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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>As filed with the Securities and Exchange Commission
on&#160;May 10, 2023</b></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></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><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>UNITED STATES<br/>
SECURITIES AND EXCHANGE COMMISSION<br/>
Washington, D.C. 20549</b></p><div>

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><span style="-sec-ix-hidden: hidden-fact-0">Nutriband Inc.</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant as specified in its charter)</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="vertical-align: bottom"> <td style="width: 32%; border-bottom: black 1.5pt solid; 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="white-space: nowrap; width: 2%; text-align: center">&#160;</td> <td style="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>2834</b></span></td> <td style="white-space: nowrap; width: 2%; text-align: center">&#160;</td> <td style="width: 32%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>81-1118176</b></span></td></tr> <tr style="vertical-align: top"> <td style="text-align: center"><span style="font-size: 10pt">(State or jurisdiction of <br/>
incorporation or organization)</span></td> <td style="white-space: nowrap; text-align: center">&#160;</td> <td style="text-align: center"><span style="font-size: 10pt">(Primary Standard Industrial <br/>
Classification Code Number)</span></td> <td style="white-space: nowrap; text-align: center">&#160;</td> <td style="text-align: center"><span style="font-size: 10pt">(I.R.S.&#160;Employer <br/>
Identification&#160;No.)</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">121 South Orange Ave., Suite 1500</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Orlando, Florida 32801</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(407) 377-6695</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address and telephone number of principal executive
offices)</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">Gareth Sheridan, Chief Executive Officer</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">121 South Orange Ave., Suite 1500</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Orlando, Florida 32801</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(407) 377-6695</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name, address, including zip code, and telephone
number, including area code, of agent for service)</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">Copies to:</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="vertical-align: top">
    <td style="width: 51%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Michael Paige</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Michael Paige Law PLLC</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2300 N Street, NW, Suite 300</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, DC 20037</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(202) 363-4791</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Fax: (202) 457-1678</p></td>
    <td style="white-space: nowrap; width: 1%; text-align: center">&#160;</td>
    <td style="width: 48%">&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">APPROXIMATE DATE OF PROPOSED SALE TO PUBLIC:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">As soon as practicable after this registration
statement becomes effective.</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">If any 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, other than securities offered
only in connection with dividend or interest reinvestment plans, check the following box: <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering&#160;<span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 25%; text-align: justify"><span style="font-size: 10pt">Large accelerated filer</span></td> <td style="width: 25%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="white-space: nowrap; width: 25%; text-align: justify"><span style="font-size: 10pt">Accelerated filer</span></td> <td style="width: 25%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory"><span style="font-size: 10pt">Non- accelerated filer</span></ix:nonNumeric></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td> <td style="white-space: nowrap; text-align: justify"><span style="font-size: 10pt">Smaller reporting company</span></td> <td style="text-align: justify"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntitySmallBusiness"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></ix:nonNumeric></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="white-space: nowrap; text-align: justify"><span style="font-size: 10pt">Emerging growth company</span></td> <td style="text-align: justify"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></ix:nonNumeric></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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 to Section 7(a)(2)(B) of the Securities Act. <ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityExTransitionPeriod"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric></p><div>

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

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="color: Red"><b>The information in
this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer
to buy these securities in any state where the offer or sale is not permitted.</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-top: 0pt; margin-bottom: 0pt; text-align: center"><b>PRELIMINARY PROSPECTUS,
SUBJECT TO COMPLETION, DATED MAY 9, 2023</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; text-align: center"><b>[*] Shares 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"><b>Nutriband Inc.</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">We are offering [*] shares of common stock,
par value $0.001 per share (the &#8220;Shares&#8221;). The public offering price per share of common stock will be determined by us
at the time of pricing and may be at a discount to the current market price. The assumed offering price used throughout this
prospectus may not be indicative of the final offering price. All of the shares included in this offering are being sold by us.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have granted the underwriters an option to purchase up to an additional
[*] 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">Our common stock is traded on the NASDAQ Capital Market under the symbol
&#8220;NTRB. On May 8, 2023, the last reported sale price of our common stock was $3.415 per 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">We are an &#8220;emerging growth company&#8221;
as that term is used in the Jumpstart Our Business Startups Act of 2012, and as such, we have elected to take advantage of certain reduced
public company reporting requirements for this prospectus and future filings. See &#8220;Risk Factors&#8221; and &#8220;Prospectus Summary
&#8212;Implications of Being an Emerging Growth Company.&#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>Investing in our common stock involves risks.
See &#8220;Risk Factors&#8221; beginning on page 7.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense. </b></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><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per
    Share</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price
    to the public</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,000,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting
    discounts and commissions</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">280,000</span></p></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; 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: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    to us (before expenses)<sup>(1)(2)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><p style="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,720,000</span></p></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The public offering price and underwriting discount and commissions in respect of each Share corresponds to the public offering price per share of common stock of $[*].</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">Does not include (i)a non-accountable expense allowance equal to 1% of the gross proceeds of this offering payable to the underwriters, or the reimbursement of certain expenses of the underwriters, or (ii) common stock purchase warrants issuable to the underwriters to purchase that number of shares of common stock equal to 5% of the number&#160;&#160;of Shares sold in the offering at a price per shares equal to the price at which Shares are sold in the offering . We refer you to &#8220;Underwriting&#8221; beginning on page 60 of this prospectus for additional information regarding underwriting compensation.</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">We have granted the underwriters the option for
a period of 45 days to purchase up to an additional [*] shares of common stock (equal to 15% of the number of shares of common stock
sold in the offering) from us at the public offering price per share of common stock, less underwriting discounts and commissions, solely
to cover over-allotments, if any.&#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">The underwriters expect to deliver the shares
of common stock to purchasers in the offering against payment on&#160;[*], 2023.</p><div>

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

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

</div><p style="text-align: center; font: 10pt 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">The date of this prospectus is&#160;&#160;&#160;&#160;&#160;,
2023.</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS</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 style="vertical-align: bottom; background-color: white">
    <td style="text-align: justify">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 94%; text-align: justify"><a href="#a_001"><span style="font-size: 10pt">Prospectus Summary</span></a></td>
    <td style="width: 6%; text-align: center"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><a href="#a_002"><span style="font-size: 10pt">The Offering</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">5</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_003"><span style="font-size: 10pt">Selected Consolidated Financial Data</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">6</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><a href="#a_004"><span style="font-size: 10pt">Risk Factors</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">7</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_005"><span style="font-size: 10pt">Use of Proceeds</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">29</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><a href="#a_006"><span style="font-size: 10pt">Dividend Policy</span></a></td>
    <td style="text-align: center">29</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_007"><span style="font-size: 10pt">Capitalization</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">30</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><a href="#gg_001"><span style="font-size: 10pt">Market for Common Stock and Related Stockholder Matters</span></a></td>
    <td style="text-align: center">30</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline"><a href="#gg_002">Dilution</a></span></span></td>
    <td style="text-align: center">31</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><a href="#a_008"><span style="font-size: 10pt">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">32</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_009"><span style="font-size: 10pt">Business</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">38</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><a href="#a_010"><span style="font-size: 10pt">Management</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">47</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_011"><span style="font-size: 10pt">Executive Compensation</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">52</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="font-size: 10pt">Principal Stockholders</span></td>
    <td style="text-align: center"></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_012"><span style="font-size: 10pt">Certain Relationships and Related Party Transactions</span></a></td>
    <td style="text-align: center">55</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><a href="#a_013"><span style="font-size: 10pt">Description of Securities</span></a></td>
    <td style="text-align: center">56</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_014"><span style="font-size: 10pt">Shares Eligible for Future Sale</span></a></td>
    <td style="text-align: center">59</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><a href="#a_015"><span style="font-size: 10pt">Underwriting</span></a></td>
    <td style="text-align: center">60</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_016"><span style="font-size: 10pt">Legal Matters</span></a></td>
    <td style="text-align: center">64</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><a href="#a_017"><span style="font-size: 10pt">Experts</span></a></td>
    <td style="text-align: center">64</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_018"><span style="font-size: 10pt">Interests of Named Experts and Counsel</span></a></td>
    <td style="text-align: center">64</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><a href="#a_019"><span style="font-size: 10pt">Where You Can Find More Information</span></a></td>
    <td style="text-align: center">64</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_020"><span style="font-size: 10pt">Index to Consolidated Financial Statements</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">F-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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information contained
in this prospectus and in any free writing prospectus prepared by or on behalf of us and delivered or made available to you. Neither we
nor the underwriters have authorized anyone to provide you with additional or different information. We are offering to sell, and seeking
offers to buy, shares of our common stock only in jurisdictions where offers and sales are permitted. The information contained in this
prospectus or a free writing prospectus is accurate only as of its date, regardless of its time of delivery or of any sale of shares of
our common stock. Our business, financial condition, operating results, and prospects may have changed since that date, and neither the
delivery of this prospectus nor any sale made in connection with this prospectus shall, under any circumstances, create any implication
that there has been no change in our affairs since the date of this prospectus or that the information contained by reference to this
prospectus is correct as of any time after its 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">References to &#8220;we,&#8221; &#8220;us,&#8221;
&#8220;our&#8221; and words of like import refer to us and our subsidiaries, including 4P Therapeutics LLC following our acquisition of
4P Therapeutics on August 1, 2018, and certain assets of Pocono Coated Products, LLC, on August 31, 2020, unless the context indicates
otherwise. All share and per-share numbers are post-split numbers, reflecting the forward split effective 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">For investors outside the United States: Neither
we nor any of the underwriters have 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 in 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 shares
of common stock 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; text-align: justify"><b>Industry and Market 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; margin: 0pt 0; text-align: justify">The market data and certain other statistical
information used throughout this prospectus are based on independent industry publications, government publications and other published
independent sources. Some data is also based on our good faith estimates. The industry in which we operate is subject to a high degree
of uncertainty and risk due to a variety of factors, including those described in the section entitled &#8220;Risk Factors.&#8221; These
and other factors could cause results to differ materially from those expressed in these publications.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
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<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"><b>PROSPECTUS SUMMARY</b></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; margin: 0pt 0; text-align: justify">This summary highlights information contained
elsewhere in this prospectus. This summary does not contain all the information you should consider before investing in the securities.
However, you should read the entire prospectus carefully, including the &#8220;Risk Factors,&#8221; &#8220;Management&#8217;s Discussion
and Analysis of Financial Condition and Results of Operations,&#8221; and our financial statements, including the notes thereto, appearing
elsewhere in this prospectus.</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>Our Business</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"><b>Overview</b></p>

<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: justify">Nutriband Inc. (the &#8220;Company&#8221;, &#8220;Nutriband&#8221;,
&#8220;we&#8221; or &#8220;us&#8221;), was incorporated in Nevada in January 2016. Our primary business is the development of a portfolio
of transdermal pharmaceutical products. Our development pipeline consists of transdermal products that are based on our proprietary AVERSA&#174;
abuse deterrent transdermal technology that we believe can be incorporated into existing transdermal patches that contain drugs that are
susceptible to abuse and misuse. We operate in two distinct business segments: pharmaceuticals and medical devices. Our principal offices
are located in Orlando, Florida, and we primarily operate and derive most of our revenues in the United States.</p>

<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: justify">Our lead product under development is AVERSA Fentanyl,
an abuse deterrent fentanyl transdermal system that combines an approved generic fentanyl patch with our AVERSA abuse deterrent technology
to reduce the abuse and misuse of fentanyl patches. We believe that AVERSA technology can be broadly applied to various transdermal products,
and our plan is to follow the development of our abuse deterrent fentanyl transdermal system with the development of additional transdermal
abuse deterrent products for pharmaceuticals that have a risk or history of abuse. Specifically, we have expanded our development pipeline
to include AVERSA Buprenorphine and AVERSA Methylphenidate. In addition, we are developing a portfolio of transdermal pharmaceutical products
to deliver already approved drugs or biologics that are typically delivered by injection but with the potential to improve compliance
and therapeutic outcomes through transdermal delivery.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have a feasibility agreement with Kindeva Drug
Delivery, formerly 3M Drug Delivery (&#8220;Kindeva&#8221;), for the development of AVERSA Fentanyl using Kindeva&#8217;s FDA approved
Fentanyl patch. The feasibility agreement is focused on adapting Kindeva&#8217;s commercial transdermal manufacturing process to incorporate
AVERSA abuse deterrent technology.</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; margin: 0pt 0; text-align: justify"><b>Selected Risks Associated with our Business
and Operations</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">Our business is subject to significant risks,
which are disclosed in more detail under &#8220;Risk Factors,&#8221; which begins on page&#160;7, as a result of which an investment in
our common stock is highly speculative and could result in the loss of your entire investment. Significant risks include, but are not
limited to, the following:</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Our business could be adversely affected by the effects of health pandemics or epidemics, including the recent outbreak of COVID-19, which was declared by the World Health Organization as a global pandemic, and is resulting in travel and other restrictions to reduce the spread of the disease, including state and local orders across the country, which, among other things, direct individuals to shelter at their places of residence, direct businesses and governmental agencies to cease non-essential operations at physical locations, prohibit certain non-essential gatherings, and order cessation of non-essential travel. The effects of these orders, government-imposed quarantines and measures we would take, such as work-from-home policies, may negatively impact productivity, disrupt our business and could delay our clinical programs and timelines, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on our ability to conduct our business in the ordinary course. These and similar, and perhaps more severe, disruptions in our operations could negatively impact our business, operating results and financial condition. Further, quarantines, shelter-in-place and similar government orders, or the perception that such orders, shutdowns or other restrictions on the conduct of business operations could occur, related to COVID-19 or other infectious diseases could impact personnel at third-party manufacturing facilities in the United States and other countries, or the availability or cost of materials, which could disrupt our supply chain.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Organization</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">We are a Nevada corporation, incorporated on January
4, 2016. In January 2016, we acquired Nutriband Ltd, an Irish company which was formed by Gareth Sheridan, our chief executive officer,
in 2012 to enter the health and wellness market by marketing transdermal patches. Our corporate headquarters are located at 121 S. Orange
Ave. Suite 1500, Orlando, Florida 32801, telephone (407) 377-6695. Our website is <i>www.nutriband.com</i>. Information contained on or
available through our website or any other website does not constitute a portion of this prospectus.</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>Recent Financings</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; margin: 0pt 0; text-align: justify">On October 5, 2021, the Company, having
been approved for the listing of its common stock on The Nasdaq Capital Market effective October 1, 2021, consummated a public offering
(the &#8220;IPO&#8221;) of units (the &#8220;Units&#8221;), of common stock and warrants that were offered in the IPO on The Nasdaq Capital
Market, which included 1,232,000 (each a &#8220;Unit&#8221;), each Unit consisting of one share of common stock, par value $0.001 per
share, and one warrant (each a &#8220;Warrant&#8221;) at a price of $5.36 per Unit. Each Warrant is immediately exercisable, will entitle
the holder to purchase one share of common stock at an exercise price of $6.43 and will expire five (5) years from the date of issuance.
The underwriters&#8217; over-allotment option was exercised for 184,800 warrants to purchase shares of common stock bringing to total
net proceeds to the Company from the IPO to $5,836,230. The shares of common stock and Warrants are separately transferred immediately
upon issuance. As of May 5, 2023, 457,795 Warrants issued in the IPO have been exercised, with net proceeds to the Company of $2,942,970.</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>Implications of Being an Emerging Growth Company</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">As a company with less than $1.07 billion in revenue
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Act of 2012, or the JOBS Act. An emerging growth company may take advantage of reduced reporting requirements that are otherwise generally
applicable to public companies, although as a smaller reporting company we are taking advantage of reduced reporting requirements. In
particular, as an emerging growth company, we:</p>

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

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  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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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: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to take advantage of all of these reduced
reporting requirements and exemptions. However, since we have already adopted certain new or revised accounting standards under &#167;107
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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">Under the JOBS Act, we may take advantage of the
above-described reduced reporting requirements and exemptions for up to five years after our initial sale of common equity pursuant to
a registration statement declared effective under the Securities Act of 1933, as amended, or such earlier time that we no longer meet
the definition of an emerging growth company. The JOBS Act provides that we would cease to be an &#8220;emerging growth company&#8221;
if we have more than $1.07 billion in annual revenues (as adjusted for inflation), have more than $700 million in market value of our
common stock held by non-affiliates, or issue more than $1 billion in principal amount of non-convertible debt over a three-year period.
Under current Securities and Exchange Commission, or SEC, rules, however, we will continue to qualify as a &#8220;smaller reporting company&#8221;
for so long as we have either (i) a public float (i.e., the market value of common equity held by non-affiliates) of less than $250 million
as of the last business day of our most recently completed second fiscal quarter or (ii) annual revenues of less than $100 million and
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#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 0; text-align: center"><b>&#160;</b></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="padding-right: 0pt; width: 30%; padding-left: 0pt; text-indent: 0pt"><span style="font-size: 10pt">Shares offered by us:</span></td>
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    <td style="padding-right: 0pt; width: 69%; text-align: justify; padding-left: 0pt; text-indent: 0pt"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">[*] shares of common stock.</p></td></tr>
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    <td style="padding-right: 0pt; white-space: nowrap; text-align: justify; padding-left: 0pt; text-indent: 0pt">&#160;</td>
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  <tr style="vertical-align: top">
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    <td style="padding-right: 0pt; white-space: nowrap; text-align: justify; padding-left: 0pt; text-indent: 0pt">&#160;</td>
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    <td style="padding-right: 0pt; text-align: justify; padding-left: 0pt; text-indent: 0pt">[*] shares, [*] shares if the underwriters&#8217; over-allotment option
is exercised in full).</td></tr>
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
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    <td style="padding-right: 0pt; white-space: nowrap; text-align: justify; padding-left: 0pt; text-indent: 0pt">&#160;</td>
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    <td style="padding-right: 0pt; text-align: justify; padding-left: 0pt; text-indent: 0pt"><span style="font-size: 10pt">We intend to use the net proceeds of this offering, estimated at approximately $[*] million primarily for research and development of our abuse deterrent fentanyl transdermal system and for working capital and other corporate purposes. See &#8220;Use of Proceeds.&#8221;</span></td></tr>
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    <td style="padding-right: 0pt; text-align: justify; padding-left: 0pt; text-indent: 0pt"><span style="font-size: 10pt">We do not anticipate paying any cash dividends on our common stock. We expect that, for the foreseeable future, any earnings will be reinvested in our business.</span></td></tr>
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    <td style="padding-right: 0pt; text-align: justify; padding-left: 0pt; text-indent: 0pt"><span style="font-size: 10pt">Our symbol on the Nasdaq Stock Market &#160;is NTRB. </span></td></tr>
  <tr style="vertical-align: top">
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    <td style="padding-right: 0pt; white-space: nowrap; text-align: justify; padding-left: 0pt; text-indent: 0pt">&#160;</td>
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    <td style="padding-right: 0pt; text-align: justify; padding-left: 0pt; text-indent: 0pt"><span style="font-size: 10pt">You should
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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

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</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="padding: 5pt; border: Black 1.5pt solid">

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

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

<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: justify">The following information as of January 31, 2023
and 2022, and for years then ended, has been derived from our audited consolidated financial statements which appear elsewhere in this
prospectus. The following information as of January 31, 2023 and 2022, has been derived from our unaudited consolidated financial statements
which appear elsewhere in this prospectus.</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; margin: 0pt 0; text-align: justify"><b>Statement of Operations Information:</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">The following information as of January
31, 2023 and 2022, and for years then ended, has been derived from our audited consolidated financial statements which appear
elsewhere in this prospectus.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&#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">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">917,844</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">4,022,824</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">(4,483,474</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(6,372,715</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 0pt">Net (loss) per share of common stock (basic and diluted)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(0.53</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(0.80</td><td style="text-align: left">)</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"><b>&#160;</b></p>

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td style="padding-left: 0pt; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 76%; text-align: justify; padding-left: 0pt">Current assets</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,693,745</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: White">
    <td style="text-align: justify; padding-left: 0pt">Working capital surplus</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">4,686,112</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 0pt">Accumulated deficit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(22,494,705</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(18,011,231</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: justify; padding-left: 0pt">Stockholders&#8217; equity</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">11,859,285</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify"><b>&#160;</b></p>

</div><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify"><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"><i>An investment in our common stock involves
a high degree of risk. You should carefully consider the risks described below together with all of the other information included in
this prospectus before making an investment decision with regard to our securities. The statements contained in this prospectus include
forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those
set forth in or implied by forward-looking statements. The risks set forth below are not the only risks facing us. Additional risks and
uncertainties may exist that could also adversely affect our business, prospects or operations. If any of the following risks actually
occurs, our business, financial condition or results of operations could be harmed. In that case, the trading price of our common stock
could decline, and you may lose all or a significant part of your investment.</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"><b><span style="text-decoration:underline">Risks Concerning our Business</span></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"><b><i>Because we are an early-stage company with
minimal revenue and a history of losses and we expect to continue to incur substantial losses for the foreseeable future, we cannot assure
you that we can or will be able to operate profitably.</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">During the year ended January 31, 2023, we generated
revenues of $2,079,609, a loss of $4,483,474 and a negative cash flow from operations of $2,987,198. As of January 31, 2023, we had a
working capital surplus of $1,945,132, as compared with a working capital surplus of $4,686,112 as of January 31, 2022. We are subject
to the risks common to start-up, pre-revenue enterprises, including, among other factors, undercapitalization, cash shortages, limitations
with respect to personnel, financial and other resources and lack of revenues. Drug development companies typically incur substantial
losses during the product development and FDA testing phase of the business and do not generate revenues until after the drug has received
FDA approval, which cannot be assured, and until the company has started to sell the product. We can give no assurance that we can or
will ever be successful in achieving profitability and the likelihood of our success must be considered in light of our early stage of
operations. We cannot assure you that we will be able to operate profitably or generate positive cash flow. If we cannot achieve profitability,
we may be forced to cease operations and you may suffer a total loss of your investment.<i>&#160;</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; background-color: white"><i>The Russian/Belarus-Ukrainian conflict
may adversely affect our business, financial condition and results of operations.</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In February 2022, the
Russian Federation and Belarus commenced a military action with the country of Ukraine. The specific impact on our 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 conflict could have a material adverse effect on our financial condition,
results of operations, and cash flows. To date, this conflict is having a destabilizing effect on the world&#8217;s economy, resulting
in higher energy prices and inflationary pressures generally in the world&#8217;s economy, as well as possible supply chain restraints,
which negatively affects the world&#8217;s economy generally and possibly our ongoing operations specifically. The duration of this conflict,
as well as its effects on the world economy are not known at this point. These factors may lead to a lack of certainty or other changes
in the capital markets and limit or reduce our potential for raising the additional capital that we will require to execute our business
plan in a timely fashion.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our business will
be likely be adversely affected by the COVID-19 pandemic.</i></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">The COVID-19 pandemic and the response to the
pandemic will affect our business in a number of ways, including, but are not limited to, the following:</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%">
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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"></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><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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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><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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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; text-align: justify"><b><i>Because we do not have a product we can
market in the United States, we cannot predict when or whether we will operate profitably.</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">Our lead product, which is our abuse deterrent
fentanyl transdermal system, is currently in development and is not yet approved by the FDA in the United States or by any other regulatory
agency in any other country. We do not have any product that we can market in the United States. Because of the numerous risks and uncertainties
associated with product development, we cannot assure you that we will be able to develop and market any products or achieve or attain
profitability. If we are able to obtain financing for our operations, we expect that we will incur substantial expenses as we continue
with our product development programs and clinical trials. Further, if we are required by applicable regulatory authorities, including
the FDA as well as the comparable regulatory agencies in other countries in which we may seek to market product, to perform studies in
addition to those we currently anticipate, our expenses will increase beyond expectations and the timing of any potential product approval
may be delayed. As a result, we expect to continue to incur substantial losses and negative cash flow for 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">&#160;A number of factors, including, but not limited to the following,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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

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

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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: 11; 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>

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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 failure to develop our abuse deterrent
fentanyl transdermal system will impair our ability to continue in 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">Our lead product is our abuse deterrent fentanyl
transdermal system, and we are devoting our resources primarily to developing this product to enable us to obtain FDA approval and to
market the product. If we are not able to obtain necessary financing to develop, obtain FDA marketing approval and market this product
successfully, we may not have the resources to develop additional products, and we may not be able to continue in business.<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>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Before we can market in the United States
any product which is classified by the FDA as a drug, we must obtain FDA marketing approval.</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">Our proposed transdermal products are drug-device
combinations that are considered by the FDA to be drugs, which require approval by the FDA. In order to obtain FDA approval, it is necessary
to conduct a series of preclinical and clinical tests to confirm that the product is safe and effective. Even though the medication that
is being delivered through our transdermal patch may have already received FDA approval, because we are changing the dosage form or route
of administration, we will need to complete, to the FDA&#8217;s satisfaction, all of the studies required to demonstrate safety and efficacy.
At any point, the FDA could ask us to perform additional tests or to refine and redo a test that we had previously completed. The process
of obtaining FDA approval could take many years, with no assurance that the FDA will approve the product. The FDA also will need to approve
the manufacturing process and the manufacturing facility.</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"><b><i>We may need to rely on a contract research organization to conduct
our preclinical and clinical trials.</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">Although we believe that we, through 4P Therapeutics,
have the capabilities to conduct preclinical studies and early- stage clinical studies in house, we may need to rely on third party contract
research organizations to conduct our pivotal preclinical and clinical trials. Our failure or the failure of the contract research organization
to conduct the trials in compliance with FDA regulations could possibly derail our obtaining FDA approval and could require us to redo
any preclinical or clinical trials which we or the contract research organization administered.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 encounter delays in completing clinical
trials, which would increase our costs and delay market entry.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may experience delays in completing the clinical
trials necessary for FDA approval. These delays may result from a number of factors which could prevent us from starting the trial on
time or completing the study in a timely manner, which may include factors out of our control. Since we may need to rely on third parties
for supplying us with the drug and transdermal patches used in the trials, there may be various reasons for us to experience a delay in
obtaining the clinical materials required to start each clinical trial, which may include factors out of our control. Clinical trials
can be delayed or terminated for a number of reasons, including delay or failure to:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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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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    <td style="text-align: justify"><span style="font-size: 10pt">obtain regulatory approval to commence a trial;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 12; 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><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">reach agreement on acceptable terms with prospective contract research organizations, investigators and clinical trial sites, the terms of which may be subject to extensive negotiation and vary significantly among different research organizations and trial sites;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">obtain institutional review board approval at each site;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">enlist suitable patients to participate in a trial;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">have patients complete a trial or return for post-treatment follow-up;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">ensure clinical sites observe trial protocol or continue to participate in a trial;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">address any patient safety concerns that arise during the course of a trial;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">address any conflicts with new or existing laws or regulations;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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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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    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">manufacture sufficient quantities of the product candidate for use in clinical trials.</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">Patient enrollment is also a significant factor
in the timely completion of clinical trials and is affected by many factors, including the size and nature of the patient population,
the proximity of patients to clinical sites, the eligibility criteria for the trial, the design of the clinical trial, competing clinical
trials and clinicians&#8217; and patients&#8217; perceptions as to the potential advantages of the drug being studied in relation to available
alternatives, including any new drugs or treatments that may be approved for the indications we are investigating.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may also encounter delays if a clinical trial
is suspended or terminated by us, by the independent review boards of the institutions in which such trials are being conducted, by the
trial&#8217;s data safety monitoring board, or by the FDA. Such authorities may suspend or terminate one or more of our clinical trials
due to a number of factors, including our failure to conduct the clinical trial in accordance with relevant regulatory requirements or
clinical protocols, inspection of the clinical trial operations or trial site by the FDA resulting in the imposition of a clinical hold,
unforeseen safety issues or adverse side effects, failure to demonstrate a benefit from using a drug, changes in governmental regulations
or administrative actions or lack of adequate funding to continue the clinical trial.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 we experience delays in carrying out or completing
clinical trials for any product candidates, the commercial prospects of our product candidates may be harmed, and our ability to generate
revenues from any of these product candidates will be delayed. In addition, any delays in completing our clinical trials will increase
our costs, slow down the product development and approval process and jeopardize our ability to commence product sales and generate revenues.
Any of these occurrences may significantly harm our business and financial condition. In addition, many of the factors that cause, or
lead to, a delay in the commencement or completion of clinical trials may also ultimately lead to the denial of regulatory approval of
our product candidates.</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 ability to finance our operations and
generate revenues depends on the clinical and commercial success of our abuse deterrent fentanyl transdermal system and our other related
product candidates and failure to achieve such success will negatively 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"></p><div>

</div><!-- Field: Page; Sequence: 13; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
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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">Our prospects, including our ability to finance
our operations and generate revenues, depend on the successful development, regulatory approval and commercialization of our abuse deterrent
fentanyl transdermal system, which itself requires substantial financing, as well as our other product candidates. The clinical and commercial
success of our product candidates depends on a number of factors, many of which are beyond our control, 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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    <td style="width: 0.25in">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">the FDA&#8217;s acceptance of our parameters for regulatory approval relating to our product candidates, including our proposed indications, primary endpoint assessments, primary endpoint measurements and regulatory pathways;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the prevalence and severity of adverse events associated with our product candidates;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the timely and satisfactory performance by third party contractors of their obligations in relation to our clinical trials;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.25in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.25in">&#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%">
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    <td style="text-align: justify"><span style="font-size: 10pt">our ability to develop, validate and maintain a commercially viable manufacturing process that is compliant with current good manufacturing practices;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">our ability to obtain, protect and enforce our intellectual property rights;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">our ability to bring an action timely for patent infringement arising out of the filing of ANDAs by generic companies seeking approval to market generic versions of our products, if applicable, before the expiry of our patents; and</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.25in">&#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">If we fail to achieve these objectives or to overcome
the challenges presented above, many of which are beyond our control, in a timely manner, we could experience significant delays or an
inability to successfully commercialize our product candidates. Accordingly, even if we obtain FDA approval to market our products, we
may not be able to generate sufficient revenues through the sale of our products to enable us to continue our business.</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; 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"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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>Since we do not have commercial manufacturing
capability, if we are unable to establish manufacturing facilities, we may have to enter into a manufacturing agreement with a manufacturer
that has been approved by the FDA.</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">Any commercial manufacturer of our products and
the manufacturing facilities where we make our commercial products will be subject to FDA inspection. Part of the process of seeking FDA
approval to market our products is the FDA&#8217;s approval of the manufacturing process and facility. Although we may establish our own
manufacturing facilities, the establishment of a manufacturing facility is very costly, and, unless we obtain funding for that purpose,
it would be necessary for us to engage a contract manufacturer who has experience is manufacturing FDA-approved transdermal products.
By relying on a contract manufacturer, we will be dependent upon the manufacturer, whose interests may be different from ours. Any contract
manufacturer will be responsible for product quality and for meeting regulatory requirements. If the manufacturer does not meet our quality
standards and delivers products that do not meet our specifications, we may both incur liability for breach of our warranty to our customer,
as well as liability for any adverse events, including death, that may result from the use, abuse or accidental misuse of the product.
Regardless of whether we are able to make a claim against the contract manufacturer, our reputation may be harmed and we may lose business
as a result. Further, the contract manufacturer may have other customers and may allocate its resources based on the contract manufacturer&#8217;s
interest rather than our interest. Furthermore, we may not be able to assure ourselves that we will get favorable pricing.</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>If we or any third-party manufacturer fails
to comply with FDA current good manufacturing practices, we may not be able to sell our products until and unless the manufacture becomes
compliant.</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">All FDA approved drugs, including our proposed
transdermal products, must be manufactured in accordance with good manufacturing practices. All manufacturing facilities are inspected
by the FDA as a matter of routine inspection or for a specific cause. If a manufacturer fails to comply with all applicable regulations,
the FDA can prohibit us from distributing products manufactured in those facilities, whether they are a contract manufacturer or own facility.
Failure to be in compliance with good manufacturing practices could result in the FDA closing the facilities or limiting our use of the
facilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 the FDA implements Risk Evaluation and
Mitigation Strategies policies for any of our proposed products, we will need to comply with such policies before we can obtain FDA approval
or the product.</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">The Food and Drug Administration Amendments Act
of 2007 gave FDA the authority to require a Risk Evaluation and Mitigation Strategy (REMS) from manufacturers to ensure that the benefits
of a drug or biological product outweigh its risks. If one of our proposed product candidates does receive regulatory approval, the approval
may be limited to specific conditions and dosages or the indications for use may otherwise be limited, which could restrict the commercial
value of the product. The FDA may require a REMS, which can include a medication guide, patient package insert, a communication plan,
elements to assure safe use and implementation system, and include a timetable for assessment of the REMS. Further, the FDA may require
that certain contraindications, warnings or precautions be included in the product labeling and may require testing and surveillance programs
to monitor the safety of approved products that have been commercialized. In addition, the FDA may require post-approval testing which
involves clinical trials designed to further assess a drug product&#8217;s safety and effectiveness after the NDA.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depending on the extent of the REMS requirements,
any U.S. launch may be delayed, the costs to commercialize may increase substantially and the potential commercial market could be restricted.
Furthermore, risks that are not adequately addressed through the proposed REMS program may also prevent or delay its approval for commercialization.</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"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; 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"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our products will continue to be subject to FDA review after
FDA approval is given.</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">Discovery of previously unknown problems with
our products or unanticipated problems with the manufacturing processes and facilities, even after FDA and other regulatory approvals
of the product for commercial sale, may result in the imposition of significant restrictions, including withdrawal of the product from
the market.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The FDA and other regulatory agencies continue
to review products even after the products receive agency approval. If and when the FDA approves one of our products, its manufacture
and marketing will be subject to ongoing regulation, which could include compliance with current good manufacturing practices, adverse
event reporting requirements and general prohibitions against promoting products for unapproved or &#8220;off-label&#8221; uses. We are
also subject to inspection and market surveillance by the FDA for compliance with these and other requirements. Any enforcement action
resulting from the failure, even by inadvertence, to comply with these requirements could affect the manufacture and marketing of our
products. In addition, the FDA or other regulatory agencies could withdraw a previously approved product from the market upon receipt
of newly discovered information. The FDA or another regulatory agency could also require us to conduct additional, and potentially expensive,
studies in areas outside our approved indicated uses.<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>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We must continually monitor the safety of
our products once approved and marketed for potential adverse events which could jeopardize our ability to continue marketing the 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">As with all medical products, the use of our products
could sometimes produce undesirable side effects or adverse reactions or events (referred to cumulatively as adverse events). For the
most part, we expect these adverse events to be known and occur at some predicted frequency based on our experience in the clinical development
program. When adverse events are reported to us, we are required to investigate each event and the circumstances surrounding it to determine
whether it was caused by our product and whether a previously unrecognized safety issue exists. We will also be required to periodically
report summaries of these events to the applicable regulatory authorities. If the adverse effects are significant, we may be required
to recall our product. We cannot assure you that our transdermal products will not cause skin irritation or other adverse events. Our
ability to market our products may be impaired by unanticipated adverse events and any recall of our product. Because we are an early-stage
company, our reputation, and our ability to market products, could be affected more severely than a major pharmaceutical 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">In addition, the use of our products could be
associated with serious and unexpected adverse events, or with less serious reactions at a greater than expected frequency. Such issues
may arise when our products are used in critically ill or otherwise compromised patient populations. When unexpected events are reported
to us, we are required to make a thorough investigation to determine causality and the implications for product safety. These events must
also be specifically reported to the applicable regulatory authorities. If our evaluation concludes, or regulatory authorities perceive,
that there is an unreasonable risk associated with the product, we would be obligated to withdraw the impacted lot(s) of that product
or recall the product and discontinue marketing until all problems are satisfactorily resolved. Furthermore, an unexpected adverse event
of a new product could be recognized only after extensive use of the product, which could expose us to product liability risks, enforcement
action by regulatory authorities and damage to our reputation and public image.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A serious adverse finding concerning the risk
of any of our products by any regulatory authority could adversely affect our reputation, business and financial results.</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 obtain FDA approval to market our
products, we expect to spend considerable time and money complying with federal and state laws and regulations governing their sale, and,
if we are unable to fully comply with such laws and regulations, we could face substantial penalties.</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">Health care providers, physicians and others will
play a primary role in the recommendation and prescription of our proposed products. Further, if we use third-party sales and marketing
providers, they may expose us to broadly applicable fraud and abuse and other health care laws and regulations that may constrain the
business or financial arrangements and relationships through which we market, sell and distribute our products. Applicable federal and
state health care laws and regulations are expected to include, but not be 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="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#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 federal anti-kickback statute is a criminal statute that makes it a felony for individuals or entities knowingly and willfully to offer or pay, or to solicit or receive, direct or indirect remuneration, in order to induce the purchase, order, lease, or recommending of items or services, or the referral of patients for services, that are reimbursed under a federal health care program, including Medicare and Medicaid;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#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 federal False Claims Act imposes liability on any person who knowingly submits, or causes another person or entity to submit, a false claim for payment of government funds. Penalties include three times the government&#8217;s damages plus civil penalties of $5,500 to $11,000 per false claim. In addition, the False Claims Act permits a person with knowledge of fraud, referred to as a qui tam plaintiff, to file a lawsuit on behalf of the government against the person or business that committed the fraud, and, if the action is successful, the qui tam plaintiff is rewarded with a percentage of the recovery;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#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">Health Insurance Portability and Accountability Act, known as HIPAA, imposes obligations, including mandatory contractual terms, with respect to safeguarding the privacy, security and transmission of individually identifiable health information;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">The Social Security Act contains numerous provisions allowing the imposition of a civil money penalty, a monetary assessment, exclusion from the Medicare and Medicaid programs, or some combination of these penalties; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">Many states have analogous state laws and regulations, such as state anti-kickback and false claims laws. In some cases, these state laws impose more strict requirements than the federal laws. Some state laws also require pharmaceutical companies to comply with certain price reporting and other compliance requirements.</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">Our failure to comply with any of these federal
and state health care laws and regulations, or health care laws in foreign jurisdictions, could have a material adverse effect on our
business, financial condition, result of operations and cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Before we can market our products outside
of the United States, we will need to obtain regulatory approval in each country in which we propose to sell 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">In order to market and sell our products in jurisdictions
other than the United States, we must obtain separate marketing approvals and comply with numerous and varying regulatory requirements.
The regulatory approval process outside the United States generally includes all of the risks associated with obtaining FDA and can involve
additional testing.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in many countries worldwide, it is
required that the product be approved for reimbursement before the product can be approved for sale in that country. We may not obtain
approvals from regulatory authorities outside the United States on a timely basis, if at all. Even if we were to receive approval in the
United States, approval by the FDA for marketing in the United States does not ensure approval by regulatory authorities in other countries.
Similarly, approval by one regulatory authority outside the United States would not ensure approval by regulatory authorities in other
countries. We may not be able to file for marketing approvals and may not receive necessary approvals to commercialize our products in
any market. If we are unable to obtain approval of our product candidates by regulatory authorities in foreign jurisdictions, the commercial
prospects of those product candidates may be significantly diminished and our business prospects could be impaired.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Outside the United States, particularly in member
states of the European Union, the pricing of prescription drugs is subject to governmental control. In these countries, pricing negotiations
or the successful completion of health technology assessment procedures with governmental authorities can take considerable time after
receipt of marketing approval for a product. In addition, there can be considerable pressure by governments and other stakeholders on
prices and reimbursement levels, including as part of cost containment measures. Certain countries allow companies to fix their own prices
for medicines but monitor the 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">In addition to regulations in the United States,
if we market outside of the United States, we will be subject to a variety of regulations governing, among other things, clinical trials
and any commercial sales and distribution of our products. Whether or not we obtain FDA approval for a product, we must obtain the requisite
approvals from regulatory authorities in foreign countries prior to the commencement of clinical trials or marketing of the product in
those countries.</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>If we do not have sufficient product liability
insurance, we may be subject to claims that are in excess of our net worth.</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">Before we market any pharmaceutical product, we
will need to purchase significant product liability insurance. However, in the event of major claims from the use of our products, it
is possible that our product liability insurance will not be sufficient to cover claims against us. We cannot assure you that we will
not face liability arising out of the use of our products which is significantly in excess of the limits of our product liability insurance.
In such event, if we do not have the funds or access to the funds necessary to satisfy such liability, we may be unable to continue in
business.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Because some of the patches we are developing,
such as our abuse deterrent fentanyl patch, have potential severe side effects, we may face liability in the event patients suffer serious,
possibly life-threatening, side effects from 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">Fentanyl patches have known side effects and may
cause serious or life-threatening breathing problems due to opioid-induced respiratory depression. In addition, taking certain medications
with fentanyl may increase the risk of serious or life-threatening breathing problems, sedation or coma. Because of the seriousness of
the side effects, fentanyl patches should only be used in accordance labelling approved by the FDA or by the applicable regulatory authorities
outside of the United States. Fentanyl patches are only indicated for the treatment of people who are tolerant to opioid medications because
they have taken this type of medication for at least one week and should not be used to treat mild or moderate pain, short-term pain,
pain after an operation or medical or dental procedure, or pain that can be controlled by medication that is taken on an as-needed basis.
Although we will include all warnings on the packaging that are required by the FDA or foreign regulatory authorities, claims may be made
against us in the event that death or serious side effects result from the use of our abuse deterrent fentanyl transdermal system, even
if prescribed for a patient for whom fentanyl patches should not be prescribed. We cannot assure you that we will not face significant
liability as a result of such side effects and we may not have sufficient product liability insurance to cover any damages that may be
assessed against us.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Because of our lack of funds, we may have
to enter into a joint venture or strategic relationship or licensing agreement with a third party to develop and seek to obtain FDA approval
of our potential 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">Our present efforts are directed to developing
and seeking FDA approval for our pipeline of transdermal pharmaceutical products including our lead product, the abuse deterrent fentanyl
transdermal system. The development of pharmaceutical products is very expensive with no assurance of obtaining FDA approval. Because
of the costs involved, we may need to enter into a joint venture or strategic alliance or licensing or similar agreement with a third
party to bring our products to market, in which event we would have to give up a significant percentage of the equity in or rights to
the product and require the other party to provide the necessary financing and personnel and to take a significant role in making the
decisions relating to the development, testing, marketing and manufacturing of the product. The third party may have interests which are
different from, and possibly in conflict with, our own. If we are unable to attract competent parties to distribute and market any product
which we may develop, or if such parties&#8217; efforts are inadequate, we will not be able to implement our business strategy and may
have to cease operations. We cannot assure you that we will be successful in entering into joint ventures or other strategic relationships
or that any relationship into which we may enter will develop a marketable product or that we will generate any revenue or net income
from such a venture.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>We may decide not to continue developing
or commercializing any products at any time during development or after approval, which would reduce or eliminate our potential return
on investment for those product candidates.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may decide to discontinue the development of
our abuse deterrent fentanyl transdermal system or any other product in our pipeline or not to continue to commercialize any potential
product for a variety of reasons, such as the appearance of new technologies that make our product less commercially viable, an increase
in competition, changes in or failure to comply with applicable regulatory requirements, changes in the regulatory or public policy environment,
the discovery of unforeseen side effects during clinical development or after the approved product has been marketed or the occurrence
of adverse events at a rate or severity level that is greater than experienced in prior clinical trials. If we discontinue a program in
which we have invested significant resources, we will not receive any return on our investment.</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>If any of our potential products are approved
for marketing but fail to achieve the broad degree of physician or market acceptance necessary for commercial success, our operating results
and financial condition will be adversely affected.</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">If any of the products in our pipeline receives
FDA approval thereby allowing us to market the product in the United States, it will be necessary for us to generate acceptance of our
product for the indications covered by the FDA approval. In order to generate acceptance in the marketplace, we will need to demonstrate
to physicians, patients and payors that our product provides a distinct advantage or better outcome at a price that reflects the value
of our product as compared with existing products. We will need to develop and implement a marketing program directed at both physicians
and the general public. Since we do not presently have the resources necessary to develop or implement an in-house marketing program and
we may not have the funds to do so if and when we obtain FDA approval to market our product, we will need to establish a distribution
network though license and distribution agreements with third parties who have the capability to market our product to physicians, and
we will be dependent upon the ability of these third parties to market our products effectively. We cannot assure you that we will be
able to negotiate license and distribution agreements with terms that are acceptable to us. Since we do not have an established track
record and our product pipeline is relatively small, we may be at a disadvantage in negotiating the terms of license and distribution
agreements. Further, we may have little control over the development and implementation of our licensee&#8217;s marketing program, and
our licensees may have interests that are inconsistent with ours with respect to the allocation of resources and implementation of the
marketing program. We cannot assure you that a marketing program for any of our products can or will be implemented effectively or that
we will be successful in developing physician and emergency service acceptance of 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"><b><i>If we seek to market any products in our
pipeline in countries other than the United States, we will need to comply with the regulations of each country in which we seek to market
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">None of our pharmaceutical products are currently
approved for sale by any government authority in any jurisdiction. If we fail to comply with regulatory requirements in any market we
decide to enter, or to obtain and maintain required approvals, or if regulatory approvals in the relevant markets are delayed, our target
market will be reduced and our ability to realize the full market potential of our products will be harmed. Marketing approval in one
jurisdiction, including the United States, does not ensure marketing approval in another, but a failure or delay in obtaining marketing
approval in one jurisdiction may have a negative effect on the regulatory process in others. Failure to obtain a marketing approval in
countries in which we seek to market our products or any delay or setback in obtaining such approval would impair our ability to develop
foreign markets for any of 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"></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The drug delivery industry is subject to
rapid technological change and, our failure to keep up with technological developments may impair our ability to market our products.</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">Our products use technology which we developed
for the transdermal delivery of drugs. The field of drug delivery is subject to rapid technological changes. Our future success will depend
upon our ability to keep abreast of the latest developments in the industry and to keep pace with advances in technology and changing
customer requirements. If we cannot keep pace with such changes and advances, our proposed products could be rendered obsolete, which
would result in our having to cease its operations.</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>If we obtain FDA approval, we will face
significant competition from better known and better capitalized companies.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we obtain FDA approval for any of our products,
we expect to face significant competition from existing companies, which are better known and already have developed relationships with
physicians within the healthcare system. Any product we may develop will compete with existing medications performing the same medicinal
functions, which may include transdermal patches. We cannot assure you that we will be able to compete successfully. In addition, even
if we are able to commercialize our product candidates, we may not be able to price them competitively with current standard of care products
or their price may drop considerably due to factors outside our control. If this happens or the price of materials and manufacture increases
dramatically, our ability to continue to operate our business would be materially harmed and we may be unable to commercialize any products
successfully. In addition, other pharmaceutical companies may be engaged in developing, patenting, manufacturing and marketing products
that compete with those that we are developing. These potential competitors may include large and experienced companies that enjoy significant
competitive advantages over us, such as greater financial, research and development, manufacturing, personnel and marketing resources,
greater brand recognition and more experience and expertise in obtaining marketing approvals from the FDA and foreign regulatory authorities.</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>Healthcare reforms by governmental authorities,
court decisions affecting health care policies and related reductions in pharmaceutical pricing, reimbursement and coverage by third-party
payors 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">We expect the healthcare industry to face increased
limitations on reimbursement, rebates and other payments as a result of healthcare reform, which could adversely affect third-party coverage
of our proposed products and how much or under what circumstances healthcare providers will prescribe or administer our products, if approved.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In both the U.S. and other countries, sales of
our products, if approved for marketing, will depend in part upon the availability of reimbursement from third-party payors, which include
governmental authorities, managed care organizations and other private health insurers. Third-party payors are increasingly challenging
the price and examining the cost effectiveness of medical 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">Increasing expenditures for healthcare have been
the subject of considerable public attention in the United States. Both private and government entities are seeking ways to reduce or
contain healthcare costs. Numerous proposals that would effect changes in the United States healthcare system have been introduced or
proposed in Congress and in some state legislatures, including reducing reimbursement for prescription products and reducing the levels
at which consumers and healthcare providers are reimbursed for purchases of pharmaceutical 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">Cost reduction initiatives and changes in coverage
implemented through legislation or regulation could decrease utilization of and reimbursement for any approved products, which in turn
would affect the price we can receive for those products. Any reduction in reimbursement that results from federal legislation or regulation
may also result in a similar reduction in payments from private payors, since private payors often follow Medicare coverage policy and
payment limitations in setting their own reimbursement rates.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant developments that may adversely affect
pricing in the United States include the enactment of federal healthcare reform laws and regulations, including the Affordable Care Act,
or ACA, which is popularly known as Obamacare, and the Medicare Prescription Drug Improvement and Modernization Act of 2003.&#160; A recent
district court decision which struck down Obamacare, if upheld, could have a material adverse effect upon reimbursement and payment for
products such as our proposed products. Changes to the healthcare system enacted as part of any healthcare reform in the United States,
as well as the increased purchasing power of entities that negotiate on behalf of Medicare, Medicaid, and private sector beneficiaries,
may result in increased pricing pressure by influencing, for instance, the reimbursement policies of third-party payors. Regulatory changes
which have the effect of decreasing the use of opioids has resulted in a decrease in the size of the market for opioid products, including
fentanyl, could impact the market for our abuse deterrent fentanyl transdermal system or any other opioid-based transdermal product we
may 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"></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>It is difficult and costly to protect our
proprietary rights, and we may not be able to ensure their protection.</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">Our commercial success will depend in part on
obtaining and maintaining patent protection and trade secret protection for our technology which is incorporated in our products as well
as successfully defending these patents against third-party challenges, should any be brought. 4P Therapeutics originally filed an international
patent application under the Patent Cooperation Treaty for worldwide prosecution of the abuse deterrent transdermal technology intellectual
property used in our lead product, the abuse deterrent fentanyl transdermal system.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The AVERSA abuse deterrent technology utilized
in our AVERSA product pipeline is covered by an international intellectual property portfolio with patents issued in 44 countries including
the United States, Europe, Japan, Korea, Russia, Mexico, and Australia. Patent prosecution is still pending in Canada and China. These
patents provide patent coverage to 2035. We continue to build on our proprietary positions in the United States and internationally for
our product candidates AVERSA Fentanyl, AVERSA buprenorphine and AVERSA methylphenidate as well as other products and technology that
we may have in development. Our policy is to pursue, maintain and defend patent rights developed internally or acquired externally and
to protect the technology, inventions and improvements that are commercially important to the development of our business. We cannot be
sure that patents will be granted with respect to any of our pending patent applications or with respect to any patent applications filed
by us in the future, nor can we be sure that any of our existing patents or any patents granted to us in the future will be commercially
useful in protecting our technology. We also rely on trade secrets to protect our commercial products and product candidates. Our commercial
success also depends in part on our non-infringement of the patents or proprietary rights of third parties.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to stop third parties from making,
using, selling, offering to sell or importing products utilizing our proprietary or patented technology is dependent upon the extent to
which we have rights under valid and enforceable patents or trade secrets that cover these activities. The patent positions of pharmaceutical
and biopharmaceutical companies can be highly uncertain and involve complex legal and factual questions for which important legal principles
remain unresolved. No consistent policy regarding the breadth of claims allowed in biopharmaceutical patents has emerged to date in the
United States. The biopharmaceutical patent situation outside the United States varies from country to country and is even more uncertain.
Changes in either the patent laws or in interpretations of patent laws in the United States and other countries may diminish the value
of our intellectual property. Accordingly, we cannot predict the breadth of claims that may be allowed or enforced in any patents we may
be granted. Further, if any patents are granted and are subsequently deemed invalid and unenforceable, it could impact our ability to
license our technology and, as noted previously, fend off competitive challenges. Patent litigation is very expensive and we may not have
sufficient funds to defend our proprietary technology from infringement, either as a plaintiff in an action seeking to stop infringers
from using our technology, or as a defendant in an action against us alleging infringement by us.</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- 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">The degree of future protection for our proprietary
rights is uncertain because legal means afford only limited protection and may not adequately protect our rights or permit us to gain
or keep our competitive advantage. For example:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">others may be able to make compositions or formulations that are similar to our product s but that are not covered by the claims of our patents;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">other persons may have filed patents covering inventions, technology or processes that we use, with the result that we may infringe upon the prior patents;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">others may independently develop similar or alternative technologies or duplicate any of our technologies;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">our pending patent applications may not result in the grant of patents;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.25in">&#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">any patents which may be issued may not provide us with any competitive advantages, or may be held invalid or unenforceable as a result of legal challenges by third parties;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#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">our inability to fund any litigation to defend our proprietary rights, either in defense of an action against us or a plaintiff to seek to prevent infringement.</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>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we seek to expand our business through
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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">We have recently expanded our business by acquisition,
and we may make acquisitions in the future. In 2017, we issued 1,458,333 shares of common stock, valued at $2,500,000, in connection with
our proposed acquisition of Advanced Health Brands, Inc., but the stock of Advanced Health Brands was never transferred to us and the
value of the intellectual property we were to have acquired did not have the value we anticipated, with the result that we incurred a
$2,500,000 impairment loss in the year ended January 31, 2018. In September 2018, we entered into an agreement to acquire Carmel Biosciences
Inc., and in November 2018, we terminated the agreement and are in litigation with the purported sellers of the company to us. &#160;&#160;We
previously entered into another acquisition agreement which was rescinded shortly after the agreement was executed. We cannot assure you
that any acquisition we complete will be successful or that any acquisition agreement we may enter into will result in an acquisition.
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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;&#160;</p><div>

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

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

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

</div><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>

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

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

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

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

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

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

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

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

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the foregoing or any other events which
we do not contemplate happen, we may incur significant expenses, which we may not be able to cover, and the development of our business
can be impaired. We cannot assure you that any acquisition we will make will be successful.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>We are dependent on third party distributors
for the international marketing of our consumer products and complying with applicable 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">We do not currently sell or market our consumer
transdermal products domestically, or for our international sales, directly to international consumers, and we rely on distributors to
sell and market these products. We cannot market our consumer transdermal patch products in the United States without first obtaining
FDA approval. We do not plan to seek FDA approval or market these products in the United States at this time. We plan to sell our transdermal
consumer products to distributors in those countries in which the products can be sold in compliance with all applicable regulations without
our spending significant monies for preclinical and clinical studies to obtain regulatory approval.</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 dependent upon our chief executive
officer, our president and our chief operating officer.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are dependent upon Gareth Sheridan, our chief
executive officer, Serguei Melnik, our president and Dr. Alan Smith, our chief operating officer who is president of 4P Therapeutics.
Although Mr. Sheridan and Mr. Melnik have employment agreements with us, the employment agreements does not guarantee that the officer
will continue with us. We do not have an employment agreement with Dr. Smith. The loss of Mr. Sheridan, Mr. Melnik or Dr. Smith would
materially impair our ability to conduct our business.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we are unable to attract, train and retain
technical and financial personnel, our business may be materially and adversely affected.</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">Our future success depends, to a significant extent,
on our ability to attract, train and retain key management, technical, regulatory and financial personnel. Recruiting and retaining capable
personnel with experience in pharmaceutical product development is vital to our success. There is substantial competition for qualified
personnel, and, competition is likely to increase. We cannot assure you we will be able to attract or retain the personnel we require.
Our financial condition is likely to impair our ability to attract qualified candidates. If we are unable to attract and retain qualified
employees, our business may be materially and adversely affected.</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><span style="text-decoration:underline">Risks Concerning our Securities</span></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"><b><i>We have broad discretion in the use of the
proceeds from this offering, and we may invest or spend the proceeds of this offering in ways with which you may not agree or in ways
which may not yield a return.</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">A portion of the net proceeds from this offering
are expected to be used for general corporate purposes, work on the development of our lead product and working capital. Our management
will have considerable discretion in the application of the net proceeds, and you will not have the opportunity, as part of your investment
decision, to assess whether the proceeds are being used appropriately. The net proceeds may be used for corporate purposes that do not
increase our operating results or market value. The net proceeds of this offering will not be sufficient to complete the development and
testing of our lead product. Until the net proceeds are used, they may be placed in investments that do not produce significant income
or that may lose value.</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 lack of internal controls over financial
reporting may affect the market for and 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; margin: 0pt 0; text-align: justify">Pursuant to Section 404 of the Sarbanes-Oxley
Act, we are required to file a report by our management on our internal control over financial reporting. Our disclosure controls and
our internal controls over financial reporting are not effective. We do not have the financial resources or personnel to develop
or implement systems that would provide us with the necessary information on a timely basis so as to be able to implement financial controls
The absence of internal controls over financial reporting may inhibit investors from purchasing our stock and may make it more difficult
for us to raise capital or borrow money. Implementing any appropriate changes to our internal controls may require specific compliance
training of our directors and employees, entail substantial costs in order to modify our existing accounting systems, take a significant
period of time to complete and divert management&#8217;s attention from other business concerns. These changes may not, however, be effective
in developing or maintaining internal 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"></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>The market price for our common stock may
be volatile and your investment in our common stock could suffer a decline in value.</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">The trading volume in our stock is low, which
may result in volatility in our stock price. As a result, any reported prices may not reflect the price at which you would be able to
sell shares of common stock if you want to sell any shares you own or buy if you wish to buy shares. Further, stocks with a low trading
volume may be more subject to manipulation than a stock that has a significant public float and is actively traded. The price of our stock
may fluctuate significantly in response to a number of factors, many of which are beyond our control. These factors include, but are not
limited to, the following, in addition to the risks described above and general market and economic conditions:</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><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">the perception of our ability to raise the necessary financing to complete the product development activities including preclinical and clinical testing required for FDA approval and our ability to generate revenue and cash flow from our products;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

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

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

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

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

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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><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>There are risks associated with our February
2023 dual listing of our common stock on the MERJ Upstream Exchange, which is available solely for our non-U.S. resident stockholders.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Listing shares of the Company on Upstream is
only suitable for investors who are familiar with and willing to accept the high risk associated with speculative investments. There
can be no assurance in that marketplace that the valuation of any particular company&#8217;s securities is accurate or in agreement with
the market or industry comparative valuations. Investors must be able to affo<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">rd
market volatility and afford the loss of their investment. Companies listed on Upstream are subject to significant ongoing corporate
obligations including, but not limited to disclosure, filings, and notification requirements, as well as compliance with applicable quantitative
and qualitative listing standards. The following are specific risks in connection with our stockholders listing their shares on Upstream:</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">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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                                            Risk</span>: Different countries have different rules and regulations governing securities trading,
                                            and investors who trade on foreign exchanges may be subject to unfamiliar or complex regulations.
                                            In some cases, foreign regulators may have different reporting requirements or different
                                            standards for disclosure than US regulators, which can make it difficult for investors to
                                            make informed decisions. In addition, these rules and regulations may be imposed on regulated
                                            companies in an unpredictable manner and adversely affect the trading environment on the
                                            particular exchange.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2.4pt"><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 Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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                                            are risks to the investment of our shareholders who have listed their shares of common stock
                                            on Upstream in the event that Upstream and associated entities in its trading activities
                                            are not properly registered with the SEC as a broker or dealer, national securities exchange
                                            and/or clearing agency.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2.4pt"><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 Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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                                            Risk</span>: Non-US markets may be subject to different economic, political, or social conditions
                                            than US markets of which we are not aware, and which could negatively affect the performance
                                            of securities traded in those markets. Investors who trade on non-US exchanges may be exposed
                                            to higher levels of volatility and uncertainty than they would be if they traded solely on
                                            US exchanges.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2.4pt"><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 Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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                                            Risk</span>: Dual listed securities traded on non-US exchanges may have lower liquidity than
                                            comparable securities traded on US exchanges, which can make it more difficult for investors
                                            to buy or sell those securities at the desired price.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2.4pt"><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 Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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                                            Risk</span>: Trading on overseas exchanges may also expose investors to operational risks, such
                                            as delays or errors in the settlement of trades or difficulties in accessing trading platforms
                                            or loss of securities resulting from a failure of the exchanges operating and securities
                                            transfer operations.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 2.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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                                            Risk</span> Negative news reported in the media concerning events reported with respect to the
                                            market for our securities on a foreign exchange or international markets generally could
                                            hurt the market for our Company&#8217;s stock. To the extent our stockholders that choose
                                            to have their Nutriband common stock traded in digital token form on Upstream experience
                                            trading difficulties, low trading prices due to foreign market conditions or a loss on their
                                            securities due to market conditions or exchange operational issues, there is the risk that
                                            reports in the media could hurt our stock prices in the Nasdaq Stock Market and harm our
                                            reputation, adversely affecting our ability to raise capital in the U.S. and international
                                            markets.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></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><i>Raising
funds by issuing equity or convertible debt securities could dilute the net tangible book value of the common stock and impose restrictions
on our working capital.</i></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">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We anticipate that we will require funds in addition
to the net proceeds from this offering for our business. If we were to raise capital by issuing equity securities, either alone or in
connection with a non-equity financing, the net tangible book value of the then outstanding common stock could decline. If the additional
equity securities were issued at a per share price less than the market price, which is customary in the private placement of equity securities,
the holders of the outstanding shares would suffer dilution, which could be significant. Further, if we are able to raise funds from the
sale of debt securities, the lenders may impose restrictions on our operations and may impair our working capital as we service any such
debt obligations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Stockholders may experience significant
dilution as a result of future equity offerings and other issuances of our common stock or other securities.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will need to raise substantial funds in order
to develop our products. In order to raise additional capital, we may in the future offer additional shares of our common stock or other
securities convertible into or exchangeable for our common stock at prices that may not which is less than the market price and which
may be based on a discount from market at the time of issuance. Stockholders will incur dilution upon exercise of any outstanding stock
options, warrants or upon the issuance of shares of common stock under our present and future stock incentive programs. In addition, the
sale of shares and any future sales of a substantial number of shares of our common stock in the public market, or the perception that
such sales may occur, could adversely affect the price of our common stock. We cannot predict the effect, if any, that market sales of
those shares of common stock or the availability of those shares of common stock for sale will have on the market price of our common
stock.<b><i>&#160;</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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>Our failure to meet the continued listing
requirements of Nasdaq 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"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we fail to satisfy the continued listing requirements
of Nasdaq, such as the corporate governance requirements or the minimum closing bid price requirement, Nasdaq may take steps to de-list
our securities. Such a de-listing would likely 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 de-listing, we would take actions to restore our compliance
with Nasdaq&#8217;s 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 Nasdaq minimum bid price requirement or prevent future non-compliance with Nasdaq&#8217;s listing requirements.</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 and our senior executive officers settled
an SEC investigation, which may affect the market for and the market price of our common stock and our ability to list on a stock exchange.</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">Following an investigation into the accuracy of
statements in our Form 10 registration statement filed June 2, 2016, as amended, and our Form 10-K annual report filed May 8, 2017 that
did not accurately reflect the FDA&#8217;s jurisdiction over our consumer products and did not disclose that we could not legally market
these products in the United States, a Wells notice which we, our chief executive officer and our chief financial officer received on
August 10, 2017 and a Wells submission which we and the officers submitted in response to the Wells notice, the SEC, on December &#160;26,
2018, announced that it has accepted our settlement offer and instituted settled an administrative cease-and-desist proceeding against
us and our chief executive officer and chief financial officer. The SEC&#8217;s administrative order, dated December 26, 2018, finds that
we and the officers consented &#8211; without admitting or denying any findings by the SEC &#8212; to cease-and-desist orders against
them for violations by us of Sections 12(g) and 13(a) of the Securities Exchange Act of 1934 and Rules 12b-20 and 13a-1 thereunder, which
require issuers to file accurate registration statements and annual reports with the Commission; violations by the officers for causing
our violations of the above issuer reporting provisions; and violations by the officers of Rule 13a-14 of the Exchange Act, which requires
each principal executive and principal financial officer of issuers to attest that annual reports filed with the SEC do not contain any
untrue statements of material fact. In addition to consenting to the cease-and-desist orders, the officers have each agreed to pay a $25,000
civil penalty to resolve the investigation. The administrative order does not impose a civil penalty or any other monetary relief against
us. The settlement may affect the market for and the market price of our common stock.&#160;&#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"><b><i>The market price for our common stock may
be volatile and your investment in our common stock could suffer a decline in value.</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">The trading volume in our stock is low, which
may result in volatility in our stock price. As a result, any reported prices may not reflect the price at which you would be able to
sell shares of common stock if you want to sell any shares you own or buy if you wish to buy shares. Further, stocks with a low trading
volume may be more subject to manipulation than a stock that has a significant public float and is actively traded. The price of our stock
may fluctuate significantly in response to a number of factors, many of which are beyond our control. These factors include, but are not
limited to, the following, in addition to the risks described above and general market and economic conditions:</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">
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our settlement with the SEC;</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">
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to our financial condition and its perception of our ability to raise necessary funding or enter into a joint venture, given the economic
environment resulting from the COVID-19 pandemic, as well as its perception of the possible terms of any financing or joint venture;</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: 0.25in"></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 market&#8217;s perception
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</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: 0.25in"></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">changes in our or any securities
analysts&#8217; estimate of our financial performance;</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: 0.25in"></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 perception of our ability
to raise the necessary financing to complete the product development activities including preclinical and clinical testing required for
FDA approval and our ability to generate revenue and cash flow from our products;</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><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the anticipated or actual results
of our operations;</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: 0.25in"></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">changes in market valuations
of other companies in our industry;</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: 0.25in"></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">litigation or changes in regulations
and insurance company reimbursement policies affecting prescription drugs;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">concern that our internal controls are ineffective;</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: 0.25in"></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">any discrepancy between anticipated
or projected results and actual results of our operations;</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: 0.25in"></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">actions by third parties to
either sell or purchase stock in quantities which would have a significant effect on our stock price; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">other factors not within our
control.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Because of our executive officers&#8217;
stock ownership and stock ownership of certain other stockholders that have invested in the company, these stockholders have the power
to elect all directors and to approve any action requiring stockholder approval.</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">Our officers and directors as a group beneficially
own approximately 35% of our common stock as of May 5, 2023. &#160;&#160;As a result, they have the effective power using their contacts
with a limited number of other shareholders to elect all of our directors and to approve any action requiring stockholder approval.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;<b><i>Raising funds by issuing equity or convertible debt securities
could dilute the net tangible book value of the common stock and impose restrictions on our working capital.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We anticipate that we will require funds in addition
to the net proceeds from this offering for our business. If we were to raise capital by issuing equity securities, either alone or in
connection with a non-equity financing, the net tangible book value of the then outstanding common stock could decline. If the additional
equity securities were issued at a per share price less than the market price, which is customary in the private placement of equity securities,
the holders of the outstanding shares would suffer dilution, which could be significant. Further, if we are able to raise funds from the
sale of debt securities, the lenders may impose restrictions on our operations and may impair our working capital as we service any such
debt obligations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Stockholders may experience significant
dilution as a result of future equity offerings and other issuances of our common stock or other securities.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will need to raise substantial funds in order
to develop our products. In order to raise additional capital, we may in the future offer additional shares of our common stock or other
securities convertible into or exchangeable for our common stock at prices that may not which is less than the market price and which
may be based on a discount from market at the time of issuance. Stockholders will incur dilution upon exercise of any outstanding stock
options, warrants or upon the issuance of shares of common stock under our present and future stock incentive programs. In addition, the
sale of shares and any future sales of a substantial number of shares of our common stock in the public market, or the perception that
such sales may occur, could adversely affect the price of our common stock. We cannot predict the effect, if any, that market sales of
those shares of common stock or the availability of those shares of common stock for sale will have on the market price of our common
stock.<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>&#160;</i></b></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may issue preferred stock whose terms
could adversely affect the voting power or value 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; margin: 0pt 0; text-align: justify">Our articles of incorporation authorize 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 a 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 the common stock.</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>For as long as we are an emerging growth
company, we will not be required to comply with certain reporting requirements, including those relating to accounting standards and disclosure
about our executive compensation, that apply to other public companies.</i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are classified as an &#8220;emerging growth
company&#8221; under the JOBS Act. For as long as we are an emerging growth company, which will be for the first five full fiscal years&#160;&#160;&#160;
following our first public offering completed October 1, 2021, we will not be required to, among other things, (i)&#160;provide an auditor&#8217;s
attestation report on management&#8217;s assessment of the effectiveness of our system of internal control over financial reporting pursuant
to Section&#160;404(b) of the Sarbanes-Oxley Act, (ii)&#160;comply with any new requirements adopted by the PCAOB requiring mandatory
audit firm rotation or a supplement to the auditor&#8217;s report in which the auditor would be required to provide additional information
about the audit and the financial statements of the issuer, (iii)&#160;provide certain disclosure regarding executive compensation, or
(iv)&#160;hold nonbinding advisory votes on executive compensation. We will remain an emerging growth company for up to five years, although
we will lose that status sooner if we have more than $1.07 billion of revenues in a fiscal year, have more than $700 million in market
value of our common stock held by non-affiliates, or issue more than $1.07 billion of non-convertible debt over a&#160;three-year&#160;period.
To the extent that we rely on any of the exemptions available to emerging growth companies, you will receive less information about our
executive compensation and internal control over financial reporting than issuers that are not emerging growth companies. If some investors
find our common stock to be 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; text-align: justify">&#160;&#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 any cash dividends
in the foreseeable future. </i></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not paid any cash dividends on our common
stock and do not intend to pay cash dividends on our common stock in the foreseeable future.</p><div>

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

</div><!-- Field: Page; Sequence: 29; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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>CAUTIONARY 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; margin: 0pt 0; text-align: justify">This prospectus contains &#8220;forward-looking
statements,&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995, all of which are subject to risks and uncertainties.
Forward-looking statements can be identified by the use of words such as &#8220;expects,&#8221; &#8220;plans,&#8221; &#8220;will,&#8221;
&#8220;forecasts,&#8221; &#8220;projects,&#8221; &#8220;intends,&#8221; &#8220;estimates,&#8221; and other words of similar meaning. One
can identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address
our growth strategy, financial results and product and development programs. One must carefully consider any such statement and should
understand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate
assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking
statement can be guaranteed and actual future results may vary materially.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These risks and uncertainties, many of which are
beyond our control, include, and are not limited to:&#160;&#160;</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Our ability to raise the necessary
financing for the development of our business and the terms of any financing which we are able to raise;</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"></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">Our ability to receive FDA
marketing approval for any products we may develop;</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"></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">Our ability to obtain and enforce
any United States and foreign patent we may seek;</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"></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">Our ability to design and execute
clinical trials to the satisfaction of regulatory authorities;</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"></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">Our ability to engage, if and
when necessary, an independent preclinical or clinical testing organization to design and implement our trials;</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"></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">Our ability to launch any products
for which we receive FDA marketing approval;</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"></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">Our ability to generate sufficient
revenue from our contract services to cover our operating expenses;</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"></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">Our ability to establish a
distribution network for the marketing and sale of any products for which we receive FDA approval;</span></td>
</tr></table><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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Our ability to establish manufacturing
facilities in compliance with FDA good manufacturing practices or to enter into manufacturing agreements for the manufacture of our products
in an FDA approved manufacturing facility;</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"></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">Our ability to enter into joint
venture or other strategic relationship with respect to any of our proposed products;</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"></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 ability of the other party
to any joint venture or strategic relationship to implement successfully any plans for the development, clinical testing, manufacturing
and marketing of the products subject to the joint venture or strategic relationship;</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"></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">Our ability to evaluate potential
acquisitions, and the consequences of our failure to accurately evaluate the acquisitions;</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"></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">Our ability to integrate any
business we acquire with our business;</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"></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">Changes in national, regional
and local government regulations, taxation, controls and political and economic developments that the market for our products;</span></td>
</tr></table><div>
</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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Our ability to develop and
market products with the most current technology;</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"></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">Our ability to obtain and maintain
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</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"></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">Our ability to negotiate licenses
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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: 0.25in"></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 costs associated with defending
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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: 30; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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pricing for our products with third party reimbursement parties with respect to our products;</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"></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">Our ability to accurately estimate
anticipated expenses, capital requirements and needs for additional financing;</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"></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">Our ability to accurately estimate
the timing, cost or other aspects of the commercialization of our product candidates;</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: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Any failure of Best Choice or any other international distributor to comply with applicable laws, including Best Choice&#8217;s failure to obtain regulatory approval to market our consumer products in South Korea;</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"></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 failure or inability of
Best Choice or any other international distributor to develop an effective marketing program or to sell our products in any meaningful
quantity;</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"></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">Actions by third parties to
either sell or purchase our common stock in quantities that would have a significant effect on our stock price;</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"></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">Risks generally associated
with pre-revenue development stage companies in the pharmaceutical industry;</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"></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">Current and future economic
and political conditions;</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"></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 impact of changes in accounting
rules on our financial statements;</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"></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">Other assumptions described
in this prospectus; 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: 0.25in"></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">Other matters that are not
within our control.</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">Information regarding market and industry statistics
contained in this prospectus is included based on information available to us that we believe is accurate. It is generally based on industry
and other publications that are not produced for purposes of securities offerings or economic analysis. We have not reviewed or included
data from all sources. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications
and the additional uncertainties accompanying any estimates of future market size, revenue and market acceptance of products and services.
We do not assume any obligation to update any forward-looking statement. As a result, you should not place undue reliance on these forward-looking
statements.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The forward-looking statements in this prospectus
speak only as of the date of this prospectus and you should not to place undue reliance on any forward-looking statements. Forward-looking
statements are subject to certain events, risks, and uncertainties that may be outside of our control. When considering forward-looking
statements, you should carefully review the risks, uncertainties and other cautionary statements in this prospectus as they identify certain
important factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements.
These factors include, among others, the risks described under in this prospectus, including those described under &#8220;Business,&#8221;
&#8220;Risk Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221;
as well as in other reports and documents we file with the SEC. We undertake no obligation to revise or publicly release the results of
any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, you are cautioned not
to place undue reliance on such forward-looking statements.</p><div>

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

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

</div><!-- Field: Page; Sequence: 31; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect the net proceeds from this offering
to be approximately $[*], after deducting estimated underwriting discounts and commissions and the underwriters&#8217; non-accountable expense
allowance and estimated offering expenses of approximately $&#160;&#160;&#160;in the aggregate.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to use the proceeds of this offering
substantially as follows:</p><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: 0.25in"></td><td style="width: 0.25in; text-align: left">(i)</td><td style="text-align: justify">Approximately $[*] million (approximately % of the net proceeds) for completing research and
                                                                                   development of our abuse deterrent fentanyl transdermal system, AVERSA and the FDA submission and clearance. We believe that the
                                                                                   proceeds of this offering will not be sufficient to enable us to complete the development of the product and the FDA submission, and
                                                                                   we estimate that we will require an at least $&#160;&#160;&#160;&#160;million to $&#160;&#160;&#160;&#160;&#160;million, in addition
                                                                                   to the funds used from the proceeds of this offering, to complete the FDA clinical trial process, although it is possible that our
                                                                                   costs may significantly exceed those amounts. We anticipate that we will also require additional funds to establish a marketing
                                                                                   program, although we cannot estimate our required costs at this time. We do not have any formal or informal understandings or
                                                                                   agreements with any person to provide us with any additional funds that we require; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; 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: 0.25in"></td><td style="width: 0.25in; text-align: left">(ii)</td><td style="text-align: justify">Funds for working capital and general corporate purposes
include amounts required to pay officers&#8217; compensation, consulting fees, professional fees, ongoing public reporting costs, office-related
expenses and other corporate expenses and other costs incurred in connection with the operation of our business. To the extent that our
working capital requirements exceed our estimate or to the extent that we continue to generate negative gross margins and negative cash
flow from operations, we may need to allocate to working capital a portion of the proceeds otherwise allocated to the development of
our abuse deterrent fentanyl transdermal system. If our operations do not generate a positive cash flow, we may need to devote a greater
portion of the net proceeds to working capital, thereby reducing the funds available for product development.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&#160;</p><div>

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



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have granted the underwriters a 45-day option
to purchase up to an aggregate of&#160;&#160;&#160;&#160;additional shares of common stock to cover over-allotments of shares in this
offering. If the underwriters exercise their over-allotment option, they are not required to purchase the same number of shares of common
stock. Any proceeds from the exercise of the over-allotment option will be used for working capital and for the development of our abuse
deterrent fentanyl transdermal system.</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_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>DIVIDEND
POLICY</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have never declared
or paid any cash dividend on our capital stock. We do not anticipate paying any cash dividends in the foreseeable future and we intend
to retain all of our earnings, if any, to finance our growth and operations and to fund the expansion of our business. Payment of any
dividends will be made in the discretion of our board of directors, after it&#8217;s taking into account various factors, including our
financial condition, operating results, current and anticipated cash needs and plans for expansion. Any dividends that may be declared
or paid on our common stock, must also be paid in the same consideration or manner, as the case may be, on our shares of preferred stock,
if any.</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: 32; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</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>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; margin: 0pt 0; text-align: justify">The following table sets forth our capitalization
as of [*], 2023</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: 0.25in"></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">on an actual basis</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: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">as adjusted for the sale of&#160;[*], after deducting the estimated underwriting discounts and commissions, the non-accountable expense allowance payable to the underwriters, and other estimated offering costs and reversal of our derivative liability resulting from the payment of convertible debt.</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="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt; text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; text-indent: 0pt">&#160;</td><td style="padding: 0pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">&#160;</td>
    <td colspan="6" style="padding: 0pt; border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0pt">,
    2023</td><td style="padding: 0pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt; text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; text-indent: 0pt">&#160;</td><td style="padding: 0pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">&#160;</td>
    <td colspan="2" style="padding: 0pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-indent: 0pt">Actual</td><td style="padding: 0pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">&#160;</td><td style="padding: 0pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">&#160;</td>
    <td colspan="2" style="padding: 0pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-indent: 0pt">As<br/> adjusted</td><td style="padding: 0pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt; width: 76%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt">Common stock</td><td style="padding: 0pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt">$</td><td style="padding: 0pt; width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right; text-indent: 0pt">7,833</td><td style="padding: 0pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt">&#160;</td><td style="padding: 0pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt">Additional paid-in capital</td><td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&#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: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt">&#160;</td><td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: right; text-indent: 0pt">8,572,990</td><td style="padding: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt">&#160;</td><td style="padding: 0pt; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; text-align: left; text-indent: 0pt">&#160;</td><td style="padding: 0pt; text-align: right; text-indent: 0pt">&#160;</td><td style="padding: 0pt; text-align: left; text-indent: 0pt">&#160;</td></tr>
  </table><div>

</div><p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should read the foregoing table in connection
with &#8220;Selected Consolidated Financial Data,&#8221; &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and
Results of Operations,&#8221; and our consolidated financial statements and related notes.</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="gg_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MARKET FOR COMMON STOCK
AND RELATED STOCKHOLDER MATTERS</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Since our initial public offering on October 1, 2021, our common stock
has traded on The NASDAQ Capital Market under the symbol &#8220;NTRB&#8221;, and our Warrants are traded on The NASDAQ Capital Market
under the symbol &#8220;NTRBW&#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">As of May 5, 2023, we had 76 holders of record
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">The transfer agent for our common stock is American
Stock Transfer&#160;&amp; Trust Company, LLC, 6201 15th Ave, Brooklyn, NY, telephone (800) 937-5449.</p><div>

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

</div><!-- Field: Page; Sequence: 33; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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><div><a id="gg_002"></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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If you purchase shares
of our common stock in this offering, your ownership interest will be diluted to the extent of the difference between the public offering
price per share of our common stock in this offering and the pro forma as adjusted net tangible book value per share of our common stock
immediately after this offering.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">As of January 31, 2023,
our historical net tangible book value was approximately $2,708,093, or $0.35 per share of our common stock, based on 7,833,150 shares
of common stock issued and outstanding as of such date. Our historical net tangible book value per share represents tangible assets,
less liabilities and intangible assets, divided by the aggregate number of shares of common stock outstanding as of January 31, 2023.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">After giving effect to
(i) the sale by us of [*]&#160;shares of common stock in this offering at an assumed public offering price of $ [*]per share, and after
deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma as adjusted net
tangible book value as of January 31, 2023 would have been $ [*] or $[*]per share. This represents an immediate increase in pro forma
net tangible book value to existing stockholders of $ [*]&#160;per share and an immediate dilution in pro forma net tangible book value
to new investors of $ [*]per share. Dilution per share represents the difference between the price per share to be paid by new investors
for the shares of common stock sold in this offering and the pro forma as adjusted net tangible book value per share immediately after
this offering.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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; background-color: white">&#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="text-indent: -0.125in; padding-left: 0.125in; width: 77%"><span style="font-family: Times New Roman, Times, Serif">Assumed
    public offering price per share</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td>
    <td style="text-align: right; width: 9%"></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Historical net
    tangible book deficit per share as of January 31, 2023</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Pro
    forma increase in net tangible book value per share as of January 31, 2023 attributable to the pro forma transactions described above</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Pro forma net tangible
    book value per share as of January 31, 2023</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Increase
    in pro forma net tangible book value per share attributable to new investors participating in this offering</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Pro
    forma as adjusted net tangible book value per share after this offering</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td>
    <td style="text-align: right"></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Dilution
    per share to new investors participating in this offering</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td>
    <td></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Each $1.00
increase or decrease in the assumed public offering price of $[*]per share, would increase or decrease, as applicable our pro forma as
adjusted net tangible book value per share after this offering by $ [*]per share and the dilution in pro forma per share to investors
participating in this offering by $ [*]per share, assuming that the number of shares of common stock offered by us, as set forth on the
cover page of this prospectus, remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering
expenses payable by us. Similarly, each[*]share increase or decrease in the number of shares offered by us would increase or decrease,
as applicable our pro forma as adjusted net tangible book value per share after this offering by $[*]per share and the dilution in pro
forma as adjusted net tangible book value per share to investors participating in this offering by $ [*]per share, assuming the public
offering price of $[*] per share remains the same, and after deducting estimated underwriting discounts and commissions and estimated
offering expenses payable by us.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The foregoing tables
assume no exercise of the underwriters&#8217; option to purchase additional shares. If the underwriters&#8217; exercise their over-allotment
option to purchase additional shares in full, the number of shares of common stock held by our existing stockholders will represent approximately&#160;
[*]% of the total number of shares of our common stock outstanding after this offering and the number of shares held by new investors
will represent approximately [*]% of the total number of shares of our common stock outstanding after this offering.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If the underwriters exercise
their over-allotment option to purchase additional shares of our common stock in full, the pro forma as adjusted net tangible book value
per share of our common stock after this offering would be $ [*]&#160; per share, and the dilution in pro forma net tangible book value
per share to investors participating in this offering would be $ [*]&#160;per share of common stock.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, to the extent
any outstanding stock options, warrants or other equity awards are exercised, or we issue additional equity or convertible securities
in the future, investors participating in this offering will experience further dilution.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The foregoing table and
calculations (other than historical net tangible book value) are based on 7,843,150 shares of common stock outstanding as of January 31,
2023, and excludes :</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#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">
    <td style="width: 0.25in">&#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">[*]&#160;shares of common stock issuable upon exercise of stock options outstanding as of January 31, 2023, with a weighted-average exercise price of $[*] per share;</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>&#9679; &#160;</td>
    <td style="text-align: justify">[*]&#160;shares of our common stock issuable upon the exercise of warrants outstanding as of January 31, 2023 with an exercise price of $[*] per share; &#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#9679;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">[*]</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">[*]shares of common stock issuable upon the exercise of the Representative&#8217;s Warrants.</span></td></tr>
  </table><div>

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

</div><!-- Field: Page; Sequence: 34; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The following discussion and analysis of financial
condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included
elsewhere in this prospectus. This discussion contains forward-looking statements that involve risks, uncertainties and assumptions. See
&#8220;Note Regarding Forward-Looking Statements.&#8221; Our actual results could differ materially from those anticipated in the forward-looking
statements as a result of certain factors discussed in &#8220;Risk Factors&#8221; and elsewhere in this prospectus.</i>&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It should be noted that current public health
threats continue to affect our ongoing or planned business operations. In particular, the novel coronavirus (COVID-19) which has resulted
in quarantines, restrictions on travel and other business and economic disruptions. &#160;&#160;We cannot presently predict the scope
and severity of any potential business shutdowns or disruptions, but if we or any of the third parties with whom we engage, including
the partners and other third parties with whom we conduct business, were to experience shutdowns or other business disruptions, our ability
to conduct our business in the manner and on the timelines presently planned could be materially and adversely impacted. The measures
being taken by service providers and government agencies to suppress the spread of COVID-19 infection may delay time to production of
our planned abuse deterrent fentanyl transdermal system product and therefor delay the time of filing with FDA for approval.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AVERSA&#8482; transdermal abuse deterrent 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">Our primary business is the development of a portfolio
of transdermal pharmaceutical products. Our lead product is our abuse deterrent fentanyl transdermal system which will require approval
from the Food and Drug Administration (&#8220;FDA&#8221;) and substantial additional capital for research and development. Our abuse deterrent
transdermal product under development has the potential to provide clinicians and patients with an extended-release transdermal fentanyl
product for use in managing chronic pain requiring around the clock opioid therapy combined with properties designed to deter the abuse
and misuse of fentanyl patches. In addition, we believe that our abuse deterrent technology can be broadly applied to various transdermal
products and our strategy is to follow the development of our abuse deterrent fentanyl transdermal system with the development of abuse
deterrent transdermal products for pharmaceuticals that have risks or a history of abuse. We received on January 28, 2022 an Issue Notification
from the United States Patent and Trademark Office (USPTO) for our United States patent entitled, &#8220;Abuse and Misuse Deterrent Transdermal
System,&#8221; that protects our Aversa&#8482; technology platform.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Transdermal Pharmaceutical Products</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">Through October 31, 2018, our business was the
development of a line of consumer and health products that are delivered through a transdermal or topical patch. Following our acquisition
of 4P Therapeutics on August 1, 2018, our focus expanded to include prescription pharmaceuticals, and we are seeking to develop and seek
FDA approval on a number of transdermal pharmaceutical products under development by 4P Therapeutics.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Most of our planned consumer products require
FDA approval for sale in the United States, and we have not sought to obtain, and we do not plan to seek to obtain, FDA approval to market
these products in the United States at this time. Following our acquisition of selected assets from Pocono Coated Products, LLC (&#8220;Pocono&#8221;),
we are primarily focused on providing contract manufacturing services and consulting services to 3<sup>rd</sup> party brands with no intention
at this time to launch our own consumer products.</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">4P Therapeutics has not generated any revenue
from any of its products under development. Rather, prior to our acquisition, 4P Therapeutics generated revenue to provide cash for its
operations through contract research and development and related services for a small number of clients in the life sciences field on
an as-needed basis. We are, for the near term, continuing this activity, although we do not anticipate that it will generate significant
revenues and, since our acquisition, it has generated minor gross margins. We have no long-term contractual obligations, and either party
can terminate at any time. &#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">With the change in our focus, our capital requirements
have increased substantially. The process of developing pharmaceutical products and submitting them for FDA approval is both time consuming
and expensive, with no assurance of obtaining approval from the FDA to market our product in the United States. We will require approximately
$10 million for research and development of our abuse deterrent fentanyl transdermal system, including clinical manufacturing and clinical
trials that need to be completed in order to obtain FDA approval. However, the total cost could be substantially in excess of that amount.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 31, 2020, the Company entered into a
Purchase Agreement (&#8220;Agreement&#8221;), with Pocono Coated Products (&#8220;PCP&#8221;), pursuant to which PCP agreed to sell the
Company all of the assets associated with its Transdermal, Topical, Cosmetic and Nutraceutical business (the &#8220;Assets&#8221;). PCP
is the manufacturer of our transdermal consumer products, and we bought that business from them. The purchase price for the Assets was
(i) $6,000,000 paid in shares of the Company&#8217;s common stock at a value of the average price of the previous 90 days at the date
of Closing (the &#8220;Shares&#8221;); (ii) a promissory note of the Company in the principal amount of $1,500,000, which is due upon
the earlier of (a) twelve (12) months from issuance, or (b) immediately following a capital raise of no less than $4,000,000 and/or a
public offering of no less than $4,000,000. The note was repaid in full in October 2021. Subsequent to the repayment of the note, the
Shares were released from escrow.</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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 5, 2021, the Company, having been approved
for the listing of its common stock on The Nasdaq Capital Market effective October 1, 2021, consummated a public offering (the &#8220;IPO&#8221;)
of units (the &#8220;Units&#8221;), of common stock and warrants that were offered in the IPO on The Nasdaq Capital Market, which included
1,231,200 (each a &#8220;Unit&#8221;), each Unit consisting of one share of common stock, par value $0.001 per share, and one warrant
(each a &#8220;Warrant&#8221;) at a price of $5.36 per Unit. Each Warrant is immediately exercisable, will entitle the holder to purchase
one share of common stock at an exercise price of $6.43 and will expire five (5) years from the date of issuance. The underwriters&#8217;
over-allotment option was exercised for 184,800 warrants to purchase shares of common stock bringing to total net proceeds to the Company
from the IPO to $5,836,230. The shares of common stock and Warrants are separately transferred immediately upon issuance. As of October
31, 2022, 457,795 Warrants issued in the IPO have been exercised, with net proceeds to the Company of $2,942,970.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 1, 2021, The Board of Directors adopted
the 2021 Employee Stock Option Plan (the &#8220;Plan&#8221;). The Company has reserved 408,333 shares to issue and sell upon the exercise
of stock options issued under the Plan. On November 3, 2021, the Company filed a Registration Statement on Form S-8, to register under
the Securities Act of 1933, as amended, the 408,333 shares of common stock reserved for issuance under the Plan, and on October 12, 2022,
a Post-Effective Amendment to the Form S-8 was filed with the SEC. On January 21, 2022, the Board approved options to purchase 190,751
shares of the Company&#8217;s common stock under the Plan issued to executive officers and directors of the Company at an exercise price
of $4.16 ($4.58 per share for two of the officers as required by IRS rules). On August 1, 2022, the Board approved option grants previously
approved by the Compensation Committee for an aggregate of 137,084 shares of common stock at exercise prices $4.09 or $4.50 per share
depending on IRS rules as applicable to the recipient,, and on September 30, 2022, approved option issuances under the Plan for an aggregate
of 35,000 shares of common stock at an exercise price of $3.59 per share for services provided by the independent directors, as previously
approved by the Compensation Committee.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company received a favorable verdict on July
13, 2022 from the Circuit Court, Orange County, Florida, providing for rescission of the Company&#8217;s 2017 acquisition of Advanced
Health Brands and recovery by the Company of the 1,400,000 shares(adjusted for a 1-for-4 reverse stock split effective June 23, 2019 and
the 7-for-six forward stock split effective August 15, 2022) of common stock issued in the acquisition, effectively allowing the Company
on July 25, 2022 to cancel 1.4M shares of common stock held by the defendants.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 31, 2022, the Company filed the Proxy
Statement with the SEC for its Annual Meeting of Stockholders, for the election of directors held on December 9, 2022, in Orlando, Florida.
This Proxy Statement is available on our website at&#160;<i>HTTPS://Nutriband.com/proxy</i>.&#160;&#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"><span style="text-decoration:underline">Forward Split of our Common Stock.</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">On July 26, 2022, our Board of Directors approved
the amendment to our Articles of Incorporation to effect a 7 for 6 forward stock split (the &#8220;Stock Split&#8221;) of our outstanding
common stock. We filed the amendment set forth in a Certificate of Change with the Secretary of State of Nevada on August 4, 2022. The
7:6 forward split was effective for trading purposes on the Nasdaq Capital Market on August 12, 2022. Each shareholder of record as of
the August 15, 2022 record date received one (1) additional share of common stock for each six (6) shares held as of the record date.
No fractional shares of common stock were issued in connection with the Stock Split. Instead, all shares were rounded up to the next whole
share. In connection with the Stock Split, which did not require shareholder approval under the Nevada corporation law, the number of
authorized shares of common stock of the Company was increased in the same ratio as the shares of outstanding common stock were increased
in the Stock Split, from 250,000,000 authorized shares to 291,666,666 authorized shares. &#160;</p><div>

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

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

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</div><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>Years Ended January 31, 2023 and 2022</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended January 31, 2023, we generated
revenue of $2,079,609 and our costs of revenue were $1,329,200, resulting in a gross margin of $750,409. For the year ended January 31,
2022, we generated revenue of $1,422,154 and our costs of revenue were $917,844, resulting in a gross margin of $504,310 in the subsequent
year. Our revenue for the year ended January 31, 2023, was derived from sales of $1,785,507 from our transdermal patch manufacturing segment
and $294,102 from contract services from our 4P Therapeutics segment. The increase in revenue of $657,455 from the transdermal patch manufacturing
segment is primarily due to an increase in demand which has continued in the subsequent year. The transdermal patch manufacturing segment
increased its margin by 3% during the period.&#160; Our cost of revenue for our contract research and development services represents
our labor cost plus a modest amount of material costs which we passed on to the client. Our sales and cost of sales remained constant
for our contract services compared to the prior year.</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">For the year ended January 31, 2023, our selling,
general and administrative expenses were $3,916,041, primarily legal, accounting, administrative salaries and equity-based payments, compared
to $4,022,824 for the year ended January 31, 2022. The amount remained relatively constant for the prior 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">During the years ended January 31, 2023 and 2022,
the Company recorded an impairment expense of $327,326 and $2,180,836, respectively, due to a write down of Goodwill in connection with
its Pocono acquisition. The write down of goodwill is attributable primarily to the effects of the pandemic. The valuation of the reporting
unit does not exceed the carrying amount of goodwill using the value in use or the going concern premise.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year January 31, 2023, the Company
incurred research and development expenses on its Aversa Fentanyl product of $982,227, primarily of salaries and development costs from
Kindeva as compared to $411,383 for the year ended January 31, 2022.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended January 31, 2022, the Company
incurred a gain on extinguishment of debt of $53,028, consisting primarily of forgiveness of a PPP loan. There was no gain on extinguishment
of debt during the year ended January 31, 2023.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We incurred interest expense of $8,289 for the
year ended January 31, 2023, as compared to $118,421 for the year ended January 31, 2022, primarily from the amortization of debt discounts.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the foregoing, we sustained a net
loss of $4,483,474, or $(0.53) per share (basic and diluted) for the year ended January 31, 2023, compared with a loss of $6,372,715,
or $(0.80) per share (basic and diluted) for the year ended January 31, 2022. The net loss for 2022 includes a deemed dividend of $196,589
from the settlement of a warrant round down.</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"><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">As of January 31, 2023, we had $1,985,440 in cash
and cash equivalents and working capital of $1,945,132, as compared with cash and cash equivalents of $4,891,868 and working capital of
$4,686,112 as of January 31, 2022. The Company received proceeds of approximately $8.8 million from the completion of its public offering,
exercise of warrants and the sale of common stock during the year ended January 31, 2022.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended January 31, 2023, we used cash
of $2,987,198 in our operations. The principal adjustments to our net loss of $4,483,474 were depreciation and amortization of $330,143,
and stock-based compensation of $1,019,310, and goodwill impairment of $327,326.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended January 31, 2023, we used cash
in investing activities of $79,304 primarily for the purchase of equipment.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended January 31, 2023, we provided
cash in financing activities of $160,074, primarily from the proceeds of $296,875 from the exercise of warrants, offset from the purchase
of treasury stock of $119,006. For the year ended January 31, 2022, we had cash flows of $7,630,693 from financing activities, primarily
$9.4 million from the completion of our public offering, exercise of warrants, and gross proceeds from the sale of common stock offset
by a payment on long-term debt of $1.5 million and the repurchase of treasury 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>Off Balance Sheet Arrangements</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have no off-balance sheet arrangements that
have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition,
revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.</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; text-align: justify">&#160;</p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On July 26, 2022, our
Board of Directors approved the amendment to our Articles of Incorporation to effect a 7 for 6 forward stock split (the &#8220;Stock Split&#8221;)
of our outstanding common stock. The Company filed the amendment set forth in a Certificate of Change with the Secretary of State of Nevada
on August 4, 2022. The 7:6 forward stock split was effective for trading purposes on the Nasdaq Capital Market on August 12, 2022. Each
shareholder of record as of the August 15, 2022 record date received one (1) additional share for each six (6) shares held as of the record
date. No fractional shares of common stock were issued in connection with the Stock Split. Instead, all shares were rounded up to the
next whole share. In connection with the Stock Split, which did not require shareholder approval under the Nevada corporation law, the
number of shares of common stock of the Company was increased in the same ratio as the shares of outstanding common stock were increased
in the Stock Split, from 250,000,000 authorized shares to 291,666,666 authorized shares.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">All share and per share
information in these financial statements retroactively reflect the forward stock split.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Going Concern Assessment
</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Management assesses liquidity
and going concern uncertainty in the Company&#8217;s condensed financial statements to determine whether there is sufficient cash on hand
and working capital, including available borrowings on loans, to operate for a period of at least one year from the date the consolidated
financial statements are issued or available to be issued, which is referred to as the &#8220;look-forward period&#8221;, as defined in
GAAP. As part of this assessment, based on conditions that are known and reasonably knowable to management, management will consider various
scenarios, forecasts, projections, estimates and will make certain key assumptions, including timing and nature of projected cash expenditures
or programs, its ability to delay or curtail expenditures or programs and its ability to raise additional capital, if necessary, among
other factors. Based on this assessment, as necessary or applicable, management makes certain assumptions around implementing curtailments
or delays in the nature and timing of programs and expenditures to the extent it deems probable those implementations can be achieved
and management has the proper authority to execute them within the look-forward period.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As of January 31, 2023,
the Company had cash and cash equivalents of $1,985,440 and working capital of $1,945,132. For the year ended January 31, 2023, the Company
incurred an operating loss of $4,483,474 and used cash flow from operations of $2,987,198. The Company has generated operating losses
since its inception and has relied on sales of securities and issuance of third-party and related-party debt to support cash flow from
operations. In October 2021, the Company consummated a public offering and received net proceeds of $5,836,230. The Company also received
to date $2,942,970 proceeds from the exercise of warrants. The Company has used these proceeds to fund operations and will continue to
use the funds as needed. In March 2023, the Company entered into a three-year $2,000,000 Creditline Note facility for $2 million which
will permit the Company to draw on the credit line to fund the Company&#8217;s research and development of its Aversa Fentanyl product.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Management has prepared
estimates of operations for the next twelve months and believes that sufficient funds will be generated from operations to fund its operations
for one year from the date of the filing of these condensed consolidated financial statements, which indicates improved operations and
the Company&#8217;s ability to continue operations as a going concern. The impact of COVID-19 on the Company&#8217;s business has been
considered in these assumptions; however, it is too early to know the full impact of COVID-19 or its timing on a return to normal operations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Management believes the
substantial doubt about the ability of the Company to continue as a going concern is alleviated by the above assessment.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Use of Estimates
</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The preparation of the
consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires
the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related
disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates including, but not limited to,
those related to such items as income tax exposures, accruals, depreciable/useful lives, allowance for doubtful accounts and valuation
allowances. The Company bases its estimates on historical experience and on other various assumptions that are believed to be reasonable
under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that
are not readily apparent from other sources. Actual results could differ from those estimates. &#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Revenue Recognition
</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In May 2014, the FASB
issued ASU No. 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606) (&#8220;ASU 2014-09&#8221;), which amends the accounting
standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects
to be entitled when products are transferred to a customer. The Company recognizes revenue based on the five criteria for revenue recognition
established under Topic 606: 1) identify the contract, 2) identify separate performance obligations, 3) determine the transaction price,
4) allocate the transaction price among the performance obligations, and 5) recognize revenue as the performance obligations are satisfied.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Accounts Receivable
</span></i>Trade accounts receivables are recorded at the net invoice value and are not interest bearing. The Company maintains allowances
for doubtful accounts for estimated losses from the inability of its customers to make required payments. The Company determines its allowances
by both specific identification of customer accounts where appropriate and the application of historical loss to non-applicable accounts.
For the years ended January 31, 2023 and 2022, the Company recorded no bad debt expense for doubtful accounts related to account receivable.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Inventories</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Inventories are valued
at the lower of cost and reasonable value determined using the first-in, first-out (FIFO) method. Net realized value is the estimated
selling price in the ordinary course of business, less applicable variable selling expenses. The cost of finished goods and work in process
is comprised of material costs, direct labor costs and other direct costs and related production overheads (based on normal operating
capacity). As of January 31, 2023 and 2022, 100% of the inventory consists of raw materials.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Intangible Assets</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Intangible assets include
trademarks, intellectual property and customer base acquired through business combinations. The Company accounts for Other Intangible
Assets under the guidance of ASC 350, &#8220;Intangibles-Goodwill and Other.&#8221; The Company capitalizes certain costs related to patent
technology. A substantial component of the purchase price related to the Company&#8217;s acquisitions have also been assigned to intellectual
property and other intangibles. Under the guidance, other intangible assets with definite lives are amortized over their estimated useful
lives. Intangible assets with indefinite lives are tested annually for impairment. Trademarks, intellectual property and customer base
are being amortized over their estimated useful lives of ten years.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Goodwill</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Goodwill represents the
difference between the total purchase price and the fair value of assets (tangible and intangible) and liabilities at the date of acquisition.
Goodwill is reviewed for impairment annually on January 31, and more frequently as circumstances warrant, and written down only in the
period in which the recorded value of such assets exceeds their fair value. The Company does not amortize goodwill in accordance with
ASC 350. In connection with the Company&#8217;s acquisition of 4P Therapeutics LLC in 2018, the Company recorded Goodwill of $1,719,235.
On August 31, 2020, in connection with the Company&#8217;s acquisition of Pocono Coated Products LLC and Active Intelligence LLC, the
Company recorded Goodwill of $5,810,640. During the years ended January 31, 2023 and 2022, the Company recorded an impairment charge of
$327,326 and $2,180,836, respectively, reducing the Active Intelligence LLC Goodwill to $3,302,478. As of January 31, 2023 and 2022, Goodwill
amounted to $5,021,713 and $5,349,039, respectively.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Long-lived Assets</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Management reviews long-lived
assets for potential impairment whenever significant events or changes in circumstances indicate that the carrying amount of an asset
may not be recoverable. An impairment exists when the carrying amount of the long-lived asset is not recoverable and exceeds its fair
value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the estimated undiscounted cash flows expected
to result from the use and eventual disposition of the asset. If an impairment exists, the resulting write-down would be the difference
between the fair market value of the long-lived asset and the related book value.&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Earnings per Share</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Basic earnings per share
of common stock is computed by dividing net earnings by the weighted average number of shares of common stock outstanding during the period.&#160;&#160;Diluted
earnings per share is computed by dividing net earnings by the weighted average number of shares of common stock and potential shares
of common stock outstanding during the period.&#160;Potential shares of common stock consist of shares issuable upon the exercise of outstanding
options and common stock purchase warrants. As of January 31, 2023, and 2022, there were 1,778,006 and 1,503,171 common stock equivalents
outstanding, that were not included in the calculation of dilutive earnings per share as their effect would be anti-dilutive.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Stock-Based Compensation</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">ASC 718, &#8220;Compensation
- Stock Compensation,&#8221; prescribes accounting and reporting standards for all share-based payment transactions in which employee
services, and, since February 1, 2019, non-employees, are acquired. Transactions include incurring liabilities, or issuing or offering
to issue shares, options and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based
payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements
based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange
for the award, known as the requisite service period (usually the vesting period). As of February 1, 2019, pursuant to ASC 2018-07, ASC
718 was applied to stock-based compensation for both employees and non-employees.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Research and development
costs are expensed as incurred.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Income Taxes</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Taxes are calculated
in accordance with taxation principles currently effective in the United States and Ireland.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company accounts
for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected
future tax consequences of events that have been included in the financial statements.&#160;&#160;Under this method, deferred tax assets
and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using
enacted tax rates in effect for the year in which the differences are expected to reverse.&#160;&#160;The effect of a change in tax rates
on deferred tax assets and liabilities 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; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company records net
deferred tax assets to the extent they believe these assets will more-likely-than-not be realized.&#160;&#160;In making such determination,
the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences,
projected future taxable income, tax planning strategies and recent financial operations.&#160;&#160;In the event the Company was to determine
that it would be able to realize its deferred income tax assets in the future in excess of its net recorded amount, the Company would
make an adjustment to the valuation allowance which would reduce the provision for income taxes.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Concentration of
Credit Risk</span></i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Financial instruments
which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company&#8217;s cash and cash
equivalents are concentrated primarily in banks. At times, such deposits could be in excess of insured limits. Management believes that
the financial institutions that hold the Company&#8217;s financial instruments are financially sound and, accordingly, minimal credit
risk is believed to exist with respect to those financial interests. As of and for the year ended January 31, 2023, two customers accounted
for 34% and 14% of the Company&#8217;s revenue and one customer accounted for 94% of accounts receivable. As of and for the year ended
January 31, 2022, three customers accounted for 19%, 17% and 13% of the Company&#8217;s revenue and three customers accounted for 58%,
21% and 17% of accounts receivable.</p><div>

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

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

</div><div><a id="a_009"></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">&#160;</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our lead product under development is AVERSA Fentanyl,
an abuse deterrent fentanyl transdermal system that combines an approved generic fentanyl patch with our AVERSA abuse deterrent technology
to reduce the abuse and misuse of fentanyl patches. We believe that AVERSA technology can be broadly applied to various transdermal products,
and our plan is to follow the development of our abuse deterrent fentanyl transdermal system with the development of additional transdermal
abuse deterrent products for pharmaceuticals that have a risk or history of abuse. Specifically, we have expanded our development pipeline
to include AVERSA Buprenorphine and AVERSA Methylphenidate. In addition, we are developing a portfolio of transdermal pharmaceutical products
to deliver already approved drugs or biologics that are typically delivered by injection but with the potential to improve compliance
and therapeutic outcomes through transdermal delivery.</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">We have a feasibility agreement with Kindeva Drug
Delivery, formerly 3M Drug Delivery (&#8220;Kindeva&#8221;), for the development of AVERSA Fentanyl using Kindeva&#8217;s FDA approved
Fentanyl patch. The feasibility agreement is focused on adapting Kindeva&#8217;s commercial transdermal manufacturing process to incorporate
AVERSA abuse deterrent 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">The product development program for AVERSA Fentanyl
includes performing preclinical and clinical studies to demonstrate the abuse deterrent properties of the product. The program assumes
that the fentanyl transdermal system is already approved and the only change to the approved product will be to incorporate the AVERSA
technology into the patch design with no change being made to the fentanyl drug matrix or its demonstrated safety, patch performance or
drug release characteristics. Preclinical studies to be performed primarily consist of laboratory-based in vitro manipulation and extraction
studies in various extraction media per FDA guidance. Clinical evaluation primarily consists of a Phase 1 Human Abuse Liability (HAL)
study to demonstrate the abuse potential of the product per FDA guidance. The regulatory path for FDA approval is planned to be a 505(b)(2)
NDA submission to access the safety and efficacy information on file for Duragesic<sup>&#174;</sup> fentanyl transdermal system as the
reference-listed drug and to be able to obtain approval for abuse deterrent claims as a branded pharmaceutical product.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 product development program for the additional
AVERSA pipeline products, AVERSA Buprenorphine and AVERSA Methylphenidate, are similar to that of AVERSA Fentanyl, assuming that the AVERSA
technology is incorporated into an already approved transdermal patch.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Through January 31, 2023, we had not generated
any revenue from our transdermal consumer patches. Consumer products are products that can be sold over-the-counter and do not require
a prescription. Most transdermal patches are considered drugs in the United States and cannot be marketed in the United States without
approval from the FDA. We have not taken any steps to seek to obtain FDA approval for any of our consumer products in development that
would permit sales of those products in the United States, and we have no plans to do so in the near term.&#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">Acquisition of 4P Therapeutics</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to an acquisition agreement dated April
5, 2018 between us and 4P Therapeutics, on August 1, 2018, we acquired all of the equity interest in 4P Therapeutics from Steven Damon,
the owner of 4P Therapeutics. The purchase price of $2,250,000, consisting of 72,916 shares of common stock, valued at $1,850,000, and
cash of $400,000, and are to pay Mr. Damon a 6% royalty on any revenue we receive or derive from our utilization or sale of the abuse
deterrent intellectual property that we acquired as a part of the assets 4P Therapeutics, including partner license milestones and development
payments. The royalty is payable pursuant to the acquisition agreement and continues as long as we generate revenue from our utilization
or sale of the abuse deterrent intellectual property we acquired as part of the acquisition of 4P Therapeutics. The 72,916 shares were
issued to Mr. Damon and Dr. Alan Smith. In connection with the acquisition, Mr. Damon retained any cash and accounts receivable and assumed
any liabilities other than those relating to the ongoing business. Pursuant to the acquisition agreement, we appointed Mr. Damon to our
board of directors in April 2018, when we signed the acquisition agreement, and we agreed to pay Mr. Damon the compensation received by
independent board members.</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;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the acquisition, the focus of our
business has changed from the development and marketing outside of the U.S. of consumer transdermal products to the development of 4P
Therapeutics&#8217; portfolio of pharmaceutical transdermal products. Our lead product under development is AVERSA<sup>&#174;</sup> Fentanyl
(abuse deterrent fentanyl transdermal system) which we plan to develop to deter the abuse and accidental misuse of fentanyl transdermal
patches. Fentanyl is a potent synthetic opioid that is marketed as a transdermal patch for chronic pain management. There are currently
a number of generic fentanyl patches on the market but none of them have abuse deterrent properties. We believe that our AVERSA<sup>&#174;</sup>
abuse deterrent technology, containing aversive agents will significantly deter the abuse and accidental misuse of fentanyl from transdermal
patches.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With the acquisition of 4P Therapeutics, we acquired
a research pipeline of other transdermal products, including peptides and proteins such as exenatide for type 2 diabetes and FSH for infertility.
These drugs are off patent but are currently only available as injections, and we are evaluating the possibility of developing a transdermal
delivery system for these drugs as an alternative to injection but with improved compliance and safety. In addition, we may develop certain
generic transdermal products where we think we can make an improvement to existing patches and where we believe we can take significant
market share with good profit margins. The prioritization of our portfolio product candidates will be reviewed on an ongoing basis and
will take into account technical progress, market potential and R&amp;D funding available. We cannot assure you that we will be able to
develop and obtain FDA approval for any of these potential products or that we can be successful in marketing any such products. The FDA
approval process can take many years to complete successfully, and we will require substantial funding for each product that goes through
the process. We cannot assure you that we will obtain FDA marketing approval for any of 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">In addition to performing research and development
for its own products, 4P Therapeutics performs contract research and development services for a small number of clients in the life sciences
field to help support its ongoing operations. The work includes conducting early-stage drug and device clinical and preclinical studies
and providing clinical-regulatory and formulation/analytical consulting services. Neither we nor current clients have any long-term commitments,
and either party can terminate at any time. We do not expect to generate significant revenues from these 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">Acquisition of Pocono Coated 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">On August 25, 2020, the Company formed Pocono
Pharmaceuticals Inc.(&#8220;Pocono&#8221;), a wholly owned subsidiary of the Company. Effective August 31, 2020, the Company entered into
a Purchase Agreement (&#8220;Agreement&#8221;) with Pocono Coated Products (&#8220;PCP&#8221;), a manufacturer of Topical and transdermal
products, pursuant to which PCP agreed to sell the Company certain of the assets and liabilities associated with its Transdermal, Topical,
Cosmetic and Nutraceutical business (the &#8220;Business&#8221;), including all related equipment, intellectual property and trade secrets,
cash balances, receivables, bank accounts and inventory. The net assets were contributed to Pocono. Included in the transaction, the Company
acquired 100% of the membership interests of Active Intelligence LLC (&#8220;Active Intelligence&#8221;). The purchase price for the assets
of the Business is (i) $6,000,000 paid in 709,938 shares of the Company&#8217;s common stock, based on the average price for the Company&#8217;s
common stock for the previous 90 days as of the date of Closing (the &#8220;Shares&#8221;); (ii) a promissory note of the Company in the
principal amount of $1,500,000, which has been paid in full as of October 1, 2021.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a Nevada corporation, incorporated on January
4, 2016. In January 2016, we acquired Nutriband Ltd, an Irish company which was formed by Gareth Sheridan, our chief executive officer,
in 2012, to enter the health and wellness market by marketing transdermal patches. Our corporate headquarters are located at 121 S. Orange
Ave. Suite 1500, Orlando, Florida 32801, telephone (407) 377-6695. Our website is <i>www.nutriband.com</i>. Information contained on or
available through our website or any other website does not constitute a portion of this annual report.</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">Effects of the COVID-19 Pandemic</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">Our business may be affected by the COVID-19 pandemic
and the response to the pandemic. Factors which may affect our business include, but are not limited to, the following:</p><div>

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

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

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  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The effect of recent stock market declines on the willingness of investors to make an investment in our securities.</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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  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The financial health of our potential contract service customers.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Our ability to perform contract services.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Our ability to obtain any goods or services which we may need to perform contract services.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The ability of our foreign distributors to obtain regulatory approval, which may be affected by the regulatory agencies giving a low priority to products such as our consumer patches.</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">Pharmaceutical Products in 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">We have a pipeline of transdermal pharmaceutical
products that are primarily in the early stages of development. Our current focus is on the development of AVERSA Fentanyl for which we
have a feasibility agreement with Kindeva Drug Delivery, a contract development and manufacturing organization. We plan to follow on from
this with development of additional products utilizing the AVERSA abuse deterrent transdermal technology, namely, AVERSA Buprenorphine
and AVERSA Methylphenidate.</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">AVERSA Fentanyl is an abuse deterrent fentanyl
patch for the treatment of chronic pain. As the United States faces an epidemic of opioid abuse, fentanyl transdermal patches have become
an attractive target for recreational drug abusers due to the high potency of fentanyl and its ease of abuse by the oral route. We are
looking to utilize our proprietary approach to incorporate aversive agents into the transdermal patch to deter the abuse of fentanyl patches
by the oral, buccal and inhaled routes, which represent as much as 70% of all transdermal fentanyl abuse. The technology is based on the
incorporation of taste and sensory aversive agents into the patch that are intended to make abuse a very unpleasant experience thereby
deterring the recreational abuse of fentanyl patches. These aversive agents have high potency, established safety, and the potential to
prevent accidental misuse by children and pets. The aversive agents are coated onto the backing of the transdermal patch in a controlled
release formulation that provides immediate and sustained release of aversive agents. This provides several advantages including having
a physical separation of the aversive agents from the drug matrix, availability of aversive agents even after the patch is used and making
it difficult to separate the aversive agents from the drug by extraction. The aversive agents are not contained in the drug matrix and
are not delivered to the skin during patch wear. In addition to the fentanyl patch, this technology has broad applicability to any patch
where deterring abuse as well as accidental misuse by children and pets are valuable attributes.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that our abuse deterrent technology
can be broadly applied to various transdermal products and our strategy is to follow the development of our AVERSA Fentanyl with the development
of additional products for pharmaceuticals that have a risk or history of abuse. For example, we believe that our technology can be utilized
in other transdermal products to deter the abuse of other drugs such as buprenorphine, an opioid used to treat acute pain and chronic
pain, and methylphenidate, a central nervous system stimulant. Buprenorphine is an opioid used to treat opioid addiction, acute pain and
chronic pain. It can be used under the tongue, by injection, as a skin patch, or as an implant. For opioid addiction, it is typically
only started when withdrawal symptoms have begun and for the first two days of treatment under direct observation of a health care provider.
For longer term treatment of addiction, a combination formulation of buprenorphine/naloxone is recommended to prevent misuse by injection.
Methylphenidate, sold under various trade names, such as Ritalin in oral form, and in transdermal patch form known as Daytrana, is a central
nervous system stimulant that is used in the treatment of attention deficit hyperactivity disorder and narcolepsy. We plan to develop
transdermal delivery systems for buprenorphine and methylphenidate after we make significant progress on our abuse deterrent fentanyl
transdermal system.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our research pipeline consists primarily of drug
compounds which have been previously approved by the FDA and are now off-patent. In some cases, we are developing a non-injectable version
of the drug utilizing our transdermal technology which represents a new route of administration. In most cases, we plan to utilize the
505(b)&#160;(2) NDA regulatory pathway provided by the FDA which allows us to reference the safety information on file at FDA for the
approved drug or to reference the published literature instead of having to generate new safety information that would typically be required
for new chemical entities. However, we cannot assure you that the FDA will concur with our approach or that we will be able to receive
FDA approval to market any of products that we develop.&#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">We are also exploring transdermal delivery of
proteins and peptides such as exenatide for type 2 diabetes and follicle stimulating hormone (FSH) for infertility. Presently, these products
are only available by injection. We believe that transdermal delivery has the potential to improve compliance, which can lead to improved
therapeutic outcomes associated with these treatments.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, we may seek to develop certain generic
transdermal products where we think we can efficiently make an improvement to existing patches and potentially take significant market
share with good profit margins.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 prioritization of our portfolio of product
candidates will be reviewed on an ongoing basis and will take into account technical progress, market potential, available funding and
commercial interest. Our ability to take any meaningful steps to the development of any of these products is determined by our ability
to provide sufficient funding for such activities. As stated above, without additional financing or a joint venture agreement we will
not be able to take any steps to the development of any of these 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">We currently have no branded OTC or consumer products
nor do we plan to launch any OTC or consumer products in the near term as our focus is primarily on our pharmaceutical development pipeline
and continuing the contract services offered by our subsidiaries.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Manufacturing of our pharmaceutical transdermal
products in development will be performed in compliance with FDA current Good Manufacturing Practices (cGMP) and all applicable local
regulations by contract manufacturers. All manufacturing processes and facilities will be subject to review by the FDA during development,
prior to approval and during subsequent routine FDA inspections. We plan to continue to rely on contract manufacturers and, potentially,
collaboration partners to manufacture commercial quantities of our products, if and when approved for marketing by the FDA.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>United States</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">The pharmaceutical business is subject to extensive
government regulation. In the United States, we must comply with the rules and regulations of the FDA. In other countries, we must comply
with the laws and regulations of each country to legally market and sell our products. Obtaining FDA approval does not mean that the product
will be approved in other countries. Each country may require that additional clinical and nonclinical studies be conducted prior to approval.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The process required by the FDA to receive approval
prior to marketing and distributing a drug in the United States generally involves a preclinical phase followed by three phases of clinical
trials. The definition of drug is broadly defined and includes the pharmaceutical products we have in development. Even though the drug
used in each of our proposed products is currently approved by the FDA in other dosage forms, we will still need to conduct a development
program that will include preclinical and clinical trials before we receive FDA marketing approval. The FDA also has a number of abbreviated
approval pathways which, if we are eligible, could shorten the time for approval. For example, the regulatory path for the AVERSA products
in development is intended to follow a 505(b)(2) NDA regulatory pathway which reduces the amount of clinical work that needs to be performed
to a single trial to evaluate the abuse potential of the product as the safety and efficacy of the drug has already been established.
However, we cannot be certain that we will be able to use any abbreviated approval pathway, in which event we will need to comply with
the full regulatory pathway as described below.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The full (although not typical for the AVERSA
related products) FDA regulatory pathway consists of the following phases of development.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Preclinical phase</span>. Before a drug company can test an experimental treatment in humans, it must prove the drug is safe and effective in animals. Scientists run tests in various animals before presenting the data to the FDA as an investigational new drug application. For already approved drugs, an animal study may not be required prior to testing in humans. In most cases, the company must file an Investigational New Drug (IND) submission to get clearance to test the product in humans.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Phase one clinical trial</span>. In the first round of clinical trials, the drug company attempts to establish the drug&#8217;s safety in humans. Drug researchers administer the treatment to healthy individuals &#8212; instead of patients suffering from the disease or condition the drug is intended to treat &#8212; and gradually increase the dose to see if the drug is toxic at higher levels or if any possible side effects occur. These drug trials are usually small, containing about 20 to 80 participants, according to the FDA. For drug delivery products incorporating already approved drugs, Phase 1 studies involve measuring blood levels of the drug to understand the pharmacokinetics for a new route of administration.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Phase two clinical trial</span>. In the second round of clinical trials, researchers give the treatment to patients who have the disease to assess the drug&#8217;s efficacy. The trial is randomized, meaning half of the study participants receive the drug and half receive a placebo. These trials usually contain hundreds of participants, according to the FDA. There is about a 30 percent chance of a drug moving on to a phase three clinical trial, according to data from the biotech trade organization BIO. For already approved drugs, as is the case with drug delivery products, a Phase 2 trial may not be necessary as the therapeutic drug doses and blood concentrations are already known. However, a Phase 2 may be conducted to inform the design of the Phase 3 clinical trial in regards to the safety and efficacy of the product when used by patients.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">Phase three clinical trial</span>. In the third phase of clinical trials, researchers work with the FDA to design a larger trial to test the drug&#8217;s ideal dosage, patient population and other factors that could decide whether the drug is approved, according to the report. These trials usually contain a few hundred to thousands of participants. In the case of drug delivery products that utilize an approved drug, Phase 3 trials will typically include a comparison to the already approved reference product. For example, a transdermal patch may be compared to an injection.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><span style="text-decoration:underline">New drug application (NDA)</span>. Once a drug company collects and analyzes all data from the clinical trials, it submits a new drug application to the FDA. The application includes trial data, preclinical information and details on the drug&#8217;s manufacturing process. If the FDA accepts the application for review, the agency has ten months &#8212; or six months if the drug has priority review status &#8212; to make a decision, according to the report. The FDA can hold an advisory committee meeting where independent experts assess the data and recommend whether to approve the drug. From there, the FDA will either approve the drug or give the applicant a complete response letter, which explains why the drug did not get approved and what steps the applicant must take before resubmitting the application for approval.</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">Before approving an NDA, the FDA may inspect the
facilities where the product is being manufactured or facilities that are significantly involved in the product development and distribution
process and will not approve the product unless they determine that compliance with current good manufacturing practices is satisfactory.
The FDA may deny approval of an NDA if applicable statutory or regulatory criteria are not satisfied, or may require additional testing
or information, which can delay the approval process. In pursuing FDA approval there may be various delays and it is possible that approval
may never be granted. In addition, new government requirements may be established that could delay or prevent regulatory approval of our
product candidates under 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"></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">If a product is approved, the FDA may impose limitations
on the indications for use for which the product may be marketed, may require that warning statements be included in the product labeling,
may require that additional studies or trials be conducted following approval as a condition of the approval, may impose restrictions
and conditions on product distribution, prescribing or dispensing in the form of a risk management plan, or impose other limitations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Once a product receives FDA approval, marketing
the product for other indicated uses or making certain manufacturing or other changes related to the product will require FDA review and
approval of a supplemental NDA or a new NDA, which may require additional clinical safety and efficacy data and may require additional
review fees. In addition, further post-marketing testing and surveillance to monitor the safety or efficacy of a product may be required.
Also, product approvals may be withdrawn if compliance with regulatory standards is not maintained or if safety or manufacturing problems
occur following initial 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">With respect to the labeling for our abuse deterrent
transdermal fentanyl system or any other opioid transdermal patch we develop, it is likely that we will need to disclose the risks of
improper use or abuse using language required by the FDA.</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>FDA Approval Pathways</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">The FDA has several pathways that can be followed to obtain FDA approval.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">A stand-alone NDA is an application submitted under Section 505(b)(1) of the Food, Drug and Cosmetic Act (&#8220;FD&amp;C Act&#8221;) and approved under Section 505(c) of the FD&amp;C Act that contains full reports of investigations of safety and effectiveness that were conducted by or for the applicant or for which the applicant has a right of reference or use. This is typically the pathway used for new chemical entities.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">A 505(b)(2) application is an NDA submitted under Section 505(b)(1) and approved under Section 505(c) of the FD&amp;C Act that contains full reports of investigations of safety and effectiveness, where at least some of the information required for approval comes from studies not conducted by or for the applicant and for which the applicant has not obtained a right of reference or use. This is the pathway typically taken for off-patent drugs that are being development into alternate dosage forms or routes of administration.</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><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">An ANDA is an application for a duplicate of a previously approved drug product that was submitted and approved under Section 505(j) of the FD&amp;C Act. An ANDA relies on the FDA&#8217;s finding that the previously approved drug product is safe and effective. An ANDA generally must contain information to show that the proposed generic product (1) is the same as the drug with respect to the active ingredients, conditions of use, route of administration, dosage form, strength and labeling (with certain permissible differences) and (2) is bioequivalent to the referenced drug. An ANDA may not be submitted if studies are necessary to establish the safety and effectiveness of the proposed product. This is the pathway taken for generic drugs.</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">We cannot assure you that we will be able to take
advantage of any of the available abbreviated approval pathways for any of our proposed products.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any drug products for which we receive FDA approval
will be subject to continuing regulation by the FDA. Certain requirements include, among other things, record-keeping requirements, reporting
of adverse events with the product, providing the FDA with updated safety and efficacy information on an annual basis or more frequently
for specific events, product sampling and distribution requirements, complying with certain electronic records and signature requirements
and complying with FDA promotion and advertising requirements. These promotion and advertising requirements include, among others, standards
for direct-to-consumer advertising, prohibitions against promoting drugs for uses or patient populations that are not described in the
drug&#8217;s approved labeling, known as &#8220;off-label use,&#8221; and other promotional activities, such as those considered to be
false or misleading. Failure to comply with FDA regulations can have negative consequences, including the immediate discontinuation of
noncomplying materials, adverse publicity, enforcement letters from the FDA, mandated corrective advertising or communications with doctors,
and civil or criminal penalties. Such enforcement may also lead to scrutiny and enforcement by other government and regulatory bodies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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">Although physicians may prescribe legally available
drugs for off-label uses, manufacturers may not encourage, market or promote such off-label uses. As a result, &#8220;off-label promotion&#8221;
has formed the basis for litigation under the Federal False Claims Act, violations of which are subject to significant civil fines and
penalties. In addition, manufacturers of prescription products are required to disclose annually to the Center for Medicaid and Medicare
any payments made to physicians and teaching hospitals in the U.S. under the federal Physician Payment Sunshine Act. Reportable payments
may be direct or indirect, in cash or kind, for any reason, and are required to be disclosed even if the payments are not related to the
approved product. Failure to fully disclose or not in time reporting could lead to penalties up to $1.15 million per year.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The manufacturing of any of our products will
be required to comply with the FDA&#8217;s current Good Manufacturing Practices (cGMP) regulations. These regulations require, among other
things, quality control and quality assurance, as well as the corresponding maintenance of comprehensive records and documentation. Drug
manufacturers and other entities involved in the manufacture and distribution of approved drugs are also required to register with the
FDA their establishments and list any products they make and to comply with related requirements in certain states. These entities are
further subject to periodic unannounced inspections by the FDA and certain state agencies for compliance with current good manufacturing
practices and other laws. Accordingly, manufacturers must continue to expend time, money and effort in the area of production and quality
control to maintain cGMP compliance.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Discovery of problems with a product after approval
may result in serious and extensive restrictions on a product, manufacturer or holder of an approved NDA, as well as lead to potential
market disruptions. These restrictions may include recalls, suspension of a product until the FDA is assured that quality standards can
be met, and continuing oversight of manufacturing by the FDA under a &#8220;consent decree,&#8221; which frequently includes the imposition
of costs and continuing inspections over a period of many years, as well as possible withdrawal of the product from the market. In addition,
changes to the manufacturing process generally require prior FDA approval before being implemented. Other types of changes to the approved
product, such as adding new indications and additional labeling claims, are also subject to further FDA review and approval.</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">The FDA also may require post-marketing testing,
or Phase IV testing, as well as risk minimization action plans and surveillance to monitor the effects of an approved product or place
conditions on an approval that could otherwise restrict the distribution or use of 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"><i>Other Government Regulations</i></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may be subject to government regulations that
are applicable to businesses generally, including those relating to workers&#8217; health and safety, environmental and waste disposal,
wage and hour and labor practices, including sexual harassment laws and regulations, and anti-discrimination laws and regulations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, we must comply with the laws and
regulations governing the research and manufacture of products containing controlled substances such as fentanyl and other opioids. We
or our contract manufacturer must be licensed by the Drug Enforcement Agency (DEA) and the state(s) in which we conduct research and development
activities.</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>Europe and Other Countries</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">If we market our products in any countries other
than the United States, we would be subject to the laws of those countries. To obtain market access for our products in other countries
we must comply with numerous and varying regulatory requirements of such countries regarding safety and efficacy and governing, among
other things, clinical trials and commercial sales, pricing and distribution of 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"></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">The European medicines regulatory system is based
on a network of around 50 regulatory authorities from the 31&#160;countries in the European Economic Area, the European Commission and
the European Medicines Agency. All medicines must be authorized before they can be placed on the market in the European Union. The European
system offers different routes for authorization. A centralized procedure allows the marketing of a medicine on the basis of a single
European Union assessment and marketing authorization which is valid throughout the European Union. However, a majority of medicines authorized
in the European Union do not fall within the scope of the centralized procedure, and we do not know whether our proposed products will
fall within the centralized authorization. We also do not know how the withdrawal of Great Britain from the European Union will affect
the procedure for approval of medicines in the United Kingdom. If we are not able to use the centralized procedure, we would need to use
one of the following procedures. One method is the decentralized procedure where we would apply for simultaneous authorization in more
than one European Union member. The second method is the mutual-recognition procedure where we would have a medicine authorized in one
European Union country apply for authorization to be recognized in other European Union countries. In either case, we would be required
to complete clinical trials to demonstrate the safety and efficacy of the medicine and show that the medicine is manufactured in accordance
with good manufacturing practices based upon European Union standards.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In countries other than the United States and
the European Union, we would be required to comply with the applicable laws of those countries, which may require us to perform additional
clinical testing.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Failure to obtain regulatory approval in any country
would prevent our product candidates from being marketed in those countries. In order to market and sell our products in jurisdictions
other than the United States and the European Union, we must obtain separate marketing approvals and comply with numerous and varying
regulatory requirements. The regulatory approval process outside the United States and the European Union generally includes all of the
risks associated with obtaining FDA and European Union approval but can involve additional testing.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in many countries worldwide, it is
required that the product be approved for reimbursement before the product can be approved for sale in that country. We may not obtain
approvals from regulatory authorities outside the United States on a timely basis, if at all. Even if we were to receive approval in the
United States or the European Union, approval by the FDA or the European Medicines Agency does not ensure approval by regulatory authorities
in other countries or jurisdictions. Similarly, approval by one regulatory authority outside the United States would not ensure approval
by regulatory authorities in other countries or jurisdictions. We may not be able to file for marketing approvals and may not receive
necessary approvals to commercialize our products in any market. If we are unable to obtain approval of our product candidates by regulatory
authorities in other foreign jurisdictions, the commercial prospects of those product candidates may be significantly diminished and our
business prospects could decline.</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">Outside the United States, particularly in member
states of the European Union, the pricing of prescription drugs is subject to governmental control. In these countries, pricing negotiations
or the successful completion of health technology assessment procedures with governmental authorities can take considerable time after
receipt of marketing approval for a product. In addition, there can be considerable pressure by governments and other stakeholders on
prices and reimbursement levels, including as part of cost containment measures.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to regulations in the United States,
if we market outside of the United States, we will be subject to a variety of regulations governing, among other things, clinical trials
and any commercial sales and distribution of our products. Whether or not we obtain FDA approval for a product, we must obtain the requisite
approvals from regulatory authorities in foreign countries prior to the commencement of clinical trials or marketing of the product in
those countries.</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">Intellectual Property</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 AVERSA abuse deterrent technology utilized
in our AVERSA product pipeline is covered by an international intellectual property portfolio with patents issued in 45 countries including
the United States, Europe, Japan, Korea, Russia, Mexico, Canada, and Australia and pending in China. These patents provide patent coverage
to 2035. We continue to build on our proprietary positions in the United States and internationally for our product candidates AVERSA
Fentanyl, AVERSA buprenorphine and AVERSA methylphenidate as well as other products and technology that we may have in development. Our
policy is to pursue, maintain and defend patent rights developed internally or acquired externally and to protect the technology, inventions
and improvements that are commercially important to the development of our business. We cannot be sure that patents will be granted with
respect to any of our pending patent applications or with respect to any patent applications filed by us in the future, nor can we be
sure that any of our existing patents or any patents granted to us in the future will be commercially useful in protecting our technology.
We also may rely on trade secrets to protect our commercial products and product candidates. Our commercial success also depends in part
on our non-infringement of the patents or proprietary rights of third parties.</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">Further, we plan to seek trademark protection
in the United States and internationally where available and when appropriate. We have registered the name Nutriband in the United States.
We have received a notice of allowance for the AVERSA trademark for our abuse deterrent technology in the United States.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 pharmaceutical industry is highly competitive
and subject to rapid change as new products are developed and marketed. Potential competitors include large pharmaceutical and biotechnology
companies, specialty pharmaceutical and generic drug companies, and medical technology companies. We believe the key competitive factors
that will affect the development and commercial success of our products are product performance including safety and efficacy, level of
patient compliance, healthcare professional acceptance, and the extent of insurance reimbursement of 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">As our development pipeline includes products
that contain opioids (AVERSA Fentanyl and AVERSA Buprenorphine), we continually monitor the market for opioid products, particularly in
the United States. Pharmaceutical companies engaged in the distribution and sale of opioids, in particular for the treatment of chronic
pain, are promoting responsible opioid use. In 2022, the CDC revised its clinical practice guideline for prescribing opioids to ease the
restrictions on prescribers and encourage responsible opioid use particularly for patients with moderate to severe pain. Our opioid products
potentially offer a unique proposition to meet the unmet needs of patients by deterring the abuse and misuse of opioids while making opioids
accessible to those patients who need them. If approved, our AVERSA pipeline products will compete with the currently marketed products
that do not contain abuse deterrent features as well as other products that may employ different abuse deterrent technology. We may also
have to compete with products that do not contain opioids or other drugs that are susceptible to abuse. We are not aware of any abuse
deterrent transdermal products that are in development or being marketed at this time. If we obtain regulatory approval to market our
products, we cannot assure you that we will be successful in the marketplace.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Property</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">We do not own any real property. We lease under
a one year lease an office for $ 2,500 per month at 121 South Orange Street, Orlando, Florida. With the office lease, we have access to
boardrooms, kitchen facilities and administrative support services. We lease manufacturing space in Cherryville, North Carolina, for $3,000
per month under a three-year lease entered into on February 1, 2022, with a renewal option.&#160;</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>Legal Proceedings</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MANAGEMENT</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">Set forth below are the name, age, position of
and biographical information about each nominee, all of whom are currently directors and compromise our entire Board as of the record
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; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left; width: 24%; padding-right: 3pt"><span style="font-size: 10pt"><b>Name</b></span></td>
    <td style="padding-bottom: 1.5pt; white-space: nowrap; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 8%; text-align: center"><span style="font-size: 10pt"><b>Age</b></span></td>
    <td style="padding-bottom: 1.5pt; white-space: nowrap; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 66%; text-align: center"><span style="font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Gareth Sheridan</span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: center"><span style="font-size: 10pt">33</span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Chief Executive Officer and Director</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Serguei Melnik</span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: center"><span style="font-size: 10pt">50</span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Chairman of the Board, President and Secretary</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Mark Hamilton<sup>(1)(3)</sup></span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: center"><span style="font-size: 10pt">38</span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Radu Bujoreanu<sup>(1)(2)(3)</sup></span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: center"><span style="font-size: 10pt">53</span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Stefani Mancas<sup>(2)(3)</sup></span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: center"><span style="font-size: 10pt">46</span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Irina Gram<sup>(2)(1)</sup></span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: center"><span style="font-size: 10pt">34</span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Gerald Goodman</span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: center"><span style="font-size: 10pt">75</span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Chief Financial Officer</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Alan Smith, Ph.D.</span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: center"><span style="font-size: 10pt">57</span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Chief operating officer and president of 4P Therapeutics</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Patrick Ryan</span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: center"><span style="font-size: 10pt">37</span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Chief technical officer</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Jeff Patrick, Pharm.D.</span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: center"><span style="font-size: 10pt">53</span></td>
    <td style="white-space: nowrap; padding-bottom: 2.25pt">&#160;</td>
    <td style="padding-bottom: 2.25pt; text-align: justify"><span style="font-size: 10pt">Chief scientific officer</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Member of the Audit Committee.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Member of the Compensation Committee.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Member of the Nominating and Corporate Governance Committee.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gareth Sheridan, our founder, has been chief executive
officer and a director since our organization in 2016. In 2012, Mr.&#160;Sheridan founded Nutriband Ltd., an Irish company which we acquired
in 2016. Mr.&#160;Sheridan was named Ireland&#8217;s &#8216;Young Entrepreneur of the Year&#8217; in 2014 in the National Bank of Ireland
Startup Awards for establishing Nutriband Ltd. Mr.&#160;Sheridan has further business awards from S.&#160;Dublin&#8217;s Best Young Entrepreneur
and Nutriband Ltd as S.&#160;Dublin&#8217;s Best Startup Company. Mr.&#160;Sheridan has also worked as a Business Mentor with 100 Minds,
a social enterprise founded in 2013, that brings together some of Ireland&#8217;s top college students and connects them with one cause
to achieve large charitable goals in a short space of time. Mr.&#160;Sheridan is also a past Nissan Generation Next Ambassador, receiving
the acknowledgement in 2015 by Nissan Ireland as one of Ireland&#8217;s future generational leaders.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2019 Mr.&#160;Sheridan served on the Board
of the St. James Hospital foundation, the charitable foundation for Ireland&#8217;s largest public hospital. Mr.&#160;Sheridan received
a B.Sc. in Business and Management from Dublin Institute of Technology in 2012 where he concentrated on international economics, venture
creation and entrepreneurship.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Serguei Melnik, who was elected by the Board as
President on October&#160;8, 2021, serves as a member of the board of directors and is a co-founder of Nutriband Inc. Mr.&#160;Melnik
has previously served as our chief financial officer and a director since January&#160;2016. Mr.&#160;Melnik has been involved in general
business consulting for companies in the U.S.&#160;financial markets and setting up a legal and financial framework for operations of
foreign companies in the U.S.&#160;Mr.&#160;Melnik advised UNR Holdings, Inc. with regard to the initiation of the trading of its stock
in the over-the-counter markets in the U.S.&#160;and has provided general advice with respect to the U.S.&#160;financial markets for companies
located in the U.S.&#160;and abroad. From February&#160;2003 to May&#160;2005, he was the Chief Operations Officer and a Board member
of Asconi Corporation, Winter Park, Florida, with regard to restructuring the company and listing it on the American Stock Exchange. Mr.&#160;Melnik
from June&#160;1995 to December&#160;1996 was a lawyer in the Department of Foreign Affairs, JSC Bank &#8220;Inteprinzbanca,&#8221;, Chisinau,
Moldova, and prior thereto practiced law in Moldova in various positions. Mr.&#160;Melnik is fluent in Russian, Romanian, English and
Spanish.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mark Hamilton, an independent director since July&#160;2018,
is an experienced director level professional who joined global consulting firm, Korn Ferry in 2020 as a Managing Consultant. Prior to
moving into organizational consulting, Mark qualified as a Chartered Accountant in global advisory firm, BDO, where he spent 12&#160;years
advising some of Ireland&#8217;s most successful businesses. His work originated in corporate finance/corporate recovery and more recently,
he spent 5&#160;years leading BDO&#8217;s client management and sales function, as Head of Business Development. Mr.&#160;Hamilton is
a Member of the Association of Chartered Accountants (ACA), since 2012. Mr.&#160;Hamilton&#8217;s accounting/consulting background and
experience in corporate finance, restructuring, sales and talent assists us in his role as an independent Board member and Committee Chair.
Mr.&#160;Hamilton has a very strong presence in the business community across jurisdictions, along with an accomplished track record in
project management and business development. Educated at Terenure College, Mark went on to study a B.Sc. degree in Business&#160;&amp;
Management at Dublin Institute of Technology and subsequently received First Class&#160;Honours in his postgraduate degree, for which
he specialized in Accountancy in 2009. In addition to his ACA qualification, Mark has also recently completed a diploma in Corporate Governance
and is now a member of the Corporate Governance Institute which will assist him in his role as Independent Director, alongside his recent
approval by the Central Bank of Ireland to act as an Independent Director to regulated entities.</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">Radu Bujoreanu has been a director since June&#160;2019. Mr.&#160;Bujoreanu
has been the owner and executive director of Consular Assistance, Inc., which provides assistance in obtaining visas for the Republic
of Moldova and related services since December&#160;2002, and he has been a real estate agent with Keller Williams Realty, Inc. since
May&#160;2019. Mr.&#160;Bujoreanu received his bachelor degree in international public law from the University of Moldova.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prof. Dr. Stefani Mancas received a Ph. D. in
Applied Mathematics from the University of Central Florida, with the dissertation topic "Dissipative solitons in the cubic-quintic
complex Ginzburg-Landau equation: Bifurcations and Spatiotemporal Structure", for which Stefani won the Outstanding Dissertation
Award. Currently, Stefani is a tenured full professor, and a researcher, in the Department of Mathematics at Embry-Riddle Aeronautical
University in Daytona Beach. Stefani&#8217;s research areas are finding analytical solutions to nonlinear dissipative equations that can
be reduced through Darboux transformations to Riccati or Abel equations. The focus is on Schr&#246;dinger equation, for which Stefani
is using methods based on factorization, and variational formulation together with ansatz reduction with global minimizers of objective
functions, applied to supersymmetric quantum mechanics. Additionally, Stefani is using the theory of elliptic functions with applications
to problems in nonlinear optics, soliton theory, general relativity, and inflation, as well as optimization of the blockchain, and quantum
cryptography. Stefani has been admitted to the Harvard Business Analytics Program at Harvard Business School, an 18-month program which
will build the capabilities in technical, analytical, and operational areas that can be used to advance her career in the global market.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Irina Gram was elected as a director of the Company
at the January&#160;21, 2022 stockholders meeting. Irina is a new member of our Board, and is a Senior Financial Analyst at Thales IFEC,
Melbourne, Florida. There she is responsible for financial planning, analysis and risk and opportunities reviews of multiple development
and customer programs. From 2016 to 2017, she was a Project Engineering Coordinator at Thales IFEC, where she executed budgeting and forecasting
activities with specialized focus on SFRD spending, interfaced with engineering team to monitor and report the performance of the financial
impact of projects. From 2013 to 2016, she held various project management, accounting and reporting positions with Siemens Building Technology,
Inc., Winter Park, Florida. She received a Bachelor&#8217;s Degree in Finance from the University of Central Florida, Orlando, Florida,
where she graduated in May&#160;2015, with honors, and received a Masters Degree in business administration from the University of Central
Florida, Orlando, Florida, in May&#160;2019.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gerald Goodman has been our chief accounting officer
since July&#160;31, 2018 and was elected our Chief Financial Officer on November&#160;12, 2020. Mr.&#160;Goodman is a certified public
accountant and, since 2014, has practiced with his own firm, Gerald Goodman CPA P.C.&#160;From January&#160;1, 2010 until December&#160;31,
2014, Mr.&#160;Goodman practiced with Madsen&#160;&amp; Associates, CPA&#8217;s Inc., Murray, Utah, and was a non-equity partner and managed
the firm&#8217;s SEC practice. Mr.&#160;Goodman is a director of Lifestyle Medical Network, Inc., which provides management services to
healthcare providers. From 1971 to 2010, Mr.&#160;Goodman was a partner in the accounting firm of Wiener, Goodman&#160;&amp; Company P.C.&#160;Mr.&#160;Goodman
is a 1970 graduate of Pennsylvania State University where he received a B.S.&#160;Degree in Accounting.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alan Smith, Ph.D., serves as Chief Operating Officer
of Nutriband and President of 4P Therapeutics, a wholly owned subsidiary of Nutriband. He joined the Company after Nutriband acquired
4P Therapeutics in 2018. Dr.&#160;Smith co-founded 4P Therapeutics in 2011 to develop drug-device and biologic-device combination products
to meet the needs of patients, physicians, and payers, and was Vice President, Clinical, Regulatory, Quality and Operations at the time
of the acquisition. Dr.&#160;Smith is co-inventor of the Company&#8217;s Aversa&#8482; abuse deterrent transdermal system technology.
Dr.&#160;Smith has over 20&#160;years of experience in the research and development of drug and biologic delivery systems, diagnostics
and medical devices for treatment and management of chronic pain, diabetes, and cardiovascular disease. Previously, he was with Altea
Therapeutics, a venture capital funded company focused on novel transdermal drug and biologic delivery, most recently serving as Vice
President, Product Development and Head of Clinical R&amp;D, Regulatory Affairs, and Project Management. Prior to joining Altea Therapeutics,
he led the development of transdermal glucose monitoring systems at SpectRx, Inc., a publicly traded noninvasive diagnostics company.
Dr.&#160;Smith received Ph.D. and M.S. degrees in Biomedical Engineering from Rutgers University and the University of Medicine and Dentistry
of New Jersey. He currently serves on the Editorial Advisory Board of Expert Opinion on Drug Delivery.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Paddy Ryan has been chief technical officer since
February&#160;2018. Having worked in the tech industry for 8&#160;years, Paddy brings a fresh perspective and understanding to our team.
From September&#160;2019 to present Mr.&#160;Ryan served as director of digital agency for Trigger Media. From 2013 to 2016, Mr.&#160;Ryan
worked as an online security analyst with Paddy Power Betfair Plc. From 2016 to 2017, Mr.&#160;Ryan was general manager at CRS Events
setting up and organising One-Zero, the largest sports conference in Ireland. Mr Ryan served as head of technology for Irish agency Trigger
Movement between 2017 and 2019. Mr Ryan serves as technical advisor for sports media brand, Pundit Arena, where he has advised on their
technical development since 2012. Mr.&#160;Ryan also served as a digital consultant for Irish Aid Charity, B&#243;thar, where he worked
on the development of the charity&#8217;s digital plans. Mr.&#160;Ryan has also consulted with Irish Local Government in County Limerick
(Limerick County Council) regarding their digital activity in September&#160;2018. Mr.&#160;Ryan has also assisted Swiss Company, SEBA
Crypto AG, to develop their online presence in October&#160;2018. Mr.&#160;Ryan is also a technical advisor for Irish dairy company, Arrabawn
where he has assisted them with online strategies since 2017. Mr.&#160;Ryan has been involved in general technical consulting for startups
and companies in Ireland for more than ten&#160;years. Mr.&#160;Ryan attended University College Dublin where he studied engineering and
is working towards his Masters Degree in data analytics from National College of Ireland. Mr.&#160;Ryan also assisted in the development
and launch of the Pandemic Action Network website in early 2020. As CTO, Paddy is responsible for Nutriband&#8217;s technology strategy
and plays a key role in leading new initiatives. Mr.&#160;Ryan works for us on a part-time basis.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jeff Patrick Pharm.D. currently serves as Director
of Drug Development Institute at the Ohio State University Comprehensive Cancer Center. Dr.&#160;Patrick most recently serving as Chief
Scientific Officer for New Haven Pharmaceuticals. Prior roles included global vice president of professional affairs at Mallinckrodt Pharmaceuticals,
Inc.; and roles with ascending responsibilities at Dyax, Myogen/Gilead, Actelion and Sanofi-Synthelabo, Inc. Dr.&#160;Patrick is a residency-trained
clinical pharmacist with approximately 20&#160;years of pharmaceutical industry experience. He brings expertise in executive leadership,
scientific and medical strategy, drug development and commercialization to the company. Prior to pursuing a career in research and development,
Patrick was an ambulatory care clinical pharmacist at the University of Tennessee Medical Center and a clinical assistant professor of
pharmacy at the University of Tennessee College of Pharmacy, where he earned his doctorate in pharmacy. He also completed the Wharton
School of Business Pharmaceutical Executive Program. Dr.&#160;Patrick works for us on a part-time basis.5</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"><b>CORPORATE GOVERNANCE AND THE BOARD OF DIRECTORS</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"><b>Board Leadership Structure and Risk Oversight</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gareth Sheridan serves as Chief Executive Officer
and Serguei Melnik is serving as our Chairman and President. Our Chairman leads the Board of Directors in its discussions and has such
other duties as are prescribed by the Board. As Chief Executive Officer, Mr.&#160;Sheridan is responsible for implementing the Company&#8217;s
strategic and operating objectives and&#160;day-to-day decision-making related to such implementation.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors currently has three standing
committees (audit, compensation, and nominating and corporate governance) that are chaired and composed entirely of directors who are
independent under Nasdaq and SEC rules. Given the role and scope of authority of these committees, and that a majority of the members
of the Board are independent, the Board of Directors believes that its leadership structure is appropriate. We select directors as members
of these committees with the expectation that they will be free of relationships that might interfere with the exercise of independent
judgement.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Board of Directors is our Company&#8217;s
ultimate decision-making body, except with respect to those matters reserved to the stockholders. Our Board of Directors selects our senior
management team, which is charged with the conduct of our business. Our Board of Directors also acts as an advisor and counselor to senior
management and oversees its performance.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business and affairs are managed under the
direction of our Board of Directors. The number of directors is determined by our board of directors, subject to the terms of our certificate
of incorporation and bylaws. Our board of directors currently consists of six members, four of which 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>Meetings</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Board of Directors held two meetings and acted
by written consent eight times during 2023.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The board of directors has created three committees&#160;&#8212;&#160;the
audit committee, the compensation committee and the nominating and corporate governance committee. Each of the committees has a charter
which meets the Nasdaq Stock Market requirements and is composed of three 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"><i>Audit Committee</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">The audit committee is comprised of Mr.&#160;Hamilton,
as chairman, Mr.&#160;Bujoreanu and Irina Gram. We believe that Mark Hamilton qualifies as an &#8220;audit committee financial expert&#8221;
under the rules of the Nasdaq Stock Market. The audit committee oversees, reviews, acts on and reports on various auditing and accounting
matters to the board, including: the selection of our independent accountants, the scope of our annual audits, fees to be paid to the
independent accountants, the performance of our independent accountants and our accounting practices, all as set forth in our audit committee
charter. The Audit Committee met three times in fiscal 2023.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Compensation Committee</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">The compensation committee is comprised of Irina
Gram, Chairperson, Mr.&#160;Bujoreanu and Dr.&#160;Mancas. The compensation committee oversees the compensation of our chief executive
officer and our other executive officers and reviews our overall compensation policies for employees generally as set forth in the audit
committee charter. If so authorized by the board, the compensation committee may also serve as the granting and administrative committee
under any option or other equity-based&#160;compensation plans which we may adopt. The compensation committee will not delegate its authority
to fix compensation; however, as to officers who report to the chief executive officer, the compensation committee will consult with the
chief executive officer, who may make recommendations to the compensation committee. Any recommendations by the chief executive officer
are accompanied by an analysis of the basis for the recommendations. The committee will also discuss with the chief executive officer
and other responsible officers the compensation policies for employees who are not officers. The compensation committee has the responsibilities
and authority relating to the retention, compensation, oversight and funding of compensation consultants, legal counsel and other compensation
advisers. The compensation committee members will consider the independence of such advisors before selecting or receiving advice from
such advisors. The compensation committee met three times in fiscal 2023.</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"></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>Nominating and Corporate Governance Committee</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">The nominating and corporate governance committee,
which is comprised of Dr.&#160;Mancas, Mark Hamilton and Mr.&#160;Bujoreanu, will identify, evaluate and recommend qualified nominees
to serve on our board; develop and oversee our internal corporate governance processes, and maintain a management succession plan. The
nominating and corporate governance committee met two times in fiscal 2023.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risk 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">The Board has an active role, as a whole and also
at the committee level, in overseeing management of our risks. The Compensation Committee of our Board is responsible for overseeing the
management of risks relating to our executive compensation plans and arrangements. The Audit Committee of our Board oversees management
of financial risks, under its charter it is to meet periodically and at least four times per year with management to review and assess
the Company&#8217;s major financial risk exposures and the manner in which such risks are being monitored and controlled. The Nominating
and Corporate Governance Committee of our Board is responsible for management of risks associated with the independence of the Board members
and potential conflicts of interest. While each committee is responsible for evaluating certain risks and overseeing the management of
such risks, the entire Board of Directors is informed about such risks.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Four of our directors, Mark Hamilton, Radu Bujoreanu,
Stefani Mancas and Irina Gram are independent directors based on the NASDAQ definition of independent director.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Family 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">There are no family relationships among our directors
and executive officers.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of our executive officers serve on the board
of directors or compensation committee of a company that has an executive officer who serves on our Board or compensation committee. No
member of our Board is an executive officer of a company in which one of our executive officers serves as a member of the board of directors
or compensation committee of that company.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain conflicts of interest exist and may continue
to exist between the Company and its officers and directors due to the fact that each has other business interests to which they devote
their primary attention. Each officer and director may continue to do so notwithstanding the fact that management time should be devoted
to the business of the Company.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain conflicts of interest may exist between
the Company and its management, and conflicts may develop in the future. The Company has not established policies or procedures for the
resolution of current or potential conflicts of interest between the Company, its officers and directors or affiliated entities. There
can be no assurance that management will resolve all conflicts of interest in favor of the Company, and conflicts of interest may arise
that can be resolved only through the exercise by management their best judgment as may be consistent with their fiduciary duties. Management
will try to resolve conflicts to the best advantage of all concerned.</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;&#160;</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>EXECUTIVE COMPENSATION</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"><b><span style="text-decoration:underline">Executive Compensation</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">The table below shows the compensation for services
in all capacities we paid during the years ended January 31, 2023 and 2022, to the individuals serving as our principal executive officers
during the last completed fiscal year and our other two most highly paid executive officers at the end of the last completed fiscal year
(whom we refer to collectively as our &#8220;named executive officers&#8221;);</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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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; 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)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Chief Financial Officer</td><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;&#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"><span style="font-size: 10pt">1</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">During the year ended January 31, 2023, we issued to Gareth Sheridan, our CEO, 11,667 shares of common stock valued at $38,000, representing compensation for the year ended January 31, 2023.</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; background-color: white"><span style="background-color: white"><b><i>Non-Employee
Director Compensation Table</i></b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="background-color: white">The
table below shows the cash fees paid to our independent directors in connection with their service on our board of directors, and the
stock option awards granted, during the fiscal year ended January 31, 2023.</span></p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Employment Agreements with Company Officers</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On January 21, 2022,
the Board of Directors of the Company approved Employment Agreements with Gareth Sheridan, our Chief Executive Officer, Serguei Melnik,
our President, Gerald Goodman, the Company&#8217;s Chief Financial Officer and Alan Smith, our Chief Operating Officer.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Each of the three Employment
Agreements is effective February 1, 2022, for an initial term of three years, and the term is automatically extended for additional one-year
periods if neither party gives notice of termination at least 90 days prior to the end of the initial term or any current additional one-year
term.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Employment Agreements
with Mr. Sheridan and Mr. Melnik each provide for a base salary of $250,000 per year; the Employment Agreement with Mr. Goodman provides
for a base salary of $210,000; and the agreement with Mr. Smith provides for a base salary $205,000. Effective August 1, 2022, the base
compensation under these agreements was reduced as follows: Mr. Sheridan&#8217;s and Mr. Melnik&#8217;s agreements to $150,000; under
Mr. Goodman&#8217;s. to $110,000; and under Mr. Smith&#8217;s to $155,000.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Employment Agreements
provide for incentive payments as established by the Board of Directors, and the Employment Agreements with Mr. Sheridan and Mr. Melnik
provide for a performance bonus as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt; background-color: white">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Employment Agreements
of Mr. Sheridan and Mr. Melnik provide that, to the extent any payment under the Employment Agreement to the executive is subject to the
excise tax imposed by section 4999 of the Internal Revenue Code, the executive is entitled to a gross-up payment from the Company to reimburse
the executive for additional federal, state and local taxes imposed on executive by reason of the excise tax and the Company&#8217;s payment
of the initial taxes on such amount. The Company is also required to bear the costs and expenses of any proceeding with any taxing authority
in connection with the imposition of any such excise tax.</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">&#160;The following table provides information
concerning the beneficial ownership of the Company&#8217;s common Stock by each director and nominee for director, certain executive officers,
and by all directors and officers of the Company as a group as of May 5, 2023. In addition, the table provides information concerning
the current beneficial owners, if any, known to the Company to hold more than five percent (5%) of the outstanding common Stock of the
Company.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts and percentage of stock beneficially
owned are reported based on regulations of the securities and Exchange Commission (&#8220;SEC&#8221;) governing the determination of beneficial
ownership of securities. Under the rules of the SEC, a person is deemed to be a &#8220;beneficial owner&#8221; of a security if that person
has or shares &#8220;voting power,&#8221; which includes the power to dispose of or to direct the disposition of such security. A person
is also deemed to be a beneficial owner of any securities of which that person has a right to acquire beneficial ownership within 60&#160;days
after October&#160;17, 2022. Under these rules, more than one person may be deemed a beneficial owner of the same securities and a person
may be deemed a beneficial owner of securities in which he has no economic interest. The percentage of common stock beneficially owned
is based on 7,833,150 shares of common stock outstanding as of May 5, 2023.</p><div>

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

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

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</div><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="white-space: nowrap; text-align: left; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"><b>Name and Address<sup>(1)</sup> of Beneficial Owner</b></span></td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Shares of <br/> Common <br/> Stock <br/> Owned <br/> Directly</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Gareth Sheridan</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">1,761,667</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">&#160;</td><td style="width: 9%; text-align: right">1,839,167</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: White">
    <td><span style="font-size: 10pt">Serguei Melnik<sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">832,999</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">77,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">910,499</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11.34</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Stefani Mancas</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,480</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,083</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">32,563</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Mark Hamilton</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17,750</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">19,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">36,750</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Radu Bujoreanu</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15,750</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">18,833</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">34,583</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Irina Gram</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,167</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,667</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Dr.&#160;Jeff Patrick</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">36,612</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">45,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">81612</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Patrick Ryan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,347</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">33,334</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">45,681</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Alan Smith</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">48,893</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">33,334</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">82,227</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-size: 10pt">Gerald Goodman<sup>(3)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26,250</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">142,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">168,750</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.11</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">All officers and directors as a group (10&#160;individuals)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,752,979</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">471,584</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,214,895</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">38.67</td><td style="text-align: left">%</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#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"><span style="font-size: 10pt">*</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Less than One (1%) Percent.</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: 24px"><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The address for each director and officer, unless indicated otherwise, is c/o Nutriband, Inc., 121 South Orange Ave., Suite 1500, Orlando, FL&#160;32801.</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: 24px"><span style="font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Includes 29,167 shares owned by Mr.&#160;Melnik&#8217;s wife, as to which Mr.&#160;Melnik disclaims beneficial ownership, and 58,334 shares held under the UGMA for the benefit of his minor children.</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: 24px"><span style="font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Gerald Goodman holds 26,250 shares directly and has been granted three-year options under the Company&#8217;s 2021 Employee Stock Option Plan to purchase an aggregate of 55000 shares of common stock at exercise prices ranging from $3.75 per share to $4.16 per share. Mr.&#160;Goodman also was issued on October&#160;22, 2021 a stock purchase warrant for the purchase of 87,500 shares of common stock, exercisable at $4.20 per share.</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">To our knowledge, all beneficial owners named
in this table have sole voting and investment power with respect to all shares shown as beneficially owned by them.</p><div>

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

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></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><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>CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</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">On May 10, 2022 the Board approved the following stock grants to the
listed officers and directors:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Date</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">No. of Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Valuation</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: 33%; text-align: justify">May 10, 2022</td><td style="width: 1%">&#160;</td>
    <td style="width: 27%; text-align: left"><span style="font-size: 10pt">1,667 shares of common stock</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 25%; text-align: left">Radu Bujoreanu, Director</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,800</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">May 10, 2022</td><td>&#160;</td>
    <td style="text-align: left"><span style="font-size: 10pt">1,667 shares of common stock</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">Stefani Mancas, Director</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,800</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">May 10, 2022</td><td>&#160;</td>
    <td style="text-align: left"><span style="font-size: 10pt">1,667 shares of common stock</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">Irina Gram, Director</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,800</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">May 10, 2022</td><td>&#160;</td>
    <td style="text-align: left"><span style="font-size: 10pt">1,667 shares of common stock</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">Mark Hamilton, Director</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,800</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">May 10, 2022</td><td>&#160;</td>
    <td style="text-align: left"><span style="font-size: 10pt">11,667 shares of common stock</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">Gareth Sheridan, CEO</td><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">On August 16, 2022, the Board of Directors ratified
and authorized the issuance the issuance of Option Award Agreements with respect option grants approved August 1, 2022 by the Compensation
Committee, to officers and directors as set forth in the table below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#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; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On December 9, 2022,
the newly-elected Board of Directors approved the following option grants and the issuance of Option Award Agreements with respect thereto
to officers and directors as set forth in the table below.</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Name</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)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </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>Independent Directors</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">Four of our directors, Mark Hamilton, Radu Bujoreanu,
Stefani Mancas and Irina Gram are independent directors based on the NASDAQ definition of independent director.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></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_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DESCRIPTION OF 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">Our authorized capital stock consists of 10,000,000
shares of preferred stock, par value $0.001 per share, none of which have been issued, and 291,666,666 shares of common stock, par value
$0.001 per share, of which shares are issued and outstanding. Holders of our common stock are entitled to equal voting rights, consisting
of one vote per share on all matters submitted to a stockholder vote. Holders of common stock do not have cumulative voting rights. Therefore,
holders of a majority of the shares of common stock can elect all of our directors. The presence, in person or by proxy duly authorized,
of the holders of a majority of the outstanding shares of stock entitled to vote are necessary to constitute a quorum at any meeting of
our stockholders. A vote by the holders of a majority of our outstanding shares is required to effectuate certain fundamental corporate
changes such as liquidation, merger or an amendment to our articles of incorporation. In the event of liquidation, dissolution or winding
up of our company, either voluntarily or involuntarily, each outstanding share of the common stock is entitled to share equally in 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">Holders of our common stock have no pre-emptive
rights, no conversion rights and there are no redemption provisions applicable to our common stock. They are entitled to receive dividends
when and as declared by our board of directors, out of funds legally available therefore. We have not paid cash dividends in the past
and do not expect to pay any within 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">The board of directors has broad powers to create
one or more series of preferred stock and to designate the voting powers, designations, preferences, limitations, restrictions and relative
right of each series.</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>Warrants Issued in the 2021 Public 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">We have outstanding at January 31, 2023, five-year
common stock purchase warrants to purchase an aggregate of shares of our common stock (the &#8220;Warrants&#8221;), that were issued in
our October 5, 2021 public offering of our common stock, The following summary of certain terms and provisions of the Warrants is not
complete and is subject to, and qualified in its entirety by, the provisions of the warrant agent agreement between us and American Stock
Transfer &amp; Trust Company, LLC, as warrant agent.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Exercise Price.&#160;</i>The exercise price
per whole share of common stock purchasable upon exercise of the Warrants is $6.43 per share. The exercise price is subject to appropriate
adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events
affecting our common stock and also upon any distributions of assets, including cash, stock or other property to our 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; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
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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>Listing. </i>Our common stock and the Warrants
are listed for trading under the symbols &#8220;NTRB&#8221; and &#8220;NTRBW&#8221; respectively on The NASDAQ Capital Market.<i>&#160;</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"><i>Dual Listing. </i>We have set up the dual listing
of our common stock (&#8220;common stock&#8221;) on the MERJ Upstream stock exchange, operated by MERJ Exchange (&#8220;Upstream&#8221;),
that is an exchange registered in the Seychelles under the Seychelles Securities Act, 2007. Our shares that are listed by their holders
and traded on Upstream by our global stockholders would be uncertificated common stock represented by digital share tokens, that represent
the same class and shares that are currently traded on the Nasdaq Capital Market. U.S. or Canada residents are not permitted to list their
Nutriband shares on Upstream, which limits stockholder listings of our shares to holders that are non-residents of the U.S. and Canada.
At present, a total of 250,000 shares of our common stock have been listed on Upstream by such holders. For a description of our listing
on Upstream see discussion in our January 5, 2023 press release and our Current Report on Form 8-K filed January 5, 2023. Our dual listing
on Upstream is further discussed in our Annual Report on Form 10-K at &#8220;Item IB. Unresolved Staff Comments.&#8221; and &#8220;Item
5. Market for Registrant&#8217;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities--Dual Listing on
Upstream.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect to file further disclosures as to the
terms of the dual listing on Upstream in an amended Current Report on Form 8-K in the near 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"><b>Nevada Law Provisions Relating to Certain Transactions</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sections 78.378 through 78.3793 of the Nevada
Revised Statutes contains voting limitations on certain acquisitions of control shares. Sections 78.411 through 78.444 contain restrictions
of combinations with interested stockholders. The Nevada law defines an interested stockholder as a beneficial owner (directly or indirectly)
of 10% or more of the voting power of the outstanding shares of the corporation. In addition, combinations with an interested stockholder
remain prohibited for three years after the person became an interested stockholder unless (i) the transaction is approved by the board
of directors or the holders of a majority of the outstanding shares not beneficially owned by the interested party, or (ii) the interested
stockholder satisfies certain fair value 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"><b>Limitation on liability of officers and directors</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nevada law provides that subject to certain very
limited statutory exceptions, a director or officer is not individually liable to the corporation or its stockholders or creditors for
any damages as a result of any act or failure to act in his or her capacity as a director or officer, unless it is proven that the act
or failure to act constituted a breach of his or her fiduciary duties as a director or officer and such breach of those duties involved
intentional misconduct, fraud or a knowing violation of law. The statutory standard of liability established by NRS Section 78.138 controls
even if there is a provision in the corporation&#8217;s articles of incorporation unless a provision in the corporation&#8217;s articles
of incorporation provides for greater individual liability.</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>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">Nevada law permits broad provisions for indemnification
of officers and directors.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our bylaws provide that each person who was or
is made a party or is threatened to be made a party to or is involved (including, without limitation, as a witness) in any threatened,
pending, or completed action, suit or proceeding, whether formal or informal, civil, criminal, administrative or investigative (hereinafter
a &#8220;proceeding&#8221;), by reason of the fact that he or she is or was a director of or who is or was serving at our request as a
director, officer, employee or agent of this or another corporation or of a partnership, joint venture, trust, other enterprise, or employee
benefit plan (a &#8220;covered person&#8221;), whether the basis of such proceeding is alleged action in an official capacity as a covered
person shall be indemnified and held harmless by us to the fullest extent permitted by applicable law, as then in effect, against all
expense, liability and loss (including attorneys&#8217; fees, costs, judgments, fines, ERISA excise taxes or penalties and amounts to
be paid in settlement) reasonably incurred or suffered by such person in connection therewith, and such indemnification shall continue
as to a person who ceased to be a covered person and shall inure to the benefit of his or her heirs, executors and administrators.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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">However, no indemnification shall be provided
hereunder to any covered person to the extent that such indemnification would be prohibited by Nevada state law or other applicable law
as then in effect, nor, with respect to proceedings seeking to enforce rights to indemnification, shall we indemnify any covered person
seeking indemnification in connection with a proceeding (or part thereof) initiated by such person except where such proceeding (or part
thereof) was authorized by our board of directors, nor shall we indemnify any covered person who shall be adjudged in any action, suit
or proceeding for which indemnification is sought, to be liable for any negligence or intentional misconduct in the performance of a duty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>SEC Policy on Indemnification for Securities
Act liabilities</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities arising
under the Securities Act of 1933 may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions,
we have been informed that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as
expressed in the Securities Act and is therefore unenforceable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Transfer Agent and Warrant Agent</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 transfer agent for the common stock and warrant
agent for the warrants is American Stock Transfer&#160;&amp; Trust Company, LLC, 6201 15<sup>th</sup> Ave, Brooklyn, NY 11219, telephone
(800) 937-5449.</p><div>

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

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon consummation of this offering, we will have
[*] shares of common stock outstanding, assuming that all shares are sold and there is no exercise of the underwriter&#8217;s
over-allotment option. Of these shares, all shares sold in this offering will be freely tradable without further restriction or registration
under the Securities Act, except that any shares purchased by our affiliates may generally only be sold in compliance with Rule 144, which
is described below. Of the remaining outstanding shares, the shares beneficially owned by our officers and directors, will be deemed &#8220;restricted
securities&#8221; under the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Rule 144</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 shares of our common stock sold in this offering
will be freely transferable without restriction or further registration under the Securities Act. Any shares of our common stock held
by an &#8220;affiliate&#8221; of ours may not be resold publicly except in compliance with the registration requirements of the Securities
Act or under an exemption under Rule 144 or otherwise. Rule 144 permits our common stock that has been acquired by a person who is an
affiliate of ours, or has been an affiliate of ours within the three months of the date of sale, to be sold into the market in an amount
that does not exceed, during any three-month period, the greater of:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.2in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">1% of the total number of shares of our common stock outstanding; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.2in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the average weekly reported trading volume of our common stock for the four calendar weeks prior to the sale.</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">Such sales are also subject to specific manner
of sale provisions, a six-month holding period requirement, notice requirements and the availability of current public information about
us.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approximately&#160;[*] shares of our common
stock are eligible for sale under Rule 144.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rule 144 also provides that a person who is not
deemed to have been an affiliate of ours at any time during the three months preceding a sale, and who has for at least six months beneficially
owned shares of our common stock that are restricted securities, will be entitled to freely sell such shares of our common stock subject
only to the availability of current public information regarding us. A person who is not deemed to have been an affiliate of ours at any
time during the three months preceding a sale, and who has beneficially owned for at least one year shares of our common stock that are
restricted securities, will be entitled to freely sell such shares of our common stock under Rule 144 without regard to the current public
information requirements of Rule 144.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

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

</div><div><a id="a_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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">Joseph Gunnar &amp; Co., LLC (&#8220;Joseph Gunnar&#8221;
or the &#8220;representative&#8221;) is acting as the representative of the underwriters named below and as the book-running manager of
this offering. We have entered into an underwriting agreement dated [*] , 2023 with the representative. Subject to the terms and conditions
of the underwriting agreement, we have agreed to sell to each underwriter named below, and the underwriters named below have, severally
and not jointly, agreed to purchase, at the public offering price, less the underwriting discounts and commissions set forth in the table
below, the number of shares of common stock 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="white-space: nowrap; font-weight: bold; text-align: justify; border-bottom: Black 1.5pt solid">Underwriters</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left">Joseph Gunnar &amp; Co., LLC</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;&#160;&#160;&#160;&#160;</td><td style="width: 1%; 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 underwriters propose to offer the shares to
the public at the public offering price set forth on the cover of this prospectus. Any shares sold by the underwriters to securities dealers
will be sold at the public offering price less a selling concession not in excess of $[*] per share. If all of the shares offered by us
are not sold at the public offering price, the representative may change the offering price and other selling terms. No such change shall
change the amount of proceeds to be received by us as set forth on the cover page of this prospectus supplement. The shares are offered
by the underwriters as stated herein, subject to receipt and acceptance by the underwriters and subject to their right to reject any order
in whole or in part. The underwriters have advised us that they do not intend to confirm sales to any accounts over which they exercise
discretionary authority.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the underwriting agreement, the underwriters
are committed to purchase all the shares offered by us, other than those covered by the over-allotment option to purchase additional shares
described below, if they purchase any shares. The obligations of the underwriters may be terminated upon the occurrence of certain events
specified in the underwriting agreement. Furthermore, the underwriters&#8217; obligations are subject to customary conditions, representations
and warranties contained in the underwriting agreement, such as receipt by the underwriter of officers&#8217; certificates and legal opinions.
A copy of the underwriting agreement has been filed as an exhibit to the registration statement of which this prospectus is 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"><b>Discounts, Commissions and Reimbursement</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 shows the public offering
price, underwriting discount and commissions, and proceeds, before expenses, to us. The information assumes either no exercise or full
exercise by the underwriters of the 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><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per
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    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    with no<br/>
 Over-<br/>
    Allotment</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    with<br/>
 Over-<br/>
    Allotment</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public offering
    price</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting discounts and
    commissions</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds, before expenses,
    to us</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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">Subject to compliance with FINRA Rule 5110(f)(2)(C)
and (D)(i), we have agreed to reimburse the representative for its out-of-pocket expenses in this offering, including legal fees and expenses,
up to $[*], of which $[*] has been advanced to the representative prior to the date hereof. We estimate that the total expenses of the
offering payable by us, excluding the total underwriting discount and commissions, will be approximately $[*].</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Option to Purchase Additional 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">We have granted the underwriters an option exercisable
not later than 45 days after the date of this prospectus, to purchase, from time to time, in whole or in part, up to an aggregate of&#160;[*]&#160;additional
shares of common stock (15% of the number of Shares sold in this offering) from us in any combination thereof to cover over allotments,
if any. If the underwriters exercise all or part of this option, they will purchase shares at the public offering price per share that
appears on the cover page of this prospectus, less the underwriting discount. To the extent that this option is exercised, each underwriter
will be obligated, subject to certain conditions, to purchase its pro rata portion of these additional shares based on the underwriter&#8217;s
percentage underwriting commitment in this offering as indicated in the table at the beginning of this Underwriting Section.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Representative&#8217;s Warrants</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">We have also agreed to issue to the representative
or its designees, at the closing of this offering, warrants (the &#8220;Representative&#8217;s Warrants&#8221;) to purchase a number of
shares of common stock equal to 5% of the number of Shares sold in the offering, including shares issued upon exercise of the over-allotment
option. The Representative&#8217;s Warrants will be exercisable at any time and from time to time, in whole or in part, for period of
five years following the effective date of this offering. The Representative&#8217;s Warrants will be exercisable at a price equal to
100% of the public offering price per Share). Pursuant to FINRA Rule 5110(g), the Representative&#8217;s Warrants shall not be sold, transferred,
assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result
in the effective economic disposition of the securities by any person for a period of 180 days immediately following the date of effectiveness
or commencement of sales of this offering, except the transfer of any security: (i) by operation of law or by reason of our reorganization;
(ii) to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred remain
subject to the lock-up restriction set forth below for the remainder of the time period; (iii)[*}; (iv) [*]; or (v) [*}. The Representative&#8217;s
Warrants will provide for cashless exercise at all times. The Representative&#8217;s Warrants and the shares of common stock issuable
upon exercise of the Representative&#8217;s Warrants are registered on the registration statement of which this prospectus is a part.
The Representative&#8217;s Warrants also provide for additional registration rights (including a one-time demand registration right and
unlimited piggyback registration rights) and customary anti-dilution provisions <span style="font-family: Times New Roman, Times, Serif">(for
stock dividends and splits and recapitalizations) consistent with FINRA Rule 5110</span>.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have granted the representative a right of
first refusal to act as sole advisor, investment bank, book-running manager and/or placement agent, at the representative&#8217;s sole
discretion, for each and every public and private financing transaction or merger and acquisition transaction until twelve months following
the expiration of our engagement of the representative <span style="font-family: Times New Roman, Times, Serif">on compensation terms
customary to the representative. The representative has the </span>&#160;sole right to determine whether or not any other broker dealer
shall have the right to participate in any such transaction 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"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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">All of our directors, executive officers and 3%
or greater shareholders have agreed that, for a period of 180 days after the date of this prospectus and subject to certain limited exceptions,
we and they will not directly or indirectly, without the prior written consent of Joseph Gunnar, (i) offer for sale, sell, pledge, or
otherwise dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in the disposition
by any person at any time in the future of) any shares of common stock (including, without limitation, shares of common stock that may
be deemed to be beneficially owned by us or them in accordance with the rules and regulations of the SEC and shares of common stock that
may be issued upon exercise of any options or warrants) or securities convertible into or exercisable or exchangeable for common stock,
(ii) enter into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits
or risks of ownership of shares of common stock, whether any such transaction described in clause (i) or (ii) above is to be settled by
delivery of common stock or other securities, in cash or otherwise, (iii) make any demand for or exercise any right or file or cause to
be filed a registration statement, including any amendments thereto, with respect to the registration of any shares of common stock or
securities convertible into or exercisable or exchangeable for common stock or any of our other securities, or (iv) publicly disclose
the intention to do any of the foregoing.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Joseph Gunnar, in its sole discretion, may release
the common stock and other securities subject to the lock-up agreements described above in whole or in part at any time. When determining
whether or not to release common stock and other securities from lock-up agreements, Joseph Gunnar will consider, among other factors,
the holder&#8217;s reasons for requesting the release, the number of shares of common stock and other securities for which the release
is being requested and market conditions at the 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"><b>Offering Price Determination</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 actual offering price of the Shares we are
offering will be negotiated between us and the underwriter based upon, among other things, the trading of our shares prior to the 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"><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">We have agreed to indemnify the underwriters against
certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriters may be required
to make for these liabilities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Stabilization, Short Positions and Penalty
Bids</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 representative may engage in stabilizing transactions,
short sales and purchases to cover positions created by short sales, and penalty bids or purchases for the purpose of pegging, fixing
or maintaining the price of the common stock, in accordance with Regulation M under the Exchange Act:</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: 0.25in; text-align: justify">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">A short position involves a sale by the underwriters of shares in excess of the number of shares the underwriters are obligated to purchase in the offering, which creates the syndicate short position. This short position may be either a covered short position or a naked short position. In a covered short position, the number of shares involved in the sales made by the underwriters in excess of the number of shares they are obligated to purchase is not greater than the number of shares that they may purchase by exercising their option to purchase additional shares. In a naked short position, the number of shares involved is greater than the number of shares in their option to purchase additional shares. The underwriters may close out any short position by either exercising their option to purchase additional shares and/or purchasing shares in the open market. In determining the source of shares to close out the short position, the underwriters will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through their option to purchase additional shares. A naked short position is more likely to be created if the underwriters are concerned that there could be downward pressure on the price of the shares in the open market after pricing that could adversely affect investors who purchase in the offering.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 65; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- 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><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; text-align: justify">&#160;</td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Penalty bids permit the representative to reclaim a selling concession from a syndicate member when the common stock originally sold by the syndicate member is purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.</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">These stabilizing transactions, syndicate covering
transactions and penalty bids may have the effect of raising or maintaining the market price of our common stock or preventing or retarding
a decline in the market price of the common stock. As a result, the price of the common stock may be higher than the price that might
otherwise exist in the open market. These transactions may be effected on The Nasdaq Capital 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; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither we nor any of the underwriters make any
representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price
of the common stock. In addition, neither we nor any of the underwriters make any representation that the representative will engage in
these stabilizing transactions or that any transaction, once commenced, will not be discontinued without notice.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A prospectus in electronic format may be made
available on the Internet sites or through other online services maintained by one or more of the underwriters and/or selling group members
participating in this offering, or by their affiliates. In those cases, prospective investors may view offering terms online and, depending
upon the particular underwriter or selling group member, prospective investors may be allowed to place orders online. The underwriters
may agree with us to allocate a specific number of shares for sale to online brokerage account holders. Any such allocation for online
distributions will be made by the representative on the same basis as other allocations.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than the prospectus in electronic format,
the information on any underwriter&#8217;s or selling group member&#8217;s web site and any information contained in any other web site
maintained by an underwriter or selling group member is not part of the prospectus or the registration statement of which this prospectus
forms a part, has not been approved and/or endorsed by us or any underwriter or selling group member in its capacity as underwriter or
selling group member and should not be relied upon by 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; margin: 0pt 0; text-align: justify"><b>Discretionary Sales</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 underwriters have informed us that they do
not expect to sell more than 5% of the common stock in the aggregate to accounts over which they exercise discretionary authority.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>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">Certain of the underwriters and their affiliates
may in the future provide various investment banking, commercial banking and other financial services for us and our affiliates for which
they may in the future receive customary fees.</p><div>

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

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

</div><!-- Field: Page; Sequence: 66; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Selling&#160;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">Other than in the United States, no action has
been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction
where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly,
nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities
be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and
regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe
any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell
or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation
is unlawful.</p><div>

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

</div><div><a id="a_016"></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: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The validity of the issuance of the common stock
offered by us in this offering will be passed upon for us Michael Paige Law PLLC, Washington, D.C. Certain legal matters in connection
with this offering will be passed upon for the underwriters by Lucosky Bookman LLP, Woodbridge , New Jersey.</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_017"></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">Our financial statements included in this prospectus
as of January 31, 2023 and 2022 have been included in reliance on the reports of Sadler, Gibb&#160;&amp; Associates, LLC, an independent
registered public accounting firm, given on the authority of such firm 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><div><a id="a_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INTERESTS OF NAMED EXPERTS AND COUNSEL</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">No expert or counsel named
in this prospectus as having prepared or certified any part of this prospectus or having given an opinion upon the validity of the securities
being registered or upon other legal matters in connection with the registration or offering of the Shares was employed on a contingency
basis, or had, or is to receive, in connection with the offering, a substantial interest, direct or indirect, in the registrant or any
of its parents or subsidiaries. Nor was any such person connected with the registrant or any of its parents or subsidiaries as a promoter,
managing or principal underwriter, voting trustee, director, officer, or employee.</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_019"></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">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Securities and Exchange Commission maintains
an Internet site which contains reports, proxy and information statements, and other information regarding registrants that file electronically
with the Commission at the address: <i>www.sec.gov</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"></p><div>

</div><!-- Field: Page; Sequence: 67; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>January 31, 2023</b></p><div>

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

</div><div><a id="a_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Index to Consolidated 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; width: 91%; text-align: justify; text-indent: -0.125in"><a href="#f_001"><span style="font-size: 10pt">Report
    of Independent Registered Public Accounting Firm (PCAOB ID: 3627)</span></a></td>
    <td style="padding: 0pt; vertical-align: top; width: 1%; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; width: 8%; text-align: center; text-indent: 0pt"><span style="font-size: 10pt">F-2</span></td></tr>
  <tr style="background-color: White">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-align: justify; text-indent: -0.125in"><a href="#f_002"><span style="font-size: 10pt">Consolidated Balance Sheets at January 31, 2023 and 2022</span></a></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-size: 10pt">F-4</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-align: justify; text-indent: -0.125in"><a href="#f_003"><span style="font-size: 10pt">Consolidated Statements of Operations and Comprehensive Loss for the years ended January 31, 2023 and 2022</span></a></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-size: 10pt">F-5</span></td></tr>
  <tr style="background-color: White">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-align: justify; text-indent: -0.125in"><a href="#f_004"><span style="font-size: 10pt">Consolidated Statements of Changes in Stockholder&#8217;s Equity  for the years ended January 31,2023 and 2022</span></a></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-size: 10pt">F-6</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-align: justify; text-indent: -0.125in"><a href="#f_005"><span style="font-size: 10pt">Consolidated Statements of Cash Flows for the years ended January 31, 2023 and 2022</span></a></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-size: 10pt">F-8</span></td></tr>
  <tr style="background-color: White">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-align: justify; text-indent: -0.125in"><a href="#f_006"><span style="font-size: 10pt">Notes to Consolidated Financial Statements</span></a></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-size: 10pt">F-9</span></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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 68; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#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><div><a id="f_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</span></b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">To the Board of Directors and Shareholders of Nutriband
Inc.:</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Opinion on the Financial Statements</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
balance sheets of Nutriband Inc. (&#8220;the Company&#8221;) as of January 31, 2023 and 2022, the related consolidated statements of operations
and comprehensive loss, stockholders&#8217; equity, and cash flows for each of the years in the two-year period ended January 31, 2023
and the related notes (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements referred
to above present fairly, in all material respects, the financial position of the Company as of January 31, 2023 and 2022, and the results
of its operations and its cash flows for each of the years in the two-year period ended January 31, 2023, in conformity with accounting
principles generally accepted in the United States of America.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="text-decoration:underline">Basis for Opinion</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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) (&#8220;PCAOB&#8221;)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s
internal control over financial reporting. Accordingly, we express no such opinion.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the 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.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Critical Audit Matters</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">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) related to accounts or disclosures that are material to the financial statements and (2) involved our
especially challenging, subjective, or complex judgements. 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 matters below, providing separate opinions
on the critical audit matters or on the accounts or disclosures to which they relate.</p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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>Critical Audit Matter Description</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 0pt 0.25in; text-align: justify">As described in note 2 to the consolidated
financial statements, the Company performs impairment testing for its long-lived assets when events or changes in circumstances indicate
that its carrying amount may not be recoverable and exceeds its fair value. Due to challenging industry and economic conditions, the Company
tested its long-lived assets during the year ended January 31, 2023. The Company&#8217;s evaluation of the recoverability of  these
long-lived asset groups involved comparing the undiscounted future cash flows expected to be generated by these long-lived asset
groups to its their respective carrying amounts. The Company&#8217;s recoverability analysis requires management to make significant estimates
and assumptions related to forecasted sales growth rates and cash flows over the remaining useful life of these long-lived asset groups.</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 0pt 0.25in; text-align: justify">We identified the evaluation of the
recoverability analysis for these long-lived assets as a critical audit matter because of the significant estimates and assumptions management
used in the related cash flow analysis. Performing audit procedures to evaluate the reasonableness of these estimates and assumptions
required a high degree of auditor judgment and an increased extent of effort.</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"><i>How the Critical Audit Matter was
Addressed in the Audit </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 0pt 0.25in; text-align: justify">Our audit procedures related to the
following:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Testing management&#8217;s process for developing the tests for recoverability.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Evaluating the appropriateness of the undiscounted cash flow models used by management.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Testing the completeness and accuracy of underlying data used in the undiscounted cash flow model.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Evaluating the significant assumptions used by management, including assumptions related to revenues,
gross margin, other operating expenses and income taxes to discern whether they are reasonable considering (i) the current and past performance
of the entity; (ii) the consistency with external market and industry data; and (iii) whether these assumptions were consistent with evidence
obtained in other areas of the audit.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>Professionals with specialized skill and knowledge were utilized by the Firm to assist in the evaluation of the undiscounted cash
flow model and underlying assumptions.</td></tr></table><div>

</div><p style="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: justify">Goodwill Impairment Assessment</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Critical Audit Matter Description</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 0pt 0.25in; text-align: justify">As described in note 2 to the consolidated
financial statements, the Company tests goodwill for impairment annually at the reporting unit level, or more frequently, if events or
circumstances indicate it is more likely than not that the fair value of a reporting unit is less than it&#8217;s carrying amount. Reporting
units are tested for impairment by comparing the estimated fair value of each reporting unit with its carrying amount. If the carrying
amount of a reporting unit exceeds its estimated fair value, an impairment loss is recorded based on the difference between the fair value
and carrying amount, not to exceed the associated carrying amount of goodwill. The Company&#8217;s annual impairment test occurred on
January 31, 2023.</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">We identified the evaluation of the
impairment analysis for goodwill as a critical audit matter because of the significant estimates and assumptions management used in the
discounted cash flow analysis performed by management to determine fair value of the reporting unit. Performing audit procedures to evaluate
the reasonableness of these estimates and assumptions required a high degree of auditor judgment and an increased extent of effort.</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"><i>How the Critical Audit Matter was
Addressed in the Audit </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 0pt 0.25in; text-align: justify">Our audit procedures related to the
following:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Testing management&#8217;s process for developing the fair value estimate.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Evaluating the appropriateness of the discounted cash flow model used by management.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Testing the completeness and accuracy of underlying data used in the fair value estimate.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Evaluating the significant assumptions used by management including those related to revenues, gross margin,
other operating expenses, income taxes, long term growth rate, and discount rate to discern whether they are reasonable considering (i)
the current and past performance of the entity; (ii) the consistency with external market and industry data; and (iii) whether these assumptions
were consistent with evidence obtained in other areas of the audit.</td></tr></table><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Professionals with specialized skill and knowledge were utilized by the Firm to assist in the evaluation
of the discounted cash flow model and underlying assumptions.</td></tr></table><div>

</div><p style="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"><i>/s/ Sadler, Gibb &amp; Associates, LLC</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">We have served as the Company&#8217;s auditor since 2016.</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">Draper, UT</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 25, 2023</p><div>

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

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

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
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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"></p><div>

</div><div><a id="f_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NUTRIBAND
INC. AND SUBSIDIARIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>CONSOLIDATED BALANCE
SHEETS</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><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; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span style="text-decoration:underline">ASSETS</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseCurrent" scale="0" unitRef="usd">370,472</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    Current Assets</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="usd">5,465,368</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">PROPERTY &amp; EQUIPMENT-net</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="0" unitRef="usd">897,735</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="0" unitRef="usd">979,297</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">OTHER ASSETS:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Goodwill</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Goodwill" scale="0" unitRef="usd">5,021,713</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Goodwill" scale="0" unitRef="usd">5,349,039</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating lease right
    of use asset</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="0" unitRef="usd">62,754</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="0" unitRef="usd">19,043</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Intangible
    assets-net</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IntangibleAssetsNetExcludingGoodwill" scale="0" unitRef="usd">780,430</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IntangibleAssetsNetExcludingGoodwill" scale="0" unitRef="usd">926,913</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-left: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">TOTAL ASSETS</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd">9,456,377</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd">12,739,660</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-decoration: underline; text-align: center"><span style="font-family: Times New Roman, Times, Serif">LIABILITIES AND
    STOCKHOLDERS&#8217; EQUITY</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">CURRENT LIABILITIES:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounts payable and
    accrued expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent" scale="0" unitRef="usd">534,679</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent" scale="0" unitRef="usd">639,539</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred revenue</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredRevenueCurrent" scale="0" unitRef="usd">162,903</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredRevenueCurrent" scale="0" unitRef="usd">106,267</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating lease liability-current
    portion</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd">31,291</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd">19,331</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Notes
    payable-current portion</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesPayableCurrent" scale="0" unitRef="usd">19,740</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesPayableCurrent" scale="0" unitRef="usd">14,119</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
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  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Note payable-net of
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Operating
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-1; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-2; font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">STOCKHOLDERS' EQUITY:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Preferred stock, $<ix:nonFraction contextRef="c1" decimals="3" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares"><ix:nonFraction contextRef="c2" decimals="3" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">.001</ix:nonFraction></ix:nonFraction> par value, <ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares">10,000,000</ix:nonFraction></ix:nonFraction> shares authorized, -<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesOutstanding" scale="0" unitRef="shares"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesOutstanding" scale="0" unitRef="shares">0</ix:nonFraction></ix:nonFraction>- outstanding</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="0" unitRef="usd">9,155</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Additional paid-in-capital</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accumulated other comprehensive
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Treasury stock, <ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockCommonShares" scale="0" unitRef="shares">10,000</ix:nonFraction> and <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockCommonShares" scale="0" unitRef="shares">32,813</ix:nonFraction> shares at cost, respectively</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    deficit</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd">8,572,990</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">TOTAL
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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-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">See notes to consolidated
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"></p><div>

</div><!-- Field: Page; Sequence: 71; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
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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="f_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NUTRIBAND
INC. AND SUBSIDIARIES</b></p><div>

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

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td>&#160;</td><td>&#160;</td>
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    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="usd">2,079,609</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#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: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: 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>&#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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">See notes to consolidated
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"></p><div>

</div><!-- Field: Page; Sequence: 72; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
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</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><div><a id="f_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NUTRIBAND
INC. AND SUBSIDIARIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>CONSOLIDATED STATEMENTS
OF STOCKHOLDERS' EQUITY</b></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">See notes to consolidated
financial statements</p><div>

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

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

</div><!-- Field: Page; Sequence: 74; Value: 1 --><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_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NUTRIBAND INC. AND SUBSIDIARIES</b></p><div>

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

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

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-left: 0.125in; text-align: left; padding-bottom: 0pt">Amortization of right of use asset</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
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    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AmortizationOfLeasedAsset" scale="0" unitRef="usd">9,522</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ntrb:StockbasedCompensationoptions" scale="0" unitRef="usd">532,832</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ntrb:StockbasedCompensationwarrants" scale="0" unitRef="usd">0</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ntrb:StockbasedCompensationwarrants" scale="0" unitRef="usd">365,000</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-left: 0.125in; text-align: left; padding-bottom: 0pt">Treasury stock and warrants issued for termination agreement

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    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ntrb:TreasuryStockIssuedForTerminationAgreement" scale="0" unitRef="usd">174,025</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">-</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; padding-left: 0.125in; text-align: left; padding-bottom: 0pt">Treasury stock issued for services</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ntrb:TreasuryStockIssuedForServices" scale="0" unitRef="usd">113,155</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"><div style="-sec-ix-hidden: hidden-fact-64">-</div></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-left: 0.125in; text-align: left; padding-bottom: 0pt">Goodwill impairment</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillAndIntangibleAssetImpairment" scale="0" unitRef="usd">327,326</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillAndIntangibleAssetImpairment" scale="0" unitRef="usd">2,180,836</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; padding-left: 0.125in; text-align: left; padding-bottom: 0pt">Common stock issued for services</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"><div style="-sec-ix-hidden: hidden-fact-65">-</div></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="ntrb:CommonStockIssuedForService" scale="0" unitRef="usd">466,900</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">Changes in operating assets and liabilities:</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; padding-left: 0.125in; text-align: left; padding-bottom: 0pt">Accounts receivable</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="0" unitRef="usd">41,665</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">)</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="0" sign="-" unitRef="usd">42,967</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-left: 0.125in; text-align: left; padding-bottom: 0pt">Prepaid expenses</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidExpense" scale="0" sign="-" unitRef="usd">4,547</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidExpense" scale="0" unitRef="usd">370,472</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; padding-left: 0.125in; padding-bottom: 0pt">Inventories</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInInventories" scale="0" unitRef="usd">97,687</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">)</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInInventories" scale="0" unitRef="usd">78,800</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-left: 0.125in; text-align: left; padding-bottom: 0pt">Deferred revenue</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDeferredRevenue" scale="0" unitRef="usd">56,636</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDeferredRevenue" scale="0" unitRef="usd">19,421</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; padding-left: 0.125in; text-align: left; padding-bottom: 0pt">Operating lease liability</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="usd">36,287</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">)</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="usd">9,234</ix:nonFraction></td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-left: 0.125in; text-align: left; padding-bottom: 0pt">Accounts payable and accrued expenses</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" scale="0" sign="-" unitRef="usd">104,860</ix:nonFraction></td><td style="padding-top: 0pt; padding-bottom: 0pt; text-align: left">)</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" scale="0" sign="-" unitRef="usd">145,259</ix:nonFraction></td><td style="padding-top: 0pt; padding-bottom: 0pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; padding-left: 0.125in; text-align: left; padding-bottom: 0pt">Net Cash Used In Operating Activities</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd">2,987,198</ix:nonFraction></td><td style="padding-top: 0pt; padding-bottom: 0pt; text-align: left">)</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd">2,809,223</ix:nonFraction></td><td style="padding-top: 0pt; padding-bottom: 0pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">Cash flows from investing activities:</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-left: 0.125in; padding-bottom: 0pt">Purchase of equipment</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="usd">79,304</ix:nonFraction></td><td style="padding-top: 0pt; padding-bottom: 0pt; text-align: left">)</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="usd">81,595</ix:nonFraction></td><td style="padding-top: 0pt; padding-bottom: 0pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; padding-left: 0.125in; text-align: left; padding-bottom: 0pt">Net Cash Used in Investing Activities</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; border-bottom: Black 1.5pt solid; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; border-bottom: Black 1.5pt solid; text-align: right; padding-bottom: 0pt">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">79,304</ix:nonFraction></td><td style="padding-top: 0pt; padding-bottom: 0pt; text-align: left">)</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#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: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">Cash and cash equivalents - Beginning of period</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">Cash and cash equivalents - End of period</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">Supplementary information:</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
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    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; padding-bottom: 0pt">&#160;</td>
    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt">&#160;</td><td style="padding-top: 0pt; text-align: left; padding-bottom: 0pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">See notes to consolidated
financial statements</p><div>

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

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


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

</div><div><a id="f_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NUTRIBAND INC. AND SUBSIDIARIES</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as of and for the Years Ended January 31, 2023
and 2022</p><div>

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

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<td style="width: 0.25in"></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">ORGANIZATION AND DESCRIPTION OF
BUSINESS</span></td>
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</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_2" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in"><i><span style="text-decoration:underline">Organization</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_3" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">Nutriband Inc.
(the &#8220;Company&#8221;) is a Nevada corporation, incorporated on January 4, 2016. In January 2016, the Company acquired Nutriband
Ltd, an Irish company which was formed by the Company&#8217;s chief executive officer in 2012 to enter the health and wellness market
by marketing transdermal patches. References to the Company relate to the Company and its subsidiaries unless the context indicates otherwise.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation><div>

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</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_4" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><ix:nonNumeric contextRef="c32" name="ntrb:DescriptionOfAcquired">On August 1,
2018, the Company acquired 4P Therapeutics LLC (&#8220;4P Therapeutics&#8221;) for $2,250,000, consisting of 250,000 shares of common
stock, valued at $1,850,000, and $400,000, and a royalty of 6% on all revenue generated by the Company from the abuse deterrent intellectual
property that had been developed by 4P Therapeutics payable to the former owner of 4P Therapeutics. The former owner of 4P Therapeutics
has been a director of the Company since April 2018, when the Company entered into an agreement to acquire 4P Therapeutics.</ix:nonNumeric> The former
owner resigned as a director in January 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_5" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">4P Therapeutics
is engaged in the development of a series of transdermal pharmaceutical products, that are in the preclinical stage of development. Prior
to the acquisition of 4P Therapeutics, the Company&#8217;s business was the development and marketing of a range of transdermal consumer
patches. Most of these products are considered drugs in the United States and cannot be marketed in the United States without approval
by the Food and Drug Administration (the &#8220;FDA&#8221;). The Company entered a feasibility agreement as an initial step to seek FDA
approval of its consumer transdermal products and its consumer products which are not being marketed in the United States.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation><div>

</div><div>

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of 4P Therapeutics, 4P Therapeutics&#8217; drug development business became the Company&#8217;s principal business. The Company&#8217;s
approach is to use generic drugs that are off patent and incorporate them into the Company&#8217;s transdermal drug delivery system. Although
these medications have received FDA approval in oral or injectable form, the Company needs to conduct a transdermal product development
program which will include the preclinical and clinical trials that are necessary to receive FDA approval before we can market any of
our pharmaceutical products.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_7" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">On August 25,
2020, the Company formed Pocono Pharmaceuticals Inc. (&#8220;Pocono Pharmaceuticals&#8221;), a wholly owned subsidiary of the Company.
On August 31, 2020, the Company acquired certain assets and liabilities associated with the Transdermal, Topical, Cosmetic, and Nutraceutical
business of Pocono Coated Products LLC (&#8220;PCP&#8221;). The net assets were contributed to Pocono Pharmaceuticals. Included in the
transaction, Pocono Pharmaceuticals also acquired <ix:nonFraction contextRef="c33" decimals="2" format="ixt:num-dot-decimal" name="ntrb:AcquiredPercentage" scale="-2" unitRef="pure">100</ix:nonFraction>% of the membership interests of Active Intelligence LLC (&#8220;Active Intelligence&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_8" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">Pocono Pharmaceuticals
is a coated products manufacturing entity organized to take advantage of unique process capabilities and experience. Pocono helps their
customer with product design and development along with manufacturing to bring new products to market with minimal capital investment.
Pocono Pharmaceutical&#8217;s competitive edge is a low-cost manufacturing base: a result of its unique processes and state of the art
material technology. Active Intelligence manufactures activated kinesiology tape. The tape has transdermal and topical properties. This
tape is used as the same as traditional kinesiology tape.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">In December
2019, COVID-19 emerged and has subsequently spread world-wide. The World Health Organization has declared COVID-19 a pandemic resulting
in federal, state and local governments and private entities proscribing various restrictions, including travel restrictions, restrictions
on public gatherings, stay at home orders and advisories and quarantining people who may have been exposed to the virus. The effect of
these orders, government imposed quarantines and measures the Company and suppliers and customers it works with might have to take, such
as work-at-home policies, may negatively impact productivity, disrupt our business and could delay our clinical programs and timelines,
the magnitude of which will depend, in part, on the length and severity of the restrictions and disruptions in our operations, operating
results and financial condition. Further, quarantines, shelter-in-place and similar government orders, or the perception that such orders,
shutdowns, or other restrictions on the conduct of business could occur, related to COVID-19 or other infectious diseases could impact
personnel at third-party manufacturing facilities in the United States and other countries, or the availability or cost of materials,
which could disrupt our supply chain.</p></ix:continuation><div>

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

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

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: justify">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_2" id="_SignificantAccountingPoliciesTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="ntrb_ForwardStockSplitPolicyTextBlock-c0_cont_1" escape="true" name="ntrb:ForwardStockSplitPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Forward
Stock Split</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_3" id="_SignificantAccountingPoliciesTextBlock-c0_cont_2"><ix:continuation continuedAt="ntrb_ForwardStockSplitPolicyTextBlock-c0_cont_2" id="ntrb_ForwardStockSplitPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">On July 26,
2022, our Board of Directors approved the amendment to our Articles of Incorporation to effect a 7 for 6 forward stock split (the &#8220;Stock
Split&#8221;) of our outstanding common stock. The Company filed the amendment set forth in a Certificate of Change with the Secretary
of State of Nevada on August 4, 2022. <ix:nonNumeric contextRef="c34" name="us-gaap:StockholdersEquityNoteStockSplit">The 7:6 forward stock split was effective for trading purposes on the Nasdaq Capital Market on August
12, 2022.</ix:nonNumeric> Each shareholder of record as of the August 15, 2022 record date received one (1) additional share for each six (6) shares held
as of the record date. No fractional shares of common stock were issued in connection with the Stock Split. Instead, all shares were rounded
up to the next whole share. In connection with the Stock Split, which did not require shareholder approval under the Nevada corporation
law, the number of shares of common stock of the Company was increased in the same ratio as the shares of outstanding common stock were
increased in the Stock Split, from <ix:nonFraction contextRef="c35" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesAuthorized" scale="0" unitRef="shares">250,000,000</ix:nonFraction> authorized shares to <ix:nonFraction contextRef="c36" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesAuthorized" scale="0" unitRef="shares">291,666,666</ix:nonFraction> authorized shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_4" id="_SignificantAccountingPoliciesTextBlock-c0_cont_3"><ix:continuation id="ntrb_ForwardStockSplitPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">All share and
per share information in these financial statements retroactively reflect the forward stock split.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_5" id="_SignificantAccountingPoliciesTextBlock-c0_cont_4"><ix:nonNumeric contextRef="c0" continuedAt="ntrb_GoingConcernPolicyTextBlock-c0_cont_1" escape="true" name="ntrb:GoingConcernPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Going
Concern Assessment </span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><i>&#160;</i></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_6" id="_SignificantAccountingPoliciesTextBlock-c0_cont_5"><ix:continuation continuedAt="ntrb_GoingConcernPolicyTextBlock-c0_cont_2" id="ntrb_GoingConcernPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">Management
assesses liquidity and going concern uncertainty in the Company&#8217;s condensed financial statements to determine whether there is sufficient
cash on hand and working capital, including available borrowings on loans, to operate for a period of at least one year from the date
the consolidated financial statements are issued or available to be issued, which is referred to as the &#8220;look-forward period&#8221;,
as defined in GAAP. As part of this assessment, based on conditions that are known and reasonably knowable to management, management will
consider various scenarios, forecasts, projections, estimates and will make certain key assumptions, including timing and nature of projected
cash expenditures or programs, its ability to delay or curtail expenditures or programs and its ability to raise additional capital, if
necessary, among other factors. Based on this assessment, as necessary or applicable, management makes certain assumptions around implementing
curtailments or delays in the nature and timing of programs and expenditures to the extent it deems probable those implementations can
be achieved and management has the proper authority to execute them within the look-forward period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_7" id="_SignificantAccountingPoliciesTextBlock-c0_cont_6"><ix:continuation continuedAt="ntrb_GoingConcernPolicyTextBlock-c0_cont_3" id="ntrb_GoingConcernPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">As of January
31, 2023, the Company had cash and cash equivalents of $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherCashEquivalentsAtCarryingValue" scale="0" unitRef="usd">1,985,440</ix:nonFraction> and working capital of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ntrb:WorkingCapital" scale="0" unitRef="usd">1,945,132</ix:nonFraction>. For the year ended January 31, 2023,
the Company incurred an operating loss of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ntrb:OperationIncome" scale="0" unitRef="usd">4,483,474</ix:nonFraction> and used cash flow from operations of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ntrb:CashFlowFromOperations" scale="0" unitRef="usd">2,987,198</ix:nonFraction>. The Company has generated operating
losses since its inception and has relied on sales of securities and issuance of third-party and related-party debt to support cash flow
from operations. In October 2021, the Company consummated a public offering and received net proceeds of $<ix:nonFraction contextRef="c37" decimals="0" format="ixt:num-dot-decimal" name="ntrb:ProceedsFromIssuancesInitialPublicOffering" scale="0" unitRef="usd">5,836,230</ix:nonFraction>. The Company also
received to date $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="ntrb:ProceedsFromWarrantsExercises" scale="0" unitRef="usd">3,239,845</ix:nonFraction> proceeds from the exercise of warrants. The Company has used these proceeds to fund operations and will continue
to use the funds as needed. In March 2023, the Company entered into a three-year $<ix:nonFraction contextRef="c38" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ResearchAndDevelopmentExpense" scale="0" unitRef="usd">2,000,000</ix:nonFraction> Credit Line Note facility which will permit
the Company to draw down on the credit line to fund the Company&#8217;s research and development of its Aversa product.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">

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

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_8" id="_SignificantAccountingPoliciesTextBlock-c0_cont_7"><ix:continuation continuedAt="ntrb_GoingConcernPolicyTextBlock-c0_cont_4" id="ntrb_GoingConcernPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">Management
has prepared estimates of operations for the next twelve months and believes that sufficient funds will be generated from operations to
fund its operations for one year from the date of the filing of these condensed consolidated financial statements, which indicates improved
operations and the Company&#8217;s ability to continue operations as a going concern. The impact of COVID-19 on the Company&#8217;s business
has been considered in these assumptions; however, it is too early to know the full impact of COVID-19 or its timing on a return to normal
operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_9" id="_SignificantAccountingPoliciesTextBlock-c0_cont_8"><ix:continuation id="ntrb_GoingConcernPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">Management
believes the substantial doubt about the ability of the Company to continue as a going concern is alleviated by the above assessment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_10" id="_SignificantAccountingPoliciesTextBlock-c0_cont_9"><ix:nonNumeric contextRef="c0" continuedAt="_ConsolidationPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Principles
of Consolidation</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><i>&#160;</i></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_11" id="_SignificantAccountingPoliciesTextBlock-c0_cont_10"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_2" id="_ConsolidationPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">The consolidated
financial statements of the Company include the Company and its wholly owned subsidiaries. All material intercompany balances and transactions
have been eliminated. The operations of 4P Therapeutics are included in the Company&#8217;s financial statements from the date of acquisition
of August 1, 2018, and the operations of Pocono and Active Intelligence are included in the Company&#8217;s financial statements from
the date of acquisition of September 1, 2020. The wholly owned subsidiaries are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_12" id="_SignificantAccountingPoliciesTextBlock-c0_cont_11"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_3" id="_ConsolidationPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white; text-indent: 1.5in">Nutriband
Ltd.</p></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_13" id="_SignificantAccountingPoliciesTextBlock-c0_cont_12"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_4" id="_ConsolidationPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white; text-indent: 1.5in">4P
Therapeutics LLC</p></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_14" id="_SignificantAccountingPoliciesTextBlock-c0_cont_13"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_5" id="_ConsolidationPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white; text-indent: 1.5in">Pocono
Pharmaceuticals Inc.</p></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_15" id="_SignificantAccountingPoliciesTextBlock-c0_cont_14"><ix:continuation id="_ConsolidationPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white; text-indent: 1.5in">Active
Intelligence LLC</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white; text-indent: 1.5in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white; text-indent: 1.5in"></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white; text-indent: 1.5in">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_16" id="_SignificantAccountingPoliciesTextBlock-c0_cont_15"><ix:nonNumeric contextRef="c0" continuedAt="_UseOfEstimates-c0_cont_1" escape="true" name="us-gaap:UseOfEstimates"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Use of
Estimates </span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><i>&#160;</i></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_17" id="_SignificantAccountingPoliciesTextBlock-c0_cont_16"><ix:continuation id="_UseOfEstimates-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">The preparation
of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America
requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses,
and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates including, but
not limited to, those related to such items as income tax exposures, accruals, depreciable/useful lives, allowance for doubtful accounts
and valuation allowances. The Company bases its estimates on historical experience and on other various assumptions that are believed
to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets
and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_18" id="_SignificantAccountingPoliciesTextBlock-c0_cont_17"><ix:nonNumeric contextRef="c0" continuedAt="_CashAndCashEquivalentsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">Cash and Cash
Equivalents</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_19" id="_SignificantAccountingPoliciesTextBlock-c0_cont_18"><ix:continuation id="_CashAndCashEquivalentsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">Cash equivalents are short-term, highly liquid investments that have
a maturity of three months or less.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_20" id="_SignificantAccountingPoliciesTextBlock-c0_cont_19"><ix:nonNumeric contextRef="c0" continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Revenue
Recognition </span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_21" id="_SignificantAccountingPoliciesTextBlock-c0_cont_20"><ix:continuation id="_RevenueRecognitionPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">In May 2014,
the FASB issued ASU No. 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606) (&#8220;ASU 2014-09&#8221;), which amends the
accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an
entity expects to be entitled when products are transferred to a customer. The Company recognizes revenue based on the five criteria for
revenue recognition established under Topic 606: 1) identify the contract, 2) identify separate performance obligations, 3) determine
the transaction price, 4) allocate the transaction price among the performance obligations, and 5) recognize revenue as the performance
obligations are satisfied.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_22" id="_SignificantAccountingPoliciesTextBlock-c0_cont_21"><ix:nonNumeric contextRef="c0" continuedAt="ntrb_RevenueTypesPolicyTextBlock-c0_cont_1" escape="true" name="ntrb:RevenueTypesPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"><i><span style="text-decoration:underline">Revenue
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</div><div>

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</div><div>

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</div><div>

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basis over the estimated useful life of the assets. Property, plant and equipment is stated at historical cost. Expenditures for minor
repairs, maintenance and replacement parts which do not increase the useful lives of the assets are charged to expense as incurred. All
major additions and improvements are capitalized. Depreciation is computed using the straight-line method. The lives over which the fixed
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</div><div>

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</div><div>

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</div><div>

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to patent technology. A substantial component of the purchase price related to the Company&#8217;s acquisitions have also been assigned
to intellectual property and other intangibles. Under the guidance, other intangible assets with definite lives are amortized over their
estimated useful lives. Intangible assets with indefinite lives are tested annually for impairment. Trademarks, intellectual property
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</div><div>

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</div><div>

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acquisition. Goodwill is reviewed for impairment annually on January 31, and more frequently as circumstances warrant, and written down
only in the period in which the recorded value of such assets exceeds their fair value. The Company does not amortize goodwill in accordance
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</div><div>

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</div><div>

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reviews long-lived assets for potential impairment whenever significant events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. An impairment exists when the carrying amount of the long-lived asset is not recoverable and
exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the estimated undiscounted
cash flows expected to result from the use and eventual disposition of the asset. If an impairment exists, the resulting write-down would
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_50" id="_SignificantAccountingPoliciesTextBlock-c0_cont_49"><ix:nonNumeric contextRef="c0" continuedAt="_EarningsPerSharePolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Earnings
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_51" id="_SignificantAccountingPoliciesTextBlock-c0_cont_50"><ix:continuation id="_EarningsPerSharePolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">Basic earnings
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the period.&#160;&#160;Diluted earnings per share is computed by dividing net earnings by the weighted average number of shares of common
stock and potential shares of common stock outstanding during the period.&#160;Potential shares of common stock consist of shares issuable
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_52" id="_SignificantAccountingPoliciesTextBlock-c0_cont_51"><ix:nonNumeric contextRef="c0" continuedAt="_ShareBasedCompensationOptionAndIncentivePlansPolicy-c0_cont_1" escape="true" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><i><span style="text-decoration:underline">Stock-Based
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</div><div>

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&#8220;Compensation - Stock Compensation,&#8221; prescribes accounting and reporting standards for all share-based payment
transactions in which employee services, and, since February 1, 2019, non-employees, are acquired. Transactions include incurring
liabilities, or issuing or offering to issue shares, options and other equity instruments such as employee stock ownership plans and
stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as
compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which
an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting
period). As of February 1, 2019, pursuant to ASC 2018-07, ASC 718 was applied to stock-based compensation for both employees and
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</div><div>

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</div><div>

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February 2016, the FASB issued ASU 2016-02, &#8220;Leases&#8221; (Topic 842), to provide a new comprehensive model for lease accounting
under this guidance, lessees and lessors should apply a &#8220;right-of-use&#8221; model in accounting for all leases (including subleases)
and eliminate the concept of operating leases and off-balance-sheet leases. Recognition, measurement and presentation of expenses will
depend on classification as a finance or operating lease. Similar modifications have been made to lessor accounting in-line with revenue
recognition guidance. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: #FDFDFD">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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The Company completed the necessary changes to its accounting policies, processes, disclosure and internal control over financial reporting.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#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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for the expected future tax consequences of events that have been included in the financial statements.&#160;&#160;Under this method,
deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and
liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.&#160;&#160;The effect of
a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary
differences, projected future taxable income, tax planning strategies and recent financial operations.&#160;&#160;In the event the Company
was to determine that it would be able to realize its deferred income tax assets in the future in excess of its net recorded amount, the
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</div><div>

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</div><div>

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equivalents are concentrated primarily in banks. At times, such deposits could be in excess of insured limits. Management believes that
the financial institutions that hold the Company&#8217;s financial instruments are financially sound and, accordingly, minimal credit
risk is believed to exist with respect to those financial interests. As of and for the year ended January 31, 2023, two customers accounted
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_65" id="_SignificantAccountingPoliciesTextBlock-c0_cont_64"><ix:nonNumeric contextRef="c0" continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in; background-color: #FDFDFD"><span style="background-color: #FDFDFD"><i><span style="text-decoration:underline">Fair
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</div><div>

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be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or
liability in an orderly transaction between participants on the measurement date. ASC 820 also establishes a fair value hierarchy which
requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC
820 describes three levels of inputs that may be used to measure fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: #FDFDFD">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_67" id="_SignificantAccountingPoliciesTextBlock-c0_cont_66"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_3" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: #FDFDFD">The Company
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assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis during
the reporting period. The fair value is an exit price, representing the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants based upon the best use of the asset or liability at the measurement
date. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. ASC 820 establishes
a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are defined as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: #FDFDFD">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_68" id="_SignificantAccountingPoliciesTextBlock-c0_cont_67"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_4" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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cash and cash equivalents, accounts receivable, prepaid expenses, inventories, deferred revenue, accounts payableand accrued expenses
approximate their fair value due to the short maturities of these financial instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: #FDFDFD">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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

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

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Accounting Standards</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: #FDFDFD">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

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2021, the FASB issued ASU 2021-08, Business Combinations (Topic805): Accounting for Contract Assets and Contract Liabilities from Contracts
with Customers, which clarifies how to properly account for deferred revenue in a business combination. ASU 2021-08 is effective for periods
after December 15, 2022. The Company adopted ASU 2021-08 on February 1, 2022. The adoption of ASU 2021-08 did not have a material effect
on the Company&#8217;s consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: #FDFDFD">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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has reviewed all other FASB-issued ASU accounting pronouncements and interpretations thereof that have effective dates during the period
reported and in future periods. The Company has carefully considered the new pronouncements that alter previous GAAP and does not believe
that any new or modified principles will have a material impact on the Company&#8217;s reported financial position or operations in the
near term. The applicability of any standard is subject to the formal review of the Company&#8217;s financial management and certain standards
are under consideration.</p></ix:continuation></ix:continuation><div>

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

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">3.</td><td style="text-align: justify">PROPERTY AND EQUIPMENT</td>
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</div><div>

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    <td style="width: 76%; text-align: left">Lab equipment</td><td style="width: 1%">&#160;</td>
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</div><div>

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

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><table cellpadding="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">4.</td><td style="text-align: justify">INCOME TAXES</td>
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</div><div>

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adopted the provisions of ASC 740, &#8220;Income Taxes, (&#8220;ASC 740&#8221;). As a result of the implementation of ASC 740, the Company
recognized no adjustment in the net liability for unrecognized income tax benefits. The Company believes there are no potential uncertain
tax positions, and all tax returns are correct as filed. Should the Company recognize a liability for uncertain tax positions, the Company
will separately recognize the liability for uncertain tax positions on its balance sheet. Included in any liability or uncertain tax positions,
the Company will also setup a liability for interest and penalties. The Company&#8217;s policy is to recognize interest and penalties
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_3" id="_IncomeTaxDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">There is no
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_5" id="_IncomeTaxDisclosureTextBlock-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_6" id="_IncomeTaxDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: center">A reconciliation of taxes on income
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_7" id="_IncomeTaxDisclosureTextBlock-c0_cont_6"><ix:nonNumeric contextRef="c0" 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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</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_8" id="_IncomeTaxDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">As of January
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</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_9" id="_IncomeTaxDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><span style="background-color: white">The
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</div><div>

</div><ix:continuation id="_IncomeTaxDisclosureTextBlock-c0_cont_9"><ix:nonNumeric contextRef="c0" 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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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; background-color: white">&#160;</p><div>

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

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

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">5.</td><td style="text-align: justify">NOTES PAYABLE</td>
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</div><div>

</div><ix:nonNumeric contextRef="c62" name="ntrb:NotePayablesDescription"><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_3" id="_DebtDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">On March 21,
2020, the Coronavirus Aid Relief and Economic Security Act (&#8220;CARES ACT&#8221; was enacted. The CARES ACT established the Paycheck
Protection Program (&#8220;PPP&#8221;) which funds small businesses through federally guaranteed loans. Under the PPP, companies are eligible
for forgiveness of principal and interest if the proceeds are used for eligible payroll costs, rent and utility costs. On June 17, 2020,
the Company&#8217;s subsidiary, 4P Therapeutics, was advanced $34,870 under the PPP, all of which was forgiven as of April 30, 2021. The
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_5" id="_DebtDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><ix:nonNumeric contextRef="c0" name="us-gaap:LineOfCreditFacilityFrequencyOfPaymentAndPaymentTerms">Active Intelligence,
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2022, the Company entered into a retail installment agreement for the purchase of an automobile. The contract price was $32,274, of which
$22,794 was financed. The agreement is for five years bearing interest at 2.95% per annum with payments of $495 per month. The loan is
secured by automobile. As of January 31, 2023, the amount due was $19,610 of which $4,396 is current.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">

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

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Leases</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_9" id="_DebtDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><span style="text-decoration:underline">Related
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</div><div>

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2020, in connection with the Company&#8217;s acquisition of Pocono Products LLC, the Company issued to Pocono Coated Products LLC a promissory
note, net of debt discount, in the amount of $1,332,893 with interest accruing at an annual rate of 0.17%, due on August 28, 2021, or
immediately following the earlier of a capital raise of no less than $4,000,000 and/or a public offering of no less than $4,000,000. The
members of Pocono Coated Products LLC, which include Mike Myer who is a related party, are shareholders of the Company.</ix:nonNumeric> During the three
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</div><div>

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

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

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<td style="width: 0.25in"></td><td style="width: 0.25in">6.</td><td>INTANGIBLE ASSETS</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&#160;</p></ix:nonNumeric><div>

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</div><div>

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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

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Note 10- &#8220;Rambam Agreement&#8221; for further discussion regarding the license agreement. The value of the intangible assets, consisting
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over a period of <ix:nonNumeric contextRef="c71" continuedAt="ntrb_amortizedOverPeriod-c71_cont_1" format="ixt-sec:durwordsen" name="ntrb:amortizedOverPeriod">three</ix:nonNumeric> to <ix:nonNumeric contextRef="c72" format="ixt-sec:durwordsen" name="ntrb:amortizedOverPeriod">ten<ix:continuation id="ntrb_amortizedOverPeriod-c71_cont_1"> years</ix:continuation></ix:nonNumeric>. The Company terminated the license agreement in October 2022. The Company issued <ix:nonFraction contextRef="c19" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">25,000</ix:nonFraction> shares of
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</div><div>

</div><ix:continuation id="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock"><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 0pt 0.5in; text-align: center"></p><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">7.</td><td style="text-align: justify">RELATED PARTY TRANSACTIONS</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_2" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">a)</td><td style="text-align: justify">In connection with the acquisition of Pocono, the Company recorded various transactions and operations
through Pocono Coated Products LLC, of which Mike Myer was a member and a related party. During the year ended January 31, 2022, the Company
was advanced $<ix:nonFraction contextRef="c79" decimals="0" format="ixt:num-dot-decimal" name="ntrb:PurchaseOfMaterials" scale="0" unitRef="usd">7,862</ix:nonFraction> in finance payments. As of January 31, 2022, the balance due Pocono was paid in full. <ix:nonNumeric contextRef="c80" name="ntrb:RelatedPartyTransactionDescriptionOfTransactions">The Company also issued a note
in the amount of $1,500,000 to Pocono Coated Products LLC. In October 2021, the related party note payable was repaid. See Note 5 for
further discussion.</ix:nonNumeric></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_3" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">b)</td><td style="text-align: justify">In May 2022, the Company issued stock awards to the Company&#8217;s CEO and independent members of the
Board of Directors. The CEO received <ix:nonFraction contextRef="c81" decimals="0" format="ixt:num-dot-decimal" name="ntrb:SharesIssue" scale="0" unitRef="shares">11,667</ix:nonFraction> shares and the four directors received <ix:nonFraction contextRef="c82" decimals="0" format="ixt:num-dot-decimal" name="ntrb:SharesIssue" scale="0" unitRef="shares">1,167</ix:nonFraction> shares each. The Company recorded compensation
expense of $<ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax" scale="0" unitRef="usd">53,200</ix:nonFraction> in connection with the issuance of the shares.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_4" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">c)</td><td style="text-align: justify">On August 2, 2022, options to purchase <ix:nonFraction contextRef="c84" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets" scale="0" unitRef="shares">137,084</ix:nonFraction> shares of the Company&#8217;s common stock were issued
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</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_5" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">d)</td><td style="text-align: justify">On September 30, 2022, options to purchase <ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets" scale="0" unitRef="shares">35,000</ix:nonFraction> shares of the Company&#8217;s
common stock were issued to the independent directors of the Company at a price of $<ix:nonFraction contextRef="c88" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares">3.59</ix:nonFraction> per share. The options vest immediately and expire
in <ix:nonNumeric contextRef="c87" format="ixt-sec:durwordsen" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod">five years</ix:nonNumeric>. The fair value of the options issued for services amounted to $<ix:nonFraction contextRef="c89" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" unitRef="usd">85,995</ix:nonFraction> and was expensed during the year ended January 31,
2023.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">e)</td><td style="text-align: justify">On December 7, 2022, options to purchase <ix:nonFraction contextRef="c90" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets" scale="0" unitRef="shares">107,500</ix:nonFraction> shares of the Company&#8217;s common stock were issued
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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><ix:nonNumeric contextRef="c0" continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">8.</td><td style="text-align: justify">STOCKHOLDERS&#8217; EQUITY</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:nonNumeric><div>

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</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_2" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="text-decoration:underline">Preferred Stock</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

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</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_3" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in">On January 15, 2016, the board of directors of the Company
approved a certificate of amendment to the articles of incorporation and changed the authorized capital stock of the Company to include
and authorize <ix:nonFraction contextRef="c94" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares">10,000,000</ix:nonFraction> shares of Preferred Stock, par value $<ix:nonFraction contextRef="c94" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.001</ix:nonFraction> per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_4" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in">On May 24, 2019, the board of directors created a series
of preferred stock consisting of <ix:nonFraction contextRef="c95" decimals="0" format="ixt:num-dot-decimal" name="ntrb:DesignatedSharesOfPreferredStocks" scale="0" unitRef="shares">2,500,000</ix:nonFraction> shares designated as the Series A Convertible Preferred Stock (&#8220;Series A Preferred Stock&#8221;).
On June 20, 2019, the Series A preferred Stock was terminated, and the <ix:nonFraction contextRef="c96" decimals="0" format="ixt:num-dot-decimal" name="ntrb:DesignatedSharesOfPreferredStocks" scale="0" unitRef="shares">2,500,000</ix:nonFraction> shares were restored to the status of authorized but
unissued shares of Preferred Stock, without designation as to series, until such stock is once more designated as part of a particular
series by the board of directors.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_5" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="text-decoration:underline">Common Stock</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_6" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in">On June 25, 2019, <ix:nonNumeric contextRef="c97" name="ntrb:CommonStockOfDescription">the Company effected a one-for-four reverse
stock split, pursuant to which each share of common stock became converted into 0.25 shares of common stock, and the Company decreased
its authorized common stock from 100,000,000 to 25,000,000 shares.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_7" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in">On January 27, 2020, the Company amended its Articles of
Incorporation to increase its authorized common shares from <ix:nonFraction contextRef="c98" decimals="0" format="ixt:num-dot-decimal" name="ntrb:IncreaseDecreasedInAuthorizedCommonStock" scale="0" unitRef="shares">25,000,000</ix:nonFraction> authorized shares to <ix:nonFraction contextRef="c99" decimals="0" format="ixt:num-dot-decimal" name="ntrb:IncreaseDecreasedInAuthorizedCommonStock" scale="0" unitRef="shares">250,000,000</ix:nonFraction> authorized shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_8" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in">On July 26, 2022, <ix:nonNumeric contextRef="c100" name="ntrb:StockholderEquityNoteStockSplit">the Company effected a 7-for-6 forward stock split
pursuant to which each shareholder of record as of the August 12, 2022, record date received one (1) additional share for each six (6)
shares held as of the record date.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_9" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in">On August 4, 2022, the Company amended its Articles of Incorporation
to increase its authorized common shares from <ix:nonFraction contextRef="c101" decimals="0" format="ixt:num-dot-decimal" name="ntrb:IncreaseDecreasedInAuthorizedCommonStock" scale="0" unitRef="shares">250,000,000</ix:nonFraction> authorized shares to <ix:nonFraction contextRef="c102" decimals="0" format="ixt:num-dot-decimal" name="ntrb:IncreaseDecreasedInAuthorizedCommonStock" scale="0" unitRef="shares">291,666,666</ix:nonFraction> authorized shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_10" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="text-decoration:underline">Activity during the Year Ended January 31, 2023</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_11" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">In March and May 2022, the Company purchased <ix:nonFraction contextRef="c103" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" scale="0" unitRef="shares"><ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" scale="0" unitRef="shares">35,584</ix:nonFraction></ix:nonFraction> shares of its common
stock for $<ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="ntrb:TreasuryStockPurchase" scale="0" unitRef="usd"><ix:nonFraction contextRef="c103" decimals="0" format="ixt:num-dot-decimal" name="ntrb:TreasuryStockPurchase" scale="0" unitRef="usd">119,006</ix:nonFraction></ix:nonFraction> and recorded the purchase as Treasury Stock. In May and December 2022, the Company issued <ix:nonFraction contextRef="c103" decimals="0" format="ixt:num-dot-decimal" name="ntrb:IssuanceOfCommonStock" scale="0" unitRef="shares">33,397</ix:nonFraction> shares of stock awards
to management, directors and employees from the treasury shares and recorded the fair value of the compensation expense of $<ix:nonFraction contextRef="c103" decimals="0" format="ixt:num-dot-decimal" name="ntrb:FairValueOfCompensationExpense" scale="0" unitRef="usd">113,155</ix:nonFraction>. In
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license agreement. As of January 31, 2023, the Company holds <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OptionIndexedToIssuersEquityShares" scale="0" unitRef="shares">10,000</ix:nonFraction> of its shares comprising the $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RedeemableNoncontrollingInterestEquityOtherCarryingAmount" scale="0" unitRef="usd">32,641</ix:nonFraction> of treasury stock.</td>
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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_12" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(b)</td><td style="text-align: justify">On July 29, 2022, the Company received proceeds of $<ix:nonFraction contextRef="c104" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromWarrantExercises" scale="0" unitRef="usd">296,875</ix:nonFraction> from the exercise of warrants and issued <ix:nonFraction contextRef="c104" decimals="0" format="ixt:num-dot-decimal" name="ntrb:IssuanceOfCommonStock" scale="0" unitRef="shares">55,417</ix:nonFraction> shares of common stock.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_13" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(c)</td><td style="text-align: justify">In July 2022, the Company cancelled <ix:nonFraction contextRef="c105" decimals="0" format="ixt:num-dot-decimal" name="ntrb:CancelledShares" scale="0" unitRef="shares">1,400,000</ix:nonFraction> shares received in connection with the settlement of a lawsuit. See Note 10 for further
information.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_14" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="text-decoration:underline">Activity during the Year Ended January
31, 2022</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_15" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(a)</td><td style="text-align: justify">On February 25, 2021, <ix:nonNumeric contextRef="c106" name="us-gaap:BroadcastersLicenseAgreementCommitmentsDescription">in connection with the Company&#8217;s License Agreement with Rambam, pursuant to
a Stock Purchase Agreement with BPM Inno Ltd (&#8220;BPM&#8221;), the Company issued 94,962 shares of common stock to BPM and received
proceeds of $700,000 to be applied to product development expenses under the License Agreement. The Company entered into the Stock Purchase
Agreement with BPM in December 2020 and received a payment of $60,000 which is included in Stockholders&#8217; Equity as Subscription
Payable in the Company&#8217;s consolidated balance sheet as of January 31, 2021. In February 2021, BPM advanced a payment for the Company
to Rambam in the amount of $57,000 for the license fee. The balance of the funds of $583,000 was received in February 2021. On February
15, 2021, the Company issued 14,583 shares of common stock, valued at $350,000, for consulting fees in connection with the Rambam License
Agreement discussed in Note 10.</ix:nonNumeric></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.8pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_16" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(b)</td><td style="text-align: justify">On February 25, 2021, the Company issued <ix:nonFraction contextRef="c107" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">6,536</ix:nonFraction> shares of common stock, valued at $<ix:nonFraction contextRef="c108" decimals="0" format="ixt:num-dot-decimal" name="ntrb:StockIssuedDuringPeriodValueOthers" scale="0" unitRef="usd">60,000</ix:nonFraction>, for consulting
services pursuant to a consultant agreement commencing December 1, 2020. The Company has reflected $<ix:nonFraction contextRef="c20" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockShareSubscribedButUnissuedSubscriptionsReceivable" scale="0" unitRef="usd">10,000</ix:nonFraction> representing <ix:nonFraction contextRef="c109" decimals="0" format="ixt:num-dot-decimal" name="ntrb:SubcriptionPayableShares" scale="0" unitRef="shares">1,090</ix:nonFraction> shares as
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</div><div>

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

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

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_17" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(c)</td><td style="text-align: justify">On October 5, 2021, <ix:nonNumeric contextRef="c110" name="ntrb:CommonStockAllotmentDescription">the Company, having been approved for the listing of its common stock on The Nasdaq
Capital Market effective October 1, 2021, consummated a public offering (the &#8220;IPO&#8221;) of units (the &#8220;Units&#8221;), of
common stock and warrants that were offered in the IPO on The Nasdaq Capital Market, which included 1,232,000 (each a &#8220;Unit&#8221;),
each Unit consisting of one share of common stock, par value $0.001 per share, and one warrant (each a &#8220;Warrant&#8221;) at a price
of $5.36 per Unit. Each Warrant is immediate exercisable, will entitle the holder to purchase one share of common stock at an exercise
price of $6.43 and will expire five (5) years from the date of issuance. The underwriters&#8217; over-allotment option was exercised for
184,800 warrants to purchase shares of common stock bringing to total net proceeds to the Company from the IPO to $5,836,230. The shares
of common stock and Warrants are separately transferred immediately upon issuance.</ix:nonNumeric></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_18" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(d)</td><td style="text-align: justify">During the year ended January 31, 2021, the Company issued <ix:nonFraction contextRef="c20" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">457,795</ix:nonFraction>
shares of its common stock and received proceeds of $<ix:nonFraction contextRef="c111" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" scale="0" unitRef="usd">2,942,970</ix:nonFraction> from the exercise of <ix:nonFraction contextRef="c112" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares">457,795</ix:nonFraction> public warrants.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_19" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(e)</td><td style="text-align: justify">On October 25, 2021, the Company issued <ix:nonFraction contextRef="c113" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">20,005</ix:nonFraction> shares of its common stock in exchange for the extinguishment
of debt in the amount of $<ix:nonFraction contextRef="c114" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExtinguishmentOfDebtAmount" scale="0" unitRef="usd">100,000</ix:nonFraction>. See Note 5 for further details.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_20" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(f)</td><td style="text-align: justify">On October 25, 2021, the Company issued <ix:nonFraction contextRef="c115" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">28,749</ix:nonFraction> shares, valued at $<ix:nonFraction contextRef="c114" decimals="0" format="ixt:num-dot-decimal" name="ntrb:ConsultingServices" scale="0" unitRef="usd">144,000</ix:nonFraction>,
for consulting services in connection with research and development expenses. The shares were issued in settlement of liabilities.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_21" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(g)</td><td style="text-align: justify">On October 5, 2021, in connection with the Company&#8217;s IPO, two former debtholders were issued an
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</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_22" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_22"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.8pt; text-align: justify">&#160;</p><div>

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

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</div><ix:continuation continuedAt="ntrb_OptionsAndWarrantsTextBlock-c0_cont_2" id="ntrb_OptionsAndWarrantsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="text-decoration:underline">Warrants</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation continuedAt="ntrb_OptionsAndWarrantsTextBlock-c0_cont_5" id="ntrb_OptionsAndWarrantsTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">The following
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</div><div>

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</div><ix:continuation continuedAt="ntrb_OptionsAndWarrantsTextBlock-c0_cont_7" id="ntrb_OptionsAndWarrantsTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in"><span style="text-decoration:underline">Option</span>s</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="ntrb_OptionsAndWarrantsTextBlock-c0_cont_8" id="ntrb_OptionsAndWarrantsTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table summarizes the changes in options outstanding and
the related price of the shares of the Company&#8217;s common stock issued to employees of the Company. See Note 7 for the issuance of
related party options.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="ntrb_OptionsAndWarrantsTextBlock-c0_cont_9" id="ntrb_OptionsAndWarrantsTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On November 1, 2021, the Board of Directors
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vest and expire as determined by the Board of Directors. Under the Plan, options may be granted which are intended to qualify as Incentive
Stock Options (&#8220;ISO&#8217;s&#8221;) under Section 422 of the Internal Revenue Code of 1986 (the &#8220;Code&#8221;) or which are
not (&#8220;non-ISO&#8217;s&#8221;) intended to qualify as Incentive Stock Options thereunder. The Plan also provides for restricted stock
awards representing shares of common stock that are issued subject to such restrictions on transfer and other incidents of ownership and
such forfeiture conditions as the Board of Directors, or the committee administering the Plan composed of directors who qualify as &#8220;independent&#8221;
under Nasdaq rules, may determine. On November 3, 2021, the Company filed a Registration Statement on Form S-8, to register under the
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shares remain in the Plan.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="ntrb_OptionsAndWarrantsTextBlock-c0_cont_10" id="ntrb_OptionsAndWarrantsTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During the year ended January 31, 2023,
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</div><div>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="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: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#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: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-134">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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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: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="ntrb_OptionsAndWarrantsTextBlock-c0_cont_13" id="ntrb_OptionsAndWarrantsTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table summarizes additional
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</div><div>

</div><ix:continuation id="ntrb_OptionsAndWarrantsTextBlock-c0_cont_13"><ix:nonNumeric contextRef="c0" escape="true" name="ntrb:ScheduleOfOptionOutstanding"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

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

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</div><div>

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</div><div>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_5" id="_SegmentReportingDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table presents information about net sales and property
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</div><div>

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

</div><ix:continuation id="_SegmentReportingDisclosureTextBlock-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;&#160;</p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in">11.</td><td>COMMITMENTS AND CONTIGENCIES&#160;</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt">&#160;</p></ix:nonNumeric><div>

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</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_2" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>Legal Proceedings</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_3" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Following a three-day trial, on July
20, 2022, the Orange County Circuit Court entered a Final Judgment in favor of Nutriband for breach of contract, replevin and rescission
to rescind in the May 22, 2017 Share Exchange Agreement involving Nutriband, Advanced Health Brands Inc., and TD Therapeutics Inc. The
Court directed the return and cancellation of the <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares">1,400,000</ix:nonFraction> Nutriband shares (<ix:nonNumeric contextRef="c175" name="us-gaap:StockholdersEquityReverseStockSplit">adjusted for the 1-for-4 reverse stock split effective June
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and John Baker.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_4" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Thereafter, by Settlement Agreement
and Release dated August 19, 2022, all parties agreed that the above-referenced Final Judgment in favor of Nutriband is binding and enforceable,
no appeal would be taken, related Ohio and New York lawsuits were dismissed and all of the original Nutriband share certificates issued
to Raymond Kalmar, Paul Murphy, Michelle Polly-Murphy and John Baker were returned to Nutriband.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_5" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in"><i>Employment
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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_6" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company entered into a three-year
employment agreement with Gareth Sheridan, our CEO, and Serguei Melnik, our President, effective February 1, 2022. The agreement also
provides that the executives will continue as a director. The agreement provides for an initial term, commencing on the effective date
of the agreement and ending on <ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="us-gaap:DebtInstrumentMaturityDate">January 31, 2025</ix:nonNumeric>, and continuing on a year-to-year basis thereafter unless terminated by either party on
not less than 30 days&#8217; notice given prior to the expiration of the initial term or any one-year extension. For their services to
the Company during the term of the agreement, Mr. Sheridan and Mr. Melnik will receive an annual salary of $<ix:nonFraction contextRef="c176" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SalariesWagesAndOfficersCompensation" scale="0" unitRef="usd">250,000</ix:nonFraction> per annum, commencing
on the effective date of the agreement. Mr. Sheridan and Mr. Melnik will also receive a performance bonus of <ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="ntrb:PercentageOfNetIncome" scale="-2" unitRef="pure">3.5</ix:nonFraction>% of net income before
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</div><div>

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employment agreement with Gerald Goodman, our CFO, effective February 1, 2022. The agreement provides for an initial term, commencing
on the effective date of the agreement and ending on January 31, 2025, and continuing on a year-to-year basis thereafter unless terminated
by either party on not less than 30 days&#8217; notice given prior to the expiration of the initial term or any one-year extension. For
his services to the Company during the term of the agreement, Mr. Goodman will receive an annual salary of $<ix:nonFraction contextRef="c178" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SalariesWagesAndOfficersCompensation" scale="0" unitRef="usd">210,000</ix:nonFraction> per annum, commencing
on the effective date of the agreement. As of July 31, 2022, the Company and Mr. Goodman mutually agreed to reduce his annual salary to
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</div><div>

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</div><div>

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into a License Agreement (the &#8220;License Agreement&#8221;) with Rambam Med-Tech Ltd. (&#8220;Rambam&#8221;), Haifa, Israel, to develop
the RAMBAM Closed System Transfer Device (&#8220;CTSD&#8221;) and such other products as the parties agree to develop/commercialize. The
Company will license from Rambam the full technology, IP, and title to CTSD in the field, with an Initial license fee of $<ix:nonFraction contextRef="c180" decimals="0" format="ixt:num-dot-decimal" name="ntrb:PaymentForInitialLicenseFee" scale="0" unitRef="usd">50,000</ix:nonFraction> and running
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the agreement became effective. As of October 31, 2022, the development of the RAMBAM CSTD Device has been suspended until further notice
as preliminary reviews and market research found the product was not commercially viable in its current form. As of November 11, 2022,
the Company has terminated the agreement with Rambam and all intellectual property has been returned to Rambam.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><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>

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2020, with BPM Inno Ltd., Kiryat, Israel (&#8220;BPM&#8221;), that, in consideration of BPM&#8217;s introduction of Rambam to the Company,
provided for BPM to have the rights as the exclusive of agent of the Company with Rambam and any other parties similarly introduced by
BPM, and for a commission payable to BPM by the Company of 4.5% of revenues received by the Company resulting from the introduction of
Rambam (and any other companies as to which the exclusive agency of BPM was in effect), and for BPM&#8217;s payment of a royalty to Rambam.
If the Company fails to commercialize the medical products subject to the License Agreement with Rambam within 36 months, under the November
13, 2020 agreement, BPM and the Company would share 50/50 in the revenues generated from sales of the licensed products from Rambam. This
agreement further provides that it will be effective for a period of 10 years, with either party having the right to terminate on notice
given 30 days prior to the desired termination, and also provided for certain territorial distribution rights of BPM as are set forth
in the March 10, 2021 Distribution Agreement between the Company and BPM.</ix:nonNumeric> As of January 31, 2023, no revenues have been earned and royalties
have been accrued. On November 22, 2022, the Company and BPM entered into a termination agreement abandoning all elements of the distribution
agreement dated January 15, 2021 between the parties. The Company issued <ix:nonFraction contextRef="c19" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockCommonShares" scale="0" unitRef="shares">25,000</ix:nonFraction> shares of its common stock from its treasury shares held
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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_11" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>BPM Distribution and Stock Purchase
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</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_12" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On March 10, 2021, the Company finalized
the Distribution Agreement with BPM, providing for distribution of the medical products developed and produced under the License Agreement.
Under the Distribution Agreement, BPM&#160;has the right to distribute the medical products in Israel and has a right of first refusal
in relation to all other countries/states, other than United States, Korea, China, Vietnam, Canada and Ecuador, which are termed excluded
countries. The distribution was terminated November 22, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.4pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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based on its proprietary AVERSAL abuse deterrent transdermal technology and Kindeva&#8217;s FDA-approved transdermal fentanyl patch (fentanyl
transdermal system). The feasibility agreement provides for on adapting Kindeva&#8217;s commercial transdermal manufacturing process to
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</div><div>

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$2.1 million and the timing to complete will be between eight to fifteen months. Nutriband made an advance deposit of $250,000 in January
2022, to be applied against the final invoice. The Workplan has commenced in February 2022, and the parties believe the Workplan will
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</div><div>

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</div><div>

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</div><div>

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are finalized.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 65.4pt; text-align: justify">&#160;</p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in">12.</td><td style="text-align: justify">SUBSEQUENT EVENTS</td></tr></table><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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<td style="width: 0.5in"></td><td style="width: 0.25in">(a)</td><td style="text-align: justify">On&#160; March 19, 2023, the Company entered into a Credit Line Note agreement with TII Jet Services LDA,
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</div><div>

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</div><div>

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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">(c)</td><td style="text-align: justify">On March 13, 2023, the Company entered into a media advertising
agreement Money Channel Inc.. The Company will pay a monthly fee and after can cancel the agreement. The Company, after 90 days, will
also issue options to purchase <ix:nonFraction contextRef="c188" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantExercisePriceIncrease" scale="0" unitRef="usdPershares">50,000</ix:nonFraction> shares of common stock to at an exercise price of $<ix:nonFraction contextRef="c189" decimals="2" format="ixt:num-dot-decimal" name="ntrb:ExercisePricePerShare" scale="0" unitRef="usdPershares">4.00</ix:nonFraction> per share to Money Channel, Inc.</td>
</tr></table></ix:continuation><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in"></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>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: 0pt 0; text-align: justify"><b>ITEM 13. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.<sup>(1)</sup></b></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left">SEC Registration Fee</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;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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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)">
    <td style="text-align: left">FINRA filing fee</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: White">
    <td style="text-align: left">Accounting fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Legal fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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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)">
    <td style="text-align: left">Transfer Agent Agent expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt">(1)</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 14.&#160;INDEMNIFICATION OF DIRECTORS
AND OFFICERS.</b></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nevada Revised Statutes 78.7502 and 78.751 provide
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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">Section 78.7502 of the Nevada Revised Statutes
permits a corporation to 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:</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: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">(a)</span></td>
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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  <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">In addition, Section 78.7502 permits a corporation
to 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:</p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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  <tr style="vertical-align: top">
    <td>&#160;</td>
    <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"></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">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 above,
or in defense of any claim, issue or matter, the corporation is required to indemnify him against expenses, including attorneys&#8217;
fees, actually and reasonably incurred by him in connection with the defense.</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">Section 78.751 of the Nevada Revised Statutes
provides that such indemnification may also include payment by the Company of expenses incurred in defending a civil or criminal action
or proceeding in advance of the final disposition of such action or proceeding upon receipt of an undertaking by the person indemnified
to repay such payment if he shall be ultimately found not to be entitled to indemnification under Section 78.751. Indemnification may
be provided even though the person to be indemnified is no longer a director, officer, employee or agent of the Company or such other
entities.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section 78.752 of the Nevada Revised Statutes
allows a corporation to 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">Other financial arrangements made by the corporation
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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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    <td style="width: 0.25in"><span style="font-size: 10pt">(a)</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>
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    <td>&#160;</td>
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    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No financial arrangement made pursuant to Section
78.752 may provide protection for a person adjudged by a court of competent jurisdiction, after exhaustion of all appeals, to be liable
for intentional misconduct, fraud or a knowing violation of law, except with respect to the advancement of expenses of indemnification
ordered by a court.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any discretionary indemnification pursuant to
Section 78.7502 of the Nevada Revised Statutes, unless ordered by a court or advanced pursuant to an undertaking to repay the amount if
it is determined by a court that the indemnified party is not entitled to be indemnified by the corporation, may be made by the corporation
only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper
in the circumstances. The determination must be made:</p><div>

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

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsection 7 of Section 78.138 of the Nevada Revised
Statutes provides that, subject to certain very limited statutory exceptions, a director or officer is not individually liable to the
corporation or its stockholders or creditors for any damages as a result of any act or failure to act in his or her capacity as a director
or officer, unless it is proven that the act or failure to act constituted a breach of his or her fiduciary duties as a director or officer
and such breach of those duties involved intentional misconduct, fraud or a knowing violation of law. The statutory standard of liability
established by Section 78.138 controls even if there is a provision in the corporation&#8217;s articles of incorporation unless a provision
in the corporation&#8217;s articles of incorporation provides for greater individual 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our bylaws provide that each person who was or is made a party
or is threatened to be made a party to or is involved (including, without limitation, as a witness) in any threatened, pending, or completed
action, suit or proceeding, whether formal or informal, civil, criminal, administrative or investigative (hereinafter a &#8220;proceeding&#8221;),
by reason of the fact that he or she is or was a director of or who is or was serving at our request as a director, officer, employee
or agent of this or another corporation or of a partnership, joint venture, trust, other enterprise, or employee benefit plan (a &#8220;covered
person&#8221;), whether the basis of such proceeding is alleged action in an official capacity as a covered person shall be indemnified
and held harmless by us to the fullest extent permitted by applicable law, as then in effect, against all expense, liability and loss
(including attorneys&#8217; fees, costs, judgments, fines, ERISA excise taxes or penalties and amounts to be paid in settlement) reasonably
incurred or suffered by such person in connection therewith, and such indemnification shall continue as to a person who ceased to be a
covered person and shall inure to the benefit of his or her heirs, executors and administrators.</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">However, no indemnification shall be provided
hereunder to any covered person to the extent that such indemnification would be prohibited by Nevada state law or other applicable law
as then in effect, nor, with respect to proceedings seeking to enforce rights to indemnification, shall we indemnify any covered person
seeking indemnification in connection with a proceeding (or part thereof) initiated by such person except where such proceeding (or part
thereof) was authorized by our board of directors, nor shall we indemnify any covered person who shall be adjudged in any action, suit
or proceeding for which indemnification is sought, to be liable for any negligence or intentional misconduct in the performance of a duty.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our directors may cause us to purchase and maintain
insurance for the benefit of a person who is or was serving as a director, officer, employee or agent of us or of a corporation of which
we are or were a stockholder and his heirs or personal representatives against a liability incurred by him as a director, officer, employee
or agent.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities arising
under the Securities Act of 1933 may be permitted to directors, officers or persons controlling us pursuant to 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 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 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"><b>ITEM 15. RECENT SALES OF UNREGISTERED SECURITIES</b></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">1.</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">On January 31, 2020, we issued 8,572 shares of common stock to each of Sean Gallagher, president and a director, and Strategic Pharmaceutical Consulting LLC, which is controlled by Jeff Patrick, chief scientific officer, pursuant employment agreements with Mr. Gallagher and Dr. Patrick. The employment agreements provide that each of Mr. Gallagher and Dr. Patrick receive annual compensation of $60,000, which may be paid in cash or stock. The shares were issued as compensation of $120,000 for the years ended January 31, 2020 and 2019. The shares were exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in; text-align: justify">The issuance of these shares was exempt
from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as a transaction not involving a public offering. On November
30, 2016, Mr. Sheridan transferred 1,750,000 shares of common stock to the Company and such shares were cancelled.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt; 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><table cellpadding="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">2.</td><td style="text-align: justify">On&#160;October 1, 2020, in connection with the Company&#8217;s
acquisition of Pocono Coated Products, LLC (&#8220;Pocono&#8221;), that was effective August 31, 2020, the Company issued&#160;709,939
shares of its common stock to the owners of Pocono.</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: 0.25in; text-align: left">3.</td><td style="text-align: justify">On December 9, 2020, the Company entered into a License Agreement
(the &#8220;License Agreement&#8221;) with Rambam Med-Tech Ltd., Haifa, Israel (&#8220;RamBam&#8221;), for us to develop the RAMBAM Closed
System Transfer Device (CSTD) the (&#8220;Medical Products&#8221;).&#160; As a part of the transaction with RamBam for the License Agreement,
on March 10, 2021, the Company finalized a Distribution Agreement (&#8220;Distribution Agreement&#8221;)_with BPM Inno Ltd., Kiryat,
Israel (&#8220;BPM&#8221;), providing for distribution of the Medical Products developed and produced under the License Agreement and
a Stock Purchase Agreement (&#8220;SPA&#8221;), dated December 7, 2020, providing for the purchase by BPM of 94,962 shares of common
stock at a price of 7.372.75 per share, or $700,000.&#160; The investment by BPM in our common stock under the SPA was completed on February
26, 2021.&#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: 0.25in; text-align: left">4.</td><td style="text-align: justify">On January 5, 2021, the Company issued the following numbers
of shares common stock to Company officers and members of its Board of Directors. All stock issuances were valued by the Board at $12.86
per share.</td>
</tr></table><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">11,667</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">11,667</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">11,667</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">14,583</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">11,667</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">5,833</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">14,583</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">14,583</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">5,833</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">5,833</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">11,667</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Alan Smith, Chief Operating Officer and President of 4P Therapeutics</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,963</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">5,833</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">7,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 12pt 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-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
                                            Myer owns 225,914 shares of common stock, of which 5,833 were issued on January 5, 2021,
                                            and 220,081 shares that he has the right to receive from the August 31, 2021 acquisition
                                            of Pocono Coated Products, LLC, as a distribution from escrow terminating September 30, 2021,
                                            of certain distributions under the acquisition agreement.</span></td>
</tr></table><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 10.7pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">5.</td><td style="text-align: justify">On February 6, 2021, the Company issued 94,962 shares of
common stock to BPM Inno Ltd.</td>
</tr></table><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td style="padding: 0pt; border-bottom: Black 1.5pt solid; width: 24%; text-align: center; text-indent: 0pt">Total Offering Price/<br/> Underwriting<br/> Discounts</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-align: left"><span style="font-size: 10pt">February 26, 2021</span></td><td style="padding: 0pt; text-align: left; text-indent: 0pt">&#160;</td><td style="padding: 0pt; text-indent: 0pt">&#160;</td>
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    <td style="padding: 0pt; text-align: center; text-indent: 0pt">$7.37 per share/NA</td></tr>
  </table><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p><div>

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<td style="width: 0.25in; text-align: left">6.</td><td style="text-align: justify">On October 22, 2021, the Company issued common stock purchase
warrants to designees of the underwriters and to other persons As compensation for services rendered:</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: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">Title and Amount (1)</td>
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Underwriter</td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">Total Offering Price/<br/>
Underwriting<br/>
Discounts</p></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center; width: 15%"><span style="font-size: 10pt">October 22,&#160;2021</span></td>
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  <tr style="vertical-align: top; background-color: White">
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">October 22,&#160;2021</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">Three-Year Common Stock Purchase Warrant to purchase 7,392 shares of common stock at an exercise price of $6.43.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">Craig Kaufman</span></td>
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    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">$0.01 per share/NA</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">October 22,&#160;2021</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">Three-Year Common Stock Purchase Warrant to purchase 34,496 shares of common stock at an exercise price of $6.43 per share.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">Douglas Bantum</span></td>
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    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">NA</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">$0.01 per share/NA</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">October 22,&#160;2021</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">Three-Year Common Stock Purchase Warrant to purchase 7,392 shares of common stock at an exercise price of $6.43 per share.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">Gene McNeil</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">NA</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">$0.01 per share/NA</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">October 22, 2021</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">Three-Year Common Stock Purchase Warrant to purchase 7,392 shares of common stock at an exercise price of $6.43 per share.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">Kenneth Bantum</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">NA</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">$0.01 per share/NA</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">October 22, 2021</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">Three-Year Common Stock Purchase Warrant to purchase 24,640 shares of common stock at an exercise price of $6.43per share.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">Michael Wallach</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">NA</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">$0.01 per share/NA</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">October 22, 2021</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">Three-Year Common Stock Purchase Warrant to purchase 24,640 shares of comon stock at an exercise price of $7.50 per share.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">&#160;David Beth</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">NA</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">$0.01 per share/NA</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">October 22, 2021</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">Three-Year Common Stock Purchase Warrant to purchase 87,500 shares s of common stock at an exercise price of $4.20 per share.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">Gerald Goodman, Chief Financial Officer</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">NA</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">$0.01 per share/NA</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">October 22, 2021</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">Three-Year Common Stock Purchase Warrant to purchase 58,333 shares s of common stock at an exercise price of $4.20 per share.</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">Counsel</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">NA</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">October 22, 2021</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">16,722 shares of common stock.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">Employee compensation.</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">NA</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">$84,000/NA</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">October 22, 2021</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">12,027 shares of common stock</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">Employee compensation</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">NA</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">$60,000/N/A</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">October 22, 2021</span></td>
    <td>&#160;</td>
    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">20,046 shares of common stock issued in conversion of $100,000 of debt.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">TII Jet Services</span></td>
    <td style="text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="text-align: left; vertical-align: top"><span style="font-size: 10pt">$100,000/NA</span></td></tr>
  </table><div>
</div><p style="font: 12pt Times New Roman, Times, Serif; 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: 0.25in; text-align: left">7.</td><td style="text-align: justify">As of the dates set forth below, the&#160;&#160;Company&#160;&#160;issued
shares of common stock to the persons listed below for services rendered.</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><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: 0pt; border-bottom: Black 1.5pt solid; text-align: left">Date</td><td style="text-align: center; padding-bottom: 0pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 34%; text-align: justify">May 10, 2022</td><td style="width: 1%">&#160;</td>
    <td style="width: 29%; text-align: justify">1,167 shares of common stock</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,800</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">May 10, 2022</td><td>&#160;</td>
    <td style="text-align: justify">1,167 shares of common stock</td><td>&#160;</td>
    <td style="text-align: left">Stefani Mancas, Director</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,800</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">May 10, 2022</td><td>&#160;</td>
    <td style="text-align: justify">5,833 shares of common stock</td><td>&#160;</td>
    <td style="text-align: left">Consultant</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">19,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">May 10, 2022</td><td>&#160;</td>
    <td style="text-align: justify">1,167 shares of common stock</td><td>&#160;</td>
    <td style="text-align: left">Irina Gram, Director</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,800</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">May 10, 2022</td><td>&#160;</td>
    <td style="text-align: justify">1,167 shares of common stock</td><td>&#160;</td>
    <td>Consultant</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,800</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">May 10, 2022</td><td>&#160;</td>
    <td style="text-align: justify">1,167 shares of common stock</td><td>&#160;</td>
    <td style="text-align: left">Mark Hamilton, Director</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">May 10, 2022</td><td>&#160;</td>
    <td style="text-align: justify">1,167 shares of common stock</td><td>&#160;</td>
    <td style="text-align: left">Michael Meyer</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">May 10, 2022</td><td>&#160;</td>
    <td style="text-align: justify">11,667 shares of common stock</td><td>&#160;</td>
    <td style="text-align: justify">Gareth Sheridan, CEO</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">May 10, 2022</td><td>&#160;</td>
    <td style="text-align: justify">583 shares of common stock</td><td>&#160;</td>
    <td style="text-align: justify">Employee</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,900</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">May 10, 2022</td><td>&#160;</td>
    <td style="text-align: justify">583 shares of common stock</td><td>&#160;</td>
    <td style="text-align: justify">Employee</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,900</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">May 10, 2022</td><td>&#160;</td>
    <td style="text-align: justify">583 shares of common stock</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">1,900</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: justify">583 shares of common stock</td><td>&#160;</td>
    <td style="text-align: justify">Employee</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,900</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">583 shares of common stock</td><td>&#160;</td>
    <td style="text-align: justify">Employee</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,900</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">November 8, 2022</td><td>&#160;</td>
    <td style="text-align: justify">1,887 shares of common stock</td><td>&#160;</td>
    <td style="text-align: justify">Consultant</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">7,756</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">November 8, 2022</td><td>&#160;</td>
    <td style="text-align: justify">3,000 shares of common stock</td><td>&#160;</td>
    <td style="text-align: justify">Consultant</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">12,230</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">November 8, 2022</td><td>&#160;</td>
    <td style="text-align: justify">25,000 shares of common stock</td><td>&#160;</td>
    <td style="text-align: justify">Consultant</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">102,750</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><table cellpadding="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">(1)</td><td style="text-align: justify">The issuances to directors and management and consultants
set forth above in this Item 15 are viewed by the Company as exempt from registration under the Securities Act, alternatively as transactions
either not involving any public offering, or as exempt under the provisions of Regulation D, Regulation S or Rule 701 promulgated by
the SEC under the Securities Act.</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; 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="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="vertical-align: top; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    <br/>
    Number</b>&#160;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1*</span></td>
    <td style="vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; width: 89%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Underwriting Agreement</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1A</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1676047/000121390016013961/f1012g2016ex3ia_nutriband.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
    of Incorporation.<sup>(1)</sup></span></a></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1B</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390016013961/f1012g2016ex3ib_nutriband.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
    to Articles of Incorporation, filed May 12, 2016.<sup>(1)</sup></span></a></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390020001906/f8k012120ex3-1_nutribandinc.htm"><span style="color: blue">Certificate
    of Amendment filed January 21, 2020. (Filed as Exhibit 3.1 to the Company&#8217;s Current Report on Form 8-K, filed January 27, 2020).</span></a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1C</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390022046093/ea164097ex3-1c_nutriband.htm"><span style="color: blue">Certificate
    of Change, filed with the Nevada Secretary of State on August 4, 2022.<sup>(13)</sup></span></a></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390016013961/f1012g2016ex3ii_nutriband.htm"><span style="color: blue">By-laws<sup>(1)</sup></span></a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2B</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390022004031/ea154565ex3-2a_nutriband.htm"><span style="color: blue">Amended
    and Restated By-Laws adopted January 21, 2022.<sup>(12)</sup></span></a></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390019021870/f8k103019ex4-1_nutriband.htm"><span style="color: blue">Securities
    purchase agreement dated October 29, 2019 among the Company, Jefferson Street Capital&#160;LLC and Platinum Point Capital LLC<sup>(6)</sup></span></a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390019021870/f8k103019ex4-2_nutriband.htm"><span style="color: blue">Form
    of convertible 6% promissory note issued pursuant to Exhibit 4.3<sup>(6)</sup></span></a></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390019021870/f8k103019ex4-3_nutriband.htm"><span style="color: blue">Form
    of Common Stock Purchase Warrant issued to Platinum Point Capital LLC and Jefferson Street Capital LLC<sup>(6)</sup></span></a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.14&#8224;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390021057079/ea149845ex10-1_nutribandinc.htm"><span style="color: blue">2021
    Employee Stock Option Plan.<sup>(11)</sup></span></a></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.15&#8224;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390021057079/ea149845ex10-2_nutribandinc.htm"><span style="color: blue">Form
    of Stock Option Grant Notice.<sup>(11)</sup></span></a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    of Michael Paige Law PLLC.</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390016013961/f1012g2016ex10i_nutriband.htm"><span style="color: blue">Share
    exchange agreement dated January 15, 2016 by and among the Company, Nutriband Limited, an Ireland corporation, and Gareth Sheridan
    and/or his nominee<sup>(1)</sup></span></a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390018004227/f8k041018ex99-2_nutriband.htm"><span style="color: blue">Acquisition
    agreement dated April 5, 2018 between the Company and 4P Therapeutics LLC.<sup>(3)</sup></span></a></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5&#8224;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390019006792/f10k2019ex10-4_nutribandinc.htm"><span style="color: blue">Form
    of agreement with independent directors.<sup>(4)</sup></span></a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390019006792/f10k2019ex10-5_nutribandinc.htm"><span style="color: blue">Exclusive
    master distribution agreement dated April 13, 2018 between the Company and EMI-Korea (Best&#160;Choice), Inc.<sup>(4)</sup></span></a></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.15&#8224;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390020012861/ea122002ex10-15_nutriband.htm"><span style="color: blue">Employment
    Agreement, dated April 23, 2019, between Gareth Sheridan and the Company.<sup>(5)</sup></span></a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.16&#8224;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390020012861/ea122002ex10-16_nutriband.htm"><span style="color: blue">Employment
    Agreement, dated April 23, 2019, between Serguei Melnik and the Company.<sup>(5)</sup></span></a></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.17&#8224;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390020012861/ea122002ex10-17_nutriband.htm"><span style="color: blue">Employment
    Agreement, dated February 19, 2019, between Jeffrey Patrick and the Company.<sup>(5)</sup></span></a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.18&#8224;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390020012861/ea122002ex10-18_nutriband.htm"><span style="color: blue">Employment
    Agreement, dated January 1, 2018, between Sean Gallagher and the Company.<sup>(5)</sup></span></a></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.19</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390020025377/ea126478ex10-19_nutribandinc.htm"><span style="color: blue">Purchase
    Agreement, dated August 31, 2020, by and among the Company and Pocono Coated Products, LLC.<sup>(7)</sup></span></a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.20</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390020025377/ea126478ex10-20_nutribandinc.htm"><span style="color: blue">Security
    Agreement, between the Company and Pocono Coated Products, LLC.<sup>(7)</sup></span></a></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.21</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390020025377/ea126478ex10-21_nutribandinc.htm"><span style="color: blue">Promissory
    Note Issued by the Company on August 31, 2020 to Pocono Coated Products, LLC.<sup>(7)</sup></span></a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.22</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390021014753/ea137408ex10-22_nutriband.htm"><span style="color: blue">License
    Agreement, dated December 9, 2020, between the Company and Rambam Med-Tech Ltd.<sup>(8)</sup></span></a></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.23</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390021014753/ea137408ex10-23_nutriband.htm"><span style="color: blue">Distribution
    Agreement, dated March 26, 2021, between the Company and BPM Inno Ltd.<sup>(8)</sup></span></a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.24</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390021014753/ea137408ex10-24_nutriband.htm"><span style="color: blue">Stock
    Purchase Agreement, dated December 7, 2020, between the Company and BPM Inno Ltd.<sup>(8)</sup></span></a></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.25</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390021046170/ea146824ex10-25_nutriband.htm"><span style="color: blue">Amendment
    No. 1 to Purchase Agreement, dated August 31, 2020, by and among the Company and Pocono Coated Products, LLC<sup>(8a)</sup></span></a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.26</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390021052451/ea148731ex10-26_nutriband.htm"><span style="color: blue">Services
    Agreement dated&#160;&#160;October 4, 2021, between Active Intelligence, LLC and Diomics Corporation.<sup>(10)</sup></span></a></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.27&#8224;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390022004031/ea154565ex10-27_nutriband.htm"><span style="color: blue">Employment
    Agreement effective February 1, 2022, between the Company and Gareth Sheridan.<sup>(12)</sup></span></a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.28&#8224;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390022004031/ea154565ex10-28_nutriband.htm"><span style="color: blue">Employment
    Agreement effective February 1, 2022, between the Company and Serguei Melnik.<sup>(12)</sup></span></a></span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.29&#8224;</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1676047/000121390022004031/ea154565ex10-29_nutriband.htm"><span style="color: blue">Employment
    Agreement effective February 1, 2022, between the Company and Gerald Goodman.<sup>(12)</sup></span></a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1*</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">List
    of Subsidiaries of Nutriband Inc.</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ea178092ex23-1_nutribandinc.htm">Consent
    of Sadler, Gibb and Associates, LLC, filed herewith.</a></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2 *</span></td>
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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><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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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>(b) Financial Statement Schedules</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">All schedules have been omitted because either
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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"><b>Item 17. Undertakings.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(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; (ii) To reflect in the prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from
the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC 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 &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; (iii) To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement; <i>provided, however</i>, that paragraphs (1)(i), (ii), and (iii) of
this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in
reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange
Act of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the 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: 0pt 0; text-align: justify">(2) That, for the purpose of determining any liability
under the Securities Act of 1933, 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 <i>bona fide</i> offering
thereof.</p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) That, for the purpose of determining liability
under the Securities Act of 1933 to any purchaser: each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating
to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall
be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; <i>provided, however,</i>
that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated
or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as
to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first
use.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) That, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant&#8217;s annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to section
15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.</p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities arising
under the Securities Act of 1933 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 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"></p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, as amended, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized in the City of Orlando, State of Florida on&#160; May 9, 2023.</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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    <td style="width: 4%"><span style="font-size: 10pt">By: </span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, 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">&#160;</p><div>

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

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As filed with the Securities and Exchange Commission
on May 10, 2023
Registration No. 333-_____
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
S-1
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
Nutriband Inc.
(Exact name of registrant as specified in its charter)
Nevada
2834
81-1118176
(State or jurisdiction of
incorporation or organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification No.)
121 South Orange Ave., Suite 1500
Orlando, Florida 32801
(407) 377-6695
(Address and telephone number of principal executive
offices)
Gareth Sheridan, Chief Executive Officer
Nutriband Inc.
121 South Orange Ave., Suite 1500
Orlando, Florida 32801
(407) 377-6695
(Name, address, including zip code, and telephone
number, including area code, of agent for service)
Copies to:
Michael Paige
Michael Paige Law PLLC
2300 N Street, NW, Suite 300
Washington, DC 20037
(202) 363-4791
Fax: (202) 457-1678
APPROXIMATE DATE OF PROPOSED SALE TO PUBLIC:
As soon as practicable after this registration
statement becomes effective.
If any 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, other than securities offered
only in connection with dividend or interest reinvestment plans, check the following box:
☒
If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering
☐
If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering.
☐
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, a 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 to Section 7(a)(2)(B) of the Securities Act.
☒
The information in
this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer
to buy these securities in any state where the offer or sale is not permitted.
PRELIMINARY PROSPECTUS,
SUBJECT TO COMPLETION, DATED MAY 9, 2023
[*] Shares of Common
Stock
Nutriband Inc.
We are offering [*] shares of common stock,
par value $0.001 per share (the "Shares"). The public offering price per share of common stock will be determined by us
at the time of pricing and may be at a discount to the current market price. The assumed offering price used throughout this
prospectus may not be indicative of the final offering price. All of the shares included in this offering are being sold by us.
We have granted the underwriters an option to purchase up to an additional
[*] Shares.
Our common stock is traded on the NASDAQ Capital Market under the symbol
"NTRB. On May 8, 2023, the last reported sale price of our common stock was $3.415 per share.
We are an "emerging growth company"
as that term is used in the Jumpstart Our Business Startups Act of 2012, and as such, we have elected to take advantage of certain reduced
public company reporting requirements for this prospectus and future filings. See "Risk Factors" and "Prospectus Summary
—Implications of Being an Emerging Growth Company."
Investing in our common stock involves risks.
See "Risk Factors" beginning on page 7.
Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.
Per
    Share
Total
Price
    to the public
$
$
4,000,000
Underwriting
    discounts and commissions
$
$
280,000
Proceeds
    to us (before expenses)
(1)(2)
$
$
3,720,000
(1)
The public offering price and underwriting discount and commissions in respect of each Share corresponds to the public offering price per share of common stock of $[*].
(2)
Does not include (i)a non-accountable expense allowance equal to 1% of the gross proceeds of this offering payable to the underwriters, or the reimbursement of certain expenses of the underwriters, or (ii) common stock purchase warrants issuable to the underwriters to purchase that number of shares of common stock equal to 5% of the number  of Shares sold in the offering at a price per shares equal to the price at which Shares are sold in the offering . We refer you to "Underwriting" beginning on page 60 of this prospectus for additional information regarding underwriting compensation.
We have granted the underwriters the option for
a period of 45 days to purchase up to an additional [*] shares of common stock (equal to 15% of the number of shares of common stock
sold in the offering) from us at the public offering price per share of common stock, less underwriting discounts and commissions, solely
to cover over-allotments, if any.
The underwriters expect to deliver the shares
of common stock to purchasers in the offering against payment on [*], 2023.
Sole Book-Runner
JOSEPH GUNNAR & CO., LLC
The date of this prospectus is     ,
2023.
TABLE OF CONTENTS
Page
Prospectus Summary
1
The Offering
5
Selected Consolidated Financial Data
6
Risk Factors
7
Use of Proceeds
29
Dividend Policy
29
Capitalization
30
Market for Common Stock and Related Stockholder Matters
30
Dilution
31
Management's Discussion and Analysis of Financial Condition and Results of Operations
32
Business
38
Management
47
Executive Compensation
52
Principal Stockholders
Certain Relationships and Related Party Transactions
55
Description of Securities
56
Shares Eligible for Future Sale
59
Underwriting
60
Legal Matters
64
Experts
64
Interests of Named Experts and Counsel
64
Where You Can Find More Information
64
Index to Consolidated Financial Statements
F-1
You should rely only on the information contained
in this prospectus and in any free writing prospectus prepared by or on behalf of us and delivered or made available to you. Neither we
nor the underwriters have authorized anyone to provide you with additional or different information. We are offering to sell, and seeking
offers to buy, shares of our common stock only in jurisdictions where offers and sales are permitted. The information contained in this
prospectus or a free writing prospectus is accurate only as of its date, regardless of its time of delivery or of any sale of shares of
our common stock. Our business, financial condition, operating results, and prospects may have changed since that date, and neither the
delivery of this prospectus nor any sale made in connection with this prospectus shall, under any circumstances, create any implication
that there has been no change in our affairs since the date of this prospectus or that the information contained by reference to this
prospectus is correct as of any time after its date.
References to "we," "us,"
"our" and words of like import refer to us and our subsidiaries, including 4P Therapeutics LLC following our acquisition of
4P Therapeutics on August 1, 2018, and certain assets of Pocono Coated Products, LLC, on August 31, 2020, unless the context indicates
otherwise. All share and per-share numbers are post-split numbers, reflecting the forward split effective August 12, 2022.
For investors outside the United States: Neither
we nor any of the underwriters have 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 in 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 shares
of common stock and the distribution of this prospectus outside of the United States.
Industry and Market Data
The market data and certain other statistical
information used throughout this prospectus are based on independent industry publications, government publications and other published
independent sources. Some data is also based on our good faith estimates. The industry in which we operate is subject to a high degree
of uncertainty and risk due to a variety of factors, including those described in the section entitled "Risk Factors." These
and other factors could cause results to differ materially from those expressed in these publications.
i
PROSPECTUS SUMMARY
This summary highlights information contained
elsewhere in this prospectus. This summary does not contain all the information you should consider before investing in the securities.
However, you should read the entire prospectus carefully, including the "Risk Factors," "Management's Discussion
and Analysis of Financial Condition and Results of Operations," and our financial statements, including the notes thereto, appearing
elsewhere in this prospectus.
Our Business
Overview
Nutriband Inc. (the "Company", "Nutriband",
"we" or "us"), was incorporated in Nevada in January 2016. Our primary business is the development of a portfolio
of transdermal pharmaceutical products. Our development pipeline consists of transdermal products that are based on our proprietary AVERSA®
abuse deterrent transdermal technology that we believe can be incorporated into existing transdermal patches that contain drugs that are
susceptible to abuse and misuse. We operate in two distinct business segments: pharmaceuticals and medical devices. Our principal offices
are located in Orlando, Florida, and we primarily operate and derive most of our revenues in the United States.
Our lead product under development is AVERSA Fentanyl,
an abuse deterrent fentanyl transdermal system that combines an approved generic fentanyl patch with our AVERSA abuse deterrent technology
to reduce the abuse and misuse of fentanyl patches. We believe that AVERSA technology can be broadly applied to various transdermal products,
and our plan is to follow the development of our abuse deterrent fentanyl transdermal system with the development of additional transdermal
abuse deterrent products for pharmaceuticals that have a risk or history of abuse. Specifically, we have expanded our development pipeline
to include AVERSA Buprenorphine and AVERSA Methylphenidate. In addition, we are developing a portfolio of transdermal pharmaceutical products
to deliver already approved drugs or biologics that are typically delivered by injection but with the potential to improve compliance
and therapeutic outcomes through transdermal delivery.
We have a feasibility agreement with Kindeva Drug
Delivery, formerly 3M Drug Delivery ("Kindeva"), for the development of AVERSA Fentanyl using Kindeva's FDA approved
Fentanyl patch. The feasibility agreement is focused on adapting Kindeva's commercial transdermal manufacturing process to incorporate
AVERSA abuse deterrent technology.
1
Selected Risks Associated with our Business
and Operations
Our business is subject to significant risks,
which are disclosed in more detail under "Risk Factors," which begins on page 7, as a result of which an investment in
our common stock is highly speculative and could result in the loss of your entire investment. Significant risks include, but are not
limited to, the following:
●
Our business could be adversely affected by the effects of health pandemics or epidemics, including the recent outbreak of COVID-19, which was declared by the World Health Organization as a global pandemic, and is resulting in travel and other restrictions to reduce the spread of the disease, including state and local orders across the country, which, among other things, direct individuals to shelter at their places of residence, direct businesses and governmental agencies to cease non-essential operations at physical locations, prohibit certain non-essential gatherings, and order cessation of non-essential travel. The effects of these orders, government-imposed quarantines and measures we would take, such as work-from-home policies, may negatively impact productivity, disrupt our business and could delay our clinical programs and timelines, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on our ability to conduct our business in the ordinary course. These and similar, and perhaps more severe, disruptions in our operations could negatively impact our business, operating results and financial condition. Further, quarantines, shelter-in-place and similar government orders, or the perception that such orders, shutdowns or other restrictions on the conduct of business operations could occur, related to COVID-19 or other infectious diseases could impact personnel at third-party manufacturing facilities in the United States and other countries, or the availability or cost of materials, which could disrupt our supply chain.
●
If we do not raise substantial funds subsequent to the completion of this offering, we may not be able to develop our lead product and we may have to grant rights to our product on unfavorable terms in order to complete the development of this product. The completion of the development of our lead product may take longer or be more expensive than we anticipate.
●
The FDA regulatory process may take longer and be more expensive than we anticipate without any assurance that we will obtain FDA approval.
●
If we are not able to obtain FDA approval for our lead product, we may not have the resources to develop any other product, and we may not be able to continue in business.
●
We may not be able to launch any products for which we receive FDA marketing approval.
●
We may not be able to establish a distribution network for the marketing and sale of any products for which we receive FDA approval.
2
●
We may not be able to establish manufacturing facilities in compliance with FDA good manufacturing practices or to enter into manufacturing agreements for the manufacture of our products in an FDA approved manufacturing facility.
●
It may be necessary to us to enter into a joint venture or other strategic relationship in order to develop, perform clinical testing for, manufacture or market any of our proposed products. We may not be able to enter into such a relationship, and any relationship may not be successful, and the other party may have business interests and priorities that are different from ours.
●
We are party to a settlement agreement with the SEC resulting from statements in our SEC filings that did not accurately reflect the FDA's jurisdiction over our consumer products and did not disclose that we could not legally market these products in the United States. The settlement included a cease-and-desist order against violating the provisions of the Securities Exchange Act which require us to file accurate registration statements and annual reports with the SEC. Our failure to comply with our obligations under the settlement agreement could result in enforcement proceedings against us or our officers.
●
We may not be able to protect our rights in our intellectual property, and we may be subject to intellectual property litigation which would be expensive and disruptive of our operations even if we eventually prevail on the merits.
●
Unanticipated side effects or other adverse events resulting from the use of our product could require a recall of our products and, even if no recall is required, our reputation could be impaired by side effects.
●
We may not be able to evaluate potential acquisition candidates, with the result that we may not be able to benefit from the acquisition or integrate the acquired business with our business. We have recently incurred an impairment charge as a result of an acquisition when the intellectual property assets of the acquired company were not as represented. We cannot assure you that we will not incur similar or other problems with any future acquisitions.
●
We may fail to comply with all applicable laws and regulations relating to our product. We may have to change or adapt our operations in the event of changes in national, regional and local government regulations, taxation, controls and political and economic developments that affect our products and the market for our products;
●
We may be unable to accurately estimate anticipated expenses, capital requirements and needs for additional financing;
3
Our Organization
We are a Nevada corporation, incorporated on January
4, 2016. In January 2016, we acquired Nutriband Ltd, an Irish company which was formed by Gareth Sheridan, our chief executive officer,
in 2012 to enter the health and wellness market by marketing transdermal patches. Our corporate headquarters are located at 121 S. Orange
Ave. Suite 1500, Orlando, Florida 32801, telephone (407) 377-6695. Our website is
www.nutriband.com
. Information contained on or
available through our website or any other website does not constitute a portion of this prospectus.
Recent Financings
On October 5, 2021, the Company, having
been approved for the listing of its common stock on The Nasdaq Capital Market effective October 1, 2021, consummated a public offering
(the "IPO") of units (the "Units"), of common stock and warrants that were offered in the IPO on The Nasdaq Capital
Market, which included 1,232,000 (each a "Unit"), each Unit consisting of one share of common stock, par value $0.001 per
share, and one warrant (each a "Warrant") at a price of $5.36 per Unit. Each Warrant is immediately exercisable, will entitle
the holder to purchase one share of common stock at an exercise price of $6.43 and will expire five (5) years from the date of issuance.
The underwriters' over-allotment option was exercised for 184,800 warrants to purchase shares of common stock bringing to total
net proceeds to the Company from the IPO to $5,836,230. The shares of common stock and Warrants are separately transferred immediately
upon issuance. As of May 5, 2023, 457,795 Warrants issued in the IPO have been exercised, with net proceeds to the Company of $2,942,970.
Implications of Being an Emerging Growth Company
As a company with less than $1.07 billion in revenue
during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups
Act of 2012, or the JOBS Act. An emerging growth company may take advantage of reduced reporting requirements that are otherwise generally
applicable to public companies, although as a smaller reporting company we are taking advantage of reduced reporting requirements. In
particular, as an emerging growth company, we:
●
may present only two years of audited financial statements and related disclosure under Management's Discussion and Analysis of Financial Condition and Results of Operations, or MD&A;
●
are not required to provide a detailed narrative disclosure discussing our compensation principles, objectives and elements and analyzing how those elements fit with our principles and objectives, which is commonly referred to as "compensation discussion and analysis";
●
are not required to obtain an attestation and report from our auditors on our management's assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;
●
are not required to obtain a non-binding advisory vote from our stockholders on executive compensation or golden parachute arrangements (commonly referred to as the "say-on-pay," "say-on frequency" and "say-on-golden-parachute" votes);
●
are exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and chief executive officer pay ratio disclosure;
●
will not be required to conduct an evaluation of our internal control over financial reporting until two years after the effective date of the registration statement of which this prospectus is a part.
We intend to take advantage of all of these reduced
reporting requirements and exemptions. However, since we have already adopted certain new or revised accounting standards under §107
of the JOBS Act, we are not able to take advantage of the delayed phase in of the new or revised accounting standards.
Under the JOBS Act, we may take advantage of the
above-described reduced reporting requirements and exemptions for up to five years after our initial sale of common equity pursuant to
a registration statement declared effective under the Securities Act of 1933, as amended, or such earlier time that we no longer meet
the definition of an emerging growth company. The JOBS Act provides that we would cease to be an "emerging growth company"
if we have more than $1.07 billion in annual revenues (as adjusted for inflation), have more than $700 million in market value of our
common stock held by non-affiliates, or issue more than $1 billion in principal amount of non-convertible debt over a three-year period.
Under current Securities and Exchange Commission, or SEC, rules, however, we will continue to qualify as a "smaller reporting company"
for so long as we have either (i) a public float (i.e., the market value of common equity held by non-affiliates) of less than $250 million
as of the last business day of our most recently completed second fiscal quarter or (ii) annual revenues of less than $100 million and
a public float of less than $700 million.
4
THE OFFERING
Shares offered by us:
[*] shares of common stock.
Common stock outstanding prior to this offering:
(1)
7,833,150 shares of common stock.
Common stock to be outstanding upon completion of this offering:
(2)
[*] shares, [*] shares if the underwriters' over-allotment option
is exercised in full).
Option to purchase additional shares
The
    underwriters have an option for a period of 45 days to purchase up to an additional [*] shares of our common stock (equal to
    15% of the number of shares of common stock sold in the offering), from us in any combination thereof.
Use of proceeds:
We intend to use the net proceeds of this offering, estimated at approximately $[*] million primarily for research and development of our abuse deterrent fentanyl transdermal system and for working capital and other corporate purposes. See "Use of Proceeds."
Dividend policy:
We do not anticipate paying any cash dividends on our common stock. We expect that, for the foreseeable future, any earnings will be reinvested in our business.
Listing and trading symbol:
Our symbol on the Nasdaq Stock Market  is NTRB.
Risk Factors:
You should
    carefully read and consider the information set forth under the heading "Risk Factors," beginning on page 7 of this
    prospectus and all other information set forth in this prospectus before deciding to invest in our common stock.
(1)
As of [*], 2023.
(2)
The number of shares outstanding does not include [*] shares which may be issued upon exercise of outstanding warrants.
5
SELECTED CONSOLIDATED FINANCIAL DATA
The following information as of January 31, 2023
and 2022, and for years then ended, has been derived from our audited consolidated financial statements which appear elsewhere in this
prospectus. The following information as of January 31, 2023 and 2022, has been derived from our unaudited consolidated financial statements
which appear elsewhere in this prospectus.
Statement of Operations Information:
The following information as of January
31, 2023 and 2022, and for years then ended, has been derived from our audited consolidated financial statements which appear
elsewhere in this prospectus.
Statement of Operations Information:
2023
2022
Revenue
$
2,079,609
$
1,422,154
Cost of revenue
1,329,200
917,844
Selling, general and administrative expenses
3,916,041
4,022,824
Net (loss)
(4,483,474
)
(6,372,715
)
Net (loss) per share of common stock (basic and diluted)
$
(0.53
)
$
(0.80
)
Weighted average shares of common stock outstanding (basic and diluted)
8,459,547
7,932,895
Balance Sheet Information:
January 31,
2023
2022
Current assets
$
2,693,745
$
5,465,368
Working capital surplus
1,945,132
4,686,112
Accumulated deficit
(22,494,705
)
(18,011,231
)
Stockholders' equity
8,572,990
11,859,285
6
RISK FACTORS
An investment in our common stock involves
a high degree of risk. You should carefully consider the risks described below together with all of the other information included in
this prospectus before making an investment decision with regard to our securities. The statements contained in this prospectus include
forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those
set forth in or implied by forward-looking statements. The risks set forth below are not the only risks facing us. Additional risks and
uncertainties may exist that could also adversely affect our business, prospects or operations. If any of the following risks actually
occurs, our business, financial condition or results of operations could be harmed. In that case, the trading price of our common stock
could decline, and you may lose all or a significant part of your investment.
Risks Concerning our Business
Because we are an early-stage company with
minimal revenue and a history of losses and we expect to continue to incur substantial losses for the foreseeable future, we cannot assure
you that we can or will be able to operate profitably.
During the year ended January 31, 2023, we generated
revenues of $2,079,609, a loss of $4,483,474 and a negative cash flow from operations of $2,987,198. As of January 31, 2023, we had a
working capital surplus of $1,945,132, as compared with a working capital surplus of $4,686,112 as of January 31, 2022. We are subject
to the risks common to start-up, pre-revenue enterprises, including, among other factors, undercapitalization, cash shortages, limitations
with respect to personnel, financial and other resources and lack of revenues. Drug development companies typically incur substantial
losses during the product development and FDA testing phase of the business and do not generate revenues until after the drug has received
FDA approval, which cannot be assured, and until the company has started to sell the product. We can give no assurance that we can or
will ever be successful in achieving profitability and the likelihood of our success must be considered in light of our early stage of
operations. We cannot assure you that we will be able to operate profitably or generate positive cash flow. If we cannot achieve profitability,
we may be forced to cease operations and you may suffer a total loss of your investment.
The Russian/Belarus-Ukrainian conflict
may adversely affect our business, financial condition and results of operations.
In February 2022, the
Russian Federation and Belarus commenced a military action with the country of Ukraine. The specific impact on our 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 conflict could have a material adverse effect on our financial condition,
results of operations, and cash flows. To date, this conflict is having a destabilizing effect on the world's economy, resulting
in higher energy prices and inflationary pressures generally in the world's economy, as well as possible supply chain restraints,
which negatively affects the world's economy generally and possibly our ongoing operations specifically. The duration of this conflict,
as well as its effects on the world economy are not known at this point. These factors may lead to a lack of certainty or other changes
in the capital markets and limit or reduce our potential for raising the additional capital that we will require to execute our business
plan in a timely fashion.
Our business will
be likely be adversely affected by the COVID-19 pandemic.
The COVID-19 pandemic and the response to the
pandemic will affect our business in a number of ways, including, but are not limited to, the following:
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Our ability to raise financing for our operations and to enter into a joint venture agreement may be affected by both the willingness and ability of potential financing sources and potential joint venture partners to invest in an undercapitalized business, particularly at a time when the potential financing source or joint venture partner may need to devote its resources to existing portfolio companies or joint ventures which may be in need of financing.
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The decision by investors who would invest in early-stage pharmaceutical companies to limit their financing efforts to companies that are dealing with products or services related to COVID-19 diagnosis or treatment.
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The effect of recent stock market decline on the willingness of investors to make an investment in our securities.
Because we do not have a product we can
market in the United States, we cannot predict when or whether we will operate profitably.
Our lead product, which is our abuse deterrent
fentanyl transdermal system, is currently in development and is not yet approved by the FDA in the United States or by any other regulatory
agency in any other country. We do not have any product that we can market in the United States. Because of the numerous risks and uncertainties
associated with product development, we cannot assure you that we will be able to develop and market any products or achieve or attain
profitability. If we are able to obtain financing for our operations, we expect that we will incur substantial expenses as we continue
with our product development programs and clinical trials. Further, if we are required by applicable regulatory authorities, including
the FDA as well as the comparable regulatory agencies in other countries in which we may seek to market product, to perform studies in
addition to those we currently anticipate, our expenses will increase beyond expectations and the timing of any potential product approval
may be delayed. As a result, we expect to continue to incur substantial losses and negative cash flow for the foreseeable future.
A number of factors, including, but not limited to the following,
may affect our ability to develop our business and operate profitably:
●
our ability to obtain necessary funding to develop our proposed products;
●
the success of clinical trials for our products;
●
our ability to obtain FDA approval for us to market any proposed product in our pipeline in the United States;
●
any delays in regulatory review and approval of product in development;
●
if we obtain FDA approval to market our product, our ability to establish manufacturing and distribution operations or entering into manufacturing and distribution agreements with qualified third parties;
●
market acceptance of our products;
●
our ability to establish an effective sales and marketing infrastructure;
●
our ability to protect our intellectual property;
●
competition from existing products or new products that may emerge;
●
the ability to commercialize our products;
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potential product liability claims and adverse events;
●
our ability to adequately support future growth; and
●
our ability to attract and retain key personnel to manage our business effectively.
Our failure to develop our abuse deterrent
fentanyl transdermal system will impair our ability to continue in business.
Our lead product is our abuse deterrent fentanyl
transdermal system, and we are devoting our resources primarily to developing this product to enable us to obtain FDA approval and to
market the product. If we are not able to obtain necessary financing to develop, obtain FDA marketing approval and market this product
successfully, we may not have the resources to develop additional products, and we may not be able to continue in business.
Before we can market in the United States
any product which is classified by the FDA as a drug, we must obtain FDA marketing approval.
Our proposed transdermal products are drug-device
combinations that are considered by the FDA to be drugs, which require approval by the FDA. In order to obtain FDA approval, it is necessary
to conduct a series of preclinical and clinical tests to confirm that the product is safe and effective. Even though the medication that
is being delivered through our transdermal patch may have already received FDA approval, because we are changing the dosage form or route
of administration, we will need to complete, to the FDA's satisfaction, all of the studies required to demonstrate safety and efficacy.
At any point, the FDA could ask us to perform additional tests or to refine and redo a test that we had previously completed. The process
of obtaining FDA approval could take many years, with no assurance that the FDA will approve the product. The FDA also will need to approve
the manufacturing process and the manufacturing facility.
We may need to rely on a contract research organization to conduct
our preclinical and clinical trials.
Although we believe that we, through 4P Therapeutics,
have the capabilities to conduct preclinical studies and early- stage clinical studies in house, we may need to rely on third party contract
research organizations to conduct our pivotal preclinical and clinical trials. Our failure or the failure of the contract research organization
to conduct the trials in compliance with FDA regulations could possibly derail our obtaining FDA approval and could require us to redo
any preclinical or clinical trials which we or the contract research organization administered.
We may encounter delays in completing clinical
trials, which would increase our costs and delay market entry.
We may experience delays in completing the clinical
trials necessary for FDA approval. These delays may result from a number of factors which could prevent us from starting the trial on
time or completing the study in a timely manner, which may include factors out of our control. Since we may need to rely on third parties
for supplying us with the drug and transdermal patches used in the trials, there may be various reasons for us to experience a delay in
obtaining the clinical materials required to start each clinical trial, which may include factors out of our control. Clinical trials
can be delayed or terminated for a number of reasons, including delay or failure to:
●
obtain necessary financing;
●
obtain regulatory approval to commence a trial;
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reach agreement on acceptable terms with prospective contract research organizations, investigators and clinical trial sites, the terms of which may be subject to extensive negotiation and vary significantly among different research organizations and trial sites;
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obtain institutional review board approval at each site;
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enlist suitable patients to participate in a trial;
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have patients complete a trial or return for post-treatment follow-up;
●
ensure clinical sites observe trial protocol or continue to participate in a trial;
●
address any patient safety concerns that arise during the course of a trial;
●
address any conflicts with new or existing laws or regulations;
●
add a sufficient number of clinical trial sites; or
●
manufacture sufficient quantities of the product candidate for use in clinical trials.
Patient enrollment is also a significant factor
in the timely completion of clinical trials and is affected by many factors, including the size and nature of the patient population,
the proximity of patients to clinical sites, the eligibility criteria for the trial, the design of the clinical trial, competing clinical
trials and clinicians' and patients' perceptions as to the potential advantages of the drug being studied in relation to available
alternatives, including any new drugs or treatments that may be approved for the indications we are investigating.
We may also encounter delays if a clinical trial
is suspended or terminated by us, by the independent review boards of the institutions in which such trials are being conducted, by the
trial's data safety monitoring board, or by the FDA. Such authorities may suspend or terminate one or more of our clinical trials
due to a number of factors, including our failure to conduct the clinical trial in accordance with relevant regulatory requirements or
clinical protocols, inspection of the clinical trial operations or trial site by the FDA resulting in the imposition of a clinical hold,
unforeseen safety issues or adverse side effects, failure to demonstrate a benefit from using a drug, changes in governmental regulations
or administrative actions or lack of adequate funding to continue the clinical trial.
If we experience delays in carrying out or completing
clinical trials for any product candidates, the commercial prospects of our product candidates may be harmed, and our ability to generate
revenues from any of these product candidates will be delayed. In addition, any delays in completing our clinical trials will increase
our costs, slow down the product development and approval process and jeopardize our ability to commence product sales and generate revenues.
Any of these occurrences may significantly harm our business and financial condition. In addition, many of the factors that cause, or
lead to, a delay in the commencement or completion of clinical trials may also ultimately lead to the denial of regulatory approval of
our product candidates.
Our ability to finance our operations and
generate revenues depends on the clinical and commercial success of our abuse deterrent fentanyl transdermal system and our other related
product candidates and failure to achieve such success will negatively impact our business.
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Our prospects, including our ability to finance
our operations and generate revenues, depend on the successful development, regulatory approval and commercialization of our abuse deterrent
fentanyl transdermal system, which itself requires substantial financing, as well as our other product candidates. The clinical and commercial
success of our product candidates depends on a number of factors, many of which are beyond our control, including:
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the FDA's acceptance of our parameters for regulatory approval relating to our product candidates, including our proposed indications, primary endpoint assessments, primary endpoint measurements and regulatory pathways;
●
the FDA's acceptance of the number, design, size, conduct and implementation of our clinical trials, our trial protocols and the interpretation of data from preclinical studies or clinical trials;
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the FDA's acceptance of the sufficiency of the data we collect from our preclinical studies and pivotal clinical trials to support the submission of a New Drug Application, known as an NDA, without requiring additional preclinical or clinical trials;
●
the FDA's acceptance of our abuse deterrent labelling relating to our products, including our abuse deterrent fentanyl transdermal system;
●
when we submit our NDA upon completion of our clinical trials, the FDA's willingness to schedule an advisory committee meeting, if applicable, in a timely manner to evaluate and decide on the approval of our NDA;
●
the recommendation of the FDA's advisory committee, if applicable, to approve our application without limiting the approved labelling, specifications, distribution or use of the products, or imposing other restrictions;
●
our ability to satisfy any issued raised by the FDA in response to our test data;
●
the FDA's satisfaction with the safety and efficacy of our product candidates;
●
the prevalence and severity of adverse events associated with our product candidates;
●
the timely and satisfactory performance by third party contractors of their obligations in relation to our clinical trials;
●
if we receive FDA approval, our success in educating physicians and patients about the benefits, administration and use our product candidates;
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our ability to raise additional capital on acceptable terms in order to achieve conduct the necessary clinical trials;
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the availability, perceived advantages and relative cost of alternative and competing treatments;
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the effectiveness of our marketing, sales and distribution strategy and operations;
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our ability to develop, validate and maintain a commercially viable manufacturing process that is compliant with current good manufacturing practices;
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our ability to obtain, protect and enforce our intellectual property rights;
●
our ability to bring an action timely for patent infringement arising out of the filing of ANDAs by generic companies seeking approval to market generic versions of our products, if applicable, before the expiry of our patents; and
●
our ability to avoid third party claims of patent infringement or intellectual property violations.
If we fail to achieve these objectives or to overcome
the challenges presented above, many of which are beyond our control, in a timely manner, we could experience significant delays or an
inability to successfully commercialize our product candidates. Accordingly, even if we obtain FDA approval to market our products, we
may not be able to generate sufficient revenues through the sale of our products to enable us to continue our business.
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Since we do not have commercial manufacturing
capability, if we are unable to establish manufacturing facilities, we may have to enter into a manufacturing agreement with a manufacturer
that has been approved by the FDA.
Any commercial manufacturer of our products and
the manufacturing facilities where we make our commercial products will be subject to FDA inspection. Part of the process of seeking FDA
approval to market our products is the FDA's approval of the manufacturing process and facility. Although we may establish our own
manufacturing facilities, the establishment of a manufacturing facility is very costly, and, unless we obtain funding for that purpose,
it would be necessary for us to engage a contract manufacturer who has experience is manufacturing FDA-approved transdermal products.
By relying on a contract manufacturer, we will be dependent upon the manufacturer, whose interests may be different from ours. Any contract
manufacturer will be responsible for product quality and for meeting regulatory requirements. If the manufacturer does not meet our quality
standards and delivers products that do not meet our specifications, we may both incur liability for breach of our warranty to our customer,
as well as liability for any adverse events, including death, that may result from the use, abuse or accidental misuse of the product.
Regardless of whether we are able to make a claim against the contract manufacturer, our reputation may be harmed and we may lose business
as a result. Further, the contract manufacturer may have other customers and may allocate its resources based on the contract manufacturer's
interest rather than our interest. Furthermore, we may not be able to assure ourselves that we will get favorable pricing.
If we or any third-party manufacturer fails
to comply with FDA current good manufacturing practices, we may not be able to sell our products until and unless the manufacture becomes
compliant.
All FDA approved drugs, including our proposed
transdermal products, must be manufactured in accordance with good manufacturing practices. All manufacturing facilities are inspected
by the FDA as a matter of routine inspection or for a specific cause. If a manufacturer fails to comply with all applicable regulations,
the FDA can prohibit us from distributing products manufactured in those facilities, whether they are a contract manufacturer or own facility.
Failure to be in compliance with good manufacturing practices could result in the FDA closing the facilities or limiting our use of the
facilities.
If the FDA implements Risk Evaluation and
Mitigation Strategies policies for any of our proposed products, we will need to comply with such policies before we can obtain FDA approval
or the product.
The Food and Drug Administration Amendments Act
of 2007 gave FDA the authority to require a Risk Evaluation and Mitigation Strategy (REMS) from manufacturers to ensure that the benefits
of a drug or biological product outweigh its risks. If one of our proposed product candidates does receive regulatory approval, the approval
may be limited to specific conditions and dosages or the indications for use may otherwise be limited, which could restrict the commercial
value of the product. The FDA may require a REMS, which can include a medication guide, patient package insert, a communication plan,
elements to assure safe use and implementation system, and include a timetable for assessment of the REMS. Further, the FDA may require
that certain contraindications, warnings or precautions be included in the product labeling and may require testing and surveillance programs
to monitor the safety of approved products that have been commercialized. In addition, the FDA may require post-approval testing which
involves clinical trials designed to further assess a drug product's safety and effectiveness after the NDA.
Depending on the extent of the REMS requirements,
any U.S. launch may be delayed, the costs to commercialize may increase substantially and the potential commercial market could be restricted.
Furthermore, risks that are not adequately addressed through the proposed REMS program may also prevent or delay its approval for commercialization.
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Our products will continue to be subject to FDA review after
FDA approval is given.
Discovery of previously unknown problems with
our products or unanticipated problems with the manufacturing processes and facilities, even after FDA and other regulatory approvals
of the product for commercial sale, may result in the imposition of significant restrictions, including withdrawal of the product from
the market.
The FDA and other regulatory agencies continue
to review products even after the products receive agency approval. If and when the FDA approves one of our products, its manufacture
and marketing will be subject to ongoing regulation, which could include compliance with current good manufacturing practices, adverse
event reporting requirements and general prohibitions against promoting products for unapproved or "off-label" uses. We are
also subject to inspection and market surveillance by the FDA for compliance with these and other requirements. Any enforcement action
resulting from the failure, even by inadvertence, to comply with these requirements could affect the manufacture and marketing of our
products. In addition, the FDA or other regulatory agencies could withdraw a previously approved product from the market upon receipt
of newly discovered information. The FDA or another regulatory agency could also require us to conduct additional, and potentially expensive,
studies in areas outside our approved indicated uses.
We must continually monitor the safety of
our products once approved and marketed for potential adverse events which could jeopardize our ability to continue marketing the products.
As with all medical products, the use of our products
could sometimes produce undesirable side effects or adverse reactions or events (referred to cumulatively as adverse events). For the
most part, we expect these adverse events to be known and occur at some predicted frequency based on our experience in the clinical development
program. When adverse events are reported to us, we are required to investigate each event and the circumstances surrounding it to determine
whether it was caused by our product and whether a previously unrecognized safety issue exists. We will also be required to periodically
report summaries of these events to the applicable regulatory authorities. If the adverse effects are significant, we may be required
to recall our product. We cannot assure you that our transdermal products will not cause skin irritation or other adverse events. Our
ability to market our products may be impaired by unanticipated adverse events and any recall of our product. Because we are an early-stage
company, our reputation, and our ability to market products, could be affected more severely than a major pharmaceutical company.
In addition, the use of our products could be
associated with serious and unexpected adverse events, or with less serious reactions at a greater than expected frequency. Such issues
may arise when our products are used in critically ill or otherwise compromised patient populations. When unexpected events are reported
to us, we are required to make a thorough investigation to determine causality and the implications for product safety. These events must
also be specifically reported to the applicable regulatory authorities. If our evaluation concludes, or regulatory authorities perceive,
that there is an unreasonable risk associated with the product, we would be obligated to withdraw the impacted lot(s) of that product
or recall the product and discontinue marketing until all problems are satisfactorily resolved. Furthermore, an unexpected adverse event
of a new product could be recognized only after extensive use of the product, which could expose us to product liability risks, enforcement
action by regulatory authorities and damage to our reputation and public image.
A serious adverse finding concerning the risk
of any of our products by any regulatory authority could adversely affect our reputation, business and financial results.
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If we obtain FDA approval to market our
products, we expect to spend considerable time and money complying with federal and state laws and regulations governing their sale, and,
if we are unable to fully comply with such laws and regulations, we could face substantial penalties.
Health care providers, physicians and others will
play a primary role in the recommendation and prescription of our proposed products. Further, if we use third-party sales and marketing
providers, they may expose us to broadly applicable fraud and abuse and other health care laws and regulations that may constrain the
business or financial arrangements and relationships through which we market, sell and distribute our products. Applicable federal and
state health care laws and regulations are expected to include, but not be limited to, the following:
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The federal anti-kickback statute is a criminal statute that makes it a felony for individuals or entities knowingly and willfully to offer or pay, or to solicit or receive, direct or indirect remuneration, in order to induce the purchase, order, lease, or recommending of items or services, or the referral of patients for services, that are reimbursed under a federal health care program, including Medicare and Medicaid;
●
The federal False Claims Act imposes liability on any person who knowingly submits, or causes another person or entity to submit, a false claim for payment of government funds. Penalties include three times the government's damages plus civil penalties of $5,500 to $11,000 per false claim. In addition, the False Claims Act permits a person with knowledge of fraud, referred to as a qui tam plaintiff, to file a lawsuit on behalf of the government against the person or business that committed the fraud, and, if the action is successful, the qui tam plaintiff is rewarded with a percentage of the recovery;
●
Health Insurance Portability and Accountability Act, known as HIPAA, imposes obligations, including mandatory contractual terms, with respect to safeguarding the privacy, security and transmission of individually identifiable health information;
●
The Social Security Act contains numerous provisions allowing the imposition of a civil money penalty, a monetary assessment, exclusion from the Medicare and Medicaid programs, or some combination of these penalties; and
●
Many states have analogous state laws and regulations, such as state anti-kickback and false claims laws. In some cases, these state laws impose more strict requirements than the federal laws. Some state laws also require pharmaceutical companies to comply with certain price reporting and other compliance requirements.
Our failure to comply with any of these federal
and state health care laws and regulations, or health care laws in foreign jurisdictions, could have a material adverse effect on our
business, financial condition, result of operations and cash flows.
Before we can market our products outside
of the United States, we will need to obtain regulatory approval in each country in which we propose to sell our products.
In order to market and sell our products in jurisdictions
other than the United States, we must obtain separate marketing approvals and comply with numerous and varying regulatory requirements.
The regulatory approval process outside the United States generally includes all of the risks associated with obtaining FDA and can involve
additional testing.
In addition, in many countries worldwide, it is
required that the product be approved for reimbursement before the product can be approved for sale in that country. We may not obtain
approvals from regulatory authorities outside the United States on a timely basis, if at all. Even if we were to receive approval in the
United States, approval by the FDA for marketing in the United States does not ensure approval by regulatory authorities in other countries.
Similarly, approval by one regulatory authority outside the United States would not ensure approval by regulatory authorities in other
countries. We may not be able to file for marketing approvals and may not receive necessary approvals to commercialize our products in
any market. If we are unable to obtain approval of our product candidates by regulatory authorities in foreign jurisdictions, the commercial
prospects of those product candidates may be significantly diminished and our business prospects could be impaired.
14
Outside the United States, particularly in member
states of the European Union, the pricing of prescription drugs is subject to governmental control. In these countries, pricing negotiations
or the successful completion of health technology assessment procedures with governmental authorities can take considerable time after
receipt of marketing approval for a product. In addition, there can be considerable pressure by governments and other stakeholders on
prices and reimbursement levels, including as part of cost containment measures. Certain countries allow companies to fix their own prices
for medicines but monitor the pricing.
In addition to regulations in the United States,
if we market outside of the United States, we will be subject to a variety of regulations governing, among other things, clinical trials
and any commercial sales and distribution of our products. Whether or not we obtain FDA approval for a product, we must obtain the requisite
approvals from regulatory authorities in foreign countries prior to the commencement of clinical trials or marketing of the product in
those countries.
If we do not have sufficient product liability
insurance, we may be subject to claims that are in excess of our net worth.
Before we market any pharmaceutical product, we
will need to purchase significant product liability insurance. However, in the event of major claims from the use of our products, it
is possible that our product liability insurance will not be sufficient to cover claims against us. We cannot assure you that we will
not face liability arising out of the use of our products which is significantly in excess of the limits of our product liability insurance.
In such event, if we do not have the funds or access to the funds necessary to satisfy such liability, we may be unable to continue in
business.
Because some of the patches we are developing,
such as our abuse deterrent fentanyl patch, have potential severe side effects, we may face liability in the event patients suffer serious,
possibly life-threatening, side effects from our products.
Fentanyl patches have known side effects and may
cause serious or life-threatening breathing problems due to opioid-induced respiratory depression. In addition, taking certain medications
with fentanyl may increase the risk of serious or life-threatening breathing problems, sedation or coma. Because of the seriousness of
the side effects, fentanyl patches should only be used in accordance labelling approved by the FDA or by the applicable regulatory authorities
outside of the United States. Fentanyl patches are only indicated for the treatment of people who are tolerant to opioid medications because
they have taken this type of medication for at least one week and should not be used to treat mild or moderate pain, short-term pain,
pain after an operation or medical or dental procedure, or pain that can be controlled by medication that is taken on an as-needed basis.
Although we will include all warnings on the packaging that are required by the FDA or foreign regulatory authorities, claims may be made
against us in the event that death or serious side effects result from the use of our abuse deterrent fentanyl transdermal system, even
if prescribed for a patient for whom fentanyl patches should not be prescribed. We cannot assure you that we will not face significant
liability as a result of such side effects and we may not have sufficient product liability insurance to cover any damages that may be
assessed against us.
Because of our lack of funds, we may have
to enter into a joint venture or strategic relationship or licensing agreement with a third party to develop and seek to obtain FDA approval
of our potential products.
Our present efforts are directed to developing
and seeking FDA approval for our pipeline of transdermal pharmaceutical products including our lead product, the abuse deterrent fentanyl
transdermal system. The development of pharmaceutical products is very expensive with no assurance of obtaining FDA approval. Because
of the costs involved, we may need to enter into a joint venture or strategic alliance or licensing or similar agreement with a third
party to bring our products to market, in which event we would have to give up a significant percentage of the equity in or rights to
the product and require the other party to provide the necessary financing and personnel and to take a significant role in making the
decisions relating to the development, testing, marketing and manufacturing of the product. The third party may have interests which are
different from, and possibly in conflict with, our own. If we are unable to attract competent parties to distribute and market any product
which we may develop, or if such parties' efforts are inadequate, we will not be able to implement our business strategy and may
have to cease operations. We cannot assure you that we will be successful in entering into joint ventures or other strategic relationships
or that any relationship into which we may enter will develop a marketable product or that we will generate any revenue or net income
from such a venture.
15
We may decide not to continue developing
or commercializing any products at any time during development or after approval, which would reduce or eliminate our potential return
on investment for those product candidates.
We may decide to discontinue the development of
our abuse deterrent fentanyl transdermal system or any other product in our pipeline or not to continue to commercialize any potential
product for a variety of reasons, such as the appearance of new technologies that make our product less commercially viable, an increase
in competition, changes in or failure to comply with applicable regulatory requirements, changes in the regulatory or public policy environment,
the discovery of unforeseen side effects during clinical development or after the approved product has been marketed or the occurrence
of adverse events at a rate or severity level that is greater than experienced in prior clinical trials. If we discontinue a program in
which we have invested significant resources, we will not receive any return on our investment.
If any of our potential products are approved
for marketing but fail to achieve the broad degree of physician or market acceptance necessary for commercial success, our operating results
and financial condition will be adversely affected.
If any of the products in our pipeline receives
FDA approval thereby allowing us to market the product in the United States, it will be necessary for us to generate acceptance of our
product for the indications covered by the FDA approval. In order to generate acceptance in the marketplace, we will need to demonstrate
to physicians, patients and payors that our product provides a distinct advantage or better outcome at a price that reflects the value
of our product as compared with existing products. We will need to develop and implement a marketing program directed at both physicians
and the general public. Since we do not presently have the resources necessary to develop or implement an in-house marketing program and
we may not have the funds to do so if and when we obtain FDA approval to market our product, we will need to establish a distribution
network though license and distribution agreements with third parties who have the capability to market our product to physicians, and
we will be dependent upon the ability of these third parties to market our products effectively. We cannot assure you that we will be
able to negotiate license and distribution agreements with terms that are acceptable to us. Since we do not have an established track
record and our product pipeline is relatively small, we may be at a disadvantage in negotiating the terms of license and distribution
agreements. Further, we may have little control over the development and implementation of our licensee's marketing program, and
our licensees may have interests that are inconsistent with ours with respect to the allocation of resources and implementation of the
marketing program. We cannot assure you that a marketing program for any of our products can or will be implemented effectively or that
we will be successful in developing physician and emergency service acceptance of our products.
If we seek to market any products in our
pipeline in countries other than the United States, we will need to comply with the regulations of each country in which we seek to market
our products.
None of our pharmaceutical products are currently
approved for sale by any government authority in any jurisdiction. If we fail to comply with regulatory requirements in any market we
decide to enter, or to obtain and maintain required approvals, or if regulatory approvals in the relevant markets are delayed, our target
market will be reduced and our ability to realize the full market potential of our products will be harmed. Marketing approval in one
jurisdiction, including the United States, does not ensure marketing approval in another, but a failure or delay in obtaining marketing
approval in one jurisdiction may have a negative effect on the regulatory process in others. Failure to obtain a marketing approval in
countries in which we seek to market our products or any delay or setback in obtaining such approval would impair our ability to develop
foreign markets for any of our products.
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The drug delivery industry is subject to
rapid technological change and, our failure to keep up with technological developments may impair our ability to market our products.
Our products use technology which we developed
for the transdermal delivery of drugs. The field of drug delivery is subject to rapid technological changes. Our future success will depend
upon our ability to keep abreast of the latest developments in the industry and to keep pace with advances in technology and changing
customer requirements. If we cannot keep pace with such changes and advances, our proposed products could be rendered obsolete, which
would result in our having to cease its operations.
If we obtain FDA approval, we will face
significant competition from better known and better capitalized companies.
If we obtain FDA approval for any of our products,
we expect to face significant competition from existing companies, which are better known and already have developed relationships with
physicians within the healthcare system. Any product we may develop will compete with existing medications performing the same medicinal
functions, which may include transdermal patches. We cannot assure you that we will be able to compete successfully. In addition, even
if we are able to commercialize our product candidates, we may not be able to price them competitively with current standard of care products
or their price may drop considerably due to factors outside our control. If this happens or the price of materials and manufacture increases
dramatically, our ability to continue to operate our business would be materially harmed and we may be unable to commercialize any products
successfully. In addition, other pharmaceutical companies may be engaged in developing, patenting, manufacturing and marketing products
that compete with those that we are developing. These potential competitors may include large and experienced companies that enjoy significant
competitive advantages over us, such as greater financial, research and development, manufacturing, personnel and marketing resources,
greater brand recognition and more experience and expertise in obtaining marketing approvals from the FDA and foreign regulatory authorities.
Healthcare reforms by governmental authorities,
court decisions affecting health care policies and related reductions in pharmaceutical pricing, reimbursement and coverage by third-party
payors may adversely affect our business.
We expect the healthcare industry to face increased
limitations on reimbursement, rebates and other payments as a result of healthcare reform, which could adversely affect third-party coverage
of our proposed products and how much or under what circumstances healthcare providers will prescribe or administer our products, if approved.
In both the U.S. and other countries, sales of
our products, if approved for marketing, will depend in part upon the availability of reimbursement from third-party payors, which include
governmental authorities, managed care organizations and other private health insurers. Third-party payors are increasingly challenging
the price and examining the cost effectiveness of medical products and services.
Increasing expenditures for healthcare have been
the subject of considerable public attention in the United States. Both private and government entities are seeking ways to reduce or
contain healthcare costs. Numerous proposals that would effect changes in the United States healthcare system have been introduced or
proposed in Congress and in some state legislatures, including reducing reimbursement for prescription products and reducing the levels
at which consumers and healthcare providers are reimbursed for purchases of pharmaceutical products.
Cost reduction initiatives and changes in coverage
implemented through legislation or regulation could decrease utilization of and reimbursement for any approved products, which in turn
would affect the price we can receive for those products. Any reduction in reimbursement that results from federal legislation or regulation
may also result in a similar reduction in payments from private payors, since private payors often follow Medicare coverage policy and
payment limitations in setting their own reimbursement rates.
Significant developments that may adversely affect
pricing in the United States include the enactment of federal healthcare reform laws and regulations, including the Affordable Care Act,
or ACA, which is popularly known as Obamacare, and the Medicare Prescription Drug Improvement and Modernization Act of 2003.  A recent
district court decision which struck down Obamacare, if upheld, could have a material adverse effect upon reimbursement and payment for
products such as our proposed products. Changes to the healthcare system enacted as part of any healthcare reform in the United States,
as well as the increased purchasing power of entities that negotiate on behalf of Medicare, Medicaid, and private sector beneficiaries,
may result in increased pricing pressure by influencing, for instance, the reimbursement policies of third-party payors. Regulatory changes
which have the effect of decreasing the use of opioids has resulted in a decrease in the size of the market for opioid products, including
fentanyl, could impact the market for our abuse deterrent fentanyl transdermal system or any other opioid-based transdermal product we
may develop.
17
It is difficult and costly to protect our
proprietary rights, and we may not be able to ensure their protection.
Our commercial success will depend in part on
obtaining and maintaining patent protection and trade secret protection for our technology which is incorporated in our products as well
as successfully defending these patents against third-party challenges, should any be brought. 4P Therapeutics originally filed an international
patent application under the Patent Cooperation Treaty for worldwide prosecution of the abuse deterrent transdermal technology intellectual
property used in our lead product, the abuse deterrent fentanyl transdermal system.
The AVERSA abuse deterrent technology utilized
in our AVERSA product pipeline is covered by an international intellectual property portfolio with patents issued in 44 countries including
the United States, Europe, Japan, Korea, Russia, Mexico, and Australia. Patent prosecution is still pending in Canada and China. These
patents provide patent coverage to 2035. We continue to build on our proprietary positions in the United States and internationally for
our product candidates AVERSA Fentanyl, AVERSA buprenorphine and AVERSA methylphenidate as well as other products and technology that
we may have in development. Our policy is to pursue, maintain and defend patent rights developed internally or acquired externally and
to protect the technology, inventions and improvements that are commercially important to the development of our business. We cannot be
sure that patents will be granted with respect to any of our pending patent applications or with respect to any patent applications filed
by us in the future, nor can we be sure that any of our existing patents or any patents granted to us in the future will be commercially
useful in protecting our technology. We also rely on trade secrets to protect our commercial products and product candidates. Our commercial
success also depends in part on our non-infringement of the patents or proprietary rights of third parties.
Our ability to stop third parties from making,
using, selling, offering to sell or importing products utilizing our proprietary or patented technology is dependent upon the extent to
which we have rights under valid and enforceable patents or trade secrets that cover these activities. The patent positions of pharmaceutical
and biopharmaceutical companies can be highly uncertain and involve complex legal and factual questions for which important legal principles
remain unresolved. No consistent policy regarding the breadth of claims allowed in biopharmaceutical patents has emerged to date in the
United States. The biopharmaceutical patent situation outside the United States varies from country to country and is even more uncertain.
Changes in either the patent laws or in interpretations of patent laws in the United States and other countries may diminish the value
of our intellectual property. Accordingly, we cannot predict the breadth of claims that may be allowed or enforced in any patents we may
be granted. Further, if any patents are granted and are subsequently deemed invalid and unenforceable, it could impact our ability to
license our technology and, as noted previously, fend off competitive challenges. Patent litigation is very expensive and we may not have
sufficient funds to defend our proprietary technology from infringement, either as a plaintiff in an action seeking to stop infringers
from using our technology, or as a defendant in an action against us alleging infringement by us.
18
The degree of future protection for our proprietary
rights is uncertain because legal means afford only limited protection and may not adequately protect our rights or permit us to gain
or keep our competitive advantage. For example:
●
others may be able to make compositions or formulations that are similar to our product s but that are not covered by the claims of our patents;
●
other persons may have filed patents covering inventions, technology or processes that we use, with the result that we may infringe upon the prior patents;
●
others may independently develop similar or alternative technologies or duplicate any of our technologies;
●
our pending patent applications may not result in the grant of patents;
●
any patents which may be issued may not provide us with any competitive advantages, or may be held invalid or unenforceable as a result of legal challenges by third parties;
●
our inability to fund any litigation to defend our proprietary rights, either in defense of an action against us or a plaintiff to seek to prevent infringement.
●
our failure to develop additional proprietary technologies that are patentable.
If we seek to expand our business through
acquisition, we may not be successful in identifying acquisition targets or integrating their businesses with our existing business.
We have recently expanded our business by acquisition,
and we may make acquisitions in the future. In 2017, we issued 1,458,333 shares of common stock, valued at $2,500,000, in connection with
our proposed acquisition of Advanced Health Brands, Inc., but the stock of Advanced Health Brands was never transferred to us and the
value of the intellectual property we were to have acquired did not have the value we anticipated, with the result that we incurred a
$2,500,000 impairment loss in the year ended January 31, 2018. In September 2018, we entered into an agreement to acquire Carmel Biosciences
Inc., and in November 2018, we terminated the agreement and are in litigation with the purported sellers of the company to us.   We
previously entered into another acquisition agreement which was rescinded shortly after the agreement was executed. We cannot assure you
that any acquisition we complete will be successful or that any acquisition agreement we may enter into will result in an acquisition.
An acquisition can be unsuccessful for a number of reasons, including the following:
●
We may incur significant expenses and devote significant management time to the acquisition and we may be unable to consummate the acquisition on acceptable terms.
●
The integration of any acquisition with our existing business may be difficult and, if we are not able to integrate the business successfully, we may not only be unable to operate the business profitably, but management may be unable to devote the necessary time to the development of our existing business;
●
The key employees who operated the acquired business successfully prior to the acquisition may not be happy working for us and may resign, thus leaving the business without the necessary continuity of management.
●
Even if the business is successful, our senior executive officers may need to devote significant time to the acquired business, which may distract them from their other management activities.
●
If the business does not operate as we expect, we may incur an impairment charge based on the value of the assets acquired.
●
The products or proposed products of the acquired company may have regulatory problems with the FDA or any other regulatory agency, including the need for additional and unanticipated testing or the need for a recall or a change in labeling.
19
●
We may have difficulty maintaining the necessary quality control over the acquired business and its products and services.
●
To the extent that an acquired company operates at a loss prior to our acquisition, we may not be able to develop profitable operations following the acquisition.
●
The acquired company may have liabilities or obligations which were not disclosed to us, or the acquired assets, including any intellectual property, may not have the value we anticipated.
●
The assets, including intellectual property, of the acquired company may not have the value that we anticipated.
●
We may require significant capital both to acquire and to operate the business, and the capital requirements of the business may be greater than we anticipated. Our failure to obtain funds on reasonable terms may impair the value of the acquisition.
●
The acquired company may not operate at the revenue level or with the gross margin shown in the financial statements or projections.
●
Patents may not be granted for patent applications which the acquired company filed or patents may be successfully challenged.
●
There may be conflicts in management styles that prevent us from integrating the acquired company with us.
●
The former equity owners or officers may compete in violation of their non-competition covenants or the non-competition covenants may be held to be unenforceable.
●
The business of the acquired company may have problems of which management was unaware and which do not become evident until after the acquisition and we may require significant funding to remedy the problem.
●
The indemnification obligations of the seller under the purchase agreement, if any, may be inadequate to compensate us for any loss, damage or expense which we may sustain, including undisclosed claims or liabilities.
●
To the extent that the acquired company is dependent upon its management to maintain relationships with existing customers, we may have difficulty in retaining the business of these customers if there is a change in management.
●
Government agencies may seek damages after we make the acquisition for conduct which occurred prior to the acquisition and we may not have adequate recourse against the seller.
If any of the foregoing or any other events which
we do not contemplate happen, we may incur significant expenses, which we may not be able to cover, and the development of our business
can be impaired. We cannot assure you that any acquisition we will make will be successful.
20
We are dependent on third party distributors
for the international marketing of our consumer products and complying with applicable laws.
We do not currently sell or market our consumer
transdermal products domestically, or for our international sales, directly to international consumers, and we rely on distributors to
sell and market these products. We cannot market our consumer transdermal patch products in the United States without first obtaining
FDA approval. We do not plan to seek FDA approval or market these products in the United States at this time. We plan to sell our transdermal
consumer products to distributors in those countries in which the products can be sold in compliance with all applicable regulations without
our spending significant monies for preclinical and clinical studies to obtain regulatory approval.
We are dependent upon our chief executive
officer, our president and our chief operating officer.
We are dependent upon Gareth Sheridan, our chief
executive officer, Serguei Melnik, our president and Dr. Alan Smith, our chief operating officer who is president of 4P Therapeutics.
Although Mr. Sheridan and Mr. Melnik have employment agreements with us, the employment agreements does not guarantee that the officer
will continue with us. We do not have an employment agreement with Dr. Smith. The loss of Mr. Sheridan, Mr. Melnik or Dr. Smith would
materially impair our ability to conduct our business.
If we are unable to attract, train and retain
technical and financial personnel, our business may be materially and adversely affected.
Our future success depends, to a significant extent,
on our ability to attract, train and retain key management, technical, regulatory and financial personnel. Recruiting and retaining capable
personnel with experience in pharmaceutical product development is vital to our success. There is substantial competition for qualified
personnel, and, competition is likely to increase. We cannot assure you we will be able to attract or retain the personnel we require.
Our financial condition is likely to impair our ability to attract qualified candidates. If we are unable to attract and retain qualified
employees, our business may be materially and adversely affected.
Risks Concerning our Securities
We have broad discretion in the use of the
proceeds from this offering, and we may invest or spend the proceeds of this offering in ways with which you may not agree or in ways
which may not yield a return.
A portion of the net proceeds from this offering
are expected to be used for general corporate purposes, work on the development of our lead product and working capital. Our management
will have considerable discretion in the application of the net proceeds, and you will not have the opportunity, as part of your investment
decision, to assess whether the proceeds are being used appropriately. The net proceeds may be used for corporate purposes that do not
increase our operating results or market value. The net proceeds of this offering will not be sufficient to complete the development and
testing of our lead product. Until the net proceeds are used, they may be placed in investments that do not produce significant income
or that may lose value.
Our lack of internal controls over financial
reporting may affect the market for and price of our common stock.
Pursuant to Section 404 of the Sarbanes-Oxley
Act, we are required to file a report by our management on our internal control over financial reporting. Our disclosure controls and
our internal controls over financial reporting are not effective. We do not have the financial resources or personnel to develop
or implement systems that would provide us with the necessary information on a timely basis so as to be able to implement financial controls
The absence of internal controls over financial reporting may inhibit investors from purchasing our stock and may make it more difficult
for us to raise capital or borrow money. Implementing any appropriate changes to our internal controls may require specific compliance
training of our directors and employees, entail substantial costs in order to modify our existing accounting systems, take a significant
period of time to complete and divert management's attention from other business concerns. These changes may not, however, be effective
in developing or maintaining internal control.
21
The market price for our common stock may
be volatile and your investment in our common stock could suffer a decline in value.
The trading volume in our stock is low, which
may result in volatility in our stock price. As a result, any reported prices may not reflect the price at which you would be able to
sell shares of common stock if you want to sell any shares you own or buy if you wish to buy shares. Further, stocks with a low trading
volume may be more subject to manipulation than a stock that has a significant public float and is actively traded. The price of our stock
may fluctuate significantly in response to a number of factors, many of which are beyond our control. These factors include, but are not
limited to, the following, in addition to the risks described above and general market and economic conditions:
●
the market's reaction to our financial condition and its perception of our ability to raise necessary funding or enter into a joint venture, given the economic environment resulting from the COVID-19 pandemic, as well as its perception of the possible terms of any financing or joint venture;
●
the market's perception as to our ability to generate positive cash flow or earnings;
●
changes in our or any securities analysts' estimate of our financial performance;
●
the perception of our ability to raise the necessary financing to complete the product development activities including preclinical and clinical testing required for FDA approval and our ability to generate revenue and cash flow from our products;
●
the anticipated or actual results of our operations;
●
changes in market valuations of other companies in our industry;
●
litigation or changes in regulations and insurance company reimbursement policies affecting prescription drugs;
●
concern that our internal controls are ineffective;
●
any discrepancy between anticipated or projected results and actual results of our operations;
●
actions by third parties to either sell or purchase stock in quantities which would have a significant effect on our stock price; and
●
other factors not within our control.
22
There are risks associated with our February
2023 dual listing of our common stock on the MERJ Upstream Exchange, which is available solely for our non-U.S. resident stockholders.
Listing shares of the Company on Upstream is
only suitable for investors who are familiar with and willing to accept the high risk associated with speculative investments. There
can be no assurance in that marketplace that the valuation of any particular company's securities is accurate or in agreement with
the market or industry comparative valuations. Investors must be able to affo
rd
market volatility and afford the loss of their investment. Companies listed on Upstream are subject to significant ongoing corporate
obligations including, but not limited to disclosure, filings, and notification requirements, as well as compliance with applicable quantitative
and qualitative listing standards. The following are specific risks in connection with our stockholders listing their shares on Upstream:
●
Regulatory
                                            Risk
: Different countries have different rules and regulations governing securities trading,
                                            and investors who trade on foreign exchanges may be subject to unfamiliar or complex regulations.
                                            In some cases, foreign regulators may have different reporting requirements or different
                                            standards for disclosure than US regulators, which can make it difficult for investors to
                                            make informed decisions. In addition, these rules and regulations may be imposed on regulated
                                            companies in an unpredictable manner and adversely affect the trading environment on the
                                            particular exchange.
●
There
                                            are risks to the investment of our shareholders who have listed their shares of common stock
                                            on Upstream in the event that Upstream and associated entities in its trading activities
                                            are not properly registered with the SEC as a broker or dealer, national securities exchange
                                            and/or clearing agency.
●
Market
                                            Risk
: Non-US markets may be subject to different economic, political, or social conditions
                                            than US markets of which we are not aware, and which could negatively affect the performance
                                            of securities traded in those markets. Investors who trade on non-US exchanges may be exposed
                                            to higher levels of volatility and uncertainty than they would be if they traded solely on
                                            US exchanges.
●
Liquidity
                                            Risk
: Dual listed securities traded on non-US exchanges may have lower liquidity than
                                            comparable securities traded on US exchanges, which can make it more difficult for investors
                                            to buy or sell those securities at the desired price.
●
Operational
                                            Risk
: Trading on overseas exchanges may also expose investors to operational risks, such
                                            as delays or errors in the settlement of trades or difficulties in accessing trading platforms
                                            or loss of securities resulting from a failure of the exchanges operating and securities
                                            transfer operations.
●
Media
                                            Risk
Negative news reported in the media concerning events reported with respect to the
                                            market for our securities on a foreign exchange or international markets generally could
                                            hurt the market for our Company's stock. To the extent our stockholders that choose
                                            to have their Nutriband common stock traded in digital token form on Upstream experience
                                            trading difficulties, low trading prices due to foreign market conditions or a loss on their
                                            securities due to market conditions or exchange operational issues, there is the risk that
                                            reports in the media could hurt our stock prices in the Nasdaq Stock Market and harm our
                                            reputation, adversely affecting our ability to raise capital in the U.S. and international
                                            markets.
Raising
funds by issuing equity or convertible debt securities could dilute the net tangible book value of the common stock and impose restrictions
on our working capital.
We anticipate that we will require funds in addition
to the net proceeds from this offering for our business. If we were to raise capital by issuing equity securities, either alone or in
connection with a non-equity financing, the net tangible book value of the then outstanding common stock could decline. If the additional
equity securities were issued at a per share price less than the market price, which is customary in the private placement of equity securities,
the holders of the outstanding shares would suffer dilution, which could be significant. Further, if we are able to raise funds from the
sale of debt securities, the lenders may impose restrictions on our operations and may impair our working capital as we service any such
debt obligations.
Stockholders may experience significant
dilution as a result of future equity offerings and other issuances of our common stock or other securities.
We will need to raise substantial funds in order
to develop our products. In order to raise additional capital, we may in the future offer additional shares of our common stock or other
securities convertible into or exchangeable for our common stock at prices that may not which is less than the market price and which
may be based on a discount from market at the time of issuance. Stockholders will incur dilution upon exercise of any outstanding stock
options, warrants or upon the issuance of shares of common stock under our present and future stock incentive programs. In addition, the
sale of shares and any future sales of a substantial number of shares of our common stock in the public market, or the perception that
such sales may occur, could adversely affect the price of our common stock. We cannot predict the effect, if any, that market sales of
those shares of common stock or the availability of those shares of common stock for sale will have on the market price of our common
stock.
23
Our failure to meet the continued listing
requirements of Nasdaq could result in a de-listing of our Common Stock.
If we fail to satisfy the continued listing requirements
of Nasdaq, such as the corporate governance requirements or the minimum closing bid price requirement, Nasdaq may take steps to de-list
our securities. Such a de-listing would likely 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 de-listing, we would take actions to restore our compliance
with Nasdaq's 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 Nasdaq minimum bid price requirement or prevent future non-compliance with Nasdaq's listing requirements.
We and our senior executive officers settled
an SEC investigation, which may affect the market for and the market price of our common stock and our ability to list on a stock exchange.
Following an investigation into the accuracy of
statements in our Form 10 registration statement filed June 2, 2016, as amended, and our Form 10-K annual report filed May 8, 2017 that
did not accurately reflect the FDA's jurisdiction over our consumer products and did not disclose that we could not legally market
these products in the United States, a Wells notice which we, our chief executive officer and our chief financial officer received on
August 10, 2017 and a Wells submission which we and the officers submitted in response to the Wells notice, the SEC, on December  26,
2018, announced that it has accepted our settlement offer and instituted settled an administrative cease-and-desist proceeding against
us and our chief executive officer and chief financial officer. The SEC's administrative order, dated December 26, 2018, finds that
we and the officers consented – without admitting or denying any findings by the SEC — to cease-and-desist orders against
them for violations by us of Sections 12(g) and 13(a) of the Securities Exchange Act of 1934 and Rules 12b-20 and 13a-1 thereunder, which
require issuers to file accurate registration statements and annual reports with the Commission; violations by the officers for causing
our violations of the above issuer reporting provisions; and violations by the officers of Rule 13a-14 of the Exchange Act, which requires
each principal executive and principal financial officer of issuers to attest that annual reports filed with the SEC do not contain any
untrue statements of material fact. In addition to consenting to the cease-and-desist orders, the officers have each agreed to pay a $25,000
civil penalty to resolve the investigation. The administrative order does not impose a civil penalty or any other monetary relief against
us. The settlement may affect the market for and the market price of our common stock.
24
The market price for our common stock may
be volatile and your investment in our common stock could suffer a decline in value.
The trading volume in our stock is low, which
may result in volatility in our stock price. As a result, any reported prices may not reflect the price at which you would be able to
sell shares of common stock if you want to sell any shares you own or buy if you wish to buy shares. Further, stocks with a low trading
volume may be more subject to manipulation than a stock that has a significant public float and is actively traded. The price of our stock
may fluctuate significantly in response to a number of factors, many of which are beyond our control. These factors include, but are not
limited to, the following, in addition to the risks described above and general market and economic conditions:
●
concern about the effects of
our settlement with the SEC;
●
the market's reaction
to our financial condition and its perception of our ability to raise necessary funding or enter into a joint venture, given the economic
environment resulting from the COVID-19 pandemic, as well as its perception of the possible terms of any financing or joint venture;
●
the market's perception
as to our ability to generate positive cash flow or earnings;
●
changes in our or any securities
analysts' estimate of our financial performance;
●
the perception of our ability
to raise the necessary financing to complete the product development activities including preclinical and clinical testing required for
FDA approval and our ability to generate revenue and cash flow from our products;
●
the anticipated or actual results
of our operations;
●
changes in market valuations
of other companies in our industry;
●
litigation or changes in regulations
and insurance company reimbursement policies affecting prescription drugs;
●
concern that our internal controls are ineffective;
●
any discrepancy between anticipated
or projected results and actual results of our operations;
●
actions by third parties to
either sell or purchase stock in quantities which would have a significant effect on our stock price; and
●
other factors not within our
control.
Because of our executive officers'
stock ownership and stock ownership of certain other stockholders that have invested in the company, these stockholders have the power
to elect all directors and to approve any action requiring stockholder approval.
Our officers and directors as a group beneficially
own approximately 35% of our common stock as of May 5, 2023.   As a result, they have the effective power using their contacts
with a limited number of other shareholders to elect all of our directors and to approve any action requiring stockholder approval.
Raising funds by issuing equity or convertible debt securities
could dilute the net tangible book value of the common stock and impose restrictions on our working capital.
We anticipate that we will require funds in addition
to the net proceeds from this offering for our business. If we were to raise capital by issuing equity securities, either alone or in
connection with a non-equity financing, the net tangible book value of the then outstanding common stock could decline. If the additional
equity securities were issued at a per share price less than the market price, which is customary in the private placement of equity securities,
the holders of the outstanding shares would suffer dilution, which could be significant. Further, if we are able to raise funds from the
sale of debt securities, the lenders may impose restrictions on our operations and may impair our working capital as we service any such
debt obligations.
Stockholders may experience significant
dilution as a result of future equity offerings and other issuances of our common stock or other securities.
We will need to raise substantial funds in order
to develop our products. In order to raise additional capital, we may in the future offer additional shares of our common stock or other
securities convertible into or exchangeable for our common stock at prices that may not which is less than the market price and which
may be based on a discount from market at the time of issuance. Stockholders will incur dilution upon exercise of any outstanding stock
options, warrants or upon the issuance of shares of common stock under our present and future stock incentive programs. In addition, the
sale of shares and any future sales of a substantial number of shares of our common stock in the public market, or the perception that
such sales may occur, could adversely affect the price of our common stock. We cannot predict the effect, if any, that market sales of
those shares of common stock or the availability of those shares of common stock for sale will have on the market price of our common
stock.
25
We may issue preferred stock whose terms
could adversely affect the voting power or value of our common stock.
Our articles of incorporation authorize 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 a 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 the common stock.
For as long as we are an emerging growth
company, we will not be required to comply with certain reporting requirements, including those relating to accounting standards and disclosure
about our executive compensation, that apply to other public companies.
We are classified as an "emerging growth
company" under the JOBS Act. For as long as we are an emerging growth company, which will be for the first five full fiscal years   
following our first public offering completed October 1, 2021, we will not be required to, among other things, (i) provide an auditor's
attestation report on management's assessment of the effectiveness of our system of internal control over financial reporting pursuant
to Section 404(b) of the Sarbanes-Oxley Act, (ii) comply with any new requirements adopted by the PCAOB requiring mandatory
audit firm rotation or a supplement to the auditor's report in which the auditor would be required to provide additional information
about the audit and the financial statements of the issuer, (iii) provide certain disclosure regarding executive compensation, or
(iv) hold nonbinding advisory votes on executive compensation. We will remain an emerging growth company for up to five years, although
we will lose that status sooner if we have more than $1.07 billion of revenues in a fiscal year, have more than $700 million in market
value of our common stock held by non-affiliates, or issue more than $1.07 billion of non-convertible debt over a three-year period.
To the extent that we rely on any of the exemptions available to emerging growth companies, you will receive less information about our
executive compensation and internal control over financial reporting than issuers that are not emerging growth companies. If some investors
find our common stock to be 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.
We do not intend to pay any cash dividends
in the foreseeable future.
We have not paid any cash dividends on our common
stock and do not intend to pay cash dividends on our common stock in the foreseeable future.
26
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains "forward-looking
statements," within the meaning of the Private Securities Litigation Reform Act of 1995, all of which are subject to risks and uncertainties.
Forward-looking statements can be identified by the use of words such as "expects," "plans," "will,"
"forecasts," "projects," "intends," "estimates," and other words of similar meaning. One
can identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address
our growth strategy, financial results and product and development programs. One must carefully consider any such statement and should
understand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate
assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking
statement can be guaranteed and actual future results may vary materially.
These risks and uncertainties, many of which are
beyond our control, include, and are not limited to:
●
Our ability to raise the necessary
financing for the development of our business and the terms of any financing which we are able to raise;
●
Our ability to receive FDA
marketing approval for any products we may develop;
●
Our ability to obtain and enforce
any United States and foreign patent we may seek;
●
Our ability to design and execute
clinical trials to the satisfaction of regulatory authorities;
●
Our ability to engage, if and
when necessary, an independent preclinical or clinical testing organization to design and implement our trials;
●
Our ability to launch any products
for which we receive FDA marketing approval;
●
Our ability to generate sufficient
revenue from our contract services to cover our operating expenses;
●
Our ability to establish a
distribution network for the marketing and sale of any products for which we receive FDA approval;
●
Our ability to establish manufacturing
facilities in compliance with FDA good manufacturing practices or to enter into manufacturing agreements for the manufacture of our products
in an FDA approved manufacturing facility;
●
Our ability to enter into joint
venture or other strategic relationship with respect to any of our proposed products;
●
The ability of the other party
to any joint venture or strategic relationship to implement successfully any plans for the development, clinical testing, manufacturing
and marketing of the products subject to the joint venture or strategic relationship;
●
Our ability to evaluate potential
acquisitions, and the consequences of our failure to accurately evaluate the acquisitions;
●
Our ability to integrate any
business we acquire with our business;
●
Changes in national, regional
and local government regulations, taxation, controls and political and economic developments that the market for our products;
●
Our ability to develop and
market products with the most current technology;
●
Our ability to obtain and maintain
any permits or licenses necessary for our business;
●
Our ability to identify, hire
and retain qualified executive, administrative, regulatory, research and development, and other personnel;
●
Our ability to negotiate licenses
on favorable terms with companies that have experience in marketing products such as ours;
●
The costs associated with defending
and resolving pending and potential legal claims, even if such claims are without merit;
27
●
The effects of the SEC settlement;
●
The effects of competition
on our and our licensee's ability to price, market and sell our product;
●
Our ability to achieve favorable
pricing for our products with third party reimbursement parties with respect to our products;
●
Our ability to accurately estimate
anticipated expenses, capital requirements and needs for additional financing;
●
Our ability to accurately estimate
the timing, cost or other aspects of the commercialization of our product candidates;
●
Any failure of Best Choice or any other international distributor to comply with applicable laws, including Best Choice's failure to obtain regulatory approval to market our consumer products in South Korea;
●
The failure or inability of
Best Choice or any other international distributor to develop an effective marketing program or to sell our products in any meaningful
quantity;
●
Actions by third parties to
either sell or purchase our common stock in quantities that would have a significant effect on our stock price;
●
Risks generally associated
with pre-revenue development stage companies in the pharmaceutical industry;
●
Current and future economic
and political conditions;
●
The impact of changes in accounting
rules on our financial statements;
●
Other assumptions described
in this prospectus; and
●
Other matters that are not
within our control.
Information regarding market and industry statistics
contained in this prospectus is included based on information available to us that we believe is accurate. It is generally based on industry
and other publications that are not produced for purposes of securities offerings or economic analysis. We have not reviewed or included
data from all sources. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications
and the additional uncertainties accompanying any estimates of future market size, revenue and market acceptance of products and services.
We do not assume any obligation to update any forward-looking statement. As a result, you should not place undue reliance on these forward-looking
statements.
The forward-looking statements in this prospectus
speak only as of the date of this prospectus and you should not to place undue reliance on any forward-looking statements. Forward-looking
statements are subject to certain events, risks, and uncertainties that may be outside of our control. When considering forward-looking
statements, you should carefully review the risks, uncertainties and other cautionary statements in this prospectus as they identify certain
important factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements.
These factors include, among others, the risks described under in this prospectus, including those described under "Business,"
"Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"
as well as in other reports and documents we file with the SEC. We undertake no obligation to revise or publicly release the results of
any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, you are cautioned not
to place undue reliance on such forward-looking statements.
28
USE OF PROCEEDS
We expect the net proceeds from this offering
to be approximately $[*], after deducting estimated underwriting discounts and commissions and the underwriters' non-accountable expense
allowance and estimated offering expenses of approximately $   in the aggregate.
We intend to use the proceeds of this offering
substantially as follows:
(i)
Approximately $[*] million (approximately % of the net proceeds) for completing research and
                                                                                   development of our abuse deterrent fentanyl transdermal system, AVERSA and the FDA submission and clearance. We believe that the
                                                                                   proceeds of this offering will not be sufficient to enable us to complete the development of the product and the FDA submission, and
                                                                                   we estimate that we will require an at least $    million to $     million, in addition
                                                                                   to the funds used from the proceeds of this offering, to complete the FDA clinical trial process, although it is possible that our
                                                                                   costs may significantly exceed those amounts. We anticipate that we will also require additional funds to establish a marketing
                                                                                   program, although we cannot estimate our required costs at this time. We do not have any formal or informal understandings or
                                                                                   agreements with any person to provide us with any additional funds that we require; and
(ii)
Funds for working capital and general corporate purposes
include amounts required to pay officers' compensation, consulting fees, professional fees, ongoing public reporting costs, office-related
expenses and other corporate expenses and other costs incurred in connection with the operation of our business. To the extent that our
working capital requirements exceed our estimate or to the extent that we continue to generate negative gross margins and negative cash
flow from operations, we may need to allocate to working capital a portion of the proceeds otherwise allocated to the development of
our abuse deterrent fentanyl transdermal system. If our operations do not generate a positive cash flow, we may need to devote a greater
portion of the net proceeds to working capital, thereby reducing the funds available for product development.
We have granted the underwriters a 45-day option
to purchase up to an aggregate of    additional shares of common stock to cover over-allotments of shares in this
offering. If the underwriters exercise their over-allotment option, they are not required to purchase the same number of shares of common
stock. Any proceeds from the exercise of the over-allotment option will be used for working capital and for the development of our abuse
deterrent fentanyl transdermal system.
DIVIDEND
POLICY
We have never declared
or paid any cash dividend on our capital stock. We do not anticipate paying any cash dividends in the foreseeable future and we intend
to retain all of our earnings, if any, to finance our growth and operations and to fund the expansion of our business. Payment of any
dividends will be made in the discretion of our board of directors, after it's taking into account various factors, including our
financial condition, operating results, current and anticipated cash needs and plans for expansion. Any dividends that may be declared
or paid on our common stock, must also be paid in the same consideration or manner, as the case may be, on our shares of preferred stock,
if any.
29
CAPITALIZATION
The following table sets forth our capitalization
as of [*], 2023
●
on an actual basis
●
as adjusted for the sale of [*], after deducting the estimated underwriting discounts and commissions, the non-accountable expense allowance payable to the underwriters, and other estimated offering costs and reversal of our derivative liability resulting from the payment of convertible debt.
,
    2023
Actual
As
adjusted
Common stock
$
7,833
$
Additional paid-in capital
31,092,807
Accumulated other comprehensive loss
(304
)
Treasury stock
(32,641
)
Accumulated deficit
(22,494,705
)
Stockholders' equity
8,572,990
You should read the foregoing table in connection
with "Selected Consolidated Financial Data," "Management's Discussion and Analysis of Financial Condition and
Results of Operations," and our consolidated financial statements and related notes.
MARKET FOR COMMON STOCK
AND RELATED STOCKHOLDER MATTERS
Since our initial public offering on October 1, 2021, our common stock
has traded on The NASDAQ Capital Market under the symbol "NTRB", and our Warrants are traded on The NASDAQ Capital Market
under the symbol "NTRBW".
As of May 5, 2023, we had 76 holders of record
of our common stock.
The transfer agent for our common stock is American
Stock Transfer & Trust Company, LLC, 6201 15th Ave, Brooklyn, NY, telephone (800) 937-5449.
30
DILUTION
If you purchase shares
of our common stock in this offering, your ownership interest will be diluted to the extent of the difference between the public offering
price per share of our common stock in this offering and the pro forma as adjusted net tangible book value per share of our common stock
immediately after this offering.
As of January 31, 2023,
our historical net tangible book value was approximately $2,708,093, or $0.35 per share of our common stock, based on 7,833,150 shares
of common stock issued and outstanding as of such date. Our historical net tangible book value per share represents tangible assets,
less liabilities and intangible assets, divided by the aggregate number of shares of common stock outstanding as of January 31, 2023.
After giving effect to
(i) the sale by us of [*] shares of common stock in this offering at an assumed public offering price of $ [*]per share, and after
deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma as adjusted net
tangible book value as of January 31, 2023 would have been $ [*] or $[*]per share. This represents an immediate increase in pro forma
net tangible book value to existing stockholders of $ [*] per share and an immediate dilution in pro forma net tangible book value
to new investors of $ [*]per share. Dilution per share represents the difference between the price per share to be paid by new investors
for the shares of common stock sold in this offering and the pro forma as adjusted net tangible book value per share immediately after
this offering.
The following table illustrates
this dilution on a per share basis:
Assumed
    public offering price per share
$
Historical net
    tangible book deficit per share as of January 31, 2023
$
Pro
    forma increase in net tangible book value per share as of January 31, 2023 attributable to the pro forma transactions described above
Pro forma net tangible
    book value per share as of January 31, 2023
$
Increase
    in pro forma net tangible book value per share attributable to new investors participating in this offering
$
Pro
    forma as adjusted net tangible book value per share after this offering
$
Dilution
    per share to new investors participating in this offering
$
Each $1.00
increase or decrease in the assumed public offering price of $[*]per share, would increase or decrease, as applicable our pro forma as
adjusted net tangible book value per share after this offering by $ [*]per share and the dilution in pro forma per share to investors
participating in this offering by $ [*]per share, assuming that the number of shares of common stock offered by us, as set forth on the
cover page of this prospectus, remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering
expenses payable by us. Similarly, each[*]share increase or decrease in the number of shares offered by us would increase or decrease,
as applicable our pro forma as adjusted net tangible book value per share after this offering by $[*]per share and the dilution in pro
forma as adjusted net tangible book value per share to investors participating in this offering by $ [*]per share, assuming the public
offering price of $[*] per share remains the same, and after deducting estimated underwriting discounts and commissions and estimated
offering expenses payable by us.
The foregoing tables
assume no exercise of the underwriters' option to purchase additional shares. If the underwriters' exercise their over-allotment
option to purchase additional shares in full, the number of shares of common stock held by our existing stockholders will represent approximately 
[*]% of the total number of shares of our common stock outstanding after this offering and the number of shares held by new investors
will represent approximately [*]% of the total number of shares of our common stock outstanding after this offering.
If the underwriters exercise
their over-allotment option to purchase additional shares of our common stock in full, the pro forma as adjusted net tangible book value
per share of our common stock after this offering would be $ [*]  per share, and the dilution in pro forma net tangible book value
per share to investors participating in this offering would be $ [*] per share of common stock.
In addition, to the extent
any outstanding stock options, warrants or other equity awards are exercised, or we issue additional equity or convertible securities
in the future, investors participating in this offering will experience further dilution.
The foregoing table and
calculations (other than historical net tangible book value) are based on 7,843,150 shares of common stock outstanding as of January 31,
2023, and excludes :
●
[*] shares of common stock issuable upon exercise of stock options outstanding as of January 31, 2023, with a weighted-average exercise price of $[*] per share;
●
[*] shares of our common stock issuable upon the exercise of warrants outstanding as of January 31, 2023 with an exercise price of $[*] per share;
●
[*]
●
[*]shares of common stock issuable upon the exercise of the Representative's Warrants.
31
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of financial
condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included
elsewhere in this prospectus. This discussion contains forward-looking statements that involve risks, uncertainties and assumptions. See
"Note Regarding Forward-Looking Statements." Our actual results could differ materially from those anticipated in the forward-looking
statements as a result of certain factors discussed in "Risk Factors" and elsewhere in this prospectus.
It should be noted that current public health
threats continue to affect our ongoing or planned business operations. In particular, the novel coronavirus (COVID-19) which has resulted
in quarantines, restrictions on travel and other business and economic disruptions.   We cannot presently predict the scope
and severity of any potential business shutdowns or disruptions, but if we or any of the third parties with whom we engage, including
the partners and other third parties with whom we conduct business, were to experience shutdowns or other business disruptions, our ability
to conduct our business in the manner and on the timelines presently planned could be materially and adversely impacted. The measures
being taken by service providers and government agencies to suppress the spread of COVID-19 infection may delay time to production of
our planned abuse deterrent fentanyl transdermal system product and therefor delay the time of filing with FDA for approval.
Overview
AVERSA™ transdermal abuse deterrent technology.
Our primary business is the development of a portfolio
of transdermal pharmaceutical products. Our lead product is our abuse deterrent fentanyl transdermal system which will require approval
from the Food and Drug Administration ("FDA") and substantial additional capital for research and development. Our abuse deterrent
transdermal product under development has the potential to provide clinicians and patients with an extended-release transdermal fentanyl
product for use in managing chronic pain requiring around the clock opioid therapy combined with properties designed to deter the abuse
and misuse of fentanyl patches. In addition, we believe that our abuse deterrent technology can be broadly applied to various transdermal
products and our strategy is to follow the development of our abuse deterrent fentanyl transdermal system with the development of abuse
deterrent transdermal products for pharmaceuticals that have risks or a history of abuse. We received on January 28, 2022 an Issue Notification
from the United States Patent and Trademark Office (USPTO) for our United States patent entitled, "Abuse and Misuse Deterrent Transdermal
System," that protects our Aversa™ technology platform.
Transdermal Pharmaceutical Products
Through October 31, 2018, our business was the
development of a line of consumer and health products that are delivered through a transdermal or topical patch. Following our acquisition
of 4P Therapeutics on August 1, 2018, our focus expanded to include prescription pharmaceuticals, and we are seeking to develop and seek
FDA approval on a number of transdermal pharmaceutical products under development by 4P Therapeutics.
Most of our planned consumer products require
FDA approval for sale in the United States, and we have not sought to obtain, and we do not plan to seek to obtain, FDA approval to market
these products in the United States at this time. Following our acquisition of selected assets from Pocono Coated Products, LLC ("Pocono"),
we are primarily focused on providing contract manufacturing services and consulting services to 3
rd
party brands with no intention
at this time to launch our own consumer products.
4P Therapeutics has not generated any revenue
from any of its products under development. Rather, prior to our acquisition, 4P Therapeutics generated revenue to provide cash for its
operations through contract research and development and related services for a small number of clients in the life sciences field on
an as-needed basis. We are, for the near term, continuing this activity, although we do not anticipate that it will generate significant
revenues and, since our acquisition, it has generated minor gross margins. We have no long-term contractual obligations, and either party
can terminate at any time.
With the change in our focus, our capital requirements
have increased substantially. The process of developing pharmaceutical products and submitting them for FDA approval is both time consuming
and expensive, with no assurance of obtaining approval from the FDA to market our product in the United States. We will require approximately
$10 million for research and development of our abuse deterrent fentanyl transdermal system, including clinical manufacturing and clinical
trials that need to be completed in order to obtain FDA approval. However, the total cost could be substantially in excess of that amount.
On August 31, 2020, the Company entered into a
Purchase Agreement ("Agreement"), with Pocono Coated Products ("PCP"), pursuant to which PCP agreed to sell the
Company all of the assets associated with its Transdermal, Topical, Cosmetic and Nutraceutical business (the "Assets"). PCP
is the manufacturer of our transdermal consumer products, and we bought that business from them. The purchase price for the Assets was
(i) $6,000,000 paid in shares of the Company's common stock at a value of the average price of the previous 90 days at the date
of Closing (the "Shares"); (ii) a promissory note of the Company in the principal amount of $1,500,000, which is due upon
the earlier of (a) twelve (12) months from issuance, or (b) immediately following a capital raise of no less than $4,000,000 and/or a
public offering of no less than $4,000,000. The note was repaid in full in October 2021. Subsequent to the repayment of the note, the
Shares were released from escrow.
32
On October 5, 2021, the Company, having been approved
for the listing of its common stock on The Nasdaq Capital Market effective October 1, 2021, consummated a public offering (the "IPO")
of units (the "Units"), of common stock and warrants that were offered in the IPO on The Nasdaq Capital Market, which included
1,231,200 (each a "Unit"), each Unit consisting of one share of common stock, par value $0.001 per share, and one warrant
(each a "Warrant") at a price of $5.36 per Unit. Each Warrant is immediately exercisable, will entitle the holder to purchase
one share of common stock at an exercise price of $6.43 and will expire five (5) years from the date of issuance. The underwriters'
over-allotment option was exercised for 184,800 warrants to purchase shares of common stock bringing to total net proceeds to the Company
from the IPO to $5,836,230. The shares of common stock and Warrants are separately transferred immediately upon issuance. As of October
31, 2022, 457,795 Warrants issued in the IPO have been exercised, with net proceeds to the Company of $2,942,970.
On November 1, 2021, The Board of Directors adopted
the 2021 Employee Stock Option Plan (the "Plan"). The Company has reserved 408,333 shares to issue and sell upon the exercise
of stock options issued under the Plan. On November 3, 2021, the Company filed a Registration Statement on Form S-8, to register under
the Securities Act of 1933, as amended, the 408,333 shares of common stock reserved for issuance under the Plan, and on October 12, 2022,
a Post-Effective Amendment to the Form S-8 was filed with the SEC. On January 21, 2022, the Board approved options to purchase 190,751
shares of the Company's common stock under the Plan issued to executive officers and directors of the Company at an exercise price
of $4.16 ($4.58 per share for two of the officers as required by IRS rules). On August 1, 2022, the Board approved option grants previously
approved by the Compensation Committee for an aggregate of 137,084 shares of common stock at exercise prices $4.09 or $4.50 per share
depending on IRS rules as applicable to the recipient,, and on September 30, 2022, approved option issuances under the Plan for an aggregate
of 35,000 shares of common stock at an exercise price of $3.59 per share for services provided by the independent directors, as previously
approved by the Compensation Committee.
The Company received a favorable verdict on July
13, 2022 from the Circuit Court, Orange County, Florida, providing for rescission of the Company's 2017 acquisition of Advanced
Health Brands and recovery by the Company of the 1,400,000 shares(adjusted for a 1-for-4 reverse stock split effective June 23, 2019 and
the 7-for-six forward stock split effective August 15, 2022) of common stock issued in the acquisition, effectively allowing the Company
on July 25, 2022 to cancel 1.4M shares of common stock held by the defendants.
On October 31, 2022, the Company filed the Proxy
Statement with the SEC for its Annual Meeting of Stockholders, for the election of directors held on December 9, 2022, in Orlando, Florida.
This Proxy Statement is available on our website at
HTTPS://Nutriband.com/proxy
.
Forward Split of our Common Stock.
On July 26, 2022, our Board of Directors approved
the amendment to our Articles of Incorporation to effect a 7 for 6 forward stock split (the "Stock Split") of our outstanding
common stock. We filed the amendment set forth in a Certificate of Change with the Secretary of State of Nevada on August 4, 2022. The
7:6 forward split was effective for trading purposes on the Nasdaq Capital Market on August 12, 2022. Each shareholder of record as of
the August 15, 2022 record date received one (1) additional share of common stock for each six (6) shares held as of the record date.
No fractional shares of common stock were issued in connection with the Stock Split. Instead, all shares were rounded up to the next whole
share. In connection with the Stock Split, which did not require shareholder approval under the Nevada corporation law, the number of
authorized shares of common stock of the Company was increased in the same ratio as the shares of outstanding common stock were increased
in the Stock Split, from 250,000,000 authorized shares to 291,666,666 authorized shares.
33
Years Ended January 31, 2023 and 2022
For the year ended January 31, 2023, we generated
revenue of $2,079,609 and our costs of revenue were $1,329,200, resulting in a gross margin of $750,409. For the year ended January 31,
2022, we generated revenue of $1,422,154 and our costs of revenue were $917,844, resulting in a gross margin of $504,310 in the subsequent
year. Our revenue for the year ended January 31, 2023, was derived from sales of $1,785,507 from our transdermal patch manufacturing segment
and $294,102 from contract services from our 4P Therapeutics segment. The increase in revenue of $657,455 from the transdermal patch manufacturing
segment is primarily due to an increase in demand which has continued in the subsequent year. The transdermal patch manufacturing segment
increased its margin by 3% during the period.  Our cost of revenue for our contract research and development services represents
our labor cost plus a modest amount of material costs which we passed on to the client. Our sales and cost of sales remained constant
for our contract services compared to the prior year.
For the year ended January 31, 2023, our selling,
general and administrative expenses were $3,916,041, primarily legal, accounting, administrative salaries and equity-based payments, compared
to $4,022,824 for the year ended January 31, 2022. The amount remained relatively constant for the prior year.
During the years ended January 31, 2023 and 2022,
the Company recorded an impairment expense of $327,326 and $2,180,836, respectively, due to a write down of Goodwill in connection with
its Pocono acquisition. The write down of goodwill is attributable primarily to the effects of the pandemic. The valuation of the reporting
unit does not exceed the carrying amount of goodwill using the value in use or the going concern premise.
During the year January 31, 2023, the Company
incurred research and development expenses on its Aversa Fentanyl product of $982,227, primarily of salaries and development costs from
Kindeva as compared to $411,383 for the year ended January 31, 2022.
During the year ended January 31, 2022, the Company
incurred a gain on extinguishment of debt of $53,028, consisting primarily of forgiveness of a PPP loan. There was no gain on extinguishment
of debt during the year ended January 31, 2023.
We incurred interest expense of $8,289 for the
year ended January 31, 2023, as compared to $118,421 for the year ended January 31, 2022, primarily from the amortization of debt discounts.
As a result of the foregoing, we sustained a net
loss of $4,483,474, or $(0.53) per share (basic and diluted) for the year ended January 31, 2023, compared with a loss of $6,372,715,
or $(0.80) per share (basic and diluted) for the year ended January 31, 2022. The net loss for 2022 includes a deemed dividend of $196,589
from the settlement of a warrant round down.
Liquidity and Capital Resources
As of January 31, 2023, we had $1,985,440 in cash
and cash equivalents and working capital of $1,945,132, as compared with cash and cash equivalents of $4,891,868 and working capital of
$4,686,112 as of January 31, 2022. The Company received proceeds of approximately $8.8 million from the completion of its public offering,
exercise of warrants and the sale of common stock during the year ended January 31, 2022.
For the year ended January 31, 2023, we used cash
of $2,987,198 in our operations. The principal adjustments to our net loss of $4,483,474 were depreciation and amortization of $330,143,
and stock-based compensation of $1,019,310, and goodwill impairment of $327,326.
For the year ended January 31, 2023, we used cash
in investing activities of $79,304 primarily for the purchase of equipment.
For the year ended January 31, 2023, we provided
cash in financing activities of $160,074, primarily from the proceeds of $296,875 from the exercise of warrants, offset from the purchase
of treasury stock of $119,006. For the year ended January 31, 2022, we had cash flows of $7,630,693 from financing activities, primarily
$9.4 million from the completion of our public offering, exercise of warrants, and gross proceeds from the sale of common stock offset
by a payment on long-term debt of $1.5 million and the repurchase of treasury stock.
Off Balance Sheet Arrangements
We have no off-balance sheet arrangements that
have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition,
revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
34
Critical Accounting Policies
Forward Stock Split
On July 26, 2022, our
Board of Directors approved the amendment to our Articles of Incorporation to effect a 7 for 6 forward stock split (the "Stock Split")
of our outstanding common stock. The Company filed the amendment set forth in a Certificate of Change with the Secretary of State of Nevada
on August 4, 2022. The 7:6 forward stock split was effective for trading purposes on the Nasdaq Capital Market on August 12, 2022. Each
shareholder of record as of the August 15, 2022 record date received one (1) additional share for each six (6) shares held as of the record
date. No fractional shares of common stock were issued in connection with the Stock Split. Instead, all shares were rounded up to the
next whole share. In connection with the Stock Split, which did not require shareholder approval under the Nevada corporation law, the
number of shares of common stock of the Company was increased in the same ratio as the shares of outstanding common stock were increased
in the Stock Split, from 250,000,000 authorized shares to 291,666,666 authorized shares.
All share and per share
information in these financial statements retroactively reflect the forward stock split.
Going Concern Assessment
Management assesses liquidity
and going concern uncertainty in the Company's condensed financial statements to determine whether there is sufficient cash on hand
and working capital, including available borrowings on loans, to operate for a period of at least one year from the date the consolidated
financial statements are issued or available to be issued, which is referred to as the "look-forward period", as defined in
GAAP. As part of this assessment, based on conditions that are known and reasonably knowable to management, management will consider various
scenarios, forecasts, projections, estimates and will make certain key assumptions, including timing and nature of projected cash expenditures
or programs, its ability to delay or curtail expenditures or programs and its ability to raise additional capital, if necessary, among
other factors. Based on this assessment, as necessary or applicable, management makes certain assumptions around implementing curtailments
or delays in the nature and timing of programs and expenditures to the extent it deems probable those implementations can be achieved
and management has the proper authority to execute them within the look-forward period.
As of January 31, 2023,
the Company had cash and cash equivalents of $1,985,440 and working capital of $1,945,132. For the year ended January 31, 2023, the Company
incurred an operating loss of $4,483,474 and used cash flow from operations of $2,987,198. The Company has generated operating losses
since its inception and has relied on sales of securities and issuance of third-party and related-party debt to support cash flow from
operations. In October 2021, the Company consummated a public offering and received net proceeds of $5,836,230. The Company also received
to date $2,942,970 proceeds from the exercise of warrants. The Company has used these proceeds to fund operations and will continue to
use the funds as needed. In March 2023, the Company entered into a three-year $2,000,000 Creditline Note facility for $2 million which
will permit the Company to draw on the credit line to fund the Company's research and development of its Aversa Fentanyl product.
Management has prepared
estimates of operations for the next twelve months and believes that sufficient funds will be generated from operations to fund its operations
for one year from the date of the filing of these condensed consolidated financial statements, which indicates improved operations and
the Company's ability to continue operations as a going concern. The impact of COVID-19 on the Company's business has been
considered in these assumptions; however, it is too early to know the full impact of COVID-19 or its timing on a return to normal operations.
Management believes the
substantial doubt about the ability of the Company to continue as a going concern is alleviated by the above assessment.
35
Use of Estimates
The preparation of the
consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires
the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related
disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates including, but not limited to,
those related to such items as income tax exposures, accruals, depreciable/useful lives, allowance for doubtful accounts and valuation
allowances. The Company bases its estimates on historical experience and on other various assumptions that are believed to be reasonable
under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that
are not readily apparent from other sources. Actual results could differ from those estimates.
Revenue Recognition
In May 2014, the FASB
issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which amends the accounting
standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects
to be entitled when products are transferred to a customer. The Company recognizes revenue based on the five criteria for revenue recognition
established under Topic 606: 1) identify the contract, 2) identify separate performance obligations, 3) determine the transaction price,
4) allocate the transaction price among the performance obligations, and 5) recognize revenue as the performance obligations are satisfied.
Accounts Receivable
Trade accounts receivables are recorded at the net invoice value and are not interest bearing. The Company maintains allowances
for doubtful accounts for estimated losses from the inability of its customers to make required payments. The Company determines its allowances
by both specific identification of customer accounts where appropriate and the application of historical loss to non-applicable accounts.
For the years ended January 31, 2023 and 2022, the Company recorded no bad debt expense for doubtful accounts related to account receivable.
Inventories
Inventories are valued
at the lower of cost and reasonable value determined using the first-in, first-out (FIFO) method. Net realized value is the estimated
selling price in the ordinary course of business, less applicable variable selling expenses. The cost of finished goods and work in process
is comprised of material costs, direct labor costs and other direct costs and related production overheads (based on normal operating
capacity). As of January 31, 2023 and 2022, 100% of the inventory consists of raw materials.
Intangible Assets
Intangible assets include
trademarks, intellectual property and customer base acquired through business combinations. The Company accounts for Other Intangible
Assets under the guidance of ASC 350, "Intangibles-Goodwill and Other." The Company capitalizes certain costs related to patent
technology. A substantial component of the purchase price related to the Company's acquisitions have also been assigned to intellectual
property and other intangibles. Under the guidance, other intangible assets with definite lives are amortized over their estimated useful
lives. Intangible assets with indefinite lives are tested annually for impairment. Trademarks, intellectual property and customer base
are being amortized over their estimated useful lives of ten years.
Goodwill
Goodwill represents the
difference between the total purchase price and the fair value of assets (tangible and intangible) and liabilities at the date of acquisition.
Goodwill is reviewed for impairment annually on January 31, and more frequently as circumstances warrant, and written down only in the
period in which the recorded value of such assets exceeds their fair value. The Company does not amortize goodwill in accordance with
ASC 350. In connection with the Company's acquisition of 4P Therapeutics LLC in 2018, the Company recorded Goodwill of $1,719,235.
On August 31, 2020, in connection with the Company's acquisition of Pocono Coated Products LLC and Active Intelligence LLC, the
Company recorded Goodwill of $5,810,640. During the years ended January 31, 2023 and 2022, the Company recorded an impairment charge of
$327,326 and $2,180,836, respectively, reducing the Active Intelligence LLC Goodwill to $3,302,478. As of January 31, 2023 and 2022, Goodwill
amounted to $5,021,713 and $5,349,039, respectively.
36
Long-lived Assets
Management reviews long-lived
assets for potential impairment whenever significant events or changes in circumstances indicate that the carrying amount of an asset
may not be recoverable. An impairment exists when the carrying amount of the long-lived asset is not recoverable and exceeds its fair
value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the estimated undiscounted cash flows expected
to result from the use and eventual disposition of the asset. If an impairment exists, the resulting write-down would be the difference
between the fair market value of the long-lived asset and the related book value.
Earnings per Share
Basic earnings per share
of common stock is computed by dividing net earnings by the weighted average number of shares of common stock outstanding during the period.  Diluted
earnings per share is computed by dividing net earnings by the weighted average number of shares of common stock and potential shares
of common stock outstanding during the period. Potential shares of common stock consist of shares issuable upon the exercise of outstanding
options and common stock purchase warrants. As of January 31, 2023, and 2022, there were 1,778,006 and 1,503,171 common stock equivalents
outstanding, that were not included in the calculation of dilutive earnings per share as their effect would be anti-dilutive.
Stock-Based Compensation
ASC 718, "Compensation
- Stock Compensation," prescribes accounting and reporting standards for all share-based payment transactions in which employee
services, and, since February 1, 2019, non-employees, are acquired. Transactions include incurring liabilities, or issuing or offering
to issue shares, options and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based
payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements
based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange
for the award, known as the requisite service period (usually the vesting period). As of February 1, 2019, pursuant to ASC 2018-07, ASC
718 was applied to stock-based compensation for both employees and non-employees.
Research and Development
Expenses
Research and development
costs are expensed as incurred.
Income Taxes
Taxes are calculated
in accordance with taxation principles currently effective in the United States and Ireland.
The Company accounts
for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected
future tax consequences of events that have been included in the financial statements.  Under this method, deferred tax assets
and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using
enacted tax rates in effect for the year in which the differences are expected to reverse.  The effect of a change in tax rates
on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.
The Company records net
deferred tax assets to the extent they believe these assets will more-likely-than-not be realized.  In making such determination,
the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences,
projected future taxable income, tax planning strategies and recent financial operations.  In the event the Company was to determine
that it would be able to realize its deferred income tax assets in the future in excess of its net recorded amount, the Company would
make an adjustment to the valuation allowance which would reduce the provision for income taxes.
Concentration of
Credit Risk
Financial instruments
which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company's cash and cash
equivalents are concentrated primarily in banks. At times, such deposits could be in excess of insured limits. Management believes that
the financial institutions that hold the Company's financial instruments are financially sound and, accordingly, minimal credit
risk is believed to exist with respect to those financial interests. As of and for the year ended January 31, 2023, two customers accounted
for 34% and 14% of the Company's revenue and one customer accounted for 94% of accounts receivable. As of and for the year ended
January 31, 2022, three customers accounted for 19%, 17% and 13% of the Company's revenue and three customers accounted for 58%,
21% and 17% of accounts receivable.
37
BUSINESS
Our Business
Our lead product under development is AVERSA Fentanyl,
an abuse deterrent fentanyl transdermal system that combines an approved generic fentanyl patch with our AVERSA abuse deterrent technology
to reduce the abuse and misuse of fentanyl patches. We believe that AVERSA technology can be broadly applied to various transdermal products,
and our plan is to follow the development of our abuse deterrent fentanyl transdermal system with the development of additional transdermal
abuse deterrent products for pharmaceuticals that have a risk or history of abuse. Specifically, we have expanded our development pipeline
to include AVERSA Buprenorphine and AVERSA Methylphenidate. In addition, we are developing a portfolio of transdermal pharmaceutical products
to deliver already approved drugs or biologics that are typically delivered by injection but with the potential to improve compliance
and therapeutic outcomes through transdermal delivery.
We have a feasibility agreement with Kindeva Drug
Delivery, formerly 3M Drug Delivery ("Kindeva"), for the development of AVERSA Fentanyl using Kindeva's FDA approved
Fentanyl patch. The feasibility agreement is focused on adapting Kindeva's commercial transdermal manufacturing process to incorporate
AVERSA abuse deterrent technology.
The product development program for AVERSA Fentanyl
includes performing preclinical and clinical studies to demonstrate the abuse deterrent properties of the product. The program assumes
that the fentanyl transdermal system is already approved and the only change to the approved product will be to incorporate the AVERSA
technology into the patch design with no change being made to the fentanyl drug matrix or its demonstrated safety, patch performance or
drug release characteristics. Preclinical studies to be performed primarily consist of laboratory-based in vitro manipulation and extraction
studies in various extraction media per FDA guidance. Clinical evaluation primarily consists of a Phase 1 Human Abuse Liability (HAL)
study to demonstrate the abuse potential of the product per FDA guidance. The regulatory path for FDA approval is planned to be a 505(b)(2)
NDA submission to access the safety and efficacy information on file for Duragesic
®
fentanyl transdermal system as the
reference-listed drug and to be able to obtain approval for abuse deterrent claims as a branded pharmaceutical product.
The product development program for the additional
AVERSA pipeline products, AVERSA Buprenorphine and AVERSA Methylphenidate, are similar to that of AVERSA Fentanyl, assuming that the AVERSA
technology is incorporated into an already approved transdermal patch.
Through January 31, 2023, we had not generated
any revenue from our transdermal consumer patches. Consumer products are products that can be sold over-the-counter and do not require
a prescription. Most transdermal patches are considered drugs in the United States and cannot be marketed in the United States without
approval from the FDA. We have not taken any steps to seek to obtain FDA approval for any of our consumer products in development that
would permit sales of those products in the United States, and we have no plans to do so in the near term.
Acquisition of 4P Therapeutics
Pursuant to an acquisition agreement dated April
5, 2018 between us and 4P Therapeutics, on August 1, 2018, we acquired all of the equity interest in 4P Therapeutics from Steven Damon,
the owner of 4P Therapeutics. The purchase price of $2,250,000, consisting of 72,916 shares of common stock, valued at $1,850,000, and
cash of $400,000, and are to pay Mr. Damon a 6% royalty on any revenue we receive or derive from our utilization or sale of the abuse
deterrent intellectual property that we acquired as a part of the assets 4P Therapeutics, including partner license milestones and development
payments. The royalty is payable pursuant to the acquisition agreement and continues as long as we generate revenue from our utilization
or sale of the abuse deterrent intellectual property we acquired as part of the acquisition of 4P Therapeutics. The 72,916 shares were
issued to Mr. Damon and Dr. Alan Smith. In connection with the acquisition, Mr. Damon retained any cash and accounts receivable and assumed
any liabilities other than those relating to the ongoing business. Pursuant to the acquisition agreement, we appointed Mr. Damon to our
board of directors in April 2018, when we signed the acquisition agreement, and we agreed to pay Mr. Damon the compensation received by
independent board members.
38
As a result of the acquisition, the focus of our
business has changed from the development and marketing outside of the U.S. of consumer transdermal products to the development of 4P
Therapeutics' portfolio of pharmaceutical transdermal products. Our lead product under development is AVERSA
®
Fentanyl
(abuse deterrent fentanyl transdermal system) which we plan to develop to deter the abuse and accidental misuse of fentanyl transdermal
patches. Fentanyl is a potent synthetic opioid that is marketed as a transdermal patch for chronic pain management. There are currently
a number of generic fentanyl patches on the market but none of them have abuse deterrent properties. We believe that our AVERSA
®
abuse deterrent technology, containing aversive agents will significantly deter the abuse and accidental misuse of fentanyl from transdermal
patches.
With the acquisition of 4P Therapeutics, we acquired
a research pipeline of other transdermal products, including peptides and proteins such as exenatide for type 2 diabetes and FSH for infertility.
These drugs are off patent but are currently only available as injections, and we are evaluating the possibility of developing a transdermal
delivery system for these drugs as an alternative to injection but with improved compliance and safety. In addition, we may develop certain
generic transdermal products where we think we can make an improvement to existing patches and where we believe we can take significant
market share with good profit margins. The prioritization of our portfolio product candidates will be reviewed on an ongoing basis and
will take into account technical progress, market potential and R&D funding available. We cannot assure you that we will be able to
develop and obtain FDA approval for any of these potential products or that we can be successful in marketing any such products. The FDA
approval process can take many years to complete successfully, and we will require substantial funding for each product that goes through
the process. We cannot assure you that we will obtain FDA marketing approval for any of our products.
In addition to performing research and development
for its own products, 4P Therapeutics performs contract research and development services for a small number of clients in the life sciences
field to help support its ongoing operations. The work includes conducting early-stage drug and device clinical and preclinical studies
and providing clinical-regulatory and formulation/analytical consulting services. Neither we nor current clients have any long-term commitments,
and either party can terminate at any time. We do not expect to generate significant revenues from these services.
Acquisition of Pocono Coated Products
On August 25, 2020, the Company formed Pocono
Pharmaceuticals Inc.("Pocono"), a wholly owned subsidiary of the Company. Effective August 31, 2020, the Company entered into
a Purchase Agreement ("Agreement") with Pocono Coated Products ("PCP"), a manufacturer of Topical and transdermal
products, pursuant to which PCP agreed to sell the Company certain of the assets and liabilities associated with its Transdermal, Topical,
Cosmetic and Nutraceutical business (the "Business"), including all related equipment, intellectual property and trade secrets,
cash balances, receivables, bank accounts and inventory. The net assets were contributed to Pocono. Included in the transaction, the Company
acquired 100% of the membership interests of Active Intelligence LLC ("Active Intelligence"). The purchase price for the assets
of the Business is (i) $6,000,000 paid in 709,938 shares of the Company's common stock, based on the average price for the Company's
common stock for the previous 90 days as of the date of Closing (the "Shares"); (ii) a promissory note of the Company in the
principal amount of $1,500,000, which has been paid in full as of October 1, 2021.
Our Organization
We are a Nevada corporation, incorporated on January
4, 2016. In January 2016, we acquired Nutriband Ltd, an Irish company which was formed by Gareth Sheridan, our chief executive officer,
in 2012, to enter the health and wellness market by marketing transdermal patches. Our corporate headquarters are located at 121 S. Orange
Ave. Suite 1500, Orlando, Florida 32801, telephone (407) 377-6695. Our website is
www.nutriband.com
. Information contained on or
available through our website or any other website does not constitute a portion of this annual report.
39
Effects of the COVID-19 Pandemic
Our business may be affected by the COVID-19 pandemic
and the response to the pandemic. Factors which may affect our business include, but are not limited to, the following:
●
The decision by investors who would invest in early-stage pharmaceutical companies to limit their financing efforts to companies that are dealing with products or services related to COVID-19 diagnosis or treatment.
●
The effect of recent stock market declines on the willingness of investors to make an investment in our securities.
●
The financial health of our potential contract service customers.
●
Our ability to perform contract services.
●
Our ability to obtain any goods or services which we may need to perform contract services.
●
The ability of our foreign distributors to obtain regulatory approval, which may be affected by the regulatory agencies giving a low priority to products such as our consumer patches.
Pharmaceutical Products in Development
We have a pipeline of transdermal pharmaceutical
products that are primarily in the early stages of development. Our current focus is on the development of AVERSA Fentanyl for which we
have a feasibility agreement with Kindeva Drug Delivery, a contract development and manufacturing organization. We plan to follow on from
this with development of additional products utilizing the AVERSA abuse deterrent transdermal technology, namely, AVERSA Buprenorphine
and AVERSA Methylphenidate.
AVERSA Fentanyl is an abuse deterrent fentanyl
patch for the treatment of chronic pain. As the United States faces an epidemic of opioid abuse, fentanyl transdermal patches have become
an attractive target for recreational drug abusers due to the high potency of fentanyl and its ease of abuse by the oral route. We are
looking to utilize our proprietary approach to incorporate aversive agents into the transdermal patch to deter the abuse of fentanyl patches
by the oral, buccal and inhaled routes, which represent as much as 70% of all transdermal fentanyl abuse. The technology is based on the
incorporation of taste and sensory aversive agents into the patch that are intended to make abuse a very unpleasant experience thereby
deterring the recreational abuse of fentanyl patches. These aversive agents have high potency, established safety, and the potential to
prevent accidental misuse by children and pets. The aversive agents are coated onto the backing of the transdermal patch in a controlled
release formulation that provides immediate and sustained release of aversive agents. This provides several advantages including having
a physical separation of the aversive agents from the drug matrix, availability of aversive agents even after the patch is used and making
it difficult to separate the aversive agents from the drug by extraction. The aversive agents are not contained in the drug matrix and
are not delivered to the skin during patch wear. In addition to the fentanyl patch, this technology has broad applicability to any patch
where deterring abuse as well as accidental misuse by children and pets are valuable attributes.
We believe that our abuse deterrent technology
can be broadly applied to various transdermal products and our strategy is to follow the development of our AVERSA Fentanyl with the development
of additional products for pharmaceuticals that have a risk or history of abuse. For example, we believe that our technology can be utilized
in other transdermal products to deter the abuse of other drugs such as buprenorphine, an opioid used to treat acute pain and chronic
pain, and methylphenidate, a central nervous system stimulant. Buprenorphine is an opioid used to treat opioid addiction, acute pain and
chronic pain. It can be used under the tongue, by injection, as a skin patch, or as an implant. For opioid addiction, it is typically
only started when withdrawal symptoms have begun and for the first two days of treatment under direct observation of a health care provider.
For longer term treatment of addiction, a combination formulation of buprenorphine/naloxone is recommended to prevent misuse by injection.
Methylphenidate, sold under various trade names, such as Ritalin in oral form, and in transdermal patch form known as Daytrana, is a central
nervous system stimulant that is used in the treatment of attention deficit hyperactivity disorder and narcolepsy. We plan to develop
transdermal delivery systems for buprenorphine and methylphenidate after we make significant progress on our abuse deterrent fentanyl
transdermal system.
40
Our research pipeline consists primarily of drug
compounds which have been previously approved by the FDA and are now off-patent. In some cases, we are developing a non-injectable version
of the drug utilizing our transdermal technology which represents a new route of administration. In most cases, we plan to utilize the
505(b) (2) NDA regulatory pathway provided by the FDA which allows us to reference the safety information on file at FDA for the
approved drug or to reference the published literature instead of having to generate new safety information that would typically be required
for new chemical entities. However, we cannot assure you that the FDA will concur with our approach or that we will be able to receive
FDA approval to market any of products that we develop.
We are also exploring transdermal delivery of
proteins and peptides such as exenatide for type 2 diabetes and follicle stimulating hormone (FSH) for infertility. Presently, these products
are only available by injection. We believe that transdermal delivery has the potential to improve compliance, which can lead to improved
therapeutic outcomes associated with these treatments.
In addition, we may seek to develop certain generic
transdermal products where we think we can efficiently make an improvement to existing patches and potentially take significant market
share with good profit margins.
The prioritization of our portfolio of product
candidates will be reviewed on an ongoing basis and will take into account technical progress, market potential, available funding and
commercial interest. Our ability to take any meaningful steps to the development of any of these products is determined by our ability
to provide sufficient funding for such activities. As stated above, without additional financing or a joint venture agreement we will
not be able to take any steps to the development of any of these products.
We currently have no branded OTC or consumer products
nor do we plan to launch any OTC or consumer products in the near term as our focus is primarily on our pharmaceutical development pipeline
and continuing the contract services offered by our subsidiaries.
Pharmaceutical Manufacturing and Supply
Manufacturing of our pharmaceutical transdermal
products in development will be performed in compliance with FDA current Good Manufacturing Practices (cGMP) and all applicable local
regulations by contract manufacturers. All manufacturing processes and facilities will be subject to review by the FDA during development,
prior to approval and during subsequent routine FDA inspections. We plan to continue to rely on contract manufacturers and, potentially,
collaboration partners to manufacture commercial quantities of our products, if and when approved for marketing by the FDA.
Government Regulation
United States
The pharmaceutical business is subject to extensive
government regulation. In the United States, we must comply with the rules and regulations of the FDA. In other countries, we must comply
with the laws and regulations of each country to legally market and sell our products. Obtaining FDA approval does not mean that the product
will be approved in other countries. Each country may require that additional clinical and nonclinical studies be conducted prior to approval.
The process required by the FDA to receive approval
prior to marketing and distributing a drug in the United States generally involves a preclinical phase followed by three phases of clinical
trials. The definition of drug is broadly defined and includes the pharmaceutical products we have in development. Even though the drug
used in each of our proposed products is currently approved by the FDA in other dosage forms, we will still need to conduct a development
program that will include preclinical and clinical trials before we receive FDA marketing approval. The FDA also has a number of abbreviated
approval pathways which, if we are eligible, could shorten the time for approval. For example, the regulatory path for the AVERSA products
in development is intended to follow a 505(b)(2) NDA regulatory pathway which reduces the amount of clinical work that needs to be performed
to a single trial to evaluate the abuse potential of the product as the safety and efficacy of the drug has already been established.
However, we cannot be certain that we will be able to use any abbreviated approval pathway, in which event we will need to comply with
the full regulatory pathway as described below.
41
The full (although not typical for the AVERSA
related products) FDA regulatory pathway consists of the following phases of development.
●
Preclinical phase
. Before a drug company can test an experimental treatment in humans, it must prove the drug is safe and effective in animals. Scientists run tests in various animals before presenting the data to the FDA as an investigational new drug application. For already approved drugs, an animal study may not be required prior to testing in humans. In most cases, the company must file an Investigational New Drug (IND) submission to get clearance to test the product in humans.
●
Phase one clinical trial
. In the first round of clinical trials, the drug company attempts to establish the drug's safety in humans. Drug researchers administer the treatment to healthy individuals — instead of patients suffering from the disease or condition the drug is intended to treat — and gradually increase the dose to see if the drug is toxic at higher levels or if any possible side effects occur. These drug trials are usually small, containing about 20 to 80 participants, according to the FDA. For drug delivery products incorporating already approved drugs, Phase 1 studies involve measuring blood levels of the drug to understand the pharmacokinetics for a new route of administration.
●
Phase two clinical trial
. In the second round of clinical trials, researchers give the treatment to patients who have the disease to assess the drug's efficacy. The trial is randomized, meaning half of the study participants receive the drug and half receive a placebo. These trials usually contain hundreds of participants, according to the FDA. There is about a 30 percent chance of a drug moving on to a phase three clinical trial, according to data from the biotech trade organization BIO. For already approved drugs, as is the case with drug delivery products, a Phase 2 trial may not be necessary as the therapeutic drug doses and blood concentrations are already known. However, a Phase 2 may be conducted to inform the design of the Phase 3 clinical trial in regards to the safety and efficacy of the product when used by patients.
●
Phase three clinical trial
. In the third phase of clinical trials, researchers work with the FDA to design a larger trial to test the drug's ideal dosage, patient population and other factors that could decide whether the drug is approved, according to the report. These trials usually contain a few hundred to thousands of participants. In the case of drug delivery products that utilize an approved drug, Phase 3 trials will typically include a comparison to the already approved reference product. For example, a transdermal patch may be compared to an injection.
●
New drug application (NDA)
. Once a drug company collects and analyzes all data from the clinical trials, it submits a new drug application to the FDA. The application includes trial data, preclinical information and details on the drug's manufacturing process. If the FDA accepts the application for review, the agency has ten months — or six months if the drug has priority review status — to make a decision, according to the report. The FDA can hold an advisory committee meeting where independent experts assess the data and recommend whether to approve the drug. From there, the FDA will either approve the drug or give the applicant a complete response letter, which explains why the drug did not get approved and what steps the applicant must take before resubmitting the application for approval.
Before approving an NDA, the FDA may inspect the
facilities where the product is being manufactured or facilities that are significantly involved in the product development and distribution
process and will not approve the product unless they determine that compliance with current good manufacturing practices is satisfactory.
The FDA may deny approval of an NDA if applicable statutory or regulatory criteria are not satisfied, or may require additional testing
or information, which can delay the approval process. In pursuing FDA approval there may be various delays and it is possible that approval
may never be granted. In addition, new government requirements may be established that could delay or prevent regulatory approval of our
product candidates under development.
42
If a product is approved, the FDA may impose limitations
on the indications for use for which the product may be marketed, may require that warning statements be included in the product labeling,
may require that additional studies or trials be conducted following approval as a condition of the approval, may impose restrictions
and conditions on product distribution, prescribing or dispensing in the form of a risk management plan, or impose other limitations.
Once a product receives FDA approval, marketing
the product for other indicated uses or making certain manufacturing or other changes related to the product will require FDA review and
approval of a supplemental NDA or a new NDA, which may require additional clinical safety and efficacy data and may require additional
review fees. In addition, further post-marketing testing and surveillance to monitor the safety or efficacy of a product may be required.
Also, product approvals may be withdrawn if compliance with regulatory standards is not maintained or if safety or manufacturing problems
occur following initial marketing.
With respect to the labeling for our abuse deterrent
transdermal fentanyl system or any other opioid transdermal patch we develop, it is likely that we will need to disclose the risks of
improper use or abuse using language required by the FDA.
FDA Approval Pathways
The FDA has several pathways that can be followed to obtain FDA approval.
●
A stand-alone NDA is an application submitted under Section 505(b)(1) of the Food, Drug and Cosmetic Act ("FD&C Act") and approved under Section 505(c) of the FD&C Act that contains full reports of investigations of safety and effectiveness that were conducted by or for the applicant or for which the applicant has a right of reference or use. This is typically the pathway used for new chemical entities.
●
A 505(b)(2) application is an NDA submitted under Section 505(b)(1) and approved under Section 505(c) of the FD&C Act that contains full reports of investigations of safety and effectiveness, where at least some of the information required for approval comes from studies not conducted by or for the applicant and for which the applicant has not obtained a right of reference or use. This is the pathway typically taken for off-patent drugs that are being development into alternate dosage forms or routes of administration.
●
An ANDA is an application for a duplicate of a previously approved drug product that was submitted and approved under Section 505(j) of the FD&C Act. An ANDA relies on the FDA's finding that the previously approved drug product is safe and effective. An ANDA generally must contain information to show that the proposed generic product (1) is the same as the drug with respect to the active ingredients, conditions of use, route of administration, dosage form, strength and labeling (with certain permissible differences) and (2) is bioequivalent to the referenced drug. An ANDA may not be submitted if studies are necessary to establish the safety and effectiveness of the proposed product. This is the pathway taken for generic drugs.
We cannot assure you that we will be able to take
advantage of any of the available abbreviated approval pathways for any of our proposed products.
Post-approval requirements
Any drug products for which we receive FDA approval
will be subject to continuing regulation by the FDA. Certain requirements include, among other things, record-keeping requirements, reporting
of adverse events with the product, providing the FDA with updated safety and efficacy information on an annual basis or more frequently
for specific events, product sampling and distribution requirements, complying with certain electronic records and signature requirements
and complying with FDA promotion and advertising requirements. These promotion and advertising requirements include, among others, standards
for direct-to-consumer advertising, prohibitions against promoting drugs for uses or patient populations that are not described in the
drug's approved labeling, known as "off-label use," and other promotional activities, such as those considered to be
false or misleading. Failure to comply with FDA regulations can have negative consequences, including the immediate discontinuation of
noncomplying materials, adverse publicity, enforcement letters from the FDA, mandated corrective advertising or communications with doctors,
and civil or criminal penalties. Such enforcement may also lead to scrutiny and enforcement by other government and regulatory bodies.
43
Although physicians may prescribe legally available
drugs for off-label uses, manufacturers may not encourage, market or promote such off-label uses. As a result, "off-label promotion"
has formed the basis for litigation under the Federal False Claims Act, violations of which are subject to significant civil fines and
penalties. In addition, manufacturers of prescription products are required to disclose annually to the Center for Medicaid and Medicare
any payments made to physicians and teaching hospitals in the U.S. under the federal Physician Payment Sunshine Act. Reportable payments
may be direct or indirect, in cash or kind, for any reason, and are required to be disclosed even if the payments are not related to the
approved product. Failure to fully disclose or not in time reporting could lead to penalties up to $1.15 million per year.
The manufacturing of any of our products will
be required to comply with the FDA's current Good Manufacturing Practices (cGMP) regulations. These regulations require, among other
things, quality control and quality assurance, as well as the corresponding maintenance of comprehensive records and documentation. Drug
manufacturers and other entities involved in the manufacture and distribution of approved drugs are also required to register with the
FDA their establishments and list any products they make and to comply with related requirements in certain states. These entities are
further subject to periodic unannounced inspections by the FDA and certain state agencies for compliance with current good manufacturing
practices and other laws. Accordingly, manufacturers must continue to expend time, money and effort in the area of production and quality
control to maintain cGMP compliance.
Discovery of problems with a product after approval
may result in serious and extensive restrictions on a product, manufacturer or holder of an approved NDA, as well as lead to potential
market disruptions. These restrictions may include recalls, suspension of a product until the FDA is assured that quality standards can
be met, and continuing oversight of manufacturing by the FDA under a "consent decree," which frequently includes the imposition
of costs and continuing inspections over a period of many years, as well as possible withdrawal of the product from the market. In addition,
changes to the manufacturing process generally require prior FDA approval before being implemented. Other types of changes to the approved
product, such as adding new indications and additional labeling claims, are also subject to further FDA review and approval.
The FDA also may require post-marketing testing,
or Phase IV testing, as well as risk minimization action plans and surveillance to monitor the effects of an approved product or place
conditions on an approval that could otherwise restrict the distribution or use of our products.
Other Government Regulations
We may be subject to government regulations that
are applicable to businesses generally, including those relating to workers' health and safety, environmental and waste disposal,
wage and hour and labor practices, including sexual harassment laws and regulations, and anti-discrimination laws and regulations.
In addition, we must comply with the laws and
regulations governing the research and manufacture of products containing controlled substances such as fentanyl and other opioids. We
or our contract manufacturer must be licensed by the Drug Enforcement Agency (DEA) and the state(s) in which we conduct research and development
activities.
Europe and Other Countries
If we market our products in any countries other
than the United States, we would be subject to the laws of those countries. To obtain market access for our products in other countries
we must comply with numerous and varying regulatory requirements of such countries regarding safety and efficacy and governing, among
other things, clinical trials and commercial sales, pricing and distribution of our products.
44
The European medicines regulatory system is based
on a network of around 50 regulatory authorities from the 31 countries in the European Economic Area, the European Commission and
the European Medicines Agency. All medicines must be authorized before they can be placed on the market in the European Union. The European
system offers different routes for authorization. A centralized procedure allows the marketing of a medicine on the basis of a single
European Union assessment and marketing authorization which is valid throughout the European Union. However, a majority of medicines authorized
in the European Union do not fall within the scope of the centralized procedure, and we do not know whether our proposed products will
fall within the centralized authorization. We also do not know how the withdrawal of Great Britain from the European Union will affect
the procedure for approval of medicines in the United Kingdom. If we are not able to use the centralized procedure, we would need to use
one of the following procedures. One method is the decentralized procedure where we would apply for simultaneous authorization in more
than one European Union member. The second method is the mutual-recognition procedure where we would have a medicine authorized in one
European Union country apply for authorization to be recognized in other European Union countries. In either case, we would be required
to complete clinical trials to demonstrate the safety and efficacy of the medicine and show that the medicine is manufactured in accordance
with good manufacturing practices based upon European Union standards.
In countries other than the United States and
the European Union, we would be required to comply with the applicable laws of those countries, which may require us to perform additional
clinical testing.
Failure to obtain regulatory approval in any country
would prevent our product candidates from being marketed in those countries. In order to market and sell our products in jurisdictions
other than the United States and the European Union, we must obtain separate marketing approvals and comply with numerous and varying
regulatory requirements. The regulatory approval process outside the United States and the European Union generally includes all of the
risks associated with obtaining FDA and European Union approval but can involve additional testing.
In addition, in many countries worldwide, it is
required that the product be approved for reimbursement before the product can be approved for sale in that country. We may not obtain
approvals from regulatory authorities outside the United States on a timely basis, if at all. Even if we were to receive approval in the
United States or the European Union, approval by the FDA or the European Medicines Agency does not ensure approval by regulatory authorities
in other countries or jurisdictions. Similarly, approval by one regulatory authority outside the United States would not ensure approval
by regulatory authorities in other countries or jurisdictions. We may not be able to file for marketing approvals and may not receive
necessary approvals to commercialize our products in any market. If we are unable to obtain approval of our product candidates by regulatory
authorities in other foreign jurisdictions, the commercial prospects of those product candidates may be significantly diminished and our
business prospects could decline.
Outside the United States, particularly in member
states of the European Union, the pricing of prescription drugs is subject to governmental control. In these countries, pricing negotiations
or the successful completion of health technology assessment procedures with governmental authorities can take considerable time after
receipt of marketing approval for a product. In addition, there can be considerable pressure by governments and other stakeholders on
prices and reimbursement levels, including as part of cost containment measures.
In addition to regulations in the United States,
if we market outside of the United States, we will be subject to a variety of regulations governing, among other things, clinical trials
and any commercial sales and distribution of our products. Whether or not we obtain FDA approval for a product, we must obtain the requisite
approvals from regulatory authorities in foreign countries prior to the commencement of clinical trials or marketing of the product in
those countries.
Intellectual Property
The AVERSA abuse deterrent technology utilized
in our AVERSA product pipeline is covered by an international intellectual property portfolio with patents issued in 45 countries including
the United States, Europe, Japan, Korea, Russia, Mexico, Canada, and Australia and pending in China. These patents provide patent coverage
to 2035. We continue to build on our proprietary positions in the United States and internationally for our product candidates AVERSA
Fentanyl, AVERSA buprenorphine and AVERSA methylphenidate as well as other products and technology that we may have in development. Our
policy is to pursue, maintain and defend patent rights developed internally or acquired externally and to protect the technology, inventions
and improvements that are commercially important to the development of our business. We cannot be sure that patents will be granted with
respect to any of our pending patent applications or with respect to any patent applications filed by us in the future, nor can we be
sure that any of our existing patents or any patents granted to us in the future will be commercially useful in protecting our technology.
We also may rely on trade secrets to protect our commercial products and product candidates. Our commercial success also depends in part
on our non-infringement of the patents or proprietary rights of third parties.
45
Further, we plan to seek trademark protection
in the United States and internationally where available and when appropriate. We have registered the name Nutriband in the United States.
We have received a notice of allowance for the AVERSA trademark for our abuse deterrent technology in the United States.
Competition
The pharmaceutical industry is highly competitive
and subject to rapid change as new products are developed and marketed. Potential competitors include large pharmaceutical and biotechnology
companies, specialty pharmaceutical and generic drug companies, and medical technology companies. We believe the key competitive factors
that will affect the development and commercial success of our products are product performance including safety and efficacy, level of
patient compliance, healthcare professional acceptance, and the extent of insurance reimbursement of our products.
As our development pipeline includes products
that contain opioids (AVERSA Fentanyl and AVERSA Buprenorphine), we continually monitor the market for opioid products, particularly in
the United States. Pharmaceutical companies engaged in the distribution and sale of opioids, in particular for the treatment of chronic
pain, are promoting responsible opioid use. In 2022, the CDC revised its clinical practice guideline for prescribing opioids to ease the
restrictions on prescribers and encourage responsible opioid use particularly for patients with moderate to severe pain. Our opioid products
potentially offer a unique proposition to meet the unmet needs of patients by deterring the abuse and misuse of opioids while making opioids
accessible to those patients who need them. If approved, our AVERSA pipeline products will compete with the currently marketed products
that do not contain abuse deterrent features as well as other products that may employ different abuse deterrent technology. We may also
have to compete with products that do not contain opioids or other drugs that are susceptible to abuse. We are not aware of any abuse
deterrent transdermal products that are in development or being marketed at this time. If we obtain regulatory approval to market our
products, we cannot assure you that we will be successful in the marketplace.
Property
We do not own any real property. We lease under
a one year lease an office for $ 2,500 per month at 121 South Orange Street, Orlando, Florida. With the office lease, we have access to
boardrooms, kitchen facilities and administrative support services. We lease manufacturing space in Cherryville, North Carolina, for $3,000
per month under a three-year lease entered into on February 1, 2022, with a renewal option.
Legal Proceedings
None.
46
MANAGEMENT
Set forth below are the name, age, position of
and biographical information about each nominee, all of whom are currently directors and compromise our entire Board as of the record
date.
Name
Age
Position
Gareth Sheridan
33
Chief Executive Officer and Director
Serguei Melnik
50
Chairman of the Board, President and Secretary
Mark Hamilton
(1)(3)
38
Director
Radu Bujoreanu
(1)(2)(3)
53
Director
Stefani Mancas
(2)(3)
46
Director
Irina Gram
(2)(1)
34
Director
Gerald Goodman
75
Chief Financial Officer
Alan Smith, Ph.D.
57
Chief operating officer and president of 4P Therapeutics
Patrick Ryan
37
Chief technical officer
Jeff Patrick, Pharm.D.
53
Chief scientific officer
(1)
Member of the Audit Committee.
(2)
Member of the Compensation Committee.
(3)
Member of the Nominating and Corporate Governance Committee.
Gareth Sheridan, our founder, has been chief executive
officer and a director since our organization in 2016. In 2012, Mr. Sheridan founded Nutriband Ltd., an Irish company which we acquired
in 2016. Mr. Sheridan was named Ireland's 'Young Entrepreneur of the Year' in 2014 in the National Bank of Ireland
Startup Awards for establishing Nutriband Ltd. Mr. Sheridan has further business awards from S. Dublin's Best Young Entrepreneur
and Nutriband Ltd as S. Dublin's Best Startup Company. Mr. Sheridan has also worked as a Business Mentor with 100 Minds,
a social enterprise founded in 2013, that brings together some of Ireland's top college students and connects them with one cause
to achieve large charitable goals in a short space of time. Mr. Sheridan is also a past Nissan Generation Next Ambassador, receiving
the acknowledgement in 2015 by Nissan Ireland as one of Ireland's future generational leaders.
In 2019 Mr. Sheridan served on the Board
of the St. James Hospital foundation, the charitable foundation for Ireland's largest public hospital. Mr. Sheridan received
a B.Sc. in Business and Management from Dublin Institute of Technology in 2012 where he concentrated on international economics, venture
creation and entrepreneurship.
Serguei Melnik, who was elected by the Board as
President on October 8, 2021, serves as a member of the board of directors and is a co-founder of Nutriband Inc. Mr. Melnik
has previously served as our chief financial officer and a director since January 2016. Mr. Melnik has been involved in general
business consulting for companies in the U.S. financial markets and setting up a legal and financial framework for operations of
foreign companies in the U.S. Mr. Melnik advised UNR Holdings, Inc. with regard to the initiation of the trading of its stock
in the over-the-counter markets in the U.S. and has provided general advice with respect to the U.S. financial markets for companies
located in the U.S. and abroad. From February 2003 to May 2005, he was the Chief Operations Officer and a Board member
of Asconi Corporation, Winter Park, Florida, with regard to restructuring the company and listing it on the American Stock Exchange. Mr. Melnik
from June 1995 to December 1996 was a lawyer in the Department of Foreign Affairs, JSC Bank "Inteprinzbanca,", Chisinau,
Moldova, and prior thereto practiced law in Moldova in various positions. Mr. Melnik is fluent in Russian, Romanian, English and
Spanish.
Mark Hamilton, an independent director since July 2018,
is an experienced director level professional who joined global consulting firm, Korn Ferry in 2020 as a Managing Consultant. Prior to
moving into organizational consulting, Mark qualified as a Chartered Accountant in global advisory firm, BDO, where he spent 12 years
advising some of Ireland's most successful businesses. His work originated in corporate finance/corporate recovery and more recently,
he spent 5 years leading BDO's client management and sales function, as Head of Business Development. Mr. Hamilton is
a Member of the Association of Chartered Accountants (ACA), since 2012. Mr. Hamilton's accounting/consulting background and
experience in corporate finance, restructuring, sales and talent assists us in his role as an independent Board member and Committee Chair.
Mr. Hamilton has a very strong presence in the business community across jurisdictions, along with an accomplished track record in
project management and business development. Educated at Terenure College, Mark went on to study a B.Sc. degree in Business &
Management at Dublin Institute of Technology and subsequently received First Class Honours in his postgraduate degree, for which
he specialized in Accountancy in 2009. In addition to his ACA qualification, Mark has also recently completed a diploma in Corporate Governance
and is now a member of the Corporate Governance Institute which will assist him in his role as Independent Director, alongside his recent
approval by the Central Bank of Ireland to act as an Independent Director to regulated entities.
47
Radu Bujoreanu has been a director since June 2019. Mr. Bujoreanu
has been the owner and executive director of Consular Assistance, Inc., which provides assistance in obtaining visas for the Republic
of Moldova and related services since December 2002, and he has been a real estate agent with Keller Williams Realty, Inc. since
May 2019. Mr. Bujoreanu received his bachelor degree in international public law from the University of Moldova.
Prof. Dr. Stefani Mancas received a Ph. D. in
Applied Mathematics from the University of Central Florida, with the dissertation topic "Dissipative solitons in the cubic-quintic
complex Ginzburg-Landau equation: Bifurcations and Spatiotemporal Structure", for which Stefani won the Outstanding Dissertation
Award. Currently, Stefani is a tenured full professor, and a researcher, in the Department of Mathematics at Embry-Riddle Aeronautical
University in Daytona Beach. Stefani's research areas are finding analytical solutions to nonlinear dissipative equations that can
be reduced through Darboux transformations to Riccati or Abel equations. The focus is on Schrödinger equation, for which Stefani
is using methods based on factorization, and variational formulation together with ansatz reduction with global minimizers of objective
functions, applied to supersymmetric quantum mechanics. Additionally, Stefani is using the theory of elliptic functions with applications
to problems in nonlinear optics, soliton theory, general relativity, and inflation, as well as optimization of the blockchain, and quantum
cryptography. Stefani has been admitted to the Harvard Business Analytics Program at Harvard Business School, an 18-month program which
will build the capabilities in technical, analytical, and operational areas that can be used to advance her career in the global market.
Irina Gram was elected as a director of the Company
at the January 21, 2022 stockholders meeting. Irina is a new member of our Board, and is a Senior Financial Analyst at Thales IFEC,
Melbourne, Florida. There she is responsible for financial planning, analysis and risk and opportunities reviews of multiple development
and customer programs. From 2016 to 2017, she was a Project Engineering Coordinator at Thales IFEC, where she executed budgeting and forecasting
activities with specialized focus on SFRD spending, interfaced with engineering team to monitor and report the performance of the financial
impact of projects. From 2013 to 2016, she held various project management, accounting and reporting positions with Siemens Building Technology,
Inc., Winter Park, Florida. She received a Bachelor's Degree in Finance from the University of Central Florida, Orlando, Florida,
where she graduated in May 2015, with honors, and received a Masters Degree in business administration from the University of Central
Florida, Orlando, Florida, in May 2019.
Gerald Goodman has been our chief accounting officer
since July 31, 2018 and was elected our Chief Financial Officer on November 12, 2020. Mr. Goodman is a certified public
accountant and, since 2014, has practiced with his own firm, Gerald Goodman CPA P.C. From January 1, 2010 until December 31,
2014, Mr. Goodman practiced with Madsen & Associates, CPA's Inc., Murray, Utah, and was a non-equity partner and managed
the firm's SEC practice. Mr. Goodman is a director of Lifestyle Medical Network, Inc., which provides management services to
healthcare providers. From 1971 to 2010, Mr. Goodman was a partner in the accounting firm of Wiener, Goodman & Company P.C. Mr. Goodman
is a 1970 graduate of Pennsylvania State University where he received a B.S. Degree in Accounting.
Alan Smith, Ph.D., serves as Chief Operating Officer
of Nutriband and President of 4P Therapeutics, a wholly owned subsidiary of Nutriband. He joined the Company after Nutriband acquired
4P Therapeutics in 2018. Dr. Smith co-founded 4P Therapeutics in 2011 to develop drug-device and biologic-device combination products
to meet the needs of patients, physicians, and payers, and was Vice President, Clinical, Regulatory, Quality and Operations at the time
of the acquisition. Dr. Smith is co-inventor of the Company's Aversa™ abuse deterrent transdermal system technology.
Dr. Smith has over 20 years of experience in the research and development of drug and biologic delivery systems, diagnostics
and medical devices for treatment and management of chronic pain, diabetes, and cardiovascular disease. Previously, he was with Altea
Therapeutics, a venture capital funded company focused on novel transdermal drug and biologic delivery, most recently serving as Vice
President, Product Development and Head of Clinical R&D, Regulatory Affairs, and Project Management. Prior to joining Altea Therapeutics,
he led the development of transdermal glucose monitoring systems at SpectRx, Inc., a publicly traded noninvasive diagnostics company.
Dr. Smith received Ph.D. and M.S. degrees in Biomedical Engineering from Rutgers University and the University of Medicine and Dentistry
of New Jersey. He currently serves on the Editorial Advisory Board of Expert Opinion on Drug Delivery.
48
Paddy Ryan has been chief technical officer since
February 2018. Having worked in the tech industry for 8 years, Paddy brings a fresh perspective and understanding to our team.
From September 2019 to present Mr. Ryan served as director of digital agency for Trigger Media. From 2013 to 2016, Mr. Ryan
worked as an online security analyst with Paddy Power Betfair Plc. From 2016 to 2017, Mr. Ryan was general manager at CRS Events
setting up and organising One-Zero, the largest sports conference in Ireland. Mr Ryan served as head of technology for Irish agency Trigger
Movement between 2017 and 2019. Mr Ryan serves as technical advisor for sports media brand, Pundit Arena, where he has advised on their
technical development since 2012. Mr. Ryan also served as a digital consultant for Irish Aid Charity, Bóthar, where he worked
on the development of the charity's digital plans. Mr. Ryan has also consulted with Irish Local Government in County Limerick
(Limerick County Council) regarding their digital activity in September 2018. Mr. Ryan has also assisted Swiss Company, SEBA
Crypto AG, to develop their online presence in October 2018. Mr. Ryan is also a technical advisor for Irish dairy company, Arrabawn
where he has assisted them with online strategies since 2017. Mr. Ryan has been involved in general technical consulting for startups
and companies in Ireland for more than ten years. Mr. Ryan attended University College Dublin where he studied engineering and
is working towards his Masters Degree in data analytics from National College of Ireland. Mr. Ryan also assisted in the development
and launch of the Pandemic Action Network website in early 2020. As CTO, Paddy is responsible for Nutriband's technology strategy
and plays a key role in leading new initiatives. Mr. Ryan works for us on a part-time basis.
Jeff Patrick Pharm.D. currently serves as Director
of Drug Development Institute at the Ohio State University Comprehensive Cancer Center. Dr. Patrick most recently serving as Chief
Scientific Officer for New Haven Pharmaceuticals. Prior roles included global vice president of professional affairs at Mallinckrodt Pharmaceuticals,
Inc.; and roles with ascending responsibilities at Dyax, Myogen/Gilead, Actelion and Sanofi-Synthelabo, Inc. Dr. Patrick is a residency-trained
clinical pharmacist with approximately 20 years of pharmaceutical industry experience. He brings expertise in executive leadership,
scientific and medical strategy, drug development and commercialization to the company. Prior to pursuing a career in research and development,
Patrick was an ambulatory care clinical pharmacist at the University of Tennessee Medical Center and a clinical assistant professor of
pharmacy at the University of Tennessee College of Pharmacy, where he earned his doctorate in pharmacy. He also completed the Wharton
School of Business Pharmaceutical Executive Program. Dr. Patrick works for us on a part-time basis.5
49
CORPORATE GOVERNANCE AND THE BOARD OF DIRECTORS
Board Leadership Structure and Risk Oversight
Gareth Sheridan serves as Chief Executive Officer
and Serguei Melnik is serving as our Chairman and President. Our Chairman leads the Board of Directors in its discussions and has such
other duties as are prescribed by the Board. As Chief Executive Officer, Mr. Sheridan is responsible for implementing the Company's
strategic and operating objectives and day-to-day decision-making related to such implementation.
The Board of Directors currently has three standing
committees (audit, compensation, and nominating and corporate governance) that are chaired and composed entirely of directors who are
independent under Nasdaq and SEC rules. Given the role and scope of authority of these committees, and that a majority of the members
of the Board are independent, the Board of Directors believes that its leadership structure is appropriate. We select directors as members
of these committees with the expectation that they will be free of relationships that might interfere with the exercise of independent
judgement.
Our Board of Directors is our Company's
ultimate decision-making body, except with respect to those matters reserved to the stockholders. Our Board of Directors selects our senior
management team, which is charged with the conduct of our business. Our Board of Directors also acts as an advisor and counselor to senior
management and oversees its performance.
Board Composition
Our business and affairs are managed under the
direction of our Board of Directors. The number of directors is determined by our board of directors, subject to the terms of our certificate
of incorporation and bylaws. Our board of directors currently consists of six members, four of which are independent directors.
Meetings
Our Board of Directors held two meetings and acted
by written consent eight times during 2023.
Committees of the Board of Directors
The board of directors has created three committees — the
audit committee, the compensation committee and the nominating and corporate governance committee. Each of the committees has a charter
which meets the Nasdaq Stock Market requirements and is composed of three independent directors.
Audit Committee
The audit committee is comprised of Mr. Hamilton,
as chairman, Mr. Bujoreanu and Irina Gram. We believe that Mark Hamilton qualifies as an "audit committee financial expert"
under the rules of the Nasdaq Stock Market. The audit committee oversees, reviews, acts on and reports on various auditing and accounting
matters to the board, including: the selection of our independent accountants, the scope of our annual audits, fees to be paid to the
independent accountants, the performance of our independent accountants and our accounting practices, all as set forth in our audit committee
charter. The Audit Committee met three times in fiscal 2023.
Compensation Committee
The compensation committee is comprised of Irina
Gram, Chairperson, Mr. Bujoreanu and Dr. Mancas. The compensation committee oversees the compensation of our chief executive
officer and our other executive officers and reviews our overall compensation policies for employees generally as set forth in the audit
committee charter. If so authorized by the board, the compensation committee may also serve as the granting and administrative committee
under any option or other equity-based compensation plans which we may adopt. The compensation committee will not delegate its authority
to fix compensation; however, as to officers who report to the chief executive officer, the compensation committee will consult with the
chief executive officer, who may make recommendations to the compensation committee. Any recommendations by the chief executive officer
are accompanied by an analysis of the basis for the recommendations. The committee will also discuss with the chief executive officer
and other responsible officers the compensation policies for employees who are not officers. The compensation committee has the responsibilities
and authority relating to the retention, compensation, oversight and funding of compensation consultants, legal counsel and other compensation
advisers. The compensation committee members will consider the independence of such advisors before selecting or receiving advice from
such advisors. The compensation committee met three times in fiscal 2023.
50
Nominating and Corporate Governance Committee
The nominating and corporate governance committee,
which is comprised of Dr. Mancas, Mark Hamilton and Mr. Bujoreanu, will identify, evaluate and recommend qualified nominees
to serve on our board; develop and oversee our internal corporate governance processes, and maintain a management succession plan. The
nominating and corporate governance committee met two times in fiscal 2023.
Risk Management
The Board has an active role, as a whole and also
at the committee level, in overseeing management of our risks. The Compensation Committee of our Board is responsible for overseeing the
management of risks relating to our executive compensation plans and arrangements. The Audit Committee of our Board oversees management
of financial risks, under its charter it is to meet periodically and at least four times per year with management to review and assess
the Company's major financial risk exposures and the manner in which such risks are being monitored and controlled. The Nominating
and Corporate Governance Committee of our Board is responsible for management of risks associated with the independence of the Board members
and potential conflicts of interest. While each committee is responsible for evaluating certain risks and overseeing the management of
such risks, the entire Board of Directors is informed about such risks.
Independent Directors
Four of our directors, Mark Hamilton, Radu Bujoreanu,
Stefani Mancas and Irina Gram are independent directors based on the NASDAQ definition of independent director.
Family Relationships
There are no family relationships among our directors
and executive officers.
Compensation Committee Interlocks and Insider
Participation
None of our executive officers serve on the board
of directors or compensation committee of a company that has an executive officer who serves on our Board or compensation committee. No
member of our Board is an executive officer of a company in which one of our executive officers serves as a member of the board of directors
or compensation committee of that company.
Conflicts of Interest
Certain conflicts of interest exist and may continue
to exist between the Company and its officers and directors due to the fact that each has other business interests to which they devote
their primary attention. Each officer and director may continue to do so notwithstanding the fact that management time should be devoted
to the business of the Company.
Certain conflicts of interest may exist between
the Company and its management, and conflicts may develop in the future. The Company has not established policies or procedures for the
resolution of current or potential conflicts of interest between the Company, its officers and directors or affiliated entities. There
can be no assurance that management will resolve all conflicts of interest in favor of the Company, and conflicts of interest may arise
that can be resolved only through the exercise by management their best judgment as may be consistent with their fiduciary duties. Management
will try to resolve conflicts to the best advantage of all concerned.
51
EXECUTIVE COMPENSATION
Executive Compensation
The table below shows the compensation for services
in all capacities we paid during the years ended January 31, 2023 and 2022, to the individuals serving as our principal executive officers
during the last completed fiscal year and our other two most highly paid executive officers at the end of the last completed fiscal year
(whom we refer to collectively as our "named executive officers");
Name and Principal
Position
Year
Salary
$
Bonus
Awards
$
Stock
Awards
$
Option/
Awards
(1)
$
Incentive
Plan
Compensation
$
Nonqualified
Deferred
Earnings
$
All Other
Compensation
$
Total
$
Gareth Sheridan,
2023
200,000
38,000
140,672
378,672
CEO
(1)
2022
149,000
100,000
61,778
-
-
-
310,770
Serguei Melnik
2023
200,000
146,672
340,672
President
2022
149,000
100,000
-
61,778
-
-
-
310,770
Alan Smith
2023
179,000
57,490
236,490
Chief Operating Officer
2022
148,000
-
-
32,654
-
-
-
264,654
Gerald Goodman
2023
160,000
-
114,976
-
-
274,976
Chief Financial Officer
2022
120,135
-
32,654
-
-
-
152,789
1
During the year ended January 31, 2023, we issued to Gareth Sheridan, our CEO, 11,667 shares of common stock valued at $38,000, representing compensation for the year ended January 31, 2023.
Non-Employee
Director Compensation Table
The
table below shows the cash fees paid to our independent directors in connection with their service on our board of directors, and the
stock option awards granted, during the fiscal year ended January 31, 2023.
DIRECTOR COMPENSATION
Name
Fees
Earned or
Paid in
Cash
($)
Stock
Awards
($)
Option
Awards
($)
Non-Equity
Incentive Plan
Compensation
($)
Change in
Pension
Value and
Nonqualified
Deferred
Compensation
Earnings
($)
All Other
Compensation
($)
Total
($)
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
Mark Hamilton
5,000
3,800
23,509
32,309
Radu Bujourneau
5,000
3,800
31,863
40,663
Stefani Mancas
5,000
3,800
23,509
32,309
Irina Gram
5,000
3,800
23,509
32,309
52
Employment Agreements with Company Officers
On January 21, 2022,
the Board of Directors of the Company approved Employment Agreements with Gareth Sheridan, our Chief Executive Officer, Serguei Melnik,
our President, Gerald Goodman, the Company's Chief Financial Officer and Alan Smith, our Chief Operating Officer.
Each of the three Employment
Agreements is effective February 1, 2022, for an initial term of three years, and the term is automatically extended for additional one-year
periods if neither party gives notice of termination at least 90 days prior to the end of the initial term or any current additional one-year
term.
The Employment Agreements
with Mr. Sheridan and Mr. Melnik each provide for a base salary of $250,000 per year; the Employment Agreement with Mr. Goodman provides
for a base salary of $210,000; and the agreement with Mr. Smith provides for a base salary $205,000. Effective August 1, 2022, the base
compensation under these agreements was reduced as follows: Mr. Sheridan's and Mr. Melnik's agreements to $150,000; under
Mr. Goodman's. to $110,000; and under Mr. Smith's to $155,000.
The Employment Agreements
provide for incentive payments as established by the Board of Directors, and the Employment Agreements with Mr. Sheridan and Mr. Melnik
provide for a performance bonus as follows:
The Employment Agreements
of Mr. Sheridan and Mr. Melnik provide that, to the extent any payment under the Employment Agreement to the executive is subject to the
excise tax imposed by section 4999 of the Internal Revenue Code, the executive is entitled to a gross-up payment from the Company to reimburse
the executive for additional federal, state and local taxes imposed on executive by reason of the excise tax and the Company's payment
of the initial taxes on such amount. The Company is also required to bear the costs and expenses of any proceeding with any taxing authority
in connection with the imposition of any such excise tax.
The following table provides information
concerning the beneficial ownership of the Company's common Stock by each director and nominee for director, certain executive officers,
and by all directors and officers of the Company as a group as of May 5, 2023. In addition, the table provides information concerning
the current beneficial owners, if any, known to the Company to hold more than five percent (5%) of the outstanding common Stock of the
Company.
The amounts and percentage of stock beneficially
owned are reported based on regulations of the securities and Exchange Commission ("SEC") governing the determination of beneficial
ownership of securities. Under the rules of the SEC, a person is deemed to be a "beneficial owner" of a security if that person
has or shares "voting power," which includes the power to dispose of or to direct the disposition of such security. A person
is also deemed to be a beneficial owner of any securities of which that person has a right to acquire beneficial ownership within 60 days
after October 17, 2022. Under these rules, more than one person may be deemed a beneficial owner of the same securities and a person
may be deemed a beneficial owner of securities in which he has no economic interest. The percentage of common stock beneficially owned
is based on 7,833,150 shares of common stock outstanding as of May 5, 2023.
53
Name and Address
(1)
of Beneficial Owner
Shares of
Common
Stock
Owned
Directly
Shares of
Derivative
Securities
Owned
Beneficially
Total
Beneficial
Ownership
Including
Option
Grants
Percentage of
Issued and
Outstanding
Common
Stock
Gareth Sheridan
1,761,667
77,500
1,839,167
23.22
%
Serguei Melnik
(2)
832,999
77,500
910,499
11.34
%
Stefani Mancas
16,480
16,083
32,563
*
Mark Hamilton
17,750
19,000
36,750
*
Radu Bujoreanu
15,750
18,833
34,583
*
Irina Gram
1,167
8,500
9,667
*
Dr. Jeff Patrick
36,612
45,000
81612
*
Patrick Ryan
12,347
33,334
45,681
*
Alan Smith
48,893
33,334
82,227
*
Gerald Goodman
(3)
26,250
142,500
168,750
2.11
%
All officers and directors as a group (10 individuals)
2,752,979
471,584
3,214,895
38.67
%
*
Less than One (1%) Percent.
(1)
The address for each director and officer, unless indicated otherwise, is c/o Nutriband, Inc., 121 South Orange Ave., Suite 1500, Orlando, FL 32801.
(2)
Includes 29,167 shares owned by Mr. Melnik's wife, as to which Mr. Melnik disclaims beneficial ownership, and 58,334 shares held under the UGMA for the benefit of his minor children.
(3)
Gerald Goodman holds 26,250 shares directly and has been granted three-year options under the Company's 2021 Employee Stock Option Plan to purchase an aggregate of 55000 shares of common stock at exercise prices ranging from $3.75 per share to $4.16 per share. Mr. Goodman also was issued on October 22, 2021 a stock purchase warrant for the purchase of 87,500 shares of common stock, exercisable at $4.20 per share.
To our knowledge, all beneficial owners named
in this table have sole voting and investment power with respect to all shares shown as beneficially owned by them.
54
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
On May 10, 2022 the Board approved the following stock grants to the
listed officers and directors:
Date
No. of Shares
Name
Valuation
May 10, 2022
1,667 shares of common stock
Radu Bujoreanu, Director
$
3,800
May 10, 2022
1,667 shares of common stock
Stefani Mancas, Director
$
3,800
May 10, 2022
1,667 shares of common stock
Irina Gram, Director
$
3,800
May 10, 2022
1,667 shares of common stock
Mark Hamilton, Director
$
3,800
May 10, 2022
11,667 shares of common stock
Gareth Sheridan, CEO
$
38,000
On August 16, 2022, the Board of Directors ratified
and authorized the issuance the issuance of Option Award Agreements with respect option grants approved August 1, 2022 by the Compensation
Committee, to officers and directors as set forth in the table below.
Name
No. of Shares
Gareth Sheridan, CEO
29,167
$
4.50
Services rendered in fiscal 2023
Serguei Melnik, Chairman and President
29,167
$
4.50
Services rendered in fiscal 2023
Gerald Goodman, Chief Financial Officer
23,333
$
4.09
Services rendered in fiscal 2023
Alan Smith, Chief Operating Officer
11,667
$
4.09
Services rendered in fiscal 2023
Jeff Patrick, Chief Scientific Officer
23,333
$
4.09
Services rendered in fiscal 2023
Patrick Ryan, Chief Technical Officer
11,667
$
4.09
Services rendered in fiscal 2023
On December 9, 2022,
the newly-elected Board of Directors approved the following option grants and the issuance of Option Award Agreements with respect thereto
to officers and directors as set forth in the table below.
Name
No. of Shares
Serguei Melnik
25,000
$
4.12
Gareth Sheridan
25,000
$
4.12
Gerald Goodman
20,000
$
3.75
Patrick Ryan
10,000
$
3.75
Jeff Patrick
10,000
$
3.75
Alan Smith
10,000
$
3.75
Independent Directors
Four of our directors, Mark Hamilton, Radu Bujoreanu,
Stefani Mancas and Irina Gram are independent directors based on the NASDAQ definition of independent director.
55
DESCRIPTION OF SECURITIES
Our authorized capital stock consists of 10,000,000
shares of preferred stock, par value $0.001 per share, none of which have been issued, and 291,666,666 shares of common stock, par value
$0.001 per share, of which shares are issued and outstanding. Holders of our common stock are entitled to equal voting rights, consisting
of one vote per share on all matters submitted to a stockholder vote. Holders of common stock do not have cumulative voting rights. Therefore,
holders of a majority of the shares of common stock can elect all of our directors. The presence, in person or by proxy duly authorized,
of the holders of a majority of the outstanding shares of stock entitled to vote are necessary to constitute a quorum at any meeting of
our stockholders. A vote by the holders of a majority of our outstanding shares is required to effectuate certain fundamental corporate
changes such as liquidation, merger or an amendment to our articles of incorporation. In the event of liquidation, dissolution or winding
up of our company, either voluntarily or involuntarily, each outstanding share of the common stock is entitled to share equally in our
assets.
Holders of our common stock have no pre-emptive
rights, no conversion rights and there are no redemption provisions applicable to our common stock. They are entitled to receive dividends
when and as declared by our board of directors, out of funds legally available therefore. We have not paid cash dividends in the past
and do not expect to pay any within the foreseeable future.
The board of directors has broad powers to create
one or more series of preferred stock and to designate the voting powers, designations, preferences, limitations, restrictions and relative
right of each series.
Warrants Issued in the 2021 Public Offering
We have outstanding at January 31, 2023, five-year
common stock purchase warrants to purchase an aggregate of shares of our common stock (the "Warrants"), that were issued in
our October 5, 2021 public offering of our common stock, The following summary of certain terms and provisions of the Warrants is not
complete and is subject to, and qualified in its entirety by, the provisions of the warrant agent agreement between us and American Stock
Transfer & Trust Company, LLC, as warrant agent.
Exercise Price.
The exercise price
per whole share of common stock purchasable upon exercise of the Warrants is $6.43 per share. The exercise price is subject to appropriate
adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events
affecting our common stock and also upon any distributions of assets, including cash, stock or other property to our stockholders.
56
Listing.
Our common stock and the Warrants
are listed for trading under the symbols "NTRB" and "NTRBW" respectively on The NASDAQ Capital Market.
Dual Listing.
We have set up the dual listing
of our common stock ("common stock") on the MERJ Upstream stock exchange, operated by MERJ Exchange ("Upstream"),
that is an exchange registered in the Seychelles under the Seychelles Securities Act, 2007. Our shares that are listed by their holders
and traded on Upstream by our global stockholders would be uncertificated common stock represented by digital share tokens, that represent
the same class and shares that are currently traded on the Nasdaq Capital Market. U.S. or Canada residents are not permitted to list their
Nutriband shares on Upstream, which limits stockholder listings of our shares to holders that are non-residents of the U.S. and Canada.
At present, a total of 250,000 shares of our common stock have been listed on Upstream by such holders. For a description of our listing
on Upstream see discussion in our January 5, 2023 press release and our Current Report on Form 8-K filed January 5, 2023. Our dual listing
on Upstream is further discussed in our Annual Report on Form 10-K at "Item IB. Unresolved Staff Comments." and "Item
5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities--Dual Listing on
Upstream."
We expect to file further disclosures as to the
terms of the dual listing on Upstream in an amended Current Report on Form 8-K in the near future.
Nevada Law Provisions Relating to Certain Transactions
Sections 78.378 through 78.3793 of the Nevada
Revised Statutes contains voting limitations on certain acquisitions of control shares. Sections 78.411 through 78.444 contain restrictions
of combinations with interested stockholders. The Nevada law defines an interested stockholder as a beneficial owner (directly or indirectly)
of 10% or more of the voting power of the outstanding shares of the corporation. In addition, combinations with an interested stockholder
remain prohibited for three years after the person became an interested stockholder unless (i) the transaction is approved by the board
of directors or the holders of a majority of the outstanding shares not beneficially owned by the interested party, or (ii) the interested
stockholder satisfies certain fair value requirements.
Limitation on liability of officers and directors
Nevada law provides that subject to certain very
limited statutory exceptions, a director or officer is not individually liable to the corporation or its stockholders or creditors for
any damages as a result of any act or failure to act in his or her capacity as a director or officer, unless it is proven that the act
or failure to act constituted a breach of his or her fiduciary duties as a director or officer and such breach of those duties involved
intentional misconduct, fraud or a knowing violation of law. The statutory standard of liability established by NRS Section 78.138 controls
even if there is a provision in the corporation's articles of incorporation unless a provision in the corporation's articles
of incorporation provides for greater individual liability.
Indemnification
Nevada law permits broad provisions for indemnification
of officers and directors.
Our bylaws provide that each person who was or
is made a party or is threatened to be made a party to or is involved (including, without limitation, as a witness) in any threatened,
pending, or completed action, suit or proceeding, whether formal or informal, civil, criminal, administrative or investigative (hereinafter
a "proceeding"), by reason of the fact that he or she is or was a director of or who is or was serving at our request as a
director, officer, employee or agent of this or another corporation or of a partnership, joint venture, trust, other enterprise, or employee
benefit plan (a "covered person"), whether the basis of such proceeding is alleged action in an official capacity as a covered
person shall be indemnified and held harmless by us to the fullest extent permitted by applicable law, as then in effect, against all
expense, liability and loss (including attorneys' fees, costs, judgments, fines, ERISA excise taxes or penalties and amounts to
be paid in settlement) reasonably incurred or suffered by such person in connection therewith, and such indemnification shall continue
as to a person who ceased to be a covered person and shall inure to the benefit of his or her heirs, executors and administrators.
57
However, no indemnification shall be provided
hereunder to any covered person to the extent that such indemnification would be prohibited by Nevada state law or other applicable law
as then in effect, nor, with respect to proceedings seeking to enforce rights to indemnification, shall we indemnify any covered person
seeking indemnification in connection with a proceeding (or part thereof) initiated by such person except where such proceeding (or part
thereof) was authorized by our board of directors, nor shall we indemnify any covered person who shall be adjudged in any action, suit
or proceeding for which indemnification is sought, to be liable for any negligence or intentional misconduct in the performance of a duty.
SEC Policy on Indemnification for Securities
Act liabilities
Insofar as indemnification for liabilities arising
under the Securities Act of 1933 may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions,
we have been informed that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as
expressed in the Securities Act and is therefore unenforceable.
Transfer Agent and Warrant Agent
The transfer agent for the common stock and warrant
agent for the warrants is American Stock Transfer & Trust Company, LLC, 6201 15
th
Ave, Brooklyn, NY 11219, telephone
(800) 937-5449.
58
SHARES ELIGIBLE FOR FUTURE SALE
Sale of Restricted Securities
Upon consummation of this offering, we will have
[*] shares of common stock outstanding, assuming that all shares are sold and there is no exercise of the underwriter's
over-allotment option. Of these shares, all shares sold in this offering will be freely tradable without further restriction or registration
under the Securities Act, except that any shares purchased by our affiliates may generally only be sold in compliance with Rule 144, which
is described below. Of the remaining outstanding shares, the shares beneficially owned by our officers and directors, will be deemed "restricted
securities" under the Securities Act.
Rule 144
The shares of our common stock sold in this offering
will be freely transferable without restriction or further registration under the Securities Act. Any shares of our common stock held
by an "affiliate" of ours may not be resold publicly except in compliance with the registration requirements of the Securities
Act or under an exemption under Rule 144 or otherwise. Rule 144 permits our common stock that has been acquired by a person who is an
affiliate of ours, or has been an affiliate of ours within the three months of the date of sale, to be sold into the market in an amount
that does not exceed, during any three-month period, the greater of:
●
1% of the total number of shares of our common stock outstanding; or
●
the average weekly reported trading volume of our common stock for the four calendar weeks prior to the sale.
Such sales are also subject to specific manner
of sale provisions, a six-month holding period requirement, notice requirements and the availability of current public information about
us.
Approximately [*] shares of our common
stock are eligible for sale under Rule 144.
Rule 144 also provides that a person who is not
deemed to have been an affiliate of ours at any time during the three months preceding a sale, and who has for at least six months beneficially
owned shares of our common stock that are restricted securities, will be entitled to freely sell such shares of our common stock subject
only to the availability of current public information regarding us. A person who is not deemed to have been an affiliate of ours at any
time during the three months preceding a sale, and who has beneficially owned for at least one year shares of our common stock that are
restricted securities, will be entitled to freely sell such shares of our common stock under Rule 144 without regard to the current public
information requirements of Rule 144.
59
UNDERWRITING
Joseph Gunnar & Co., LLC ("Joseph Gunnar"
or the "representative") is acting as the representative of the underwriters named below and as the book-running manager of
this offering. We have entered into an underwriting agreement dated [*] , 2023 with the representative. Subject to the terms and conditions
of the underwriting agreement, we have agreed to sell to each underwriter named below, and the underwriters named below have, severally
and not jointly, agreed to purchase, at the public offering price, less the underwriting discounts and commissions set forth in the table
below, the number of shares of common stock listed next to its name in the following table:
Underwriters
Number of
Shares
Joseph Gunnar & Co., LLC
The underwriters propose to offer the shares to
the public at the public offering price set forth on the cover of this prospectus. Any shares sold by the underwriters to securities dealers
will be sold at the public offering price less a selling concession not in excess of $[*] per share. If all of the shares offered by us
are not sold at the public offering price, the representative may change the offering price and other selling terms. No such change shall
change the amount of proceeds to be received by us as set forth on the cover page of this prospectus supplement. The shares are offered
by the underwriters as stated herein, subject to receipt and acceptance by the underwriters and subject to their right to reject any order
in whole or in part. The underwriters have advised us that they do not intend to confirm sales to any accounts over which they exercise
discretionary authority.
Pursuant to the underwriting agreement, the underwriters
are committed to purchase all the shares offered by us, other than those covered by the over-allotment option to purchase additional shares
described below, if they purchase any shares. The obligations of the underwriters may be terminated upon the occurrence of certain events
specified in the underwriting agreement. Furthermore, the underwriters' obligations are subject to customary conditions, representations
and warranties contained in the underwriting agreement, such as receipt by the underwriter of officers' certificates and legal opinions.
A copy of the underwriting agreement has been filed as an exhibit to the registration statement of which this prospectus is part.
Discounts, Commissions and Reimbursement
The following table shows the public offering
price, underwriting discount and commissions, and proceeds, before expenses, to us. The information assumes either no exercise or full
exercise by the underwriters of the over-allotment option.
Per
    Share
Total
    with no
Over-
Allotment
Total
    with
Over-
Allotment
Public offering
    price
$
$
$
Underwriting discounts and
    commissions
$
$
$
Proceeds, before expenses,
    to us
$
$
$
Subject to compliance with FINRA Rule 5110(f)(2)(C)
and (D)(i), we have agreed to reimburse the representative for its out-of-pocket expenses in this offering, including legal fees and expenses,
up to $[*], of which $[*] has been advanced to the representative prior to the date hereof. We estimate that the total expenses of the
offering payable by us, excluding the total underwriting discount and commissions, will be approximately $[*].
60
Option to Purchase Additional Shares
We have granted the underwriters an option exercisable
not later than 45 days after the date of this prospectus, to purchase, from time to time, in whole or in part, up to an aggregate of [*] additional
shares of common stock (15% of the number of Shares sold in this offering) from us in any combination thereof to cover over allotments,
if any. If the underwriters exercise all or part of this option, they will purchase shares at the public offering price per share that
appears on the cover page of this prospectus, less the underwriting discount. To the extent that this option is exercised, each underwriter
will be obligated, subject to certain conditions, to purchase its pro rata portion of these additional shares based on the underwriter's
percentage underwriting commitment in this offering as indicated in the table at the beginning of this Underwriting Section.
Representative's Warrants
We have also agreed to issue to the representative
or its designees, at the closing of this offering, warrants (the "Representative's Warrants") to purchase a number of
shares of common stock equal to 5% of the number of Shares sold in the offering, including shares issued upon exercise of the over-allotment
option. The Representative's Warrants will be exercisable at any time and from time to time, in whole or in part, for period of
five years following the effective date of this offering. The Representative's Warrants will be exercisable at a price equal to
100% of the public offering price per Share). Pursuant to FINRA Rule 5110(g), the Representative's Warrants shall not be sold, transferred,
assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result
in the effective economic disposition of the securities by any person for a period of 180 days immediately following the date of effectiveness
or commencement of sales of this offering, except the transfer of any security: (i) by operation of law or by reason of our reorganization;
(ii) to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred remain
subject to the lock-up restriction set forth below for the remainder of the time period; (iii)[*}; (iv) [*]; or (v) [*}. The Representative's
Warrants will provide for cashless exercise at all times. The Representative's Warrants and the shares of common stock issuable
upon exercise of the Representative's Warrants are registered on the registration statement of which this prospectus is a part.
The Representative's Warrants also provide for additional registration rights (including a one-time demand registration right and
unlimited piggyback registration rights) and customary anti-dilution provisions
(for
stock dividends and splits and recapitalizations) consistent with FINRA Rule 5110
.
Right of First Refusal
We have granted the representative a right of
first refusal to act as sole advisor, investment bank, book-running manager and/or placement agent, at the representative's sole
discretion, for each and every public and private financing transaction or merger and acquisition transaction until twelve months following
the expiration of our engagement of the representative
on compensation terms
customary to the representative. The representative has the
sole right to determine whether or not any other broker dealer
shall have the right to participate in any such transaction and the economic terms of any such participation.
61
Lock-Up Agreements
All of our directors, executive officers and 3%
or greater shareholders have agreed that, for a period of 180 days after the date of this prospectus and subject to certain limited exceptions,
we and they will not directly or indirectly, without the prior written consent of Joseph Gunnar, (i) offer for sale, sell, pledge, or
otherwise dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in the disposition
by any person at any time in the future of) any shares of common stock (including, without limitation, shares of common stock that may
be deemed to be beneficially owned by us or them in accordance with the rules and regulations of the SEC and shares of common stock that
may be issued upon exercise of any options or warrants) or securities convertible into or exercisable or exchangeable for common stock,
(ii) enter into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits
or risks of ownership of shares of common stock, whether any such transaction described in clause (i) or (ii) above is to be settled by
delivery of common stock or other securities, in cash or otherwise, (iii) make any demand for or exercise any right or file or cause to
be filed a registration statement, including any amendments thereto, with respect to the registration of any shares of common stock or
securities convertible into or exercisable or exchangeable for common stock or any of our other securities, or (iv) publicly disclose
the intention to do any of the foregoing.
Joseph Gunnar, in its sole discretion, may release
the common stock and other securities subject to the lock-up agreements described above in whole or in part at any time. When determining
whether or not to release common stock and other securities from lock-up agreements, Joseph Gunnar will consider, among other factors,
the holder's reasons for requesting the release, the number of shares of common stock and other securities for which the release
is being requested and market conditions at the time.
Offering Price Determination
The actual offering price of the Shares we are
offering will be negotiated between us and the underwriter based upon, among other things, the trading of our shares prior to the offering.
Indemnification
We have agreed to indemnify the underwriters against
certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriters may be required
to make for these liabilities.
Stabilization, Short Positions and Penalty
Bids
The representative may engage in stabilizing transactions,
short sales and purchases to cover positions created by short sales, and penalty bids or purchases for the purpose of pegging, fixing
or maintaining the price of the common stock, in accordance with Regulation M under the Exchange Act:
●
Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum.
●
A short position involves a sale by the underwriters of shares in excess of the number of shares the underwriters are obligated to purchase in the offering, which creates the syndicate short position. This short position may be either a covered short position or a naked short position. In a covered short position, the number of shares involved in the sales made by the underwriters in excess of the number of shares they are obligated to purchase is not greater than the number of shares that they may purchase by exercising their option to purchase additional shares. In a naked short position, the number of shares involved is greater than the number of shares in their option to purchase additional shares. The underwriters may close out any short position by either exercising their option to purchase additional shares and/or purchasing shares in the open market. In determining the source of shares to close out the short position, the underwriters will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through their option to purchase additional shares. A naked short position is more likely to be created if the underwriters are concerned that there could be downward pressure on the price of the shares in the open market after pricing that could adversely affect investors who purchase in the offering.
62
●
Syndicate covering transactions involve purchases of the common stock in the open market after the distribution has been completed in order to cover syndicate short positions.
●
Penalty bids permit the representative to reclaim a selling concession from a syndicate member when the common stock originally sold by the syndicate member is purchased in a stabilizing or syndicate covering transaction 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 common stock or preventing or retarding
a decline in the market price of the common stock. As a result, the price of the common stock may be higher than the price that might
otherwise exist in the open market. These transactions may be effected on The Nasdaq Capital Market or otherwise and, if commenced, may
be discontinued at any time.
Neither we nor any of the underwriters make any
representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price
of the common stock. In addition, neither we nor any of the underwriters make any representation that the representative will engage in
these stabilizing transactions or that any transaction, once commenced, will not be discontinued without notice.
Electronic Distribution
A prospectus in electronic format may be made
available on the Internet sites or through other online services maintained by one or more of the underwriters and/or selling group members
participating in this offering, or by their affiliates. In those cases, prospective investors may view offering terms online and, depending
upon the particular underwriter or selling group member, prospective investors may be allowed to place orders online. The underwriters
may agree with us to allocate a specific number of shares for sale to online brokerage account holders. Any such allocation for online
distributions will be made by the representative on the same basis as other allocations.
Other than the prospectus in electronic format,
the information on any underwriter's or selling group member's web site and any information contained in any other web site
maintained by an underwriter or selling group member is not part of the prospectus or the registration statement of which this prospectus
forms a part, has not been approved and/or endorsed by us or any underwriter or selling group member in its capacity as underwriter or
selling group member and should not be relied upon by investors.
Discretionary Sales
The underwriters have informed us that they do
not expect to sell more than 5% of the common stock in the aggregate to accounts over which they exercise discretionary authority.
Other Relationships
Certain of the underwriters and their affiliates
may in the future provide various investment banking, commercial banking and other financial services for us and our affiliates for which
they may in the future receive customary fees.
63
Selling Restrictions
Other than in the United States, no action has
been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction
where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly,
nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities
be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and
regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe
any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell
or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation
is unlawful.
LEGAL MATTERS
The validity of the issuance of the common stock
offered by us in this offering will be passed upon for us Michael Paige Law PLLC, Washington, D.C. Certain legal matters in connection
with this offering will be passed upon for the underwriters by Lucosky Bookman LLP, Woodbridge , New Jersey.
EXPERTS
Our financial statements included in this prospectus
as of January 31, 2023 and 2022 have been included in reliance on the reports of Sadler, Gibb & Associates, LLC, an independent
registered public accounting firm, given on the authority of such firm as experts in accounting and auditing.
INTERESTS OF NAMED EXPERTS AND COUNSEL
No expert or counsel named
in this prospectus as having prepared or certified any part of this prospectus or having given an opinion upon the validity of the securities
being registered or upon other legal matters in connection with the registration or offering of the Shares was employed on a contingency
basis, or had, or is to receive, in connection with the offering, a substantial interest, direct or indirect, in the registrant or any
of its parents or subsidiaries. Nor was any such person connected with the registrant or any of its parents or subsidiaries as a promoter,
managing or principal underwriter, voting trustee, director, officer, or employee.
WHERE YOU CAN FIND MORE INFORMATION
The Securities and Exchange Commission maintains
an Internet site which contains reports, proxy and information statements, and other information regarding registrants that file electronically
with the Commission at the address:
www.sec.gov
.
64
NUTRIBAND INC.
January 31, 2023
Index to Consolidated Financial Statements
Report
    of Independent Registered Public Accounting Firm (PCAOB ID: 3627)
F-2
Consolidated Balance Sheets at January 31, 2023 and 2022
F-4
Consolidated Statements of Operations and Comprehensive Loss for the years ended January 31, 2023 and 2022
F-5
Consolidated Statements of Changes in Stockholder's Equity  for the years ended January 31,2023 and 2022
F-6
Consolidated Statements of Cash Flows for the years ended January 31, 2023 and 2022
F-8
Notes to Consolidated Financial Statements
F-9
F-
1
REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of Nutriband
Inc.:
Opinion on the Financial Statements
We have audited the accompanying consolidated
balance sheets of Nutriband Inc. ("the Company") as of January 31, 2023 and 2022, the related consolidated statements of operations
and comprehensive loss, stockholders' equity, and cash flows for each of the years in the two-year period ended January 31, 2023
and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements referred
to above present fairly, in all material respects, the financial position of the Company as of January 31, 2023 and 2022, and the results
of its operations and its cash flows for each of the years in the two-year period ended January 31, 2023, in conformity with accounting
principles generally accepted in the United States of America.
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) related to accounts or disclosures that are material to the financial statements and (2) involved our
especially challenging, subjective, or complex judgements. 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 matters below, providing separate opinions
on the critical audit matters or on the accounts or disclosures to which they relate.
Long-Lived Asset Impairment Assessment
Critical Audit Matter Description
As described in note 2 to the consolidated
financial statements, the Company performs impairment testing for its long-lived assets when events or changes in circumstances indicate
that its carrying amount may not be recoverable and exceeds its fair value. Due to challenging industry and economic conditions, the Company
tested its long-lived assets during the year ended January 31, 2023. The Company's evaluation of the recoverability of  these
long-lived asset groups involved comparing the undiscounted future cash flows expected to be generated by these long-lived asset
groups to its their respective carrying amounts. The Company's recoverability analysis requires management to make significant estimates
and assumptions related to forecasted sales growth rates and cash flows over the remaining useful life of these long-lived asset groups.
F-
2
We identified the evaluation of the
recoverability analysis for these long-lived assets as a critical audit matter because of the significant estimates and assumptions management
used in the related cash flow analysis. Performing audit procedures to evaluate the reasonableness of these estimates and assumptions
required a high degree of auditor judgment and an increased extent of effort.
How the Critical Audit Matter was
Addressed in the Audit
Our audit procedures related to the
following:
●
Testing management's process for developing the tests for recoverability.
●
Evaluating the appropriateness of the undiscounted cash flow models used by management.
●
Testing the completeness and accuracy of underlying data used in the undiscounted cash flow model.
●
Evaluating the significant assumptions used by management, including assumptions related to revenues,
gross margin, other operating expenses and income taxes to discern whether they are reasonable considering (i) the current and past performance
of the entity; (ii) the consistency with external market and industry data; and (iii) whether these assumptions were consistent with evidence
obtained in other areas of the audit.
●
Professionals with specialized skill and knowledge were utilized by the Firm to assist in the evaluation of the undiscounted cash
flow model and underlying assumptions.
Goodwill Impairment Assessment
Critical Audit Matter Description
As described in note 2 to the consolidated
financial statements, the Company tests goodwill for impairment annually at the reporting unit level, or more frequently, if events or
circumstances indicate it is more likely than not that the fair value of a reporting unit is less than it's carrying amount. Reporting
units are tested for impairment by comparing the estimated fair value of each reporting unit with its carrying amount. If the carrying
amount of a reporting unit exceeds its estimated fair value, an impairment loss is recorded based on the difference between the fair value
and carrying amount, not to exceed the associated carrying amount of goodwill. The Company's annual impairment test occurred on
January 31, 2023.
We identified the evaluation of the
impairment analysis for goodwill as a critical audit matter because of the significant estimates and assumptions management used in the
discounted cash flow analysis performed by management to determine fair value of the reporting unit. Performing audit procedures to evaluate
the reasonableness of these estimates and assumptions required a high degree of auditor judgment and an increased extent of effort.
How the Critical Audit Matter was
Addressed in the Audit
Our audit procedures related to the
following:
●
Testing management's process for developing the fair value estimate.
●
Evaluating the appropriateness of the discounted cash flow model used by management.
●
Testing the completeness and accuracy of underlying data used in the fair value estimate.
●
Evaluating the significant assumptions used by management including those related to revenues, gross margin,
other operating expenses, income taxes, long term growth rate, and discount rate to discern whether they are reasonable considering (i)
the current and past performance of the entity; (ii) the consistency with external market and industry data; and (iii) whether these assumptions
were consistent with evidence obtained in other areas of the audit.
●
Professionals with specialized skill and knowledge were utilized by the Firm to assist in the evaluation
of the discounted cash flow model and underlying assumptions.
/s/ Sadler, Gibb & Associates, LLC
We have served as the Company's auditor since 2016.
Draper, UT
April 25, 2023
F-
3
NUTRIBAND
INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
January 31,
2023
2022
ASSETS
CURRENT ASSETS:
Cash and
    cash equivalents
$
1,985,440
$
4,891,868
Accounts receivable
113,045
71,380
Inventory
229,335
131,648
Prepaid
    expenses
365,925
370,472
Total
    Current Assets
2,693,745
5,465,368
PROPERTY & EQUIPMENT-net
897,735
979,297
OTHER ASSETS:
Goodwill
5,021,713
5,349,039
Operating lease right
    of use asset
62,754
19,043
Intangible
    assets-net
780,430
926,913
TOTAL ASSETS
$
9,456,377
$
12,739,660
LIABILITIES AND
    STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and
    accrued expenses
$
534,679
$
639,539
Deferred revenue
162,903
106,267
Operating lease liability-current
    portion
31,291
19,331
Notes
    payable-current portion
19,740
14,119
Total
    Current Liabilities
748,613
779,256
LONG-TERM LIABILITIES:
Note payable-net of
    current portion
100,497
101,119
Operating
    lease liability-net of current portion
34,277
-
Total
    Liabilities
883,387
880,375
Commitments and Contingencies
-
-
STOCKHOLDERS' EQUITY:
Preferred stock, $
.001
par value,
10,000,000
shares authorized, -
0
- outstanding
-
-
Common stock, $
.001
par value,
291,666,666
shares authorized;
7,843,150
shares issued at January 31, 2023 and
9,187,659
issued at January 31, 2022,
7,833,150
and
9,154,846
shares outstanding as of January 31,2023 and 2022, respectively
7,833
9,155
Additional paid-in-capital
31,092,807
29,966,132
Accumulated other comprehensive
    loss
(
304
)
(
304
)
Treasury stock,
10,000
and
32,813
shares at cost, respectively
(
32,641
)
(
104,467
)
Accumulated
    deficit
(
22,494,705
)
(
18,011,231
)
Total
    Stockholders' Equity
8,572,990
11,859,285
TOTAL
    LIABILITIES AND STOCKHOLDERS' EQUITY
$
9,456,377
$
12,739,660
See notes to consolidated
financial statements
F-
4
NUTRIBAND
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE LOSS
For the Years Ended
January 31,
2023
2022
Revenue
$
2,079,609
$
1,422,154
Costs and expenses:
Cost of revenues
1,329,200
917,844
Research and development
982,227
411,383
Goodwill impairment
327,326
2,180,836
Selling, general and administrative
3,916,041
4,022,824
Total Costs and Expenses
6,554,794
7,532,887
Loss from operations
(
4,475,185
)
(
6,110,733
)
Other income (expense):
Gain on extinguishment of debt
-
53,028
Interest expense
(
8,289
)
(
118,421
)
Total other income (expense)
(
8,289
)
(
65,393
)
Loss  before provision for income taxes
(
4,483,474
)
(
6,176,126
)
Provision for income taxes
-
-
Net loss
(
4,483,474
)
(
6,176,126
)
Deemed dividend related to warrant round-down
-
(
196,589
)
Net loss attributable to common shareholders
$
(
4,483,474
)
$
(
6,372,715
)
Net loss per share of common stock-basic and diluted
$
(
0.53
)
$
(
0.80
)
Weighted average shares of common stock outstanding  - basic and diluted
8,459,547
7,932,895
Other Comprehensive Loss:
Net loss
$
(
4,483,474
)
$
(
6,372,715
)
Foreign currency translation adjustment
-
-
Total Comprehensive Loss
$
(
4,483,474
)
$
(
6,372,715
)
See notes to consolidated
financial statements
F-
5
NUTRIBAND
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS
OF STOCKHOLDERS' EQUITY
Accumulated
Common Stock
Additional
Other
Number of
Paid In
Comprehensive
Accumulated
Subscription
Treasury
Year Ended January
    31, 2023
Total
shares
Amount
Capital
Income(Loss)
Deficit
Payable
Stock
Balance, February 1, 2022
$
11,859,285
9,154,846
$
9,155
$
29,966,132
$
(
304
)
$
(
18,011,231
)
$
-
$
(
104,467
)
Exercise of warrants
296,875
55,417
56
296,819
-
-
-
-
Common stock returned in settlement
-
(
1,400,000
)
(
1,400
)
1,400
-
-
-
-
Treasury stock issued for services
113,155
33,471
32
3,746
-
-
-
109,377
Treasury stock and warrants issued for termination agreement
174,025
25,000
25
92,545
-
-
-
81,455
Treasury stock repurchased
(
119,006
)
(
35,584
)
(
35
)
35
-
-
-
(
119,006
)
Options issued for services
732,130
-
-
732,130
-
-
-
-
Net loss for the year ended January 31, 2023
(
4,483,474
)
-
-
-
-
(
4,483,474
)
-
-
Balance, January 31, 2023
$
8,572,990
7,833,150
$
7,833
$
31,092,807
$
(
304
)
$
(
22,494,705
)
$
-
$
(
32,641
)
F-
6
Accumulated
Common Stock
Additional
Other
Number of
Paid In
Comprehensive
Accumulated
Subscription
Treasury
Year Ended January
    31, 2022
Total
shares
Amount
Capital
Income(Loss)
Deficit
Payable
Stock
Balance, February 1, 2021
$
7,111,946
7,303,974
$
7,304
$
18,870,051
$
(
304
)
$
(
11,835,105
)
$
70,000
$
-
Proceeds from sale of common stock and warrants in public offering
5,836,230
1,232,000
1,232
5,834,998
-
-
-
-
Proceeds from exercise of warrants
2,942,970
457,795
458
2,942,512
-
-
-
-
Cashless exercise of warrants
-
17,347
17
(
17
)
-
-
-
-
Issuance of common stock for notes payable
100,000
20,046
20
99,980
-
-
-
-
Common stock issued for settlement of liabilities
144,000
28,749
29
143,971
-
-
-
-
Warrants issued for services
365,000
-
-
365,000
-
-
-
-
Common stock issued for proceeds and in payment for license
640,000
94,962
95
699,905
-
-
(
60,000
)
-
Common stock issued for services
466,900
32,786
33
476,867
-
-
(
10,000
)
-
Treasury stock repurchased
(
104,467
)
(
32,813
)
(
33
)
33
-
-
(
104,467
)
Employee stock options issued for services
532,832
-
-
532,832
-
-
-
-
Settlement of warrant round down
196,589
-
-
196,589
-
-
-
-
Deemed dividend for warrants
(
196,589
)
-
-
(
196,589
)
-
-
-
-
Net loss for the year ended January 31, 2022
(
6,176,126
)
-
-
-
-
(
6,176,126
)
-
-
Balance, January 31, 2022
$
11,859,285
9,154,846
$
9,155
$
29,966,132
$
(
304
)
$
(
18,011,231
)
$
-
$
(
104,467
)
See notes to consolidated
financial statements
F-
7
NUTRIBAND INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year Ended
January 31,
2023
2022
Cash flows from operating activities:
Net loss
$
(
4,483,474
)
$
(
6,176,126
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
330,143
308,741
Amortization of debt discount
-
97,477
Amortization of right of use asset
38,813
9,522
(Gain) loss on extinguishment of debt
-
(
53,028
)
Stock-based compensation-options
732,130
532,832
Stock-based compensation-warrants
0
365,000
Treasury stock and warrants issued for termination agreement
174,025
-
Treasury stock issued for services
113,155
-
Goodwill impairment
327,326
2,180,836
Common stock issued for services
-
466,900
Changes in operating assets and liabilities:
Accounts receivable
(
41,665
)
42,967
Prepaid expenses
4,547
(
370,472
)
Inventories
(
97,687
)
(
78,800
)
Deferred revenue
56,636
19,421
Operating lease liability
(
36,287
)
(
9,234
)
Accounts payable and accrued expenses
(
104,860
)
(
145,259
)
Net Cash Used In Operating Activities
(
2,987,198
)
(
2,809,223
)
Cash flows from investing activities:
Purchase of equipment
(
79,304
)
(
81,595
)
Net Cash Used in Investing Activities
(
79,304
)
(
81,595
)
Cash flows from financing activities:
Proceeds from sale of common stock
-
583,000
Proceeds from sale of common stock in public offering
-
5,836,230
Proceeds from the exercise of warrants
296,875
2,942,970
Payment on note payable
(
17,795
)
(
5,496
)
Payment on related party note payable
-
(
1,500,000
)
Payment on finance leases
-
(
121,544
)
Purchase of treasury stock
(
119,006
)
(
104,467
)
Net Cash Provided by (used in) Financing Activities
160,074
7,630,693
Effect of exchange rate on cash
-
-
Net change in cash
(
2,906,428
)
4,739,875
Cash and cash equivalents - Beginning of period
4,891,868
151,993
Cash and cash equivalents - End of period
$
1,985,440
$
4,891,868
Supplementary information:
Cash paid for:
Interest
$
4,266
$
18,598
Income taxes
$
-
$
-
Supplemental disclosure of non-cash investing and financing activities:
Common stock returned in settlement
$
1,400
$
-
Common stock issued for settlement of notes payable
$
-
$
100,000
Common stock issued for prepaid consulting
$
-
$
400,000
Non-cash payment for license agreement
$
-
$
57,000
Common stock issued for subscription payable
$
-
$
70,000
Adoption of ASC 842 Operating lease asset and liability
$
94,134
$
28,565
Promissory note on equipment purchase
$
22,794
$
-
Settlement of liabilities for common stock
$
-
$
144,000
Deemed dividend in connection with warrant round down
$
-
$
196,589
Cashless exercise of warrant
$
-
$
15
See notes to consolidated
financial statements
F-
8
NUTRIBAND INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
as of and for the Years Ended January 31, 2023
and 2022
1.
ORGANIZATION AND DESCRIPTION OF
BUSINESS
Organization
Nutriband Inc.
(the "Company") is a Nevada corporation, incorporated on January 4, 2016. In January 2016, the Company acquired Nutriband
Ltd, an Irish company which was formed by the Company's chief executive officer in 2012 to enter the health and wellness market
by marketing transdermal patches. References to the Company relate to the Company and its subsidiaries unless the context indicates otherwise.
On August 1,
2018, the Company acquired 4P Therapeutics LLC ("4P Therapeutics") for $2,250,000, consisting of 250,000 shares of common
stock, valued at $1,850,000, and $400,000, and a royalty of 6% on all revenue generated by the Company from the abuse deterrent intellectual
property that had been developed by 4P Therapeutics payable to the former owner of 4P Therapeutics. The former owner of 4P Therapeutics
has been a director of the Company since April 2018, when the Company entered into an agreement to acquire 4P Therapeutics.
The former
owner resigned as a director in January 2022.
4P Therapeutics
is engaged in the development of a series of transdermal pharmaceutical products, that are in the preclinical stage of development. Prior
to the acquisition of 4P Therapeutics, the Company's business was the development and marketing of a range of transdermal consumer
patches. Most of these products are considered drugs in the United States and cannot be marketed in the United States without approval
by the Food and Drug Administration (the "FDA"). The Company entered a feasibility agreement as an initial step to seek FDA
approval of its consumer transdermal products and its consumer products which are not being marketed in the United States.
With the acquisition
of 4P Therapeutics, 4P Therapeutics' drug development business became the Company's principal business. The Company's
approach is to use generic drugs that are off patent and incorporate them into the Company's transdermal drug delivery system. Although
these medications have received FDA approval in oral or injectable form, the Company needs to conduct a transdermal product development
program which will include the preclinical and clinical trials that are necessary to receive FDA approval before we can market any of
our pharmaceutical products.
On August 25,
2020, the Company formed Pocono Pharmaceuticals Inc. ("Pocono Pharmaceuticals"), a wholly owned subsidiary of the Company.
On August 31, 2020, the Company acquired certain assets and liabilities associated with the Transdermal, Topical, Cosmetic, and Nutraceutical
business of Pocono Coated Products LLC ("PCP"). The net assets were contributed to Pocono Pharmaceuticals. Included in the
transaction, Pocono Pharmaceuticals also acquired
100
% of the membership interests of Active Intelligence LLC ("Active Intelligence").
Pocono Pharmaceuticals
is a coated products manufacturing entity organized to take advantage of unique process capabilities and experience. Pocono helps their
customer with product design and development along with manufacturing to bring new products to market with minimal capital investment.
Pocono Pharmaceutical's competitive edge is a low-cost manufacturing base: a result of its unique processes and state of the art
material technology. Active Intelligence manufactures activated kinesiology tape. The tape has transdermal and topical properties. This
tape is used as the same as traditional kinesiology tape.
In December
2019, COVID-19 emerged and has subsequently spread world-wide. The World Health Organization has declared COVID-19 a pandemic resulting
in federal, state and local governments and private entities proscribing various restrictions, including travel restrictions, restrictions
on public gatherings, stay at home orders and advisories and quarantining people who may have been exposed to the virus. The effect of
these orders, government imposed quarantines and measures the Company and suppliers and customers it works with might have to take, such
as work-at-home policies, may negatively impact productivity, disrupt our business and could delay our clinical programs and timelines,
the magnitude of which will depend, in part, on the length and severity of the restrictions and disruptions in our operations, operating
results and financial condition. Further, quarantines, shelter-in-place and similar government orders, or the perception that such orders,
shutdowns, or other restrictions on the conduct of business could occur, related to COVID-19 or other infectious diseases could impact
personnel at third-party manufacturing facilities in the United States and other countries, or the availability or cost of materials,
which could disrupt our supply chain.
F-
9
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Forward
Stock Split
On July 26,
2022, our Board of Directors approved the amendment to our Articles of Incorporation to effect a 7 for 6 forward stock split (the "Stock
Split") of our outstanding common stock. The Company filed the amendment set forth in a Certificate of Change with the Secretary
of State of Nevada on August 4, 2022.
The 7:6 forward stock split was effective for trading purposes on the Nasdaq Capital Market on August
12, 2022.
Each shareholder of record as of the August 15, 2022 record date received one (1) additional share for each six (6) shares held
as of the record date. No fractional shares of common stock were issued in connection with the Stock Split. Instead, all shares were rounded
up to the next whole share. In connection with the Stock Split, which did not require shareholder approval under the Nevada corporation
law, the number of shares of common stock of the Company was increased in the same ratio as the shares of outstanding common stock were
increased in the Stock Split, from
250,000,000
authorized shares to
291,666,666
authorized shares.
All share and
per share information in these financial statements retroactively reflect the forward stock split.
Going
Concern Assessment
Management
assesses liquidity and going concern uncertainty in the Company's condensed financial statements to determine whether there is sufficient
cash on hand and working capital, including available borrowings on loans, to operate for a period of at least one year from the date
the consolidated financial statements are issued or available to be issued, which is referred to as the "look-forward period",
as defined in GAAP. As part of this assessment, based on conditions that are known and reasonably knowable to management, management will
consider various scenarios, forecasts, projections, estimates and will make certain key assumptions, including timing and nature of projected
cash expenditures or programs, its ability to delay or curtail expenditures or programs and its ability to raise additional capital, if
necessary, among other factors. Based on this assessment, as necessary or applicable, management makes certain assumptions around implementing
curtailments or delays in the nature and timing of programs and expenditures to the extent it deems probable those implementations can
be achieved and management has the proper authority to execute them within the look-forward period.
As of January
31, 2023, the Company had cash and cash equivalents of $
1,985,440
and working capital of $
1,945,132
. For the year ended January 31, 2023,
the Company incurred an operating loss of $
4,483,474
and used cash flow from operations of $
2,987,198
. The Company has generated operating
losses since its inception and has relied on sales of securities and issuance of third-party and related-party debt to support cash flow
from operations. In October 2021, the Company consummated a public offering and received net proceeds of $
5,836,230
. The Company also
received to date $
3,239,845
proceeds from the exercise of warrants. The Company has used these proceeds to fund operations and will continue
to use the funds as needed. In March 2023, the Company entered into a three-year $
2,000,000
Credit Line Note facility which will permit
the Company to draw down on the credit line to fund the Company's research and development of its Aversa product.
Management
has prepared estimates of operations for the next twelve months and believes that sufficient funds will be generated from operations to
fund its operations for one year from the date of the filing of these condensed consolidated financial statements, which indicates improved
operations and the Company's ability to continue operations as a going concern. The impact of COVID-19 on the Company's business
has been considered in these assumptions; however, it is too early to know the full impact of COVID-19 or its timing on a return to normal
operations.
Management
believes the substantial doubt about the ability of the Company to continue as a going concern is alleviated by the above assessment.
Principles
of Consolidation
The consolidated
financial statements of the Company include the Company and its wholly owned subsidiaries. All material intercompany balances and transactions
have been eliminated. The operations of 4P Therapeutics are included in the Company's financial statements from the date of acquisition
of August 1, 2018, and the operations of Pocono and Active Intelligence are included in the Company's financial statements from
the date of acquisition of September 1, 2020. The wholly owned subsidiaries are as follows:
Nutriband
Ltd.
4P
Therapeutics LLC
Pocono
Pharmaceuticals Inc.
Active
Intelligence LLC
F-
10
Use of
Estimates
The preparation
of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America
requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses,
and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates including, but
not limited to, those related to such items as income tax exposures, accruals, depreciable/useful lives, allowance for doubtful accounts
and valuation allowances. The Company bases its estimates on historical experience and on other various assumptions that are believed
to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets
and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.
Cash and Cash
Equivalents
Cash equivalents are short-term, highly liquid investments that have
a maturity of three months or less.
Revenue
Recognition
In May 2014,
the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which amends the
accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an
entity expects to be entitled when products are transferred to a customer. The Company recognizes revenue based on the five criteria for
revenue recognition established under Topic 606: 1) identify the contract, 2) identify separate performance obligations, 3) determine
the transaction price, 4) allocate the transaction price among the performance obligations, and 5) recognize revenue as the performance
obligations are satisfied.
Revenue
Types
The following
is a description of the Company's revenue types, which include professional services and sale of goods:
●
Service revenues include the contract of research and development related services with the Company's
clients in the life sciences field on an as-needed basis. Deliverables primarily consist of detailed findings and conclusion reports provided
to the client for each given research project engaged.
●
Product revenues are derived from the sale of the Company's consumer transdermal and coated products.
Upon the reception of a purchase order, we have the order filled and shipped.
Contracts with Customers
A contract with a customer exists when
(i) we enter into an enforceable contract with a customer that defines each party's rights regarding the goods or services to be
transferred and identifies the payment terms related to these goods or services, (ii) the contract has commercial substance and, (iii)
we determine that collection of substantially all consideration for services that are transferred is probable based on the customer's
intent and ability to pay the promised consideration.
Contract Liabilities
Deferred revenue is a liability related
to a revenue producing activity for which revenue has not been recognized. The Company records deferred revenue when it receives consideration
from a contract before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.
Performance Obligations
A performance obligation is a promise
in a contract to transfer a distinct good or service to the customer and is the unit of account in the new revenue standard. The contract
transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation
is satisfied. For the Company's different revenue service types, the performance obligation is satisfied at different times. The
Company's performance obligations include providing products and professional services in the area of research. The Company recognizes
product revenue performance obligations in most cases when the product has shipped to the customer. When we perform professional service
work, we recognize revenue when we have the right to invoice the customer for the work completed, which typically occurs over time on
a monthly basis for the work performed during that month.
All revenue
recognized in the income statement is considered to be revenue from contracts with customers.
F-
11
Disaggregation of Revenues
The Company
disaggregates its revenue from contracts with customers by type and by geographical location. See the tables:
Years Ended
January 31,
2023
2022
Revenue by type
Sale of goods
$
1,785,507
$
1,179,620
Services
294,102
242,534
Total
$
2,079,609
$
1,422,154
Years Ended
January 31,
2023
2022
Revenue by geographic location:
United States
$
2,079,609
$
1,335,554
Foreign
-
86,600
$
2,079,609
$
1,422,154
Accounts
receivable
Trade accounts
receivables are recorded at the net invoice value and are not interest bearing. The Company maintains allowances for doubtful accounts
for estimated losses from the inability of its customers to make required payments. The Company determines its allowances by both specific
identification of customer accounts where appropriate and the application of historical loss to non-applicable accounts. For the years
ended January 31, 2023 and 2022, the Company recorded no bad debt expense for doubtful accounts related to account receivable.
Inventories
Inventories are valued at the lower of cost and reasonable value determined
using the first-in, first-out (FIFO) method. Net realized value is the estimated selling price in the ordinary course of business, less
applicable variable selling expenses. The cost of finished goods and work in process is comprised of material costs, direct labor costs
and other direct costs and related production overheads (based on normal operating capacity). As of January 31, 2023, total inventory
was $
29,335
, consisting of work in process of $
11,021
and raw materials of $
218,334
. As of January 31, 2022,
100
% of the inventory consists
of raw materials.
Property,
Plant and Equipment
Property and
equipment represent an important component of the Company's assets. The Company depreciates its plant and equipment on a straight-line
basis over the estimated useful life of the assets. Property, plant and equipment is stated at historical cost. Expenditures for minor
repairs, maintenance and replacement parts which do not increase the useful lives of the assets are charged to expense as incurred. All
major additions and improvements are capitalized. Depreciation is computed using the straight-line method. The lives over which the fixed
assets are depreciated range from
3
to
20
years as follows:
Lab Equipment
5
-
10
years
Furniture and fixtures
3
years
Machinery and equipment
10
-
20
years
Intangible
Assets
Intangible
assets include trademarks, intellectual property and customer base acquired through business combinations. The Company accounts for Other
Intangible Assets under the guidance of ASC 350, "Intangibles-Goodwill and Other." The Company capitalizes certain costs related
to patent technology. A substantial component of the purchase price related to the Company's acquisitions have also been assigned
to intellectual property and other intangibles. Under the guidance, other intangible assets with definite lives are amortized over their
estimated useful lives. Intangible assets with indefinite lives are tested annually for impairment. Trademarks, intellectual property
and customer base are being amortized over their estimated useful lives of
ten years
.
F-
12
Goodwill
Goodwill represents
the difference between the total purchase price and the fair value of assets (tangible and intangible) and liabilities at the date of
acquisition. Goodwill is reviewed for impairment annually on January 31, and more frequently as circumstances warrant, and written down
only in the period in which the recorded value of such assets exceeds their fair value. The Company does not amortize goodwill in accordance
with ASC 350. In connection with the Company's acquisition of 4P Therapeutics LLC in 2018, the Company recorded Goodwill of $
1,719,235
.
On August 31, 2020, in connection with the Company's acquisition of Pocono Coated Products LLC and Active Intelligence LLC, the
Company recorded Goodwill of $
5,810,640
. During the years ended January 31, 2023 and 2022, the Company recorded an impairment charge of
$
327,326
and $
2,180,836
, respectively, reducing the Active Intelligence LLC Goodwill to $
3,302,478
. As of January 31, 2023 and 2022, Goodwill
amounted to $
5,021,713
and $
5,349,039
, respectively.
Long-lived
Assets
Management
reviews long-lived assets for potential impairment whenever significant events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. An impairment exists when the carrying amount of the long-lived asset is not recoverable and
exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the estimated undiscounted
cash flows expected to result from the use and eventual disposition of the asset. If an impairment exists, the resulting write-down would
be the difference between the fair market value of the long-lived asset and the related book value.
Earnings
per Share
Basic earnings
per share of common stock is computed by dividing net earnings by the weighted average number of shares of common stock outstanding during
the period.  Diluted earnings per share is computed by dividing net earnings by the weighted average number of shares of common
stock and potential shares of common stock outstanding during the period. Potential shares of common stock consist of shares issuable
upon the exercise of outstanding options and common stock purchase warrants. As of January 31, 2023, and 2022, there were
1,778,006
and
1,503,171
common stock equivalents outstanding, that were not included in the calculation of dilutive earnings per share as their effect
would be anti-dilutive.
Stock-Based
Compensation
ASC 718,
"Compensation - Stock Compensation," prescribes accounting and reporting standards for all share-based payment
transactions in which employee services, and, since February 1, 2019, non-employees, are acquired. Transactions include incurring
liabilities, or issuing or offering to issue shares, options and other equity instruments such as employee stock ownership plans and
stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as
compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which
an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting
period). As of February 1, 2019, pursuant to ASC 2018-07, ASC 718 was applied to stock-based compensation for both employees and
non-employees.
Leases
In
February 2016, the FASB issued ASU 2016-02, "Leases" (Topic 842), to provide a new comprehensive model for lease accounting
under this guidance, lessees and lessors should apply a "right-of-use" model in accounting for all leases (including subleases)
and eliminate the concept of operating leases and off-balance-sheet leases. Recognition, measurement and presentation of expenses will
depend on classification as a finance or operating lease. Similar modifications have been made to lessor accounting in-line with revenue
recognition guidance.
The
Company applies the guidance for right-of-use accounting for all leases and records the operating lease liabilities on its balance sheet.
The Company completed the necessary changes to its accounting policies, processes, disclosure and internal control over financial reporting.
F-
13
Research
and Development Expenses
Research and
development costs are expensed as incurred.
Income
Taxes
Taxes are calculated
in accordance with taxation principles currently effective in the United States and Ireland.
The Company
accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities
for the expected future tax consequences of events that have been included in the financial statements.  Under this method,
deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and
liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.  The effect of
a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.
The Company
records net deferred tax assets to the extent they believe these assets will more-likely-than-not be realized.  In making such
determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary
differences, projected future taxable income, tax planning strategies and recent financial operations.  In the event the Company
was to determine that it would be able to realize its deferred income tax assets in the future in excess of its net recorded amount, the
Company would make an adjustment to the valuation allowance which would reduce the provision for income taxes.
Concentration
of Credit Risk
Financial instruments
which potentially subject the Company to concentrations of credit risk consist principally of cash. The Company's cash and cash
equivalents are concentrated primarily in banks. At times, such deposits could be in excess of insured limits. Management believes that
the financial institutions that hold the Company's financial instruments are financially sound and, accordingly, minimal credit
risk is believed to exist with respect to those financial interests. As of and for the year ended January 31, 2023, two customers accounted
for
34
% and
14
% of the Company's revenue and one customer accounted for
94
% of accounts receivable. As of and for the year ended
January 31, 2022, three customers accounted for
19
%,
17
% and
13
% of the Company's revenue and three customers accounted for
58
%,
21
% and
17
% of accounts receivable.
Fair
Value Measurements
FASB ASC
820, "Fair Value Measurements and Disclosure" ("ASC 820"), defines fair value as the exchange price that would
be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or
liability in an orderly transaction between participants on the measurement date. ASC 820 also establishes a fair value hierarchy which
requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC
820 describes three levels of inputs that may be used to measure fair value.
The Company
utilizes the accounting guidance for fair value measurements and disclosures for all financial assets and liabilities and nonfinancial
assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis during
the reporting period. The fair value is an exit price, representing the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants based upon the best use of the asset or liability at the measurement
date. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. ASC 820 establishes
a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are defined as follows:
Level 1
-
Observable inputs such as quoted market prices in active markets.
Level 2
-
Inputs other than quoted prices in active markets that are either directly or indirectly observable.
Level 3
-
Unobservable inputs about which little or no market data exists, therefore
requiring an entity to develop its own assumptions.
The carrying value of the Company's financial instruments including
cash and cash equivalents, accounts receivable, prepaid expenses, inventories, deferred revenue, accounts payableand accrued expenses
approximate their fair value due to the short maturities of these financial instruments.
F-
14
Recent
Accounting Standards
In October
2021, the FASB issued ASU 2021-08, Business Combinations (Topic805): Accounting for Contract Assets and Contract Liabilities from Contracts
with Customers, which clarifies how to properly account for deferred revenue in a business combination. ASU 2021-08 is effective for periods
after December 15, 2022. The Company adopted ASU 2021-08 on February 1, 2022. The adoption of ASU 2021-08 did not have a material effect
on the Company's consolidated financial statements.
The Company
has reviewed all other FASB-issued ASU accounting pronouncements and interpretations thereof that have effective dates during the period
reported and in future periods. The Company has carefully considered the new pronouncements that alter previous GAAP and does not believe
that any new or modified principles will have a material impact on the Company's reported financial position or operations in the
near term. The applicability of any standard is subject to the formal review of the Company's financial management and certain standards
are under consideration.
3.
PROPERTY AND EQUIPMENT
January 31,
2023
2022
Lab equipment
$
144,585
$
144,585
Machinery and equipment
1,240,628
1,138,530
Furniture and fixtures
19,643
19,643
1,404,856
1,302,758
Less: Accumulated depreciation
(
507,121
)
(
323,461
)
Net Property and Equipment
$
897,735
$
979,297
Depreciation expense amounted to $
183,660
and $
178,924
for
the years ended January 31, 2023 and 2022, respectively. During the years ended January 31, 2023 and 2022, depreciation expenses of $
139,689
and $
113,000
, respectively, have been allocated to cost of goods sold.
4.
INCOME TAXES
The Company
adopted the provisions of ASC 740, "Income Taxes, ("ASC 740"). As a result of the implementation of ASC 740, the Company
recognized no adjustment in the net liability for unrecognized income tax benefits. The Company believes there are no potential uncertain
tax positions, and all tax returns are correct as filed. Should the Company recognize a liability for uncertain tax positions, the Company
will separately recognize the liability for uncertain tax positions on its balance sheet. Included in any liability or uncertain tax positions,
the Company will also setup a liability for interest and penalties. The Company's policy is to recognize interest and penalties
related to uncertain tax positions as a component of the current provision for income taxes.
There is no
U.S. tax provision due to losses from U.S. operations for the years ended January 31, 2023 and 2022. Deferred income taxes are provided
for the temporary differences between the financial reporting and tax basis of the Company's assets and liabilities. The principal
item giving rise to deferred taxes is the net operating loss carryforward in the U.S. Valuation allowances are established when necessary
to reduce deferred tax assets to the amount expected to be realized. The Company has set up a valuation allowance for losses for certain
carryforwards that it believes may not be realized.
F-
15
The provision
for income taxes consists of the following:
Years Ended
January 31,
2023
2022
Current
Federal
$
-
$
-
Foreign
-
-
Deferred
Federal
-
-
Foreign
-
-
A reconciliation of taxes on income
computed at the federal statutory rate to amounts provided is as follows:
Years Ended
January 31,
2023
2022
Book income (loss from operations)
$
(
941,530
)
$
(
1,296,987
)
Common stock issued for services
168,768
286,594
Impairment expense
68,738
457,976
Unused operating losses
704,024
552,417
Income tax expense
$
-
$
-
As of January
31, 2023, the Company recorded a deferred tax asset associated with a net operating loss ("NOL") carryforward of approximately
$
11,000,000
that was fully offset by a valuation allowance due to the determination that it was more likely than not that the Company
would be unable to utilize those benefits in the foreseeable future. The Company's NOL expires in
2040
. The tax effect of the valuation
allowance increased by approximately $
1,000,000
during the year ended January 31, 2023.
On December 22, 2017, the Tax Cuts and Jobs Act
(the "Tax Act") significantly revised U.S. corporate income tax law by, among other things, reducing the corporate rate from
34% to 21%.
Because the Company recognizes a valuation allowance for the entire balance, there is no net impact to the Company's
balance sheet or results of operations.
The
types of temporary differences between tax basis of assets and liabilities and their financial reporting amounts that give rise to the
deferred tax liability and deferred tax asset and their approximate tax effects are as follows:
January 31,
2023
2022
Net operating loss carryforward (expire through 2039)
$
(
2,316,748
)
$
(
1,612,724
)
Stock issued for services
(
1,299,882
)
(
1,131,114
)
Intangible impairment expense
(
1,051,714
)
(
982,976
)
Valuation allowance
4,668,344
3,726,814
Net deferred taxes
$
-
$
-
F-
16
5.
NOTES PAYABLE
Notes Payable
On March 21,
2020, the Coronavirus Aid Relief and Economic Security Act ("CARES ACT" was enacted. The CARES ACT established the Paycheck
Protection Program ("PPP") which funds small businesses through federally guaranteed loans. Under the PPP, companies are eligible
for forgiveness of principal and interest if the proceeds are used for eligible payroll costs, rent and utility costs. On June 17, 2020,
the Company's subsidiary, 4P Therapeutics, was advanced $34,870 under the PPP, all of which was forgiven as of April 30, 2021. The
Company recorded a gain on the extinguishment of debt of $34,870 during the year ended January 31, 2022.
In
July 2020, a minority shareholder made an additional loan to the Company in the amount of $
100,000
. The loan is interest-free and
due upon demand. In October 2021, the loan was converted into
17,182
common shares of the Company. The shares were issued at fair
market value and no gain or loss was recorded for the transaction.
Active Intelligence,
the Company's newly acquired subsidiary, entered into an agreement with the Carolina Small Business Development Fund for a line
of credit of $160,000 due October 16, 2029, with interest of 5% per year.
The amount assumed was $
139,184
. The loan requires monthly payments
of principal and interest of $
1,697
. During the year ended January 31, 2022, principal and interest payments of $
8,344
were forgiven under
the Cares Act. The amount, $
8,344
, has been recorded as a gain on the forgiveness of debt. During the year ended January 31, 2023, the
Company made $
13,611
of principal payments. As of January 31, 2023, the amount due was $
100,627
, of which $
15,344
is current.
On April 3,
2022, the Company entered into a retail installment agreement for the purchase of an automobile. The contract price was $32,274, of which
$22,794 was financed. The agreement is for five years bearing interest at 2.95% per annum with payments of $495 per month. The loan is
secured by automobile. As of January 31, 2023, the amount due was $19,610 of which $4,396 is current.
Finance
Leases
Pocono had
two finance leases secured by equipment.
The leases mature in 2025 and 2026.
The incremental borrowing rate is
5.0
%. The amount due on
the leases was $
121,544
, all of which was paid during the year ended January 2022.
Related
Party Payable
On August 31,
2020, in connection with the Company's acquisition of Pocono Products LLC, the Company issued to Pocono Coated Products LLC a promissory
note, net of debt discount, in the amount of $1,332,893 with interest accruing at an annual rate of 0.17%, due on August 28, 2021, or
immediately following the earlier of a capital raise of no less than $4,000,000 and/or a public offering of no less than $4,000,000. The
members of Pocono Coated Products LLC, which include Mike Myer who is a related party, are shareholders of the Company.
During the three
months ended April 30, 2021, the Company recorded amortization of debt discount of $
36,554
. In October 2021, the note in the amount of
$
1,500,000
was paid in full.
Interest expense for the year ended January 31, 2023, was $
6,289
. Interest
expense for the year ended January 31, 2022, was $
118,421
including the amortization of debt discount of $
97,477
and interest expense
of $
20,944
.
F-
17
6.
INTANGIBLE ASSETS
As of January 31, 2023 and 2022,
intangible assets consisted of intellectual property and trademarks, customer base, and license agreement, net of amortization, as follows:
January 31,
2023
2022
Customer base
$
314,100
$
314,100
License agreement
-
50,000
Intellectual property and trademarks
817,400
817,400
Total
1,131,500
1,181,500
Less: Accumulated amortization
(
351,070
)
(
254,587
)
Net Intangible Assets
$
780,430
$
926,913
In February 2021, the Company acquired an IP license for $
50,000
, see
Note 10- "Rambam Agreement" for further discussion regarding the license agreement. The value of the intangible assets, consisting
of intellectual property, license agreement and customer base has been recorded at their fair value by the Company and are being amortized
over a period of
three
to
ten
years
. The Company terminated the license agreement in October 2022. The Company issued
25,000
shares of
its common stock from its treasury shares held by the Company and warrants to purchase
25,000
shares at an exercise price of $
7.50
per
share as part of the termination agreement. The Company recorded a termination expense of $
174,025
during the year ended January 31, 2023
which is included in selling and administrative expenses. The Company expensed the balance of the agreement of $
33,334
during the year
ended January 31, 2023, which is included in selling, general and administrative expenses. Amortization expense for the years ended January
31, 2023, and 2022 was $
146,483
and $
129,817
, respectively.
Year Ended January 31,
2024
$
113,109
2025
113,109
2026
113,109
2027
113,109
2028
113,109
2029 and thereafter
214,885
$
780,430
7.
RELATED PARTY TRANSACTIONS
a)
In connection with the acquisition of Pocono, the Company recorded various transactions and operations
through Pocono Coated Products LLC, of which Mike Myer was a member and a related party. During the year ended January 31, 2022, the Company
was advanced $
7,862
in finance payments. As of January 31, 2022, the balance due Pocono was paid in full.
The Company also issued a note
in the amount of $1,500,000 to Pocono Coated Products LLC. In October 2021, the related party note payable was repaid. See Note 5 for
further discussion.
b)
In May 2022, the Company issued stock awards to the Company's CEO and independent members of the
Board of Directors. The CEO received
11,667
shares and the four directors received
1,167
shares each. The Company recorded compensation
expense of $
53,200
in connection with the issuance of the shares.
c)
On August 2, 2022, options to purchase
137,084
shares of the Company's common stock were issued
to executives of the Company at prices of $
4.09
and $
4.50
per share. The options vest immediately and expire in
three years
. The fair
value of the options issued for services amounted to $
399,075
and was expensed during the year ended January 31, 2023.
d)
On September 30, 2022, options to purchase
35,000
shares of the Company's
common stock were issued to the independent directors of the Company at a price of $
3.59
per share. The options vest immediately and expire
in
five years
. The fair value of the options issued for services amounted to $
85,995
and was expensed during the year ended January 31,
2023.
e)
On December 7, 2022, options to purchase
107,500
shares of the Company's common stock were issued
to executives of the Company at prices of $
3.53
and $
3.88
per share. The options vest immediately and expire in
three years
. The fair
value of the options issued amounted to $
245,170
and was expensed during the year ended January 31, 2023.
F-
18
8.
STOCKHOLDERS' EQUITY
Preferred Stock
On January 15, 2016, the board of directors of the Company
approved a certificate of amendment to the articles of incorporation and changed the authorized capital stock of the Company to include
and authorize
10,000,000
shares of Preferred Stock, par value $
0.001
per share.
On May 24, 2019, the board of directors created a series
of preferred stock consisting of
2,500,000
shares designated as the Series A Convertible Preferred Stock ("Series A Preferred Stock").
On June 20, 2019, the Series A preferred Stock was terminated, and the
2,500,000
shares were restored to the status of authorized but
unissued shares of Preferred Stock, without designation as to series, until such stock is once more designated as part of a particular
series by the board of directors.
Common Stock
On June 25, 2019,
the Company effected a one-for-four reverse
stock split, pursuant to which each share of common stock became converted into 0.25 shares of common stock, and the Company decreased
its authorized common stock from 100,000,000 to 25,000,000 shares.
On January 27, 2020, the Company amended its Articles of
Incorporation to increase its authorized common shares from
25,000,000
authorized shares to
250,000,000
authorized shares.
On July 26, 2022,
the Company effected a 7-for-6 forward stock split
pursuant to which each shareholder of record as of the August 12, 2022, record date received one (1) additional share for each six (6)
shares held as of the record date.
On August 4, 2022, the Company amended its Articles of Incorporation
to increase its authorized common shares from
250,000,000
authorized shares to
291,666,666
authorized shares.
Activity during the Year Ended January 31, 2023
(a)
In March and May 2022, the Company purchased
35,584
shares of its common
stock for $
119,006
and recorded the purchase as Treasury Stock. In May and December 2022, the Company issued
33,397
shares of stock awards
to management, directors and employees from the treasury shares and recorded the fair value of the compensation expense of $
113,155
. In
December 2022, the Company issued
25,000
shares from the treasury shares to non-employees in connection of the termination of the Rambam
license agreement. As of January 31, 2023, the Company holds
10,000
of its shares comprising the $
32,641
of treasury stock.
(b)
On July 29, 2022, the Company received proceeds of $
296,875
from the exercise of warrants and issued
55,417
shares of common stock.
(c)
In July 2022, the Company cancelled
1,400,000
shares received in connection with the settlement of a lawsuit. See Note 10 for further
information.
Activity during the Year Ended January
31, 2022
(a)
On February 25, 2021,
in connection with the Company's License Agreement with Rambam, pursuant to
a Stock Purchase Agreement with BPM Inno Ltd ("BPM"), the Company issued 94,962 shares of common stock to BPM and received
proceeds of $700,000 to be applied to product development expenses under the License Agreement. The Company entered into the Stock Purchase
Agreement with BPM in December 2020 and received a payment of $60,000 which is included in Stockholders' Equity as Subscription
Payable in the Company's consolidated balance sheet as of January 31, 2021. In February 2021, BPM advanced a payment for the Company
to Rambam in the amount of $57,000 for the license fee. The balance of the funds of $583,000 was received in February 2021. On February
15, 2021, the Company issued 14,583 shares of common stock, valued at $350,000, for consulting fees in connection with the Rambam License
Agreement discussed in Note 10.
(b)
On February 25, 2021, the Company issued
6,536
shares of common stock, valued at $
60,000
, for consulting
services pursuant to a consultant agreement commencing December 1, 2020. The Company has reflected $
10,000
representing
1,090
shares as
Subscription Payable in the Stockholders' Equity in the Company's consolidated balance sheet as of January 31, 2021.
F-
19
(c)
On October 5, 2021,
the Company, having been approved for the listing of its common stock on The Nasdaq
Capital Market effective October 1, 2021, consummated a public offering (the "IPO") of units (the "Units"), of
common stock and warrants that were offered in the IPO on The Nasdaq Capital Market, which included 1,232,000 (each a "Unit"),
each Unit consisting of one share of common stock, par value $0.001 per share, and one warrant (each a "Warrant") at a price
of $5.36 per Unit. Each Warrant is immediate exercisable, will entitle the holder to purchase one share of common stock at an exercise
price of $6.43 and will expire five (5) years from the date of issuance. The underwriters' over-allotment option was exercised for
184,800 warrants to purchase shares of common stock bringing to total net proceeds to the Company from the IPO to $5,836,230. The shares
of common stock and Warrants are separately transferred immediately upon issuance.
(d)
During the year ended January 31, 2021, the Company issued
457,795
shares of its common stock and received proceeds of $
2,942,970
from the exercise of
457,795
public warrants.
(e)
On October 25, 2021, the Company issued
20,005
shares of its common stock in exchange for the extinguishment
of debt in the amount of $
100,000
. See Note 5 for further details.
(f)
On October 25, 2021, the Company issued
28,749
shares, valued at $
144,000
,
for consulting services in connection with research and development expenses. The shares were issued in settlement of liabilities.
(g)
On October 5, 2021, in connection with the Company's IPO, two former debtholders were issued an
additional
84,233
warrants at an exercise of $
5.36
per share in accordance with the anti-dilution provisions of their agreement. The fair
value of the warrants issued amounted to $
196,589
and the Company recorded the transaction as adeemed dividend related to the warrant
round down. In October 2021, one of the debtholders exercised
42,117
warrants as a cashless warrant and was issued
17,381
shares of common
stock.
(h)
In December 2021, the Company purchased
32,813
shares of its common
stock for $
104,467
and recorded the purchase as Treasury Stock as of January 31, 2022.
(i)
In January 2022, the Company issued
11,667
shares, valued at $
66,900
for services in connection with investor relations for the Company.
F-
20
9.
OPTIONS and WARRANTS
Warrants
The following table summarizes the changes in warrants outstanding
and the related price of the shares of the Company's common stock issued to management (
87,500
warrants were issued to the Chief
Financial Officer) and non-employees of the Company during the year ended January 31, 2022. The Company issued
25,000
warrants to non-employees
during the year ended January 31, 2023, in connection with the termination of the RAMBAM license agreement. See Note 6 for further information.
Exercise
Remaining
Intrinsic
Shares
Price
Life
Value
Outstanding, January 31, 2021
165,466
$
11.99
2.16
years
$
-
Granted
1,770,068
6.19
4.70
years
-
Expired/Cancelled
-
-
-
-
Exercised
(
499,912
)
6.43
-
-
Outstanding, January 31, 2022
1,435,622
6.91
3.93
years
-
Granted
25,000
7.50
5.00
years
-
Expired/Cancelled
(
97,534
)
5.36
-
-
Exercised
(
55,417
)
5.36
-
-
Outstanding- January 31, 2023
1,307,671
$
6.43
3.34
years
$
-
Exercisable - January 31, 2023
1,307,671
$
6.43
3.34
years
$
-
The following
table summarizes additional information relating to the warrants outstanding as of January 31, 2023:
Weighted Average
Weighted Average
Weighted Average
Range of Exercise
Number
Remaining Contractual
Exercise Price for
Number
Exercise Price for
Intrinsic
Prices
Outstanding
Life(Years)
Shares Outstanding
Exercisable
Shares Exercisable
Value
$
12.00
54,633
0.24
$
12.00
54,633
$
12.00
$
-
$
6.43
1,082,205
3.68
$
6.43
1,082,205
$
6.43
$
-
$
4.20
145,833
1.73
$
4.20
145,833
$
4.20
$
-
$
7.50
25,000
4.77
$
7.50
25,000
$
7.50
$
-
F-
21
Option
s
The following table summarizes the changes in options outstanding and
the related price of the shares of the Company's common stock issued to employees of the Company. See Note 7 for the issuance of
related party options.
On November 1, 2021, the Board of Directors
adopted the 2021 Employee Stock Option Plan (the "Plan"). The Company has reserved
408,333
shares to issue and sell upon the
exercise of stock options. In accordance with the Plan, on February 1, 2022, the Company reserved an additional
233,333
shares. The options
vest and expire as determined by the Board of Directors. Under the Plan, options may be granted which are intended to qualify as Incentive
Stock Options ("ISO's") under Section 422 of the Internal Revenue Code of 1986 (the "Code") or which are
not ("non-ISO's") intended to qualify as Incentive Stock Options thereunder. The Plan also provides for restricted stock
awards representing shares of common stock that are issued subject to such restrictions on transfer and other incidents of ownership and
such forfeiture conditions as the Board of Directors, or the committee administering the Plan composed of directors who qualify as "independent"
under Nasdaq rules, may determine. On November 3, 2021, the Company filed a Registration Statement on Form S-8, to register under the
Securities Act of 1933, as amended the
408,333
shares of common stock reserved for issuance under the Plan. As of January 31, 2023,
171,331
shares remain in the Plan.
During the year ended January 31, 2023,
279,584
options to purchase shares of the Company's common stock were issued to executive officers and directors of the Company
at prices of $
3.59
to $
4.50
per share. The options vest immediately and expire three-five years from the date of issuance. The fair value
of the options issued for services amounted to $
732,130
and was recorded during the year ended January 31, 2023. The Company used the
Black-Scholes valuation model to record the fair value. The valuation model used a dividend rate of
0
%; expected term of
1.5
years; volatility
rate of
152.10
-
174.45
%; and a risk-free rate of
3
%.
On January 21, 2022,
190,751
options
to purchase shares of the Company's common stock were issued to executive officers and directors of the Company at prices of $
4.16
and $
4.58
per share. The options vest immediately and expire on January 21, 2025. The fair value of the options issued for services amounted
to $
532,832
and was recorded during the year ended January 31, 2022. The Company used the Black-Scholes valuation model to record the
fair value. The valuation model used a dividend rate of
0
%; expected term of
1.5
years; volatility rate of
162.69
%; and a risk-free rate
of
1.01
%.
Exercise
Remaining
Intrinsic
Shares
Price
Life
Value
Outstanding, January 31, 2021
-
$
-
-
Granted
190,751
4.26
2.97
years
-
Expired/Cancelled
-
-
-
Exercised
-
-
-
Outstanding, January 31, 2022
190,751
-
-
Granted
279,584
3.93
3.00
years
-
Expired/Cancelled
-
-
-
Exercised
-
-
-
Outstanding- January 31, 2023
470,335
$
4.13
2.53
years
$
2,100
Exercisable - January 31, 2023
470,335
$
4.13
2.53
years
$
2,100
The following table summarizes additional
information relating to the options outstanding  as of January 31, 2023:
Weighted Average
Weighted Average
Weighted Average
Range of Exercise
Number
Remaining Contractual
Exercise Price for
Number
Exercise Price for
Intrinsic
Prices
Outstanding
Life(Years)
Shares Outstanding
Exercisable
Shares Exercisable
Value
$
4.58
46,666
2.48
$
4.58
46,666
$
4.58
$
-
$
4.16
144,085
1.97
$
4.16
144,085
$
4.16
$
-
$
4.50
58,334
1.97
$
4.50
58,334
$
4.50
$
-
$
4.09
78,750
2.50
$
4.09
78,750
$
4.09
$
-
$
3.59
35,000
2.50
$
3.59
35,000
$
3.59
$
2,100
$
3.75
57,500
2.85
$
3.75
57,500
$
3.75
$
-
$
4.12
50,000
2.85
$
4.12
50,000
$
4.12
$
-
F-
22
10.
SEGMENT  REPORTING
We organize and manage our business by the following two
segments which meet the definition of reportable segments under ASC 280-10, Segment Reporting:
4P Therapeutics and Pocono Pharmaceuticals. These segments are based
on the customer type of products or services provided and are the same as our business units. Separate financial information is available
and regularly reviewed by our chief-decision maker, who is or chief executive officer, in making resource allocation decisions for our
segments. Our chief-decision maker evaluates segment performance to the GAAP measure of gross profit.
January 31,
2023
2022
Net sales
Pocono Pharmaceuticals
$
1,785,597
$
1,179,620
4P Therapeutics
294,102
242,534
2,079,699
1,422,154
Gross profit
Pocono Pharmaceuticals
726,702
595,087
4P Therapeutics
23,702
(
40,777
)
750,404
554,310
Operating expenses
Selling, general and administrative-Pocono Pharmaceuticals
577,930
556,204
Selling, general and administrative-4P Therapeutics
103,181
96,079
Corporate overhead
3,234,930
3,370,541
Research and development-4P Therapeutics
982,227
411,383
Goodwill impairment-Pocono Pharmaceuticals
327,326
2,180,836
5,225,594
6,615,043
Depreciation and Amortization
Pocono Pharmaceuticals
$
264,156
$
220,524
4P Therapeutics
65,987
88,217
$
330,143
$
308,741
The following table presents information about net sales and property
and equipment, net of accumulated depreciation, in the United States and elsewhere.
Year Ended
January 31,
2023
2022
Net sales:
United States
$
2,079,699
$
1,335,554
Outside the United States
-
86,600
$
2,079,699
$
1,422,154
Property and equipment, net of accumulated depreciation
United States
$
897,735
$
979,297
Outside the United States
-
-
$
897,735
$
979,297
Assets:
Corporate
$
1,745,731
$
4,750,937
Pocono Pharmaceuticals
5,400,814
5,639,178
4P Therapeutics
2,309,832
2,349,548
$
9,456,377
$
12,739,660
F-
23
11.
COMMITMENTS AND CONTIGENCIES
Legal Proceedings
Following a three-day trial, on July
20, 2022, the Orange County Circuit Court entered a Final Judgment in favor of Nutriband for breach of contract, replevin and rescission
to rescind in the May 22, 2017 Share Exchange Agreement involving Nutriband, Advanced Health Brands Inc., and TD Therapeutics Inc. The
Court directed the return and cancellation of the
1,400,000
Nutriband shares (
adjusted for the 1-for-4 reverse stock split effective June
23, 2019 and the 7-for-6 forward stock split effective August 15, 2022
) previously issued to Raymond Kalmar, Paul Murphy, Michelle Polly-Murphy
and John Baker.
Thereafter, by Settlement Agreement
and Release dated August 19, 2022, all parties agreed that the above-referenced Final Judgment in favor of Nutriband is binding and enforceable,
no appeal would be taken, related Ohio and New York lawsuits were dismissed and all of the original Nutriband share certificates issued
to Raymond Kalmar, Paul Murphy, Michelle Polly-Murphy and John Baker were returned to Nutriband.
Employment
Agreements
The Company entered into a three-year
employment agreement with Gareth Sheridan, our CEO, and Serguei Melnik, our President, effective February 1, 2022. The agreement also
provides that the executives will continue as a director. The agreement provides for an initial term, commencing on the effective date
of the agreement and ending on
January 31, 2025
, and continuing on a year-to-year basis thereafter unless terminated by either party on
not less than 30 days' notice given prior to the expiration of the initial term or any one-year extension. For their services to
the Company during the term of the agreement, Mr. Sheridan and Mr. Melnik will receive an annual salary of $
250,000
per annum, commencing
on the effective date of the agreement. Mr. Sheridan and Mr. Melnik will also receive a performance bonus of
3.5
% of net income before
income taxes. As of July 31, 2022, the Company and Mr. Sheridan and Mr. Melnik mutually agreed to reduce their annual salary to $
150,000
.
The Company entered into a three-year
employment agreement with Gerald Goodman, our CFO, effective February 1, 2022. The agreement provides for an initial term, commencing
on the effective date of the agreement and ending on January 31, 2025, and continuing on a year-to-year basis thereafter unless terminated
by either party on not less than 30 days' notice given prior to the expiration of the initial term or any one-year extension. For
his services to the Company during the term of the agreement, Mr. Goodman will receive an annual salary of $
210,000
per annum, commencing
on the effective date of the agreement. As of July 31, 2022, the Company and Mr. Goodman mutually agreed to reduce his annual salary to
$
110,000
.
Rambam Agreement
On December 9, 2020, the Company entered
into a License Agreement (the "License Agreement") with Rambam Med-Tech Ltd. ("Rambam"), Haifa, Israel, to develop
the RAMBAM Closed System Transfer Device ("CTSD") and such other products as the parties agree to develop/commercialize. The
Company will license from Rambam the full technology, IP, and title to CTSD in the field, with an Initial license fee of $
50,000
and running
royalties on net sales. The $
50,000
license fee was paid by a third party at the direction of the Company in February 2021, at which time
the agreement became effective. As of October 31, 2022, the development of the RAMBAM CSTD Device has been suspended until further notice
as preliminary reviews and market research found the product was not commercially viable in its current form. As of November 11, 2022,
the Company has terminated the agreement with Rambam and all intellectual property has been returned to Rambam.
F-
24
The Company had entered into a prior agreement, dated November 13,
2020, with BPM Inno Ltd., Kiryat, Israel ("BPM"), that, in consideration of BPM's introduction of Rambam to the Company,
provided for BPM to have the rights as the exclusive of agent of the Company with Rambam and any other parties similarly introduced by
BPM, and for a commission payable to BPM by the Company of 4.5% of revenues received by the Company resulting from the introduction of
Rambam (and any other companies as to which the exclusive agency of BPM was in effect), and for BPM's payment of a royalty to Rambam.
If the Company fails to commercialize the medical products subject to the License Agreement with Rambam within 36 months, under the November
13, 2020 agreement, BPM and the Company would share 50/50 in the revenues generated from sales of the licensed products from Rambam. This
agreement further provides that it will be effective for a period of 10 years, with either party having the right to terminate on notice
given 30 days prior to the desired termination, and also provided for certain territorial distribution rights of BPM as are set forth
in the March 10, 2021 Distribution Agreement between the Company and BPM.
As of January 31, 2023, no revenues have been earned and royalties
have been accrued. On November 22, 2022, the Company and BPM entered into a termination agreement abandoning all elements of the distribution
agreement dated January 15, 2021 between the parties. The Company issued
25,000
shares of its common stock from its treasury shares held
by the Company and warrants to purchase
25,000
shares at an exercise price of $
7.50
per share as part of the termination agreement. The
Company recorded a termination expense in selling and administrative of approximately$
175,000
during the year ended January 31, 2023.
BPM Distribution and Stock Purchase
Agreements
On March 10, 2021, the Company finalized
the Distribution Agreement with BPM, providing for distribution of the medical products developed and produced under the License Agreement.
Under the Distribution Agreement, BPM has the right to distribute the medical products in Israel and has a right of first refusal
in relation to all other countries/states, other than United States, Korea, China, Vietnam, Canada and Ecuador, which are termed excluded
countries. The distribution was terminated November 22, 2022.
Kindeva Drug Delivery Agreement
On January 4, 2022, the Company signed
a feasibility agreement with Kindeva Drug Delivery, L.P. ("Kindeva") to develop Nutriband's lead product, AVERSAL Fentanyl,
based on its proprietary AVERSAL abuse deterrent transdermal technology and Kindeva's FDA-approved transdermal fentanyl patch (fentanyl
transdermal system). The feasibility agreement provides for on adapting Kindeva's commercial transdermal manufacturing process to
incorporate AVERSAI technology in the fentanyl transdermal system.
The agreement will remain in force until
the earlier of: (1) the completion of the work and deliverables under the Workplan; or (2) two (2) years after the Effective Date, after
which time the agreement will expire.
The estimated cost to complete the feasibility Workplan is approximately
$2.1 million and the timing to complete will be between eight to fifteen months. Nutriband made an advance deposit of $250,000 in January
2022, to be applied against the final invoice. The Workplan has commenced in February 2022, and the parties believe the Workplan will
be completed in the time estimated in the agreement.
As of January 31, 2023, the Company has incurred expenses of $
737,654
and the deposit
of $
250,000
is included in prepaid expenses.
Lease Agreement
On February 1, 2022, Pocono Pharmaceuticals
entered into a lease agreement with Geometric Group, LLC for
12,000
square feet of warehouse space currently occupied by Active Intelligence.
The monthly rental is $
3,000
and the lease expires on
January 31, 2025
. The lease can be extended for an additional
three years
at the
same monthly rental. The Company recorded a Right of Use asset in the amount of $
94,134
in connection with the valuation.
MDM Worldwide Agreement
In September 2022, the Company entered
into a public relations agreement with MDM Worldwide. In connection with the agreement, the Company agreed to issue
20,000
options to
MDM Worldwide. The terms of the options have not yet been agreed and the Company will issue the options when the exercise price and term
are finalized.
12.
SUBSEQUENT EVENTS
(a)
On  March 19, 2023, the Company entered into a Credit Line Note agreement with TII Jet Services LDA,
a shareholder of the Company, for a credit facility of $
2
million. Outstanding advances under the Note bears interest at
7
% per
annum. The promissory note is due and payable in full on March 19, 2025. Interest is payable annually on December 31 of each year during
the term of the Note. In March 2023, the Company was advanced $
50,000
on the Note.
(b)
On March 7, 2023, the Company issued
30,000
warrants to purchase the Company's common shares to
Barandnic Holdings Ltd. for services provided. The warrants are exercisable @ $
4.00
per share and expire five years from the date of issuance.
(c)
On March 13, 2023, the Company entered into a media advertising
agreement Money Channel Inc.. The Company will pay a monthly fee and after can cancel the agreement. The Company, after 90 days, will
also issue options to purchase
50,000
shares of common stock to at an exercise price of $
4.00
per share to Money Channel, Inc.
F-
25
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 13. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.
(1)
Nature of Expense:
Amount
SEC Registration Fee
$
NASDAQ initial listing fee
FINRA filing fee
Accounting fees and expenses
Legal fees and expenses
Printing
Transfer Agent Agent expenses
Miscellaneous
Total
$
(1)
All expenses, except the SEC registration fee, the NASDAQ initial listing fee and the FINRA filing fee are estimated.
ITEM 14. INDEMNIFICATION OF DIRECTORS
AND OFFICERS.
Nevada Revised Statutes 78.7502 and 78.751 provide
broad authority for the indemnification of directors, officers and certain other persons.
Section 78.7502 of the Nevada Revised Statutes
permits a corporation to 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 Nevada Revised Statute 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.
In addition, Section 78.7502 permits a corporation
to 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 liability pursuant to Nevada Revised Statute 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.
II-
1
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 above,
or in defense of any claim, issue or matter, the corporation is required to indemnify him against expenses, including attorneys'
fees, actually and reasonably incurred by him in connection with the defense.
Section 78.751 of the Nevada Revised Statutes
provides that such indemnification may also include payment by the Company of expenses incurred in defending a civil or criminal action
or proceeding in advance of the final disposition of such action or proceeding upon receipt of an undertaking by the person indemnified
to repay such payment if he shall be ultimately found not to be entitled to indemnification under Section 78.751. Indemnification may
be provided even though the person to be indemnified is no longer a director, officer, employee or agent of the Company or such other
entities.
Section 78.752 of the Nevada Revised Statutes
allows a corporation to 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.
Other financial arrangements made by the corporation
pursuant to Section 78.752 may include the following:
(a)
the creation of a trust fund;
(b)
the establishment of a program of self-insurance;
(c)
the securing of its obligations of indemnification by granting a security interest or other lien on any assets of the corporation; and
(d)
the establishment of a letter of credit, guaranty or surety.
No financial arrangement made pursuant to Section
78.752 may provide protection for a person adjudged by a court of competent jurisdiction, after exhaustion of all appeals, to be liable
for intentional misconduct, fraud or a knowing violation of law, except with respect to the advancement of expenses of indemnification
ordered by a court.
Any discretionary indemnification pursuant to
Section 78.7502 of the Nevada Revised Statutes, unless ordered by a court or advanced pursuant to an undertaking to repay the amount if
it is determined by a court that the indemnified party is not entitled to be indemnified by the corporation, may be made by the corporation
only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper
in the circumstances. The determination must be made:
(a)
by the stockholders;
(b)
by the board of directors by a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding;
(c)
if a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding so orders, by independent legal counsel in a written opinion, or
(d)
if a quorum consisting of directors who were not parties to the action, suit or proceeding cannot be obtained, by independent legal counsel in a written opinion.
II-
2
Subsection 7 of Section 78.138 of the Nevada Revised
Statutes provides that, subject to certain very limited statutory exceptions, a director or officer is not individually liable to the
corporation or its stockholders or creditors for any damages as a result of any act or failure to act in his or her capacity as a director
or officer, unless it is proven that the act or failure to act constituted a breach of his or her fiduciary duties as a director or officer
and such breach of those duties involved intentional misconduct, fraud or a knowing violation of law. The statutory standard of liability
established by Section 78.138 controls even if there is a provision in the corporation's articles of incorporation unless a provision
in the corporation's articles of incorporation provides for greater individual liability.
Our bylaws provide that each person who was or is made a party
or is threatened to be made a party to or is involved (including, without limitation, as a witness) in any threatened, pending, or completed
action, suit or proceeding, whether formal or informal, civil, criminal, administrative or investigative (hereinafter a "proceeding"),
by reason of the fact that he or she is or was a director of or who is or was serving at our request as a director, officer, employee
or agent of this or another corporation or of a partnership, joint venture, trust, other enterprise, or employee benefit plan (a "covered
person"), whether the basis of such proceeding is alleged action in an official capacity as a covered person shall be indemnified
and held harmless by us to the fullest extent permitted by applicable law, as then in effect, against all expense, liability and loss
(including attorneys' fees, costs, judgments, fines, ERISA excise taxes or penalties and amounts to be paid in settlement) reasonably
incurred or suffered by such person in connection therewith, and such indemnification shall continue as to a person who ceased to be a
covered person and shall inure to the benefit of his or her heirs, executors and administrators.
However, no indemnification shall be provided
hereunder to any covered person to the extent that such indemnification would be prohibited by Nevada state law or other applicable law
as then in effect, nor, with respect to proceedings seeking to enforce rights to indemnification, shall we indemnify any covered person
seeking indemnification in connection with a proceeding (or part thereof) initiated by such person except where such proceeding (or part
thereof) was authorized by our board of directors, nor shall we indemnify any covered person who shall be adjudged in any action, suit
or proceeding for which indemnification is sought, to be liable for any negligence or intentional misconduct in the performance of a duty.
Our directors may cause us to purchase and maintain
insurance for the benefit of a person who is or was serving as a director, officer, employee or agent of us or of a corporation of which
we are or were a stockholder and his heirs or personal representatives against a liability incurred by him as a director, officer, employee
or agent.
Insofar as indemnification for liabilities arising
under the Securities Act of 1933 may be permitted to directors, officers or persons controlling us pursuant to 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 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 Act and will be governed by the final adjudication of such issue.
ITEM 15. RECENT SALES OF UNREGISTERED SECURITIES
1.
On January 31, 2020, we issued 8,572 shares of common stock to each of Sean Gallagher, president and a director, and Strategic Pharmaceutical Consulting LLC, which is controlled by Jeff Patrick, chief scientific officer, pursuant employment agreements with Mr. Gallagher and Dr. Patrick. The employment agreements provide that each of Mr. Gallagher and Dr. Patrick receive annual compensation of $60,000, which may be paid in cash or stock. The shares were issued as compensation of $120,000 for the years ended January 31, 2020 and 2019. The shares were exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2).
The issuance of these shares was exempt
from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as a transaction not involving a public offering. On November
30, 2016, Mr. Sheridan transferred 1,750,000 shares of common stock to the Company and such shares were cancelled.
II-
3
2.
On October 1, 2020, in connection with the Company's
acquisition of Pocono Coated Products, LLC ("Pocono"), that was effective August 31, 2020, the Company issued 709,939
shares of its common stock to the owners of Pocono.
3.
On December 9, 2020, the Company entered into a License Agreement
(the "License Agreement") with Rambam Med-Tech Ltd., Haifa, Israel ("RamBam"), for us to develop the RAMBAM Closed
System Transfer Device (CSTD) the ("Medical Products").  As a part of the transaction with RamBam for the License Agreement,
on March 10, 2021, the Company finalized a Distribution Agreement ("Distribution Agreement")_with BPM Inno Ltd., Kiryat,
Israel ("BPM"), providing for distribution of the Medical Products developed and produced under the License Agreement and
a Stock Purchase Agreement ("SPA"), dated December 7, 2020, providing for the purchase by BPM of 94,962 shares of common
stock at a price of 7.372.75 per share, or $700,000.  The investment by BPM in our common stock under the SPA was completed on February
26, 2021. .
4.
On January 5, 2021, the Company issued the following numbers
of shares common stock to Company officers and members of its Board of Directors. All stock issuances were valued by the Board at $12.86
per share.
Name
No. of
Shares
Gareth Sheridan, CEO and Director
11,667
Sean Gallagher, Executive Chairman and Director
11,667
Serguei Melnik, Director
11,667
Michael Myer, President of Pocono Pharma and Director(1)
5,833
Radu Bujoreanu, Director
14,583
Steven P. Damon, Director
11,667
Michael Doron, Director
5,833
Mark Hamilton, Director
14,583
Stefan Mancas, Director
14,583
Vsevolod Grogore, Director
5,833
Patrick Ryan, Chief Technical Officer
5,833
Gerald Goodman, Chief Financial Officer
11,667
Alan Smith, Chief Operating Officer and President of 4P Therapeutics
7,963
Vitalie Botgros, Consultant
5,833
Thomas Cooney, Director
7,000
Jay Moore, Director
5,833
(1)
Mr.
                                            Myer owns 225,914 shares of common stock, of which 5,833 were issued on January 5, 2021,
                                            and 220,081 shares that he has the right to receive from the August 31, 2021 acquisition
                                            of Pocono Coated Products, LLC, as a distribution from escrow terminating September 30, 2021,
                                            of certain distributions under the acquisition agreement.
5.
On February 6, 2021, the Company issued 94,962 shares of
common stock to BPM Inno Ltd.
Date
Title and Amount (1)
Purchaser
Total Offering Price/
Underwriting
Discounts
February 26, 2021
94,962 shares of common stock
BPM Inno Ltd.
$7.37 per share/NA
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4
6.
On October 22, 2021, the Company issued common stock purchase
warrants to designees of the underwriters and to other persons As compensation for services rendered:
Title and Amount (1)
Purchaser
Principal
Underwriter
Total Offering Price/
Underwriting
Discounts
October 22, 2021
Three-Year Common Stock Purchase Warrant to purchase 17,248 shares of common stock at an exercise price of $6.43 per share.
WestPark Capital, Inc.
NA
$0.01 per share/NA
October 22, 2021
Three-Year Common Stock Purchase Warrant to purchase 7,392 shares of common stock at an exercise price of $6.43.
Craig Kaufman
NA
$0.01 per share/NA
October 22, 2021
Three-Year Common Stock Purchase Warrant to purchase 34,496 shares of common stock at an exercise price of $6.43 per share.
Douglas Bantum
NA
$0.01 per share/NA
October 22, 2021
Three-Year Common Stock Purchase Warrant to purchase 7,392 shares of common stock at an exercise price of $6.43 per share.
Gene McNeil
NA
$0.01 per share/NA
October 22, 2021
Three-Year Common Stock Purchase Warrant to purchase 7,392 shares of common stock at an exercise price of $6.43 per share.
Kenneth Bantum
NA
$0.01 per share/NA
October 22, 2021
Three-Year Common Stock Purchase Warrant to purchase 24,640 shares of common stock at an exercise price of $6.43per share.
Michael Wallach
NA
$0.01 per share/NA
October 22, 2021
Three-Year Common Stock Purchase Warrant to purchase 24,640 shares of comon stock at an exercise price of $7.50 per share.
David Beth
NA
$0.01 per share/NA
October 22, 2021
Three-Year Common Stock Purchase Warrant to purchase 87,500 shares s of common stock at an exercise price of $4.20 per share.
Gerald Goodman, Chief Financial Officer
NA
$0.01 per share/NA
October 22, 2021
Three-Year Common Stock Purchase Warrant to purchase 58,333 shares s of common stock at an exercise price of $4.20 per share.
Counsel
NA
October 22, 2021
16,722 shares of common stock.
Employee compensation.
NA
$84,000/NA
October 22, 2021
12,027 shares of common stock
Employee compensation
NA
$60,000/N/A
October 22, 2021
20,046 shares of common stock issued in conversion of $100,000 of debt.
TII Jet Services
$100,000/NA
7.
As of the dates set forth below, the  Company  issued
shares of common stock to the persons listed below for services rendered.
Date
Title and Amount of Stock Issuance (1)
Purchaser
Total Price
May 10, 2022
1,167 shares of common stock
Radu Bujoreanu, Director
$
3,800
May 10, 2022
1,167 shares of common stock
Stefani Mancas, Director
$
3,800
May 10, 2022
5,833 shares of common stock
Consultant
$
19,000
May 10, 2022
1,167 shares of common stock
Irina Gram, Director
$
3,800
May 10, 2022
1,167 shares of common stock
Consultant
$
3,800
May 10, 2022
1,167 shares of common stock
Mark Hamilton, Director
$
3,800
May 10, 2022
1,167 shares of common stock
Michael Meyer
$
3,800
May 10, 2022
11,667 shares of common stock
Gareth Sheridan, CEO
$
38,000
May 10, 2022
583 shares of common stock
Employee
$
1,900
May 10, 2022
583 shares of common stock
Employee
$
1,900
May 10, 2022
583 shares of common stock
Employee
$
1,900
May 10, 2022
583 shares of common stock
Employee
$
1,900
May 10, 2022
583 shares of common stock
Employee
$
1,900
November 8, 2022
1,887 shares of common stock
Consultant
$
7,756
November 8, 2022
3,000 shares of common stock
Consultant
$
12,230
November 8, 2022
25,000 shares of common stock
Consultant
$
102,750
(1)
The issuances to directors and management and consultants
set forth above in this Item 15 are viewed by the Company as exempt from registration under the Securities Act, alternatively as transactions
either not involving any public offering, or as exempt under the provisions of Regulation D, Regulation S or Rule 701 promulgated by
the SEC under the Securities Act.
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Exhibit
Number
Description
1.1*
Form
    of Underwriting Agreement
3.1A
Articles
    of Incorporation.
(1)
3.1B
Amendment
    to Articles of Incorporation, filed May 12, 2016.
(1)
3.1
Certificate
    of Amendment filed January 21, 2020. (Filed as Exhibit 3.1 to the Company's Current Report on Form 8-K, filed January 27, 2020).
3.1C
Certificate
    of Change, filed with the Nevada Secretary of State on August 4, 2022.
(13)
3.2
By-laws
(1)
3.2B
Amended
    and Restated By-Laws adopted January 21, 2022.
(12)
4.3
Securities
    purchase agreement dated October 29, 2019 among the Company, Jefferson Street Capital LLC and Platinum Point Capital LLC
(6)
4.4
Form
    of convertible 6% promissory note issued pursuant to Exhibit 4.3
(6)
4.10
Form
    of Common Stock Purchase Warrant issued to Platinum Point Capital LLC and Jefferson Street Capital LLC
(6)
4.14†
2021
    Employee Stock Option Plan.
(11)
4.15†
Form
    of Stock Option Grant Notice.
(11)
5.1*
Opinion
    of Michael Paige Law PLLC.
10.1
Share
    exchange agreement dated January 15, 2016 by and among the Company, Nutriband Limited, an Ireland corporation, and Gareth Sheridan
    and/or his nominee
(1)
10.4
Acquisition
    agreement dated April 5, 2018 between the Company and 4P Therapeutics LLC.
(3)
10.5†
Form
    of agreement with independent directors.
(4)
10.6
Exclusive
    master distribution agreement dated April 13, 2018 between the Company and EMI-Korea (Best Choice), Inc.
(4)
10.15†
Employment
    Agreement, dated April 23, 2019, between Gareth Sheridan and the Company.
(5)
10.16†
Employment
    Agreement, dated April 23, 2019, between Serguei Melnik and the Company.
(5)
10.17†
Employment
    Agreement, dated February 19, 2019, between Jeffrey Patrick and the Company.
(5)
10.18†
Employment
    Agreement, dated January 1, 2018, between Sean Gallagher and the Company.
(5)
10.19
Purchase
    Agreement, dated August 31, 2020, by and among the Company and Pocono Coated Products, LLC.
(7)
10.20
Security
    Agreement, between the Company and Pocono Coated Products, LLC.
(7)
10.21
Promissory
    Note Issued by the Company on August 31, 2020 to Pocono Coated Products, LLC.
(7)
10.22
License
    Agreement, dated December 9, 2020, between the Company and Rambam Med-Tech Ltd.
(8)
10.23
Distribution
    Agreement, dated March 26, 2021, between the Company and BPM Inno Ltd.
(8)
10.24
Stock
    Purchase Agreement, dated December 7, 2020, between the Company and BPM Inno Ltd.
(8)
10.25
Amendment
    No. 1 to Purchase Agreement, dated August 31, 2020, by and among the Company and Pocono Coated Products, LLC
(8a)
10.26
Services
    Agreement dated  October 4, 2021, between Active Intelligence, LLC and Diomics Corporation.
(10)
10.27†
Employment
    Agreement effective February 1, 2022, between the Company and Gareth Sheridan.
(12)
10.28†
Employment
    Agreement effective February 1, 2022, between the Company and Serguei Melnik.
(12)
10.29†
Employment
    Agreement effective February 1, 2022, between the Company and Gerald Goodman.
(12)
21.1*
List
    of Subsidiaries of Nutriband Inc.
23.1
Consent
    of Sadler, Gibb and Associates, LLC, filed herewith.
23.2 *
Consent
    of Michael Paige Law PLLC (included as part of Exhibit 5.1)
101.INS
Inline XBRL Instance Document.
101.SCH
Inline XBRL Taxonomy Extension Schema Document.
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase
    Document.
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase
    Document.
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase
    Document.
104
Cover Page Interactive Data File (formatted as Inline
    XBRL and contained in Exhibit 101).
107
Filing Fee Table
*
To be filed by amendment
†
Executive compensation plan or arrangement.
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6
(1)
Filed as exhibit to the Company's registration statement on Form 10, which was filed with the Commission on June 2, 2016, and incorporated herein by reference.
(2)
Filed as an exhibit to the Company's report on Form 8-K, which was filed with the Commission on January 27, 2020 and incorporated herein by reference.
(3)
Filed as an exhibit to the Company's report on Form 8-K, which was filed with the Commission on April 10, 2018 and incorporated herein by reference.
(4)
Filed as an exhibit to the Company's annual report on Form 10-K for the year ended January 3, 2019 which was filed with the Commission on April 19, 2019, and incorporated herein by reference.
(5)
Filed as an exhibit to the Company's Registration Statement on Form S-1/A, which was filed with the Commission on May 19, 2020, and incorporated herein by reference.
(6)
Filed as an exhibit to the Company's report on Form 8-K, which was filed with the Commission on November 4, 2019, and incorporated herein by reference.
(7)
Filed as an exhibit to the Company's report on Form 8-K, which was filed with the Commission on September 4, 2020, and incorporated herein by reference.
(8)
Filed as exhibits to the Company's report on Form 8-K, which was filed with the Commission on March 11, 2021, and incorporated herein by reference.
(8a)
Filed as an exhibit to the Company's report on Form 8-K, which was filed with the Commission on September 1, 2021, and incorporated herein by reference.
(9)
[Reserved]
(10)
Filed as an exhibit to the Company's Current Report on Form 8-K, which was filed with the Securities and Exchange Commission on October 12, 2021, and incorporated herein by reference.
(11)
Filed as an exhibit to the Company's Registration Statement on Form S-8, which was filed with the Commission on November 5, 2021, and incorporated herein by reference.
(12)
Filed as an exhibit to the Company's Current Report on Form 8-K, which was filed with the Commission on January 27, 2022, and incorporated herein by reference.
(13)
Filed as Exhibit 3.1C to the Company's Current Report on Form 8-K, which was filed with the Commission on August 10, 2022, and incorporated herein by reference.
(b) Financial Statement Schedules
All schedules have been omitted because either
they are not required, are not applicable or the information is otherwise set forth in the financial statements and related notes thereto.
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7
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; (ii) To reflect in the prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from
the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC 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; (iii) To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;
provided, however
, that paragraphs (1)(i), (ii), and (iii) of
this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in
reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange
Act of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the registration statement,
(2) That, for the purpose of determining any liability
under the Securities Act of 1933, 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 of 1933 to any purchaser: each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating
to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall
be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness;
provided, however,
that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated
or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as
to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first
use.
(5) That, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section
15(d) of the Securities Exchange Act of 1934) 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.
Insofar as indemnification for liabilities arising
under the Securities Act of 1933 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 Act and will be governed by the final adjudication of such issue.
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8
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933, as amended, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized in the City of Orlando, State of Florida on  May 9, 2023.
NUTRIBAND INC.
By:
/s/ Gareth Sheridan
Gareth Sheridan
Chief Executive Officer
May 9, 2023
By:
/s/ Gerald Goodman
Gerald Goodman
Chief Financial Officer (Principal Financial and Accounting Officer)
May 9, 2023
Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Gareth
    Sheridan
Chief Executive Officer and Director
May 9, 2023
Gareth Sheridan
/s/ Serguei
    Melnik
President, Secretary and  Chairman of the
    Board r
May 9, 2023
Serguei Melnik
/s/ Radu Bujoreanu
Director
May 9, 2023
Radu Bujoreanu
/s/ Mark Hamilton
Director
May 9, 2023
Mark Hamilton
/s/ Stefan
    Mancas
Director
May 9, 2023
Stefan Mancas
/s/
    Irina Gram
Director
May 9, 2023
Irina Gram
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