NASDAQ: XHLD

Our
mission is to deliver top-tier planning, production, and broadcasting services for virtual, hybrid and physical events. Our goal is to
become a global leader in innovative virtual events that enhance engagement and connectivity, making impactful and memorable experiences
accessible to all.

Our
Industry

We
mainly compete in the webcasting industry. We believe the barriers to entry into the domestic and global webcasting industry are high,
including, among other things, technological, talent, financial and regulatory and localization barriers. The technological barrier must
be overcome, because new entrants need to make substantial upfront financial investment to develop a web-streaming platform that satisfies
customers’ expectations and is comparable to our platform. Such a web-streaming platform is expected to enable engagement of event
attendees, provide positive attendee experience, and feature technological interoperability, scalability, and reliability. We estimate
that it would require a capital investment ranging from approximately $5.0 million to $7.0 million and we estimate that it would take
a minimum of five years to complete the development of a platform that is comparable to ours. To address the talent barrier, new entrants
need to engage talents with expertise for live event planning, webcasting production, software development, and other relevant positions.
In addition to the financial hurdles intrinsic to the technological barrier, the financial barrier requires significant financial resources
to conduct continuous research and development to build, maintain, and upgrade the technology and infrastructure required for the provision
of webcasting services. Lastly, the regulatory and localization barriers may be prohibitive for new entrants, as they may need to satisfy
various regulatory requirements when they endeavor to enter into this industry and provide localized services when they penetrate a new
market area, especially when such new entrants aim to operate across global regions.

We
believe the domestic and global webcasting industry is highly competitive. Such competitive factors include technology, product quality,
price level, brand recognition, and customer support. We face competition from many large and small companies, which include, but are
not limited to, Zoom, ON24, GlobalMeet, Cvent, Bizzabo, and Meeting Tomorrow. Existing and new market entrants, particularly established
companies with greater resources than we have, that provide technologies to improve communication and engagement technologies or platforms,
such as artificial intelligence and machine learning, could also increase the level of competition in the market.

Virtual
and hybrid events allow for greater flexibility and wider reach than traditional in-person events, and may, therefore, be seen as more
environmentally sustainable and cost-effective compared to traditional in-person events, and we believe they have become more accepted
and widely adopted in the post-COVID-19 era. While it is difficult to ascertain how demand will evolve, we expect that future webcasting
services will shift towards (i) enhanced event attendee interactivity, engagement and networking opportunities; (ii) integration of emerging
technologies, such as artificial intelligence, machine learning, and augmented reality technologies; (iii) adoption of advanced data
analytics to measure event success, understand attendee behavior, and improve future events; (iv) accessibility to global audiences without
geographical limitations; and (v) greater customization and flexibility of webcasting solutions.

2

Our
Competitive Strengths

We
believe the following competitive advantages are essential for our success and differentiate us from our competitors.

Proprietary
Webcasting and Event Management Platform

Our
ability to deliver quality event planning, production, and broadcasting services depends on our proprietary webcasting and event management
platform, namely, our Xyvid Pro platform. Our platform possesses the following features: (i) professional audio-visual production, broadcast
and presentation; (ii) customizable event designs that include, but are not limited to, a tailor-made attendee registration system, email
communications, and a web panel for virtual events; (iii) an interoperable platform that is able to integrate and deliver event content
to various devices, including Windows, Mac, iOS, and Android, because Xyvid Pro platform is a web-based application that does not require
a software download and is accessible through any modern browser such as Chrome, Edge, Safari, or Firefox, or Brave; (iv) scalable infrastructure
that supports events of various sizes, from a few attendees to tens of thousands of global audiences, assisted by captioning and transcription
services for 109 different languages; and (v) event attendee interactivity and engagement tools that are designed to keep attendees engaged
through polling, surveys, integration of social media feeds, and other engagement tools. For further details on our platform, see “Our
Services – Virtual and Hybrid Events.” In addition to these features, our Company is committed to continuously improving
our platform’s capabilities and meeting evolving customer needs, by conducting research and development. For our research and development
efforts, see “Research and Development.”

Event
Production Experience and Expertise

We
started operating our business in May 2011 and have accumulated over a decade of event planning, production, and broadcasting experience.
Our virtual and hybrid events include a wide range of events, including conferences, marketing events, product launches, trainings, investor
and shareholder meetings. Our virtual and hybrid events also include continuing education in the form of live or asynchronous learning,
and we will track learners’ qualifications, and generate certificates for learners when the stipulated requirements are met. Our
physical events involve live-streaming and video recording of physical events, video editing and production, and a custom on-demand video
library for finished video content to be viewed and downloaded. Our Company has the experience and expertise to deliver a broad spectrum
of events, as well as networking, communication and learning experiences customizable to each customer’s needs.

Dedicated
Customer Service

Our
Company selects and assigns a dedicated team to each customer to provide professional guidance and support throughout the provision of
our services. We carefully assess each customer’s needs and offer varying levels of guidance and support tailored to our customers’
capabilities and expertise on event production, from sharing insights in training sessions to fully managing customers’ events.
We provide troubleshooting and technical support to both our customers and attendees during the events. Due to our dedication to providing
quality service and supporting our customers, we believe that we have cultivated a loyal customer base.

Experienced
Management Team

Our
management team has extensive industry and management experience, which reaches approximately 20 years on average for each member. The
management team has accumulated comprehensive knowledge in business management, sales, marketing, accounting and finance, and various
other matters.

Our
Services

We
generate revenue from the provision of virtual, hybrid, self-service and physical events. Virtual, hybrid and self-service events could
involve virtual and hybrid event planning, production and broadcasting services, and continuing education services, all of which are
supported by our proprietary Xyvid Pro platform and TEN Pro platform. Physical events mainly involve live streaming and video recording
of physical events. During the fiscal year ended December 31, 2025, most of our revenue was generated from virtual and hybrid events.
Our virtual and hybrid events and physical events include a variety of event types, collectively, including on-site studio broadcasts,
hybrid events from in-person locations, fully virtual webcam-based events, simulated live events (pre-recorded content played back at
a scheduled time), and asynchronous video-on-demand events.

3

Virtual
and Hybrid Events

Our
virtual and hybrid events include various event purposes, such as conferences, marketing events, product launches, training, and investor
and shareholder meetings. During the fiscal year ended December 31, 2025, we supported approximately 248 events that collectively attracted
approximately 525,812 attendees.

Our
virtual and hybrid events are enabled by our Xyvid Pro & TEN Pro platforms, which are internet-based broadcast platforms with interactive
engagement tools designed to provide web broadcast audiences with a dynamic, interactive, and engaging virtual event experience.

Images
of examples of our virtual and hybrid event portals

4

Our
virtual and hybrid events can be tailored to satisfy each customer’s requirements based on their capabilities and levels of expertise.
We can serve customers with high levels of experience and in-house production capabilities by sharing our insights on event management,
providing tools and resources to enhance customers’ existing event production processes, and offering other related services as
needed. We can also serve customers with limited experience with virtual and hybrid events by providing full-range services on event
planning, event design, event content creation, event management, technical support, and post-event reporting.

Our
virtual and hybrid events also include continuing education services for customers, especially companies in professionally licensed industries.
Our continuing education services enable live and asynchronous learning, tracking learners’ qualifications, and can implement specific
criteria measured to ascertain passage or failure, learners’ watch-time, live polling data and scoring, and generate certificates
for learners when the stipulated requirements are met.

We
charge service fees for providing our virtual and hybrid events. Our fees are primarily determined based on event duration, event complexity,
event time, anticipated number of attendees, and customization requirements. For the years ended December 31, 2025 and 2024, the revenue
generated from virtual and hybrid events was approximately $2.7 million and $3.2 million, respectively, accounting for approximately
88.2% and 91.9% of our total revenue, respectively.

Physical
Events

Our
physical events started in the fiscal year ended December 31, 2023 as a result of our corporate restructuring. For details on our corporate
restructuring, please see “Corporate History and Structure.” Our physical events include live streaming and video recording
of physical events, video editing and production, and a custom on-demand video library for finished video content to be viewed and downloaded.

Images
of examples of our delivered physical events

5

We
charge service fees for providing our physical events. Our fees are primarily determined based on event duration, event time, anticipated
number of on-site technicians, and customization requirements. For the years ended December 31, 2025 and 2024, the revenue generated
from physical events was approximately $0.4 million and $0.3 million, respectively, accounting for approximately 11.8% and 8.1% of our
total revenue, respectively.

Our
Customers

Our
customers represent a diverse range of industries, mainly including professional services firms, technology firms, healthcare organizations,
educational institutions, marketing and advertising agencies, as well as nonprofits and associations. Our customers are of various sizes,
including early-stage companies looking to establish their brand and reach a broader audience through virtual and hybrid events, small
and medium-sized enterprises seeking to expand their market presence and engage with stakeholders through cost-effective event solutions,
large enterprises often requiring complex, large-scale event solutions to connect with global audiences, and multinational corporations
that require scalable and robust event solutions to manage multiple events across different regions.

Our
arrangements with our customers generally include the following three types: (i) a master service agreement supplemented by purchase
orders for specific events; (ii) an event bundle contract where a customer prepays for a certain number of events to be delivered; and
(iii) engagement on an event-by-event basis. For the years ended December 31, 2025 and 2024, we had approximately 40 and 33 customers,
respectively, among which, one customer independently accounted for more than 10% of our total revenue, accounting for approximately
66.7% and 64.6% of our total revenue, respectively. Such largest customer is not our related party.

According
to the master service agreement that we entered into with our largest customer on August 7, 2018, we will make our services available
to the customer and both parties will enter into purchase orders or statements of work of specific projects or events, which will specify
the term start date and end date, fees, any configuration, training and other services to be provided by the Company. Upon execution
by both parties, each purchase order or statement of work will form a part of the master service agreement. Either party may propose
changes to a statement of work and such proposed changes will not bind either party unless and until they have been agreed upon in writing.
The customer has the right to terminate the agreement for its convenience upon thirty days’ prior written notice, and we may terminate
the agreement upon thirty days’ prior written notice if the parties are unable to resolve disputes relating to non-payment by the
customer. Although the master service agreement contains “software-as-a-service” (SaaS) in the heading, the services outlined
in the purchase orders and actually provided by the Company do not include any SaaS offerings.

We
seek to sustain customer relationships through offering personalized solutions tailored to specific customer needs, providing timely
customer support, enhancing customer experience, offering competitive pricing, and maintaining regular and effective communications with
customers. We believe that we have cultivated a loyal customer base. For the year ended December 31, 2025, nine of our top ten customers,
in terms of our revenue, were repeat customers.

6

Our
Suppliers

Our
major suppliers include cloud service providers, audio-visual equipment manufacturers, and software vendors. For example, during the
year ended December 31, 2025, we engaged third-party service providers to facilitate accreditation in our continuing education services,
provide studio equipment and host hybrid events, and we engaged independent subcontractors to attend live in-person events and facilitate
the production and recording process for approximately 50 physical events.

For
the years ended December 31, 2025 and 2024, one supplier (Azure) independently accounted for more than 10% of our total purchases, accounting
for approximately 12.6% of our total purchases in 2025 and 17.9% of our total purchases in 2024. Such largest supplier is a cloud hosting
Platform as a Service (PaaS) that is essential for our platform’s accessibility. Other than our largest supplier that accounted
for more than 10% of our total purchases, we do not rely heavily on any of the remaining suppliers to provide core services to our customers,
and, in the event that we lose any of those suppliers, we believe that we will be able to find a replacement of appropriate service capacity
at reasonable costs, due to the low concentration and high competitiveness of the services provided by those suppliers.

Sales
and Marketing

We
promote our business and engage with potential customers through various offline and online channels. The main offline channels we use
to identify and obtain business opportunities include participation in industry conferences, trade shows, and networking events, such
as Event Tech Live, Streaming Media East, NIRI Annual Conference, as well as referrals from existing customers. The main online channels
we utilize include social media marketing on platforms, such as LinkedIn, Twitter, Facebook, and Instagram, online content publications,
such as blogs and case studies, targeted email marketing, online advertising campaigns, and corporate website customization for search
engines.

Our
sales strategies focus on leveraging multiple sales channels and personalized approaches to attract and retain customers. Our sales strategies
are determined by the sales management team in collaboration with the executive leadership team. This collaborative approach is designed
to ensure that the sales strategies align with overall business goals, market trends, and customer needs. To design our sales strategies,
the sales management team conducts market analysis, gathers customer feedback, and monitors industry developments to inform their decisions.
The sales strategies are reviewed and approved by the executive leadership team to ensure consistency with our long-term objectives and
growth plans. Our sales strategies are reviewed and adjusted on a regular basis in accordance with market changes, customer feedback,
industry trends, and evolving business goals.

We
offer a variety of promotional programs to attract and retain customers. These programs include discounts for first-time customers, volume-based
discounts for long-term or high-volume contracts, rebates on multi-year agreements, special promotions during industry events and seasonal
campaigns, as well as referral incentives for customers who bring in new customers. These promotional programs are designed to provide
value and flexibility to our customers, enhancing their overall experience with our Company.

Growth
Strategies

We
plan to further develop our business through the following growth strategies.

Increasing
Business Growth Efforts

We
plan to promote our future business growth by strengthening customer relationships, improving customer loyalty, and increasing our marketing
and sales efforts with additional investment in digital marketing and sales team expansion.

7

Enhancing
Technology and Innovation

In
the fourth quarter of 2025, we entered a technical partnership with webinar.net, an Xcyte Digital company, to bring to market our next-generation
webcasting platform, TEN Pro. TEN Pro offers numerous improvements over our prior Xyvid Pro platform, including AI-based live captioning
and translation, enhanced user experience and ease of use, advanced continuing education capabilities, an on-demand editing lab, and
1080p live streaming with reduced latency. TEN Pro also positions us to enter the webcasting platform software-as-a-service market due
to its focus on usability.

We
plan to incorporate more emerging technologies to enhance our TEN Pro platform. For example, in the first quarter of 2026 we expanded
our AI based captioning and translation from 8 to over 70 languages, as well as introducing a speech to text feature where global audience
members can hear the translation as opposed to needing to split their focus between reading the live transcript and the presentation
content. We also will be incorporating AI-based Business Intelligence capabilities allowing the customer to craft their own custom reports
and metrics dashboards. Using AI, the platform will analyze your event for the highlights and generate short form clips for use in social
media campaigns. Generative AI capabilities will be leveraged to provide a summary of what you missed if you attend late, and a complete
recap will be available post event.

In
addition, our business model is predominantly service based as of the date of this Annual Report. We plan to integrate a PaaS model over
the next few years. This strategy will involve offering our platform as a subscription-based service, enabling customers to leverage
our technology independently. We believe this shift will allow us to cater to a broader range of customers and drive recurring revenue
streams. As of the date of this Annual Report, we are in the development phase of our PaaS offering.

Diversifying
Service Offerings

Our
key differentiator has historically been our fully managed services. We primarily produce virtual and hybrid events but also provide
physical event services. In the fourth quarter of 2025, we diversified our service offerings by introducing TEN Pro, a self-service webcasting
platform designed for enterprise customers seeking to manage their own events on a subscription basis. Additionally, we provide managed
services in conjunction with a TEN Pro license to further support our customers throughout the year.

Making
Strategic Investments and Acquisitions

We
plan to identify, invest in, partner with, and acquire appropriate businesses that offer complementary advantages to our business, thereby
improving overall competitiveness and sustaining growth. As of the date of this Annual Report, we have not identified, nor have we engaged
in any material discussions regarding any potential target subject to such acquisitions or investments.

Research
and Development

We
are committed to continuously improving our platform’s capabilities, expanding our service offerings to customers, and meeting
evolving customer needs, by conducting research and development. Our research and development projects typically span six to 18 months,
depending on their complexity and scope. We incurred $1.0 million and $0.1 million in research and development expenses for the years
ended December 31, 2025 and 2024, respectively. We conduct all research and development activities in-house, ensuring alignment with
our strategic goals and maintaining control over the innovation process, and have approximately two research and development specialists,
as of the date of this Annual Report.

Our
research and development efforts are guided by the stages of product development and the software development life cycle. The product
team within the development department leads the early stages of ideation and planning, to ensure that our research and development projects
are aligned with business objectives and customer requirements and are properly detailed with product requirements. The product team
then presents the research and development proposals to our management team for approval. Upon approval, the projects move into the development
stage, where the development staff takes over the technical requirements and development efforts. Once development is complete, the projects
undergo qualification with the quality assurance team within the development department, which process includes initial technical testing
and user acceptance testing. The product team then conducts further user acceptance testing to validate the products and to determine
whether (i) the products meet customer needs, (ii) the messaging and pricing is aligned to communicate value, and (iii) the Company is
prepared to sell, deliver, manage, and support the products. Following successful validation, we will prepare to launch the products
onto the market.

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Our
research and development efforts are focused on integrating emerging technologies, such as artificial intelligence, developing features
that offer superior attendee experiences, enhancing attendee engagement, and providing robust data analytics. Our research and development
efforts are undertaken to deliver long-term benefits, such as enhancing our competitive edge, and ensuring our long-term growth and sustainability.

Intellectual
Property

As
of the date of this Annual Report, we have registered the following intellectual properties: ten domain names, including tenevents.com,
theeventsnetwork.com, theeventsnetworks.com, tenholdingsinc.com, teneventsproductions.com, tenevents.link, tenevents.net, tenevents.org,
tenevents.co, and teneventsmarketing.com. In addition, as of the date of this Annual Report, we have received certificates of approval
for two trademarks, TEN Holdings and TEN Events.

We
seek to protect our intellectual property rights by relying on intellectual property laws and on contractual measures. It is our general
practice to enter into confidentiality agreements with our customers, in order to protect our intellectual property rights and limit
access to our confidential and proprietary information. In addition to these contractual measures, we also rely on a combination of our
registered domain names and other intellectual property that we may acquire to protect our brand and our intellectual property.

Employees

We
strive to attract, recruit, and retain talent through our compensation and benefit programs and learning and development opportunities
that support career advancement.

We
believe the attraction, development and retention of skilled professionals contribute to our long-term success. To attract talent, we
endeavor to offer competitive compensation packages. In addition to cash compensation, we offer complementary benefits, including performance-based
bonuses, medical, dental and vision benefits plans, and 401k retirement plans. We focus on several key criteria when selecting team members,
including (i) relevant experience in platform development, particularly in the events webcast or related industries, (ii) technical skills
in software development, data analytics, artificial intelligence, and cybersecurity, (iii) alignment with our values, mission, and collaborative
work culture, and so on. We prioritize employee development and continuous learning through training programs, guided career progression
paths, and mentorship. For employee retention, we focus on employee engagement with team-building activities, flexible work options,
and an inclusive corporate culture.

Our
subsidiary, TEN Events, enters into employment agreements with each of the employees. There is no collective bargaining agreement that
covers our employees. During the fiscal year ended December 31, 2025, we did not experience any interruptions of operations or work stoppages
due to labor disagreements or disputes. We strive to maintain positive labor relations through open communication and proactive conflict
resolution measures.

As
of December 31, 2025, we had a headcount of 25 full-time employees. The tables below present the number of our employees by type, function,
and location for the fiscal year ended December 31, 2025.

Number
of employees by Type

Fiscal
year of

Full-time

Part-time

Contract

2025

25

0

0

Number
of employees by Function

Fiscal
year of

Management
and

Administration

Shared
Service

(Finance/IT)

Sales
and

Marketing

Development

2025

15

2

6

2

Number
of employees by Location

Fiscal
year of

California

Colorado

North
Carolina

Pennsylvania

2025

3

1

1

20

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Insurance

We
maintain certain insurance policies to safeguard against risks and unexpected events. For example, we have liability insurance that covers
the risks against cybersecurity claims, commercial general liability, automobile liability and umbrella coverage. Each insurance coverage
category is subject to limitations as provided by the insurance policies. We believe our current insurance coverage is adequate for our
business requirements and is consistent with customary industry practice. We renegotiate and renew our insurance contracts annually.
We do not anticipate any difficulty in renewing contracts we currently maintain on the same terms. We have purchased the directors’
and officers’ liability insurance. During the fiscal year ended December 31, 2025, we did not make any material insurance claims
in relation to our business.

Seasonality

Our
business is generally subject to seasonal fluctuations. We usually generate more revenue in the last month of each calendar quarter.
We believe that such seasonality is mainly because larger corporations tend to organize their major internal gatherings or communications
toward the end of calendar quarters, when their operating results may then be available for broader discussion.

Regulations

Streaming
and Video Services Laws and Regulations

We
operate in the regulated livestreaming and video services industry. A number of U.S. federal, state, and international laws and regulations
affect our business. The regulatory bodies that regulate our business include the Federal Trade Commission, the U.S. patent and trademark
office, state consumer protection agencies, and international regulatory bodies. We may be subject to compliance audits by certain of
these authorities.

The
livestreaming aspect of our business is subject to the U.S. regulations on vulnerable population protections, such as the Rehabilitation
Act of 1973 and the Americans with Disabilities Act (the “ADA”). Under these regulations, we are required to provide “auxiliary
aids” to individuals with disabilities, which may include captions and audio descriptions. We currently provide captions and subtitles
during our streaming process upon clients’ request and believe that we fully comply with the ADA. We do not have control over the
content being streamed, however, as the events streamed are made available on-demand by our clients. We cannot provide any assurance
that our business will not violate streaming content-related regulations in the future. Such violations, were they to occur, could lead
to third-party claims and could materially and adversely affect our business, financial condition, and results of operations. In addition,
our livestream business is subject to the Protecting Lawful Streaming Act of 2020. We may face criminal penalties if we willfully, and
for commercial advantage or private financial gain, illegally stream copyrighted material.

Information
Security and Intellectual Property Regulations

There
are numerous federal, state, local, and international laws and regulations regarding intellectual property, privacy, data protection,
information security, and the storing, collection, sharing, use, processing, transferring, disclosure, and protection of personal information
and other content. The scope of these regulations is changing, subject to differing interpretations, and may be inconsistent among countries
or conflict with other rules.

For
instance, in the U.S., the Federal Trade Commission has jurisdiction to investigate and enforce our compliance with certain U.S. regulations,
including the Children’s Online Privacy Protection Act, which regulates the collection and use of personal information from children
under the age of 13. The Electric Communications Privacy Act governs our electronic communications, mandating the protection and privacy
of such data. California and other U.S. states have also enacted state specific privacy laws and those laws may include civil penalties,
private rights of action, and other remedies, if and when applicable to a business.

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When
we engage with non-U.S. users, we may be subject to international information security regulations such as the General Data
Protection Regulation (the “GDPR”) in the European Union (“EU”), which went into effect in May 2018. The
GDPR imposes stringent data protection requirements and provides greater penalties for noncompliance than previous data protection
laws, including potential penalties of up to €20 million or 4% of the violator’s annual global revenue. Following Brexit,
although the United Kingdom enacted its Data Protection Act in May 2018 to align with the GDPR, there remains uncertainty regarding
how data transfers to and from the United Kingdom will be regulated. In Canada, the Personal Information Protection and Electronic
Documents Act may apply to us if we engage with local users.

We
strive to comply with the applicable U.S. laws, regulations, policies, and other legal obligations relating to information security to
the extent applicable to our business and as practical. We plan to adhere to international laws, regulations, policies, and other legal obligations related to information
security when and if we expand our operations outside the U.S. As of the date of this Annual Report, we have implemented internal policies,
including an information security policy and a privacy policy, to comply with the information security regulations that we believe are
applicable to us. Our information security policy sets out our measures for network security, such as dual authentication, network vulnerability
scanning, spam filtering tools, web filtering, access control, and incident response. This policy also establishes an extended incident
response team and a core incident response team. Our information security policy is periodically reviewed and updated by our internal
technical personnel. Our privacy policy regulates applicable information we collect (for instance, name, address, email address, phone number)
and how we may use it. According to our privacy policy, we will not sell or otherwise disclose personal information of our webcast visitors.
However, we may share information provided by our visitors with the clients hosting the webcast event and service providers we have retained
to perform services on our behalf. See “Item 1. Business.” Under such circumstances, these service providers are contractually
restricted from using or disclosing information except as necessary to perform services on our behalf or to comply with legal requirements.
Additionally, we may disclose information about our clients (i) if we are required to do so by law or legal process, (ii) to law enforcement
authorities or other government officials, or (iii) when we believe disclosure is necessary or appropriate to prevent physical harm or
financial loss or in connection with an investigation of suspected or actual illegal activity. Our privacy policy also specifies that
we will not collect information from minors who are under 13. We periodically evaluate and update our privacy policy.

The
regulatory framework for information security worldwide is, and is likely to remain for the foreseeable future, uncertain, and it is
possible that these or other actual or alleged obligations may be interpreted and applied in a manner that is inconsistent from one jurisdiction
to another and may conflict with other rules or our practices. We expect that new laws, regulations, and industry standards concerning
privacy, data protection, and information security will continue to be proposed and enacted in various jurisdictions. The accompanying
new or even burdensome obligations, coupled with substantial uncertainty in the interpretation and application of the regulations, may
pose challenges for us in meeting legal requirements across different jurisdictions. This may require us to change our policies and practices
and modify our protective measures to investigate and remediate vulnerabilities or other exposures or to make required notifications
and we may incur significant costs and expenses to comply. Additionally, any failure or perceived failure by us to comply with the existing
or future enacted regulations, information security-related obligations to users or other third-parties, or any of our other legal obligations
relating to information security may result in governmental investigations or enforcement actions, litigation, claims, or public statements
against us by consumer advocacy groups or others, potentially resulting in significant liability or causing our users to lose trust in
us, which could adversely affect our reputation and business.

We
are also subject to various U.S. and international regulations on copyrights and intellectual properties. For instance, the Digital Millennium
Copyright Act (the “DMCA”) regulates the distribution and storage of digital content to protect intellectual property rights.
As we offer a library for downloading videos, we are required to adhere to the provisions of the DMCA. Under 17 U.S.C. § 512(c),
we need to implement measures to handle take-down notices in the event of alleged copyright infringement. This may involve designating
an agent to receive notifications of claimed infringement, and promptly removing or disabling access to the infringing content upon receipt
of a valid take-down notice.

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