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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 1 – ORGANIZATION AND PRINCIPAL
ACTIVITIES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Nemaura Medical Inc. (“Nemaura”
or the “Company”), through its operating subsidiaries, performs medical device research and manufacturing of a continuous
glucose monitoring system (“CGM”), named sugarBEAT<sup>TM</sup>. The sugarBEAT<sup>TM</sup> device is a non-invasive,
wireless device for use by persons with Type I and Type II diabetes and may also be used to screen pre-diabetic patients. The sugarBEAT<sup>TM
</sup>device extracts analytes, such as glucose, to the surface of the skin in a non-invasive manner where it is measured using
unique sensors and interpreted using a unique algorithm.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Nemaura is a Nevada holding company
organized in 2013. Nemaura owns 100% of Region Green Limited, a British Virgin Islands corporation (“RGL”) formed on
December 12, 2013. RGL owns 100% of the stock in Dermal Diagnostic (Holdings) Limited, an England and Wales corporation (“DDHL”)
formed on December 11, 2013, which in turn owns 100% of Dermal Diagnostics Limited, an England and Wales corporation formed on
January 20, 2009 (“DDL”), and 100% of Trial Clinic Limited, an England and Wales corporation formed on January 12,
2011 (“TCL”).</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">DDL is a diagnostic medical device
company headquartered in Loughborough, Leicestershire, England, and is engaged in the discovery, development and commercialization
of diagnostic medical devices. The Company’s initial focus has been on the development of the sugarBEAT<sup>TM</sup> device,
which consists of a disposable patch containing a sensor, and a non-disposable miniature wireless transmitter with a re-chargeable
power source, which is designed to enable trending or tracking of blood glucose levels. All of the Company’s operations and
assets are located in England.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The following diagram illustrates
Nemaura’s corporate structure as of September 30, 2020:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"> </font></td>
<td colspan="4" style="border: black 2.25pt solid; background-color: #ECE0FC"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>Nemaura
Medical Inc.</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>Nevada
Corporation</b></font></p></td>
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: top">
<td style="width: 26%"><font style="font-size: 10pt"> </font></td>
<td style="width: 22%"><font style="font-size: 10pt"> </font></td>
<td style="width: 4%"><font style="font-size: 10pt"> </font></td>
<td style="border-left: black 2.25pt solid; width: 4%"><font style="font-size: 10pt"> </font></td>
<td style="width: 22%"><font style="font-size: 10pt"> </font></td>
<td style="width: 22%"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: top">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"> </font></td>
<td colspan="4" style="border: black 2.25pt solid; background-color: #ECE0FC"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>Region
Green Limited</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>British
Virgin Islands Corporation</b></font></p></td>
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="border-left: black 2.25pt solid"><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: top">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"> </font></td>
<td colspan="4" style="border: black 2.25pt solid; background-color: #ECE0FC"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>Dermal
Diagnostics (Holdings) Limited</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>England
and Wales Corporation</b></font></p></td>
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="border-left: black 2.25pt solid"><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: top">
<td><font style="font-size: 10pt"> </font></td>
<td style="border-top: black 2.25pt solid; border-left: black 2.25pt solid"><font style="font-size: 10pt"> </font></td>
<td style="border-top: black 2.25pt solid"><font style="font-size: 10pt"> </font></td>
<td style="border-top: black 2.25pt solid"><font style="font-size: 10pt"> </font></td>
<td style="border-top: black 2.25pt solid; border-right: black 2.25pt solid"><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: top">
<td colspan="2" style="border: black 2.25pt solid; background-color: #ECE0FC"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>Dermal
Diagnostics Limited</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>England
and Wales Corporation</b></font></p></td>
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="border: black 2.25pt solid; background-color: #ECE0FC"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>Trial
Clinic Limited</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-size: 10pt"><b>England
and Wales Corporation</b></font></p></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt"></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company was incorporated in 2013 and
has reported recurring losses from operations to date and an accumulated deficit of $20,267,348 as of September 30, 2020. These
operations have resulted in the successful completion of clinical programs to support a CE mark (European Union approval of the
product) approval, as well as a De Novo 510(k) medical device application to the U.S. Food and Drug Administration (“FDA”).
The Company expects to continue to incur losses from operations until revenues are generated through licensing fees or product
sales. However, given the completion of the requisite clinical programs, these losses are expected to be reduced over time. Management
has entered into licensing agreements with unrelated third parties relating to the United Kingdom, Europe, Qatar and all countries
in the Gulf Cooperation Council.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Management has evaluated the expected
expenses to be incurred along with its available cash and has determined that the Company has the ability to continue as a going
concern for at least one year subsequent to the date of issuance of these unaudited condensed consolidated financial statements.
The Company has an $8 million unsecured senior credit facility made available from certain major stockholders on August 1, 2019.
The credit facility is non-dilutive carrying 8% interest with quarterly interest payments only and the principal being due on maturity
in 5 years. No draw down has been made to date.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 15, 2020, the Company entered
into a note purchase agreement resulting in cash proceeds of $4,675,000; as set out in <b>Note 6</b>. The Company has $16,948,939
cash at September 30, 2020. The Company believes the cash position as of September 30, 2020, plus the credit facility made available
from certain major stockholders, is adequate for our current level of operations through at least November 2021, and
for the achievement of certain of our product development milestones. Our plan is to utilize the cash, plus loan draw down if
required, to continue establishing commercial manufacturing operations for the commercial supply of the sugarBEAT<sup>TM</sup>
device and patches now that CE mark approval has been received.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 3 – LICENSING AGREEMENTS</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>United Kingdom and the Republic of
Ireland, the Channel Islands and the Isle of Man</b></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2014, the Company entered into
an Exclusive Marketing Rights Agreement with an unrelated third party (the “Licensee”), that granted to the Licensee
the exclusive right to market and promote the sugarBEAT<sup>TM</sup> device and related patches under its own brand in the United
Kingdom and the Republic of Ireland, the Channel Islands and the Isle of Man. The Company received a non-refundable, up-front cash
payment of GBP 1,000,000 (approximately $1.292 million and $1.240 million as of September 30, 2020 and March 31, 2020, respectively),
which is wholly non-refundable, upon signing the agreement.</p>
<p style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is in ongoing dialogue with
the Licensee about the timing of its plans with respect to its product launch. The current expectation is for this to occur in
the third quarter ending December 31, 2020. The upfront fees received from this agreement have been deferred and will be recorded
as income over the term of the commercial licensing agreement. Consequently, approximately $97,000 and $93,000 of the deferred
revenue has been classified as a current liability as of September 30, 2020 and March 31, 2020, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>NOTE 6 – NOTES PAYABLE</b></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 15, 2020, the Company entered
into a note purchase agreement (the “Note Purchase Agreement”) with Chicago Venture Partners, L.P. (the “Investor”).</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the terms of the Note Purchase
Agreement, the Company agreed to issue and sell to the Investor and the Investor agreed to purchase from the Company, a secured
promissory note (the “Secured Note”) in the original principal amount of $6,015,000. In consideration thereof, on April
15, 2020 (the closing date), (i) the Investor (a) paid $1,000,000 in cash, (b) issued to the Company (1) Investor Note #1 in the
principal amount of $2,000,000 (“Investor Note #1”), and (2) Investor Note #2 in the principal amount of $2,000,000
(“Investor Note #2” and together with Investor Note #1, the “Investor Notes”), and (ii) the Company delivered
the Secured Note on behalf of the Company, to the Investor, against delivery of the Purchase Price. For these purposes, the “Purchase
Price” means the Investor’s initial cash purchase price, together with the sum of the initial principal amounts of
the Investor Notes.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Secured Note is secured by all patents
and related rights and items as defined in the related security agreement within the Secured Note. The Secured Note carries an
original issue discount (“OID”) of $1,000,000. In addition, the Company agreed to pay $15,000 to the Investor to cover
the Investor’s legal fees, accounting costs, due diligence, monitoring and other transaction costs incurred in connection
with the purchase and sale of the Secured Note (the “Transaction Expense Amount”), all of which amount is included
in the initial principal balance of the Secured Note. The Purchase Price for the Secured Note is $5,000,000, computed as follows:
$6,015,000 original principal balance, less the OID, less the commission expense of $325,000, resulting in cash proceeds of $4,675,000.
The debt less the discount will be accreted over the 24-month term of the Secured Note using the effective interest method. The
effective interest rate is 34.3%. A monitoring fee equal to 0.833% of the outstanding balance will automatically be added to the
outstanding balance on the first day of each month. Accretion for the three and six month periods ended September 30, 2020 was
$188,579 and $542,428, respectively.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><b>NOTE 5 – STOCKHOLDERS’
EQUITY</b></p>
<p style="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><b>Reverse stock split</b></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company was notified by The NASDAQ
Stock Market (“NASDAQ”) on July 15, 2019 that the Company no longer met the requirements of NASDAQ Rule 5550(a)(2)
requiring listed securities to maintain a minimum closing bid price of $1.00 per share. Thereafter, the Company effected:</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px; font: 12pt/115% Times New Roman, Times, Serif"> </td>
<td style="width: 48px; padding-left: 7.1pt; font: 12pt/115% Times New Roman, Times, Serif"><font style="font-size: 10pt; line-height: 115%">(i)</font></td>
<td style="padding-left: 7.1pt; font: 12pt/115% Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt; line-height: 115%">A reverse split of the Company’s issued and outstanding common stock on a one (1) for ten (10) basis; and</font></td></tr>
</table>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px; line-height: 115%"> </td>
<td style="width: 48px; padding-left: 7.1pt; line-height: 115%"><font style="font-size: 10pt; line-height: 115%">(ii)</font></td>
<td style="padding-left: 7.1pt; text-align: justify; line-height: 115%"><font style="font-size: 10pt; line-height: 115%">A decrease in the Company’s authorized number of shares of common stock on the same basis from 420,000,000 shares of common stock to 42,000,000 shares of common stock.</font></td></tr>
</table>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The reverse stock split and decrease in
authorized common stock were effective on December 5, 2019. On December 19, 2019, the Company received confirmation from NASDAQ
that the Company had regained compliance with NASDAQ’s minimum bid price rule and the matter is now resolved. Amounts are
retroactively restated for all periods presented.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Other equity transactions</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 19, 2018, the Company entered
into an Equity Distribution Agreement (the “Distribution Agreement”) with Maxim Group LLC, as sales agent (“Maxim”),
pursuant to which the Company may offer and sell, from time to time, through Maxim (the “Offering”), up to $20,000,000
in shares of its common stock. During the six month period ended September 30, 2020, a total of 408,718 shares were issued under
the Distribution Agreement, generating gross proceeds of $4,250,676 with associated costs of $127,520.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 8, 2020, pursuant to the terms
of the Distribution Agreement, as amended, between the Company and Maxim, the Company provided notice of termination of the Distribution
Agreement, as amended, to Maxim. Accordingly, the Distribution Agreement, as amended, terminated on August 18, 2020.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">On
July 28, 2020, the Company entered into a placement agency agreement with Kingswood Capital Markets, a division of Benchmark Investments,
Inc. (“Kingswood” or the “Placement Agent”), with respect to the issuance and sale of an aggregate of 1,586,206
shares of the Company’s common stock, and warrants to purchase up to 793,103 shares of common stock. Each share of common
stock and accompanying one-half of a warrant were sold for a combined purchase price of $7.25, for a total deal size of approximately
$11.5 million, not including any future proceeds from the exercise of the warrants and before deducting the Placement Agent fees
and offering expenses. Each whole warrant is immediately exercisable at a price of $8.00 per share, subject to adjustment in certain
circumstances, and will expire five years from the date of issuance. The shares of common stock were offered together with the
warrants, but the securities were issued separately and are separately transferable.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The closing of the offering took place
on July 30, 2020 and the net proceeds from the sale of the common stock and warrants were approximately $10.7 million after deducting
the Placement Agent commission and other expenses incurred by the Company as a result of the offering.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">During the six month period ended September
30, 2020, 37,933 warrants were exercised, generating $394,475 in additional funds; no warrants were exercised in the three month
period ended September 30, 2020. During the six month period ended September 30, 2019, 2,500 warrants were exercised generating
funds of $26,000, all of which were exercised during the three month period ended September 30, 2019.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">At September 30, 2020, there were 940,740
warrants outstanding.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective December 18, 2018, the Company
issued a unit purchase option to the Placement Agent to purchase 9,710 shares and 9,710 warrants. The Company has classified this
option as equity. The unit purchase option has a term of three years and an exercise price of $13.00.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><b>Loss per share</b></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The following table sets forth
the computation of basic and diluted loss per share for the periods indicated.</p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Three months ended September 30,</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Six months ended September 30,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 44%"><font style="font-size: 10pt">Net loss attributable to common stockholders ($)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 11%; text-align: right"><font style="font-size: 10pt">(1,581,217</font></td>
<td style="width: 1%"><font style="font-size: 10pt">)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 11%; text-align: right"><font style="font-size: 10pt">(1,117,040</font></td>
<td style="width: 1%"><font style="font-size: 10pt">)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 11%; text-align: right"><font style="font-size: 10pt">(2,681,273</font></td>
<td style="width: 1%"><font style="font-size: 10pt">)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 11%; text-align: right"><font style="font-size: 10pt">(2,368,305</font></td>
<td style="width: 1%"><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt">Weighted average basic and diluted shares outstanding</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">22,390,114</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">20,802,197</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">21,638,907</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">20,792,967</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Basic and diluted loss per share ($):</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.07</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.05</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.12</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.11</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
</table>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Company excludes warrants outstanding,
which are anti-dilutive given the Company is in a loss position, from the basic and diluted loss per share calculation.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Basic loss per share is computed
by dividing loss available to common stockholders by the weighted average number of common shares outstanding during the period.
For the three and six month periods ended September 30, 2020 and 2019, warrants to purchase one million shares of common stock
were anti-dilutive and were excluded from the calculation of diluted loss per share. For the three and six month periods ended
September 30, 2020, warrants to purchase 147,637 and 940,740 shares of common stock, respectively, and a unit purchase option to
purchase 9,710 shares of common stock were considered anti-dilutive and were also excluded from the calculation of diluted loss
per share. For the three and six month periods ended September 30, 2019, the equivalent number of warrants excluded from this calculation
was 185,570 and the unit purchase option was 9,710.</p>
<table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="width: 24px; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>(a)</b></font></td>
<td style="font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>Basis of presentation</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><b> </b></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The accompanying unaudited condensed
consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange
Commission (the “SEC”), and do not include all of the information and footnotes required by U.S. generally accepted
accounting principles (“U.S. GAAP”) for complete financial statements. However, such information reflects” all
adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of
the financial condition and results of operations for the interim periods. The results for the three months and six months ended
September 30, 2020 are not indicative of annual results. The accompanying unaudited condensed consolidated financial statements
have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article
8 of Regulation S-X. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with
the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the
year ended March 31, 2020, as filed with the SEC.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The accompanying unaudited condensed
consolidated financial statements include the accounts of the Company and the Company’s subsidiaries. References to “we”,
“us”, “our”, or the “Company” refer to Nemaura Medical Inc. and its consolidated subsidiaries.
The condensed consolidated financial statements are prepared in accordance with U.S. GAAP, and all significant intercompany balances
and transactions have been eliminated in consolidation.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The functional currency for the
majority of the Company’s operations is the Great Britain Pound Sterling (“GBP”), and the reporting currency
is the U.S. Dollar (“USD”).</p>
<table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="width: 24px; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>(b) </b></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Changes to significant accounting policies</b></font></td></tr>
</table>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><b> </b></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Company adopted Accounting
Standards Update ("ASU") No. 2016-02, Leases, as of April 1, 2020 and the impact of adoption of this ASU on the Company’s
consolidated financial statements is not significant. There have been no other material changes to our significant accounting policies
from those detailed in the Company’s Annual Report on Form 10-K for the year ended March 31, 2020, as filed with the SEC.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 7.1pt; text-align: justify; text-indent: -7.1pt"><b>(c)
Recently adopted accounting pronouncements</b></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company continually assesses any new
accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the
Company's financial reporting, the Company undertakes a study to determine the consequences of the change to its consolidated financial
statements and assures that there are proper controls in place to ascertain that the Company's consolidated financial statements
properly reflect the change.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">This Quarterly Report on Form 10-Q does
not discuss recent pronouncements that are not anticipated to have a current and/or future impact on the Company, or are unrelated
to the Company’s financial condition, results of operations, cash flows or disclosures.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The following table sets forth
the computation of basic and diluted loss per share for the periods indicated.</p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Three months ended September 30,</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Six months ended September 30,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 44%"><font style="font-size: 10pt">Net loss attributable to common stockholders ($)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 11%; text-align: right"><font style="font-size: 10pt">(1,581,217</font></td>
<td style="width: 1%"><font style="font-size: 10pt">)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 11%; text-align: right"><font style="font-size: 10pt">(1,117,040</font></td>
<td style="width: 1%"><font style="font-size: 10pt">)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 11%; text-align: right"><font style="font-size: 10pt">(2,681,273</font></td>
<td style="width: 1%"><font style="font-size: 10pt">)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 11%; text-align: right"><font style="font-size: 10pt">(2,368,305</font></td>
<td style="width: 1%"><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt">Weighted average basic and diluted shares outstanding</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">22,390,114</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">20,802,197</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">21,638,907</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">20,792,967</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Basic and diluted loss per share ($):</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.07</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.05</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.12</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.11</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">)</font></td></tr>
</table>
153533
830093
964679
1006534
21074
-56743
-26918
-1388874
-867013
-1897222
-7060
-814
-10963
4675000
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
2 – BASIS OF PRESENTATION </b></font></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 12pt Times New Roman, Times, Serif; width: 24px"><font style="font: 10pt Times New Roman, Times, Serif"><b>(a)</b></font></td>
<td style="font: 12pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Basis
of presentation</b></font></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of
the U.S. Securities and Exchange Commission (the “SEC”), and do not include all of the information and footnotes required
by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. However, such information
reflects all adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair
statement of the financial condition and results of operations for the interim periods. The results for the three months and six
months ended September 30, 2020 are not indicative of annual results. The accompanying unaudited condensed consolidated financial
statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form
10-Q and Article 8 of Regulation S-X. It is suggested that these unaudited condensed consolidated financial statements be read
in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report
on Form 10-K for the year ended March 31, 2020, as filed with the SEC.</font></p>
<p style="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
accompanying unaudited condensed consolidated financial statements include the accounts of the Company and the Company’s
subsidiaries. References to “we”, “us”, “our”, or the “Company” refer to Nemaura
Medical Inc. and its consolidated subsidiaries. The condensed consolidated financial statements are prepared in accordance with
U.S. GAAP, and all significant intercompany balances and transactions have been eliminated in consolidation.</font></p>
<p style="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
functional currency for the majority of the Company’s operations is the Great Britain Pound Sterling (“GBP”),
and the reporting currency is the U.S. Dollar (“USD”).</font></p>
<table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white">
<tr style="vertical-align: top">
<td style="width: 0px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 12pt Times New Roman, Times, Serif; width: 24px"><font style="font: 10pt Times New Roman, Times, Serif"><b>(b) </b></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Changes
to significant accounting policies</b></font></td></tr>
</table>
<p style="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p>
<p style="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company adopted Accounting Standards Update ("ASU") No. 2016-02, Leases, as of April 1, 2020 and the impact of adoption
of this ASU on the Company’s consolidated financial statements is not significant. There have been no other material changes
to our significant accounting policies from those detailed in the Company’s Annual Report on Form 10-K for the year ended
March 31, 2020, as filed with the SEC.</font></p>
<p style="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 7.1pt; text-align: justify; text-indent: -7.1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(c)
Recently adopted accounting pronouncements</b></font></p>
<p style="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a
new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequences
of the change to its consolidated financial statements and assures that there are proper controls in place to ascertain that the
Company's consolidated financial statements properly reflect the change.</font></p>
<p style="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 11pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
Quarterly Report on Form 10-Q does not discuss recent pronouncements that are not anticipated to have a current and/or future
impact on the Company, or are unrelated to the Company’s financial condition, results of operations, cash flows or disclosures.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 4 – RELATED PARTY TRANSACTIONS</b></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Nemaura Pharma Limited (“Pharma”),
NDM Technologies Limited (“NDM”) and Black and White Health Care Limited (“B&W”) are entities controlled
by the Company’s Chief Executive Officer, President, director and majority stockholder, Dewan F.H. Chowdhury.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">These condensed consolidated financial
statements are intended to reflect all costs associated with the operations of DDL and TCL. Pharma has a service agreement with
DDL to undertake development, manufacture and regulatory approvals under Pharma’s ISO13485 accreditation. In lieu of these
services, Pharma invoices DDL on a periodic basis for said services. Services are provided at cost plus a service surcharge amounting
to less than 10% of the total costs incurred.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below provides a summary of
activity between the Company and Pharma and NDM for the six months ended September 30, 2020 and 2019, and the year ended March
31, 2020. These amounts are unsecured, interest free, and payable on demand.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: center"> </td>
<td style="padding-bottom: 1pt; text-align: center"> </td>
<td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center"> </td>
<td style="border-bottom: black 1pt solid">
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Months Ended September 30, 2020</b></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(unaudited)</b></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>($)</b></p></td>
<td style="padding-bottom: 1pt; text-align: center"> </td>
<td style="padding-bottom: 1pt; text-align: center"> </td>
<td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center"> </td>
<td style="border-bottom: black 1pt solid">
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Months Ended September 30, 2019</b></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(unaudited)</b></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>($)</b></p></td>
<td style="padding-bottom: 1pt; text-align: center"> </td>
<td style="padding-bottom: 1pt; text-align: center"> </td>
<td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center"> </td>
<td style="border-bottom: black 1pt solid">
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year Ended March 31, 2020</b></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>($)</b></p></td>
<td style="padding-bottom: 1pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 49%; padding-left: 5.4pt"><font style="font-size: 10pt">Liability due to related parties at beginning of period</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 13%; text-align: right"><font style="font-size: 10pt">830,093</font></td>
<td style="width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 13%; text-align: right"><font style="font-size: 10pt">964,679</font></td>
<td style="width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 13%; text-align: right"><font style="font-size: 10pt">964,679</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 5.4pt"><font style="font-size: 10pt">Amounts invoiced by Pharma to DDL, NM and TCL (1)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">698,300</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">966,425</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,800,517</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-left: 5.4pt"><font style="font-size: 10pt">Amounts invoiced by DDL to Pharma</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(7,060</font></td>
<td><font style="font-size: 10pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(814</font></td>
<td><font style="font-size: 10pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(10,963</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 5.4pt"><font style="font-size: 10pt">Amounts paid by DDL to Pharma</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(1,388,874</font></td>
<td><font style="font-size: 10pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(867,013</font></td>
<td><font style="font-size: 10pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(1,897,222</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt; padding-left: 5.4pt"><font style="font-size: 10pt">Foreign exchange differences</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">21,074</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(56,743</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(26,918</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt; padding-left: 5.4pt"><font style="font-size: 10pt">Liability due to related parties at end of period</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">153,533</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,006,534</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">830,093</font></td>
<td style="padding-bottom: 2.5pt"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><font style="font-size: 10pt">(1)</font></td>
<td><font style="font-size: 10pt">These amounts are included primarily in research and development expenses charged to the Company by Pharma.</font></td></tr>
</table>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="background-color: white">The
Company has an $8 million unsecured senior credit facility made available from certain majority stockholders as of August 1, 2019.
No draw down has been made against this facility to date. </font></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company routinely reviews its condensed
consolidated statements of cash flows presentation of related party transactions for financing or operating classification based
on the underlying nature of the item and intended repayment.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below provides a summary of
activity between the Company and Pharma and NDM for the six months ended September 30, 2020 and 2019, and the year ended March
31, 2020. These amounts are unsecured, interest free, and payable on demand.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: center"> </td>
<td style="padding-bottom: 1pt; text-align: center"> </td>
<td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center"> </td>
<td style="border-bottom: black 1pt solid">
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Months Ended September 30, 2020</b></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(unaudited)</b></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>($)</b></p></td>
<td style="padding-bottom: 1pt; text-align: center"> </td>
<td style="padding-bottom: 1pt; text-align: center"> </td>
<td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center"> </td>
<td style="border-bottom: black 1pt solid">
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Six Months Ended September 30, 2019</b></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(unaudited)</b></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>($)</b></p></td>
<td style="padding-bottom: 1pt; text-align: center"> </td>
<td style="padding-bottom: 1pt; text-align: center"> </td>
<td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center"> </td>
<td style="border-bottom: black 1pt solid">
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year Ended March 31, 2020</b></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>($)</b></p></td>
<td style="padding-bottom: 1pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 49%; padding-left: 5.4pt"><font style="font-size: 10pt">Liability due to related parties at beginning of period</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 13%; text-align: right"><font style="font-size: 10pt">830,093</font></td>
<td style="width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 13%; text-align: right"><font style="font-size: 10pt">964,679</font></td>
<td style="width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 13%; text-align: right"><font style="font-size: 10pt">964,679</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 5.4pt"><font style="font-size: 10pt">Amounts invoiced by Pharma to DDL, NM and TCL (1)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">698,300</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">966,425</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,800,517</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-left: 5.4pt"><font style="font-size: 10pt">Amounts invoiced by DDL to Pharma</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(7,060</font></td>
<td><font style="font-size: 10pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(814</font></td>
<td><font style="font-size: 10pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(10,963</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 5.4pt"><font style="font-size: 10pt">Amounts paid by DDL to Pharma</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(1,388,874</font></td>
<td><font style="font-size: 10pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(867,013</font></td>
<td><font style="font-size: 10pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(1,897,222</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt; padding-left: 5.4pt"><font style="font-size: 10pt">Foreign exchange differences</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">21,074</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(56,743</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(26,918</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt; padding-left: 5.4pt"><font style="font-size: 10pt">Liability due to related parties at end of period</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">153,533</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,006,534</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">830,093</font></td>
<td style="padding-bottom: 2.5pt"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><font style="font-size: 10pt">(1)</font></td>
<td><font style="font-size: 10pt">These amounts are included primarily in research and development expenses charged to the Company by Pharma.</font></td></tr>
</table>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 7 – OTHER ITEMS</b></p>
<p style="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 18pt"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">(a) COVID-19 Pandemic</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The outbreak of COVID-19 originating in
Wuhan, China, in December 2019 has since rapidly increased its exposure globally. On March 11, 2020, the World Health Organization
declared the outbreak a pandemic. We continue to monitor the global outbreak of COVID-19 and are working with our customers, employees,
suppliers and other stakeholders to mitigate the risks posed by its spread, COVID-19 is not expected to have any long-term detrimental
effect on the Company’s success. While key suppliers have not been accessible throughout the whole period of the outbreak,
we have been able to be flexible in our priorities and respond favorably to the challenges faced during the outbreak. We have also
seen a surge in the uptake of technologies for remote and patient self-monitoring, which therefore potentially enhances the prospects
for the likes of the Company and its CGM product and planned digital healthcare offering.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">(b) Management consultancy agreements</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">During the six month period ended September
30, 2020, $59,000 in stock-based compensation was shown as expense in relation to a management consulting company as a result of
a release of prepaid expenses. This stock-based compensation was issued in the three month period ended September 30, 2020.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Total stock-based compensation recognized
during the three and six month periods ended September 30, 2019 was $115,410 and $277,644, respectively.</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">(c) Subsequent events</p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">None noted for disclosure.</p>
These amounts are included primarily in research and development expenses charged to the Company by Pharma.