TAURIGA SCIENCES, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. (form 10-Q)

The following Management's Discussion and Analysis of Financial Condition and
Results of Operations describes the principal factors affecting the results of
operations, liquidity and capital resources of the Company and critical
accounting estimates. This discussion should be read in conjunction with the
accompanying quarterly unaudited Condensed Consolidated Financial Statements
contained in this Form 10-Q and our Annual Report on Form 10-K, for the year
ended March 31, 2021 ("Annual Report"). Our Annual Report includes additional
information about our significant accounting policies, practices and the
transactions that underlie our financial results, as well as a detailed
discussion of the most significant risks and uncertainties associated with our
financial and operating results.



This Quarterly Report on Form 10-Q contains "forward-looking statements" within
the meaning of Section 21E of the Securities Exchange Act of 1934, as amended,
or the Exchange Act. These statements are often identified by the use of words
such as "may," "will," "expect," "believe," "anticipate," "intend," "could,"
"estimate," or "continue," and similar expressions or variations. Such
forward-looking statements are subject to risks, uncertainties and other factors
that could cause actual results and the timing of certain events to differ
materially from future results expressed or implied by such forward-looking
statements. Factors that could cause or contribute to such differences include,
but are not limited to, those identified herein, and those discussed in the
section titled "Risk Factors", set forth in Part II, Item 1A of this Form 10-Q
and in our other SEC filings. We disclaim any obligation to update any
forward-looking statements to reflect events or circumstances after the date of
such statements.



Business Overview



Tauriga Sciences, Inc. (the "Company") is a Florida corporation, with its
principal place of business being located at 4 Nancy Court, Suite 4, Wappingers
Falls, NY 12590. The Company has, over time, moved into a diversified life
sciences technology company, with its mission to operate a revenue generating
business, while continuing to evaluate potential acquisition candidates
operating in the life sciences technology space.



Tauriga Pharma Corp.



On January 4, 2018, the Company announced the formation of a wholly owned
subsidiary in Delaware, now known as Tauriga Pharma Corp. This subsidiary's
focus is on the development of a pharmaceutical product line that is synergistic
with the Company's primary CBD product line. Currently, the plan is to initially
create a pharmaceutical line of products to address nausea symptoms related to
chemotherapy treatment in patients, which we will submit for clinical trials and
to regulatory agencies for approval.



On March 18, 2020, the Company filed a Provisional U.S. Patent Application
covering its pharmaceutical grade version of Tauri-Gum™. This patent
application, filed with the United States Patent & Trademark Office
("U.S.P.T.O."), titled: "MEDICATED CBD COMPOSITIONS, METHODS OF MANUFACTURING,
AND METHODS OF TREATMENT." The Company's proposed pharmaceutical grade version
of Tauri-Gum™ is being developed for nausea regulation, intended specifically to
target patients subjected to ongoing chemotherapy treatment(s) (the
"Indication"). The delivery system for this pharmaceutical product is an
improved version of the existing "Tauri-Gum™" chewing gum formulation based on
continued research and development. The Company converted this provisional
patent application into a U.S. Non-Provisional Patent Application March 17,
2021.

On March 17, 2021, the Company filed an additional U.S. Provisional Patent Application relating to alternative pharmaceutical cannabinoid delivery systems.

On March 17, 2021, the Company filed an International Patent Application under
the Patent Cooperation Treaty ("PCT"), a cooperative agreement entered into by
more than 130 countries with the purpose of bringing international conformity to
the filing and preliminary evaluation of patent applications. This application
relates to the Company's proposed pharmaceutical cannabinoid chewing gum
delivery system being developed to treat nausea derived from active chemotherapy
treatment.



The PCT application is published by the International Bureau at the World
Intellectual Property Organization ("WIPO"), based in Geneva, Switzerland, in
one of the ten "languages of publication": Arabic, Chinese, English, French,
German, Japanese, Korean, Portuguese, Russian, and Spanish.

Currently, the pharmaceutical grade version of I is in the pre-IND stage of development. The development team is working on several parallel workstreams, including:

? formulation development;

? non-clinical in vivo and in vitro studies to inform the effective clinical dose

and safety margin;

? regulatory strategy and regulatory documentation preparation;

? confirmation of the active pharmaceutical ingredient (API); and

? Identifying pharma-grade API suppliers.

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NFTauriga Corp.



Effective April 14, 2021, the Company formed NFTauriga Corp. in the State of
Delaware, as a wholly owned subsidiary. The Company is the sole holder of total
authorized 100 shares having a par value of $0.00001. The Company's Chief
Executive Officer, Seth M. Shaw is the initial sole member of the board of
directors, to serve until a qualified successor is duly elected. Mr. Shaw will
also serve as the Chief Executive Officer and Secretary. The registered office
of NFTauriga Corp. in the State of Delaware shall be at 1013 Centre Road, Suite
403-B, Wilmington, DE 19805 in the County of New Castle. The name of its
registered agent at such address is Vcorp Services, LLC. NFTauriga Corp. will
have the same fiscal year and principal executive office and the Company.



Master Services Agreement

On December 16, 2020, the Company entered into a Master Services Agreement with
North Carolina based Clinical Strategies & Tactics, Inc. ("CSTI") to resume the
clinical development of its proposed anti-nausea pharmaceutical grade version of
Tauri-Gum™. CSTI will primarily focus its efforts on (i) Pharmaceutical
Development Strategy, (ii) Commercialization Strategy, and (iii) Funding
Strategy. The Company will with work with CSTI's founder and chief executive
officer, JoAnn C. Giannone. Ms. Giannone has over 25 years' experience
effectively leading companies through the drug and medical device development
process. On December 23, 2020, the Company funded the initial consulting fees
associated with this Agreement, in the amount of $67,500, exclusive of
out-of-pocket reimbursable expenses. The Company has paid additional fees,
effected through change orders to the original contract, in the amount of
$85,000. These additional fees were for pharmaceutical testing and market
research. Under the terms of the Agreement and related statement of work, CTSI
will provide a high-level assessment and documentation of the development
efforts required to commercialize the proposed pharmaceutical product globally,
a commercial assessment, and a review of potential funding strategies and
funding sources and potential business partners. The delivery system for this
proposed pharmaceutical version is a modified version (with higher concentration
of CBD) of the existing Tauri-Gum™" chewing gum formulation based on continued
research and development. As of December 31, 2021, $2,536 of contract payments
were recorded as prepaid expense for services yet to be rendered.



COMPANY PRODUCTS



Tauri-GumTM

In late December 2018, the Company entered into a "Manufacturing Agreement" with
Maryland based chewing gum manufacturer, Per Os Biosciences LLC ("Per Os Bio")
to launch a white label line of CBD infused chewing gum under the brand name
Tauri-GumTM.



The Manufacturing Agreement with Per Os Bio to produce Tauri-GumTM initially
consisted of 10mg of CBD isolate for its inaugural mint flavor. This proprietary
CBD Gum will be manufactured under U.S. Patent # 9,744,128 ("Method for
manufacturing medicated chewing gum without cooling"). Each production batch is
tested by a 3rd Party for CBD label content, THC content (0%), and clear for
microbiology. The retail packaging consists of an 8-piece blister card labeled
with lot number and expiration date.



In October 2019, we also filed trademark applications for the above-referenced
marks in each of the European Union and Canada. The Company received notice of
allowance from the European Union Intellectual Property Office granting the
Company its trademark registration for Tauri-Gum™ (E.U. Trademark # 018138334)
on February 18, 2020.



During fiscal year 2020, the Company commenced development of a cannabigerol
"CBG" isolate infused version of Tauri-Gum™ introducing Peach-Lemon flavor
(containing 10mg CBG per piece) and Black Currant Flavor (containing 15mg of CBG
per piece).

During fiscal year 2021, the Company developed an Immune Booster version of
Tauri-Gum™ chewing gum. This product contains 60mg of Vitamin C and 10mg of
Elemental Zinc per piece. This product does not contain any phytocannabinoids
(i.e., CBD or CBG).



During fiscal year 2021, the Company enhanced its original Tauri-Gum™
formulation by increasing the infusion concentrations of both its Cannabidiol
("CBD") and Cannabigerol ("CBG") Tauri-Gum™ products to 25mg per piece of
chewing gum (previous concentration was 10mg for the Pomegranate, Blood Orange,
Mint, and Peach-Lemon flavors and 15mg for the Black Currant flavor).
Additionally, the Company increased its Tauri-Gum™ product offerings to 9 SKUs.
The new offerings being introduced are Cherry-Lime Rickey flavored Caffeine
infused chewing gum, an 8-piece blister pack of containing 50mg of caffeine per
piece and Golden Raspberry flavored Vitamin D3 infused chewing gum, containing
2,000 IU (50 micrograms) of Vitamin D3 per piece. Through its October 2020
partnership with Think Big LLC (the Company founded by the son of late iconic
U.S. rap artist, NOTORIOUS BIG aka "Frank White"), the Company is also offering
2 limited edition Licensed Tauri-Gum™/Frank White products: Honey-Lemon flavored
chewing gum (containing: 15mg CBD, 15mg CBG, 5mg Vitamin C, 10mg Zinc per piece)
and Mint flavor (25mg CBD per piece).



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Delta 8 Version of Tauri-GumTM

During March 2021, the Company developed a Delta-8-Tetrahydrocannabinol
("Delta-8-THC" or "Delta-8") infused version of Tauri-Gum™. Delta-8-THC infused
products are legal when the ingredient has been derived from the industrial hemp
plant ("Cannabis Sativa") and does not contain more than 0.3% (1/333rd by dry
weight composition) THC. The Company is focused on expanding both its product
offerings and revenue opportunities, in a manner that is ethical, innovative,
and fully compliant with Federal laws & regulations. Due to strong indications
of demand, the Company has completed a double production run of its Evergreen
Mint flavor, Delta 8 THC infused (10mg per piece of chewing gum), Version of
Tauri-Gum™.



All of the CBD/CBG Tauri-GumTM skus are made in the USA, formulations are
allergen free, gluten free, vegan, kosher certified (K-Star), Halal certified
(Etimad), non-GMO, vegan incorporated by a proprietary lab-tested manufacturing
process.

See our "Risk Factors" contained in our Annual Report dated March 31, 2021 filed
with the Securities and Exchange Commission on June 29, 2021, including with
respect, but not limited, to Federal laws and regulations that govern CBD and
cannabis, and any such updated risk factors included in this periodic report.



Tauri-Gummies™



On November 25, 2019, the Company announced that it has finalized the
formulation for its Vegan 25 mg CBD (Isolate) Infused Gummies product to be
branded Tauri-Gummies™ for which a trademark was filed in Switzerland and the
European Union. The company has received a Notice of Allowance from the European
Union Intellectual Property Office ("E.U.I.P.O.") granting the Company its
trademark Registration for: Tauri-Gummies™ (E.U. Trademark # 018138348),
effective June 24, 2020. This Notice of Allowance extends our protective period
for this mark until October 2029 and may be extended thereafter for ten-year
intervals.



This gelatin free, plant-based, Vegan and Kosher certified formulation contains
24 gummies per jar, 6 of each flavor (cherry, orange, lemon and lime). Each
gummy contains 25mg of CBD isolate (600 mg of CBD isolate per jar). These gum
drops have been manufactured in the "Nostalgic" 1950s confectionary style. The
Company commenced sales of Tauri-Gummies™ in January 2020.



Other Products



The Company, from time to time, will offer various formats of CBD product
through its e-commerce website. As of this report date the Company is currently
offering a 70% dark chocolate 30mg CBD non-GMO dietary supplement and 100mg CBD
scented bath bombs (Mint, Pomegranate, Blood Orange, Black Currant). The Company
also offers 100mg CDG infused Peach/Lemon bath bombs as well as a D3 infused
Golden Raspberry and Cherry Lime Rickey caffeine infused bath bombs. The
Company's current offering includes a line of skin care products sold on its
ecommerce website under the product line name of Uncle Bud's. The skin care
products include three different 4.2mg CBD facemasks (collagen, detoxifying and
tightening masks), 100mg CBD daily moisturizer, 30mg CBD anti-wrinkle dream,
hand and foot cream with hemp seed oil, 120mg CBD massage and body oil, 240mg
CBD body revive roll-on, 35mg CBD transdermal patch and 120mg CBD body spray.
The Company also offers Tauri-Pet dog food in three flavors (peanut butter,
butternut squash and crispy apple.



On July 12, 2021, the Company announced two new topical products; CBD infused
Sunscreen Spray and Acai Fragrance Moisturizing Lip Balm. These two products
will be manufactured, under Tauri-Sun™ brand name. Tauri-Sun™ Sunscreen Spray
has a 30 SPF (sun protection factor) and is infused 200mg of CBD isolate per
3-ounce container. The easy to use "Spray On" delivery system is hypoallergenic
and environmentally responsible (Reef Friendly). The Tauri-Sun™ Acai Fragrance
Moisturizing Lip Balm has a 30 Sun Protection Factor ("SPF") is dermatologist
tested and CBD infused. On January 3, 2022, we filed Trademark applications in
the United States and the European Union for marks for each of TAURI-PET and
TAURI-SUN. A notice of Allowance was granted by the European Union Intellectual
Property Office for the use of TAURI-SUN on January 25, 2022, registration
Serial No. 018567792.



We await a further Notice of Allowance or comment upon Tauri-Pet and Tauri-Sun
from each of the United States Patent and Trademark Office and the European
Union Intellectual Property Office (other than the granted EU registration

for
Tauri-Sun noted above).

For a full list of our currently available products please visit our e-Commerce website at https://taurigum.com/.

DISTRIBUTION OF THE COMPANY'S PRODUCTS

Think BIG, LLC License Agreement

On September 24, 2020, we entered into (i) a License Agreement ("License") with
Think BIG, LLC, a Los Angeles based company ("Think BIG"), (ii) a Professional
Services Agreement (the "PSA") with Willie C. Mack, Jr., CEO of Think BIG and
(iii) a Professional Services Agreement ("PSA 2") with Christopher J. Wallace, a
co-founder of Think BIG (each of Willie C. Mack, Jr. and Christopher J. Wallace
referred to herein as a "Brand Ambassador"), with the collective intent to
enhance sales and marketing of the Company's product lines, including its
proprietary Rainbow Deluxe Sampler Pack ("Rainbow Pack"), and any co-branded
products created by the parties to the License and each of the PSAs (the
"Co-Branded Products").



The term of this license is for a period of two years from September 24, 2020
(the "Effective Date"), unless earlier terminated by either party pursuant to
the terms thereunder. The term of each of the PSA and the PSA 2 shall commence
on the Effective Date and end on the earlier of (i) the two-year anniversary
thereof; (ii) the termination for any reason of the License; or (iii) the
earlier termination of the PSA Agreement pursuant to the terms thereunder.

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The licensing arrangement permits for cross licensing, brand building,
e-commerce customer acquisition efforts, retail customer acquisition efforts,
enhanced social media presence, public relations & visibility strategies, as
well as potential outreach to celebrities, and various other types of in-kind
services in order to increase both Company revenue and customer acquisition
efforts. The License will also allow for future joint development projects that
will leverage the iconic "Frank White" brand and likeness/intellectual property
(to which Think Big has the intellectual property rights). The Companies further
agreed to a 50/50 gross profit split on sales of specially branded product,
payable on or before the 15th day of each calendar month for the immediately
preceding calendar month. In addition, the Company originally agreed to pay
Think BIG, via a quarterly marketing fee for a period of twelve months in the
amount $15,000 per quarter (for an aggregate total of $60,000), the first
payment of which was paid by the Company within 10 days of the entry into the
License. Subsequently, the parties agreed that the remaining payments would no
longer be paid to Think BIG in exchange for the Company funding specially
branded inventory printing and product as well as other marketing initiatives.



Under each of the PSA and the PSA 2, each Brand Ambassador shall provide
promotional and marketing services ("Services") to the Company during the term
of the respective PSAs, subject to the terms and conditions set forth therein,
in connection with the Co-Branded Products and any co-developed products; and
perform their individual marketing and promotional services set forth under the
PSA and the PSA 2, respectively, and each of the exhibits annexed thereto.



As consideration for each Brand Ambassador's Services set forth under their
respective PSAs, the Company agreed to issue each Brand Ambassador 1,500,000
restricted shares of the Company's common stock, upon execution of the PSA and
PSA 2. These shares were issued on December 17, 2020. Under the PSA's, the
Company had initially agreed, following the one-year anniversary of the
Effective Date, an additional 1,500,000 restricted shares of Company's common
stock could be issued to each Brand Ambassador, subject to the satisfaction of
the terms of such additional services and/or criteria to be mutually agreed upon
by the parties to the PSA and/or the PSA 2. The Company has determined that
these additional shares will not be paid. The value of all shares issued and to
be issued had a value of $183,600 that will be recognized over the term of the
contract. This agreement is still in effect as the Company is still selling this
co-branded product. Through December 31, 2021, the Company has recognized
approximately $1,122 of sales of co-branded product.

Stock Up Express Agreement

Effective February 1, 2021, the Company entered into a distribution agreement
with Connecticut based Stock Up Express, a division of Bozzuto's Inc., a
distributor that generates more than $3 Billion in annual sales. The agreement
shall remain in effect for a period of two (2) years, with automatic renewal for
additional successive one (1) year terms. Under terms of this distribution
agreement, Stock Up Express will market and resell the Company's flagship brand,
Tauri-Gum™, to its customer base of wholesale and retail customers in the
mainland United States. The two companies will jointly market Tauri-Gum™ to
Stock Up Express' customer base. The Agreement allows for modification of
product offerings, and the Company expects to offer additional product items
over the course of calendar year 2021. Either party may terminate this Agreement
for convenience by giving a sixty (60) day written notice to the other party or
either party has the right to terminate this agreement if the other party
breaches or is in default of any obligation hereunder, including the failure to
make any payment when due, which default is incapable of cure or which, being
capable of cure, has not been cured within thirty (30) days after receipt of
written notice from the non-defaulting party or within such additional cure
period as the non-defaulting party may authorize in writing. As of December 31,
2021, the Company has recognized no sales under this agreement.



The Company has entered into multiple other arrangements that are more fully
described and annexed thereto in our annual report, and such other subsequent
periodic and current reports that we have filed with the Securities and Exchange
Commission, which agreements are filed to such reports and incorporated by

reference hereto and thereto.



REGULATORY MATTERS

Food and Drug Administration ("FDA")

On May 31, 2019, the U. S. Food and Drug Administration ("FDA") held public
hearings to obtain scientific data and information about the safety,
manufacturing, product quality, marketing, labeling, and sale of products
containing cannabis or cannabis-derived compounds, including CBD. The hearing
came approximately five months after the Agricultural Improvement Act of 2018
(more commonly known as the Farm Bill), went into effect and removed industrial
hemp from the Schedule I prohibition under the Controlled Substances Act (CSA)
(industrial hemp means cannabis plants and derivatives that contain no more than
0.3 percent tetrahydrocannabinol, or THC, on a dry weight basis).



Though the Farm Bill removed industrial hemp from the Schedule I list, the Farm
Bill preserved the regulatory authority of the FDA over cannabis and
cannabis-derived compounds used in food and pharmaceutical products under the
Federal Food, Drug, and Cosmetic Act (FD&C Act) and section 351 of the Public
Health Service Act. The FDA has been clear that it intends to use this authority
to regulate cannabis and cannabis-derived products, including CBD, in the same
manner as any other food or drug ingredient. In addition to holding the hearing,
the agency had requested comments by July 2, 2019 regarding any health and
safety risks of CBD use, and how products containing CBD are currently produced
and marketed, which comment period was concluded on July 16, 2019. As of the
date hereof, the FDA has taken the position that it is unlawful to put into
interstate commerce food products containing hemp derived CBD, or to market CBD
as, or in, a dietary supplement.



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Furthermore, since the closure of the FDA hearings on this issue, some state and
local agencies have issued a ban on the sale of any food or beverages containing
CBD. There have been legislative efforts at the federal level, which seek to
provide clear guidance to industry stakeholders regarding how to comply with
applicable FDA law with respect to CBD and other hemp derived cannabinoids.
However, such legislative efforts have been limited and as of this date, these
legislative efforts require extensive further approvals, including approval from
both houses of Congress and the President of the United States, before being
enacted into law, if at all.



Furthermore, with respect to Company's developing CBG and additional cannabinoid
product lines, the FDA has provided no guidance as to how cannabinoids other
than CBD (such as CBG) shall be regulated under the FD&C Act, and it is unclear
at this time how such potential regulation could affect the results of the
operations or prospects of the Company or this product line.

FDA Clinical Trial Process - United States Drug Development

In the United States, the FDA regulates drugs, medical devices and combinations
of drugs and devices, or combination products, under the FDCA and its
implementing regulations. Drugs are also subject to other federal, state and
local statutes and regulations. The process of obtaining regulatory approvals
and the subsequent compliance with appropriate federal, state, local and foreign
statutes and regulations requires the expenditure of substantial time and
financial resources. Failure to comply with the applicable U.S. requirements at
any time during the product development process, approval process or after
approval, may subject an applicant to administrative or judicial sanctions.
These sanctions could include, among other actions, the FDA's refusal to approve
pending applications, withdrawal of an approval, a clinical hold, untitled or
warning letters, requests for voluntary product recalls or withdrawals from the
market, product seizures, total or partial suspension of production or
distribution injunctions, fines, refusals of government contracts, restitution,
disgorgement, or civil or criminal penalties. Any agency or judicial enforcement
action could have a material adverse effect on us.

The process required by the FDA before a drug may be marketed in the United States generally involves the following:

? completion of extensive pre-clinical in vitro and animal studies to evaluate
safety and pharmacodynamic effects, formulation development, analytical method
development, and manufacturing of the active pharmaceutical ingredient (API) and
drug product for clinical trials in accordance with applicable regulations,
including the FDA's Current Good Laboratory Practice (cGLP) regulations and
Current Good Manufacturing Practice (cGMP) regulations;

? submission to the FDA of an Investigational New Drug (IND) application, which must become effective before human clinical trials may begin;

? performance of adequate and well-controlled human clinical trials in
accordance with an applicable IND and other clinical study related regulations,
sometimes referred to as Current Good Clinical Practice (cGCPs), to establish
the safety and efficacy of the proposed drug for its proposed indication, and
API and drug product scale-up for registration batch production and stability;

? submission to the FDA of a New Drug Application (NDA);

? satisfactory completion of an FDA pre-approval inspection of the manufacturing
facility or facilities at which the product, or components thereof, are produced
to assess compliance with the FDA's cGMP requirements;

? potential FDA audit of the clinical trial sites that generated the data in support of the NDA; and

? FDA review and approval of the NDA prior to any commercial marketing or sale.

Once a pharmaceutical product candidate is identified for development, it enters
the pre-clinical testing stage. Pre-clinical tests include laboratory
evaluations of product characterization, drug product formulation development
and stability, as well as pharmacology and toxicology animal studies. An IND
Sponsor must submit the results of the pre-clinical tests, together with
manufacturing information, analytical data and any available clinical data or
literature, to the FDA as part of the IND. The sponsor must also include a
protocol detailing, among other things, the objectives of the initial clinical
trial, the parameters to be used in monitoring safety and the effectiveness
criteria to be evaluated if the initial clinical trial lends itself to an
efficacy evaluation. Some pre-clinical testing may continue even after the IND
is submitted. The IND automatically becomes effective 30 days after receipt by
the FDA, unless the FDA raises concerns or questions related to a proposed
clinical trial and places the trial on a clinical hold within that 30-day
period. In such a case, the IND sponsor and the FDA must resolve any outstanding
concerns before the clinical trial can begin. Clinical holds also may be imposed
by the FDA at any time before or during clinical trials due to safety concerns
or non-compliance and may be imposed on all drug products within a certain class
of drugs. The FDA also can impose partial clinical holds, for example,
prohibiting the initiation of clinical trials of a certain duration or for

a
certain dose.

All clinical trials must be conducted under the supervision of one or more
qualified investigators in accordance with GCP regulations. These regulations
include the requirement that all research subjects provide informed consent in
writing before their participation in any clinical trial. Further, an IRB must
review and approve the plan for any clinical trial before it commences at any
institution, and the IRB must conduct continuing review and reapprove the study
at least annually. An IRB considers, among other things, whether the risks to
individuals participating in the clinical trial are minimized and are reasonable
in relation to anticipated benefits. The IRB also approves the information
regarding the clinical trial and the consent form that must be provided to each
clinical trial subject or his or her legal Representative and must monitor the
clinical trial until completed.



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Each new clinical protocol and any amendments to the protocol must be submitted for FDA review, and to the IRBs for approval. Protocols detail, among other things, the objectives of the clinical trial, dosing procedures, subject selection and exclusion criteria, and the parameters to be used to monitor subject safety.

Human clinical trials are typically conducted in three sequential phases that
may overlap or be combined. The phases are described below. For the TAUG Pharma
product, however, the safety profile of the API is known, and a Phase 1 program
is not expected. Therefore, it is anticipated that that the first-time-in-human
(FTIH) study will be a Phase 2 study.



? Phase 1. The product is initially introduced into a small number of healthy
human subjects or patients and tested for safety, dosage tolerance, absorption,
metabolism, distribution and excretion and if possible, to gain early evidence
on effectiveness. In the case of some products for severe or life-threatening
diseases, especially when the product is suspected or known to be unavoidably
toxic, the initial human testing may be conducted in patients.



? Phase 2. Involves clinical trials in a limited patient population to identify
possible adverse effects and safety risks, to preliminarily evaluate the
efficacy of the product for specific targeted diseases and to determine dosage
tolerance and optimal dosage and schedule.



? Phase 3. Clinical trials are undertaken to further evaluate dosage, clinical
efficacy and safety in an expanded patient population at geographically
dispersed clinical trial sites. These clinical trials are intended to establish
the overall risk/benefit relationship of the product and provide an adequate
basis for product labeling.

Post-approval trials, sometimes referred to as Phase 4 clinical trials, may be
conducted after initial marketing approval. These studies are used to gain
additional experience from the treatment of patients in the intended therapeutic
indication. In certain instances, the FDA may mandate the performance of Phase 4
trials. Companies that conduct certain clinical trials also are required to
register them and post the results of completed clinical trials on a
government-sponsored database, such as ClinicalTrials.gov in the United States,
within certain timeframes. Failure to do so can result in fines, adverse
publicity and civil and criminal sanctions.



Progress reports detailing the results of the clinical trials, among other
information, must be submitted at least annually to the FDA, and written IND
safety reports must be submitted to the FDA and the investigators for serious
and unexpected adverse events, findings from other studies that suggest a
significant risk to humans exposed to the product, findings from animal or in
vitro testing that suggest a significant risk to human subjects, and any
clinically important increase in the rate of a serious suspected adverse
reaction over that listed in the protocol or Investigator Brochure. Phase 1,
Phase 2 and Phase 3 clinical trials may not be completed successfully within any
specified period, if at all. The FDA or the clinical trial Sponsor may suspend
or terminate a clinical trial at any time on various grounds, including a
finding that the research subjects or patients are being exposed to an
unacceptable health risk. Similarly, an IRB can suspend or terminate approval of
a clinical trial at its institution if the clinical trial is not being conducted
in accordance with the IRB's requirements or if the product has been associated
with unexpected serious harm to patients. Additionally, some clinical trials are
overseen by an independent group of qualified experts organized by the clinical
trial sponsor, known as a data safety monitoring board or committee. This group
provides authorization for whether a trial may move forward at designated check
points based on access to certain data from the study. The clinical trial
Sponsor may also suspend or terminate a clinical trial based on evolving
business objectives and/or competitive climate.



The manufacturing process must be capable of consistently producing quality
batches of the product candidate and among other things, the manufacturer must
develop methods for testing the identity, strength, quality and purity of the
final product. Additionally, appropriate packaging must be selected and tested,
and stability studies must be conducted to demonstrate that the product
candidate does not undergo unacceptable deterioration over its shelf life.

NDA and FDA Review Process



The results of product development, pre-clinical studies and clinical trials,
along with descriptions of the manufacturing process, analytical tests conducted
on the drug, proposed labeling and other relevant information, are submitted to
the FDA as part of an NDA for a new drug, requesting approval to market the
product. The submission of an NDA is subject to the payment of a substantial
user fee, and the sponsor of an approved NDA is also subject to an annual
program user fee; although a waiver of such fee may be obtained under certain
limited circumstances. For example, the agency will waive the application fee
for the first human drug application that a small business or its affiliate
submits for review.



The FDA reviews all NDAs submitted before it accepts them for filing and may
request additional information rather than accepting an NDA for filing. The FDA
typically makes a decision on accepting an NDA for filing within 60 days of
receipt. The decision to accept the NDA for filing means that the FDA has made a
threshold determination that the application is sufficiently complete to permit
a substantive review. Under the goals and policies agreed to by the FDA under
the Prescription Drug User Fee Act ("PDUFA"), the FDA's goal to complete its
substantive review of a standard NDA and respond to the applicant is ten months
from the receipt of the NDA. The FDA does not always meet its PDUFA goal dates,
and the review process is often significantly extended by FDA requests for
additional information or clarification and may go through multiple review

cycles.



8

After the NDA submission is accepted for filing, the FDA reviews the NDA to
determine, among other things, whether the proposed product is safe and
effective for its intended use, and whether the product is being manufactured in
accordance with cGMPs to assure and preserve the product's identity, strength,
quality and purity. The FDA may refer applications for novel drug products or
drug products which present difficult questions of safety or efficacy to an
advisory committee, typically a panel that includes clinicians and other
experts, for review, evaluation and a recommendation as to whether the
application should be approved and under what conditions. The FDA is not bound
by the recommendations of an advisory committee, but it considers such
recommendations carefully when making decisions. The FDA will likely re-analyze
the clinical trial data, which could result in extensive discussions between the
FDA and us during the review process. The review and evaluation of an NDA by the
FDA is extensive and time consuming and may take longer than originally planned
to complete, and we may not receive a timely approval, if at all.



Before approving an NDA, the FDA will conduct a pre-approval inspection of the
manufacturing facilities for the new product to determine whether they comply
with cGMPs. The FDA will not approve the product unless it determines that the
manufacturing processes and facilities are in compliance with cGMP requirements
and adequate to assure consistent production of the product within required
specifications. In addition, before approving an NDA, the FDA may also audit
data from clinical trials to ensure compliance with GCP requirements. After the
FDA evaluates the application, manufacturing process and manufacturing
facilities, it may issue an approval letter or a Complete Response Letter. An
approval letter authorizes commercial marketing of the drug with specific
prescribing information for specific indications. A Complete Response Letter
indicates that the review cycle of the application is complete and the
application will not be approved in its present form. A Complete Response Letter
usually describes all the specific deficiencies in the NDA identified by the
FDA. The Complete Response Letter may require additional clinical data and/or an
additional pivotal Phase 3 clinical trial(s), and/or other significant and
time-consuming requirements related to clinical trials, nonclinical studies or
manufacturing. If a Complete Response Letter is issued, the applicant may either
resubmit the NDA, addressing all the deficiencies identified in the letter, or
withdraw the application. Even if such data and information are submitted, the
FDA may ultimately decide that the NDA does not satisfy the criteria for
approval. Data obtained from clinical trials are not always conclusive, and the
FDA may interpret data differently than the Sponsor interprets the same data.

New York State Department of Health

The New York State Department of Health (NYDPH) has begun implementing
regulations concerning the processing and retail sale of hemp derived
cannabinoids. Under the regulations, "cannabinoid" is broadly defined as "any
phytocannabinoid found in hemp, including but not limited to,
Tetrahydrocannabinol (THC), tetrahydrocannabinolic acid (THCA), cannabidiol
(CBD), cannabidiolic acid (CBDA), cannabinol (CBN), cannabigerol (CBG),
cannabichromene (CBC), cannabicyclol (CBL), cannabivarin (CBV),
tetrahydrocannabivarin (THCV), cannabidivarin (CBDV), cannabichromevarin (CBCV),
cannabigerovarin (CBGV), cannabigerol monomethyl ether (CBGM), cannabielsoin
(CBE), cannabicitran (CBT).

These regulations came into effect on January 1, 2021, and all "cannabinoid hemp
processors" and "cannabinoid hemp retailers" operating within the state of New
York must be licensed by the NYDPH. The regulations expressly allow for food and
beverages to contain "cannabinoids", so long as such products meet certain
requirements. To this end, the Company has submitted its license application
with the NYDPH in compliance with this legislation. These regulations are
evolving and the NYDPH recently issued a set of regulations to address the use
of industrial hemp derived ?8- Tetrahydrocannabinol (?8 THC) and ?10-
Tetrahydrocannabinol (?10 THC) in cannabinoid hemp products manufactured and
sold in New York.

The product requirements under the current regulations, include but are not limited to: the product must not contain more than 0.3% total ?9- Tetrahydrocannabinol concentration; the product must not contain tobacco or alcohol; the product must not be in the form of an injectable, transdermal patch, inhaler, suppository, flower product including cigarette, cigar or pre-roll, or any other disallowed form as determined by the NYDPH; if the product is sold as a food or beverage product, it must not have more than 25mg of cannabinoids per product; and if sold as an inhalable cannabinoid hemp product, the product will be subject to a number of additional safety measures.

Furthermore, all cannabinoid products sold at retail are subject to a series of
labeling requirements. All such products must be labeled with the amount of
cannabinoids in the product and the amount of milligrams per serving. If the
product contains THC, the amount of THC in the product needs to be stated on the
label in milligrams on a per serving and per package basis. In addition, all
products are required to have a scannable bar code or QR code which links to a
certificate of analysis and the packaging is prohibited from being attractive to
consumers under 18 years of age. Products are also required to list appropriate
warnings for consumer awareness. The Company's entire product line will comply
with the above standards.

See our Risk Factors and going concern opinion in this report for more information about these items, as well as certain related disclosures included our Results of Operations under the heading "Going Concern".

The Company's activities are subject to significant risks and uncertainties,
including failing to secure additional funding, success in developing and
marketing its products and the level of competition and potential regulatory
enforcement actions. These risks and others are described in greater detail in
the Risk Factors set forth in this periodic report and our annual reports that
we have filed and will also file in the future.



9






OTHER BUSINESS ITEMS

Nausea Derived from Active Chemotherapy Treatment

The Company announced that it has progressed development efforts on its ongoing
pharmaceutical development project to deliver an Rx product (TAU 413) to treat
Nausea Derived from Active Chemotherapy Treatment. The Company plans to perform
in vitro studies with TAU 413 during the next quarter. In vivo testing and
product formulation development will follow. If these efforts are successful,
and funding is secured, the company intends to submit an IND during 2022.



On October 6, 2021, the Company announced that it has received notification from
the Patent Cooperation Treaty ("PCT") that its International Patent Application
(App No. PCT/US21/22668) was Published (Publication No. WO2021/188612) on
September 23, 2021. This International Patent Application was filed by the
Company on March 17, 2021 as is Titled: MEDICATED CANNABINOID COMPOSITIONS,
METHODS OF MANUFACTURING, AND METHODS OF TREATMENT. This International Patent
Application relates to the Company's proposed Pharmaceutical, Cannabinoid based,
Chewing Gum product (Sublingual Absorption - Delivery System) under development
for the treatment of: Nausea Derived from Active Chemotherapy Treatment.



On November 1, 2021 the Company received Notice of Publication from U.S. Patent
and Trademark Office ("USPTO"), for its U.S. Patent Application No. 17/204,106.
The Company filed this U.S. Patent Application on March 17, 2021 and its related
to its ongoing pharmaceutical development efforts.

Strategic Marketing and Consulting Agreement with Mayer & Associates

On June 14, 2021, the Company entered into a 12-month Strategic Marketing and
Consulting Agreement with Mayer & Associates. Under this agreement the Company
will paid $150,000 as well as the issuance of 3,500,000 shares of restricted
common shares of Company stock. Half of the cash payment ($75,000) was paid upon
execution of this agreement and the other half was paid approximately 90 days
thereafter. Upon execution, the Company issued 2,200,000 of the above-mentioned
shares. The remaining 1,300,000 above-mentioned shares were issued approximately
90 days after this contract was executed. Mayer and Associates will provide the
Company with opportunities relating to the world of professional sports, with
respect to its products and product lines. This includes, but is not limited to,
introductions to professional sports leagues, celebrity (professional athletes)
influencers/brand ambassadors/brand liaison(s), research and development
opportunities, hosting of small periodic events for the Company and a
diversified group of high-profile contacts and relationships, use social media
exposure, podcasts backing of various elements from professional sports as well
as assist the Company in advising of potential merger partners and developing
corporate partnering relationships. The Company, at the sole discretion of its
board, may pay an additional payment of $75,000 as permitted under this
agreement based on performance. This additional payment will be recorded as a
contingent liability on the Company condensed consolidated balance sheet until
formally authorized by the Company's board of directors. This agreement is
terminable after six months. As of the date of this quarterly report date, the
aforementioned shares have been issued.



RESULTS OF OPERATIONS

For the three and nine months ended December 31, 2021 compared to the three months ended December 31, 2020

The results of operations included herein contain only those operations that are
part of our continuing operations. For discussion regarding our past operations
which have since been disposed of, please refer to our Annual Report.



Net Revenue

During the three months ended December 31, 2021, the Company recognized net
revenue of $102,580. Net revenues for the three months ended December 31, 2020
were $74,949. All of the Company's sales came from online and wholesale clients.
For the purposes of sales by sales channel segmentation, distributor sales
include sales to customers that were distributors.



During the nine months ended December 31, 2021, the Company recognized net
revenue of $243,293. Net revenues for the nine months ended December 31, 2020
were $215,113. The Company's sales came from online and wholesale clients. For
the purposes of sales by sales channel segmentation, distributor sales include
sales to customers that were distributors.

Sales by sales channel for the three and nine months ended December 31,

                                      For the three months ended             For the nine months ended
                                             December 31,                          December 31,
                                       2021                 2020             2021                 2020
Revenue:
Distributor                        $          -         $          -     $          -         $          -
E-Commerce                               98,356               72,939          196,818              169,428
Wholesale                                 4,224                2,010           46,475               45,685
                                   $    102,580         $     74,949     $    243,293         $    215,113




10






Cost of Goods Sold



For the three and nine months ended December 31, 2021, the Company had cost of
goods sold in the amount of $46,499 and $124,999 for online and wholesale
customers. For the three and nine months ended December 31, 2020 was $34,348 and
$133,391 as a result of sales of Tauri-GumTM to online customers and wholesale
clients. For the purposes of cost of goods sold segmentation distributor cost of
goods sold includes sales to customers that were distributors.

Cost of Goods Sold by sales channel for Tauri-GumTM for the three and nine months ended December 31, 2021 and 2020 were:

                                      For the three months ended             For the nine months ended
                                             December 31,                          December 31,
                                       2021                 2020             2021                 2020
Cost of Goods Sold
Distributor                        $          -         $          -     $          -         $          -
E-Commerce                               44,175               34,348           96,865              106,648
Wholesale                                 2,324                    -           28,134               26,743
                                   $     46,499         $     34,348     $    124,999         $    133,391




Operating Expenses

Marketing and advertising expense

For the three months ended December 31, 2021, marketing and advertising expense
from continuing operations was $134,713 compared to $105,899 for the same period
in the prior year. The difference of $28,814 was primarily due to the billboard
media campaign



For the nine months ended December 31, 2021, marketing and advertising expense
from continuing operations was $541,449 compared to $180,801 for the same period
in the prior year. The difference of $360,648 was primarily due to the
conversion of inventory to samples at a cost of $123,826, billboard media,
social media campaigns, SEO consulting work, sales territory development and
website maintenance during the nine months ended December 31, 2021.
Additionally, the Company did a direct mail campaign at a cost of $38,200



Research and development



For the three months ended December 31, 2021, research and development expense
was $8,781 compared to $7,173 for the same period in the prior year. The current
year increased expense was due to the work in the pharma clinical trial.



For the nine months ended December 31, 2021, research and development expense
was $116,844 compared to $34,478 for the same period in the prior year. The
current year increased expense was largely due to the Kosher certification of
the Tauri-GumTM product line work in the pharma clinical trial totaling $47,464
as well as a $20,000 payment for a STUDY PROTOCOL DEVELOPMENT: TAURIGA SCIENCES
NAUSEA IN PREGNANCY the nine months ended December 31, 2021.



Fulfillment services

For the three months ended December 31, 2021, fulfillment services were $23,988 compared $25,200 for the same period in the prior year. The slight decrease reflects substantially similar costs for year over year comparison.

For the nine months ended December 31, 2021, fulfillment services were $84,505
compared $64,200 for the same period in the prior year. The increase in current
year expense was largely due to additional activity and increased e-commerce
sales activity and product offering as well as the establishment of a new
product warehouse in Brooklyn, NY.

General and Administrative Expense

For the three months ended December 31, 2021 and 2020, general and administrative expenses were $1,226,496 and $436,097, respectively. This increase of $790,399 was primarily attributable to increased stock-based compensation $648,874, proxy expense of $28,627 larger legal fees of $29,050.

For the nine months ended December 31, 2021 and 2020, general and administrative
expenses were $2,887,114 and $1,328,786, respectively. This increase of
$1,558,328 was primarily attributable to a larger consulting fee of $322,622,
increased legal fees of $73,742, increased advisor, officer and director
compensation of $232,516, increased stock-based compensation of $717,536, proxy
expense of $28,627 and increased travel expense of $104,171.



11

Depreciation and amortization

For the three and nine months ended December 31, 2021, depreciation and
amortization expense was $1,326 and $3,897, respectively compared to $218 and
$653. Depreciation expense increase of $3,244 for the nine months ended December
31, 2021 was due to depreciation expense on new computer, presentation equipment
and furniture for the new office. Additionally, the Company had amortization
expense of $937 for sales display in the new corporate office for the nine
months ended December 31, 2021.



Interest Expense

For the three months ended December 31, 2021 and 2020, interest expense was
$67,129 and $289,503, respectively. Interest expense decrease of $223,374 was
due to the decreased expense for the issuance of commitment shares recorded as
interest expense offset of lower recognition of debt discount.

For the nine months ended December 31, 2021 and 2020, interest expense was $921,922 and $901,913, respectively. Interest expense increase of $20,009 which is similar expense year over year.

Net Income (Loss)



The Company generated net losses from continuing operations of $1,542,273 and
$4,114,990 for the three and nine months ended December 31, 2021, respectively
compared to $22,169 and $1,614,449 for the same periods in the prior year. The
increased net loss in the three months ended December 31, 2021 was primarily due
to increase general and administrative costs of $790,399, a lower unrealized
gain of $932,627 and loss on trading securities of $142,884.



The increased net loss in the nine months ended December 31, 2021 in the amount
of $2,500,541 was primarily due to increase general and administrative costs of
$1,558,328, increased marketing expense of $360,648, unrealized loss on trading
securities of $1,909,778 and a realized gain on trading securities of $1,233,525
in the prior year.

Liquidity and Capital Resources

On December 31, 2021, we had cash of $6,799 and 1,035,511 of securities compared
to March 31, 2021 of $792,723 and $1,334,425 of trading securities. We have
historically met our cash needs through a combination of proceeds from private
placements of our securities, loans and convertible notes. Our cash requirements
are generally for purchases of inventory as well as selling, general and
administrative activities. We believe that our cash balance is not sufficient to
finance our cash requirements for expected operational activities, capital
improvements, and partial repayment of debt through the next 12 months.



Net Cash provided by financing activities during the nine months ended December
31, 2021 and 2020 was $1,402,600 and $2,014,878 respectively. During the nine
months ended December 31, 2021, the Company received $1,196,500 proceeds from
notes payable, $451,515 from the sale of common stock offset by the repayment of
note principal of $245,000. During 2020, the Company had proceeds from the sale
of registered shares under the Tangiers Investment Agreement (equity line of
credit, since terminated) in the amount of $400,515, proceeds from the sale of
common stock in the amount of $801,563 and $220,000 proceeds from notes payable
offset by $100,000 for the repayment of note principal.



As of December 31, 2021, current assets were exceeded by our current liabilities
by $711,126 compared to current assets exceeding current liabilities by
$1,229,211 at March 31,2021. On December 31, 2021, current assets were
$1,537,851 compared to $2,396,567 at March 31, 2021. During fiscal year 2021,
the Company's decrease in current assets was primarily due to a $541,702
decrease in the investment value of trading securities held by us. On December
31, 2021, current liabilities were $2,248,977 compared to $1,167,356 at March
31, 2021. The Company's increase in current liabilities was mainly due to
increased notes payable of $954,409.



Going Concern



During the fourth quarter of the year ended March 31, 2019, the Company began
sales and marketing efforts for its Mint flavored Tauri-GumTM product. During
the year ended March 31, 2021, the Company recognized net sales of $285,319 and
a gross profit of $122,692. During the nine months ended December 31, 2021, the
Company recognized net sales of $243,293 and a gross profit of $118,294. On
December 31, 2021, the Company had a working capital deficit of $711,126
compared to $1,229,211 for the year ended March 31, 2021. The current lower
surplus is largely resultant from increased debt levels. Although the Company
has a working capital surplus, there is no guarantee that this will continue
therefore it still believes that there is uncertainty with respect to continuing
as a going concern.



12






On July 1, 2019, months after the NYC Department of Heath announced a ban on
cannabidiol in foods and beverages (mainly focused on restaurants and baked
goods), the updated New York City Health Code was revised to include an
embargoing of CBD-infused Edible(s) Products (including packaged products). The
Company is hopeful that due to the recent regulatory regime for cannabinoid
products implemented by the NYDPH, the New York City Council will remove the
current CBD ban and implement regulations surrounding CBD products in a logical
and prompt manner. The Company believes it is well positioned under the current
regulatory structure and has taken a conservative approach towards its products,
including, for example, ensuring that its product manufacturer periodically
tests for compliance with the Agricultural Improvement Act of 2018, such as
utilizing CBD oils from hemp plants which contain 0.3% or less THC content.
Subsequent to the balance sheet date, the State of New York has determined that
it is allowable to sell CBD Infused Edible products in the forms of both food
and drink (inclusive of chewing gum). It was also determined that at no time can
CBD be sold in products that contain either alcohol or tobacco. Additionally,
the State of New York also said that NO CBD product may be sold if it contains
more than 0.3% (1/333rd by Composition) THC. No Individual food or beverage
product may contain more than 25mg of Hemp-Extracted Cannabinoids ("CBD" or
"CBG") per serving. Food and drink infused with CBD and Other Hemp Extracts must
be packaged by the manufacturer and extracts cannot be added at the retail
level. The Company's entire product line will comply with these standards.



The Company, in the short term, intends to continue funding its operations
either through cash-on-hand or through financing alternatives. Management's
plans with respect to this include raising capital through equity markets to
fund future operations as well as the possible sale of its remaining marketable
securities which had a market value of $ equity markets to fund future
operations as well as the possible sale of its remaining marketable securities
which had a market value of $792,723 on December 31, 2021. In the event the
Company cannot raise additional capital to fund and/or expand operations or
fails to raise adequate capital and generate adequate sales revenue, or if the
regulatory landscape were to become more difficult or result in regulatory
enforcement, it could result in the Company having to curtail or cease
operations.



Additionally, even if the Company does raise sufficient capital to support its
operating expenses and generate adequate revenues in the short term, there can
be no assurances that the revenues will be sufficient to enable it to develop
business to a level where it will generate profits and cash flows from
operations to achieve profitability thereby eliminating its reliance on
alternative sources of funding. Although management believes that the Company
continues to strengthen its financial position over time, there is still no
guarantee that profitable operations with sufficient cashflow to sustain
operations can or will be achieved without the need of alternative financing,
which is limited. These matters still raise significant doubt about the
Company's ability to continue as a going concern as determined by management.
The Company believes that there is uncertainty with respect to continuing as a
going concern until the operating business can achieve sufficient sales to
maintain profitable operations and sustain cash flow to operate the Company for
a period of twelve months. In the event the Company does need to raise
additional capital to fund operations or engage in a transaction, failure to
raise adequate capital and generate adequate sales revenues could result in the
Company having to curtail or cease operations.



Even if the Company does raise sufficient capital to support its operating
expenses, acquire new license agreements or ownership interests in life science
companies and generate adequate revenues, or the agreements entered into
recently are successful, there can be no assurances that the revenues will be
sufficient to enable it to develop business to a level where it will generate
profits and cash flows from operations. These matters raise substantial doubt
about the Company's ability to continue as a going concern as determined by
management. However, the accompanying consolidated financial statements have
been prepared on a going concern basis, which contemplates the realization of
assets and satisfaction of liabilities in the normal course of business. These
consolidated financial statements do not include any adjustments relating to the
recovery of the recorded assets or the classification of the liabilities that
might be necessary should the Company be unable to continue as a going concern.



Contractual Obligations

Per Os Bio has contracted with the Company as the sole manufacturer of its
Tauri-GumTM and are under contract to produce our product when ordered at
approximately $6 per blister pack. Per OS is also required to have each batch
independently tested to ensure that each piece of chewing gum must contain 10
milligrams ("mg") of CBD Isolate, has 0% THC Content and is clear for all
microbiology. Due to the implementation of efficiencies and reduction in market
price of the most important "basic factors of production costs" CBD and CBG
Isolate, the cost per blister pack (as of 12/31/2020) has been reset to
approximately $4 per blister pack.



Effective January 6, 2021, the Company moved its corporate headquarters to 4
Nancy Court, Suite 4, Wappingers Falls, New York 12590. The Company's telephone
number remains the same, phone: 917-796-9926. The Company entered into a
two-year lease, expiring January 31, 2023. We will pay $19,200 ($1,600 per
month) during the first year of the term and $21,000 ($1,750 per month) during
the second year of the term. The Company paid $1,600 as a refundable security
deposit under the terms of our new headquarter lease.

Off-Balance Sheet Arrangements

As of December 31, 2021, the Company had no off-balance sheet arrangement as defined in Item 303(a)(4) of Regulation S-K.

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