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Item 9A. Controls and Procedures

2022-03-21 compared with 2021-03-31 · 674 added, 799 removed, 277 unchanged (84% of the section changed)

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Controls and Procedures

maintain “disclosure controls and procedures,”

as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange

Act that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits

under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules

Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information

required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated

to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions

regarding required disclosure.

management, with the participation of our principal executive officer and principal accounting and financial officer, has evaluated

the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act),

as of the end of the period covered by this Annual Report on Form 10-K.

Based on such evaluation, our principal executive officer

and principal accounting and financial officer has concluded that as of December 31, 2020, our disclosure controls and procedures

were not effective as of such date as a result of material weaknesses in our internal control over financial reporting due to

inadequate segregation of duties within account processes due to limited personnel and insufficient written policies and procedures

for accounting, IT and financial reporting and record keeping.

Under the direction of our principal executive officer and principal

financial and accounting officer, we are developing a plan to remediate the material weaknesses.

Management’s

maintain “disclosure controls and procedures,” as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act that

are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange

Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms.

controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed

by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including

our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

management, with the participation of our principal executive officer and principal accounting and financial officer, has evaluated the

effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the

end of the period covered by this Annual Report on Form 10-K.

Based on such evaluation, our principal executive officer and principal

accounting and financial officer has concluded that as of December 31, 2021, our disclosure controls and procedures were not effective

as of such date as a result of material weaknesses in our internal control over financial reporting due to inadequate segregation of

duties within account processes due to limited personnel and insufficient written policies and procedures for accounting, IT and financial

reporting and record keeping.

Under the direction of our principal executive officer and principal financial and accounting officer,

we are developing a plan to remediate the material weaknesses.

Report on Internal Control Over Financial Reporting

management is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined

in Exchange Act Rule 13a-15(f).

Internal control over financial reporting is a process designed under the supervision and

with the participation of our management, including our principal executive officer and principal financial officer, to provide reasonable

assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance

with accounting principles generally accepted in the U.S..

All internal control systems, no matter how well designed,

have inherent limitations.

Therefore, even those systems determined to be effective can provide only reasonable assurance with respect

to financial statement preparation and presentation.

of December 31, 2021, under the supervision and with the participation of our management, including our principal executive officer and

principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on

the framework in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway

Based on this assessment, our management concluded that, as of December 31, 2021, our internal control over financial reporting

lacks adequate segregation of duties within account processes due to limited personnel and insufficient written policies and procedures

for accounting, IT and financial reporting and record keeping and we are implementing plans to improve such internal control.

in Internal Control Over Financial Reporting

has been no change in our internal control over financial reporting during the quarter ended December 31, 2020 that has materially

affected, or is reasonably likely to materially affect, our internal control over financial reporting.

has been no change in our internal control over financial reporting during the quarter ended December 31, 2021 that has materially affected,

or is reasonably likely to materially affect, our internal control over financial reporting.

OTHER INFORMATION

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

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following table sets forth the name, age and position of each of our executive officers, key employees and directors as of March 21,

All directors hold office until the next annual meeting of stockholders and the election and qualification of their

All directors hold office until the next annual meeting of stockholders and the election and qualification of their successors.

Officers serve at the discretion of the board.

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President Clinical & Regulatory Affairs

principal occupations for the past five years (and, in some instances, for prior years) of each of our directors and executive

officers are as follows:

Snehal Patel has over 30 years of experience in executive management, corporate development, operations, and investment

banking in the healthcare industry.

Patel has served as our Chief Executive Officer since June 2016 and our Chief Financial

Officer and a member of our board of directors since February 2010.

principal occupations for the past five years (and, in some instances, for prior years) of each of our directors and executive officers

are as follows:

Snehal Patel has over 30 years of experience in executive management, corporate development, operations, and investment banking

in the healthcare industry.

Patel has served as our Chief Executive Officer since June 2016 and our Chief Financial Officer and a

member of our board of directors since February 2010.

In addition, since 2009, Mr.

Patel has served as a consultant,

manager, and advisor at various levels in multiple private start-up biotech companies helping to develop clinical and pre-clinical

assets in cancer and other therapeutic areas.

Patel has served as a consultant, manager, and advisor

at various levels in multiple private start-up biotech companies helping to develop clinical and pre-clinical assets in cancer and other

therapeutic areas.

Prior to 2010, Mr.

Patel served as a consultant to public and private companies

focused on stem cell therapy, multiple sclerosis t-cell therapy, oncolytic viruses, and disposable biotech manufacturing equipment.

Patel served as a consultant to public and private companies focused on stem cell therapy, multiple

sclerosis t-cell therapy, oncolytic viruses, and disposable biotech manufacturing equipment.

In addition, Mr.

Patel previously served as an investment banker at Sanders Morris Harris, Ferghana Partners, and JP Morgan Chase

focusing on healthcare and biotech financing and strategic transactions.

Patel also previously worked in operations and business

development at Bayer Corporation and in design and operations consulting firms.

Patel received a Bachelor of Science degree

in chemical engineering and a Master of Science degree in biochemical engineering from the Massachusetts Institute of Technology

and a Masters of Business Administration degree from the University of Chicago.

Patel previously served

as an investment banker at Sanders Morris Harris, Ferghana Partners, and JP Morgan Chase focusing on healthcare and biotech financing

and strategic transactions.

Patel also previously worked in operations and business development at Bayer Corporation and in design

and operations consulting firms.

Patel received a Bachelor of Science degree in chemical engineering and a Master of Science degree

in biochemical engineering from the Massachusetts Institute of Technology and a Masters of Business Administration degree from the University

We believe Mr.

Patel is qualified to serve as

a member of our board of directors because of his executive and management experience working with biotech companies.

Patel is qualified to serve as a member of our board of directors because of his executive and management

experience working with biotech companies.

Joseph Daugherty.

Joseph Daugherty has over 35 years of experience in managing and overseeing biotechnology and biomedical

Daugherty has served as our Chief Medical Officer since September 2019 and a member of our board of directors since

September 2019.

Joseph Daugherty has over 35 years of experience in managing and overseeing biotechnology and biomedical projects.

Daugherty has served as our Chief Medical Officer since September 2019 and a member of our board of directors since September 2019.

In addition, since 2002, Dr.

Daugherty has served as the Managing Partner of Phenolics, LLC and PharmaPrint, LLC

which was spun off from Phenolics, LLC, both of which are nutraceutical companies.

From 2002 until 2018, he served first as President,

and since 2008 as Chief Executive Officer, Chief Medical Officer and the Chairman of the board of directors of Eleos Inc., a clinical

stage private biotech company focused on anti-sense technology in cancer.

Daugherty also served in various other capacities

as a management consultant as well as an officer and director to over 20 public and private biomedical companies including Dupont.

Daugherty has served as the Managing Partner of Phenolics, LLC and PharmaPrint, LLC which was spun off from

Phenolics, LLC, both of which are nutraceutical companies.

From 2002 until 2018, he served first as President, and since 2008 as Chief

Executive Officer, Chief Medical Officer and the Chairman of the board of directors of Eleos Inc., a clinical stage private biotech company

focused on anti-sense technology in cancer.

Daugherty also served in various other capacities as a management consultant as well

as an officer and director to over 20 public and private biomedical companies including Dupont.

In addition, Dr.

Daugherty was President of ConAgra’s biotech division.

Daugherty received a Bachelor of Arts degree

in biology from Washington University, a Doctor of Medicine degree from the University of Nebraska Medical Center and a Masters

of Science in Industrial Administration from Carnegie-Mellon University (Tepper).

Daugherty was President

of ConAgra’s biotech division.

Daugherty received a Bachelor of Arts degree in biology from Washington University, a Doctor

of Medicine degree from the University of Nebraska Medical Center and a Masters of Science in Industrial Administration from Carnegie-Mellon

University (Tepper).

We believe Dr.

Daugherty is qualified to serve

as a member of our board of directors because of his executive and management experience, including his experience working with

biotech companies.

Daugherty is qualified to serve as a member of our board of directors because of his executive and

management experience, including his experience working with biotech companies.

Jaye Thompson has over 30 years of experience in pharmaceutical and device product development.

served as our Vice President Clinical & Regulatory Affairs since September 2019.

Since December 2017, Dr.

Thompson has served

as a co-founder and Chief Operating Officer of Proxima Clinical Research, Inc., a clinical research service provider.

previously served as Senior Vice President of Clinical and Regulatory Affairs of Repros Therapeutics, a reproductive health company,

from March 2013 to May 2017 and as a member of the board of directors of Repros Therapeutics from November 2009 to March 2013.

Thompson previously served as Senior Vice President of Clinical Development and Regulatory Affairs of Opexa Therapeutics,

a multiple sclerosis cell therapy company, from September 2009 to March 2013.

as our Vice President Clinical & Regulatory Affairs since September 2019.

Since December 2017, Dr.

Thompson has served as a co-founder

and Chief Operating Officer of Proxima Clinical Research, Inc., a clinical research service provider.

Thompson previously served

as Senior Vice President of Clinical and Regulatory Affairs of Repros Therapeutics, a reproductive health company, from March 2013 to

May 2017 and as a member of the board of directors of Repros Therapeutics from November 2009 to March 2013.

Thompson previously served

as Senior Vice President of Clinical Development and Regulatory Affairs of Opexa Therapeutics, a multiple sclerosis cell therapy company,

from September 2009 to March 2013.

In addition, Dr.

Thompson has served at clinical

stage biotech companies, in various senior clinical and regulatory roles and at inVentiv Clinical Solutions, a clinical research

service provider.

Thompson was the president and founder of SYNERGOS, Inc., a clinical research service provider, which was

founded in 1991, and acquired by inVentiv Health, as a wholly-owned subsidiary in 2006.

Thompson has advised several of the

region’s leading life science companies on strategic and regulatory planning as well as clinical product development.

has directed and managed statistical analysis, data management, report writing, and the conduct of clinical trials for a wide

variety of indications.

Thompson has been actively involved in over 200 clinical trials for drugs, biologics and devices,

and has been associated with numerous FDA regulatory submissions.

Thompson has often represented sponsor companies at FDA

meetings and advisory committee meetings, and she was appointed to the Governor’s Texas Emerging Technology Fund Advisory

Thompson has served at clinical stage biotech companies, in various senior clinical

and regulatory roles and at inVentiv Clinical Solutions, a clinical research service provider.

Thompson was the president and founder

of SYNERGOS, Inc., a clinical research service provider, which was founded in 1991, and acquired by inVentiv Health, as a wholly-owned

subsidiary in 2006.

Thompson has advised several of the region’s leading life science companies on strategic and regulatory

planning as well as clinical product development.

She has directed and managed statistical analysis, data management, report writing,

and the conduct of clinical trials for a wide variety of indications.

Thompson has been actively involved in over 200 clinical trials

for drugs, biologics and devices, and has been associated with numerous FDA regulatory submissions.

Thompson has often represented

sponsor companies at FDA meetings and advisory committee meetings, and she was appointed to the Governor’s Texas Emerging Technology

Fund Advisory Committee.

Thompson received a BS in applied mathematics from Texas A&M University and an MS and a PhD in biostatistics

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has served as a member of our board of directors since February 2009.

He previously served as the Chief Executive Officer from

February 2010 to June 2016 and Chairman of the board of directors of the Company since February 2009.

In addition, since 2008,

McWilliams has served as a consultant and an advisor at various levels in multiple private start-up biotech companies to help

develop clinical and pre-clinical assets in cancer and other therapeutic areas.

McWilliams previously served as the Chief

Executive Officer and a member of the board of directors of Opexa Therapeutics, Inc., a multiple sclerosis cell therapy company,

from 2004 until 2008.

McWilliams also previously served as the Chief Executive Officer, President and a member of the board

of directors of Bacterial Barcodes, Inc., a bacteria and fungi diagnostic company, and the Chief Executive Officer and a member

of the board of directors of Signase, Inc., a cancer therapeutics company.

McWilliams has also served in various other capacities

including Chief Executive Officer, President and a member of the board of directors of both Encysive Pharmaceuticals, Inc.

Repros Therapeutics Inc.;

Chief Executive Officer and President of Kallestad Diagnostics (Erbamont);

President of Harleco Diagnostics

Division (EM Industries);

General Manager and Program Manager of Abbott Laboratories;

and Management Consultant at McKinsey &

He previously served as the Chief Executive Officer from February

2010 to June 2016 and Chairman of the board of directors of the Company since February 2009.

In addition, since 2008, Mr.

has served as a consultant and an advisor at various levels in multiple private start-up biotech companies to help develop clinical and

pre-clinical assets in cancer and other therapeutic areas.

McWilliams previously served as the Chief Executive Officer and a member

of the board of directors of Opexa Therapeutics, Inc., a multiple sclerosis cell therapy company, from 2004 until 2008.

also previously served as the Chief Executive Officer, President and a member of the board of directors of Bacterial Barcodes, Inc.,

a bacteria and fungi diagnostic company, and the Chief Executive Officer and a member of the board of directors of Signase, Inc., a cancer

therapeutics company.

McWilliams has also served in various other capacities including Chief Executive Officer, President and a member

of the board of directors of both Encysive Pharmaceuticals, Inc.

and Repros Therapeutics Inc.;

Chief Executive Officer and President

of Kallestad Diagnostics (Erbamont);

President of Harleco Diagnostics Division (EM Industries);

General Manager and Program Manager of

Abbott Laboratories;

and Management Consultant at McKinsey & Company.

In addition to the foregoing, Mr.

McWilliams currently serves as the Chairman of the board of directors of BioHouston,

an advocate of the life sciences industry in Houston.

McWilliams received a Bachelor of Arts degree in chemistry from Washington

and Jefferson College and a Master of Business Administration degree from the University of Chicago.

McWilliams currently serves

as the Chairman of the board of directors of BioHouston, an advocate of the life sciences industry in Houston.

McWilliams received

a Bachelor of Arts degree in chemistry from Washington and Jefferson College and a Master of Business Administration degree from the

University of Chicago.

We believe Mr.

is qualified to serve as a member of our board of directors because of his executive experience, management experience and experience

working with biotech companies.

McWilliams is qualified to serve as a member of our board of directors because of his executive

experience, management experience and experience working with biotech companies.

Eric Rothe is the founder of the Company and has over 12 years of industry and academic experience in gene-based therapies

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Rothe previously served as President of the Company from October 2006

2006 to February 2010, Chief Executive Officer of the Company from October 2007 to February 2010 and Chairman of the Company’s

board of directors from October 2006 to February 2009.

to February 2010, Chief Executive Officer of the Company from October 2007 to February 2010 and Chairman of the Company’s board

of directors from October 2006 to February 2009.

In addition, Mr.

Rothe has served as a member of the Company’s board

of directors since August 2006.

Rothe has served as a member of the Company’s board of directors

since August 2006.

Since August 2017, Mr.

Rothe has served as the Global Product Line Leader at Baker Hughes, an

energy technology company.

Previously, from September 2014 until its acquisition by GE Oil & Gas’

acquisition of Baker

Hughes in July 2017, Mr.

Rothe served as Vice President of Mid-Continent and NE US Geomarket and Global Product Line Leader of

GE Oil & Gas.

From 2012 to 2014, Mr.

Rothe served as the International Sales and Operations Director at National Oilwell Varco,

one of the world’s largest oil field equipment providers.

Rothe has served as the Global Product Line Leader at Baker Hughes, an energy technology company.

Previously, from September 2014 until its acquisition by GE Oil & Gas’ acquisition of Baker Hughes in July 2017, Mr.

served as Vice President of Mid-Continent and NE US Geomarket and Global Product Line Leader of GE Oil & Gas.

From 2012 to 2014,

Rothe served as the International Sales and Operations Director at National Oilwell Varco, one of the world’s largest oil field

equipment providers.

Before joining the oil & gas sector, Mr.

Rothe was Director

of the Clinical Cancer Genetics program at U.T.

Anderson Cancer Center, Project Manager at Introgen, a developer of cancer

products in advanced clinical trials, and provided consulting services for start-up/small biotechnology companies in Texas.

Rothe received a Bachelor of Arts degree in molecular and cell biology from the University of California at Berkeley and a Master

of Business Administration degree from Rice University.

Rothe was Director of the Clinical Cancer Genetics program at U.T.

Anderson Cancer Center, Project Manager at Introgen, a developer of cancer products in advanced clinical trials, and provided consulting

services for start-up/small biotechnology companies in Texas.

Rothe received a Bachelor of Arts degree in molecular and cell biology

from the University of California at Berkeley and a Master of Business Administration degree from Rice University.

We believe Mr.

Rothe is qualified to serve as a member of our board of

directors because of his expertise in cancer immunology, GMP manufacturing, and clinical research, and his experience in various

senior management positions in global commercial operations at large corporations.

is qualified to serve as a member of our board of directors because of his expertise in cancer immunology, GMP manufacturing, and clinical

research, and his experience in various senior management positions in global commercial operations at large corporations.

Kenneth Hallock has over 40 years of experience in general management and new venture start-ups and is a major investor

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Hallock has served as a member of our board of directors since September 2019.

Hallock is currently a

senior manager and partner in a private start-up equipment manufacturing company and has been in this role for over 10 years.

Hallock is currently a senior

manager and partner in a private start-up equipment manufacturing company and has been in this role for over 10 years.

Previously, Mr.

Hallock worked in large industrial corporations such as NL Industries and Anderson Clayton, which were subsequently

Hallock received a Bachelor of Engineering degree in chemical engineering from Princeton University and a Master

of Business Administration degree from Harvard Business School.

Hallock worked in large industrial corporations such as NL Industries and Anderson Clayton, which were subsequently acquired.

received a Bachelor of Engineering degree in chemical engineering from Princeton University and a Master of Business Administration degree

from Harvard Business School.

We believe Mr.

Hallock is qualified to serve as a member of our

board of directors because of his experience in various management positions for several Fortune 500 companies.

Hallock is qualified to serve as a member of our board of directors because of his experience

in various management positions for several Fortune 500 companies.

Relationships and Other Arrangements

are no family relationships among our directors and executive officers.

There are no arrangements or understandings between or

among our executive officers and directors pursuant to which any director or executive officer was or is to be selected as a director

or executive officer.

There are no arrangements or understandings between or among

our executive officers and directors pursuant to which any director or executive officer was or is to be selected as a director or executive

Leadership Structure and Role in Risk Oversight

have historically separated the roles of Chairman of the Board (“Chairman”) and Chief Executive Officer.

the separation of roles has been appropriate for us, in the view of the Board, the advisability of the separation of these roles

depends upon the specific circumstances and dynamics of our leadership.

Board, as a unified body and through committee participation, organizes the execution of its monitoring and oversight roles and

does not expect its Chairman to organize those functions.

have historically separated the roles of Chairman of the Board (“Chairman”) and Chief Executive Officer.

Although the separation

of roles has been appropriate for us, in the view of the Board, the advisability of the separation of these roles depends upon the specific

circumstances and dynamics of our leadership.

Board, as a unified body and through committee participation, organizes the execution of its monitoring and oversight roles and does

not expect its Chairman to organize those functions.

Board has three standing committees-Audit, Compensation and Corporate Governance/Nominating.

The membership of each of the committees

of the Board is comprised of independent directors, with each of the committees having a chairman, each of whom is an independent

of the Board is comprised of independent directors, with each of the committees having a chairman, each of whom is an independent director.

Our non-management members of the Board meet in executive session at each regular Board meeting.

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Management is responsible

for the day-to-day management of the risks we face, while the Board, as a whole and through its committees, has responsibility

for the oversight of risk management.

In its risk oversight role, the Board is responsible for satisfying itself that the risk

management processes designed and implemented by management are adequate and functioning as designed.

Board believes that establishing the right “tone at the top”

and that full and open communication between executive

management and the Board are essential for effective risk management and oversight.

Our CEO communicates frequently with members

of the Board to discuss strategy and challenges facing our company.

Senior management usually attends our regular quarterly Board

meetings and is available to address any questions or concerns raised by the Board on risk management-related and any other matters.

Each quarter, the Board receives presentations from senior management on matters involving our key areas of operations.

for the day-to-day management of the risks we face, while the Board, as a whole and through its committees, has responsibility for the

oversight of risk management.

In its risk oversight role, the Board is responsible for satisfying itself that the risk management processes

designed and implemented by management are adequate and functioning as designed.

Board believes that establishing the right “tone at the top” and that full and open communication between executive management

and the Board are essential for effective risk management and oversight.

Our CEO communicates frequently with members of the Board to

discuss strategy and challenges facing our company.

Senior management usually attends our regular quarterly Board meetings and is available

to address any questions or concerns raised by the Board on risk management-related and any other matters.

Each quarter, the Board receives

presentations from senior management on matters involving our key areas of operations.

of Our Board of Directors

Board directs the management of our business and affairs, as provided by Delaware law, and conducts its business through meetings

of the Board and its standing committees.

Board directs the management of our business and affairs, as provided by Delaware law, and conducts its business through meetings of

the Board and its standing committees.

We have a standing audit committee and compensation committee.

Our entire Board serves

in place of a nominating and corporate governance committee.

In addition, from time to time, special committees may be established

under the direction of the Board when necessary to address specific issues.

Our entire Board serves in place

of a nominating and corporate governance committee.

In addition, from time to time, special committees may be established under the direction

of the Board when necessary to address specific issues.

audit committee is responsible for, among other things:

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internal audit functions, if any;

the report of the audit committee that the rules of the SEC require to be included in

our annual meeting proxy

the report of the audit committee that the rules of the SEC require to be included in our annual meeting proxy statement.

audit committee consists of David McWilliams, Eric Rothe and Kenneth Hallock, with David McWilliams serving as chair.

of directors has affirmatively determined that David McWilliams, Eric Rothe and Kenneth Hallock each meet the definition of “independent

director”

Our board of directors

has affirmatively determined that David McWilliams, Eric Rothe and Kenneth Hallock each meet the definition of “independent director”

under the Nasdaq rules, and that they meet the independence standards under Rule 10A-3.

Each member of our audit

committee meets the financial literacy requirements of the Nasdaq rules.

In addition, our board of directors has determined that

David McWilliams qualifies as an “audit committee financial expert,”

as such term is defined in Item 407(d)(5) of

Regulation S-K.

Our board of directors adopted a written charter for the audit committee, which is available on our principal

corporate website at www.greenwichlifesciences.com .

Each member of our audit committee meets the

financial literacy requirements of the Nasdaq rules.

In addition, our board of directors has determined that David McWilliams qualifies

as an “audit committee financial expert,” as such term is defined in Item 407(d)(5) of Regulation S-K.

Our board of directors

adopted a written charter for the audit committee, which is available on our principal corporate website at www.greenwichlifesciences.com .

compensation committee is responsible for, among other things:

and recommending the compensation arrangements for management, including the compensation for our president and chief executive

and reviewing general compensation policies with the objective to attract and retain superior talent, to reward individual

performance and to achieve our financial goals;

and recommending the compensation arrangements for management, including the compensation for our president and chief executive officer;

and reviewing general compensation policies with the objective to attract and retain superior talent, to reward individual performance

and to achieve our financial goals;

administering

our stock incentive plans;

the report of the compensation committee that the rules of the SEC require to be included in our annual meeting proxy

the report of the compensation committee that the rules of the SEC require to be included in our annual meeting proxy statement.

compensation committee consists of David McWilliams, Eric Rothe and Kenneth Hallock, with David McWilliams serving as chair.

board has determined that David McWilliams, Eric Rothe and Kenneth Hallock are independent directors under Nasdaq rules.

of directors adopted a written charter for the compensation committee, which is available on our principal corporate website at

www.greenwichlifesciences.com .

has determined that David McWilliams, Eric Rothe and Kenneth Hallock are independent directors under Nasdaq rules.

Our board of directors

adopted a written charter for the compensation committee, which is available on our principal corporate website at www.greenwichlifesciences.com .

and Governance Committee

our entire board of directors serves in place of a nominating and corporate governance committee, our independent directors on

the board are responsible for, among other things:

our entire board of directors serves in place of a nominating and corporate governance committee, our independent directors on the board

are responsible for, among other things:

members of the board of directors;

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have adopted a formal Code of Business Conduct and Ethics applicable to all Board members, officers and employees.

Business Conduct and Ethics can be found on our website (www.greenwichlifesciences.com).

A copy of our Code of Business Conduct

and Ethics may be obtained without charge upon written request to Secretary, Greenwich LifeSciences, Inc., 3992 Bluebonnet Dr.,

Building 14, Stafford, TX 77477.

If we make any substantive amendments to our Code of Business Conduct and Ethics or grant any

waiver from a provision of the Code of Business Conduct and Ethics to any executive officer or director, we will promptly disclose

the nature of the amendment or waiver on our website (www.greenwichlifesciences.com) and/or in our public filings with the SEC.

Our Code of Business

Conduct and Ethics can be found on our website (www.greenwichlifesciences.com).

A copy of our Code of Business Conduct and Ethics may

be obtained without charge upon written request to Secretary, Greenwich LifeSciences, Inc., 3992 Bluebonnet Dr., Building 14, Stafford,

If we make any substantive amendments to our Code of Business Conduct and Ethics or grant any waiver from a provision of the

Code of Business Conduct and Ethics to any executive officer or director, we will promptly disclose the nature of the amendment or waiver

on our website (www.greenwichlifesciences.com) and/or in our public filings with the SEC.

and Pledging Policies

part of our Insider Trading Policy, all of our officers, all of our directors, certain of our employees and consultants and family

members or others sharing a household with any of the foregoing are prohibited from engaging in short sales of our securities,

any hedging or monetization transactions involving our securities and in transactions involving puts, calls or other derivative

securities based on our securities.

Our Insider Trading Policy further prohibits such persons from purchasing our securities on

margin, borrowing against any account in which our securities are held or pledging our securities as collateral for a loan unless

pre-cleared by our Insider Trading Compliance Officer.

As of March 15, 2021, none of our directors or executive officers

had pledged any shares of our common stock.

part of our Insider Trading Policy, all of our officers, all of our directors, certain of our employees and consultants and family members

or others sharing a household with any of the foregoing are prohibited from engaging in short sales of our securities, any hedging or

monetization transactions involving our securities and in transactions involving puts, calls or other derivative securities based on

our securities.

Our Insider Trading Policy further prohibits such persons from purchasing our securities on margin, borrowing against

any account in which our securities are held or pledging our securities as collateral for a loan unless pre-cleared by our Insider Trading

Compliance Officer.

As of March 21, 2022, none of our directors or executive officers had pledged any shares of our common stock.

EXECUTIVE COMPENSATION

Compensation Table

following table presents the compensation awarded to, earned by or paid to each of our named executive officers for the year ended

December 31, 2020.

following table presents the compensation awarded to, earned by or paid to each of our named executive officers for the year ended December

Name and Principal Position

Nonequity incentive plan

deferred compensation

All other compensation

Snehal Patel, Chief Executive Officer

2021 fiscal year, Mr.

Patel received 218,484 shares of our common stock for services rendered and as incentive for services

to be rendered.

Patel received 218,484 shares of our common stock for services rendered and as incentive for services to be

Patel did not receive any options or warrants for the 2021 fiscal year.

For 2020 fiscal year, Mr.

Patel received 148,254 shares of our common stock for services rendered and as incentive for services

to be rendered.

Patel did not receive any options or warrants for the 2019 fiscal year.

fiscal year 2019, Mr.

Patel received (i) 4,494,383 shares of our common stock in exchange for related party payables for the

periods from January 1, 2010 through September 30, 2019 and (ii) 1,656,607 shares of our common stock in exchange for warrants

to purchase shares of our common stock.

Patel received 218,484

shares of our common stock for services rendered and as incentive for services to be rendered.

Patel did not receive any options

or warrants for the 2020 fiscal year.

Equity Awards at Fiscal Year-End

following table provides information regarding awards held by each of our named executive officers that were outstanding as of

December 31, 2020.

of Securities

Unexercised Options (#)

of Securities

Unexercised Options (#)

following table provides information regarding awards held by each of our named executive officers that were outstanding as of December

Option Awards (1)

Number of Securities

Underlying Unexercised Options (#)

Number of Securities

Underlying Unexercised Options (#)

Unexercisable

not vested (#)

not vested ($)

We granted Mr.

Patel shares of common stock on September 30, 2019 for compensation and incentives of which 93,633 vested immediately upon

grant, 273,105 vested between October 1 2019 and December 31, 2020 over the 15 month period, and the balance, or 382,347 shares

of common stock vest over 21 equal monthly installments commencing on January 1, 2021.

Exercise Price ($)

Expiration Date

shares or units of

have not vested (#)

Market value of

shares or units of

have not vested ($)

Patel shares of common stock on September 30, 2019 for compensation and incentives of which 93,633 vested immediately

upon grant, 491,589 vested between October 1 2019 and December 31, 2021 over the 27 month period, and the balance, or 163,863

shares of common stock vest over 9 equal monthly installments commencing on January 1, 2022.

Director Compensation

following table presents the total compensation for each person who served as a non-employee member of our Board and received

compensation for such service during the fiscal year ended December 31, 2020.

Other than as set forth in the table and described

more fully below, we did not pay any compensation, make any equity awards or non-equity awards to, or pay any other compensation

to any of the non-employee members of our Board in 2020.

following table presents the total compensation for each person who served as a non-employee member of our Board and received compensation

for such service during the fiscal year ended December 31, 2021.

Other than as set forth in the table and described more fully below,

we did not pay any compensation, make any equity awards or non-equity awards to, or pay any other compensation to any of the non-employee

members of our Board in 2021.

Fees Earned or

Paid in Cash ($)

Stock Awards ($)

All Other Compensation ($) (4)

David McWilliams (1)

1 unchanged sentence

Kenneth Hallock (3)

September 30, 2019, we authorized the issuance of 28,090 shares of its common stock to

The shares vest in 36 equal monthly installments with the first installment

vesting on October 1, 2019.

Of such shares, 9,372 shares of common stock vested

during the fiscal year ended December 31, 2020.

McWilliams did not receive

any options or warrants during the 2020 fiscal year.

September 30, 2019, we authorized the issuance of 28,090 shares of its common stock to Mr.

1 unchanged sentence

monthly installments with the first installment vesting on October 1, 2019.

Of such shares, 6,252 shares of common

stock vested during the fiscal year ended December 31, 2020.

Rothe did not receive any options or warrants during

the 2020 fiscal year.

Of such shares, 9,372 shares of common stock vested during

the fiscal year ended December 31, 2021.

McWilliams did not receive any options or warrants during the 2021 fiscal year.

September 30, 2019, we authorized the issuance of 18,727 shares of its common stock to Mr.

The shares vest in 36

equal monthly installments with the first installment vesting on October 1, 2019.

Of such shares, 6,252 shares of common

stock vested during the fiscal year ended December 31, 2020.

Hallock did not receive any options or warrants during

the 2020 fiscal year.

The shares vest in 36 equal monthly

installments with the first installment vesting on October 1, 2019.

Of such shares, 6,252 shares of common stock vested during the

fiscal year ended December 31, 2021.

Rothe did not receive any options or warrants during the 2021 fiscal year.

September 30, 2019, we authorized the issuance of 18,727 shares of its common stock to Mr.

The shares vest in 36 equal monthly

installments with the first installment vesting on October 1, 2019.

Of such shares, 6,252 shares of common stock vested during the

fiscal year ended December 31, 2021.

Hallock did not receive any options or warrants during the 2021 fiscal year.

Patel Employment Agreement

September 29, 2020, we entered into an employment agreement (the “Employment Agreement”) with Snehal Patel, our Chief

Executive Officer in connection with our initial public offering (the “IPO”).

The term of the Employment Agreement

will continue until December 31, 2021 and automatically renews for successive one year periods at the end of each term until either

party delivers written notice of their intent not to renew at least 60 days prior to the expiration of the then effective term.

Pursuant to the terms of the Employment Agreement, Mr.

Patel shall, among other things, (i) receive a base salary of $450,000,

subject to increase, (ii) shall be eligible to receive equity grants, (iii) shall be eligible to receive an annual bonus of up

to 50% of his then base salary and (iv) shall be eligible to receive a strategic transaction bonus.

September 29, 2020, we entered into an employment agreement (the “Employment Agreement”) with Snehal Patel, our Chief Executive

Officer in connection with our initial public offering (the “IPO”).

The term of the Employment Agreement will continue until

December 31, 2021 and automatically renews for successive one year periods at the end of each term until either party delivers written

notice of their intent not to renew at least 60 days prior to the expiration of the then effective term.

Pursuant to the terms of the

Employment Agreement, Mr.

Patel shall, among other things, (i) receive a base salary of $450,000, subject to increase, (ii) shall be

eligible to receive equity grants, (iii) shall be eligible to receive an annual bonus of up to 50% of his then base salary and (iv) shall

be eligible to receive a strategic transaction bonus.

In addition, Mr.

also be eligible to participate in all employee welfare and benefit plans and shall receive such other fringe benefits as we offer

to our senior executives and directors.

Patel shall also be eligible to participate in all employee welfare

and benefit plans and shall receive such other fringe benefits as we offer to our senior executives and directors.

the event Mr.

Patel’s employment is terminated by us for Cause (as defined in the Employment Agreement), as a result of

Patel’s death or Disability (as defined in the Employment Agreement), voluntarily by Mr.

Patel without Good Reason (as

defined in the Employment Agreement), or upon expiration of the term, we shall pay Mr.

Patel (i) a lump sum amount equal to (A)

any unpaid base salary and equity grants then due plus (B) any bonus earned but not paid and (ii) any unpaid expenses (collectively,

the “Patel Compensation”).

Patel’s employment is terminated by us for Cause (as defined in the Employment Agreement), as a result of Mr.

death or Disability (as defined in the Employment Agreement), voluntarily by Mr.

Patel without Good Reason (as defined in the Employment

Agreement), or upon expiration of the term, we shall pay Mr.

Patel (i) a lump sum amount equal to (A) any unpaid base salary and equity

grants then due plus (B) any bonus earned but not paid and (ii) any unpaid expenses (collectively, the “Patel Compensation”).

In addition, if Mr.

Patel’s employment is terminated for death, Disability or as

a result of the expiration of the term of the Employment Agreement as a result of the non-renewal of such term by us, we shall

Patel any pro-rated bonus for the target year in which the termination occurs.

Patel’s employment is terminated for death, Disability or as a result of the expiration of the term of the

Employment Agreement as a result of the non-renewal of such term by us, we shall pay Mr.

Patel any pro-rated bonus for the target year

in which the termination occurs.

In the event Mr.

Patel’s employment

is terminated by us without Cause or by Mr.

Patel for Good Reason, we shall pay Mr.

Patel (i) the Patel Compensation, (ii) any

pro-rated bonus for the target year in which the termination occurs and (iii) provided that Mr.

Patel executes the Release (as

defined in the Employment Agreement), (A) the Severance Payment (as defined in the Employment Agreement) and (B) COBRA premiums

for twelve months from the date of termination.

Patel’s employment is terminated by us without Cause or by Mr.

Patel for Good

Reason, we shall pay Mr.

Patel (i) the Patel Compensation, (ii) any pro-rated bonus for the target year in which the termination occurs

and (iii) provided that Mr.

Patel executes the Release (as defined in the Employment Agreement), (A) the Severance Payment (as defined

in the Employment Agreement) and (B) COBRA premiums for twelve months from the date of termination.

In the event of Mr.

Patel’s termination (i) by us without Cause or by Mr.

Patel for Good Reason within six months prior to the consummation of a Change of Control (as defined in the Employment Agreement)

transaction, if, prior to or as of such termination, a Change of Control transaction was Pending (as defined in the Employment

Agreement), at any time during such six month period, (ii) by Mr.

Patel for Good Reason at any time within twelve months after

the consummation of a Change of Control, or (iii) by us without Cause at any time within twelve months after the consummation

of a Change of Control, Mr.

Patel shall receive (A) the Patel Compensation, (B) any pro-rated bonus for the target year in which

the termination occurs and (C) provided that Mr.

Patel executes the Release, (a) a lump sum amount equal to twelve months of Mr.

Patel’s then base salary and equity grants at the rate in effect as of the date of termination and (b) COBRA premiums for

six months from the date of termination.

Furthermore, all of the shares that are then unvested shall immediately vest and, all

options, warrants and other convertible securities beneficially held by Mr.

Patel shall become fully exercisable for (i) a period

of six months following the date of termination only if at the time of such termination there is a Change of Control transaction

Pending but in no event beyond expiration of the original term of the award or (ii) if clause (i) does not apply, then such period

of time set forth in the agreement evidencing the security.

termination (i) by us without Cause or by Mr.

Patel for Good Reason within six months prior to the consummation of a Change of Control

(as defined in the Employment Agreement) transaction, if, prior to or as of such termination, a Change of Control transaction was Pending

(as defined in the Employment Agreement), at any time during such six month period, (ii) by Mr.

Patel for Good Reason at any time within

twelve months after the consummation of a Change of Control, or (iii) by us without Cause at any time within twelve months after the

consummation of a Change of Control, Mr.

Patel shall receive (A) the Patel Compensation, (B) any pro-rated bonus for the target year

in which the termination occurs and (C) provided that Mr.

Patel executes the Release, (a) a lump sum amount equal to twelve months of

Patel’s then base salary and equity grants at the rate in effect as of the date of termination and (b) COBRA premiums for six

months from the date of termination.

Furthermore, all of the shares that are then unvested shall immediately vest and, all options, warrants

and other convertible securities beneficially held by Mr.

Patel shall become fully exercisable for (i) a period of six months following

the date of termination only if at the time of such termination there is a Change of Control transaction Pending but in no event beyond

expiration of the original term of the award or (ii) if clause (i) does not apply, then such period of time set forth in the agreement

evidencing the security.

The Employment Agreement also contains covenants restricting Mr.

(i) engaging in any activity competitive with our business during the term of the Employment Agreement and for a period

of one year thereafter;

and (ii) soliciting our customers, suppliers or employees during the term of the Employment Agreement

and for a period of one year thereafter.

(i) engaging in any activity competitive

with our business during the term of the Employment Agreement and for a period of one year thereafter;

and (ii) soliciting our customers,

suppliers or employees during the term of the Employment Agreement and for a period of one year thereafter.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

5 unchanged sentences

ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities.

Shares of common stock that may be acquired by an individual or group within 60 days of March 15, 2021, pursuant to the

exercise of options or warrants, vesting of common stock or conversion of preferred stock or convertible debt, are deemed to be

outstanding for the purpose of computing the percentage ownership of such individual or group, but are not deemed to be outstanding

for the purpose of computing the percentage ownership of any other person shown in the table.

Percentage of ownership is based

on 12,846,897 shares of common stock issued and outstanding as of March 15, 2021.

as indicated in footnotes to this table, we believe that the stockholders named in this table have sole voting and investment

power with respect to all shares of common stock shown to be beneficially owned by them, based on information provided to us by

such stockholders.

Shares of common stock that may be acquired by an individual or group within 60 days of March 21, 2022, pursuant to the exercise

of options or warrants, vesting of common stock or conversion of preferred stock or convertible debt, are deemed to be outstanding for

the purpose of computing the percentage ownership of such individual or group, but are not deemed to be outstanding for the purpose of

computing the percentage ownership of any other person shown in the table.

Percentage of ownership is based on 12,951,453 shares

of common stock issued and outstanding as of March 21, 2022.

as indicated in footnotes to this table, we believe that the stockholders named in this table have sole voting and investment power with

respect to all shares of common stock shown to be beneficially owned by them, based on information provided to us by such stockholders.

Unless otherwise indicated, the address for each director and executive officer listed is:

c/o Greenwich LifeSciences,

Inc., 3992 Bluebonnet Dr, Building 14, Stafford, TX 77477.

of Common Stock

of Beneficial Owner

and Named Executive Officers

c/o Greenwich LifeSciences, Inc., 3992 Bluebonnet

Dr, Building 14, Stafford, TX 77477.

Number of Shares

Percentage of Common Stock

Name of Beneficial Owner

Beneficially Owned

Directors and Named Executive Officers

7,725,041 (1)

Joseph Daugherty

current named executive officers and directors as a group (5 persons)

David McWilliams

Kenneth Hallock

All current named executive officers and directors as a group (5 persons)

beneficial ownership of less than 1%.

of (i) 895,548 shares of common stock owned by Snehal Patel, (ii) 1,408,033 shares of common stock owned by Snehal

Patel IRA, (iii) 2,405,670 shares of common stock owned by Patel Family Trust 1, (iv) 1,320,226 shares of common stock owned

by Patel Family Trust 2, (v) 1,329,590 shares of common stock owned by Patel Family Trust 3, and (vi) 129,400 shares of common

of (i) 944,604 shares of common stock owned by Snehal Patel, (ii) 1,408,033 shares of common stock owned by Snehal Patel IRA,

(iii) 919,234 shares of common stock owned by Patel Family Trust 1, (iv) 2,063,444 shares of common stock owned by

Patel Family Trust 2, (v) 2,072,808 shares of common stock owned by Patel Family Trust 3, and (vi) 129,400 shares of common

stock owned by Kinnary Patel IRA.

Excludes 291,291 shares of common stock held by Snehal Patel which vest in 16

equal monthly installments.

Snehal Patel and Kinnary Patel, the spouse of Snehal Patel, are the Trustees of the Patel

Family Trust 1, Patel Family Trust 2 and Patel Family Trust 3.

Excludes 72,807 shares of common stock held by Snehal Patel which vest in 4 equal

monthly installments.

Snehal Patel and Kinnary Patel, the spouse of Snehal Patel, are the Trustees of the Patel Family Trust 1, Patel

Family Trust 2 and Patel Family Trust 3.

Snehal Patel is the Trustee of the Snehal Patel IRA.

Patel is the Trustee of the Kinnary Patel IRA.

In such capacities, Snehal Patel is deemed to hold voting and dispositive power

over the securities held by such entities.

Kinnary Patel is the Trustee of the

Kinnary Patel IRA.

In such capacities, Snehal Patel is deemed to hold voting and dispositive power over the securities held by such

7,272 shares of common stock which vest in 4 equal monthly installments.

2 unchanged sentences

2,055 shares of common stock which vest in 4 equal monthly installments.

Kenneth Hallock and Annette Hallock

are the Trustees of the Hallock Trust and in such capacities share voting and dispositive power over the securities held by

Kenneth Hallock and Annette Hallock are the

Trustees of the Hallock Trust and in such capacities share voting and dispositive power over the securities held by such entity.

16(A) Beneficial Ownership Reporting Compliance

16(a) of the Exchange Act requires our officers and directors, and persons who own more than ten percent of a registered class

of our equity securities, to file reports of ownership and changes in ownership with the SEC.

Officers, directors and greater

than ten percent stockholders are required by SEC regulations to furnish us with copies of all Section 16(a) forms they file.

16(a) of the Exchange Act requires our officers and directors, and persons who own more than ten percent of a registered class of our

equity securities, to file reports of ownership and changes in ownership with the SEC.

Officers, directors and greater than ten percent

stockholders are required by SEC regulations to furnish us with copies of all Section 16(a) forms they file.

on a review of the copies of such forms received, we believe that during 2021, all filing requirements applicable to our officers,

directors and greater than ten percent beneficial owners were complied with.

directors and greater than ten percent beneficial owners were complied with, except that Jaye Thompson filed a Form 3 after its due date.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

following includes a summary of transactions since January 1, 2020 to which we have been a party, including transactions

in which the amount involved in the transaction exceeds the lesser of $120,000 or 1% of the average of our total assets at year-end

for the last two completed fiscal years, and in which any of our directors, executive officers or, to our knowledge, beneficial

owners of more than 5% of our capital stock or any member of the immediate family of any of the foregoing persons had or will

have a direct or indirect material interest, other than equity and other compensation, termination, change in control and other

arrangements, which are described elsewhere in this Annual Report on Form 10-K.

We are not otherwise a party to a current related

party transaction, and no transaction is currently proposed, in which the amount of the transaction exceeds the lesser of $120,000

or 1% of the average of our total assets at year-end for the last two completed fiscal years and in which a related person had

or will have a direct or indirect material interest.

October 9, 2019, Eric Rothe, a director, loaned us $15,000 which is payable on demand, is not secured, and does not incur interest,

all of which was repaid on November 20, 2020.

On May 30, 2018 and October 2, 2019, the Kenneth

and Annette Hallock Revocable Trust loaned us $100,000 and $200,000, respectively, which is payable on demand, is not secured,

and does not incur interest, of which $120,000 remained outstanding as of December 31, 2020 and was subsequently fully paid

off as of March 15, 2021.

Kenneth Hallock, a director, is one of the Trustees of the Hallock Trust.

Between November 2014 and August 2017, Snehal

Patel, our Chief Executive Officer and director, loaned us an aggregate of $320,154, which is payable on demand, is not secured,

and does not incur interest, of which $155,154 remained outstanding, as of December 31, 2020 and was subsequently fully

paid off as of March 15, 2021.

In addition, as of December 31, 2020, Snehal Patel is owed $59,367 for reimbursable expenses.

of September 30, 2019, related party payables to our officers and directors since January 1, 2010 totaled $12 million.

As of September

30, 2019, our officers and directors owned outstanding warrants to acquire 2,565,521 shares of our common stock.

30, 2019, the officers and directors exchanged all related party payables and outstanding warrants for an aggregate of 7,902,603

shares of our common stock, leaving us with no related party payables and no outstanding warrants on September 30, 2019.

December 15, 2020, we announced we had entered into an option agreement with Westport Bio to in-license a pre-clinical coronavirus

vaccine program that is currently at the stage of pre-clinical animal testing.

The option is exercisable at our discretion.

exchange for the option, we have agreed to sponsor research with Westport Bio in an aggregate amount of up to $250,000, plus additional

license and assignment fees.

The founder of Westport Bio is our Chief Executive Officer and director, Snehal Patel

following includes a summary of transactions since January 1, 2021 to which we have been a party, including transactions in which the

amount involved in the transaction exceeds the lesser of $120,000 or 1% of the average of our total assets at year-end for the last two

completed fiscal years, and in which any of our directors, executive officers or, to our knowledge, beneficial owners of more than 5%

of our capital stock or any member of the immediate family of any of the foregoing persons had or will have a direct or indirect material

interest, other than equity and other compensation, termination, change in control and other arrangements, which are described elsewhere

in this Annual Report on Form 10-K.

We are not otherwise a party to a current related party transaction, and no transaction is currently

proposed, in which the amount of the transaction exceeds the lesser of $120,000 or 1% of the average of our total assets at year-end

for the last two completed fiscal years and in which a related person had or will have a direct or indirect material interest.

Person Transaction Policy

1 unchanged sentence

or ratification of related person transactions.

For purposes of our policy only, a related person transaction is a transaction,

arrangement or relationship, or any series of similar transactions, arrangements or relationships, in which we and any related

person are, were or will be participants in which the amount involved exceeds the lesser of $120,000 or 1% of the average of our

total assets at year-end.

Transactions involving compensation for services provided to us as an employee or director are not covered

by this policy.

A related person is any executive officer, director or beneficial owner of more than 5% of any class of our voting

securities, including any of their immediate family members and any entity owned or controlled by such persons.

the policy, if a transaction has been identified as a related person transaction, including any transaction that was not a related

person transaction when originally consummated or any transaction that was not initially identified as a related person transaction

prior to consummation, our management must present information regarding the related person transaction to our audit committee,

or, if audit committee approval would be inappropriate, to another independent body of our board of directors, for review, consideration

and approval or ratification.

The presentation must include a description of, among other things, the material facts, the interests,

direct and indirect, of the related persons, the benefits to us of the transaction and whether the transaction is on terms that

are comparable to the terms available to or from, as the case may be, an unrelated third party or to or from employees generally.

Under the policy, we will collect information that we deem reasonably necessary from each director, executive officer and, to

the extent feasible, significant stockholder to enable us to identify any existing or potential related-person transactions and

to effectuate the terms of the policy.

In addition, under our code of business conduct and ethics, our employees and directors

have an affirmative responsibility to disclose any transaction or relationship that reasonably could be expected to give rise

to a conflict of interest.

In considering related person transactions, our audit committee, or other independent body of our board

of directors, will take into account the relevant available facts and circumstances including, but not limited to:

For purposes of our policy only, a related person transaction is a transaction, arrangement

or relationship, or any series of similar transactions, arrangements or relationships, in which we and any related person are, were or

will be participants in which the amount involved exceeds the lesser of $120,000 or 1% of the average of our total assets at year-end.

Transactions involving compensation for services provided to us as an employee or director are not covered by this policy.

person is any executive officer, director or beneficial owner of more than 5% of any class of our voting securities, including any of

their immediate family members and any entity owned or controlled by such persons.

the policy, if a transaction has been identified as a related person transaction, including any transaction that was not a related person

transaction when originally consummated or any transaction that was not initially identified as a related person transaction prior to

consummation, our management must present information regarding the related person transaction to our audit committee, or, if audit committee

approval would be inappropriate, to another independent body of our board of directors, for review, consideration and approval or ratification.

The presentation must include a description of, among other things, the material facts, the interests, direct and indirect, of the related

persons, the benefits to us of the transaction and whether the transaction is on terms that are comparable to the terms available to

or from, as the case may be, an unrelated third party or to or from employees generally.

Under the policy, we will collect information

that we deem reasonably necessary from each director, executive officer and, to the extent feasible, significant stockholder to enable

us to identify any existing or potential related-person transactions and to effectuate the terms of the policy.

In addition, under our

code of business conduct and ethics, our employees and directors have an affirmative responsibility to disclose any transaction or relationship

that reasonably could be expected to give rise to a conflict of interest.

In considering related person transactions, our audit committee,

or other independent body of our board of directors, will take into account the relevant available facts and circumstances including,

but not limited to:

risks, costs and benefits to us;

impact on a director’s independence in the event that the related person is a director, immediate family member of a

director or an entity with which a director is affiliated;

impact on a director’s independence in the event that the related person is a director, immediate family member of a director

or an entity with which a director is affiliated;

availability of other sources for comparable services or products;

terms available to or from, as the case may be, unrelated third parties or to or from employees generally.

policy requires that, in determining whether to approve, ratify or reject a related person transaction, our audit committee, or

other independent body of our board of directors, must consider, in light of known circumstances, whether the transaction is in,

or is not inconsistent with, our best interests and those of our stockholders, as our audit committee, or other independent body

of our board of directors, determines in the good faith exercise of its discretion.

board of directors undertook a review of the independence of our directors and considered whether any director has a relationship

with us that could compromise that director’s ability to exercise independent judgment in carrying out that director’s

responsibilities.

Our board of directors has affirmatively determined that David McWilliams, Eric Rothe and Kenneth Hallock are

each an “independent director,”

as defined under the Nasdaq rules.

policy requires that, in determining whether to approve, ratify or reject a related person transaction, our audit committee, or other

independent body of our board of directors, must consider, in light of known circumstances, whether the transaction is in, or is not

inconsistent with, our best interests and those of our stockholders, as our audit committee, or other independent body of our board of

directors, determines in the good faith exercise of its discretion.

board of directors undertook a review of the independence of our directors and considered whether any director has a relationship with

us that could compromise that director’s ability to exercise independent judgment in carrying out that director’s responsibilities.

Our board of directors has affirmatively determined that David McWilliams, Eric Rothe and Kenneth Hallock are each an “independent

director,” as defined under the Nasdaq rules.

PRINCIPAL ACCOUNTING FEES AND SERVICES

aggregate fees billed to us by MaloneBailey, LLP, our independent registered public accounting firm, for the indicated services

for each of the last two fiscal years were as follows:

aggregate fees billed to us by MaloneBailey, LLP, our independent registered public accounting firm, for the indicated services for each

of the last two fiscal years were as follows:

Audit fees (1)

Audit-related fees (2)

All other fees

fees consist of fees for professional services performed by MaloneBailey for the audit and review of our financial statements.

preparation and filing of our registration statements, including issuance of comfort letters.

related fees consist of fees for preparation and filing of our registration statements, including issuance of comfort letters.

on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors

with SEC policies and guidelines regarding audit independence, the Audit Committee is responsible for the pre-approval of all

audit and permissible non-audit services provided by our independent registered public accounting firm on a case-by-case basis.

Our Audit Committee has established a policy regarding approval of all audit and permissible non-audit services provided by our

principal accountants.

Our Audit Committee pre-approves these services by category and service.

Our Audit Committee has pre-approved

all of the services provided by our independent registered public accounting firm.

with SEC policies and guidelines regarding audit independence, the Audit Committee is responsible for the pre-approval of all audit and

permissible non-audit services provided by our independent registered public accounting firm on a case-by-case basis.

Our Audit Committee

has established a policy regarding approval of all audit and permissible non-audit services provided by our principal accountants.

Audit Committee pre-approves these services by category and service.

Our Audit Committee has pre-approved all of the services provided

by our independent registered public accounting firm.

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

Financial Statements

financial statements required by this item are submitted in a separate section beginning on page F-1 of this Annual Report

on Form 10-K.

financial statements required by this item are submitted in a separate section beginning on page F-1 of this Annual Report on Form

Second Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to Form 8-K filed on October 1, 2020)

2 unchanged sentences

1 to Form S-1 filed on June 23, 2020)

Description of the Registrant’s securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

of the Registrant’s securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by

reference to Exhibit 4.2 to Form 10-K filed on March 31, 2021).

2019 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to Form S-1 filed on May 29, 2020)

21 unchanged sentences

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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a management contract or compensatory plan or arrangement.

FORM 10-K SUMMARY

to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report

to be signed on its behalf by the undersigned, thereunto duly authorized.

to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed

on its behalf by the undersigned, thereunto duly authorized.

LIFESCIENCES, INC.

Executive Officer (Principal Executive Officer and Principal Accounting and Financial Officer)

ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Snehal Patel as

his or her attorney-in-fact, with full power of substitution and resubstitution, for him or her in any and all capacities, to

sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with exhibits thereto and other documents

in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact full power and authority

to do and perform each and every act and thing requisite and necessary to be done in connection therewith as fully to all intents

and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact, or his substitute

or substitutes, may lawfully do or cause to be done by virtue hereof.

to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf

of the Registrant and in the capacities and on the dates indicated.

ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Snehal Patel as his or

her attorney-in-fact, with full power of substitution and resubstitution, for him or her in any and all capacities, to sign any and all

amendments to this Annual Report on Form 10-K, and to file the same, with exhibits thereto and other documents in connection therewith,

with the Securities and Exchange Commission, granting unto said attorney-in-fact full power and authority to do and perform each and

every act and thing requisite and necessary to be done in connection therewith as fully to all intents and purposes as he might or could

do in person, hereby ratifying and confirming all that said attorney-in-fact, or his substitute or substitutes, may lawfully do or cause

to be done by virtue hereof.

to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the

Registrant and in the capacities and on the dates indicated.

Executive Officer and Director

2 unchanged sentences

Medical Officer and Director

March 31, 2021

Joseph Daugherty

David McWilliams

March 31, 2021

Kenneth Hallock

March 31, 2021

LIFESCIENCES, INC.

to Financial Statements

Report of Independent Registered Public Accounting Firm

of Independent Registered Public Accounting Firm (PCAOB ID:

Balance Sheets

Statements of Operations

of Stockholders’

Equity (Deficit)

of Stockholders’ Equity (Deficit)

Statements of Cash Flows

5 unchanged sentences

have audited the accompanying balance sheets of Greenwich LifeSciences, Inc.

(the “Company”) as of December 31, 2020

and 2019, and the related statements of operations, stockholders’

equity (deficit), and cash flows for the years then ended,

and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements

present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results

of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in

the United States of America.

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.

(the “Company”) as of December 31, 2021 and

2020, and the related statements of operations, stockholders’ equity, and cash flows for the years then ended, and the related

notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly,

in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and

its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

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.

securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial

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.

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.

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.

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.

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.

MaloneBailey, LLP

www.malonebailey.com

have served as the Company’s auditor since 2019.

March 21, 2022

1 unchanged sentence

OF DECEMBER 31, 2021 AND 2020

December 31, 2021

December 31, 2020

Current assets

Total current assets

Acquired patents, net

Liabilities and stockholders’

Liabilities and stockholders’ deficit

Current liabilities

4 unchanged sentences

Total liabilities

Stockholders’

equity (deficit)

Stockholders’ equity (deficit)

Common stock, $ 0.001 par value;

1 unchanged sentence

13,147,829 and 12,703,541 shares issued and outstanding as of December 31, 2021 and 2020, respectively

Preferred stock, $0.001 par value;

10,000,000 shares authorized;

Series A preferred stock:

No shares as of December 31, 2020 and

1,520,937 shares issued and outstanding as of December 31, 2019

Series B preferred stock:

No shares as of December 31, 2020 and

129,267 shares issued and outstanding as of December 31, 2019

Series C preferred stock:

No shares as of December 31, 2020 and

66,575 shares issued and outstanding as of December 31, 2019

Series D preferred stock:

No shares as of December 31, 2020 and

263,586 shares issued and outstanding as December 31, 2019

Additional paid-in capital

2 unchanged sentences

( 29,076,953 )

Total stockholders’

equity (deficit)

liabilities and stockholders’

equity (deficit)

accompanied notes to financial statements.

Total stockholders’ equity

Total liabilities and stockholders’ equity

See accompanying notes to financial statements.

LIFESCIENCES, INC.

1 unchanged sentence

THE YEARS ENDED DECEMBER 31, 2021 AND 2020

Ended December 31,

Year Ended December 31,

Operating expenses

1 unchanged sentence

General and administrative

operating expenses

Total operating expenses

Loss from operations

( 4,597,943 )

( 1,863,794 )

Interest income

2 unchanged sentences

Per share information:

Net loss per common share, basic and

Weighted average common shares outstanding,

basic and diluted

accompanied notes to financial statements.

Net loss per common share, basic and diluted

Weighted average common shares outstanding, basic and diluted

See accompanying notes to financial statements.

LIFESCIENCES, INC.

OF STOCKHOLDERS’

EQUITY (DEFICIT )

OF STOCKHOLDERS’ EQUITY (DEFICIT )

THE YEARS ENDED DECEMBER 31, 2021 AND 2020

Stockholders’

Paid-in Capital

Accumulated Deficit

Equity (Deficit)

Preferred Stock

Total Stockholders’

Paid-in Capital

Accumulated Deficit

Equity (Deficit)

Balances, December 31, 2019

$ (23,788,684 )

$ (10,120,054 )

Exchange of related party payables and

warrants for common stock

Stock-based compensation

Issuance of common stock in initial public offering, net of offering costs

Additional preferred stock issued due to anti-dilution

Conversion of preferred to common stock

Issuance of common stock in follow-on offering, net of offering costs

Issuance of common stock from exercise of Green Shoe of follow-on offering, net of offering costs

Issuance of common stock from exercise of Green Shoe of follow-on offering, net of offering costs, shares

Issuance of common stock through partial exercise of underwriter warrants

Issuance of common stock through partial exercise of underwriter warrants, shares

Balances, December 31, 2020

(27,213,991 )

Stock-based compensation

Issuance of common stock in initial

public offering, net of offering costs

Additional preferred stock issued due

to anti-dilution

Conversion of preferred to common stock

Issuance of common stock in follow-on

offering, net of offering costs

Issuance of common stock from exercise of Green Shoe of follow-on offering, net of offering costs

Issuance of common stock through partial exercise of underwriter warrants

Balances, December 31, 2021

$ (29,076,953 )

accompanied notes to financial statements.

See accompanying notes to financial statements.

LIFESCIENCES, INC.

1 unchanged sentence

THE YEARS ENDED DECEMBER 31, 2021 AND 2020

Ended December 31,

Year Ended December 31,

Operating activities:

1 unchanged sentence

$ ( 1,862,962 )

Adjustments required to reconcile net

loss to net cash used in operating activities:

Adjustments required to reconcile net loss to net cash used in operating activities:

Stock-based compensation

5 unchanged sentences

Net cash used in operating activities

( 4,291,548 )

( 1,152,962 )

Investing activities:

Financing activities:

Net proceeds from initial public offering

and follow-on offering of common stock

Net proceeds from initial public offering, follow-on offering, exercise of Green Shoe, and exercise of underwriter warrants

Repayment to related party/shareholder

Advance from related party/shareholder

Net cash provided by (used in) financing

Net cash provided by (used in) financing activities

Net increase (decrease) in cash

( 1,456,106 )

Cash, beginning of period

1 unchanged sentence

Non-cash investing and financing activities:

Common stock to settle related party

Common stock to settle related party payable

Conversion of preferred stock to common

Issuance of preferred stock due to antidilution

accompanied notes to financial statements.

See accompanying notes to financial statements.

LIFESCIENCES, INC.

2 unchanged sentences

LifeSciences, Inc.

(the “Company”) was incorporated in the state of Delaware in 2006 under the name Norwell, Inc.

In March 2018, Norwell, Inc.

(the “Company”) was incorporated in the state of Delaware in 2006 under the name Norwell, Inc.

2018, Norwell, Inc.

changed its name to Greenwich LifeSciences, Inc.

The Company is developing a breast cancer immunotherapy

focused on preventing the recurrence of breast cancer following surgery.

Going Concern

On August 27, 2014, the Financial Accounting

Standards Board issued Accounting Standards Update (“ASU”) 2014-05, Disclosure of Uncertainties about an Entity’s

ability to Continue as a Going Concern (“ASU 2014-05”), which requires management to assess a company’s ability

to continue as a going concern within one year from financial statement issuance and to provide related footnote disclosures in

certain circumstances.

The accompanying financial statements and

notes have been prepared assuming the Company will continue as a going concern.

During the year ended December 31, 2019, the Company

suffered from recurring losses from operations and negative cash flows from operations, resulting in a need for, among other things,

capital resources.

As of December 31, 2019, the Company had cash of $6,835 and disclosed that its ability to continue as a going

concern was predicated on the Company’s ability to raise capital and to sustain adequate working capital to finance its

In September 2020, the Company completed its initial public offering and raised $7,250,002 in gross proceeds and $6,207,502

in net proceeds, after deducting underwriting discounts and commissions and other offering expenses.

In December 2020, the Company

completed a follow-on offering and raised $26,400,000 in gross proceeds and $23,959,000 in net proceeds, after deducting underwriting

discounts and commissions and other offering expenses.

The Company met and exceeded those predications thus mitigating any substantial

doubt about the Company’s ability to continue as a going concern as defined by ASU 2014-05 and its ability to satisfy the

estimated liquidity needs for the twelve months from the issuance of the financial statements.

of December 31, 2020, the Company had cash of $28,660,375.

Significant Accounting Policies

The Company is developing a breast cancer immunotherapy focused

on preventing the recurrence of breast cancer following surgery.

Accounting Policies

of Presentation

accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States

of America (“GAAP”) and pursuant to the rules and regulations of US Securities and Exchange Commission (“SEC”).

accompanying financial statements are presented in conformity with accounting principles generally accepted in the U.S.

and pursuant to the rules and regulations of US Securities and Exchange Commission (“SEC”).

preparation of financial statements in conformity with U.S.

GAAP requires management to make estimates and assumptions that affect

the amounts reported in its financial statements and accompanying notes.

On an ongoing basis, management evaluates these estimates

and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management

believes to be reasonable under the circumstances.

By their nature, estimates are subject to an inherent degree of uncertainty

and, as such, actual results may differ from management’s estimates.

GAAP requires management to make estimates and assumptions that affect the

amounts reported in its financial statements and accompanying notes.

On an ongoing basis, management evaluates these estimates and judgments,

which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable

under the circumstances.

By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may

differ from management’s estimates.

consists primarily of deposits with commercial banks and financial institutions.

of Long-Lived Assets

Company reviews long-lived assets for impairment when events or changes in circumstances indicate the carrying value of the assets

may not be recoverable.

Recoverability is measured by comparison of the book values of the assets to future net undiscounted cash

flows that the assets or the asset groups are expected to generate.

If such assets are considered to be impaired, the impairment

to be recognized is measured by the amount by which the book value of the assets exceed their fair value, which is measured based

on the estimated discounted future net cash flows arising from the assets or asset groups.

No impairment losses on long-lived

assets have been recorded through December 31, 2020.

expense related to warrants and stock granted to employees and non-employees is measured at the grant date based on the estimated

fair value of the award and is recognized on a straight-line basis over the requisite service period.

Forfeitures are recognized

as a reduction of stock-based compensation expense as they occur.

Stock-based compensation expense for an award with a performance

condition is recognized when the achievement of such performance condition is determined to be probable.

If the outcome of such

performance condition is not determined to be probable or is not met, no compensation expense is recognized and any previously

recognized compensation expense is reversed.

Company reviews long-lived assets for impairment when events or changes in circumstances indicate the carrying value of the assets may

not be recoverable.

Recoverability is measured by comparison of the book values of the assets to future net undiscounted cash flows that

the assets or the asset groups are expected to generate.

If such assets are considered to be impaired, the impairment to be recognized

is measured by the amount by which the book value of the assets exceed their fair value, which is measured based on the estimated discounted

future net cash flows arising from the assets or asset groups.

No impairment losses on long-lived assets have been recorded through December

expense related to warrants and stock granted to employees and non-employees is measured at the grant date based on the estimated fair

value of the award and is recognized on a straight-line basis over the requisite service period.

Forfeitures are recognized as a reduction

of stock-based compensation expense as they occur.

Stock-based compensation expense for an award with a performance condition is recognized

when the achievement of such performance condition is determined to be probable.

If the outcome of such performance condition is not

determined to be probable or is not met, no compensation expense is recognized and any previously recognized compensation expense is

LIFESCIENCES, INC.

TO FINANCIAL STATEMENTS

Significant Accounting Policies (cont.)

and Development Costs

and development expenses are charged to operations as incurred.

Research and development expenses include, among other things,

salaries, costs of outside collaborators and outside services, and supplies.

Company’s income tax returns are based on calculations and assumptions that are subject to examination by the Internal Revenue

Research and development expenses include, among other things, salaries,

costs of outside collaborators and outside services, and supplies.

Company’s income tax returns are based on calculations and assumptions that are subject to examination by the Internal Revenue

Service and other tax authorities.

In addition, the calculation of tax liabilities involves dealing with uncertainties in the

application of complex tax regulations.

In addition, the calculation of tax liabilities involves dealing with uncertainties in the application

of complex tax regulations.

and Diluted Loss per Share

Company computes loss per share in accordance with Accounting Standards Codification (“ASC”) 260 —

ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the statements

of operations.

Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average

number of common shares outstanding (denominator) during the period.

Diluted EPS gives effect to all dilutive potential common

shares outstanding during the period using the treasury stock method and convertible notes payable using the if-converted method.

Diluted EPS excludes all dilutive potential shares if their effect is antidilutive.

During periods of net loss, all common stock

equivalents are excluded from the diluted EPS calculation because they are antidilutive.

of December 31, 2020, the Company has common stock equivalents related to warrants outstanding to acquire 100,869 shares of the

Company’s common stock.

As of December 31, 2019, the Company had no warrants.

of December 31, 2020, the Company has no common stock equivalents related to convertible preferred stock issued and outstanding.

As of December 31, 2019, the Company had common stock equivalents related to 1,520,937 shares of the Company’s common stock

issuable upon conversion of the Company’s Series A Preferred Stock, 129,267 shares of the Company’s common stock issuable

upon conversion of the Company’s Series B Preferred Stock, 66,575 shares of the Company’s common stock issuable upon

conversion of the Company’s Series C Preferred Stock, and 263,586 shares of the Company’s common stock issuable upon

conversion of the Company’s Series D Preferred Stock issued and outstanding.

Accounting Pronouncements

Company has evaluated the following recent accounting pronouncements through the date the financial statements were issued and

filed with the SEC and believes that none of them will have a material effect on the Company’s financial statements:

February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2016-02, “Leases:

Topic 842 (ASU 2016-02)”, to supersede nearly all existing lease guidance under GAAP.

would require lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets.

ASU 2016-02 is effective for the Company in the first quarter of its fiscal year ending December 31, 2019 using a modified retrospective

approach with the option to elect certain practical expedients.

The Company has no material leases, thus the adoption of

ASU 2016-02 will have no material impact on the Company’s financial statements.

May 2016, the FASB issued ASU 2016-12, Revenue from Contracts from Customers (Topic 606):

Narrow-Scope Improvements and Practical

The amendments in this update affect the guidance in ASU 2014-09.

The core principle of the guidance in Topic 606

is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that

reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

The amendments

in ASU 2016-12 do not change the core principle of the guidance in Topic 606, but instead affect only the narrow aspects noted

in Topic 606.

Topic 606 became effective for the Company on December 1, 2018.

The Company has no revenue, thus the adoption of

ASU 2016-12 will have no material impact on the Company’s financial statements.

LIFESCIENCES, INC.

TO FINANCIAL STATEMENTS

Significant Accounting Policies (cont.)

June 2018, the FASB issued ASU 2018-07, “Compensation-Stock Compensation (Topic 718):

Improvements to Nonemployee Share-Based

Payment Accounting,”

which modifies the accounting for share-based payment awards issued to nonemployees to largely align

it with the accounting for share-based payment awards issued to employees.

ASU 2018-07 is effective for us for annual periods

beginning January 1, 2019.

The Company evaluated ASU 2018-07 and determined that the adoption of this new accounting standard

did not have a material impact on the Company’s financial statements.

Company computes loss per share in accordance with Accounting Standards Codification (“ASC”) 260 — Earnings per Share.

ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the statements of operations.

Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of common shares

outstanding (denominator) during the period.

Diluted EPS gives effect to all dilutive potential common shares outstanding during the

period using the treasury stock method and convertible notes payable using the if-converted method.

Diluted EPS excludes all dilutive

potential shares if their effect is antidilutive.

During periods of net loss, all common stock equivalents are excluded from the diluted

EPS calculation because they are antidilutive.

of December 31, 2021 and 2020, the Company had common stock equivalents related to warrants outstanding to acquire 20,174 and 100,869

shares of the Company’s common stock, respectively.

of December 31, 2021 and 2020, the Company has no common stock equivalents related to convertible preferred stock issued and outstanding.

Related Party Transactions

expenses have been accrued and incurred by management, which total $ 164,327 as of December 31, 2021 and $ 59,367 as of December 31, 2020.

In October 2019, the Kenneth Hallock and Annette Hallock Revocable Trust loaned $200,000 to the Company and Eric Rothe,

a director of the Company, loaned $15,000 to the Company, both of which are payable on demand, are not secured, and do not incur

Kenneth Hallock, a director of the Company, is one of the Trustees of the Hallock Trust.

In 2018, the Kenneth Hallock

and Annette Hallock Revocable Trust loaned $100,000 to the Company that is payable on demand, not secured, and does not incur

In total, Snehal Patel, Company’s Chief Executive Officer and director, Eric Rothe, and the Kenneth Hallock and

Annette Hallock Revocable Trust have loaned capital to the Company that is payable on demand, is not secured, and does not incur

interest, which in the aggregate totals $275,154 as of December 31, 2020 and $635,154 as of December 31, 2019.

aggregate of $360,000 of the outstanding loan balance as of December 31, 2019 was paid off by the Company to the related parties.

LIFESCIENCES, INC.

TO FINANCIAL STATEMENTS

Related Party Transactions (cont.)

party payables to the Company’s officers and directors since January 1, 2010 total $12.0 million as of September 30, 2019.

Related party payables were decreased from $12.0 million to $0 and all of the Company’s 2,675,602 warrants were cancelled

on September 30, 2019, as all related party payables and all warrants were exchanged for an aggregate of 8,012,684 shares of the

Company’s common stock on September 30, 2019.

There are no related party payables as of December 31, 2020 and

December 31, 2019.

components of the Company’s deferred tax assets and liabilities were as follows:

In October 2019, the Kenneth Hallock and Annette Hallock Revocable Trust loaned $ 200,000 to the Company and Eric Rothe, a director of

the Company, loaned $ 15,000 to the Company, both of which are payable on demand, are not secured, and do not incur interest.

Hallock, a director of the Company, is one of the Trustees of the Hallock Trust.

In 2018, the Kenneth Hallock and Annette Hallock Revocable

Trust loaned $ 100,000 to the Company that is payable on demand, not secured, and does not incur interest.

In total, Snehal Patel, Company’s

Chief Executive Officer and director, Eric Rothe, and the Kenneth Hallock and Annette Hallock Revocable Trust have loaned capital to

the Company that is payable on demand, is not secured, and does not incur interest, which in the aggregate totals $ 275,154 as of December

31, 2020 and $ 635,154 as of December 31, 2019.

In 2020, an aggregate of $ 360,000 of the outstanding loan balance as of December 31, 2019

was paid off by the Company to the related parties.

Between January 1, 2021 and March 15, 2021, the Company paid off the remaining related

party loans of $ 155,154 and $ 120,000 to Snehal Patel and the Kenneth Hallock and Annette Hallock Revocable Trust, respectively.

party payables to the Company’s officers and directors since January 1, 2010 total $ 12.0 million as of September 30, 2019.

party payables were decreased from $ 12.0 million to $ 0 and all of the Company’s 2,675,602 warrants were cancelled on September

30, 2019, as all related party payables and all warrants were exchanged for an aggregate of 8,012,684 shares of the Company’s common

stock on September 30, 2019.

There are no related party payables as of December 31, 2020 and December 31, 2019.

components of the Company’s deferred tax assets and liabilities were as follows:

of Components of Deferred Tax Assets and Liabilities

Deferred tax assets:

1 unchanged sentence

Valuation allowance

Total deferred tax

( 1,860,276 )

( 1,039,177 )

Total deferred tax assets

federal income tax rate used for 2021 and 2020 was 21 %.

At December 31, 2020, the Company had federal net operating loss (“NOL”)

carryforwards of approximately $4.9 million that will expire in tax years up through 2037.

The NOLs generated in tax years

2018 and forward will carry forward indefinitely, but the deductibility of such federal net operating losses is limited.

and tax credit carryforwards may be further subject to the application of Section 382 of the Internal Revenue Code of 1986, as

amended (the “Code”), as discussed further below.

The Company has provided a valuation allowance to offset the deferred

tax assets due to the uncertainty of realizing the benefits of the net deferred tax asset.

Company’s issuances of common and preferred stock have likely resulted in ownership changes as defined by Section 382 of

At December 31, 2021, the Company had federal net operating loss (“NOL”) carryforwards of approximately $ 8.8

million that will expire in tax years up

through 2037 .

The NOLs generated in tax years 2018 and forward will carry forward indefinitely, but the deductibility of such federal net operating

losses is limited.

The NOL and tax credit carryforwards may be further subject to the application of Section 382 of the Internal Revenue

Code of 1986, as amended (the “Code”), as discussed further below.

The Company has provided a valuation allowance to offset

the deferred tax assets due to the uncertainty of realizing the benefits of the net deferred tax asset.

Company’s issuances of common and preferred stock have likely resulted in ownership changes as defined by Section 382 of the Code;

however, the Company has not conducted a Section 382 study to date.

It is possible that a future analysis may result

in the conclusion that a substantial portion, or perhaps substantially all of the Company’s NOL carryforwards and R&D

tax credit carryforwards will expire due to the limitations of Sections 382 and 383 of the Code.

As a result, the utilization

of the carryforwards may be limited and a portion of the carryforwards may expire unused.

It is possible that a future analysis may result in the conclusion

that a substantial portion, or perhaps substantially all of the Company’s NOL carryforwards and R&D tax credit carryforwards

will expire due to the limitations of Sections 382 and 383 of the Code.

As a result, the utilization of the carryforwards may be limited

and a portion of the carryforwards may expire unused.

Company is subject to U.S.

1 unchanged sentence

exist going back to 2010 that may be utilized on a current or future year tax return.

Commitments and Contingencies

and Contingencies

Obligation, Legal Expenses, and Manufacturing Agreements

Company entered into an exclusive license agreement with The Henry M.

Jackson Foundation (“HJF”) in April 2009, as

amended, pursuant to which it acquired exclusive marketing rights to GP2, the Company’s product candidate.

In consideration

for such licensed rights, the Company issued HJF 202,619 shares of the Company’s common stock valued at $0.267 per share,

which is amortized over 15 years at $3,607 per year.

Pursuant to the exclusive license agreement, the Company is required to pay

an annual maintenance fee, milestone payments and royalty payments based on sales of GP2 and to reimburse HJF for patent expenses

related to GP2.

The Company currently depends on third-party contract manufacturers for all required raw materials, active pharmaceutical

ingredients, and finished product candidate for the Company’s clinical trials.

payable includes accrued patent and license obligations to HJF, including accrued interest, plus accrued expenses for manufacturing

of GP2 for the upcoming Phase III clinical trial through purchase orders with Polypeptide Laboratories and Stratum Medical,

and legal expenses with Sheppard Mullin, which total $710,971 as of December 31, 2020 and $730,309 as of December 31,

LIFESCIENCES, INC.

TO FINANCIAL STATEMENTS

Commitments and Contingencies (cont.)

time to time, the Company may be involved in disputes, including litigation, relating to claims arising out of operations in the

normal course of business.

Any of these claims could subject the Company to costly legal expenses and, while management generally

believes that there will be adequate insurance to cover different liabilities at such time the Company becomes a public company

and commences clinical trials, the Company’s future insurance carriers may deny coverage or policy limits may be inadequate

to fully satisfy any damage awards or settlements.

If this were to happen, the payment of any such awards could have a material

adverse effect on the results of operations and financial position.

Additionally, any such claims, whether or not successful,

could damage the Company’s reputation and business.

The Company is currently not a party to any legal proceedings, the adverse

outcome of which, in management’s opinion, individually or in the aggregate, could have a material adverse effect on our

results of operations or financial position.

Stockholders’

2019, an aggregate total of 8,255,052 shares of the Company’s common stock were issued to retire all related party payables,

to cancel all warrants, and to compensate and incentivize management, directors, and consultants.

September 30, 2019, the board of directors (the “Board”) and stockholders of the Company adopted the Greenwich LifeSciences,

2019 Equity Incentive Plan setting aside and reserving 1,498,128 shares of common stock without any issuance of common stock

or options under the plan.

In addition, on September 30, 2019, the Board authorized the Company to enter into a lock-up/leak-out

agreement with its shareholders, the size of the Board was increased from three to five members, two new members were appointed

to the Board, $12 million of related party payables and 2,675,602 warrants were exchanged for 8,012,684 shares of the Company’s

common stock, and 155,433 shares of the Company’s common stock were issued upfront at no value in consideration for services

and 908,242 shares of the Company’s common stock were authorized to be issued at $2,037,000 value based on various vesting

schedules that start monthly vesting on October 1, 2019 and on the first day of each subsequent month.

of December 31, 2020, 379,425 shares of the 908,242 shares of the common stock grant had vested at approximately $853,706 value

and 528,817 shares remain unvested and unrecognized at approximately $1,189,838 value.

In 2020, 301,854 shares of the common stock

grant vested at approximately $677,988 value.

December 30, 2019, the Company issued a consultant 9,364 shares of the Company’s common stock for services rendered at approximately

$21,000 value.

to ASU 2018-07, “Compensation-Stock Compensation (Topic 718):

Improvements to Nonemployee Share-Based Payment Accounting,”

the Company’s warrants were valued using the Black-Scholes option pricing model.

Assumptions used in the valuation include

the following:

a) market value of stock on measurement date of $0.00;

b) risk-free rate of 0.49%;

c) volatility factor of 109%;

d) dividend yield of 0.00%.

Based on the valuation, the warrants had no value on the grant date of September 30, 2019.

addition, the Company modified the exercise price of all 2,675,602 warrants to $0 on the modification date of September 30, 2019,

and thus the Company exchanged the 2,675,602 warrants for 2,675,602 shares of the Company’s common stock at no value on

the modification date.

The warrants were valued using the Black-Scholes option pricing model.

Assumptions used in the valuation

include the following:

a) market value of stock on measurement date of $0.00;

b) risk-free rate of 0.49%;

c) volatility factor

d) dividend yield of 0.00%.

Based on the valuation, the modified warrants had no value on the modification date of September

Therefore, no incremental expense was recorded due to the modification.

June 22, 2020, the Company filed an amendment to its Amended and Restated Certificate of Incorporation, as amended (the “Certificate

of Incorporation”), to effectuate a 1-for-2.67 reverse stock split of the Company’s issued and outstanding common

and preferred stock.

No fractional shares were issued and any fractional shares resulting from the stock split were rounded up

to the nearest whole share.

All common and preferred stock share and per-share data and conversion or exercise price data for

applicable common stock equivalents included in these financial statements have been retroactively adjusted to reflect the reverse

Jackson Foundation (“HJF”) in April 2009, as amended,

pursuant to which it acquired exclusive marketing rights to GP2, the Company’s product candidate.

In consideration for such licensed

rights, the Company issued HJF 202,619 shares of the Company’s common stock valued at $ 0.267 per share, which is amortized over

15 years at $ 3,607 per year.

Pursuant to the exclusive license agreement, the Company is required to pay an annual maintenance fee, milestone

payments and royalty payments based on sales of GP2 and to reimburse HJF for patent expenses related to GP2.

The Company currently depends

on third-party contract manufacturers for all required raw materials, active pharmaceutical ingredients, and finished product candidate

for the Company’s clinical trials.

Company paid HJF an aggregate total of $ 434,732 in July 2021 related to annual maintenance fees and reimbursement of patent expenses.

Accounts payable includes accrued patent and license obligations to HJF, including accrued interest, plus accrued expenses for manufacturing

of GP2 for the upcoming Phase III clinical trial, which total $ 220,845 as of December 31, 2021 and $ 710,971 as of December 31, 2020.

time to time, the Company may be involved in disputes, including litigation, relating to claims arising out of operations in the normal

course of business.

Any of these claims could subject the Company to costly legal expenses and, while management generally believes that

there will be adequate insurance to cover different liabilities at such time the Company becomes a public company and commences clinical

trials, the Company’s future insurance carriers may deny coverage or policy limits may be inadequate to fully satisfy any damage

awards or settlements.

If this were to happen, the payment of any such awards could have a material adverse effect on the results of

operations and financial position.

Additionally, any such claims, whether or not successful, could damage the Company’s reputation

and business.

The Company is currently not a party to any legal proceedings, the adverse outcome of which, in management’s opinion,

individually or in the aggregate, could have a material adverse effect on our results of operations or financial position.

Stockholders’

September 30, 2019, the board of directors (the “Board”) and stockholders of the Company adopted the Greenwich LifeSciences,

2019 Equity Incentive Plan setting aside and reserving 1,498,128

shares of common stock without any issuance of

common stock or options under the plan.

of December 31, 2021, 673,017 shares of the 908,242 shares of the common stock grant had vested at approximately $ 1,514,288 value and

235,225 shares remain unvested and unrecognized at approximately $ 529,256 value.

In 2021, 293,592 shares of the common stock grant vested

at approximately $ 660,582 value.

As of December 31, 2020, 379,425 shares of the

908,242 shares of the common stock grant had vested at approximately $ 853,706 value and 528,817 shares remain unvested and unrecognized

at approximately $ 1,189,838 value.

In 2020, 301,854 shares of the common stock grant vested at approximately $ 677,988 value.

June 22, 2020, the Company filed an amendment to its Amended and Restated Certificate of Incorporation, as amended (the “Certificate

of Incorporation”), to effectuate a 1-for-2.67 reverse stock split of the Company’s issued and outstanding common and preferred

No fractional shares were issued and any fractional shares resulting from the stock split were rounded up to the nearest whole

All common and preferred stock share and per-share data and conversion or exercise price data for applicable common stock equivalents

included in these financial statements have been retroactively adjusted to reflect the reverse stock split.

LIFESCIENCES, INC.

TO FINANCIAL STATEMENTS

new equity was raised in 2019.

Public Offering (IPO)

September 25, 2020, the Company completed its initial public offering (the “IPO”) pursuant to which it issued and

sold 1,260,870 shares of its common stock at a public offering price of $5.75 per share for gross proceeds of $7,250,002 and net

proceeds of $6,207,502, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which

totaled $1,042,500.

In addition, the Company granted the underwriters a 45-day option to purchase up to 189,130 additional shares

of common stock at the public offering price, less offering expenses, to cover over-allotments, if any.

September 29, 2020, in connection with the completion of the IPO, the Company converted all of the outstanding shares of Series

A Preferred Stock into an aggregate of 1,520,937 shares of common stock, all of the outstanding shares of Series B Preferred Stock

into an aggregate of 129,267 shares of common stock, all of the outstanding shares of Series C Preferred Stock into an aggregate

of 66,575 shares of common stock and all of the outstanding shares of Series D Preferred Stock into an aggregate of 305,990 shares

of common stock upon the closing of the IPO, which included the issuance of an aggregate of 42,404 additional shares of common

stock upon the issuance and conversion of an additional 42,404 shares of Series D Preferred Stock issuable in connection with

the IPO as a result of the anti-dilution protection set forth in the Company’s Certificate of Incorporation;

the IPO price of $5.75 per share.

September 29, 2020, in connection with the completion of the IPO, the Board and stockholders of the Company approved the Company’s

Second Amended and Restated Bylaws and the filing of the Company’s Second Amended and Restated Certificate of Incorporation

with the Delaware Secretary of State which authorizes the Company to issue 100,000,000 shares of common stock with a par value

of $0.001 per share and 10,000,000 shares of preferred stock with a par value of $0.001 per share.

In addition, on September 29,

2020, the Company entered into an employment agreement with Snehal Patel pursuant to which Mr.

Patel will serve as the Company’s

Chief Executive Officer as described in the Company Current Report on Form 8-K filed with the SEC on October 1, 2020.

December 22, 2020, the Company completed a follow-on offering pursuant to which it issued and sold 660,000 shares of its common

stock at a public offering price of $40.00 per share for gross proceeds of $26,400,000 and net proceeds of $23,959,000, after

deducting underwriting discounts and commissions and offering expenses borne by the Company, which totaled $2,441,000.

the Company granted the underwriters a 45-day option to purchase up to 99,000 additional shares of common stock at the public

offering price, less offering expenses, to cover over-allotments, if any.

September 25, 2020, the Company completed its initial public offering (the “IPO”) pursuant to which it issued and sold 1,260,870

shares of its common stock at a public offering price of $ 5.75 per share for gross proceeds of $ 7,250,002 and net proceeds of $ 6,207,502 ,

after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totaled $ 1,042,500 .

the Company granted the underwriters a 45-day option to purchase up to 189,130 additional shares of common stock at the public offering

price, less offering expenses, to cover over-allotments, if any.

September 29, 2020, in connection with the completion of the IPO, the Company converted all of the outstanding shares of Series A Preferred

Stock into an aggregate of 1,520,937 shares of common stock, all of the outstanding shares of Series B Preferred Stock into an aggregate

of 129,267 shares of common stock, all of the outstanding shares of Series C Preferred Stock into an aggregate of 66,575 shares of common

stock and all of the outstanding shares of Series D Preferred Stock into an aggregate of 305,990 shares of common stock upon the closing

of the IPO, which included the issuance of an aggregate of 42,404 additional shares of common stock upon the issuance and conversion

of an additional 42,404 shares of Series D Preferred Stock issuable in connection with the IPO as a result of the anti-dilution protection

set forth in the Company’s Certificate of Incorporation;

based upon the IPO price of $ 5.75 per share.

September 29, 2020, in connection with the completion of the IPO, the Board and stockholders of the Company approved the Company’s

Second Amended and Restated Bylaws and the filing of the Company’s Second Amended and Restated Certificate of Incorporation with

the Delaware Secretary of State which authorizes the Company to issue 100,000,000 shares of common stock with a par value of $ 0.001 per

share and 10,000,000 shares of preferred stock with a par value of $ 0.001 per share.

In addition, on September 29, 2020, the Company

entered into an employment agreement with Snehal Patel pursuant to which Mr.

Patel will serve as the Company’s Chief Executive

Officer as described in the Company Current Report on Form 8-K filed with the SEC on October 1, 2020.

December 22, 2020, the Company completed a follow-on offering pursuant to which it issued and sold 660,000 shares of its common stock

at a public offering price of $ 40.00 per share for gross proceeds of $ 26,400,000 and net proceeds of $ 23,959,000 , after deducting underwriting

discounts and commissions and offering expenses borne by the Company, which totaled $ 2,441,000 .

In addition, the Company granted the

underwriters a 45-day option to purchase up to 99,000 additional shares of common stock at the public offering price, less offering expenses,

to cover over-allotments, if any.

January 29, 2021, the underwriter exercised its option to purchase 70,000 additional shares of common stock at the public offering price

of $ 40.00 per share for gross proceeds of $ 2,800,000 and net proceeds of $ 2,548,000 , after deducting underwriting discounts and commissions

and offering expenses borne by the Company, which totaled $ 252,000 .

to the IPO, there were no outstanding warrants to purchase shares of common stock accounted for as equity or liabilities.

September 25, 2020, in connection with the IPO, the underwriter, Aegis Capital Corp., was issued a warrant to purchase 100,870

shares of common stock, representing 8% of the number of shares sold in the IPO, excluding the over-allotment option.

will be exercisable at any time and from time to time, in whole or in part, during a period commencing March 24, 2021 and expiring

September 25, 2020, in connection with the IPO, the underwriter, Aegis Capital Corp., was issued a warrant to purchase 100,870 shares

of common stock, representing 8 % of the number of shares sold in the IPO, excluding the over-allotment option.

The warrants will be exercisable

at any time and from time to time, in whole or in part, during a period commencing March 24, 2021 and expiring September 24, 2025 .

warrants will be exercisable at a price equal to $ 7.1875 per share, which represents 125 % of the public offering price per share of common

stock sold in the IPO.

In the event that a registration statement registering the common stock underlying the warrants is not effective,

the warrants may be exercised on a cashless basis.

If the warrants are exercised for cash within the first six months of the period in

which they are exercisable, the exercise price will be equal to 97 % of 125% of the public offering price or $ 6.9718 per share.

October 19, 2021, the underwriter warrants were partially exercised resulting in the issuance of 80,696 shares of common stock and gross

proceeds to the Company of $ 562,596 .

December 31, 2021, outstanding warrants to purchase shares of common stock accounted for as equity or liabilities were as follows with

an aggregate intrinsic value as of December 31, 2021 of $ 345,833 based on the December 31, 2021 closing share price of $ 24.33 :

Schedule of Outstanding Warrants

Shares Underlying

September 24, 2025

The warrants will be exercisable at a price equal to $7.1875 per share, which represents 125% of the public

offering price per share of common stock sold in the IPO.

In the event that a registration statement registering the common stock

underlying the warrants is not effective, the warrants may be exercised on a cashless basis.

If the warrants are exercised for

cash within the first six months of the period in which they are exercisable, the exercise price will be equal to 97% of 125%

of the public offering price or $6.9718 per share.

December 31, 2020, outstanding warrants to purchase shares of common stock accounted for as equity or liabilities were

as follows with an aggregate intrinsic value as of December 31, 2020 of $2,953,726 based on the December 31, 2020 closing

share price of $36.47:

warrants are exercisable at any time and from time to time, in whole or in part, during a period commencing March 24, 2021 and expiring

September 24, 2025 .

warrants are exercisable at any time and from time to time, in whole or in part, during a period commencing March 24, 2021

and expiring September 24, 2025.

The exercise price of the warrants is $7.1875 per share or $6.9718 per share if the warrants

are exercised for cash within the first six months of the period in which they are exercisable.

Subsequent Events

January 29, 2021, the underwriter exercised its option to purchase 70,000 additional shares of common stock at the public offering

price of $40.00 per share for gross proceeds of $2,800,000 and net proceeds of $2,548,000, after deducting underwriting discounts

and commissions and offering expenses borne by the Company, which totaled $252,000.

January 1, 2021 and March 15, 2021, the Company paid off the

remaining related party loans of $155,154 and $120,000 to Snehal Patel and the Kenneth Hallock and Annette Hallock Revocable Trust,

respectively.

aggregate of 73,356 shares of common stock were vested in January, February, and March 2021 in consideration for services rendered.

The exercise price of the warrants is $ 7.1875 per share or $ 6.9718 per share if the warrants are exercised for

cash within the first six months of the period in which they are exercisable.

January 23, 2022, the Board of Directors authorized the Company’s management to implement a stock repurchase program for up to

million of the Company’s common stock at

The term of the Board of Directors authorization of the repurchase program is until March 31, 2023.

The repurchase program

may be suspended or discontinued at any time and will be funded using the company’s working capital.

As of March 15, 2022,

approximately 269,828 shares of the Company’s common stock

has been repurchased at a purchase price, including all transactions costs, of approximately $ 5,513,711 .

March 15, 2022, the Board of Directors indefinitely suspended the Company’s stock repurchase program.

January 23, 2022, the Board of Directors extended the lock-up of the shares owned by the Company’s directors, officers, and existing

pre-IPO investors to March 24, 2023 (30 months from date of the Company’s IPO) from March 24, 2022 (18 months from date of the

Company’s IPO).

During this period, current officers, directors and certain shareholders will not be able to sell their shares

of the Company’s common stock unless otherwise modified by the Board of Directors.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures