requirements as Class III
devices:
●
Class I – Provided non-sterile or do not have a measuring function (low risk)
●
Class I – Provided sterile and/or have a measuring function (low/medium risk)
●
Class IIa (medium risk)
●
Class IIb (medium/high risk)
●
Class III (high risk)
We have wholly-owned subsidiaries
in Russia and in Europe (Poland) for current product distribution. With the uncertainty raised due to the continued Russian invasion of
Ukraine, we do not anticipate having sales in Russia in the foreseeable future. No decision has been made as to winding down operations.
Memory MD Europe has not started operations.
Other Regulatory Requirements
Even after a device receives
clearance or approval and is placed in commercial distribution, numerous regulatory requirements apply. These include:
●
establishment registration and device listing;
●
QSR, which requires manufacturers, including third party manufacturers, to follow stringent design, testing, risk management, production, control, supplier/contractor selection, complaint handling, documentation, and other quality assurance procedures during all aspects of the manufacturing process;
●
labeling regulations that prohibit the promotion of products for uncleared, unapproved or "off-label" uses, and impose other restrictions on labeling, advertising, and promotion;
73
●
Medical Device Reporting regulations, which require that manufacturers report to the FDA if their device may have caused or contributed to a death or serious injury or malfunctioned in a way that would likely cause or contribute to a death or serious injury if the malfunction were to recur;
●
voluntary and mandatory device recalls to address problems when a device is defective and could be a risk to health; and
●
corrections and removals reporting regulations, which require that manufacturers report to the FDA field corrections and product recalls or removals if undertaken to reduce a risk to health posed by the device or to remedy a violation of the FDCA that may present a risk to health.
Also, the FDA may require us to conduct post-market
surveillance studies or establish and maintain a system for tracking our Products through the chain of distribution to the patient level.
The FDA enforces regulatory requirements by conducting periodic, unannounced inspections and market surveillance. Inspections may include
the manufacturing facilities of our subcontractors.
Failure to comply with applicable regulatory requirements
can result in enforcement actions by the FDA and other regulatory agencies. These may include any of the following sanctions or consequences:
●
warning letters or untitled letters that require corrective action;
●
fines and civil penalties;
●
unanticipated expenditures;
●
delays in approving or refusal to approve future products;
●
FDA refusal to issue certificates to foreign governments needed to export products for sale in other countries;
●
suspension or withdrawal of FDA clearance or approval;
●
product recall or seizure;
●
interruption of production;
●
operating restrictions;
●
injunctions; and
●
criminal prosecution.
Our contract manufacturers, specification developers
and some suppliers of components or device accessories, also are required to manufacture our Neurology Products in compliance with current
good manufacturing practice requirements set forth in the QSR. The QSR requires a quality system for the design, manufacture, packaging,
labeling, storage, installation and servicing of marketed devices, and it includes extensive requirements with respect to quality management
and organization, device design, buildings, equipment, purchase and handling of components or services, production and process controls,
packaging and labeling controls, device evaluation, distribution, installation, complaint handling, servicing, and record keeping. The
FDA evaluates compliance with the QSR through periodic unannounced inspections that may include the manufacturing facilities of our subcontractors.
If the FDA believes that any of our contract manufacturers or regulated suppliers are not in compliance with these requirements, it can
shut down such manufacturing operations, require recall of our products, refuse to approve new marketing applications, institute legal
proceedings to detain or seize products, enjoin future violations or assess civil and criminal penalties against us or our officers or
other employees.
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Fraud and Abuse Laws
In addition to FDA restrictions, there are numerous
U.S. federal and state laws pertaining to healthcare fraud and abuse, including anti-kickback laws and physician self-referral laws. Our
relationships with healthcare providers and other third parties are subject to scrutiny under these laws. Violations of these laws are
punishable by criminal and civil sanctions, including, in some instances, imprisonment and exclusion from participation in federal and
state healthcare programs, including the Medicare, Medicaid and Veterans Administration health programs.
Federal Anti-Kickback and Self-Referral Laws
The federal Anti-Kickback Statute prohibits persons
from knowingly and willfully soliciting, receiving, offering or providing remuneration (including any kickback, bribe or rebate), directly
or indirectly, overtly or covertly, to induce either the referral of an individual, or the furnishing, recommending, or arranging of a
good or service, for which payment may be made under a federal healthcare program such as Medicare and Medicaid or other federal healthcare
programs. The term "remuneration" has been broadly interpreted to include anything of value, including such items as gifts,
discounts, the furnishing of supplies or equipment, credit arrangements, waiver of payments and providing anything at less than its fair
market value. Although there are a number of statutory exceptions and regulatory safe harbors protecting some common activities from prosecution,
the exceptions and safe harbors are drawn narrowly. Practices that involve remuneration that may be alleged to be intended to induce prescribing,
purchases or recommendations may be subject to scrutiny if they do not qualify for an exception or safe harbor. Failure to meet all of
the requirements of a particular applicable statutory exception or regulatory safe harbor does not make the conduct per se illegal under
the Anti-Kickback Statute. Instead, the legality of the arrangement will be evaluated on a case-by-case basis based on a review of all
its relevant facts and circumstances. Several courts have interpreted the statute's intent requirement to mean that if any one purpose
of an arrangement involving remuneration is to induce referrals of (or purchases, or recommendations related to) federal healthcare covered
business, the Anti-Kickback Statute has been implicated and potentially violated.
The penalties for violating the federal Anti-Kickback
Statute include imprisonment for up to five years, fines of up to $25,000 per violation and possible exclusion from federal healthcare
programs such as Medicare and Medicaid. Many states have adopted prohibitions similar to the federal Anti-Kickback Statute, some of which
do not have the same exceptions and apply to the referral of patients for healthcare services reimbursed by any source, not only by the
Medicare and Medicaid programs. Further, the Anti-Kickback Statute was amended by the Patient Protection and Affordable Care Act, or PPACA.
Specifically, as noted above, under the Anti-Kickback Statute, the government must prove the defendant acted "knowingly" to
prove a violation occurred. The PPACA added a provision to clarify that with respect to violations of the Anti-Kickback Statute, "a
person need not have actual knowledge" of the statute or specific intent to commit a violation of the statute. This change effectively
overturns case law interpretations that set a higher standard under which prosecutors had to prove the specific intent to violate the
law. In addition, the PPACA codified case law that a claim including items or services resulting from a violation of the federal Anti-Kickback
Statute constitutes a false or fraudulent claim for purposes of the federal civil False Claims Act.
We plan to provide the initial training to providers
and patients necessary for appropriate use of our technology either through our own educators or by contracting with outside educators
that have completed an appropriate training course. Outside educators are reimbursed for their services at fair market value.
Noncompliance with the federal anti-kickback legislation
could result in our exclusion from Medicare, Medicaid or other governmental programs, restrictions on our ability to operate in certain
jurisdictions, and civil and criminal penalties.
Federal law also includes a provision commonly
known as the "Stark Law," which prohibits a physician from referring Medicare or Medicaid patients to an entity providing
"designated health services," including a company that furnishes durable medical equipment, in which the physician has an
ownership or investment interest or with which the physician has entered into a compensation arrangement. Violation of the Stark Law could
result in denial of payment, disgorgement of reimbursements received under a noncompliant arrangement, civil penalties, and exclusion
from Medicare, Medicaid or other governmental programs. We believe that we have structured our provider arrangements to comply with current
Stark Law requirements.
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Nevertheless, a determination of liability under
such laws could result in fines and penalties and restrictions on our ability to operate in these jurisdictions.
Additionally, as some of these laws are still
evolving, we lack definitive guidance as to the application of certain key aspects of these laws as they relate to our arrangements with
providers with respect to patient training. We cannot predict the final form that these regulations will take or the effect that the final
regulations will have on us. As a result, our provider and training arrangements may ultimately be found to be not in compliance with
applicable federal law.
Federal False Claims Act
The Federal False Claims Act provides, in part,
that the federal government may bring a lawsuit against any person whom it believes has knowingly presented, or caused to be presented,
a false or fraudulent request for payment from the federal government, or who has made a false statement or used a false record to get
a claim approved. In addition, amendments in 1986 to the Federal False Claims Act have made it easier for private parties to bring "qui
tam" whistleblower lawsuits against companies under the Federal False Claims Act. Penalties include fines ranging from $5,500 to
$11,000 for each false claim, plus three times the amount of damages that the federal government sustained because of the act of that
person. Qui tam actions have increased significantly in recent years, causing greater numbers of healthcare companies to have to defend
a false claim action, pay fines or be excluded from Medicare, Medicaid or other federal or state healthcare programs as a result of an
investigation arising out of such action.
There are other federal anti-fraud laws that that
prohibit, among other actions, knowingly and willfully executing, or attempting to execute, a scheme to defraud any healthcare benefit
program, including private third-party payors, knowingly and willfully embezzling or stealing from a healthcare benefit program, willfully
obstructing a criminal investigation of a healthcare offense, and knowingly and willfully falsifying, concealing or covering up a material
fact or making any materially false, fictitious or fraudulent statement in connection with the delivery of or payment for healthcare benefits,
items or services.
Additionally, HIPAA established two federal crimes
in the healthcare fraud and false statements relating to healthcare matters. The healthcare fraud statute prohibits knowingly and willfully
executing a scheme to defraud any healthcare benefit program, including private payors. A violation of this statute is a felony and may
result in fines, imprisonment or exclusion from government sponsored programs. The false statements statute prohibits knowingly and willfully
falsifying, concealing or covering up a material fact or making any materially false, fictitious or fraudulent statement in connection
with the delivery of or payment for healthcare benefits, items or services. A violation of this statute is a felony and may result in
fines or imprisonment.
Civil Monetary Penalties Law
In addition to the Anti-Kickback Statute and the
civil and criminal False Claims Acts, the federal government has the authority to seek civil monetary penalties, or CMPs, assessments,
and exclusion against an individual or entity based on a wide variety of prohibited conduct. For example, the Civil Monetary Penalties
Law authorizes the imposition of substantial CMPs against an entity that engages in activities including, but not limited to: (1) knowingly
presenting or causing to be presented, a claim for services not provided as claimed or which is otherwise false or fraudulent in any way;
(2) knowingly giving or causing to be given false or misleading information reasonably expected to influence the decision to discharge
a patient; (3) offering or giving remuneration to any beneficiary of a federal health care program likely to influence the receipt of
reimbursable items or services; (4) arranging for reimbursable services with an entity which is excluded from participation from a federal
health care program; (5) knowingly or willfully soliciting or receiving remuneration for a referral of a federal health care program beneficiary;
or (6) using a payment intended for a federal health care program beneficiary for another use. Noncompliance can result in civil money
penalties of up to $10,000 for each wrongful act, assessment of three times the amount claimed for each item or service and exclusion
from the federal healthcare programs.
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State Fraud and Abuse Provisions
Many states have also adopted some form of anti-kickback
and anti-referral laws and a false claims act. We believe that we are in conformance to such laws. Nevertheless, a determination of liability
under such laws could result in fines and penalties and restrictions on our ability to operate in these jurisdictions.
Physician Payment Sunshine Act
Transparency laws regarding payments or other
items of value provided to healthcare providers and teaching hospitals may also impact our business practices. The federal Physician Payment
Sunshine Act requires most medical device manufacturers to report annually to the Secretary of Human Health Services financial arrangements,
payments, or other transfers of value made by that entity to physicians and teaching hospitals. The payment information is made publicly
available in a searchable format on a CMS website. Over the next several years, we will need to dedicate significant resources to establish
and maintain systems and processes in order to comply with these regulations. Failure to comply with the reporting requirements can result
in significant civil monetary penalties. Similar laws have been enacted or are under consideration in foreign jurisdictions.
U.S. Foreign Corrupt Practices Act
The U.S. Foreign Corrupt Practices Act, or FCPA,
prohibits U.S. corporations and their representatives from offering, promising, authorizing or making corrupt payments, gifts or transfers
to any foreign government official, government staff member, political party or political candidate in an attempt to obtain or retain
business abroad. The FCPA also obligates companies whose securities are listed in the U.S. to comply with accounting provisions requiring
the company to maintain books and records that accurately and fairly reflect all transactions of the corporation, including international
subsidiaries, and to devise and maintain an adequate system of internal accounting controls for international operations. Activities that
violate the FCPA, even if they occur wholly outside the U.S., can result in criminal and civil fines, imprisonment, disgorgement, oversight,
and debarment from government contracts.
Corporate Information
Our principal executive offices
are located at 6700 Professional Parkway, Lakewood Ranch, Fl 34240. Our telephone number is (917) 388-1578. Our corporate website address
is located at
https://brainscientific.com
. The information contained in, or accessible from, our website or any other website
does not constitute a part of this prospectus.
Listing on the Nasdaq Capital Market
Our Common Stock is currently
quoted on the OTC Markets under the symbol "BRSF." In connection with this offering, we intend to apply to have our Common
Stock and Warrants listed on the Nasdaq Capital Market under the symbols "BRSF" and "BRSFW," respectively. If
approved, we expect to list our Common Stock and the Warrants offered in this offering on Nasdaq upon consummation of this offering, at
which point our Common Stock will cease to be traded on the OTC Markets. No assurance can be given that our listing application will be
approved. This offering will occur only if Nasdaq or another securities exchange approves the listing of our Common Stock and Warrants
Impact of COVID-19
Pandemic
The recent outbreak of
COVID-19 has spread across the globe and is impacting worldwide economic activity. In response to the COVID-19 pandemic, during 2020 and
2021, we established policies and protocols to address safety considerations. The extent to which the COVID-19 pandemic will continue
to affect our business, financial condition, liquidity, and the Company's operating results will depend on future developments,
which are highly uncertain and cannot be predicted. It will depend on various factors including the duration and severity of the outbreak,
the severity, or variants of COVID-19, including the omicron variant and its subvariants, and the effectiveness, acceptance, and availability
of vaccines in countries throughout the world, and new information which may emerge concerning the appropriate responses if and to the
extent that the availability of vaccines reduces restrictions imposed during the pandemic.
77
Inflation Risk
We do not believe that
inflation has had a material effect on our business, results of operations, or financial condition. Nonetheless, if our costs were to
become subject to significant inflationary pressures, we may not be able to fully offset such higher costs. Our inability or failure to
do so could harm our business, results of operations, or financial condition.
Implications of Being a Smaller Reporting
Company
As a smaller reporting
company, we are eligible for exemptions from various reporting requirements applicable to other public companies that are not smaller
reporting companies, including, but not limited to:
●
Reduced disclosure obligations (e.g., matters regarding executive compensation) in our periodic reports,
proxy statements and registration statements; and
●
Not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley
Act of 2002 (the "Sarbanes-Oxley Act").
We will remain a smaller
reporting company until the end of the fiscal year in which (i) we have a public common equity float of more than $250 million, or
(ii) we have annual revenues for the most recently completed fiscal year of more than $100 million plus we have a public common equity
float or public float of more than $700 million. We also would not be eligible for status as a smaller reporting company if we become
an investment company, an asset-backed issuer or a majority-owned subsidiary of a parent company that is not a smaller reporting company.
We have elected to take
advantage of certain of the reduced disclosure obligations in the registration statement of which this prospectus is a part and may elect
to take advantage of other reduced reporting requirements in future filings. As a result, the information that we provide to our shareholders
may be different from what you might receive from other public reporting companies in which you hold equity interests.
Employees
As of August 9, 2022, we had twenty-three (23) employees,
none of whom are represented by a labor union or covered by a collective bargaining agreement. We consider our relationship with our employees
to be satisfactory.
Properties
Our principal executive office is located in leased
premises of approximately 3,562 square feet at a rental cost of $6,530 per month at 6700 Professional Parkway, Lakewood Ranch, FL 34240.
An additional leased premise which we primarily use for engineering purposes is located at 1(a) Kingsdown Business Park, Sidmouth, Devon
UK EX10 OP, with approximately 550 square feet at a rental cost of GBP400 per month. In Kyiv, we lease property of 158.9 m2 at a rental
cost of $3,500 per month. The lease is through July 1, 2023. We believe that these facilities are adequate for our current needs, including
providing the space and infrastructure to accommodate our development work based on our current operating plan. We do not own any real
estate.
Available Information
Our annual reports on Form 10-K, quarterly reports
on Form 10-Q, current reports on Form 8-K and amendments to such reports filed or furnished pursuant to section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as well as section 16 reports on Form 3, 4, or 5, are available free of charge on our website www.brainscientific.com.
as soon as it is reasonably practicable after they are filed or furnished with the SEC. Our Code of Business Conduct and Ethics is available
on our website. The Code of Business Conduct and charters are also available in print to any shareholder upon request without charge.
Requests for such documents should be directed to Bonnie-Jeanne Gerety, at Brain Scientific Inc., 6700 Professional Parkway, Lakewood
Ranch, Florida 34240. Our Internet website and the information contained on it or connected to it are not part of, or incorporated by,
reference into this prospectus. Our filings with the SEC are also available on the SEC's website at http://www.sec.gov.
78
MANAGEMENT
Directors and Executive Officers
The following table sets forth information on
our executive officers and directors as of August 9, 2022. The term for each of our directors is generally 1 year and able to be extended
by mutual agreement. We do not have any promoters or control persons.
Name
Age
Position
Hassan Kotob
59
Chairman and Chief Executive Officer
Daniel Cloutier
56
Director
Nickolay Kukekov (1)(2)(3)
48
Director
Donald MacKenzie (1)(2)(3)
65
Director
Thomas Olivier (1)(2)(3)
54
Director
Fred Anthony
40
Chief Technology Officer
Bonnie-Jeanne Gerety
60
Chief Financial Officer
(1)
Member of the Audit Committee
(2)
Member of the Compensation Committee
(3)
Member of the Nominating and Corporate Governance Committee
The principal occupations and positions for at
least the past five years of our officers and directors are described below.
Hassan
Kotob, Chairman and CEO
, combines over 35 years of experience in software and manufacturing senior management. He had been involved
in four companies in the computer hardware, medical records, publishing, and software industries holding positions including Executive
Chairman, President, and CEO, and board member. He has served as our Chairman and CEO since October 1, 2021.From 2020 Hassan Kotob was
the Chairman and CEO for Piezo Motion Corp., a precision motion company. From 2016 to 2018, he was Chairman and CEO and from 2011 to 2016
he was Executive Chairman and from 1997 to 2011 he was President and CEO for North Plains Systems Corp, Inc., a company involved in enterprise
marketing software. From 1996 to 1997, he was President of CText, Inc., a software company that focused on publishers. From 1991 to 1997,
he was President and CEO of Medasys Inc. a hardware and software company focused on electronic capture and transfer of radiology images.
Mr. Kotob is also currently a director of Piezo Motion Corp. He has an undergraduate degree and an MBA from Eastern Michigan University.
The Company believes that Mr. Kotob is qualified to serve as a member of the Board of Directors due to his previous experience in the
MedTech field and managing a company in growth and markets.
Daniel Cloutier, Director
, is CEO
and founder of LOK Corporation since 2008.  He has served as a director since November 15, 2021of the Company. From 2003 to 2011,
Mr. Cloutier was International Sales Director of  CAS Medical System (CASMED).  From 2000 to 2002, he was Vice President of
EMRN. Mr. Cloutier is also an advisory council member of the Indian Business Organization for Global Investments, a member of the Board
of Directors for the Independent Medical Specialty Dealers Association, former Board Member of Neuro-France Implants and Luminor Medical
Technologies.  In 1991, Mr. Cloutier graduated from HEC Montreal Business School.  The Company believes that Mr. Cloutier is
qualified to serve as a member of the Board of Directors due to his extensive experience in healthcare and medical device product distribution.
Nickolay
V. Kukekov, Director
. Dr. Kukekov has been a member of MemoryMD's Board of Directors since September 2017. He served as
the managing director of HRA Capital (formerly Highline Research Advisors), a division of Corinthian Partners L.L.C. Prior to forming
Highline Research Advisors in 2012, Dr. Kukekov was the Managing Director of Healthcare Investment Banking at Summer Street Research from
October 2010 to August 2012. In September 2009, Dr. Kukekov was a co-founder of the Healthcare Investment Banking group at Gilford Securities.
From December 2007 to July 2009, Dr. Kukekov served as the managing director of Paramount BioCapital, where he ran the advisory, M&A
and capital raising services for in-house private and public portfolio companies. Currently he is the president and the CEO of a private
company Kalgene Inc. that is developing an innovative medical solution for Alzheimer's.  Dr. Kukekov holds a Bachelor of Science
degree in Molecular, Cellular and Developmental Biology from the University of Colorado at Boulder and a Ph.D. in Neuroscience from Columbia
University, College of Physicians and Surgeons in New York.
79
Donald MacKenzie, Director
,
has
over 35 years of executive experience across various industries, including automotive, energy, equipment manufacturing, and technology.
He has served as a director since November 8, 2021. Co-founding Conway MacKenzie, Inc., a financial and operational advisory firm focused
on special situations, in 1987, he specialized in financial, operational and strategic turnaround and restructuring transactions. In 2019,
Mr. MacKenzie transitioned Conway MacKenzie through a business combination with Riveron Consulting, LP. He currently serves as the Vice
Chairman of Riveron's board of directors and serves on other private company boards. Mr. MacKenzie is a Certified Turnaround Professional,
Certified Public Accountant and has a degree in accounting from Michigan State University. The Company believes that Mr. MacKenzie is
qualified to serve as a member of the Board of Directors due to his extensive experience in financial, operational and strategic consulting
across industries, including manufacturing and technology.
Thomas Olivier, Director
, combines
over 25 years of technology industry experience as an investment banker, entrepreneur and corporate legal advisor. He has served as a
director since November 8, 2021. He joined Arrowroot Capital in 2021 as a Managing Director and is currently President and Chief Financial
Officer of Arrowroot Acquisition Corp. (Ticker: ARRW). From 2001 to 2021, Mr. Oliver held Managing Director positions at Houlihan Lokey,
Pacific Crest Securities/Key Bank and Morgan Keegan Technology Group. He practiced corporate law as co-General Counsel of iOptions from
2000 to 2001 and as a Corporate Associate with Testa, Hurwitz & Thibeault from 1997 to 2000. He has an undergraduate degree from Boston
College and a Juris Doctor degree from George Washington University. The Company believes that Mr. Cloutier is qualified to serve as a
member of the Board of Directors due to his extensive experience in investment banking.
Farid Anthony, Chief Technology Officer
,
brings a proven track record of success and over 25 years of experience, innovation, and achievement in various technology industries.
He has served as our Chief Technology Officer since November 8, 2021.Mr. Anthony started his career in 1998 as a founder of Triforce Technologies
Inc., a private technology consulting and services company servicing the B2B sector. From late 2020 to 2021, he served as Chief
Technology Officer at Luxury Presence, a silicon-valley company with an all-in-one platform providing real estate agents with a web presence,
marketing tools and services, and access to an exclusive network of agents, brokers, and real estate experts. From 2019 to 2020, he served
as Executive Director of Engineering at Bolt Mobility, a pioneer in consumer and B2B micro-mobility technology solutions. From 2016 to
2019, he served as Chief Technology Officer at Northplains, which offers a suite of solutions for Brand Management, Multi-Channel
Marketing, and Digital Asset Management. From 2014 to 2016, he served as Chief Technology Officer at CreativeDrive, a company offering
graphic and multimedia design services, and a SaaS platform for Resource Management, Digital Asset Management, and Inventory Management.
From 2007 to 2014, he served as Lead Engineer & Architect at Spoutloud Media Networks, a Through-Channel Marketing Automation
company founded in 2006 with a mission of simplifying channel marketing. Mr. Anthony has an undergraduate degree in computer science from
Florida Atlantic University.
Bonnie-Jeanne
Gerety, Chief Financial Officer
, brings over 35 years of financial and consulting experience within the technology industry. She
has served as our chief financial officer since October 1, 2021. She joined Piezo Motion in early 2020 as the Chief Financial Officer.
Prior to that, she was the Chief Financial Officer of North Plains, LLC from 2014 through 2019. Her previous experience was as a Managing
Director at Protivti, responsible for the Atlanta and Raleigh offices from 2004 to 2014. Prior to Protiviti, she was a Managing Director
at BearingPoint from 2002 to 2004 and a Partner in the consulting division of Arthur Andersen, LLP specializing in technology, media and
communications industries from 1986 to 2002. Her undergraduate degree is from Georgetown University, School of Foreign Service and MBA
from University of South Florida. She is a CPA in the state of Georgia.
Family
Relationships
There are no family relationships between any
of our officers and directors.
80
Involvement in Certain Legal Proceedings
To the best of our knowledge, none of our directors
or executive officers has been convicted in a criminal proceeding, excluding traffic violations or similar misdemeanors, or has been a
party to any judicial or administrative proceeding during the past ten years that resulted in a judgment, decree, or final order enjoining
the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation
of federal or state securities laws, except for matters that were dismissed without sanction or settlement. Each of our executive officers
and directors has informed us that he or she, as the case may be, has not been involved in any of the events specified in clauses (1)
through (8) of Regulation S-K, Item 401(f). Except as set forth in our discussion below in "Certain Relationships and Related Transactions,
and Director Independence – Transactions with Related Persons," none of our directors, director nominees, or executive officers
has been involved in any transactions with us or any of our directors, executive officers, affiliates, or associates that are required
to be disclosed pursuant to the rules and regulations of the Commission.
Board Leadership Structure and Risk Oversight
The Board oversees our
business and considers the risks associated with our business strategy and decisions. The Board currently implements its risk oversight
function as a whole. As such, it is important for us to have our Chief Executive Officer serve on the Board as he plays key roles in the
risk oversight of our Company. Each of the Board committees, when established prior to the effectiveness of the registration statement
of which this prospectus is a part, will also provide risk oversight in respect of its areas of concentration and report material risks
to the Board for further consideration.
Board Committees
As of the closing of
the offering, our Board will have established the following three standing committees: audit committee (the "Audit Committee");
compensation committee (the "Compensation Committee"); and nominating and governance committee (the "Nominating Committee").
Each of our independent directors, Nickolay Kukekov, Donald MacKenzie, and Thomas Olivier, will serve on each committee. Our Board will
adopt written charters for each of these committees. Upon completion of this offering, copies of the charters will be available on our
website at
https://altdintl.com
. Our Board may establish other committees as it deems necessary or appropriate from time to
time.
Audit Committee
The Audit Committee,
among other things, will be responsible for:
●
appointing; approving the compensation of; overseeing the work of; and assessing the independence, qualifications, and performance of the independent auditor;
●
reviewing the internal audit function, including its independence, plans, and budget;
●
approving, in advance, audit and any permissible non-audit services performed by our independent auditor;
●
reviewing our internal controls with the independent auditor, the internal auditor, and management;
●
reviewing the adequacy of our accounting and financial controls as reported by the independent auditor, the internal auditor, and management;
●
overseeing our financial compliance system; and
●
overseeing our major risk exposures regarding the Company's accounting and financial reporting policies, the activities of our internal audit function, and information technology.
81
The Board has affirmatively
determined that each prospective member of the Audit Committee meets the additional independence criteria applicable to audit committee
members under SEC rules and Nasdaq listing rules. Effective upon the completion of this offering the Board will adopt a written charter
setting forth the authority and responsibilities of the Audit Committee. The Board has affirmatively determined that each member of the
Audit Committee is financially literate, and that Donald MacKenzie meets the qualifications of an Audit Committee financial expert under
the rules promulgated by the SEC.
The Audit Committee will
consist of Nickolay Kukekov, Thomas Olivier and Donald MacKenzie. Donald MacKenzie will chair the Audit Committee. We believe that, after
consummation of this offering, the functioning of the Audit Committee will comply with the applicable requirements of the rules and regulations
of the Nasdaq listing rules and the SEC.
Compensation Committee
The Compensation Committee
will be responsible for:
●
reviewing and making recommendations to the Board with respect to the compensation of our officers and directors, including the CEO;
●
overseeing and administering the Company's executive compensation plans, including equity-based awards;
●
negotiating and overseeing employment agreements with officers and directors; and
●
overseeing how the Company's compensation policies and practices may affect the Company's risk management practices and/or risk-taking incentives.
Effective upon the completion
of this offering, the Board will adopt a written charter setting forth the authority and responsibilities of the Compensation Committee.
The Compensation Committee
will consist of Donald MacKenzie, Nickolay Kukekov and Thomas Olivier. Thomas Oliver will serve as chairman of the Compensation Committee.
The Board has affirmatively determined that each member of the Compensation Committee meets the independence criteria applicable to compensation
committee members under SEC rules and Nasdaq listing rules. The Company believes that, after the consummation of the offering, the composition
of the Compensation Committee will meet the requirements for independence under, and the functioning of such Compensation Committee will
comply with, any applicable requirements of the rules and regulations of Nasdaq listing rules and the SEC.
Nominating and Corporate Governance
Committee
The Nominating and Corporate
Governance Committee, among other things, will be responsible for:
●
reviewing and assessing the development of the executive officers and considering and making recommendations to the Board regarding promotion and succession issues;
●
evaluating and reporting to the Board on the performance and effectiveness of the directors, committees and the Board as a whole;
●
working with the Board to determine the appropriate and desirable mix of characteristics, skills, expertise and experience, including diversity considerations, for the full Board and each committee;
●
annually presenting to the Board a list of individuals recommended to be nominated for election to the Board;
●
reviewing, evaluating, and recommending changes to the Company's corporate governance principles and committee charters;
●
recommending to the Board individuals to be elected to fill vacancies and newly created directorships;
82
●
overseeing the Company's compliance program, including the code of business conduct and ethics; and
●
overseeing and evaluating how the Company's corporate governance and legal and regulatory compliance policies and practices, including leadership, structure, and succession planning, may affect the Company's major risk exposures.
Effective upon completion
of this offering, the Board will adopt a written charter setting forth the authority and responsibilities of the Nominating and Corporate
Governance Committee.
The Nominating and Corporate
Governance Committee will consist of Donald MacKenzie, Nickolay Kukekov and Thomas Oliver. Thomas Olivier will serve as chairperson. The
Board has determined that each member of the Nominating and Corporate Governance Committee is independent within the meaning of the independent
director guidelines of Nasdaq listing rules.
Compensation Committee
Interlocks and Insider Participation
None of the Company's
executive officers serves, or in the past has served, as a member of the Board or the Compensation Committee, or other committee serving
an equivalent function, of any entity that has one or more executive officers who serve as members of the Board or its Compensation Committee.
None of the members of the Compensation Committee is, or has ever been, an officer or employee of the company.
Code of Business Conduct and Ethics
We have adopted a Code of Business Conduct and
Ethics that applies to, among other persons, our principal executive officers, principal financial officer, principal accounting officer
or controller, and persons performing similar functions. The Code of Business Conduct is available on our website at www.brainscientific.com.
Our Nominating and Governance Committee is responsible for overseeing the Code of Conduct, and our board of directors must approve any
waivers of the Code of Conduct. In addition, we intend to post on our website all disclosures that are required by law concerning any
amendments to, or waivers from, any provision of the Code of Conduct.
Director Independence
We use the definition of "independence"
of The NASDAQ Stock Market to make this determination. In making the determination of whether a member of the board is independent, our
board also considers, among other things, transactions and relationships between each director and his immediate family and the Company,
including those reported under the caption "
Certain Relationships and Related-Party Transactions
". The purpose of this
review is to determine whether any such relationships or transactions are material and, therefore, inconsistent with a determination that
the directors are independent. NASDAQ Listing Rule 5605(a)(2) provides that an "independent director" is a person other than
an officer or employee of the company or any other individual having a relationship, which, in the opinion of the Company's Board,
would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. The NASDAQ listing rules
provide that a director cannot be considered independent if:
●
The director is, or at any time
during the past three years was, an employee of the company;
●
The director or a family member
of the director accepted any compensation from the company in excess of $120,000 during any period of 12 consecutive months within the
three years preceding the independence determination (subject to certain exclusions, including, among other things, compensation for
board or board committee service);
●
A family member of the director
is, or at any time during the past three years was, an executive officer of the company;
●
The director or a family member
of the director is a partner in, controlling stockholder of, or an executive officer of an entity to which the company made, or from
which the company received, payments in the current or any of the past three fiscal years that exceed 5% of the recipient's consolidated
gross revenue for that year or $200,000, whichever is greater (subject to certain exclusions);
83
●
The director or a family member
of the director is employed as an executive officer of an entity where, at any time during the past three years, any of the executive
officers of the company served on the compensation committee of such other entity; or
●
The director or a family member
of the director is a current partner of the company's outside auditor, or at any time during the past three years was a partner
or employee of the company's outside auditor, and who worked on the company's audit.
Under such definitions, Hassan Kotob and Daniel
Cloutier are not independent directors and Nickolay Kukekov, Thomas Oliver and Donald MacKenzie are independent directors.
Communications with our Board of Directors
Stockholders who desire to communicate with the
board of directors, or a specific director, may do so by sending the communication addressed to either the board of directors or any director,
c/o Brain Scientific Inc., 6700 Professional Parkway, Lakewood Ranch, Fl 34240. These communications will be delivered to the board of
directors, or any individual director, as specified.
Board Diversity
We seek diversity in experience, viewpoint, education,
skill, and other individual qualities and attributes to be represented on our board of directors. We believe directors should have various
qualifications, including individual character and integrity; business experience; leadership ability; strategic planning skills, ability,
and experience; requisite knowledge of our industry and finance, accounting, and legal matters; communications and interpersonal skills;
and the ability and willingness to devote time to our company. We also believe the skill sets, backgrounds, and qualifications of our
directors, taken as a whole, should provide a significant mix of diversity in personal and professional experience, background, viewpoints,
perspectives, knowledge, and abilities. Nominees are not to be discriminated against on the basis of race, religion, national origin,
sex, sexual orientation, disability, or any other basis proscribed by law. The assessment of prospective directors is made in the context
of the perceived needs of our board of directors from time to time.
All of our directors have held high-level positions
in business or professional service firms and have experience in dealing with complex issues. We believe that all of our directors are
individuals of high character and integrity, are able to work well with others, and have committed to devote sufficient time to the business
and affairs of our company. In addition to these attributes, the description of each director's background set forth above indicates
the specific qualifications, skills, perspectives, and experience necessary to conclude that each individual should continue to serve
as a director of ours.
84
Executive Compensation
The following table sets forth information regarding
each element of compensation that was paid or awarded to the named executive officers of the Company for the years ended December 31,
2021 and December 31, 2020.
Salary
Bonus
Stock
    Awards
Option
    Awards
Non-Equity
Incentive
Plan
Compensation
All
    Other
Compensation
Total
Name
                                            and Principal Position
Year
($)
($)
($)
($)
($)
($)
($)
Hassan
    Kotob
2021 (1)
390,000
250,000
-
1,341,586
-
23,318
2,004,904
Chairman
    and CEO
2020
                                            (1)
350,000
-
-
-
-
14,268
364,268
Boris (Baruch) Goldstein
2021
90,000
-
-
564,528
-
-
654,528
Chairman
    and EVP
2020
180,000
-
-
51,757
-
-
231,757
Mark
    Broderick
2021
                                            (2)
250,000
-
-
-
-
24,196
293,461
President,
    Piezo Motion Corp.
2020
                                            (2)
-
-
-
-
-
19,265
302,857
Bonnie-Jeanne
    Gerety
2021
180,000
20,000
-
102,857
-
-
-
Chief
    Financial Officer
2020
                                            (3)
-
-
-
-
-
-
-
Todd
    Eckler
2021
200,000
20,000
-
102,857
-
3,075
325,932
Former
    Chief Revenue Officer
2020
                                            (4)
-
-
-
-
-
-
-
278,968
Farid
    Anthony
2021
175,000
-
-
102,857
-
1,111
-
Chief
    Technology Officer
Nicolas
    Copley
2021
                                            (5)
£
150,000
-
-
-
-
-
300,000
Former
    Product and Innovation, Piezo Motion Corp.
2020
                                            (5)
£
150,000
-
-
-
-
-
-
(1)
Hassan Kotob's salary in 2020
and bonus for 2021 was accrued and are liabilities at December 31, 2021
(2)
Part of Mark Broderick's salary
for 2020 and 2021, amounting to $125,038 and $54,808, respectively, were accrued and is a liability at December 31, 2021
(3)
Bonnie-Jeanne Gerety was a
consultant until June 1, 2021. Her 2020 salary of $210,860 was accrued and is a liability at December 31, 2021.
(4)
Todd Eckler was a consultant
until February 15, 2021.  His 2020 salary of $105,105 was accrued and is a liability at December 31, 2021.  Todd
Eckler served as the Chief Revenue Officer until February 11, 2022.
(5)
Nicolas Copley served as Chief
Product and Innovation Officer, until June 15, 2022. Part of Nicolas Copley's salary for 2020, amounting to approximately $66,000 was
accrued, is a liability at December 31, 2021 and was paid at his departure.
85
Outstanding Equity Awards at Fiscal Year-End
The following table presents the outstanding equity
awards held by each of the named directors and executive officers as of the end of the fiscal year ended December 31, 2021.
Name
Number of
Securities
Underlying
Unexercised Options
Exercisable
Number of
Securities
Underlying
Unexercised
Options
Unexercisable
Option
Exercise
Price
Option
Expiration
Date
Number of
Shares or
Units of
Stock Not
Having
Vested
Value of
Shares or
Units so
Stock Not
Having
Vested
Incentive
Plan
Awards:
Number of
Unearned
Shares,
Plan Awards:
Market or
Payout Value of
Unearned
Shares, Units or
Other Rights
Hassan Kotob
2,502,341
0.35
10/1/2030
-
-
-
-
1,218,248
1,218,248
0.21
10/21/2030
-
-
-
-
1,218,248
1,218,248
0.21
12/10/2030
-
-
-
-
Daniel Cloutier
46,623
315,446
0.29
12/10/2030
-
-
-
-
Nickolay Kukekov
2,001,873
0.35
10/1/2030
-
-
-
-
63,402
315,446
0.29
12/10/2030
-
-
-
-
Donald MacKenzie
46,623
315,446
0.29
12/10/2030
-
-
-
-
Thomas Olivier
46,623
315,446
0.29
12/10/2030
-
-
-
-
Fred Anthony
476,190
0.21
12/10/2030
-
-
-
-
Todd Eckler
476,190
0.21
12/10/2030
-
-
-
-
Bonnie-Jeanne Gerety
476,190
0.21
12/10/2030
-
-
-
-
-
-
Long-Term Incentive Plans and Awards
In August 2018, our board of directors adopted
and the stockholders approved the 2018 Equity Incentive Plan. There were 5,938,837 outstanding equity awards granted under the 2018 Equity
Incentive Plan as of the end of the fiscal year ended December 31, 2021.
In May 2022, our board of directors adopted the
Brain Scientific Inc. 2022 Equity and Incentive Plan (the "2022 Plan"). In June 2022, the stockholders approved the 2022 Plan.
The 2022 Plan provides for the issuance of up to 12,500,000 shares of our common stock through the grant of non-qualified options, incentive
options, restricted stock, restricted stock units, stock appreciation rights and other equity-based awards to directors, officers, consultants,
attorneys, advisors and employees. The 2022 Plan will become effective on August 12, 2022
Director Compensation
On November 9, 2021, our
independent directors received stock options under our 2018 Equity Incentive Plan based upon an annual fee of $105,000, at an
exercise price of $0.29 per share. The shares vest over the year on a quarterly starting December 31, 2021.There were no amounts
paid or stock awards made to our non-employee directors during the fiscal year ended December 31, 2020.
Mr. Kotob was compensated as stated in the above in Executive Compensation.
Employment Agreements
Hassan Kotob
On October 1, 2021, the Company and Mr. Kotob
entered into an employment agreement (the "Kotob Employment Agreement") as the Executive Chairman and CEO. Under the Kotob
Employment Agreement, Mr. Kotob will receive an initial annual base salary of $390,000, which shall be reviewed annually and may be increased,
but not decreased, by the Board of Directors. In addition, Mr. Kotob shall receive a minimum bonus of $250,000 as an annual cash or equity
bonus based upon the achievement of milestones as are to be determined by the Board of Directors. Mr. Kotob shall also be entitled to
participate in any stock option, performance share, performance unit or other equity based long-term incentive compensation plan, program
or arrangement generally made available to senior executive officers of the Company, pursuant to which we issued to Mr. Kotob options
to purchase 1,218,248 shares on October 21, 2021 and options to purchase an additional 1,218,248 shares of common stock on December 10,
2021, each exercisable at an exercise price of $0.21 per share, which options will vest ratably on a quarterly basis over the following
year.
86
In the event Mr. Kotob's employment is terminated
due to his death, or disability, is terminated by the Company for cause, or is terminated by Mr. Kotob without good reason, Mr. Kotob
will be paid his base salary that has been accrued prior to termination of employment and which has not yet been paid, and any accrued
bonus previously earned by Mr. Kotob that has not yet paid.
In the event Mr. Kotob's employment is terminated
without cause or by Mr. Kotob for good reason, then in addition to the accrued obligations stated above, Mr. Kotob will receive a payment
in the amount equal to the greater of: (i) his then-current base salary until such date that is the later of (A) three (3) year anniversary
of the date of the contract and (B) twelve (12) month anniversary of the effective date of the termination, less customary and required
taxes and employment-related deductions, paid in one lump sum amount within thirty (30) days following the effective date of termination.
Further, Mr. Kotob shall receive payment of a severance bonus in an amount equal to a pro rata portion of the target annual bonus to which
Mr. Kotob may have been entitled for the year in which his employment terminates, less customary and required taxes and employment -related
deductions, paid in one lump sum amount within thirty (30) days following the effective date of termination of employment.
The Kotob Employment Agreement contains customary
non-competition and non-solicitation provisions in favor of the Company. Mr. Kotob also agreed to customary terms regarding confidentiality
and ownership of intellectual property.
Mark Broderick
On June 1, 2020, DTI Motion Corp. (now known as
Piezo Motion Corp.)  and Mark Broderick entered into an employment agreement (the "Broderick Employment Agreement")
as the President of DTI Motion Corp. Under the Broderick Employment Agreement, Dr. Broderick will receive an initial annual base salary
of $250,000, which shall be reviewed annually and may be increased, but not decreased, by the Board of Directors. In addition, Dr. Broderick
may earn a bonus as an annual cash or equity bonus based upon the achievement of milestones as are to be determined by the CEO. Dr. Broderick
shall also be entitled to participate in any stock option, performance share, performance unit or other equity based long-term incentive
compensation plan, program or arrangement generally made available to senior executive officers of the Company.
In the event Dr. Broderick's employment
is terminated due to his death or disability, is terminated by the Company for cause, or is terminated by Dr. Broderick without good reason,
Dr. Broderick will be paid his base salary that has been accrued prior to termination of employment and which has not yet been paid, and
any accrued bonus previously earned by Dr. Broderick and not yet paid.
In the event Dr. Broderick's employment
is terminated without cause or by Dr. Broderick for good reason, then in addition to the accrued obligations stated above, Dr. Broderick
will receive a payment in the amount equal to the greater of (i)his then-current base salary until such date that is the later of (A)
three (3) year anniversary of the date of the contract and (B) twelve (12) month anniversary of the effective date of the termination,
less customary and required taxes and employment-related deductions, paid in one lump sum amount within thirty (30) days following the
effective date of termination
The Broderick Employment Agreement contains customary
non-competition and non-solicitation provisions in favor of the Company. Dr. Broderick also agreed to customary terms regarding confidentiality
and ownership of intellectual property.
Bonnie-Jeanne Gerety
On June 1, 2020, Piezo Motion Corp. and Ms. Gerety
entered into an employment agreement (the "Gerety Employment Agreement") as the Chief Financial Officer of DTI Motion Corp.
Under the Gerety Employment Agreement, Ms. Gerety received an initial annual base salary of $180,000 which was increased to $210,000 as
of April 1,2022. Her annual base salary is subject to annual review and may be increased, but not decreased by more than 10%, by the Board
of Directors. In addition, Ms. Gerety may earn a bonus of 20% of base salary as an annual cash or equity bonus based upon the achievement
of milestones as are to be determined by the CEO. Ms. Gerety shall also be entitled to participate in any stock option, performance share,
performance unit or other equity based long-term incentive compensation plan, program or arrangement generally made available to senior
executive officers of the Company. Pursuant to the 2018 Equity Incentive Plan, the Company issued to Ms. Gerety options to purchase 476,160
shares on December 10, 2021 at an exercise price of $0.21, which options shall vest ratably on a quarterly basis over the following year.
87
In the event Ms. Gerety's employment is
terminated due to her death or disability, is terminated by the Company for cause, or is terminated by Ms. Gerety without good reason,
Ms. Gerety will be paid her base salary that has accrued prior to termination of employment and which has not yet been paid, and any accrued
bonus previously earned by Ms. Gerety and not yet paid.
In the event Ms. Gerety's employment is
terminated without cause or by Ms. Gerety for good reason, then in addition to the accrued obligations stated above, Ms. Gerety will receive
a payment in an amount equal to 50% of her annual salary, payable in equal installments on the regular salary payment dates.
The Gerety Employment Agreement contains customary
non-competition and non-solicitation provisions in favor of the Company. Ms. Gerety also agreed to customary terms regarding confidentiality
and ownership of intellectual property.
Limits on Liability and Indemnification
We provide directors and officers insurance for
our current directors and officers.
Our certificate of incorporation eliminates the
personal liability of our directors to the fullest extent permitted by law. Our bylaws provide that we will indemnify our officers and
directors to the fullest extent permitted by law. We believe that this indemnification covers at least negligence on the part of the indemnified
parties. Insofar as indemnification for liabilities under the Securities Act may be permitted to our directors, officers, and controlling
persons under the foregoing provisions or otherwise, we have been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act of 1933 and is therefore unenforceable.
Rule 10b5-1 Sales Plans
Our directors and executive officers may adopt
written plans, known as Rule 10b5-1 plans, in which they will contract with a broker to buy or sell shares of our common stock on a periodic
basis. Under a Rule 10b5-1 plan, a broker executes trades pursuant to parameters established by the director or officer when entering
into the plan, without further direction from them. The director or officer may amend a Rule 10b5-1 plan in some circumstances and may
terminate a plan at any time. Our directors and executive officers also may buy or sell additional shares outside of a Rule 10b5-1 plan
when they are not in possession of material non-public information subject to compliance with the terms of our insider trading policy.
Equity Compensation Plan Information
In August 2018, our board of directors adopted
and our stockholders approved our 2018 Equity Incentive Plan.   Under the 2018 Equity Incentive Plan, we may grant equity-based incentive
awards, including options, restricted stock, and other stock-based awards, to any directors, employees, advisers, and consultants that
provide services to us or any of our subsidiaries on terms and conditions that are from time to time determined by us. An aggregate of
up to 8,000,000 shares of our common stock are reserved for issuance under the 2018 Plan. The purpose of the 2018 Plan is to provide financial
incentives for selected directors, employees, advisers, and consultants of the Company and/or its subsidiaries, thereby promoting the
long-term growth and financial success of the Company. The board of directors believes that the 2018 Plan will serve a critical role in
attracting and retaining high caliber employees, consultants and directors. The table below sets forth information as of June 30, 2022,
with respect to compensation plans under which our common stock is authorized for issuance.
(a)
(b)
(c)
Plan Category
Number of securities to be issued upon exercise of outstanding options, warrants  and rights
Weighted- average exercise price of outstanding options,  warrants  and rights
Number of securities remaining
    available for future issuance under equity compensation plans (excluding securities reflected in  column (a))
Equity compensation plans approved by security holders
7,860,437
$
0.23
31,687
Equity compensation plans not approved by security holders
0
0
0
Total
7,860,437
31,867
88
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
Related Party Transactions
The following is a summary of transactions since
January 1, 2021 to which we have been or will be a party in which the amount involved exceeded or will exceed $6,838,885 (one percent
of the average of our total assets at year-end for our last two completed fiscal years) and in which any of our directors, executive officers
or beneficial holders of more than 5% of any class of our capital stock, or any immediate family member of, or person sharing a household
with, any of these individuals, had or will have a direct or indirect material interest, other than compensation arrangements that are
described under the section captioned "Executive compensation."
Other than as disclosed below, there have been
no transactions involving the Company since the beginning of the last fiscal year, or any currently proposed transactions, in which the
Company was or is to be a participant and the amount involved exceeds $120,000 or one percent of the average of the Company's total
assets at year-end for the last two completed fiscal years, and in which any related person had or will have a direct or indirect material
interest.
On November 12, 2021 we entered into a Representation
Agreement with LOK Corporation International Inc. ("LOK"), a corporation in which Daniel Cloutier, one of our directors, serves
as the chief executive officer. Under the Representation Agreement, LOK acts as an international sales manager for our NeuroCap™
and Neurology products and accessories. To date, we have paid LOK approximately $6,250 for training platform development and attendance
at a sales seminar but no other service fees and no commissions.
On May 14, 2019, we entered into an agreement
with Neurotech RU ("Neurotech"), a corporation founded by Vadim Sakharov, a former director, President and Chief Technology
Officer of the Company, and in which Mr. Sakharov serves as a director. Pursuant to the agreement, during 2022 and 2021Memory MD Russia
purchased medical devices from Neurotech for distribution for a total of $92,886 and $488,658.
See "Executive
Compensation" above for other related party transactions involving our executive officers and directors.
Related Person Transaction Policy
The Board reviews, approves and oversees any transaction
between us and any related person and any other potential conflict of interest situations on an ongoing basis, in accordance with our
policies and procedures, and develops policies and procedures for the approval of related party transactions. Prior to consideration of
a transaction with a related person, the material facts as to the related person's relationship or interest in the transaction are disclosed
to the disinterested directors. The transaction is not approved unless a majority of the members of the Board who are not interested in
the transaction approve the transaction. The Board takes into account, among other factors that it deems appropriate, whether the related
person transaction is on terms no less favorable to us than terms generally available in a transaction with an unrelated third-party under
the same or similar circumstances and the extent of the related person's interest in the related person transaction. Our current policy
with respect to approval of related person transactions is not set forth in writing.
89
SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth certain information
as of August 9, 2022 concerning the ownership of our Common Stock by:
●
each shareholder known by us
to be the beneficial owner of more than 5% of the outstanding shares of our Common Stock (currently our only class of voting securities);
●
each of our directors;
●
each of our executive officers;
and
●
all directors and executive
officers as a group.
Beneficial ownership is determined in accordance
with Rule 13d-3 of the Exchange Act, and includes all shares over which the beneficial owner exercises voting or investment power. Shares
that are issuable upon the exercise of options, warrants and other rights to acquire Common Stock that are presently exercisable or exercisable
within 60 days of August 9, 2022 are reflected in a separate column in the table below. These shares are taken into account in the calculation
of the total number of shares beneficially owned by a particular holder and the total number of shares outstanding for the purpose of
calculating percentage ownership of the particular holder. We have relied on information supplied by our officers, directors and certain
stockholders and on information contained in filings with the SEC. Except as otherwise indicated, and subject to community property laws
where applicable, we believe, based on information provided by these persons, that the persons named in the table have sole voting and
investment power with respect to all shares of Common Stock shown as beneficially owned by them. The percentage of beneficial ownership
is based on 105,401,858 shares of Common Stock outstanding as of August 9, 2022.
Unless otherwise stated, the business address
of each of our directors and executive officers listed in the table is 6700 Professional Parkway, Lakewood Ranch, Fl 34240.
Number of
Common
Stock
Beneficially
Owned
% of
Shares of
Common
Stock
Beneficially
Owned
Executives, Officers, Directors and Greater Than 5% Stockholders
James Besser (1)
41,641,895
39.04
%
High Technology Capital (2)
11,026,448
10.12
%
Hassan Kotob (3)
11,737,647
10.70
%
Nickolay Kukekov (4)
4,836,503
4.50
%
Daniel Cloutier (5)
317,430
*
%
Donald MacKenzie (5)
317,430
*
%
Tom Olivier (5)
317,430
*
%
Farid Anthony (5)
357,144
*
%
Bonnie-Jeanne Gerety (5)
357,144
*
%
All directors and executive officers as a group (7 persons)
18,240,728
16.0
%
*
Less than 1%
90
(1)
Includes (i) 19,545,187 shares of Common Stock held by Manchester Explorer LP, (ii) 8,028,706 shares of Common Stock  and warrants to purchase 1,251,171 shares of Common Stock held by James Besser which are exercisable within 60 days  of the date of this prospectus, and (iii) 12,816,831 shares of Common Stock and the amount does not include the right to issuance of warrants to Amounts to do not include (i) 8,353,622 shares of Common Stock issuable upon exercise of warrants to be issued to Manchester Explore LP, (ii) 3,046,018 shares of Common Stock issuable upon warrants to be issued to Mr. Besser upon consummation of the offering or April 1, 2023 or (iii) 4,784,294 shares of Common Stock issuable upon exercise of warrants to be issued to Jeb Partners, L.P.  As a managing member of Jeb Partners L.P. and Manchester Explorer LP, Mr. Besser has voting and dispositive control of shares owned by the LP.   Mr. Besser disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
(2)
Includes  (i) 6,749,000 shares of Common Stock held by High Technology Capital Fund LP ("LP"), (ii) 338,125 shares of Common Stock and options to purchase 1,600,000 shares of Common stock held by Dr. Goldstein which are exercisable within 60 days  of the date of this prospectus, (iii) 337,450 shares of Common Stock held by Dr. Goldstein's wife and (iv) warrants to purchase 2,001,873 shares of Common Stock held by Dr. Goldstein which are exercisable within 60 days  of the date of this prospectus.  Dr. Goldstein is the manager of High Technology Capital Management LLC ("LLC"), the general partner of LP. As the manager of the LLC, Dr. Goldstein has voting and dispositive control over the shares owned by the LP. Dr. Goldstein disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. High Technology Capital Management LLC is located at 100 U.N. Plaza, New York, New York 10017
(3)
Includes 7,407,934 shares of Common Shares held in the Hassan Kotob
Revocable Trust which is managed by Hassan Kotob, Chairman and CEO. Also includes options to purchase 4,329,713 shares of Common Stock
which are exercisable within 60 days of the date of this prospectus.  Does not include options to purchase 1,389,124 shares
of Common Stock which are not exercisable within 60 days of the date of this prospectus. The address is 40209 Fischer Island, Miami Beach,
Florida 33109.
(4)
Includes 2,400,421 shares of common stock held by Lifestyle Healthcare LLC and warrants to purchase 100,000 shares of Common Stock and options to purchase 2,336,082 shares of Common Stock held by Dr. Kukekov which are exercisable within 60 days of the date of this prospectus.  Does not include options or warrants to purchase 478,639 shares of Common Stock which are not exercisable within 60 days of the date of this prospectus. Dr. Kukekov disclaims beneficial ownership of the shares held by Lifestyle Healthcare LLC except to the extent of his pecuniary interest therein.
(5
)
Represents shares of Common Stock issuable upon exercise of vested options.
91
SELLING STOCKHOLDERS
This prospectus covers
the possible resale by the Selling Stockholders identified in the table below of up to 41,534,493 shares of our Common Stock. The Selling
Stockholder Shares are issuable to the Selling Stockholders upon the conversion of the PPO Debentures and the exercise of the PPO Warrants.
See "Recent Developments" for a more detailed description.
The Selling Stockholders
may sell some, all or none of their Selling Stockholder Shares. We currently have no agreements, arrangements or understandings with the
Selling Stockholders regarding the sale of any of the Selling Stockholder Shares. Unless otherwise indicated in the footnotes below, the
Selling Stockholders have not had any material relationship with us or any of our affiliates within the past three years other than as
a security holder.
We have prepared the
following table based on written representations and information furnished to us by or on behalf of the Selling Stockholders. Unless otherwise
indicated in the footnotes below, we believe that: (i) the Selling Stockholders are not a broker-dealer or affiliate of a broker-dealer,
and (ii) the Selling Stockholders have not had direct or indirect agreements or understandings with any person to distribute their Selling
Stockholder Shares. To the extent the Selling Stockholders identified below are, or are affiliated with, a broker-dealer, it could be
deemed, to be an "underwriter" within the meaning of the Securities Act. Information about the Selling Stockholders may change
over time.
The following table presents
information regarding the Selling Stockholders and the Selling Stockholder Shares that they may offer and sell from time to time under
this prospectus. The table is prepared based on information supplied to us by the Selling Stockholders, and reflects their respective
holdings as of August 9, 2022, unless otherwise noted in the footnotes to the table. Beneficial ownership is determined in accordance
with the rules of the SEC, and thus represents voting or investment power with respect to our securities. Under such rules, beneficial
ownership includes any shares over which the individual has sole or shared voting power or investment power as well as any shares that
the individual has the right to acquire within 60 days after the date of this table, to our knowledge and subject to applicable community
property rules, the persons and entities named in the table have sole voting and sole investment power with respect to all equity interests
beneficially owned. The percentage of shares beneficially owned before and after the Offering is based on 105,401,858 shares of our Common
Stock issued and outstanding on August 9, 2022. For purposes of the table below, we have assumed that the PPO Debentures will
convert into Common Stock at $0.25 per share.
Selling Stockholder
Shares
Beneficially
Owned Before
this Offering
Percentage of
Outstanding
Shares
Beneficially
Owned
Before
this Offering
Shares to be
Sold in
this
Offering
Shares
Beneficially
Owned After
this
Offering
Percentage of
Outstanding
Shares
Beneficially
Owned After this
Offering
(1)
Walleye Opportunities Master Fund Ltd.
16,145,576
(2)
13.28
%
16,145,576
0
-
%
Alpha Sherpa Capital Limited
807,279
(3)
*
%
807,279
0
-
%
James Derrick Clore
807,279
(4)
*
%
807,279
0
-
%
Dominic Carbonari
470,000
(5)
*
%
470,000
0
-
%
Marc Greenberg
484,367
(6)
*
%
484,367
0
-
%
William Pullano
403,639
(7)
%
403,639
0
-
%
W. Scott Yeomans
403,639
(8)
*
%
403,639
0
-
%
David G. Bliss
605,459
(9)
*
%
605,459
0
-
%
Orca Capital GmbH
888,007
(10)
*
%
888,007
0
-
%
Wiliam Leonard & Monica Leonard
403,639
(11)
*
%
403,639
0
-
%
Bigger Capital Fund LP
8.072,788
(12)
7.11
%
8,072,788
0
-
%
District 2 Capital Fund LP
8,072,788
(13)
7.11
%
8,072,788
0
-
%
Scott Dols
4,036,3941
(14)
3.69
%
4,036,394
0
-
%
Total
41,534,495
●
Less than 1%
(1)
Assumes all shares offered by the Selling Stockholders are sold and that the Selling Stockholders buy or sell no additional shares of Common Stock prior to the completion of this Offering. The registration of these shares does not necessarily mean that the Selling Stockholders will sell all or any portion of the shares covered by this prospectus.
(2)
Including: (i) 8,800,000 shares of Common Stock issuable upon
conversion of the PPO Debenture; and (ii) 7,345,576 shares of Common Stock underlying PPO Warrants.
(3)
Including: (i) 440,000 shares of Common Stock issuable upon conversion of the PPO Debenture; and (ii) 367,279 shares of Common Stock underlying PPO Warrants.
(4)
Including: (i) 440,000 shares of Common Stock issuable upon conversion of the PPO Debenture; and (ii) 367,276 shares of Common Stock underlying PPO Warrants.
(5)
Including: (i) 220,000 shares of Common Stock issuable upon
conversion of the PPO Debenture; and (ii) 183,639shares of Common Stock underlying PPO Warrants.
92
(6)
Including: (i) 264,000 shares of Common Stock issuable upon conversion of the PPO Debenture; and (ii) 220,367 shares of Common Stock underlying PPO Warrants.
(7)
Including: (i) 220,000 shares of Common Stock issuable upon
conversion of the PPO Debenture; and (ii) 183,639 shares of Common Stock underlying PPO Warrants.
(8)
Including: (i) 220,000 shares of Common Stock issuable upon
conversion of the PPO Debenture; and (ii) 183,639 shares of Common Stock underlying PPO Warrants.
(9)
Including: (i) 330,000 shares of Common Stock issuable upon conversion of the PPO Debenture; and (ii) 275,459shares of Common Stock underlying PPO Warrants.
(10)
Including: (i) 484,000 shares of Common Stock issuable upon
conversion of the PPO Debenture; and (ii) 404,007 shares of Common Stock underlying PPO Warrants.
(11)
Including: (i) 220,000 shares of Common Stock issuable upon
conversion of the PPO Debenture; and (ii) 183,639 shares of Common Stock underlying PPO Warrants.
(12)
Including: (i) 4,400,000 shares of Common Stock issuable upon conversion of the PPO Debenture; and (ii) 3,672,788 shares of Common Stock underlying PPO Warrants.
(13)
Including: (i) 4,400,000 shares of Common Stock issuable upon
conversion of the PPO Debenture; and (ii) 3,672,788 shares of Common Stock underlying PPO Warrants.
(14)
Including: (i) 2,200,000 shares of Common Stock issuable upon
conversion of the PPO Debenture; and (ii) 1,836,394 shares of Common Stock underlying PPO Warrants.
Plan of Distribution
We are registering the Selling
Stockholder Shares issuable upon the conversion the PPO Debentures and the exercise of the PPO Warrants to permit the resale of the Selling
Stockholder Shares by the Selling Stockholders from time to time after the date of this prospectus. We will not receive any of the proceeds
from the sale of the Selling Stockholder Shares. We will receive proceeds from any cash exercise of the PPO Warrants by the Selling Stockholders.
We will bear all fees and expenses incident to the registration of the Selling Stockholder Shares in the registration statement of which
this prospectus forms a part. The Selling Stockholder Shares will not be sold through the underwriters in this public offering.
The Selling Stockholders may sell all or a portion
of the Selling Stockholder Shares beneficially owned by them and offered hereby from time to time directly or through one or more broker-dealers
or agents. If the Selling Stockholder Shares are sold through broker-dealers, the Selling Stockholders will be responsible for commissions
or agent's commissions. The Selling Stockholder Shares may be sold in one or more transactions at fixed prices, at prevailing market prices
at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected in transactions,
which may involve crosses or block transactions,
●
on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;
●
in the over-the-counter market;
●
in transactions otherwise than on these exchanges or systems or in the over-the-counter market;
●
ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;
●
block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;
●
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;
93
●
privately negotiated transactions;
●
short sales;
●
in transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities at a stipulated price per security;
●
through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;
●
a combination of any such methods of sale; or
●
any other method permitted pursuant to applicable law.
The Selling Stockholders may also sell securities
under Rule 144 or any other exemption from registration under the Securities Act, if available, rather than under this prospectus. However,
the Selling Stockholders will not sell any Selling Stockholder Shares until after the closing of this initial public offering.
If the Selling Stockholders effect such transactions
by Selling Stockholder Shares to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive
commissions in the form of discounts, concessions or commissions from the Selling Stockholders or commissions from purchasers of the Selling
Stockholder Shares for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions as
to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved). In connection
with sales of the Selling Stockholder Shares or otherwise, the Selling Stockholders may enter into hedging transactions with broker-dealers,
which may in turn engage in short sales of the Selling Stockholder Shares in the course of hedging in positions they assume. The Selling
Stockholders may also sell Selling Stockholder Shares short and deliver Selling Stockholder Shares covered by this prospectus to close
out short positions and to return borrowed shares in connection with such short sales. The Selling Stockholders may also loan or pledge
Selling Stockholder Shares to broker-dealers that in turn may sell such shares.
The Selling Stockholders may pledge or grant a
security interest in some or all of the Selling Stockholder Shares owned by them and, if they default in the performance of their secured
obligations, the pledgees or secured parties may offer and sell the Selling Stockholder Shares from time to time pursuant to this prospectus
or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act, amending, if necessary,
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 and donate the Selling Stockholder Shares in other circumstances in which case
the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.
The Selling Stockholders and any broker-dealer
participating in the distribution of the Selling Stockholder Shares may be deemed to be "underwriters" within the meaning
of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be
underwriting commissions or discounts under the Securities Act. At the time a particular offering of the Selling Stockholder Shares is
made, a prospectus supplement, if required, will be distributed which will set forth the aggregate amount of Selling Stockholder Shares
being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and
other terms constituting compensation from the Selling Stockholders and any discounts, commissions or concessions allowed or reallowed
or paid to broker-dealers.
Under the securities laws of some states, the
Selling Stockholder Shares may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states
the Selling Stockholder Shares may not be sold unless such shares have been registered or qualified for sale in such state or an exemption
from registration or qualification is available and is complied with.
There can be no assurance that any Selling Stockholder
will sell any or all of the Selling Stockholder Shares registered pursuant to the registration statement, of which this prospectus forms
a part.
The Selling Stockholders and any other person
participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended, and the
rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may limit the timing of purchases
and sales of any of the Selling Stockholder Shares by the Selling Stockholders and any other participating person. Regulation M may also
restrict the ability of any person engaged in the distribution of the Selling Stockholder Shares to engage in market-making activities
with respect to the Selling Stockholder Shares. All of the foregoing may affect the marketability of the Selling Stockholder Shares and
the ability of any person or entity to engage in market-making activities with respect to the Selling Stockholder Shares.
Once sold under the registration statement, of
which this prospectus forms a part, the Selling Stockholder Shares will be freely tradeable in the hands of persons other than our affiliates.
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DESCRIPTION OF CAPITAL STOCK
We are authorized to issue up to 200,000,000 shares
of Common Stock, par value $0.001 per share and up to 10,000,000 shares of preferred stock, par value $0.001 per share.  As of August
9, 2022, we had 105,401,858 shares of our Common Stock outstanding and no shares of preferred stock outstanding.
In May 2022, the board of directors approved an
increase in the number of authorized shares of our common stock from 200,000,000 shares to 750,000,000 shares. In June 2022, the stockholders
approved the Increase in Authorized Shares. The Increase in Authorized Shares shall become effective upon the filing of a certificate
of amendment with the Secretary of State of the State of Nevada. We currently expect to file such a certificate of amendment on August
12, 2022.
Prior to the closing of the offering, we intend
to affect effected a 1-for-___ reverse stock split of our outstanding Common Stock, which will cause our then outstanding Common Stock
to decrease from ______ to ________ shares while keeping our authorized capital unchanged.
The following description is a summary, does not
purport to be complete and is subject to and qualified in its entirety by reference to our articles of incorporation and by-laws, each
as amended to date, each of which is incorporated herein by reference and are exhibits to the registration statement of which this prospectus
forms a part. We encourage you to read our articles of incorporation, our bylaws and the applicable provisions of the Nevada Revised Statutes
(the "NRS") for additional information.
Common Stock
Each holder of our Common Stock is entitled to
a pro rata share of any cash distributions made to shareholders, including any dividend payments. The holders of our Common Stock are
entitled to one vote for each share or record on all matters to be voted on by our shareholders. There is no cumulative voting with respect
to the election of our directors or any other matter. Therefore, under our charter documents, the holders of more than 50% of the shares
voted for the election of those directors can elect all of the directors. Our board of directors currently are elected as a single class.
Our board of directors may from time to time declare dividends on our outstanding shares. In the event of our liquidation, dissolution
or winding up, the holders of our Common Stock are entitled to share ratably in all assets remaining available for distribution to them
after payment of our liabilities and after provision has been made for each class of stock, if any, having any preference in relation
to our Common Stock. Holders of shares of our Common Stock have no conversion, preemptive or other subscription rights, and there are
no redemption provisions applicable to our Common Stock.
Preferred Stock
Our articles of incorporation provide that our
board of directors has the right in its discretion to issue preferred stock without approval of our shareholders and to set the series,
classes, rights, privileges and preferences of our preferred stock or any classes, or series thereof without approval. In the event of
a hostile takeover, the board of directors could potentially use this preferred stock to preserve control.
Outstanding Common Stock Warrants
As of August 9, 2022, we had 30,123,251 outstanding
warrants to purchase shares of our Common Stock at weighted average exercise price of $0.32 per share.
Outstanding Common Stock Options
As of August 9, 2022, we had 4,504,214 outstanding
options to purchase shares of our Common Stock at weighted average exercise price of $0.35 per share.
The 2018 Plan
As of August 9, 2022, the Company has granted
and has 7,859,147 options outstanding, including an aggregate of 4,418,876 outstanding stock option awards held by the named executive
officers of the Company, as well as 118,000 shares of restricted common stock issued under the 2018 Plan to certain consultants and employees.
Transfer Agent and Registrar
The transfer agent and registrar for our Common
Stock is VStock Transfer, LLC. Its telephone number is 212-828-8436.
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DESCRIPTION OF SECURITIES WE ARE OFFERING
The following
description summarizes certain important terms of our capital stock, as they are expected to be in effect immediately prior to the closing
of this offering.
The following descriptions are summaries and are qualified by reference to our certificate of incorporation and
bylaws, each as will be amended and restated
immediately prior to the closing of this offering
,
themselves. By becoming a stockholder in our Company, you will be deemed to have notice of and consented to these provisions of our certificate
of incorporation and bylaws, each as amended and restated.
On  __, 2022, we filed a certificate of
amendment to our amended and restated certificate of incorporation with the Secretary of State of the State of Delaware to effectuate
a one-for-___ (1:__) reverse stock split of our common stock without any change to its par value. Such amendment became effective on upon
such filing. No fractional shares were issued in connection with the reverse stock split as all fractional shares were rounded up to the
next whole share. Unless otherwise noted, all share and per share amounts of our common stock listed in this prospectus have been adjusted
to give effect to the reverse stock split.
Units
Each unit consists of one share of common stock,
$0.001 par value per share, and one warrant to purchase one share of our common stock, each as described further below. The common stock
and warrants will be immediately separable and will be issued separately.
Common Stock
The material terms and provisions of our common
stock are described under the caption "Description of Capital Stock" in this prospectus.
Warrants
The following summary of certain terms and
provisions of the Warrants that are being offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions
of the Warrants, the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part. Prospective
investors should carefully review the terms and provisions of the form of Warrant for a complete description of the terms and conditions
of the Warrants.
Duration and Exercise Price.
Each
Warrant offered hereby will have an initial exercise price per share equal to $ . The Warrants will be immediately exercisable and will
expire on the fifth anniversary of the original issuance date. The exercise price and number of shares of Common Stock issuable upon exercise
is subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our Common
Stock and the exercise price. The Warrants will be issued separately from the Common Stock and may be transferred separately immediately
thereafter. A Warrant to purchase one share of our Common Stock will be issued for every share of Common Stock purchased in this offering.
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Exercisability
. The Warrants will be exercisable,
at the option of each holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full
for the number of shares of our Common Stock purchased upon such exercise (except in the case of a cashless exercise as discussed below).
A holder (together with its affiliates) may not exercise any portion of the Warrant to the extent that the holder would own more than
4.99% of the outstanding common stock immediately after exercise, except that upon at least 61 days' prior notice from the holder
to us, the holder may increase the amount of ownership of outstanding stock after exercising the holder's Warrants up to 9.99% of
the number of shares of our common stock outstanding immediately after giving effect to the exercise, as such percentage ownership is
determined in accordance with the terms of the Warrants. No fractional shares of Common Stock will be issued in connection with the exercise
of a Warrant. In lieu of fractional shares, we will round down to the next whole share.
Cashless Exercise
. If, at the time a holder
exercises its Warrants, a registration statement registering the issuance of the shares of common stock underlying the Warrants under
the Securities Act is not then effective or available and an exemption from registration under the Securities Act is not available for
the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to us upon such exercise in payment
of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either in whole or in part) the net number
of shares of Common Stock determined according to a formula set forth in the Warrants.
Transferability
. Subject to applicable
laws, a Warrant in book entry form may be transferred at the option of the holder through the facilities of the Depository Trust Company
and Warrants in physical form may be transferred upon surrender of the Warrant to the Warrant Agent together with the appropriate instruments
of transfer. Pursuant to a warrant agency agreement between us and the Warrant Agent, the Warrants initially will be issued in book-entry
form and will be represented by one or more global certificates deposited with The Depository Trust Company ("DTC") and registered
in the name of Cede & Co., a nominee of DTC, or as otherwise directed by DTC.
Exchange Listing
. We intend to apply to
list the Warrants on the Nasdaq Capital Market under the symbol "BRSFW. " Upon listing, there can be no assurance that an
active public trading market for the Warrants will develop.
Right as a Stockholder
. Except as otherwise
provided in the Warrants or by virtue of such holder's ownership of shares of our common stock, the holders of the Warrants do not
have the rights or privileges of holders of our Common Stock, including any voting rights, until they exercise their Warrants.
Fundamental Transaction.
In the event
of any fundamental transaction, as described in the warrants and generally including any merger with or into another entity, sale of all
or substantially all of our assets, tender offer or exchange offer, or reclassification of our shares of common stock, then upon any subsequent
exercise of a warrant, the holder will have the right to receive as alternative consideration, for each share of common stock that would
have been issuable upon such exercise immediately prior to the occurrence of such fundamental transaction, the number of shares of common
stock of the successor or acquiring corporation of our company, if it is the surviving corporation, and any additional consideration receivable
upon or as a result of such transaction by a holder of the number of shares of common stock for which the warrant is exercisable immediately
prior to such event. Notwithstanding the foregoing, in the event of a fundamental transaction, the holders of the warrants have the right
to require us or a successor entity to redeem the warrants for cash in the amount of the Black Scholes Value (as defined in each warrant)
of the unexercised portion of the warrants concurrently with or within 30 days following the consummation of a fundamental transaction.
However, in the event of a fundamental transaction which is not in our control, including a fundamental transaction not approved by our
board of directors, the holders of the warrants will only be entitled to receive from us or our successor entity, as of the date of consummation
of such fundamental transaction the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the
unexercised portion of the warrant, that is being offered and paid to the holders of our common stock in connection with the fundamental
transaction, whether that consideration is in the form of cash, stock or any combination of cash and stock, or whether the holders of
our common stock are given the choice to receive alternative forms of consideration in connection with the fundamental transaction.
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UNDERWRITING
Joseph Gunnar & Co. LLC ("Joseph Gunnar")
is acting as representative of the underwriters (the "Representative"). Subject to the terms and conditions of an underwriting
agreement between us and the Representative, we have agreed to sell to the underwriter named below, and the underwriter named below has
agreed to purchase, at the public offering price less the underwriting discounts set forth on the cover page of this prospectus, the number
of Units listed next to its name in the following table:
Name of Underwriter
Number of Units
Joseph Gunnar & Co. LLC
The underwriter is committed to purchase all the
Units offered by us other than those covered by the Underwriters' Over-Allotment Option described below, if any, are purchased. The underwriter
is offering the Units, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by
its counsel, and other conditions contained in the underwriting agreement, such as the receipt by the underwriter of officer's certificates
and legal opinions. The underwriter reserves the right to withdraw, cancel or modify offers to the public and to reject orders in whole
or in part.
Discounts and Commissions
The underwriter proposes initially to offer the
Units to the public at the public offering price set forth on the cover page of this prospectus and to dealers at those prices less a
concession not in excess of $[●] per Unit. If all of the Units offered by us are not sold at the public offering price, the underwriter
may change the offering price and other selling terms by means of a supplement to this prospectus.
The following table shows the public offering
price, underwriting discounts and commissions and proceeds before expenses to us. The information assumes either no exercise or full exercise
of the Underwriters' Over-Allotment Option we granted to the Representative.
Per Unit
Total Without Over-Allotment Option
Total With Full Over-Allotment Option
Public offering price
$
$
$
Underwriting discount
$
$
$
Non-accountable expense allowance
$
$
$
Proceeds, before expenses, to us
$
$
$
We have agreed to pay a non-accountable expense
allowance to the Representative equal to 1% of the gross proceeds received at the closing of the offering (excluding any proceeds received
upon any subsequent exercise of the Underwriters' Over-Allotment Option).
We have also agreed to pay the Representative's
expenses relating to the offering, including (a) all filing fees and communication expenses relating to the registration of the shares
to be sold in this offering (including any Underwriters' Over-Allotment Option) with the SEC; (b) all filing fees and expenses associated
with the review of this offering by FINRA; (c) all fees and expenses relating to the listing of such shares on The Nasdaq Capital Market,
The Nasdaq Global Market, The Nasdaq Global Select Market, the NYSE or the NYSE American and on such other stock exchanges as the Company
and Joseph Gunnar together determine, including any fees charged by The Depository Trust Company (DTC) for new securities; (d) all fees,
expenses and disbursements relating to background checks of the Company's officers, directors and entities in an amount not to exceed
$15,000 in the aggregate; (e) all fees, expenses and disbursements relating to the registration or qualification of such shares under
the "blue sky" securities laws of such states and other jurisdictions as Joseph Gunnar may reasonably designate (including,
without limitation, all filing and registration fees, and the reasonable fees and disbursements of "blue sky" counsel, it
being agreed that such fees and expenses will be limited to a payment of $5,000 to such counsel upon the commencement of "blue sky"
work by such counsel and an additional $5,000 at the closing; (f) all fees, expenses and disbursements relating to the registration, qualification
or exemption of such shares under the securities laws of such foreign jurisdictions as Joseph Gunnar may reasonably designate; (g) the
costs of all mailing and printing of the underwriting documents (including, without limitation, the Underwriting Agreement, any Blue Sky
Surveys and, if appropriate, any Agreement Among Underwriters, Selected Dealers' Agreement, Underwriters' Questionnaire and
Power of Attorney), Registration Statements, Prospectuses and all amendments, supplements and exhibits thereto and as many preliminary
and final Prospectuses as Joseph Gunnar may reasonably deem necessary; (h) the costs and expenses of engaging a public relations firm;
(i) the costs of preparing, printing and delivering certificates representing the Common Stock; (j) fees and expenses of the transfer
agent for the Common Stock and warrants; (k) stock transfer and/or stamp taxes, if any, payable upon the transfer of securities from the
Company to Joseph Gunnar; (l) the costs associated with post-closing advertising the Offering in the national editions of the Wall Street
Journal and New York Times; (m) the costs associated with bound volumes of the public Offering materials as well as commemorative mementos
and lucite tombstones, each of which the Company or its designee will provide within a reasonable time after the closing in such quantities
as Joseph Gunnar may reasonably request; (n) the fees and expenses of the Company's accountants; (o) the fees and expenses of the
Company's legal counsel and other agents and representatives; (p) the fees and expenses of the Representative's legal counsel
not to exceed $150,000 if the Offering closes or $25,000 if the Offering does not close; (q) the $19,950 cost associated with the use
of Ipreo's book building, prospectus tracking and compliance software for this offering; and (r) up to $25,000 of Joseph Gunnar's
actual accountable "road show" expenses for this offering.
98
The Company has previously paid the Representative
the sum of $25,000 which shall be applied towards the foregoing expenses, which will be returned to us to the extent that offering expenses
are not actually incurred in compliance with FINRA Rule 5110(f)(2)(C).
We estimate that the total expenses of the offering
payable by us, excluding the total underwriting discount and non-accountable expense allowance, will be approximately $[●].
Underwriters' Over-Allotment Option
We have granted the underwriter an over-allotment
option. This option, which is exercisable for up to 45 days after the date of the closing of this offering, permits the underwriter to
purchase up to ________ additional shares of our Common Stock and/or Warrants to purchase up to _________ shares of our Common Stock from
us, to cover over-allotments (equal to 15% of the total number of shares of Common Stock sold in this offering). If the underwriter exercises
all or part of this option, it will purchase shares and/or Warrants included in the Units covered by the option at the public offering
price per share or Warrant that appears on the cover page of this prospectus, less the underwriting discount. If this option is exercised
in full, the total price to the public will be $[●] and the total net proceeds, less the underwriting discount but before expenses,
to us will be $[●].
Representative's Warrants
We have agreed to issue to the Representative
(or its permitted assignees) warrants ("Representative Warrants") to purchase up to a total of _______ shares of Common Stock
(5% of the shares of Common Stock included in the Units and 5% of the shares of Common Stock underlying the Warrants included in the Units,
excluding the Underwriters' Over-Allotment Option, if any).
We are registering hereby the issuance of the
Representative's Warrants and the shares of Common Stock issuable upon exercise of such warrants. The Representative Warrants will
be exercisable at any time, and from time to time, in whole or in part, during the four and one half year period commencing 180 days from
the effective date of the registration statement of which this prospectus is a part, which period is in compliance with FINRA Rule 5110(e)(1).
The Representative Warrants are exercisable for cash or on a cashless basis at a per share price equal to $[●] per share, or 110%
of the public offering price per Unit in the offering. The Representative Warrants have been deemed compensation by FINRA and are therefore
subject to a 180-day lock-up pursuant to Rule 5110(e)(1) of FINRA. The Representative (or permitted assignees) will not sell, transfer,
assign, pledge, or hypothecate these warrants or the securities underlying these warrants, nor will they engage in any hedging, short
sale, derivative, put, or call transaction that would result in the effective economic disposition of the warrants or the underlying securities
for a period of 180 days from the effective date of the registration statement of which this prospectus is a part. In addition, the Representative
Warrants provide for certain demand and piggyback registration rights. The warrants provide for one demand registration right in accordance
with Rule 5110(g)(8)(b) and unlimited piggyback registration rights. The demand registration rights and piggyback registration rights
provided will terminate 5 years from the effective date of the registration statement of which this prospectus is a part in compliance
with FINRA Rule 5110(g)(8(c), (d) and (e), respectively. We will bear all fees and expenses attendant to registering the securities issuable
on exercise of the Representative Warrants other than underwriting commissions incurred and payable by the holders. The exercise price
and number of shares issuable upon exercise of the Representative Warrants may be adjusted in certain circumstances including in the event
of a stock dividend, extraordinary cash dividend or our recapitalization, reorganization, merger or consolidation. However, the warrant
exercise price or underlying shares will not be adjusted for issuances of shares of Common Stock at a price below the warrant exercise
price.
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Placement Agent Warrants issued in Connection
with Company's June 2022 Debenture Private Placement
In connection with the Company's June 2022
private placement (the "June 2022 Debenture Private Placement") of $5,659,500 principal amount of convertible debentures and
warrants, Joseph Gunnar entered into a placement agency agreement, dated May 9, 2022 (the "May 2022 Agreement"). In addition
to cash compensation received, pursuant to the terms the May 2022 Agreement, the Placement Agent is entitled to receive warrants to purchase
2,015,626 shares of Common Stock, at an exercise price equal to the lower of (i) $0.25 per share or (ii) 75% of the 10 day VWAP of the
Company's Common Stock (the "Discounted VWAP") immediately preceding the date of the initial closing of the June 2022
Debenture Private Placement (the "June 2022 Placement Agent Warrants").
The June 2022 Placement Agent Warrants will be
exercisable for cash or on a cashless basis at a per share exercise price equal to $0.22, which price reflects the Discounted VWAP. The
June 2022 Placement Agent Warrants have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule
5110(e)(1) of FINRA. The Representative (or permitted assignees under Rule 5110(e)(2)(B)(i)) will not sell, transfer, assign, pledge,
or hypothecate these warrants or the securities underlying these warrants, nor will they engage in any hedging, short sale, derivative,
put, or call transaction that would result in the effective economic disposition of the warrants or the underlying securities for a period
of 180 days from the effective date of the registration statement of which this prospectus is a part. The June 2022 Placement Agent Warrants
shall expire on June 13, 2027. The exercise price and the number of shares of our Common Stock issuable upon exercise of the June 2022
Placement Agent Warrants may be proportionately adjusted in the event of a stock split, stock dividend, recapitalization, reorganization,
or similar event involving us in compliance with FINRA Rule 5110(g)(8)(e).
Discretionary Accounts
The underwriter does not intend to confirm sales
of the securities offered hereby to any accounts over which they have discretionary authority.
Lock-Up Agreements
Pursuant to "lock-up" agreements,
we, our executive officers and directors, and certain of our stockholders, have agreed, without the prior written consent of the Representative
not to offer, pledge, sell, contract to sell, grant, lend or otherwise transfer or dispose of any of shares of Common Stock or any securities
convertible into or exercisable or exchangeable for Common Stock (the "Lock-Up Securities"), enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, make
any demand for or exercise any right with respect to the registration of any Lock-Up Securities or publicly disclose the intention to
do any of the foregoing, subject to customary exceptions, for a period of 180 days from the closing of this offering.
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In addition to the above and in connection with
their purchase of Debentures, holders have agreed to certain market stand-off provisions pursuant to which they have agreed not to sell
or otherwise transfer Common Stock of the Company or securities convertible or exercisable into Common Stock of the Company, without the
consent of the underwriter, for a period of 90 days following the date of the closing of this offering. The lock-up letters from Debentures
holders contains provisions with respect to earlier release based on thresholds on the price of the Company's common stock and trading
volume.
Right of First Refusal and Certain Post Offering Investments
Subject to the closing of this offering and certain
conditions set forth in the underwriting agreement, for a period of twelve (12) months after the closing of the offering, Joseph Gunnar
shall have an irrevocable right of first refusal to act as sole investment banker, sole book-runner and/or sole placement agent for any
and all future public or private equity and debt offerings and business combination, including all equity linked financings, during such
twelve (12) month period for us, or any of our successors or subsidiaries, on terms customary to Joseph Gunnar. Joseph Gunnar in conjunction
with us, shall have the sole right to determine whether or not any other broker-dealer shall have the right to participate in any such
offering and the economic terms of any such participation.
Additionally, subject to certain exceptions set
forth in the underwriting agreement, if the Company terminates the underwriting agreement and subsequently completes any public or private
financing, at any time during the twelve (12) months after terminating the underwriting agreement, with any investors contacted by Joseph
Gunnar, then Joseph Gunnar shall be entitled to receive the compensation set forth above unless the Company has a pre-existing and documented
business relationship with the respective investor.
Indemnification
We have agreed to indemnify the underwriter against
certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriter may be required
to make for these liabilities.
Stabilization
In connection with this offering, the underwriter
may engage in stabilizing transactions, over-allotment transactions, syndicate-covering transactions, penalty bids and purchases to cover
positions created by short sales.
●
Stabilizing transactions permit bids to purchase securities so long as the stabilizing bids do not exceed a specified maximum, and are engaged in for the purpose of preventing or retarding a decline in the market price of the securities while the offering is in progress.
●
Over-allotment transactions involve sales by the underwriter of securities in excess of the number of securities that underwriter is obligated to purchase. This creates a syndicate short position which may be either a covered short position or a naked short position. In a covered short position, the number of securities over-allotted by the underwriter is not greater than the number of securities that they may purchase in the over-allotment option. In a naked short position, the number of securities involved is greater than the number of securities in the over-allotment option. The underwriter may close out any short position by exercising their over-allotment option and/or purchasing securities in the open market.
●
Syndicate covering transactions involve purchases of securities in the open market after the distribution has been completed in order to cover syndicate short positions. In determining the source of securities to close out the short position, the underwriter will consider, among other things, the price of securities available for purchase in the open market as compared with the price at which they may purchase securities through exercise of the
Underwriters' Over-Allotment Option
. If the underwriter sells more securities than could be covered by exercise of the
Underwriters' Over-Allotment Option
and, therefore, have a naked short position, the position can be closed out only by buying securities in the open market. A naked short position is more likely to be created if the underwriter is concerned that after pricing there could be downward pressure on the price of the securities in the open market that could adversely affect investors who purchase in the offering.
101
●
Penalty bids permit the Representative to reclaim a selling concession from a syndicate member when the securities originally sold by that syndicate member are purchased in stabilizing or syndicate covering transactions to cover syndicate short positions.
These stabilizing transactions, syndicate covering
transactions and penalty bids may have the effect of raising or maintaining the market price of our securities or preventing or retarding
a decline in the market price of our securities. As a result, the price of our securities in the open market may be higher than it would
otherwise be in the absence of these transactions. Neither we nor the underwriter make any representation or prediction as to the effect
that the transactions described above may have on the price of our securities. These transactions may be effected on The Nasdaq Capital
Market, in the over-the-counter market or otherwise and, if commenced, may be discontinued at any time.
Passive Market Making
In connection with this offering, the underwriter
and selling group members may also engage in passive market making transactions in the Units. Passive market making consists of displaying
bids limited by the prices of independent market makers and effecting purchases limited by those prices in response to order flow. Rule
103 of Regulation M promulgated by the SEC limits the amount of net purchases that each passive market maker may make and the displayed
size of each bid. Passive market making may stabilize the market price of the Units at a level above that which might otherwise prevail
in the open market and, if commenced, may be discontinued at any time.
Electronic Offer, Sale and Distribution of Shares
A prospectus in electronic format may be made
available on the websites maintained by the underwriter or selling group members, if any, participating in the offering. The underwriter
may agree to allocate a number of Units to the underwriter and selling group members for sale to their online brokerage account holders.
Internet distributions will be allocated by the Representative to the underwriter and selling group members that may make internet distributions
on the same basis as other allocations. Other than the prospectus in electronic format, the information on the underwriter's websites
and any information contained in any other website maintained by the underwriter is not part of this prospectus or the registration statement
of which this prospectus forms a part.
Other Relationships
From time to time, the underwriter and its affiliates
have provided, and may provide in the future, various advisory, investment and commercial banking and other services to us in the ordinary
course of business, for which they have received and may continue to receive customary fees and commissions. However, except as disclosed
in this prospectus, we have no present arrangements with the underwriter for any further services.
Affiliations
The underwriter and its respective affiliates are full service financial
institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory,
investment management, investment research, principal investment, hedging, financing and brokerage activities. The underwriter and its
affiliates may from time to time in the future engage with us and perform services for us or in the ordinary course of their business
for which they will receive customary fees and expenses. In the ordinary course of their various business activities, the underwriter
and its respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related
derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers,
and such investment and securities activities may involve securities and/or instruments of us. The underwrites and its respective affiliates
may also make investment recommendations and/or publish or express independent research views in respect of these securities or instruments
and may at any time hold, or recommend to clients that they acquire, long and/or short positions in these securities and instruments.
102
Market Information
The public offering price will be determined by
discussions between us and the Representative. In addition to prevailing market conditions, the factors to be considered in these discussions
will include:
●
an assessment of our management and the underwriter as to the price at which investors might be willing to participate in this offering;
●
the history of, and prospects for, our company and the industry in which we compete;
●
our past and present financial information;
●
our past and present operations, and the prospects for, and timing of, our future revenues;
●
the present state of our development; and
●
the above factors in relation to market values and various valuation measures of other companies engaged in activities similar to ours.
An active trading market for the shares may not
develop. It is also possible that after the offering the shares will not trade in the public market at or above the public offering price.
Selling Restrictions
Canada
. The
Units may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as
defined in National Instrument 45-106
Prospectus Exemptions
or subsection 73.3(1) of the Securities Act (Ontario), and
are permitted clients, as defined in National Instrument 31 103
Registration Requirements, Exemptions and Ongoing Registrant Obligations
.
Any resale of the Units must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements
of applicable securities laws.
Securities legislation in
certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement
(including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by
the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser
should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars
of these rights or consult with a legal advisor.
Pursuant to section 3A.3
of National Instrument 33 105
Underwriting Conflicts
(NI 33 105), the underwriter are not required to comply with the
disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.
European
Economic Area.
In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive
(each, a "Relevant Member State") an offer to the public of any securities may not be made in that Relevant Member State,
except that an offer to the public in that Relevant Member State of any securities may be made at any time under the following exemptions
under the Prospectus Directive, if they have been implemented in that Relevant Member State:
●
to any legal entity which is a qualified investor as defined in the Prospectus Directive;
●
to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the representatives for any such offer; or
103
●
in any other circumstances falling
within Article 3(2) of the Prospectus Directive, provided that no such offer of securities shall result in a requirement for the publication
by us or any underwriters of a prospectus pursuant to Article 3 of the Prospectus Directive.
For the purposes of this
provision, the expression an "offer to the public" in relation to any securities in any Relevant Member State means the communication
in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor
to decide to purchase any securities, as the same may be varied in that Member State by any measure implementing the Prospectus Directive
in that Member State, the expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including
the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure
in the Relevant Member State, and the expression "2010 PD Amending Directive" means Directive 2010/73/EU.
United Kingdom.
The
underwriter has represented and agreed that:
●
it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (the FSMA) received by it in connection with the issue or sale of the securities in circumstances in which Section 21(1) of the FSMA does not apply to us; and
●
it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the securities in, from or otherwise involving the United Kingdom.
Switzerland.
The
Units may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (the
SIX
) or on any other
stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards
for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses
under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland.
Neither this document nor any other offering or marketing material relating to the securities or the offering may be publicly distributed
or otherwise made publicly available in Switzerland.
Neither this document nor
any other offering or marketing material relating to the offering, or the securities have been or will be filed with or approved by any
Swiss regulatory authority. In particular, this document will not be filed with, and the offer of securities will not be supervised by,
the Swiss Financial Market Supervisory Authority FINMA, and the offer of securities has not been and will not be authorized under the
Swiss Federal Act on Collective Investment Schemes (
CISA
). Accordingly, no public distribution, offering or advertising, as defined
in CISA, its implementing ordinances and notices, and no distribution to any non-qualified investor, as defined in CISA, its implementing
ordinances and notices, shall be undertaken in or from Switzerland, and the investor protection afforded to acquirers of interests in
collective investment schemes under CISA does not extend to acquirers of securities.
Australia.
No
placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities
and Investments Commission (
ASIC
), in relation to the offering.
This prospectus does not
constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (the
Corporations
Act
) and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document
under the Corporations Act.
Any offer in Australia of
the Units may only be made to persons (the
Exempt Investors
) who are "sophisticated investors" (within the meaning
of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations
Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the
securities without disclosure to investors under Chapter 6D of the Corporations Act.
104
The securities applied for
by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under
the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant
to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies
with Chapter 6D of the Corporations Act. Any person acquiring securities must observe such Australian on-sale restrictions.
This prospectus contains
general information only and does not take account of the investment objectives, financial situation or particular needs of any particular
person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors
need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if necessary,
seek expert advice on those matters.
Notice to Prospective
Investors in the Cayman Islands.
No invitation, whether directly or indirectly, may be made to the public in the Cayman Islands
to subscribe for our securities.
Taiwan
. The
securities have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities
laws and regulations and may not be sold, issued or offered within Taiwan through a public offering or in circumstances which constitutes
an offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or approval of the Financial Supervisory
Commission of Taiwan. No person or entity in Taiwan has been authorized to offer, sell, give advice regarding or otherwise intermediate
the offering and sale of the securities in Taiwan.
Notice to Prospective
Investors in Hong Kong
. The contents of this prospectus have not been reviewed by any regulatory authority in Hong Kong. You are
advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this prospectus, you should
obtain independent professional advice. Please note that (i) our securities may not be offered or sold in Hong Kong, by means of this
prospectus or any document other than to "professional investors" within the meaning of Part I of Schedule 1 of the Securities
and Futures Ordinance (Cap.571, Laws of Hong Kong) (SFO) and any rules made thereunder, or in other circumstances which do not result
in the document being a "prospectus" within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong) (CO) or which
do not constitute an offer or invitation to the public for the purpose of the CO or the SFO, and (ii) no advertisement, invitation or
document relating to our securities may be issued or may be in the possession of any person for the purpose of issue (in each case whether
in Hong Kong or elsewhere) which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong
(except if permitted to do so under the securities laws of Hong Kong) other than with respect to the securities which are or are intended
to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the SFO and
any rules made thereunder.
Notice to Prospective
Investors in the People's Republic of China
. This prospectus may not be circulated or distributed in the PRC and the shares
may not be offered or sold, and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident
of the PRC except pursuant to applicable laws, rules and regulations of the PRC. For the purpose of this paragraph only, the PRC does
not include Taiwan and the special administrative regions of Hong Kong and Macau.
LEGAL MATTERS
The validity of the shares of Common Stock and
Warrants offered by this prospectus has been passed upon for us by Lucosky Bookman LLP, Woodbridge, New Jersey.  Littman Krooks LLP
is acting as counsel for the underwriters in connection with this offering.
EXPERTS
The consolidated balance sheets of Brain Scientific
Inc. as of December 31, 2021 and December 31, 2020, and the related consolidated statements of operations, changes in stockholders'
equity (deficit) and cash flows for the years then ended have been audited by Accell Audit & Compliance, PA, an independent registered
public accounting firm, as stated in their report which is incorporated herein. Such consolidated financial statements have been incorporated
herein in reliance on the report of such firm given upon their authority as experts in accounting and auditing.
105
WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement
on Form S-1, including exhibits and schedules, under the Securities Act that registers the securities to be sold in this offering. This
prospectus does not contain all of the information contained in the registration statement and the exhibits and schedules filed as part
of the registration statement. For further information with respect to us and our Common Stock, we refer you to the registration statement
and the exhibits and schedules filed as part of the registration statement. Statements contained in this prospectus as to the contents
of any contract or any other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration
statement, we refer you to the copies of the contract or document that has been filed. Each statement in this prospectus relating to a
contract or document filed as an exhibit is qualified in all respects by the filed exhibit.
You may read and copy all materials that we file
with the SEC, including the registration statement and its exhibits and schedules, on the website maintained by the SEC at www.sec.gov.
Information contained on any website referenced in this prospectus does not and will not constitute a part of this prospectus or the registration
statement on Form S-1 of which this prospectus is a part.
In addition, upon the closing of this offering,
we will be subject to the information reporting requirements of the Exchange Act and we will file periodic reports, proxy statements
and other information with the SEC. These periodic reports, proxy statements and other information will be available for inspection and
copying at the public reference room and the website of the SEC referred to above. We also maintain a website at www.brainscientific.com,
at which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or
furnished to, the SEC. The information contained in, or that can be accessed through, our website is not a part of, and is not incorporated
into, this prospectus. Additionally, you may request a copy of any of our filings with the SEC at no cost, by writing us at 6700 Professional
Parkway, Lakewood Ranch, FL 34240, Attn.: CFO. Our telephone number is (917) 388-1578.
You should rely only on the information contained
in this prospectus or to which we have referred you. Neither we, the selling stockholders nor the Underwriters have authorized any person
to provide you with different information or to make any representation not contained in this prospectus.
106
INDEX TO FINANCIAL STATEMENTS
Page
Three Months ended March 31, 2022 and March 31, 2021
Condensed Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021
F-2
Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three months ended March 31, 2022 and 2021 (unaudited)
F-3
Condensed Consolidated Statements of Stockholders' Deficit for the Three months ended March 31, 2022 and 2021 (unaudited)
F-4
Condensed Consolidated Statements of Cash Flows for the Three months ended March 31, 2022 and 2021 (unaudited)
F-5
Notes to Unaudited Condensed Consolidated Financial Statements
F-6
Years ended December 31, 2021 and December 31, 2020
Report of Independent Registered Public Accounting Firm (PCAOB ID Number 3289)
F-19
Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020
F-
22
Consolidated Statements of Operations and Other Comprehensive Loss for the years ended December 31,2021 and 2020
F-
23
Consolidated Statements of Stockholders' deficit for the years ended December 31, 2021 and 2020
F-
24
Consolidated Statements of Cash Flows for the years ended December 31, 2021 and 2020
F-
25
Notes to Consolidated Financial Statements.
F-26
F-
1
Brain
Scientific Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31,
2022
December 31,
2021
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash
$
346,365
$
785,363
Accounts receivable
20,079
16,922
Inventory
155,852
146,090
Advances to officers
-
16,941
Prepaid expenses and other current assets
120,511
166,458
TOTAL CURRENT ASSETS
642,807
1,131,774
Property and equipment, net
121,112
122,979
Intangible assets, net
10,728,269
10,920,577
Goodwill
913,184
913,184
Operating lease right-of-use asset - LT
144,380
191,702
Other long-term assets
90,000
95,000
TOTAL ASSETS
$
12,639,752
$
13,375,216
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued expenses
$
2,761,878
$
2,987,264
Accounts payable and accrued expenses - related party
75,000
75,000
Accrued Interest
543,222
356,998
Convertible notes payable - short term
337,000
337,000
Notes payable
300,000
320,000
Loans payable
6,667
6,667
Notes payable - related party
155,947
155,989
Operating lease liability, current portion
75,814
104,591
TOTAL CURRENT LIABILITIES:
4,255,528
4,343,509
Convertible notes payable, net
10,802,005
9,635,551
Operating lease liability, net of current portion
71,099
91,089
TOTAL LIABILITIES
15,128,632
14,070,149
Commitments and contingencies
STOCKHOLDERS' DEFICIT
Preferred stock, $
0.001
par value;
10,000,000
shares authorized,
0
shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
-
-
Common stock, $
0.001
par value;
200,000,000
shares authorized,
50,578,003
and
50,217,308
shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
50,578
50,217
Additional paid in capital
21,902,942
21,537,763
Accumulated deficit
(
24,438,861
)
(
22,278,923
)
Accumulated other comprehensive loss
(
3,539
)
(
3,990
)
TOTAL STOCKHOLDERS' DEFICIT
(
2,488,880
)
(
694,933
)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
$
12,639,752
$
13,375,216
The accompanying notes are an integral part of these consolidated financial
statements.
F-
2
Brain Scientific
Inc. and Subsidiaries
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended
March 31,
2022
2021
REVENUE
$
159,588
$
1,475
COST OF GOODS SOLD
106,675
575
GROSS PROFIT
52,913
900
SELLING, GENERAL AND ADMINISTRATIVE
Research and development
84,717
55,165
Professional fees
187,766
50,057
Sales and marketing expenses
191,471
43,773
Share based compensation
298,301
-
General and administrative expenses
1,185,456
559,462
TOTAL SELLING, GENERAL AND ADMINISTRATIVE
1,947,711
708,457
LOSS FROM OPERATIONS
(
1,894,798
)
(
707,557
)
OTHER INCOME (EXPENSE):
Interest expense
(
271,919
)
(
58,785
)
Other income
6,904
-
Gain on forgiveness of paycheck protection loan
-
112,338
Foreign currency transaction loss
(
125
)
-
TOTAL OTHER EXPENSE
(
265,140
)
53,553
LOSS BEFORE INCOME TAXES
(
2,159,938
)
(
654,004
)
PROVISION FOR INCOME TAXES
-
-
NET LOSS
(
2,159,938
)
(
654,004
)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment
451
-
TOTAL COMPREHENSIVE LOSS
(
2,159,487
)
(
654,004
)
NET LOSS PER COMMON SHARE
Basic and diluted
$
(
0.04
)
$
(
0.02
)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic and diluted
50,553,957
29,520,454
The accompanying notes are an integral part of these consolidated financial
statements.
F-
3
Brain
Scientific Inc. and Subsidiaries
CONSOLIDATED
STATEMENTS OF STOCKHOLDERS' DEFICIT
Series A
Preferred
Series B
Preferred
Series C
Preferred
Additional
Accumulated
Other
Stock
Stock
Stock
Common Stock
Paid-in
Accumulated
Comprehensive
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Capital
Deficit
Income
Total
Balances at December 31, 2021
-
-
-
-
-
-
50,217,308
$
50,217
$
21,537,763
$
(
22,278,923
)
$
(
3,990
)
$
(
694,933
)
Fair value of stock options vested
-
-
-
-
-
-
-
-
235,690
-
-
235,690
Issuance of common stock for services
-
-
-
-
-
-
360,695
361
129,489
-
-
129,850
Foreign currency translation adjustment
-
-
-
-
-
-
-
-
-
-
451
451
Net loss
-
-
-
-
-
-
-
-
-
(
2,159,938
)
-
(
2,159,938
)
Balances at March 31, 2022
-
$
-
-
$
-
-
$
-
50,578,003
$
50,578
$
21,902,942
$
(
24,438,861
)
$
(
3,539
)
$
(
2,488,880
)
Balances at December 31, 2020
-
-
-
-
-
-
29,520,454
$
29,520
$
11,141,129
$
(
13,178,237
)
$
-
$
(
2,007,588
)
Net loss
-
-
-
-
-
-
-
-
-
(
654,004
)
$
-
(
654,004
)
Balances at March 31, 2021
-
$
-
-
$
-
-
$
-
29,520,454
$
29,520
$
11,141,129
$
(
13,832,241
)
$
-
$
(
2,661,592
)
The accompanying notes are an integral part of these consolidated financial
statements.
F-
4
Brain Scientific
Inc. and Subsidiaries
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31,
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(
2,159,938
)
$
(
654,004
)
Change in net loss to net cash used in operating activities:
Depreciation and amortization expense
200,683
5,333
Amortization of debt discount and non-cash interest expense
16,454
-
Gain on forgiveness of paycheck protection loan
-
(
112,338
)
Gain on settlement of lease
(
1,660
)
-
Fair value of stock options vested
298,301
-
Changes in operating assets and liabilities:
Accounts receivable
(
3,157
)
-
Inventory
(
9,762
)
(
4,912
)
Officer advances
16,941
(
6,075
)
Prepaid expenses and other current assets
45,947
(
7,378
)
Other long-term assets
5,000
-
Accounts payable and accrued expenses
(
158,147
)
47,205
Accrued interest
255,465
58,786
Operating lease liabilities, net
215
421
NET CASH USED IN OPERATING ACTIVITIES
$
(
1,493,658
)
$
(
672,962
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment
$
(
6,508
)
$
(
20,122
)
NET CASH USED IN INVESTING ACTIVITIES
$
(
6,508
)
$
(
20,122
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from convertible notes payable
$
1,150,000
$
1,319,982
Repayment of promissory note and interest
(
89,241
)
-
NET CASH PROVIDED BY FINANCING ACTIVITIES
$
1,060,759
$
1,319,982
Effect of exchange rate changes on cash
409
NET CHANGE IN CASH
(
438,998
)
626,898
CASH AT BEGINNING OF THE PERIOD
785,363
68,943
CASH AT END OF THE PERIOD
$
346,365
$
695,841
Supplemental Disclosure of Cash Flow Information
Cash paid for interest
$
69,241
$
-
Cash paid for taxes
$
-
$
-
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Accounts payable settled with share issuance
$
129,850
$
-
The accompanying notes are an integral part of these unaudited
condensed consolidated financial statements.
F-
5
BRAIN SCIENTIFIC INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(unaudited)
NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS
Brain Scientific Inc. (the "Company"),
was incorporated under the laws of the state of Nevada on November 18, 2013 under the name All Soft Gels Inc. On October 1, 2021, the
Company acquired Piezo Motion Corp ("Piezo"), a privately held Delaware corporation formed in January 2020. Upon completion
of the acquisition, Piezo is treated as the surviving entity and accounting acquirer although the Company was the legal acquirer. Accordingly,
the Company's historical financial statements are those of Piezo.. The Company has two lines of operations The MemoryMD subsidiary
group is involved in cloud computing, data analytics and medical device technology in the NeuroTech and brain monitoring industries seeking
to commercialize its EEG devices and caps. The Piezo subsidiary group is focused on the ultrasonic standing wave-type piezo motor technology
for rotary and linear motion and has experience in the research and development, as well as the manufacturing, of piezo motors for high-tech
industries across the globe. The Company is headquartered in Sarasota, Florida.
Reverse Merger and Corporate Restructure
On June 11, 2021, the Company entered into a merger
agreement (the "Merger Agreement") with Piezo and BRSF Acquisition Inc. to acquire Piezo (the "Acquisition").
The transactions contemplated by the Merger Agreement were consummated on October 1, 2021 and, pursuant to the terms of the Merger Agreement,
all outstanding shares of Piezo were exchanged for
29,520,454
shares of the Company's common stock and Piezo became the Company's
wholly owned subsidiary.
The Merger was effected pursuant to the Merger
Agreement. The Merger is being accounted for as a reverse merger whereby Piezo is the acquirer for accounting purposes. Piezo is
considered the acquiring company for accounting purposes as upon completion of the Merger, Piezo's former stockholders held a majority
of the voting interest of the combined company.
Pursuant to the Merger, the Company issued shares
of its common stock to Piezo's stockholders, at an exchange ratio of
2.93
shares of the Company's common stock.
All references to common stock, share and per
share amounts have been retroactively restated to reflect the reverse recapitalization as if the transaction had taken place as of the
beginning of the earliest period presented.
Acquisition Accounting
The fair value of Brain Scientific assets acquired
and liabilities assumed was based upon management's estimates assisted by an independent third-party valuation firm.
The following table summarizes the allocation
of purchase price of the acquisition:
Tangible Assets Acquired:
Allocation
Net working capital
(
1,186,622
)
Right of use asset
40,093
Lease liability
(
46,970
)
Net Tangible Assets Acquired
$
(
1,193,499
)
Intangible Assets Acquired:
Brain Scientific Trade Name
133,000
MemoryMD Trade Name
533,000
Neurocap Trade Name
188,000
Neuro EEG Trade Name
11,000
Customer Relationships
(
29,000
)
NeuroCap Developed Technology
10,242,000
NeuroEEG Developed Technology
35,000
Total Fair Value of Assets Acquired
$
11,113,000
Consideration:
Fair value of equity received
7,240,222
Liabilities assumed
2,978,152
Loans forgiven
605,311
Goodwill
$
913,184
F-
6
Unaudited Interim Financial Information
The Company has prepared the accompanying condensed
consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC")
for interim financial reporting. These consolidated financial statements are unaudited and, in the Company's opinion, include all
adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of its balance sheets, operating
results, and cash flows for the periods presented. Operating results for the periods presented are not necessarily indicative of the results
that may be expected for 2021. Certain information and footnote disclosures normally included in consolidated financial statements
prepared in accordance with accounting principles generally accepted in the United States ("GAAP") have been omitted in accordance
with the rules and regulations of the SEC. These consolidated financial statements should be read in conjunction with the audited financial
statements and accompanying notes.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Basis of Presentation
The accompanying consolidated financial statements
have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP").
Principles of Consolidation
The Company evaluates the need to consolidate
affiliates based on standards set forth in ASC 810 Consolidation ("ASC 810").
The consolidated financial statements include
the accounts of the Company and its subsidiaries, Piezo Motion Corp, Discovery Technology International, Inc., MemoryMD US, MemoryMD –
Russia and MemoryMD - Europe. All significant consolidated transactions and balances have been eliminated in consolidation.
Use of Estimates
The preparation of financial statements in accordance
with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures
of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates. Significant estimates include the useful life of property and
equipment and assumptions used in the valuation of options and warrants.
The Effects of COVID-19
The World Health Organization (WHO) declared the
coronavirus outbreak a pandemic on January 30, 2020. Since the outbreak in China in December 2019, COVID-19 has expanded its impact to
Europe, where all of our operations reside, as well as our employees, suppliers and customers. While the disruption is currently expected
to be temporary, there is considerable uncertainty around the duration of the closings and shelter-in-place orders and the ultimate impact
of governmental initiatives. However, the financial impact and duration cannot be reasonably estimated at this time.
Cash and Cash Equivalents
The Company considers all highly liquid temporary
cash investments with an original maturity of three months or less to be cash equivalents. At March 31, 2022 and December 31, 2021, the
Company had no cash equivalents.
The Company's cash is held with financial
institutions, and the account balances may, at times, exceed the Federal Deposit Insurance Corporation (FDIC) insurance limit. Accounts
are insured by the FDIC up to $
250,000
per financial institution. The Company has not experienced any losses in such accounts with these
financial institutions. As of March 31, 2022, and December 31, 2021, the Company had $
0
and $
277,989
, respectively, in excess over the
FDIC insurance limit.
I
nventory
Inventory consists of finished goods that are
valued at lower of cost or market using the weighted average method.
F-
7
Property and Equipment
Property, plant and equipment are carried at cost.
Depreciation is provided on the straight-line method over the assets estimated service lives. Expenditures for maintenance and repairs
are charged to expense in the period in which they are incurred, and betterments are capitalized. The cost of assets sold or abandoned
and the related accumulated depreciation are eliminated from the accounts and any gains or losses are reflected in the accompanying statements
of operations of the respective period. The estimated useful lives range from
3
to
7
years.
Intangible assets, net
Intangible assets are measured at cost less accumulated
amortization and impairment losses, if any.
Intangible assets are amortized on a straight-line
basis over their estimated useful lives, which do not exceed the contractual period, if any. The estimated useful lives, residual values,
and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively.
Patents
3
-
15
years
Licenses and trademarks
9
years
Customer relationships
13
years
Amortization expense is included in the consolidated
income statement within general and administrative expenses.
The asset is tested for impairment if there is
a trigger for impairment.
Goodwill
Goodwill represents the excess of the consideration
transferred over the fair value of the net identifiable assets acquired. Goodwill is evaluated for impairment annually or whenever we
identify certain triggering events or circumstances that would more likely than not reduce the fair value of a reporting unit below its
carrying amount. Events or circumstances that might indicate an interim evaluation is warranted include, among other things, unexpected
adverse business conditions, macro and reporting unit specific economic factors (for example, interest rate and foreign exchange rate
fluctuations, and loss of key personnel), supply costs, unanticipated competitive activities, and acts by governments and courts.
Convertible Notes Payable
The Company has issued convertible notes, which
contain variable conversion features, whereby the outstanding principal and accrued interest automatically convert into common shares
at a fixed price which may be at a discount to the common stock at the time of conversion. For certain notes, the conversion features
are contingent upon future events, whereby, the holder agreed not to convert until the contingent future event has occurred.
Revenue Recognition
On January 1, 2018, the Company adopted ASC Topic
606 Revenue from Contracts with Customers. This guidance requires an entity to recognize revenue by applying the following steps: 
(1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price;
(4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation
is satisfied. Once the steps are met, revenue is recognized, generally upon receiving a letter of acceptance from the customer. There
has been no material effect on the Company's financial statements as a result of adopting Topic 606.
The Company recognizes revenue from the sale of
NeuroCaps, as well as revenue from the sale of goods purchased through manufacturers of medical devices. Primarily all revenues for the
three months ended March 31, 2022 are from the sale of medical devices purchased from Neurotech, a related party. Revenues for the three
months ended March 31, 2021 of $
1,475
related to the sales of evaluation kits.
F-
8
Research and Development Costs
The Company expenses all research and development
costs as they are incurred. Research and development includes expenditures in connection with in-house research and development salaries
and staff costs, application and filing for regulatory approval of proposed products, regulatory and scientific consulting fees, as well
as contract research, data collection, and monitoring, related to the research and development of the cloud infrastructure, data imaging,
and proprietary products and technology. Research and development costs recognized in the statement of operations for the three months
ended March 31, 2022 and 2021 were $
84,717
and $
55,165
, respectively.
Sales and Marketing
Advertising and marketing costs are expensed as
incurred. Advertising and marketing costs recognized in the statement of operations for the three months ended March 31, 2022 and 2021
were $
191,471
and $
43,773
, respectively.
Stock-based Compensation
The Company measures and recognizes compensation
expense for all stock-based payments at fair value over the requisite service period. The Company uses the Black-Scholes option pricing
model to determine the weighted average fair value of options and warrants. Equity-based compensation expense is recorded in administrative
expenses based on the classification of the employee or vendor. The determination of fair value of stock-based payment awards on the date
of grant using an option-pricing model is affected by our stock price as well as by assumptions regarding a number of subjective variables.
These variables include, but are not limited to, the expected stock price volatility over the term of the awards, and actual and projected
employee stock option exercise behaviors.
Basic and Diluted Net Loss Per Common Share
Basic net loss per share is computed by dividing
the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed
by dividing the net loss by the weighted average number of common shares outstanding for the period and, if dilutive, potential common
shares outstanding during the period. Potentially dilutive securities consist of the incremental common shares issuable upon exercise
of common stock equivalents such as stock options, warrants and convertible debt instruments. Potentially dilutive securities are excluded
from the computation if their effect is anti-dilutive. As a result, the basic and diluted per share amounts for all periods presented
are identical. In the three months ended March 31, 2022 and 2021,
73,193,185
, and
0
anti-dilutive securities were excluded from the computation,
respectively.
Fair Value of Financial Instruments
The Company's financial instruments are
measured and recorded at fair value based on inputs and assumptions that market participants would use in pricing an asset or a liability.
Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. When determining fair value, management considers the principal or most advantageous
market in which the Company would transact, and also considers assumptions that market participants would use when pricing the asset or
liability, such as inherent risk, transfer restrictions, and risk of non-performance.
Fair value is determined for assets and liabilities
using a three-tiered value hierarchy into which these assets and liabilities are grouped based upon significant inputs as follows:
●
Level 1 - Quoted prices in active markets for identical assets or liabilities.
●
Level 2 - Observable inputs, other than Level 1 prices, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
●
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. When a determination is made to classify a financial instrument within Level 3, the determination is based upon the lack of significance of the observable parameters to the overall fair value measurement. However, the fair value determination for Level 3 financial instruments may consider some observable market inputs.
F-
9
The lowest level of significant input determines
the placement of the entire fair value measurement in the hierarchy. The carrying values of cash, prepaid expenses and other current assets,
convertible notes, accounts payable, loans payable and due to others approximate fair value due to the short-term nature of these items.
The Company did not have any other Level 1, Level
2 or Level 3 assets or liabilities as of March 31, 2022 and December 31, 2021.
Income Taxes
The Company accounts for income taxes using the
asset-and-liability method in accordance with ASC Topic 740, "Income Taxes". Deferred 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 and tax credit carry forwards. Deferred 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 the deferred tax assets and liabilities of a change in tax rate is recognized in the period that includes the enactment
date. A valuation allowance is recorded if it is more-likely-than-not that some portion or all of the deferred tax assets will not be
realized in future periods.
The Company follows the guidance in ASC Topic
740-10 in assessing uncertain tax positions. The standard applies to all tax positions and clarifies the recognition of tax benefits in
the financial statements by providing for a two-step approach of recognition and measurement. The first step involves assessing whether
the tax position is more-likely-than-not to be sustained upon examination based upon its technical merits. The second step involves measurement
of the amount to be recognized. Tax positions that meet the more-likely-than-not threshold are measured at the largest amount of tax benefit
that is greater than
50
% likely of being realized upon ultimate finalization with the taxing authority. The Company recognizes the impact
of an uncertain income tax position in the financial statements if it believes that the position is more likely than not to be sustained
by the relevant taxing authority. The Company will recognize interest and penalties related to tax positions in income tax expense. As
of March 31, 2022, and December 31, 2021, the Company had no unrecognized uncertain income tax positions.
Reclassification
Certain prior years balances have been reclassified to conform to current
year presentation.
Recently Issued Accounting Pronouncements
From time to time, new accounting pronouncements
are issued by the Financial Accounting Standard Board ("FASB") or other standard setting bodies that the Company adopts as
of the specified effective date. Unless otherwise discussed, the Company does not believe that the impact of recently issued standards
that are not yet effective will have a material impact on the Company's financial position or results of operations upon adoption.
NOTE 3 – GOING CONCERN
The accompanying financial statements have been
prepared in conformity with U.S. GAAP, which contemplate continuation of the Company as a going concern for a period of one year from
the issuance of these financial statements. For the three months ended March 31, 2022, the Company had $
159,588
in revenues, a net loss
of $
2,159,938
and had net cash used in operations of $
1,493,658
. Additionally, as of March 31, 2022, the Company had working capital deficit,
stockholders' deficit and accumulated deficit of $
3,612,721
, $
2,488,880
and $
24,438,861
, respectively. It is management's
opinion that these conditions raise substantial doubt about the Company's ability to continue as a going concern for a period of
twelve months from the date of the issuance of these financial statements.
The financial statements do not include any adjustments
to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities
that may result from the outcome of this uncertainty.
Successful completion of the Company's development
program and, ultimately, the attainment of profitable operations are dependent upon future events, including obtaining adequate financing
to fulfill its development activities, acceptance of the Company's patent applications and ultimately achieving a level of sales
adequate to support the Company's cost structure. However, there can be no assurances that the Company will be able to secure additional
equity investments or achieve an adequate sales level.
F-
10
NOTE 4 – INVENTORY
March 31,
2022
December 31,
2021
Raw materials
$
99,319
$
93,190
Parts
11,857
11,857
Finished goods
44,676
41,043
Total
$
155,852
$
146,090
NOTE 5 – PREPAID EXPENSES AND OTHER CURRENT
ASSETS
March 31,
2022
December 31,
2021
Prepaid insurance
$
68,451
$
105,900
Other prepaid expenses
37,682
46,170
Lease deposits
14,378
14,378
Other assets
-
10
Total
$
120,511
$
166,458
As of March 31, 2022 and December 31, 2021, there was a total amount
of $
90,000
and $
95,000
of long-term prepaid insurance, respectively.
NOTE 6 – PROPERTY AND EQUIPMENT
Property and equipment, net consists of the following:
March 31,
2022
December 31,
2021
Machinery and equipment
$
183,186
$
176,678
Leasehold improvements
12,283
12,283
195,469
188,961
Less: Accumulated depreciation
(
74,357
)
(
65,982
)
Total
$
121,112
$
122,979
Depreciation expense was $
8,375
and $
5,333
for
the three months ended March 31, 2022 and 2021, respectively.
F-
11
NOTE 7 – INTANGIBLE ASSETS, NET
The components of the acquired intangible assets
were as follows:
Preliminary
Average
Fair
Value
Estimated
Life
Patent products
$
10,277,000
3.3
-
15.4
Licenses and trademarks
865,000
9
Customer/distribution list
(
29,000
)
12.5
$
11,113,000
Accumulated amortization
(
192,423
)
Total
10,920,577
March 31,
2022
December 31,
2021
Intangible assets
$
11,113,000
$
11,113,000
Less: Accumulated depreciation
(
384,731
)
(
192,423
)
Total
$
10,728,269
$
10,920,577
NOTE 8 – ACCOUNTS PAYABLE AND ACCRUED
EXPENSES
Accounts payable as of March 31, 2022 and December
31, 2021 consisted of the following:
March 31,
2022
December 31,
2021
Trade payables
$
1,092,710
$
1,101,028
Accrued payroll and related expenses
1,498,011
1,593,925
Accrued expenses
171,157
255,820
Customer deposits
-
36,491
Total
$
2,761,878
$
2,987,264
NOTE 9 – ACCOUNTS PAYABLE AND ACCRUED
EXPENSES – RELATED PARTY
Accounts payable related parties as of March
31, 2022 and December 31, 2021 consists of accrued director's fees in the amount of $
75,000
.
NOTE 10 – CONVERTIBLE NOTES PAYABLE
– SHORT TERM
Assumed convertible debt
As part of the merger, the Company assumed $
891,133
of outstanding convertible debt. During the fourth quarter of 2021, the Company paid off $
574,133
, and signed an amendment to one of the
debt agreements increasing the debt by $
20,000
, resulting in an outstanding balance of the assumed convertible debt as of March 31, 2022
and December 31, 2021 of $
337,000
. The assumed convertible debt is made up of the 2019 Note and the Convertible Grid note whose terms
described below.
2019 Note
On December 31, 2019, the Company entered into
a Securities Purchase Agreement and issued and sold to a third party a Convertible Note in the original principal amount of $
275,000
(the
"Note"), and a warrant to purchase
100,000
shares of the Company's common stock (the "Warrant"). A one-time
interest charge of
8
% was applied on December 31, 2019 and will be payable, along with the Principal, on the maturity date.
On December 30, 2021,
the Company signed an allonge amending the Note extending the maturity date to April 30, 2022 and amending the outstanding balance and
payment schedule to provide for two equal payments of $60,000 on March 31, 2022 and April 30, 2022. On March 31, 2022 the Company signed
an allonge amending the Note, extending the maturity date to December 31, 2022 and amended the outstanding balance and payment schedule
to provide for seven monthly payments of $10,000 plus interest at the rate of 14% per annum. The first monthly payment is payable on June
30, 2022. A final payment of $50,000 plus interest is due upon maturity. The outstanding principal balance as of March 31, 2022 and December
31, 2021 was $87,000.
F-
12
The unpaid outstanding principal amount and accrued
and unpaid interest under the Note shall be convertible into shares of the Company's common stock at any time at the option of the
investor.
The conversion price was set at the merger to $0.28 which is equal to 80% multiplied by the price per share used in the merger
calculations.
The Note contains a price-based anti-dilution
provision, pursuant to which the conversion price of the Note shall be reduced upon the occurrence of certain dilutive issuances of Company
securities as set forth in the Note. The conversion of the Note is also subject to a beneficial ownership limitation of 4.99% of the number
of shares of common stock outstanding immediately after giving effect to such conversion. In the event the Company, prior to the maturity
date of the Note, issues any Security (as defined in the Note) with any term more favorable to the holder of such Security or with a term
in favor of the holder of such Security that was not similarly provided to the Investor, then at the Investor's option such term
shall become a part of the Note. The Company also agreed to provide piggy-back registration rights to the investor pursuant to which the
Company shall include all shares issuable upon conversion of the Note on the next registration statement the Company files with the Securities
and Exchange Commission.
The Note contains events of default which, among
other things, entitle the Investor to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid interest on,
the Note. Upon the occurrence of any event of default, the outstanding balance shall immediately and automatically increase to 130% of
the outstanding balance immediately prior to the event of default, and the conversion price of the Note shall be redefined to equal 65%
of the lowest trade accruing during the 10 consecutive Trading Days (as defined in the Note) immediately preceding the applicable Conversion
Date (as defined in the Note). Nickolay Kukekov, a director of the Company, and a third party, each has personally guaranteed the repayment
of the Note.
The Warrant has an exercise price of $1.25 per
share (the "Exercise Price"), subject to adjustments as provided in the Warrant, and has a term of five years. The Warrant
contains a price-based anti-dilution provision, pursuant to which the exercise price of the Warrant shall be reduced upon the occurrence
of certain dilutive issuances of securities as set forth in the Warrant, with a corresponding increase in the number of shares underlying
the Warrant if the dilutive event occurs during the first three years of the Warrant, and a cashless exercise provision. The exercise
of the Warrant is subject to a beneficial ownership limitation of 9.99% of the number of shares of common stock outstanding immediately
after giving effect to such exercise.
Convertible Grid Notes
On April 21, 2020, the Company issued a Convertible
Grid Promissory Note (the "Caleca Note") to Thomas J. Caleca ("Caleca"), an existing stockholder of the Company,
pursuant to which Caleca agreed to advance to the Company the aggregate principal amount of $
125,000
(the "Caleca Aggregate Advance").
The Company also issued to Caleca a common stock purchase warrant (the "Caleca Warrant"), granting Caleca the right to purchase
up to
750,000
shares of the Company's common stock at a per share exercise price of $
0.80
(subject to adjustment as set forth in
the Caleca Warrant).
Also on April 21, 2020, the Company issued a Convertible
Grid Promissory Note (the "Brown Note", and together with the Caleca Note, the "Grid Notes") to Andrew Brown ("Brown",
and together with Caleca, the "Grid Investors"), an existing stockholder of the Company, pursuant to which Brown agreed to
advance to the Company the aggregate principal amount of $
125,000
(the "Brown Aggregate Advance", and together with the Caleca
Aggregate Advance, the "Aggregate Advance"). The Company also issued to Brown a common stock purchase warrant (the "Brown
Warrant", and together with the Caleca Warrant, the "Grid Warrants"), granting Brown the right to purchase up to
750,000
shares of the Company's common stock at a per share exercise price of $
0.80
(subject to adjustment as set forth in the Brown Warrant).
The Grid Warrants are exercisable at any time commencing on the eighteen-month anniversary of the issuance of the Grid Warrants (as may
be accelerated pursuant to the terms of the Grid Warrants) and expiring on the five-year anniversary of the issuance of the Grid Warrants. In
2021, the terms of the Grid Warrants were amended extending the first date of exercise to October 21, 2022.
The Grid Notes bear interest on the unpaid balances
at a fixed simple rate of twelve percent (
12%
) per annum (subject to a rate increase if the Company commits an Event of Default (as defined
in the Grid Notes)), computed based on a 360-day year of twelve 30-day months, commencing on the date of the respective advance and payable
quarterly. The principal amount of the Aggregate Advance, or so much thereof as has been advanced to the Company by the Grid Investors
from time to time pursuant to the Grid Notes, was payable on April 21, 2021, which was amended to April 21, 2022. The Company has a total
outstanding principal balance of $
250,000
as of March 31, 2022 and December 31, 2021 and accrued interest of $
35,532
and $
28,032
as of
March 31, 2022 and December 31, 2021, respectively. Subsequent to the balance sheet date, the Grid Notes and accrued interest were converted
into
287,242
shares of common stock.
The unpaid outstanding principal amount and accrued
and unpaid interest under the Grid Notes shall be convertible at any time prior to the maturity date of the Grid Notes at the election
of the Grid Investors into such number of shares of the Company's common stock obtained by dividing the amount so converted by $
1.00
(the "Conversion Price").
At the maturity date of the Grid Notes, all of the remaining unpaid outstanding principal amount
and accrued and unpaid interest (the "Outstanding Balance") under the Grid Notes shall automatically convert into such number
of shares of the Company's common stock obtained by dividing the Outstanding Balance by the Conversion Price. The Grid Notes may
not be prepaid by the Company in whole or in part without the prior written consent of the respective Grid Investor.
The Grid Notes contain customary events of default,
which, if uncured, entitle the Grid Investors to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid
interest on, their Grid Notes.
F-
13
NOTE 11 – NOTES PAYABLE
December 28, 2020 Note
On December 28, 2020, the Company entered into
a Securities Purchase Agreement (the "December Purchase Agreement") dated as of December 28, 2020 (the "December 28
Issuance Date") and issued and sold to an investor a Promissory Note (the "December 28 Note") in the aggregate principal
amount of $
300,000
. Pursuant to the December Purchase Agreement, in connection with the issuance of the December 28 Note, the Company
issued two common stock purchase warrants (separately, "Warrant A" and "Warrant B", and together, the "December
Warrants") to the investor, allowing the investor to purchase an aggregate of
500,000
shares of the Company's common stock,
with Warrant A being a commitment fee of
250,000
shares of common stock, and Warrant B being fully earned upon issuance as an additional
commitment fee of
250,000
shares of common stock, provide that Warrant B is returnable to the Company upon the repayment of the December
28 Note, as an additional incentive for the repayment of the December 28 Note. The net amount received by the Company during the year
ended December 31, 2020 was approximately $
265,000
after payment of certain fees to the investor or on behalf of the investor. The December
28 Note bears interest commencing on the December 28 Issuance Date at a fixed rate of
12
% per annum on any unpaid principal balance,
and will be payable, along with the principal amount, on December 28, 2021.
A lump-sum interest payment for
one year
is due
on the December 28 Issuance Date and added to the principal balance and payable on the maturity date of the December 28 Note or upon
acceleration or by prepayment or otherwise, notwithstanding the number of days which the principal is outstanding. Principal payments
shall be made in 6 installments each in the amount of $
56,000
commencing 180 days following the Issue Date (as defined in the Note) and
continuing thereafter each 30 days for 5 months. The Company recorded debt discount of $
300,000
related to the December 28 Note, which
was fully amortized as of December 31, 2021. The Company has a total outstanding principal balance of $
300,000
as of March 31, 2022.
On December 28, 2021, the December 28 Note was
amended to add $
33,600
of interest, and to amend the payment terms to two equal payments of $
184,800
due on February 28, 2022 and March
31, 2022. During the three months ended March 31, 2022, the Company made a payment of $
65,300
in respect of the outstanding interest.
The Company is in the process of renegotiating the payment terms of the outstanding principal and remaining interest.
Provided that an event of default under the December
28 Note has not occurred, the Company may prepay in whole or in part the amounts outstanding under the December 28 Note without a prepayment
penalty.
The December 28 Note contains customary events
of default which entitle the investor, among other things, to accelerate the due date of the unpaid principal amount of, and all accrued
and unpaid interest on, the December 28 Note. Upon an event of default, interest shall accrue at a default interest rate of
24
% per annum
or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. The December 28
Note further contains monetary penalties in the event of certain events of default or breaches.
The December Warrants each have an exercise price
of $
1.20
, subject to customary adjustments, and may be exercised at any time until the three-year anniversary of the December Warrants;
provided, however, in the event the Company repays the December 28 Note in its entirety on or prior to the maturity date of the December
28 Note, Warrant B shall automatically expire and may only be exercised in the event it does not so automatically expire. The December
Warrants include a cashless exercise provision as set forth therein.
NOTE 12 – CONVERTIBLE NOTES PAYABLE
2021 Notes
In conjunction with
the closing of the Merger on October 1, 2021, the Company conducted an initial closing under a private offering (the "Offering")
of
10
% convertible promissory notes due and payable on April 1, 2023 (the "2021 Notes"). As part of the Offering, the Company
exchanged the 2020 Notes and accrued interest as well as additional notes issued in 2021 with the same terms as the 2020 Notes and their
accrued interest amounting to $
4,328,407
, as well as $
1,540,508
of debt assumed in the merger into 2021 Notes. At the merger, the Company
also issued a convertible promissory note to an investor in the amount of $
2,950,000
with proceeds of $
2,850,000
net of an original issuance
discount, with the same terms as the 2021 Notes. The balance of the debt discount at March 31, 2022 and December 31, 2021 was $
66,910
and $
83,364
, respectively. Each holder of the 2021 Notes, provided that the note is still then outstanding, will be issued, on the earlier
of (i) the date, if any, upon which the Company's common stock is listed for trading on the NASDAQ stock exchange (the "Uplist"),
and (ii) the date that is eighteen months from the date of issuance, a warrant to purchase an amount of shares of the Company's
common stock, equal to such holder's Warrant Share Amount. For purposes of the foregoing, a holder's "Warrant Share
Amount" means (i) if such Warrant is issued in connection with the Uplist, one half of the initial principal balance of such Holder's
Note at issuance divided by the lesser of (A) $
0.40
, and (B) and the greater of (x) $
0.20
and (y) one hundred twenty percent (
120
%) of
the closing price for the Company's common stock on the trading day prior to the date of the Uplist, and (ii) if such Warrant is
issued otherwise than in connection with the Uplist, the initial principal balance of such Holder's Note, divided by the lesser
of (A) $
0.40
, and (B) and the greater of (x) $
0.20
and (y) one hundred twenty percent (
120
%) of the volume weighted average price ("VWAP")
for the Company's common stock over the five consecutive trading days immediately preceding the date that is eighteen months from
the date of issuance. The 2021 Notes contain mandatory and voluntary conversion features as detailed in the agreement.
On December 21, 2021, the Company consummated
the second closing of the Offering whereby the Company entered into a Securities Purchase Agreement (the "SPA") with three
accredited investors, pursuant to which the investors purchased from the Company, 2021 Notes in the principal amount of $
900,000
.
F-
14
During the three months ended March 31, 2022,
the Company consummated the third closing of the Offering whereby the Company entered into a Securities Purchase Agreement (the "SPA")
with three accredited investors, pursuant to which the investors purchased from the Company, 2021 Notes in the principal amount of $
1,150,000
.
As of March 31, 2022 and December 31, 2021, the
total amount of 2021 Notes principal outstanding was $
10,868,915
and $
9,718,915
, respectively.
NOTE 13 – NOTES PAYABLE – RELATED
PARTY
As part of the October 1, 2021 merger with Piezo Motion Corp. and BRSF
Acquisition Corp., the Company assumed $
155,530
of related party loans from entities related to the former executives and directors of
the Company. When assumed, these loans did not bear interest and had a maturity date of December 31, 2021. On March 9, 2022, the loans
were amended to provide for an interest rate of
9
% per annum, and to extend the maturity dates to provide for payments of $
53,000
with
accrued interest on March 31, 2022 and June 1, 2022, and a payment of $
49,000
plus accrued interest on August 1, 2022. On May 6, 2022
the payment terms were further amended to payments of $
53,000
with accrued interest on May 31, 2022 and August 1, 2022, and a payment
of $
49,000
plus accrued interest on October 1, 2022.
NOTE 14 – LEASES
The Company has two leases that are accounted for under ASC 842.
The Company entered into a lease agreement for
office space located in Sarasota, Florida.
The term of the lease is for a period of two years commencing on February 1, 2021 and ending
on February 1, 2023. The rent is $6,530 per month for year 1, $6,726 per month for year 2 and $6,928 per month for year 3. The Company
will account for the lease under ASC 842 whereby the operating lease right-of-use assets and liabilities are recognized at the present
value of the future lease payments at the lease commencement date.
The Company had a lease agreement with terms
up to
2
years for the lease of office space. The assets and liabilities from operating leases were recognized at the commencement date
based on the present value of remaining lease payments over the lease term using the Company's secured incremental borrowing rates
or implicit rates, when readily determinable. This lease was settled on January 1, 2022, and the Company recorded a gain of $
1,660
in
respect of the early settlement.
Short-term leases, which have an initial term
of 12 months or less, are not recorded on the balance sheet.
The Company's operating lease does not
provide an implicit rate that can readily be determined. Therefore, we use a discount rate based on our incremental borrowing rate used
at the date closest to lease inception.
The Company's weighted-average remaining
lease term relating to its operating leases is
1.9
years, with a weighted-average discount rate of
10.32
%.
The Company incurred lease expense for its operating
leases of $
21,497
and $
0
which was included in "General and administrative expenses," for the three months ended March 31,
2022 and 2021, respectively.
The following table presents information about
the amount and timing of liabilities arising from the Company's operating lease as of March 31, 2022:
Maturity of operating lease liabilities for the following fiscal years:
2022
$
64,471
2023
88,325
2024
7,378
Total undiscounted finance lease payments
160,174
Less: Imputed interest
13,261
Present value of finance lease liabilities
$
146,913
At March 31, 2022, the operating lease right
of use assets was $
144,380
. Supplemental balance sheet information related to the lease as of March 31, 2022 was:
Operating lease right-of-use asset
$
144,380
Lease liability, current portion
75,814
Lease liability, long-term
71,099
Total operating lease liability
$
146,913
F-
15
NOTE 15 – STOCKHOLDERS' DEFICIT
Preferred Stock
The Company has authorized
10,000,000
shares
of undesignated preferred stock with a $
0.001
par value. As of March 31, 2022, no preferred shares have been issued and these shares
are considered blank check preferred shares with no terms, limitations, or rights associated with them.
Common Stock
The Company has authorized
200,000,000
shares
of common stock with a $
0.001
par value per share. The holders of common stock are entitled to one vote for each share of common stock
held at the time of vote. As of March 31, 2022, the Company had
50,578,003
shares outstanding or deemed outstanding.
Shares Issued for Services
In January 2022, the Company issued
360,695
shares
to a service provider in respect of $
129,850
of outstanding payables.
Warrants
The following table summarized the warrant activity
for the three months ended March 31, 2022:
Number
of
Weighted
Average
Exercise
Weighted
Average
Remaining
Contractual
Aggregate
Intrinsic
Warrants
Shares
Price
Term
Value
Balance Outstanding, December 31, 2021
9,258,191
$
0.45
6.85
$
304,799
Granted
-
-
-
-
Forfeited
-
-
-
-
Exercised
-
-
-
-
Expired
-
-
-
-
Balance Outstanding, March 31, 2022
9,258,191
$
0.45
6.61
$
548,780
Exercisable, March 31, 2022
7,758,191
$
0.38
7.88
$
548,780
Equity Incentive Plan
As of September 21, 2018,
the Company's
board of directors adopted, and stockholders approved the 2018 Equity Incentive Plan (the "2018 Plan"). The 2018 Plan has
a 10-year term, which terminates on the day prior to the 10
th
anniversary of its adoption by the Board. Under the 2018 Plan,
the Company may grant equity-based incentive awards, including options, restricted stock, and other stock-based awards, to any directors,
employees, advisers, and consultants that provide services to the Company. The vesting period, term and exercise price will be determined
at the time of the grant. An aggregate of up to 3,500,000 of the Company's common stock was reserved for issuance under the 2018
Plan. On July 15, 2021 the Company's board of directors increased the number of shares of common stock authorized for grant from
3,500,000 to 8,000,000.As of March 31, 2022, the Company has granted and has 7,249,208 options outstanding, as well as 107,876 shares
of restricted common stock issued under the 2018 Plan.
On October 1, 2021,
the Board of Directors approved
the issuance of options to purchase an aggregate of 4,504,214 shares of common stock to an executive and a director. The options have
an exercise price of $0.35 per share and vested immediately upon issuance. The options will expire on October 1, 2031. The aggregate
fair value of $1,270,188 was calculated using the Black-Scholes pricing model with the following assumptions: (i) expected life 5years,
(ii) volatility of 115%, (iii) risk free rate of 0.93% (iv) dividend rate of zero, (v) stock price of $0.35, and (vi) exercise price
of $0.35. The expense of 1,270,188 was recorded in full upon issuance.
F-
16
On October 21, 2021,
the Board of Directors approved
the issuance of options to purchase an aggregate of 1,218,248 shares of common stock to the CEO. The options have an exercise price of
$0.39 per share with vesting terms of 304,562 vesting on April 21, 2022 and the remainder monthly ratably through October 21, 2023. The
options will expire on October 21, 2031. The aggregate fair value of $372,384 was calculated using the Black-Scholes pricing model with
the following assumptions: (i) expected life of 4.65 years, (ii) volatility of 113.90%, (iii) risk free rate of 1.22% (iv) dividend rate
of zero, (v) stock price of $0.39, and (vi) exercise price of $0.39. These options were amended on December 10, 2021 and December 30,
2021 adjusting the exercise price to $0.21 and the vesting schedule to vest equally at the end of each quarter in 2022. The expense will
be amortized over the amended vesting period and a total of $36,667 was recorded during the year ended December 31, 2021.
On December 10, 2021,
the Board of Directors
approved the issuance of options to purchase an aggregate of 2,718,247 shares of common stock to the certain employees of the Company.
The options have an exercise price of $0.21 per share with vesting terms of one quarter vesting on June 10, 2022 and the remainder monthly
ratably through December 10, 2023. The options will expire on December 11, 2031. The aggregate fair value of $472,975 was calculated
using the Black-Scholes pricing model with the following assumptions: (i) expected life of 5 years, (ii) volatility of 116.90%, (iii)
risk free rate of 1.26% (iv) dividend rate of zero, (v) stock price of $0.21, and (vi) exercise price of $0.21. These options were amended
on December 30, 2021 adjusting the vesting schedule to vest equally at the end of each quarter in 2022. As the share price had increased
on the amendment date, the amendment resulted in an increase to the aggregate fair value of $111,166. The increased fair value along
with the unamortized portion of the original fair value will be amortized over the amended vesting schedule. A total of $26,574 was recorded
during the year ended December 31, 2021.
On November 15, 2021,
the Board of Directors
approved the issuance of options to purchase an aggregate of 1,448,276 shares of common stock to the directors of the Company. The options
have an exercise price of $0.29 per share and vest per days in service as members of the board of directors during the quarter, at the
end of the quarter with the final quarterly vesting quarter end of December 31, 2022. The options will expire on December 11, 2031.
The
aggregate fair value of $341,793 was calculated using the Black-Scholes pricing model with the following assumptions: (i) expected life
of 5.04 years, (ii) volatility of 115.8%, (iii) risk free rate of 1.25% (iv) dividend rate of zero, (v) stock price of $0.29, and (vi)
exercise price of $0.29. The expense will be amortized over the vesting period and a total of $28,254 was recorded during the year ended
December 31, 2021.
The following table summarized the option activity
for the three months ended March 31, 2022:
Number
of
Weighted
Average
Exercise
Weighted
Average
Remaining
Contractual
Aggregate
Intrinsic
Options
Shares
Price
Term
Value
Balance Outstanding, December 31, 2021
11,753,422
$
0.36
9.47
$
196,825
Granted
-
-
-
-
Forfeited
-
-
-
-
Exercised
-
-
-
-
Expired
-
-
-
-
Balance Outstanding, March 31, 2022
11,753,422
$
0.36
9.23
$
368,767
Exercisable, March 31, 2022
7,878,665
$
0.43
9.02
$
94,007
For future periods, the remaining value of the
stock options totaling approximately $
967,749
will be amortized into the statement of operations consistent with the period for which
the services will be rendered.
F-
17
NOTE 16 – RELATED PARTY TRANSACTIONS
The Company rents office space from a company
in which Hassan Kotob, CEO, has an ownership. For the three months ended March 31, 2022 and 2021, the Company incurred rental expense
of $
9,900
and $
9,900
in respect of this office.
On November 12, 2021, the Company entered into
a Representation Agreement with LOK Corporation International Inc. ("LOK"), a corporation in which Daniel Cloutier, a director,
serves as the chief executive officer. Under the Representation Agreement, LOK acts as the worldwide sales manager for our NeuroCap,
NeuroEEG and their accessories. LOK is responsible for the evaluation of regional distribution, development, recruitment and training
of the distribution network and provide in-country customer support. Fees for the services are
10
% of sales occurring through the distribution
channels. The contract term is for three years. To date, we have paid LOK approximately $
4,750
for training platform development but
no other service fees and no commissions.
NOTE 17 – COMMITMENTS AND CONTINGENCIES
On February 18, 2022,
the Company signed an outsourced
manufacturing agreement with Bioana, S.A.P.I. DE C.V. The agreement is for three years, ending December 31, 2024 for a minimum order
quantity of 10,000 NeuroCaps per annum. Unit cost for the NeuroCap is fixed for the first year ending December 31, 2022. The manufacturing
agreement will renew annually unless terminated in writing by one of the parties.
NOTE 18 – SUBSEQUENT EVENTS
In accordance with ASC 855 "Subsequent
Events," Company management reviewed all material events through the date this report was issued, and the following subsequent
events took place.
On April 20, 2022, the Grid Notes (see Note 10)
and accrued interest were converted into
287,242
shares of common stock.
During April and May 2022, the Company issued
2021 Notes (See Note 12) totaling $
888,500
to new and current investors.
F-
18
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and
Stockholders of Brain Scientific, Inc.
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of Brain Scientific, Inc. (the Company) as of December 31, 2021 and 2020, and
the related consolidated statements of operations and comprehensive loss, stockholders' deficit, and cash flows for each of the
years in the two-year period ended December 31, 2021, and the related notes and schedules (collectively referred to as the financial
statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company
as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the years in the two-year period ended
December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.
Explanatory
Paragraph Regarding Going Concern
The
Accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 3 to
the financial statements the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial
doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note
3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
Critical
Audit Matters
The
critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated
or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments.
3001
N. Rocky Point Dr. East Suite 200 ●  Tampa, Florida 33607 ●  813.367.3527
F-
19
The
communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are
not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts
or disclosures to which they relate.
Options
and Warrants
The
Company issued several options and warrant agreements in 2021 and amended several of those agreements in the same period.
We
identified auditing the determination and valuation of the options and warrants as a critical audit matter due to significant judgments
used by the Company in calculating the value, and due to the fact there were amendments to the agreements.
How
the Critical Audit Matter Was Addressed in the Audit
Our
audit procedures included the following, among others:
●
We
                                            inspected and reviewed stock option agreements and amendments and other documents to evaluate
                                            the Company's application of relevant accounting standards to such transactions.
●
We
                                            evaluated the reasonableness of the valuation model used for each specific instrument based
                                            off the terms and features of such instrument.
●
We
                                            tested the reasonableness of the assumptions used by the Company in the valuation models
                                            used, including exercise price, expected term, expected volatility, and risk-free interest
                                            rate.
●
We
                                            tested the accuracy and completeness of data used by the Company in creating the entries
                                            required to record the stock based compensation expense.
●
We
                                            developed an independent expectation for comparison to the Company's estimate, which
                                            included developing our own Black-Scholes Merton model.
●
We
                                            evaluated the accuracy and completeness of the Company's presentation of these instruments
                                            in the financial statements, including evaluating whether disclosures were in accordance
                                            with relevant accounting standards.
●
Professionals
                                            with specialized skill and knowledge were utilized by the Firm to assist in the evaluation
                                            of the Company estimate of fair value and the development of our own independent expectations.
Accounting
for Business Combination
Effective
October 1, 2021, the Company acquired Piezo Motion Corp. We identified the application of acquisition method of accounting as a critical
audit matter due to the complex accounting and reporting standards related to the transaction, and the estimates and assumptions used
by management in determining the proper allocation of the consideration given to the assets acquired including identified intangible
assets.
F-
20
How
the Critical Audit Matter Was Addressed in the Audit
Our
audit procedures included the following, among others:
●
We
                                            obtained and reviewed the merger agreement and other documents to evaluate the Company's
                                            application of relevant accounting standards to the transaction.
●
We
                                            evaluated the reasonableness of the valuation model and methodologies used to arrive at the
                                            value applied to acquired assets to include identified intangible assets of the Company and
                                            goodwill.
●
Professionals
                                            with specialized skill and knowledge were utilized by the Firm to assist in the evaluation
                                            of the Company estimate of fair value and the development of our own independent expectations.
●
We
                                            evaluated the accuracy and completeness of the Company's presentation of the acquisition
                                            in the financial statements, including evaluating whether disclosures were in accordance
                                            with relevant accounting standards.
●
Professionals
                                            with specialized skill and knowledge were utilized by the Firm to assist in the evaluation
                                            of the Company's accounting treatment for the acquisition.
We
    have served as the Company's auditor since 2021.
Tampa,
    Florida
March
31, 2022
F-
21
Brain Scientific
Inc. and Subsidiaries
CONSOLIDATED
BALANCE SHEETS
December 31,
2021
December 31,
2020
ASSETS
CURRENT ASSETS:
Cash
$
785,363
$
68,943
Accounts receivable
16,922
-
Inventory
146,090
44,904
Advances to officers
16,941
7,542
Prepaid expenses and other current assets
166,458
12,000
TOTAL CURRENT ASSETS
1,131,774
133,389
Property and equipment, net
122,979
91,742
Intangible assets
10,920,577
-
Goodwill
913,184
-
Operating lease right-of-use asset
191,702
-
Other long-term assets
95,000
-
TOTAL ASSETS
$
13,375,216
$
225,131
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accounts payable and accrued expenses
$
2,987,264
$
1,444,476
Accounts payable and accrued expenses - related party
75,000
-
Accrued interest
356,998
26,766
Notes payable
320,000
650,000
Loans payable
6,667
-
Loans payable - related party
155,989
-
Operating lease liability, current portion
104,591
-
TOTAL CURRENT LIABILITIES:
4,006,509
2,121,242
Convertible notes payable, net
9,972,551
-
Operating lease liability, net of current portion
91,089
-
Paycheck protection program (PPP) loan
-
111,477
TOTAL LIABILITIES
14,070,149
2,232,719
Commitments and contingencies
STOCKHOLDERS' DEFICIT
Preferred stock, $
0.001
par value;
10,000,000
shares authorized,
0
shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively
-
-
Common stock, $
0.001
par value;
200,000,000
shares authorized,
50,217,308
and
29,520,454
shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively
50,217
29,520
Additional paid in capital
21,537,763
11,141,129
Accumulated deficit
(
22,278,923
)
(
13,178,237
)
Accumulated other comprehensive loss
(
3,990
)
-
TOTAL STOCKHOLDERS' DEFICIT
(
694,933
)
(
2,007,588
)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
$
13,375,216
$
225,131
The
accompanying notes are an integral part of these consolidated financial statements.
F-
22
Brain Scientific
Inc. and Subsidiaries
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Years Ended December 31,
2021
2020
REVENUE
$
265,747
$
93,664
COST OF GOODS SOLD
182,519
43,762
GROSS PROFIT
83,228
49,902
SELLING, GENERAL AND ADMINISTRATIVE
Research and development
329,452
210,706
Professional fees
818,698
268,223
Sales and marketing expenses
1,041,575
197,372
Share-based compensation
3,223,674
311,919
General and administrative expenses
3,326,306
1,831,170
TOTAL SELLING, GENERAL AND ADMINISTRATIVE
8,739,705
2,819,390
LOSS FROM OPERATIONS
(
8,656,477
)
(
2,769,488
)
OTHER INCOME (EXPENSE):
Interest expense
(
467,849
)
(
29,474
)
Amortization of debt discount
(
89,787
)
-
Loss on disposal of assets
-
(
4,067
)
Other income
1,110
-
Gain on forgiveness of paycheck protection loan
112,338
-
Foreign currency transaction loss
(
21
)
-
TOTAL OTHER EXPENSE
(
444,209
)
(
33,541
)
LOSS BEFORE INCOME TAXES
(
9,100,686
)
(
2,803,029
)
PROVISION FOR INCOME TAXES
-
-
NET LOSS
(
9,100,686
)
(
2,803,029
)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustment
(
3,990
)
-
TOTAL COMPREHENSIVE LOSS
$
(
9,104,676
)
$
(
2,803,029
)
NET LOSS PER COMMON SHARE
Basic and diluted
$
(
0.26
)
$
(
0.10
)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic and diluted
30,680,204
26,819,946
The
accompanying notes are an integral part of these consolidated financial statements.
F-
23
Brain
Scientific Inc. and Subsidiaries
CONSOLIDATED
STATEMENTS OF STOCKHOLDERS' DEFICIT
Accumulated
Series A
Series B
Series C
Additional
Other
Preferred
    Stock
Preferred
    Stock
Preferred
    Stock
Common
    Stock
Paid-in
Accumulated
Comprehensive
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Capital
Deficit
Income
Total
Balances at December 31, 2019
8,118,993
8,119
7,115,089
710
14,880,641
1,488
22,536,091
$
22,536
$
10,376,391
$
(
10,375,208
)
$
-
$
34,036
Sale of Series C Preferred Stock
-
-
-
-
234,796
235
-
-
53,229
-
-
53,464
Warrants issued in connection with
    the sale of Series C Preferred Stock
-
-
-
-
-
-
-
-
46,536
-
-
46,536
Issuance of common stock for director
    services
-
-
-
-
-
-
616,339
616
33,489
-
-
34,105
Recapitalization at reverse merger
    - May 20, 2020
(
8,118,993
)
(
8,119
)
(
7,115,089
)
(
710
)
(
15,115,437
)
(
1,723
)
6,197,037
6,197
622,205
-
-
617,850
Issuance of common stock for services
-
-
-
-
-
-
170,987
171
9,279
-
-
9,450
Net loss
-
-
-
-
-
-
-
-
-
(
2,803,029
)
-
(
2,803,029
)
Balances at
    December 31, 2020
-
$
-
-
$
-
-
$
-
29,520,454
$
29,520
$
11,141,129
$
(
13,178,237
)
$
-
$
(
2,007,588
)
Net loss
-
-
-
-
-
-
-
-
-
(
3,575,585
)
-
(
3,575,585
)
Recapitalization October 1, 2021
-
-
-
-
-
-
20,686,369
20,687
7,172,971
-
-
7,193,658
Fair value of stock options and
    warrants vested
-
-
-
-
-
-
-
-
2,943,499
-
-
2,943,499
Issuance of common stock for services
-
-
-
-
-
-
10,485
10
280,164
-
-
280,174
Foreign currency translation adjustment
-
-
-
-
-
-
-
-
-
(
3,990
)
(
3,990
)
Net loss
-
-
-
-
-
-
-
-
-
(
5,525,101
)
-
(
5,525,101
)
Balances at
    December 31, 2021
-
$
-
-
$
-
-
$
-
50,217,308
$
50,217
$
21,537,763
$
(
22,278,923
)
$
(
3,990
)
$
(
694,933
)
The
accompanying notes are an integral part of these consolidated financial statements.
F-
24
Brain Scientific
Inc. and Subsidiaries
CONSOLIDATED
STATEMENTS OF CASH FLOWS
Year Ended December 31,
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(
9,100,686
)
$
(
2,803,029
)
Change in net loss to net cash used in operating activities:
Depreciation and amortization expense
219,833
17,353
Amortization of debt discount and non-cash interest expense
89,787
-
Gain on forgiveness of paycheck protection loan
(
112,338
)
-
Loss on disposal of assets
71,872
4,067
Fair value of stock options vested
2,943,499
355,534
Common stock issued for services
280,174
-
Changes in operating assets and liabilities:
Accounts receivable
(
1,570
)
-
Inventory
(
99,372
)
(
44,904
)
Advances to officers
(
9,399
)
(
5,559
)
Prepaid expenses and other current assets
(
95,920
)
9,950
Other long-term assets
(
95,000
)
-
Accounts payable and accrued expenses
112,504
1,508,158
Accrued interest
-
26,766
Operating lease liabilities, net
(
70,176
)
-
NET CASH USED IN OPERATING ACTIVITIES
$
(
5,866,792
)
$
(
931,664
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment
$
(
58,647
)
$
(
30,371
)
NET CASH USED IN INVESTING ACTIVITIES
$
(
58,647
)
$
(
30,371
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from convertible notes payable
$
3,750,000
$
-
Proceeds from note payable
3,469,982
650,000
Proceeds from issuance of Series C Preferred Stock
-
100,000
Proceeds from PPP Loan
-
111,477
Repayment of promissory note
(
574,133
)
-
NET CASH PROVIDED BY FINANCING ACTIVITIES
$
6,645,849
$
861,477
Effect of exchange rate changes on cash
(
3,990
)
-
-
-
NET CHANGE IN CASH
716,420
(
100,558
)
CASH AT BEGINNING OF THE PERIOD
68,943
169,501
CASH AT END OF THE PERIOD
$
785,363
$
68,943
Supplemental Disclosure of Cash Flow Information
Cash paid for interest
$
72,000
$
-
Cash paid for taxes
$
-
$
-
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Intangible assets recorded at acquisition
$
11,113,000
$
-
Goodwill recognized at acquisition
$
913,184
$
-
Shares issued for acquisition
$
7,240,229
$
-
Net assets assumed in merger
$
(
1,193,499
)
$
-
Convertible notes payable assumed at merger
$
2,451,641
$
-
Notes payable converted into convertible notes payable
$
4,119,982
$
-
Notes payable assumed in merger
$
320,000
$
-
Accrued interest converted into convertible notes payable
$
208,425
$
-
The accompanying
notes are an integral part of these unaudited condensed consolidated financial statements.
F-
25
NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS
Brain Scientific Inc. (the "Company"),
was incorporated under the laws of the state of Nevada on November 18, 2013 under the name All Soft Gels Inc. On October 1, 2021, the
Company acquired Piezo Motion Corp ("Piezo"), a privately held Delaware corporation formed in January 2020. Upon completion
of the acquisition, Piezo is treated as the surviving entity and accounting acquirer although the Company was the legal acquirer. Accordingly,
the Company's historical financial statements are those of Piezo.. The Company has two lines of operations The MemoryMD subsidiary
group is involved in cloud computing, data analytics and medical device technology in the NeuroTech and brain monitoring industries seeking
to commercialize its EEG devices and caps. The Piezo subsidiary group is focused on the ultrasonic standing wave-type piezo motor technology
for rotary and linear motion and has experience in the research and development, as well as the manufacturing, of piezo motors for high-tech
industries across the globe. The Company is headquartered in Sarasota, Florida.
Reverse Merger and Corporate Restructure
On June 11, 2021, the Company entered into a merger
agreement (the "Merger Agreement") with Piezo and BRSF Acquisition Inc. to acquire Piezo (the "Acquisition").
The transactions contemplated by the Merger Agreement were consummated on October 1, 2021 and, pursuant to the terms of the Merger Agreement,
all outstanding shares of Piezo were exchanged for
29,520,454
shares of the Company's common stock and Piezo became the Company's
wholly owned subsidiary.
The Merger was effected pursuant to the Merger Agreement. The Merger
is being accounted for as a reverse merger whereby Piezo is the acquirer for accounting purposes. Piezo is considered the acquiring
company for accounting purposes as upon completion of the Merger, Piezo's former stockholders held a majority of the voting interest
of the combined company.
Pursuant to the Merger, the Company issued shares
of its common stock to Piezo's stockholders, at an exchange ratio of
2.93
shares of the Company's common stock.
Acquisition Accounting
The fair value of Brain Scientific assets acquired
and liabilities assumed was based upon management's estimates assisted by an independent third-party valuation firm.
The following table summarizes the allocation
of purchase price of the acquisition:
Tangible Assets Acquired:
Allocation
Net working capital
(
1,186,622
)
Right of use asset
40,093
Lease liability
(
46,970
)
Net Tangible Assets Acquired
$
(
1,193,499
)
Intangible Assets Acquired:
Brain Scientific Trade Name
133,000
MemoryMD Trade Name
533,000
Neurocap Trade Name
188,000
Neuro EEG Trade Name
11,000
Customer Relationships
(
29,000
)
NeuroCap Developed Technology
10,242,000
NeuroEEG Developed Technology
35,000
Total Fair Value of Assets Acquired
$
11,113,000
Consideration:
Fair value of equity received
7,240,222
Liabilities assumed
2,978,152
Loans forgiven
605,311
Goodwill
$
913,184
F-
26
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying consolidated financial statements
have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP").
Principles of Consolidation
The Company evaluates the need to consolidate
affiliates based on standards set forth in ASC 810 Consolidation ("ASC 810").
The consolidated financial statements include
the accounts of the Company and its subsidiaries, Piezo Motion Corp, Discovery Technology International, Inc., MemoryMD US, MemoryMD –
Russia and MemoryMD - Europe. All significant consolidated transactions and balances have been eliminated in consolidation.
Use of Estimates
The preparation of financial statements in accordance
with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures
of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates. Significant estimates include the useful life of property and
equipment and assumptions used in the valuation of options and warrants.
The Effects of COVID-19
The World Health Organization (WHO) declared the
coronavirus outbreak a pandemic on January 30, 2020. Since the outbreak in China in December 2019, COVID-19 has expanded its impact to
Europe, where all of our operations reside, as well as our employees, suppliers and customers. While the disruption is currently expected
to be temporary, there is considerable uncertainty around the duration of the closings and shelter-in-place orders and the ultimate impact
of governmental initiatives. However, the financial impact and duration cannot be reasonably estimated at this time.
Cash and Cash Equivalents
The Company considers all highly liquid temporary
cash investments with an original maturity of three months or less to be cash equivalents. At December 31, 2021 and December 31, 2020,
the Company had no cash equivalents.
The Company's cash is held with financial
institutions, and the account balances may, at times, exceed the Federal Deposit Insurance Corporation (FDIC) insurance limit. Accounts
are insured by the FDIC up to $
250,000
per financial institution. The Company has not experienced any losses in such accounts with these
financial institutions. As of December 31, 2021 and December 31, 2020, the Company had $
277,989
and $
0
, respectively, in excess over the
FDIC insurance limit.
I
nventory
Inventory consists of finished goods that are
valued at lower of cost or market using the weighted average method.
F-
27
Property and Equipment
Property, plant and equipment are carried at cost.
Depreciation is provided on the straight-line method over the assets estimated service lives. Expenditures for maintenance and repairs
are charged to expense in the period in which they are incurred, and betterments are capitalized. The cost of assets sold or abandoned
and the related accumulated depreciation are eliminated from the accounts and any gains or losses are reflected in the accompanying statements
of operations of the respective period. The estimated useful lives range from
3
to
7
years.
Goodwill
Goodwill represents the excess of the consideration
transferred over the fair value of the net identifiable assets acquired. Goodwill is evaluated for impairment annually or whenever we
identify certain triggering events or circumstances that would more likely than not reduce the fair value of a reporting unit below its
carrying amount. Events or circumstances that might indicate an interim evaluation is warranted include, among other things, unexpected
adverse business conditions, macro and reporting unit specific economic factors (for example, interest rate and foreign exchange rate
fluctuations, and loss of key personnel), supply costs, unanticipated competitive activities, and acts by governments and courts.
Convertible Notes Payable
The Company has issued convertible notes, which
contain variable conversion features, whereby the outstanding principal and accrued interest automatically convert into common shares
at a fixed price which may be a discount to the common stock at the time of conversion. Some of the conversion features of these notes
are contingent upon future events, whereby, the holder agreed not to convert until the contingent future event has occurred.
Revenue Recognition
On January 1, 2018, the Company adopted ASC Topic
606 Revenue from Contracts with Customers. This guidance requires an entity to recognize revenue by applying the following steps: 
(1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price;
(4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation
is satisfied. Once the steps are met, revenue is recognized, generally upon receiving a letter of acceptance from the customer. There
has been no material effect on the Company's financial statements as a result of adopting Topic 606.
The Company recognizes revenue from the sale of
NeuroCaps, as well as revenue from the sale of goods purchased through manufacturers of medical devices. All revenue for the years ended
December 31, 2021 and 2020 is from the sale of medical devices purchased from Neurotech, a related party.
Research and Development
The Company expenses all research and development
costs as they are incurred. Research and development includes expenditures in connection with in-house research and development salaries
and staff costs, application and filing for regulatory approval of proposed products, regulatory and scientific consulting fees, as well
as contract research, data collection, and monitoring, related to the research and development of the cloud infrastructure, data imaging,
and proprietary products and technology. Research and development costs recognized in the statement of operations for the years ended
December 31, 2021 and 2020 were $
329,452
and $
210,706
, respectively.
Sales and Marketing
Advertising and marketing costs are expensed as
incurred. Advertising and marketing costs recognized in the statement of operations for the years ended December 31, 2021 and 2020 were
$
1,041,575
and $
197,372
, respectively.
Stock-based Compensation
The Company measures and recognizes compensation
expense for all stock-based payments at fair value over the requisite service period. The Company uses the Black-Scholes option pricing
model to determine the weighted average fair value of options and warrants. Equity-based compensation expense is recorded in administrative
expenses based on the classification of the employee or vendor. The determination of fair value of stock-based payment awards on the date
of grant using an option-pricing model is affected by our stock price as well as by assumptions regarding a number of subjective variables.
These variables include, but are not limited to, the expected stock price volatility over the term of the awards, and actual and projected
employee stock option exercise behaviors.
Basic and Diluted Net Loss Per Common Share
Basic net loss per share is computed by dividing
the net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed
by dividing the net loss by the weighted average number of common shares outstanding for the period and, if dilutive, potential common
shares outstanding during the period. Potentially dilutive securities consist of the incremental common shares issuable upon exercise
of common stock equivalents such as stock options, warrants and convertible debt instruments. Potentially dilutive securities are excluded
from the computation if their effect is anti-dilutive. As a result, the basic and diluted per share amounts for all periods presented
are identical. In the years ended December 31, 2021 and 2020,
7,156,406
and
0
, respectively, of anti-dilutive securities were excluded
from the computation.
F-
28
Reclassification
Certain prior years balances have been reclassified to conform to current
year presentation.
Fair Value of Financial Instruments
The Company's financial instruments are
measured and recorded at fair value based on inputs and assumptions that market participants would use in pricing an asset or a liability.
Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. When determining fair value, management considers the principal or most advantageous
market in which the Company would transact, and also considers assumptions that market participants would use when pricing the asset or
liability, such as inherent risk, transfer restrictions, and risk of non-performance.
Fair value is determined for assets and liabilities
using a three-tiered value hierarchy into which these assets and liabilities are grouped based upon significant inputs as follows:
●
Level 1 - Quoted prices in active markets for identical assets or liabilities.
●
Level 2 - Observable inputs, other than Level 1 prices, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
●
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. When a determination is made to classify a financial instrument within Level 3, the determination is based upon the lack of significance of the observable parameters to the overall fair value measurement. However, the fair value determination for Level 3 financial instruments may consider some observable market inputs.
The lowest level of significant input determines
the placement of the entire fair value measurement in the hierarchy. The carrying values of cash, prepaid expenses and other current assets,
convertible notes, accounts payable, loans payable and due to others approximate fair value due to the short-term nature of these items.
The Company did not have any Level 1, Level 2
or Level 3 assets or liabilities as of December 31, 2021 and 2020.
Income Taxes
The Company accounts for income taxes using the
asset-and-liability method in accordance with ASC Topic 740, "Income Taxes". Deferred 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 and tax credit carry forwards. Deferred 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 the deferred tax assets and liabilities of a change in tax rate is recognized in the period that includes the enactment
date. A valuation allowance is recorded if it is more-likely-than-not that some portion or all of the deferred tax assets will not be
realized in future periods.
The Company follows the guidance in ASC Topic
740-10 in assessing uncertain tax positions. The standard applies to all tax positions and clarifies the recognition of tax benefits in
the financial statements by providing for a two-step approach of recognition and measurement. The first step involves assessing whether
the tax position is more-likely-than-not to be sustained upon examination based upon its technical merits. The second step involves measurement
of the amount to be recognized. Tax positions that meet the more-likely-than-not threshold are measured at the largest amount of tax benefit
that is greater than
50
% likely of being realized upon ultimate finalization with the taxing authority. The Company recognizes the impact
of an uncertain income tax position in the financial statements if it believes that the position is more likely than not to be sustained
by the relevant taxing authority. The Company will recognize interest and penalties related to tax positions in income tax expense. As
of December 31, 2021, and December 31, 2020, the Company had no unrecognized uncertain income tax positions.
F-
29
Recent Issued Accounting Pronouncements
From time to time, new accounting pronouncements
are issued by the Financial Accounting Standard Board ("FASB") or other standard setting bodies that the Company adopts as
of the specified effective date. Unless otherwise discussed, the Company does not believe that the impact of recently issued standards
that are not yet effective will have a material impact on the Company's financial position or results of operations upon adoption.
In June 2016, the Financial Accounting Standards
Board (the "FASB") issued Accounting Standards Update ("ASU") 2016-13, "Measurement of Credit Losses on
Financial Instruments," which requires measurement and recognition of expected credit losses at the point a loss is probable to
occur, rather than expected to occur, which will generally result in earlier recognition of allowances for credit losses. The new guidance
is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company
adopted ASU 2016-13 in the first quarter of 2020 and the adoption did not have a material impact on its consolidated financial statements.
NOTE 3 – GOING CONCERN
The accompanying financial statements have been
prepared in conformity with U.S. GAAP, which contemplate continuation of the Company as a going concern for a period of one year from
the issuance of these financial statements. For the year ended December 31, 2021, the Company had $
265,747
in revenues, a net loss of
$
9,100,686
and had net cash used in operations of $
5,794,792
. Additionally, as of December 31, 2021, the Company had working capital deficit,
stockholders' deficit and accumulated deficit of $
2,874,735
, $
694,933
and $
22,278,923
, respectively. It is management's opinion
that these conditions raise substantial doubt about the Company's ability to continue as a going concern for a period of twelve
months from the date of the issuance of these financial statements.
The financial statements do not include any adjustments
to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities
that may result from the outcome of this uncertainty.
Successful completion of the Company's development
program and, ultimately, the attainment of profitable operations are dependent upon future events, including obtaining adequate financing
to fulfill its development activities, acceptance of the Company's patent applications and ultimately achieving a level of sales
adequate to support the Company's cost structure. However, there can be no assurances that the Company will be able to secure additional
equity investments or achieve an adequate sales level.
NOTE 4 – INVENTORY
December 31,
2021
December 31,
2020
Raw materials
$
93,190
$
20,608
Parts
11,857
2,349
Finished goods
41,043
21,947
Total
$
146,090
$
44,904
NOTE 5 – PREPAID EXPENSES AND OTHER
CURRENT ASSETS
December 31,
2021
December 31,
2020
Prepaid insurance
$
105,900
$
-
Other prepaid expenses
46,170
7,000
Lease deposits
14,378
5,000
Other assets
10
-
Total
$
166,458
$
12,000
As of December 31, 2021 and 2020, there was a total amount of $
95,000
and $
0
of long-term prepaid insurance, respectively.
F-
30
NOTE 6 – PROPERTY AND EQUIPMENT
Property and equipment, net consists of the following:
December 31,
2021
December 31,
2020
Computer equipment
$
-
$
4,164
Machinery and equipment
176,678
121,433
Leasehold improvements
12,283
5,000
188,961
130,597
Less: Accumulated depreciation
(
65,982
)
(
38,855
)
Total
$
122,979
$
91,742
Depreciation expense was
$
27,410
and $
17,353
for the year ended December 31, 2021 and 2020, respectively.
NOTE 7 – INTANGIBLE ASSETS, NET
Pursuant to the Merger, the Company accounted
for the transaction as a reverse acquisition as prescribed in Accounting Standards Codification 805, Business Combinations ("ASC
805") and ASC 820 – Fair Value Measurements and Disclosures ("ASC 820").
The following table summarizes the allocation
of purchase price of the acquisition:
Tangible Assets Acquired:
Allocation
Net working capital
$
(
1,186,622
)
Right of use asset
40,093
Lease liability
(
46,970
)
Net Tangible Assets Acquired
$
(
1,193,499
)
Intangible Assets Acquired:
Brain Scientific trade name
$
133,000
MemoryMD trade name
533,000
Neurocap trade name
188,000
Neuro EEG trade name
11,000
Customer relationships
(
29,000
)
NeuroCap developed technology
10,242,000
NeuroEEG developed technology
35,000
Total Fair Value of Assets Acquired
$
11,113,000
Consideration:
Fair value of equity received
7,240,222
Liabilities assumed
2,978,152
Loans forgiven
605,311
Goodwill
$
913,184
F-
31
The components of the acquired intangible assets
were as follows:
Preliminary
Average
Fair
Value
Estimated
Life
Patent products
$
10,277,000
3.3
-
15.4
Licenses and trademarks
865,000
9
Customer/distribution list
(
29,000
)
12.5
$
11,113,000
Accumulated amortization
(
192,423
)
Total
10,920,577
NOTE 8 – ACCOUNTS PAYABLE AND ACCRUED
EXPENSES
Accounts payable as of December 31, 2021 and 2020
consisted of the following:
December 31,
2021
December 31,
2020
Trade payables
$
1,101,028
$
398,155
Accrued payroll and related expenses
1,593,925
997,410
Accrued expenses
255,820
48,911
Customer deposits
36,491
-
Total
$
2,987,264
$
1,444,476
NOTE 9 – ACCOUNTS PAYABLE AND ACCRUED
EXPENSES – RELATED PARTY
Accounts payable related parties as of December
31, 2021 consists of accrued director's fees in the amount of $
75,000
. There was no balance at December 31, 2020.
NOTE 10 – NOTES PAYABLE
As part of the merger, the Company assumed the
following two notes payable:
February 21, 2020 Note
On February 21, 2020, a third party loaned the
Company $
20,000
, evidenced by a non-convertible promissory note (the "February Note").
The February Note bears interest at
a fixed rate of 12% per annum, computed based on a 360-day year of twelve 30-day months, which interest will be payable quarterly until
the maturity date.
The principal outstanding and any accrued and unpaid interest due under the February Note were due on February 22,
2022. The Company recorded $
3,593
of accrued interest and has a total outstanding principal balance of $
20,000
as of December 31, 2021.
The February note and accrued interest was repaid on February 22, 2022.
December 28, 2020 Note
On December 28, 2020, the Company entered into
a Securities Purchase Agreement (the "December Purchase Agreement") dated as of December 28, 2020 (the "December 28
Issuance Date") and issued and sold to an investor a Promissory Note (the "December 28 Note") in the aggregate principal
amount of $
300,000
. Pursuant to the December Purchase Agreement, in connection with the issuance of the December 28 Note, the Company
issued two common stock purchase warrants (separately, "Warrant A" and "Warrant B", and together, the "December
Warrants") to the investor, allowing the investor to purchase an aggregate of
500,000
shares of the Company's common stock,
with Warrant A being a commitment fee of
250,000
shares of common stock, and Warrant B being fully earned upon issuance as an additional
commitment fee of
250,000
shares of common stock, provided that Warrant B is returnable to the Company upon the repayment of the December
28 Note, as an additional incentive for the repayment of the December 28 Note.
F-
32
The net amount received by the Company during
the year ended December 31, 2020 was approximately $
265,000
after payment of certain fees to the investor or on behalf of the investor.
The December 28 Note bears interest commencing on the December 28 Issuance Date at a fixed rate of
12
% per annum on any unpaid principal
balance, and will be payable, along with the principal amount, on December 28, 2021. At issuance, the Company recorded debt discount of
$
300,000
related to the December 28 Note. Amortization of the debt discount is recorded as interest expense and a total of $
73,151
was
amortized during the year ended December 31, 2021.
The initial maturity date for the December 28
Note was December 28, 2021. On December 28, 2021, the Company signed an allonge with the investor amending the note. The terms of the
amended note provided for two equal payments of $
184,800
, due on February 28, 2022 and March 31, 2022.
The December 28 Note contains customary events
of default which entitle the investor, among other things, to accelerate the due date of the unpaid principal amount of, and all accrued
and unpaid interest on, the December 28 Note. Upon an event of default, interest shall accrue at a default interest rate of
24
% per annum
or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law. The December 28 Note
further contains monetary penalties in the event of certain events of default or breaches.
The December Warrants each have an exercise price
of $
1.20
, subject to customary adjustments, and may be exercised at any time until the three-year anniversary of the December Warrants;
provided, however, in the event the Company repays the December 28 Note in its entirety on or prior to the maturity date of the December
28 Note, Warrant B shall automatically expire and may only be exercised in the event it does not so automatically expire. The December
Warrants include a cashless exercise provision as set forth therein.
Notes payable as of December 31, 2020 amounted
to $
650,000
and are described in Note 11 below. They were converted into convertible notes payable at the merger on October 1, 2021.
NOTE 11 – CONVERTIBLE NOTES PAYABLE,
NET
2020 Notes
In July 2020, Motion made an offering of convertible
notes not to exceed approximately $
2,400,000
. In October and extended in April, June and August 2021, the Board authorized increasing
the potential investment to not exceed $
5,000,000
. These notes are payable by October 13, 2021, interest accruing at
10
% per annum. At
the completion of a qualifying investment, the Company, at its sole discretion may convert the loans and any accrued interest to common
stock with a
120
% multiplier on the value of the common stock in the qualifying investment. As of September 30, 2021 and December 31,
2020, the carrying amount of these notes was $
4,119,982
and $
650,000
, respectively with accrued interest of $
208,480
and $
26,766
, respectively. On
October 1, 2021, the outstanding balances and accrued interest were exchanged for new notes payable as part of the merger.
2021 Notes
In
conjunction with the closing of the Merger on October 1, 2021, the Company conducted an initial closing under a private offering (the
"Offering") of
10
% convertible promissory notes due and payable on April 1, 2023 (the "2021 Notes"). As part of
the Offering, the Company exchanged the 2020 Notes and accrued interest as well as additional notes issued in 2021 with the same terms
as the 2020 Notes and their accrued interest amounting to $
4,328,407
, as well as $
1,540,508
of debt assumed in the merger into 2021 Notes.
At the merger, the Company also issued a convertible promissory note to an investor in the amount of $
2,950,000
with proceeds of $
2,850,000
net of an original issuance discount, with the same terms as the 2021 Notes. Each holder of the 2021 Notes, provided that the note is
still then outstanding, will be issued, on the earlier of
(i) the date, if any, upon which the Company's common stock is listed
for trading on the NASDAQ stock exchange (the "Uplist"), and (ii) the date that is eighteen months from the date of issuance,
a warrant to purchase an amount of shares of the Company's common stock, equal to such holder's Warrant Share Amount. For
purposes of the foregoing, a holder's "Warrant Share Amount" means (i) if such Warrant is issued in connection with
the Uplist, one half of the initial principal balance of such Holder's Note at issuance divided by the lesser of (A) $0.40, and
(B) and the greater of (x) $0.20 and (y) one hundred twenty percent (120%) of the closing price for the Company's common stock on
the trading day prior to the date of the Uplist, and (ii) if such Warrant is issued otherwise than in connection with the Uplist, the
initial principal balance of such Holder's Note, divided by the lesser of (A) $0.40, and (B) and the greater of (x) $0.20 and (y)
one hundred twenty percent (120%) of the volume weighted average price ("VWAP") for the Company's common stock over
the five consecutive trading days immediately preceding the date that is eighteen months from the date of issuance.
The 2021 Notes
contain mandatory and voluntary conversion features as detailed in the agreement.
F-
33
On December
21, 2021, the Company consummated the second closing of the Offering whereby the Company entered into a Securities Purchase Agreement
(the "SPA") with three accredited investors, pursuant to which the investors purchased from the Company, 2021 Notes in the
principal amount of $
900,000
.
As of December 31, 2021, the total amount of 2021
Notes principal outstanding was $
9,718,915
.
Assumed convertible debt
As part of the merger, the Company assumed $
891,133
of outstanding convertible debt. During the fourth quarter of 2021, the Company paid off $
574,133
, and signed an amendment increasing
the debt by $
20,000
, resulting in an outstanding balance of the assumed convertible debt as of December 31, 2021 of $
337,000
.
2019 Note
On December 31, 2019, the Company entered into
a Securities Purchase Agreement and issued and sold to a third party a Convertible Note in the original principal amount of $
275,000
(the
"Note"), and a warrant to purchase
100,000
shares of the Company's common stock (the "Warrant"). A one-time
interest charge of
8
% was applied on December 31, 2019 and will be payable, along with the Principal, on the maturity date.
On December 30, 2021,
the Company signed an allonge
amending the Note extending the maturity date to April 30, 2022 and amending the outstanding balance and payment schedule to provide for
two equal payments of $60,000 on March 31, 2022 and April 30, 2022. The outstanding principal balance as of December 31, 2021 was $87,000.
The unpaid outstanding principal amount and accrued
and unpaid interest under the Note shall be convertible into shares of the Company's common stock at any time at the option of the
investor.
The conversion price was set at the merger to $0.28 which is equal to 80% multiplied by the price per share used in the merger
calculations.
The Note contains a price-based anti-dilution
provision, pursuant to which the conversion price of the Note shall be reduced upon the occurrence of certain dilutive issuances of Company
securities as set forth in the Note. The conversion of the Note is also subject to a beneficial ownership limitation of 4.99% of the number
of shares of common stock outstanding immediately after giving effect to such conversion. In the event the Company, prior to the maturity
date of the Note, issues any Security (as defined in the Note) with any term more favorable to the holder of such Security or with a term
in favor of the holder of such Security that was not similarly provided to the Investor, then at the Investor's option such term
shall become a part of the Note. The Company also agreed to provide piggy-back registration rights to the investor pursuant to which the
Company shall include all shares issuable upon conversion of the Note on the next registration statement the Company files with the Securities
and Exchange Commission.
The Note contains events of default which, among
other things, entitle the Investor to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid interest on,
the Note. Upon the occurrence of any event of default, the outstanding balance shall immediately and automatically increase to 130% of
the outstanding balance immediately prior to the event of default, and the conversion price of the Note shall be redefined to equal 65%
of the lowest trade accruing during the 10 consecutive Trading Days (as defined in the Note) immediately preceding the applicable Conversion
Date (as defined in the Note). Nickolay Kukekov, a director of the Company, and a third party, each has personally guaranteed the repayment
of the Note.
The Warrant has an exercise price of $1.25 per
share (the "Exercise Price"), subject to adjustments as provided in the Warrant, and has a term of five years. The Warrant
contains a price-based anti-dilution provision, pursuant to which the exercise price of the Warrant shall be reduced upon the occurrence
of certain dilutive issuances of securities as set forth in the Warrant, with a corresponding increase in the number of shares underlying
the Warrant if the dilutive event occurs during the first three years of the Warrant, and a cashless exercise provision. The exercise
of the Warrant is subject to a beneficial ownership limitation of 9.99% of the number of shares of common stock outstanding immediately
after giving effect to such exercise.
F-
34
Convertible Grid Notes
On April 21, 2020, the Company issued a Convertible
Grid Promissory Note (the "Caleca Note") to Thomas J. Caleca ("Caleca"), an existing stockholder of the Company,
pursuant to which Caleca agreed to advance to the Company the aggregate principal amount of $
125,000
(the "Caleca Aggregate Advance").
The Company also issued to Caleca a common stock purchase warrant (the "Caleca Warrant"), granting Caleca the right to purchase
up to
750,000
shares of the Company's common stock at a per share exercise price of $
0.80
(subject to adjustment as set forth in
the Caleca Warrant).
Also on April 21, 2020, the Company issued a Convertible
Grid Promissory Note (the "Brown Note", and together with the Caleca Note, the "Grid Notes") to Andrew Brown ("Brown",
and together with Caleca, the "Grid Investors"), an existing stockholder of the Company, pursuant to which Brown agreed to
advance to the Company the aggregate principal amount of $
125,000
(the "Brown Aggregate Advance", and together with the Caleca
Aggregate Advance, the "Aggregate Advance"). The Company also issued to Brown a common stock purchase warrant (the "Brown
Warrant", and together with the Caleca Warrant, the "Grid Warrants"), granting Brown the right to purchase up to
750,000
shares of the Company's common stock at a per share exercise price of $
0.80
(subject to adjustment as set forth in the Brown Warrant).
The Grid Warrants are exercisable at any time commencing on the eighteen-month anniversary of the issuance of the Grid Warrants (as may
be accelerated pursuant to the terms of the Grid Warrants) and expiring on the five-year anniversary of the issuance of the Grid Warrants.
The Grid Notes bear interest on the unpaid balances
at a fixed simple rate of twelve percent (
12%
) per annum (subject to a rate increase if the Company commits an Event of Default (as defined
in the Grid Notes)), computed based on a 360-day year of twelve 30-day months, commencing on the date of the respective advance and payable
quarterly. The principal amount of the Aggregate Advance, or so much thereof as has been advanced to the Company by the Grid Investors
from time to time pursuant to the Grid Notes, will be payable on April 21, 2021, unless sooner converted into shares of the Company's
common stock pursuant to the terms of the Grid Notes. The Company recorded $
28,032
of accrued interest and has a total outstanding principal
balance of $
250,000
as of December 31, 2021.
The unpaid outstanding principal amount and accrued
and unpaid interest under the Grid Notes shall be convertible at any time prior to the maturity date of the Grid Notes at the election
of the Grid Investors into such number of shares of the Company's common stock obtained by dividing the amount so converted by $
1.00
(the "Conversion Price"). At the maturity date of the Grid Notes, all of the remaining unpaid outstanding principal amount
and accrued and unpaid interest (the "Outstanding Balance") under the Grid Notes shall automatically convert into such number
of shares of the Company's common stock obtained by dividing the Outstanding Balance by the Conversion Price. The Grid Notes may
not be prepaid by the Company in whole or in part without the prior written consent of the respective Grid Investor.
The Grid Notes contain customary events of default,
which, if uncured, entitle the Grid Investors to accelerate the due date of the unpaid principal amount of, and all accrued and unpaid
interest on, their Grid Notes.
NOTE 12 – LOANS PAYABLE - RELATED PARTY
As part of the merger, the Company assumed $
155,989
of related party loans from entities related to the former executives and directors the Company. These loans do not bear interest and
had an initial maturity date of December 31, 2021. On March 9, 2022, the loans were amended to adjust the interest rate to
9
% per annum,
and to extend the maturity dates to provide for payments of $
53,000
with accrued interest on March 31, 2022 and June 1, 2022, and a payment
of $
49,000
plus accrued interest on August 1, 2022.
F-
35
NOTE
13 – LEASES
The
Company has two leases that are accounted for under ASC 842.
The
Company entered into a lease agreement for office space located in Sarasota, Florida.
The term of the lease is for a period of two years
commencing on February 1, 2021 and ending on February 1, 2023. The rent is $6,530 per month for year 1, $6,726 per month for year 2 and
$6,928 per month for year 3. The Company will account for the lease under ASC 842 whereby the operating lease right-of-use assets and
liabilities are recognized at the present value of the future lease payments at the lease commencement date.
The
Company has a lease agreement with terms up to
2
years for the lease of office space. The assets and liabilities from operating leases
are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company's
secured incremental borrowing rates or implicit rates, when readily determinable. Short-term leases, which have an initial term of 12
months or less, are not recorded on the balance sheet.
The
Company's operating lease does not provide an implicit rate that can readily be determined. Therefore, we use a discount rate based
on our incremental borrowing rate used at the date closest to lease inception.
The
Company's weighted-average remaining lease term relating to its operating leases is
1.9
years, with a weighted-average discount
rate of
10.32
%.
The
Company incurred lease expense for its operating leases of $
83,469
and $
0
which was included in "General and administrative expenses,"
for the year ended December 31, 2021 and 2020, respectively.
The
following table presents information about the amount and timing of liabilities arising from the Company's operating lease as of
December 31, 2021:
Maturity of operating lease liabilities for the following fiscal years:
2022
$
118,452
2023
88,325
2024
7,379
Total undiscounted finance lease payments
214,156
Less: Imputed interest
18,475
Present value of finance lease liabilities
$
195,681
At December 31, 2021, the operating lease right of use assets was $
69,632
.
Supplemental balance sheet information related to the lease as of December 31, 2021 was:
Operating lease right-of-use asset
$
191,702
Lease liability, current portion
104,592
Lease liability, long-term
91,089
Total operating lease liability
$
195,681
NOTE 14 – STOCKHOLDERS'
DEFICIT
Preferred Stock
The Company has authorized
10,000,000
shares of
undesignated preferred stock with a $
0.001
par value. As of December 31, 2021, no preferred shares have been issued and these shares are
considered blank check preferred shares with no terms, limitations, or rights associated with them.
F-
36
Common Stock
The Company has authorized
200,000,000
shares
of common stock with a $
0.001
par value per share. The holders of common stock are entitled to one vote for each share of common stock
held at the time of vote. As of December 31, 2021, the Company has deemed
50,217,308
shares outstanding or deemed outstanding.
Shares Issued for Services
On October 15, 2020, the Company granted to a
non-executive officer of the Company
292,174
restricted shares under the Company's 2018 Equity Incentive Plan. The shares were valued
as of the date of the grant at a fair value of $
1.67
per share or $
487,931
, which will be amortized over the vesting period. As a result
of the merger and contractual terms of the restricted share agreement, all the remaining unvested shares vested and the Company recorded
$
280,369
in stock-based compensation. The Company issued
10,845
shares of common stock and withheld
184,298
shares in respect of tax withholdings.
The following table summarized the warrant activity
for the years ended December 31, 2021 and 2020:
Weighted
Weighted
Average
Average
Remaining
Aggregate
Number of
Exercise
Contractual
Intrinsic
Warrants
Shares
Price
Term
Value
Balance Outstanding, December 31, 2019
502,250
$
0.57
3.98
$
201,125
Granted
3,530,882
1.02
3.90
150,000
Forfeited
-
-
-
-
Exercised
-
-
-
-
Expired
-
-
-
-
Balance Outstanding, December 31, 2020
4,033,132
$
0.97
3.39
$
351,125
Granted
5,978,000
0.19
9.52
304,799
Forfeited
-
-
-
-
Exercised
-
-
-
-
Expired
(
752,942
)
1.2
1.73
-
Balance Outstanding, December 31, 2021
9,258,191
$
0.45
6.85
$
304,799
Exercisable, December 31, 2021
9,258,191
$
0.32
6.85
$
304,799
Equity Incentive Plan
As of September 21, 2018, the Company's
board of directors adopted, and stockholders approved the 2018 Equity Incentive Plan (the "2018 Plan"). The 2018 Plan has
a 10-year term, which terminates on the day prior to the 10
th
anniversary of its adoption by the Board. Under the 2018 Plan,
the Company may grant equity-based incentive awards, including options, restricted stock, and other stock-based awards, to any directors,
employees, advisers, and consultants that provide services to the Company. The vesting period, term and exercise price will be determined
at the time of the grant. An aggregate of up to
3,500,000
of the Company's common stock are reserved for issuance under the 2018
Plan. As of December 31, 2020, the Company has granted and has
1,800,000
options outstanding, as well as
333,972
shares of restricted
common stock issued under the 2018 Plan. On July 15, 2021 the Company's board of directors increased the number of shares of common
stock authorized for grant from
3,500,000
to
8,000,000
.
F-
37
On January 30, 2020, the Board of Directors approved
the issuance of options to purchase an aggregate of
800,000
shares of common stock to Boris Goldstein.
The options have an exercise price
of $0.75 per share which will vest ratably on a quarterly basis over a two-year period.
The options will expire on
January 30, 2029
. The
aggregate fair value of $
51,757
was calculated using the Black-Scholes pricing model with the following assumptions: (i) expected life
10
years, (ii) volatility of
76
%, (iii) risk free rate of
1.57
% (iv) dividend rate of
zero
, (v) stock price of $
0.12
, and (vi) exercise
price of $
0.75
. The expense will be amortized over the vesting period and a total of $
23,790
was recorded during the year ended December
31, 2020.
On October 1, 2021,
the Board of Directors approved
the issuance of options to purchase an aggregate of
4,504,214
shares of common stock to an executive and a director. The options have
an exercise price of $0.35 per share and vested immediately upon issuance. The options will expire on October 1, 2031. The aggregate fair
value of $
1,270,188
was calculated using the Black-Scholes pricing model with the following assumptions: (i) expected life 5years, (ii)
volatility of
115
%, (iii) risk free rate of
0.93
% (iv) dividend rate of
zero
, (v) stock price of $
0.35
, and (vi) exercise price of $
0.35
.
The expense of
1,270,188
was recorded in full upon issuance.
On October 21, 2021,
the Board of Directors approved
the issuance of options to purchase an aggregate of 1,218,248 shares of common stock to the CEO. The options have an exercise price of
$0.39 per share with vesting terms of 304,562 vesting on April 21, 2022 and the remainder monthly ratably through October 21, 2023. The
options will expire on October 21, 2031. The aggregate fair value of $372,384 was calculated using the Black-Scholes pricing model with
the following assumptions: (i) expected life of 4.65 years, (ii) volatility of 113.90%, (iii) risk free rate of 1.22% (iv) dividend rate
of zero, (v) stock price of $0.39, and (vi) exercise price of $0.39. These options were amended on December 10, 2021 and December 30,
2021 adjusting the exercise price to $0.21 and the vesting schedule to vest equally at the end of each quarter in 2022. The expense will
be amortized over the amended vesting period and a total of $36,667 was recorded during the year ended December 31, 2021.
On December 10, 2021,
the Board of Directors approved
the issuance of options to purchase an aggregate of 2,718,247 shares of common stock to the certain employees of the Company. The options
have an exercise price of $0.21 per share with vesting terms of one quarter vesting on June 10, 2022 and the remainder monthly ratably
through December 10, 2023. The options will expire on December 11, 2031. The aggregate fair value of $472,975 was calculated using the
Black-Scholes pricing model with the following assumptions: (i) expected life of 5 years, (ii) volatility of 116.90%, (iii) risk free
rate of 1.26% (iv) dividend rate of zero, (v) stock price of $0.21, and (vi) exercise price of $0.21. These options were amended on December
30, 2021 adjusting the vesting schedule to vest equally at the end of each quarter in 2022. As the share price had increased on the amendment
date, the amendment resulted in an increase to the aggregate fair value of $111,166. The increased fair value along with the unamortized
portion of the original fair value will be amortized over the amended vesting schedule. A total of $26,574 was recorded during the year
ended December 31, 2021.
On November 15, 2021,
the Board of Directors approved
the issuance of options to purchase an aggregate of 1,448,276 shares of common stock to the directors of the Company. The options have
an exercise price of $0.29 per share and vest per days in service as members of the board of directors during the quarter, at the end
of the quarter with the final quarterly vesting quarter end of December 31, 2022. The options will expire on December 11, 2031.
The aggregate
fair value of $341,793 was calculated using the Black-Scholes pricing model with the following assumptions: (i) expected life of 5.04
years, (ii) volatility of 115.8%, (iii) risk free rate of 1.25% (iv) dividend rate of zero, (v) stock price of $0.29, and (vi) exercise
price of $0.29. The expense will be amortized over the vesting period and a total of $28,254 was recorded during the year ended December
31, 2021.
The following table summarized the option activity
for the years ended December 31, 2021 and 2020:
Weighted
Weighted
Average
Average
Remaining
Aggregate
Number of
Exercise
Contractual
Intrinsic
Options
Shares
Price
Term
Value
Balance Outstanding, December 31, 2019
1,000,000
$
0.75
9.05
$
150,000
Granted
800,00
$
0.75
10.00
120,000
Forfeited
-
-
-
-
Exercised
-
-
-
-
Expired
-
-
-
-
Balance Outstanding, December 31, 2020
1,800,000
$
0.75
8.51
$
270,000
Granted
10,030,764
0.30
9.82
196,825
Forfeited
(
77,342
)
1.50
9.12
Exercised
Expired
Balance Outstanding, December 31, 2021
11,753,422
$
0.36
9.47
$
196,825
Exercisable, December 31, 2021
6,537,184
$
0.22
9.14
$
-
For future periods, the remaining value of the
stock options totaling approximately $
1,266,050
will be amortized into the statement of operations consistent with the period for which
the services will be rendered.
NOTE
15 – RELATED PARTY TRANSACTIONS
The Company rents office space from a company
in which Hassan Kotob, CEO, has an ownership. For the year ended December 31, 2021, the Company incurred rental expense of $
39,600
in
respect of this office. In addition, the Company during 2021 the Company expensed an amount of $
29,700
of rental expense on behalf of
2020. As a result, the total amount of rent expense paid to a related party was $
69,300
in 2021.
As of December 31, 2021, the Company had loans
payable from related parties amounting to $
155,989
. The loans bear no interest and are due on December 31, 2021. These loans were amended
after the balance sheet date (see Note 19).
F-
38
On November 12, 2021, the Company entered into
a Representation Agreement with LOK Corporation International Inc. ("LOK"), a corporation in which Daniel Cloutier, a director,
serves as the chief executive officer. Under the Representation Agreement, LOK acts as the worldwide sales manager for our NeuroCap, NeuroEEG
and their accessories. LOK is responsible for the evaluation of regional distribution, development, recruitment and training of the distribution
network and provide in-country customer support. Fees for the services are
10
% of sales occurring through the distribution channels. The
contract term is for three years. To date, we have paid LOK approximately $
4,750
for training platform development but no other service
fees and no commissions.
NOTE
16 – INCOME TAXES
The
Company files corporate income tax returns in the United States (federal) and New York. The Company is subject to federal, state and
local income tax examinations by tax authorities through inception.
As of December 31, 2021 and 2020, the Company
had federal and state net operating loss carry forwards of $
16,883,400
and $
12,254,418
, respectively that may be offset against future
taxable income. Of the total amount of available losses
5,239,877
can be used to offset 100% of future income and will begin to expire
in 2031 through 2037. The remaining losses have an infinite carry forward but can only reduce future taxable income a maximum of
80
% annually.
Due to various business combination and transactions some or all the net operating losses maybe limited by operation of Internal Revenue
Code Section 382.
The tax effects of temporary differences which
give rise to deferred tax assets (liabilities) are summarized as follows:
For the Years Ended December 31,
2021
2020
Net operating loss carry forwards
$
4,181,841
$
2,252,985
Share-based compensation
806,997
90,110
Accrued expenses
301,422
19,009
Intangible assets
100,736
107,187
Fixed assets
(
29,877
)
(
23,039
)
Valuation allowance
(
5,361,119
)
(
2,446,252
)
Net Deferred Tax Asset
$
-
$
-
In
assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of
the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future
taxable income during the periods in which those temporary differences become deductible. Deferred tax assets consist primarily of the
tax effect of NOL carry-forwards. The Company has provided a full valuation allowance on the deferred tax assets because of the uncertainty
regarding its realizability.
Reconciliation
of the statutory federal income tax to the Company's effective tax:
For the Years Ended
December 31,
2021
2020
Statutory federal tax rate
21.0
%
21.0
%
State tax expense
4.7
%
4.3
%
Acquired deferred tax assets
7.8
%
-
%
PPP loan forgiveness
0.3
%
-
%
Change in tax rate
(
0.9
)%
-
%
Amortization
(
0.4
)%
-
%
Other permanent items
(
0.3
)%
(
0.1
)%
Valuation allowance
(
32.2
)%
(
25.2
)%
Provision for income taxes
-
%
-
%
The Company's policy is to record interest
and penalties associated with unrecognized tax benefits as additional income taxes in the statement of operations. As of December
31, 2021 and 2020 the Company had no unrecognized tax benefits. There were no changes in the Company's unrecognized tax benefits
during the years ended December 31, 2021 and 2020. The Company did not recognize any interest or penalties during fiscal 2021 or
2020 related to unrecognized tax benefits.
All
tax years remain open to examination for federal income tax purposes and by other major taxing jurisdictions to which the Company is
subject.
F-
39
NOTE
17 – CONCENTRATIONS
In the years ending December 31, 2021, respectively, the Company purchased
100.0
% of its medical devices for resale and distribution from Neurotech, a company that Vadim Sakharov, a former director and executive
officer of the Company, is a shareholder and executive manager.
NOTE
18 – COMMITMENTS AND CONTINGENCIES
On February 18, 2022, the Company signed an outsourced
manufacturing agreement with Bioana, S.A.P.I. DE C.V. The agreement is for three years, ending December 31, 2024 for a minimum order quantity
of 10,000 NeuroCaps per annum. Unit cost for the NeuroCap is fixed for the first year ending December 31, 2022. The manufacturing agreement
will renew annually unless terminated in writing by one of the parties.
NOTE
19 – SUBSEQUENT EVENTS
In
accordance with ASC 855 "Subsequent Events," Company management reviewed all material events through the date this report
was issued and the following subsequent events took place.
On February 18, 2022, the Company signed an outsourced
manufacturing agreement with Bioana, S.A.P.I. DE C.V. The agreement is for three years, ending December 31, 2024 for a minimum order quantity
of
10,000
NeuroCaps per annum. Unit cost for the NeuroCap is fixed for the first year ending December 31, 2022. The manufacturing agreement
will renew annually unless terminated in writing by one of the parties.
The Company received $1,050,000 of new monies
through our private placement offering for convertible debt. The monies were received on February 10, 2022, February 28, 2022 and March
29, 2022 in the amounts of $300,000, $350,000, and $500,000, respectively. The debt is due on April 1, 2023. The interest rate is 10%
per annum. These notes shall automatically convert into shares of common stock or units, as provided herein, immediately upon the earliest
to occur of (a) the listing of the common stock on NASDAQ (the "Uplist"), and (b) a subsequent qualified financing date, at
a price per share equal to the lesser of (i) $0.25 and (ii) 70% (A) in the case of the Uplist, the price of the common stock or units
(as defined below) in the offering relating to the Uplist, or (B) in the case of a subsequent qualified financing, (x) the conversion
price of the common stock, if such subsequent qualified offering involves the issuance of convertible notes, or (y) the price of the common
stock or units in such subsequent qualified financing, if such subsequent qualified Financing involves the issuance of common stock or
units. For purposes of this Note, a "Unit" shall mean the combination of common Stock and warrants to purchase common stock
offered by the Company in any financing occurring simultaneously with the Uplist ("Simultaneous Uplist Unit Offering"). These
notes have warrant coverage of 50% of the initial principal balance. The warrants will be issued at Uplist or at maturity of the convertible
debt. The warrants may be converted into common stock at $0.40
The private placement offerings issued from October
1, 2021 onward have a most favored nations clause which adjusts their conversion terms to those of this debt.
The Company had three promissory notes with payments
due on March 31, 2022. These payments were not made and the Company is in negotiations with the lenders regarding revised payment schedules.
On March 9, 2021, the Company signed an agreement
with its related party lenders increasing the interest rate to
9
% per annum and extending the repayment schedule with the final payment
due on August 1, 2022.
F-
40
_______________ Units
Each Unit Consisting of One Share of Common
Stock and
One Warrant to Purchase One Share of Common
Stock
PRELIMINARY PROSPECTUS
Sole Book-Running Manager
JOSEPH GUNNAR & CO., LLC
Co-Lead Managers
, 2022
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 13. Other Expenses of Issuance and Distribution
The following table sets forth all costs and expenses,
other than underwriting discounts and commissions, paid or payable by the Registrant in connection with the sale of the securities being
registered. All amounts shown are estimates except for the SEC registration fee and the FINRA filing fee:
Amount to be Paid
SEC Registration Fee
$
FINRA Filing Fee
Initial Nasdaq Listing Fee
Printing and Engraving Fees and Expenses
Legal Fees and Expenses
Accounting Fees and Expenses
Transfer Agent and Registrar Fees and Expenses
Miscellaneous Fees and Expenses
Total
$
Item 14. Indemnification of Officers and Directors.
Our Articles of Incorporation and Bylaws provide
that, we will indemnify our officers, directors and agents to the extent permitted under the Nevada Revised Statute or NRS, provided that,
we will not be obligated to indemnify any person in connection with any proceeding:
(i) for which payment has
actually been made to or on behalf of such person under any statute, insurance policy, indemnity provision, vote or otherwise, except
with respect to any excess beyond the amount paid;
(ii) for an accounting or
disgorgement of profits pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
or similar provisions of federal, state or local statutory law or common law, if such person is held liable therefor (including pursuant
to any settlement arrangements);
(iii) for any reimbursement
of the Company by such person of any bonus or other incentive-based or equity-based compensation or of any profits realized by such person
from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise
from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"),
or the payment to the Company of profits arising from the purchase and sale by such person of securities in violation of Section 306 of
the Sarbanes-Oxley Act), if such person is held liable therefor (including pursuant to any settlement arrangements);
(iv) initiated by such person,
including any proceeding initiated by such person against the Company or its directors, officers, employees, agents or other indemnitees,
unless (a) the Board authorized the proceeding prior to its initiation, (b) the Company provides the indemnification, in its sole discretion,
pursuant to the powers vested in the Corporation under applicable law, (c) otherwise required to be made under the Bylaws or (d) otherwise
required by applicable law; or
(v) if prohibited by applicable
law.
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NRS Section 78.7502 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 the 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.
The foregoing discussion of
our Articles of Incorporation and By-laws and Nevada law is not intended to be exhaustive and is qualified in its entirety by such Articles
of Incorporation and Bylaws, each as amended to date, and the applicable provisions of the NRS.
The NRS provide that a corporation
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 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 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 corporation
has the authority to indemnify him against such liability and expenses.
We have been advised that in the opinion of the
SEC, insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and other
persons pursuant to the foregoing provisions, or otherwise, such indemnification is against public policy as expressed in the Securities
Act and is therefore unenforceable. In the event a claim for indemnification against such liabilities (other than payment of expenses
incurred or paid by a director or officer in the successful defense of any action, suit or proceeding) is asserted by such director, officer
or other person in 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 of whether such indemnification is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
In any underwriting agreement
we enter into in connection with the sale of Common Stock being registered hereby, the underwriters will agree to indemnify, under certain
conditions, us, our directors, our officers and persons who control us within the meaning of the Securities Act of 1933, as amended, against
certain liabilities.
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Item 15. Recent Sales of Unregistered Securities
Set forth below is information regarding shares
of Common Stock, convertible notes and warrants issued, and options granted, by us within the past three years that were not registered
under the Securities Act. Also included is the consideration, if any, received by us for such shares, convertible notes, warrants and
options, and information relating to the section of the Securities Act, or rule of the Securities and Exchange Commission, under which
exemption from registration was claimed.
On
January
7, 2022
, we issued 10,485 shares of restricted stock under our 2018 Equity Incentive Plan for services
rendered to an employee.
In January
2022, the Company issued 360,695 shares to a service provider in respect of $129,850 of outstanding payables.
On April 20, 2022, the Company issued to investors
143,641 shares of common stock upon the conversion of $143,641 in principal amount of outstanding convertible promissory notes and interest.
On June 14, 2022, the Company issued to investors
54,536,573 shares of common stock upon the conversion of $13,634,134 in principal amount of outstanding convertible promissory notes,
with accrued interest.
In conjunction with the October 1, 2021 closing
under the Piezo Merger Agreement, all of the outstanding shares of Piezo Motion Corp. were exchanged for 29,520,454 shares of our Common
Stock.
In conjunction
with the
October 1, 2021 closing under the Piezo Merger Agreement
, we also issued an aggregate
of 4,504,214 stock options and 5,505, 151 warrants to six persons.
In conjunction with the September 21, 2018 closing
under the merger agreement with MemoryMD, Inc., all of the outstanding shares of MemoryMD, Inc. were exchanged for 9,916,752 shares of
our Common Stock. At such closing, we also issued an additional 4,083,248 shares of our Common Stock upon the automatic conversion of
an aggregate of $1,507,000 in principal amount of outstanding convertible promissory notes issued by MemoryMD, Inc. Immediately following
the closing, we issued an additional 1,604,378 shares of our Common Stock upon the automatic conversion of an aggregate of $640,000
in principal amount of outstanding convertible promissory notes issued by MemoryMD, Inc.
On
or about August 10, 2021, we issued 97,391 shares of restricted stock under our 2018 Equity Incentive Plan for services rendered to an
employee.
During
the quarter ended March 31, 2021, we issued an aggregate of 47,798 restricted shares under our 2018 Equity Incentive Plan to consultants.
On December 4, 2019, we issued 75,000 shares of
Common Stock to an advisor.
During October 2019, we issued 4,000 shares to
an advisor.
During the quarter ended December 31,2019 we issued
an aggregate of 22,500 shares of our Common Stock to a consultant.
On January 18, 2019, February 5, 2019 and July
23, 2019, we issued convertible notes to three investors for $100,000, $130,000 and $150,000, respectively.
On December 31, 2019, we issued and sold to a
third party a convertible note in the original principal amount of $275,000 and a warrant to purchase 100,000 shares of Common Stock.
On April 21, 2020, we issued convertible grid
promissory notes to two existing stockholders pursuant to which each stockholder agreed to advance to us an aggregate principal amount
of $125,000 and also issued to each stockholder a common stock purchase warrant to purchase up to 750,000 shares of our Common Stock.
On September 1, 2020 we entered into a Securities
Purchase Agreement and issued and sold to an investor an 8% convertible redeemable note in the original principal amount of $157,500.
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On September 22, 2020, we entered into a Securities
Purchase Agreement and issued and sold to an investor a promissory note in the aggregate original principal amount of $600,000, of which
$100,000 aggregate principal amount was borrowed as of the issuance date with the balance of the principal borrowed on October 19, 2020.
In connection with the issuance of the note, we issued two common stock purchase warrants to the investor, allowing the investor to purchase
an aggregate of 1,411,764 shares of our Common Stock.
On September 1, 2019, we entered into a four-month
agreement with an advisor for consulting services. Pursuant to the agreement, we paid the advisor 5,000 shares of Common Stock a month
or an aggregate of 20,000 shares. On June 1, 2020 we entered into an additional four-month agreement with an advisor for consulting services.
Pursuant to the agreement, we paid the advisor 7,000 shares of Common Stock a month or an aggregate of 28,000 shares.
On November 13, 2020, we entered into a six-month
agreement with a consultant under which the consultant received cash and 100,000 shares of our Common Stock.
On October 15, 2020, we granted and issued to a newly-hired non-executive officer, 292,174 shares of Common Stock under our 2018 Equity
Incentive Plan,
The above sales of our securities were made pursuant
to exemptions from registration pursuant to Section 4(2) and/or Rule 506 of Regulation D of the Securities Act. We made such determinations
based upon representations by the purchasers of such securities including, without limitation, that such purchasers were "accredited
investors" as defined in the Securities Act.
Item 16.
Exhibits
.
The Index to Exhibits listing the exhibits required
by Item 601 of Regulation S-K is located on the page immediately following the signature page to this registration statement.
Item 17.
Undertakings
.
The undersigned registrant hereby undertakes:
(1)
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, as amended (the Securities Act);
(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 and 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 a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement; and
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;
provided
,
however
, that the information required to be included in a post-effective amendment by paragraphs (a)(1)(i), (a)(1) (ii) and (a)(1) (iii) above may be contained in periodic reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.
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(2)
That, for the purpose of determining
any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona-fide offering
thereof.
(3)
To remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(4)
That, for the purpose of determining
liability under the Securities Act to any purchaser:
(i)
each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the Registration Statement as of the date the filed prospectus was deemed part of and included in the Registration Statement; and
(ii)
each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) (§230.415(a)(1)(i), (vii), or (x)) for the purpose of providing the information required by section 10(a) of the Securities Act shall be deemed to be part of and included in this Registration Statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of this Registration Statement relating to the securities in this Registration Statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; provided, however, that no statement made in a registration statement or prospectus that is part of this Registration Statement or made in a document incorporated or deemed incorporated by reference into this Registration Statement or prospectus that is part of this Registration Statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede, supplement or modify any statement that was made in this Registration Statement or prospectus that was part of this Registration Statement or made in any such document immediately prior to such effective date.
(5)
The undersigned registrant hereby
undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report
pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in 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.
(6) That, for the purpose
of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities: The
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this Registration
Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold
to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser:
(i)
Any preliminary prospectus or
prospectus of the undersigned registrant 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.
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Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions,
or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of
the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
(a) Exhibits.
See the Exhibit Index included
immediately prior to the signature page to this registration statement, which is incorporated by reference herein.
(b) Financial Statement Schedules.
No financial statement schedules
are provided because the information called for is not required or is shown either in the financial statements or notes.
Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant
to the foregoing provisions, or otherwise, the registrant has been advised 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 connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
The undersigned Registrant hereby undertakes that:
(a) For purposes of determining
any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement
in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under
the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.
(b) For the purpose of determining
any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.
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EXHIBIT INDEX
Exhibit No.
Document
1.1**
Form of Underwriting Agreement
2.1
Agreement and Plan of Merger and Reorganization by and among Brain Scientific Inc., ASGI Acquisition Company and Memory MD, Inc. dated as of September 21, 2018 (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on September 27, 2018)
2.2
Agreement and Plan of Merger and Reorganization by and among the Registrant, Piezo Motion Corp. and BASF Acquisition Inc. dated June 11, 2021 (Incorporated by reference to Exhibit 2.1 to  the Registrant's Current Report on Form 8-K filed on June 16, 2021)
2.3
Amendment dated October 1, 2021 to Agreement and Plan of Merger and Reorganization dated June 11,2021 by and among the Registrant, Piezo Motion Corp. And BRSF Acquisition Inc. (Incorporated by reference to Exhibit 2.2 to the Registrant's Current Report on Form 8-K filed on October 7, 2021)
2.4
Certificate of Merger of BRSF Acquisition Inc. into Piezo Motion Corp. filed October 1,2021 (Incorporated by reference to Exhibit 2.3 to the Registrant's Current Report on Form 8-K filed on October 7, 2021)
3.1
Amended and Restated Certificate of Incorporation of Brain Scientific Inc. (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on September 24, 2018)
3.2
Amended and Restated By-Laws of Brain Scientific Inc. (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on September 27, 2018)
4.1
Form of Common Stock Certificate (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on September 27, 2018)
4.2
Form of Warrant (Incorporated by reference to the Registrant's Annual Report on Form 10-K filed on April 1, 2019).
4.3
Form of Common Stock Purchase Warrant (October 2021) (Incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed on October 7, 2021)
4.4**
Form of Warrant
5.1**
Opinion of Lucosky Brookman LLP
10.1
Patent Assignment and License Back Agreement, dated May 2018, by and among Boris Goldstein, Dmitriy Prilutskiy, Stanislav Zabodaev, Memory MD, Inc. and (c) Medical Computer Systems Ltd. (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on September 27, 2018)
10.2
Agreement, dated as of September 21, 2018, between Brain Scientific Inc. and Amer Samad (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on September 27, 2018)
10.3
Sublease Agreement dated as of May 9, 2017 by and between Memory MD, Inc. and Nano Graphene Inc. (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on September 27, 2018)
10.4*
2018 Equity Incentive Plan (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on September 27, 2018)
10.5*
Form of Stock Option Award Agreement pursuant to 2018 Equity Incentive Plan (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on September 27, 2018)
10.6
Form of Subscription Agreement (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on February 11, 2019)
10.7
Form of Note (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on February 11, 2019)
10.8
Securities Purchase Agreement (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on January 7, 2020)
10.9
Convertible Note (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on January 7, 2020)
10.10
Warrant (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on January 7, 2020)
10.11
Non-Convertible Promissory Note dated February 21, 2020 (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on February 27, 2020)
10.12
Allonge to Convertible Promissory Note dated February 28, 2020 ($130,000) (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on March 5, 2020)
10.13
Allonge to Convertible Promissory Note dated February 28, 2020 ($100,000) (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on March 5, 2020)
10.14*
Boris Goldstein Employment Agreement (Incorporated by reference to the Registrant's Annual Report on Form 10-K filed on March 31, 2020)
10.15*
Vadim Sakharov Employment Agreement (Incorporated by reference to the Registrant's Annual Report on Form 10-K filed on March 31, 2020)
10.16
Convertible Grid Promissory Note, dated April 21, 2020, issued to Thomas J. Caleca (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on April 27, 2020)
10.17
Common Stock Purchase Warrant, dated April 21, 2020, issued to Thomas J. Caleca (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on April 27, 2020)
10.18
Convertible Grid Promissory Note, dated April 21, 2020, issued to Andrew Brown (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on April 27, 2020)
10.19
Common Stock Purchase Warrant, dated April 21, 2020, issued to Andrew Brown (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on April 27, 2020)
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10.20
Allonge to Promissory Note (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on July 29, 2020)
10.21
Allonge to Promissory Note (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on August 3, 2020)
10.22
Allonge to Promissory Note (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on August 11, 2020)
10.23
Securities Purchase Agreement (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on September 3, 2020)
10.24
8% Convertible Redeemable Note (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on September 3, 2020)
10.25
Securities Purchase Agreement (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on September 29, 2020)
10.26
Promissory Note (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on September 29, 2020)
10.27
Common Stock Purchase Warrant (Warrant A) (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on September 29, 2020)
10.28
Common Stock Purchase Warrant (Warrant B) (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on September 29, 2020)
10.29
Allonge #2 to Promissory Note (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on November 3, 2020)
10.30
Allonge to Non-Convertible Promissory Note (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on November 17, 2020)
10.31
Securities Purchase Agreement (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on December 31, 2020)
10.32
12% Senior Secured Promissory Note (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on December 31, 2020)
10.33
Common Stock Purchase Warrant (Warrant A) (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on December 31, 2020)
10.34
Common Stock Purchase Warrant (Warrant B) (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on December 31, 2020)
10.35
Security Agreement (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on December 31, 2020)
10.36
Allonge #3 to Promissory Note (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on February 8, 2021)
10.37
Allonge #2 to Non-Convertible Promissory Note (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on April 27, 2021)
10.38
Allonge to Convertible Grid Promissory Note (Incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on April 27, 2021)
10.39
Allonge to Convertible Grid Promissory Note (Incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed on April 27, 2021)
10.40
Allonge to Promissory Note (Incorporated by reference to Exhibit 10.4 to the Registrant's Current Report on Form 8-K filed on April 27, 2021)
10.41
Loan Agreement (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on May 3, 2021)
10.42
Allonge #3 to Promissory Note (Incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed on May 24, 2021)
10.43
Allonge #2 to Promissory Note in favor of ProudLiving, LLC (Incorporated by reference to Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q filed on May 24, 2021)
10.44
Allonge #2 to Promissory Note in favor of John Silvestri (Incorporated by reference to Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q filed on May 24, 2021)
10.45
Allonge #2 to Promissory Note in favor of Len P. Mertz (Incorporated by reference to Exhibit 10.4 to the Registrant's Quarterly Report on Form 10-Q filed on May 24, 2021)
10.46
Allonge #2 to Promissory Note in favor of Leonard Mazur (Incorporated by reference to Exhibit 10.5 to the Registrant's Quarterly Report on Form 10-Q filed on May 24, 2021)
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10.47
Promissory Note (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on June 28, 2021)
10.48
Promissory Note (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on July 9, 2021)
10.49
Promissory Note (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on July 9, 2021)
10.50
Allonge #4 to Convertible Note with Vista Capital Investments, LLC (Incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed on August 23, 2021)
10.51
Allonge #3 with Auctus Fund LLC (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on August 25, 2021)
10.52
Allonge #5 with Vista Capital Investments, LLC (Incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on August 25, 2021)
10.53
Allonge #6 with Vista Capital Investments, LLC (Incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed on August 25, 2021)
10.54
Promissory Note (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on September 9, 2021)
10.55
Assignment and Assumption Agreement dated October 1, 2021 between the Registrant and MemoryMD, Inc. (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on October 7, 2021)
10.56
Form of 10% Convertible Promissory Note (October 2021) (Incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on October 7, 2021)
10.57*
Employment Agreement dated October 1, 2021 between the Registrant and Hassan Kotob (Incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed on October 7, 2021)
10.58
Assignment Agreement dated September 28, 2021 between MemoryMD, Inc. and Boris Goldstein (Incorporated by reference to Exhibit 10.4 to the Registrant's Current Report on Form 8-K filed on October 7, 2021)
10.59
Assignment Agreement dated  September 30, 2021 between MemoryMD, Inc. Vadim Sakharov and (Incorporated by reference to Exhibit 10.5 to the Registrant's Current Report on Form 8-K filed on October 7, 2021)
10.60
Form Securities Purchase Agreement (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on December 28, 2021)
10.61
Form Convertible Promissory Note (Incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on December 28, 2021)
10.62
Form Common Stock Purchase Warrant (Incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed on December 28, 2021)
10.63
Form Securities Purchase Agreement (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on February 16, 2022)
10.64
Form Convertible Promissory Note (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on February 16, 2022)
10.65
Form Common Stock Purchase Warrant (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on February 16, 2022)
10.66*
Employment Agreement dated June 1, 2021 between the Registrant and Bonnie-Jeanne Gerety (Incorporated by reference to Exhibit 10.64 to the Registrant's Annual Report on Form 10-K filed on March 31, 2022)
10.67*
Employment Agreement dated June 1, 2020 between the Registrant and Mark Broderick (Incorporated by reference to Exhibit 10.65 to the Registrant's Annual Report on Form 10-K filed on March 31, 2022)
10.68*
Employment Agreement dated June 20, 2018 between the Registrant and Nicholas Copley (Incorporated by reference to Exhibit 10.66 to the Registrant's Annual Report on Form 10-K filed on March 31, 2022)
10.69**
Form of Warrant Agency Agreement
10.70
March 31, 2022 Allonge to Convertible Promissory Note with Vista Capital Investments LLC dated December 31, 2019 (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on April 6, 2022)
10.71
Form Securities Purchase Agreement (Incorporated by reference to Exhibit  10.1  to the Registrant's Current Report on Form 8-K filed on June 15, 2022)
10.72
Form Debenture (Incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on June 15, 2022)
10.73
Form Common Stock Purchase Warrant (Incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K filed on June 15, 2022)
10.74
Form Guarantee (Incorporated by reference to Exhibit 10.4 to the Registrant's Current Report on Form 8-K filed on June 15, 2022)
10.75
Form Security Agreement (Incorporated by reference to Exhibit 10.5  to the Registrant's Current Report on Form 8-K filed on June 15, 2022)
14.1
Code of Ethics (Incorporated by reference to the Registrant's Annual Report on Form 10-K filed on March 31, 2020)
21.1
Subsidiaries of the Registrant (Incorporated by reference to the Registrant's Current Report on Form 8-K filed on September 27, 2018)
23.1
Consent of Accell Audit & Compliance, PA
23.2
Consent of Lucosky Brookman LLP (included in Exhibit 5.1)
24.1
Power of Attorney (included in signature page)
107
Filing fee table
*
Management contract or
compensatory plan or arrangement
**
To be filed by amendment
II-
9
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized in the City of Lakewood Ranch, State of Florida, on August 11, 2022.
BRAIN SCIENTIFICINC.
By:
/s/ Hassan Kotob
Hassan Kotob
Chief Executive Officer (Principal Executive Officer)
POWER OF ATTORNEY: KNOW
ALL PERSONS BY THESE PRESENTS that each individual whose signature appears below constitutes and appoints Hassan Kotob, his true and lawful
attorneys-in-fact and agents with full power of 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) to this Registration Statement, and to sign any registration statement
for the same offering covered by the Registration Statement that is to be effective upon filing pursuant to Rule 462(b) promulgated under
the Securities Act of 1933, and all post-effective amendments thereto, and to file the same, with all exhibits thereto and all documents
in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents or any of them, or his substitute or substitutes, may lawfully do or cause to be done or 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.
Signature
Title
Date
/s/ Hassan Kotob
Chief Executive Officer and Director
August 11, 2022
Hassan Kotob
(Principal Executive Officer)
/s/ Bonnie-Jeanne Gerety
Chief Financial Officer (Principal Financial and Accounting Officer)
August 11, 2022
Bonnie-Jeanne Gerety
/s/ Daniel Cloutier
Director
August 11, 2022
Daniel Cloutier
/s/ Nickolay Kukekov
Director
August 11, 2022
Nickolay Kukekov
/s/ Donald MacKenzie
Director
August 11, 2022
Donald MacKenzie
/s/ Thomas Oliver
Director
August 11, 2022
Thomas Oliver
II-10